Satyam Fake Profits May Earn Chairman Raju $600 Million and Life in Jail B. Ramalinga Raju, accused of committing India’s biggest corporate fraud, and associates may have made as much as 30 billion rupees ($605 million) from transactions in shares of Satyam Computer Services Ltd. as the price soared on fake profits, an official at the Ministry of Corporate Affairs said.
Sugar Heads to 28-Year High as India Crop Shortfall Spurs Jump in Imports Sugar prices may reach a 28-year high as a plunge in India’s harvest creates the biggest global production deficit in more than a decade.
JSW Steel to Raise Production This Year as India Spending Drives Recovery JSW Steel Ltd., India’s third-biggest producer, plans to raise production by 78 percent this year as the government improves infrastructure and rising farm incomes prompt rural homeowners to replace asbestos with steel.
Stocks in India Rise for First Day in Three; ICICI Bank, Sterlite Gain Indian stocks rose for the first day in three. Sterlite Industries (India) Ltd. and Hindalco Industries Ltd. led commodity producers higher after prices of the metals surged.
India Should Drop Rice-Shipment Ban So Supplies Don't Rot, Exporters Say India, the world’s second-biggest rice producer, should scrap a ban on most overseas shipments of the grain to allow sales of at least 3 million tons this year after a record crop boosted stockpiles, an exporters’ group said.
Asian Stocks Surge on U.S. Jobs Report, Stress Tests; Honda, BHP Advance Asian stocks jumped to a seven-month high on better-than-estimated U.S. and Australian jobs reports and an assurance from U.S. Treasury Secretary Timothy Geithner that none of the country’s biggest banks are insolvent.
India, Taiwan, Indonesia Stocks Raised at BNP Paribas on Earnings, Demand Taiwan, India and Indonesia stocks were raised to “overweight” at BNP Paribas, which cited higher earnings estimates, increased fund inflows and improving demand for riskier assets.
Sell Indian Bonds, Buy Stocks as Rate Cuts End, SocGen's Balakrishnan Says India’s bond rally is ending as the central bank stops cutting interest rates and the government steps up debt sales to fund its budget deficit, Societe Generale SA said.
Trichet Says ECB Agrees to Buy $80.5 Billion of Bonds, Rates `Appropriate' European Central Bank President Jean- Claude Trichet said the ECB unanimously agreed on a 60 billion- euro ($80 billion) plan to buy bonds as officials step up their response to the worst recession since World War II.
Wal-Mart, Aeropostale Sales Exceed Estimates on Easter Holiday, Promotions Wal-Mart Stores Inc. and Aeropostale Inc. reported April sales that exceeded some predictions as the Easter holiday, warmer weather and spring clearance promotions spurred spending.
Stocks in Europe, Asia Gain, UBS Rises; MSCI World Climbs for Seventh Day European and Asian stocks and U.S. futures rose, sending the MSCI World Index higher for a seventh day, on speculation banks don’t need as much capital as had been projected amid signs the worst of the recession may be over.
Fed's Stress Test Results for Banks `Reassuring,' Show No Insolvency Risk Federal regulators today unveil what Treasury Secretary Timothy Geithner said will be a “reassuring” picture of a U.S. banking system able to withstand whatever stresses the recession may inflict on it once a handful of institutions add to their capital base.
U.S. Unemployment Claims Unexpectedly Fall to Lowest Level in Three Months The number of Americans filing claims for unemployment insurance unexpectedly fell last week to the lowest level in three months, a sign the worst of the job cuts may be over.
Fiat's Marchionne Picks Over U.S. Wreckage to Build Pan-European Car Group Fiat SpA Chief Executive Officer Sergio Marchionne is setting out to build a pan-European car company from the rubble of the U.S. auto industry.
Odey Hedge Fund Has Record Gain in April After Bets on `Junk' Stock Rally Odey European Inc., the hedge fund run by Crispin Odey, posted the biggest monthly gain in its 17-year history after betting that “junk” shares would be the biggest beneficiaries in a market rally.
source: Bloomberg
