Bombay Stock Exchange Hires Bank of America's Kannan as Chief Executive The Bombay Stock Exchange, Asia’s oldest bourse, named Madhu Kannan as managing director and chief executive officer, filling a vacancy nine months after Rajnikant Patel quit.
India Needs Massive Interest Rate Cuts, Former Finance Minister Sinha Says India should lower interest rates and accelerate economic reforms as part of a “Big Bang” after growth slowed to the weakest pace in six years, said Yashwant Sinha, a former finance minister.
Stocks in India Fall to One-Week Low Ahead of Poll Results; Reliance Drops India’s stocks fell to the lowest in more than a week, led by Reliance Industries Ltd., on concern political uncertainty may harm the markets as the ruling party and its allies may not win enough votes to form the government.
Rupee Falls From Three-Month High as Stocks Slide on Political Uncertainty India’s rupee declined for a second day as political uncertainty amid elections caused local stocks to drop and tempered optimism overseas investors will increase holdings of local assets.
Hindustan Unilever Sales Miss Estimates as Indian Retailers Close Stores Hindustan Unilever Ltd., India’s biggest household products maker, posted lower-than-estimated sales as retail chains shut stores and wholesalers reduced inventories on speculation of price reductions.
ICICI Gains on Report That Singapore Seeks Clarity on Increasing Stakes ICICI Bank Ltd., India’s second- largest, climbed in Mumbai following a report that the Singapore government has asked if a mandatory open offer to buy more shares would be triggered by its funds increasing their stakes.
Analysts Turning Bearish on S&P 500 in Biggest Earnings Rally Since 2002 The biggest earnings-season rally since 2002 has pushed 34 percent of the companies in the Standard & Poor’s 500 Index above analysts’ price targets for the next year, raising concerns about the pace of the recovery.
Stocks in U.S. Retreat as Valuations Reach Seven-Month High; BB&T Tumbles U.S. stocks retreated from a four- month high after the Standard & Poor’s 500 Index traded at the most expensive level in seven months relative to earnings and lower energy prices weighed on commodity producers. European shares and oil fell, while Treasuries and the dollar advanced.
GM Says Probability of Bankruptcy Filing Is Growing as Deadline Approaches General Motors Corp. said it’s more probable than previously thought that it will need to file for bankruptcy.
Analysts Turning Bearish on S&P 500 in Biggest Earnings Rally Since 2002 The biggest earnings-season rally since 2002 has pushed 34 percent of the companies in the Standard & Poor’s 500 Index above analysts’ price targets for the next year, raising concerns about the pace of the recovery.
Obama Economists Predict 3.5% Growth by Year-End, Exceeding Most Forecasts The Obama administration projected that the U.S. economy will expand at a 3.5 percent annual rate by year-end, a rebound that would be almost twice as strong as private forecasters expect.
Blackstone Defends Pension Middlemen as SEC, States Crack Down on Payments Middlemen who lobby public pensions for private-equity and hedge funds are fighting efforts to ban placement agents by arguing that the scandal engulfing their business will cull influence peddlers.
Microsoft to Sell Debt for First Time Ever, Fund $40 Billion Share Buyback Microsoft Corp., taking advantage of its top credit ratings, plans to sell 5-, 10- and 30-year debt, the world’s largest software maker said in a regulatory filing.
Gross Trims U.S. Debt for First Time Since January, Cuts Mortgage Holdings Bill Gross, manager of Pacific Investment Management Co.’s $150 billion Total Return Fund, reduced his holdings of U.S. government debt last month for the first time since January.
source: Bloomberg