India Purchases Record 24 Million Tons of Wheat from Farmers This Year India, the world’s second-biggest producer of wheat, bought a record quantity of the grain from farmers this season to bolster stockpiles.
Asian Stocks Drop on Valuation Concern; Feng Hsin Iron Falls, Canon Rises Asian stocks fell, led by commodity and property companies, on concern a three-month rally had made shares expensive relative to earnings prospects.
BRICs Add $60 Billion to Reserves in May as Medvedev, Zhou Protect Exports The BRICs are buying dollars at the fastest pace since before credit markets froze in September, protecting exports even as leaders of the biggest emerging markets consider alternatives to the U.S. currency.
Jet Airways to Cut Capacity by 10% in Bid to Turn Profitable, Goyal Says Jet Airways (India) Ltd., the nation’s biggest airline by market value, plans to further cut capacity as the global recession saps travel demand.
`Stagflation Scenario' Stalks U.S. as Commodity Price Jump Drains Spending As if General Motors Corp. didn’t have enough to worry about, a 60 percent jump in gasoline prices this year may cause inflation to soar as it did in 2008 and throw another roadblock in the way of recovery.
Rupee Declines as Signs of U.S. Economic Recovery Boost Dollar's Appeal India’s rupee dropped the most in two weeks on speculation an easing recession in the U.S. will prompt the Federal Reserve to raise interest rates later this year, boosting the appeal of the dollar.
Fink Aspires to Be No. 1 Fund Manager as Blackrock Bids for Barclays Unit BlackRock Inc., the bond boutique co- founded in a one-room office by Laurence Fink in 1988, is a step closer to becoming the world’s biggest money manager after emerging as the leading bidder for Barclays Plc’s fund unit.
Airlines May Lose $9 Billion in 2009, Double Previous Forecast, Iata Says Airline losses worldwide may total $9 billion in 2009, nearly double a previous forecast, as an outbreak of swine flu compounds the effects of the recession, the industry’s main trade group said.
U.S., European Stocks Retreat on Valuations; Freeport, McDonald's Decline U.S. stocks fell for a second day as commodity producers declined on lower energy and metals prices and concern grew that the Federal Reserve will start raising interest rates. Shares in Europe and Asia retreated.
Bernanke Conundrum Threatens Housing Recovery on Increasing Mortgage Rate The biggest price swings in Treasury bonds this year are undermining Federal Reserve Chairman Ben S. Bernanke’s efforts to cap consumer borrowing rates and pull the economy out of the worst recession in five decades.
HSBC Unit Will Stop Financing Hedge-Fund Investors, Cut Jobs in New York HSBC Holdings Plc’s U.S. securities division will no longer extend structured financing to hedge-fund investors to leverage their investments, a person familiar with the company’s plans said.
Obama Unveils Projects to Create Jobs, Says Economy Has a `Long Way to Go' President Barack Obama, trying to bolster an economy he says still has a “long way to go,” announced 10 projects aimed at creating or saving more than 600,000 jobs, according to the administration.
Citigroup Gains Geithner Backing for Share Conversion as Pandit Bucks Bair Citigroup Inc. is poised to start a $58 billion stock swap that was delayed last week as Federal Deposit Insurance Corp. Chairman Sheila Bair questioned Chief Executive Officer Vikram Pandit’s leadership and the bank awaited regulatory approval from other agencies, people close to the bank said.
Natural Gas Cheapest to Oil Since Soviet Collapse Idles Rigs, Signals Gain This year’s 31 percent decline in natural gas made it the worst performing commodity and the cheapest next to oil since the fall of the Soviet Union. That’s about to change, if history is any guide.
BRICs Added $60 Billion Reserves in May as Medvedev, Zhou Derided Dollar The BRICs are buying dollars at the fastest pace since before credit markets froze in September, protecting exports even as leaders of the biggest emerging markets consider alternatives to the U.S. currency.
source: Bloomberg
