India Wholesale Prices Decline for Second Consecutive Week as Demand Slows India’s wholesale prices declined for a second straight week as demand slowed in an economy growing at the weakest pace in seven years.
Singh May Struggle to Achieve 9% Economic Growth as Monsoon Rains Falter India’s Prime Minister Manmohan Singh may find it hard to return Asia’s third-largest economy to 9 percent growth as insufficient rains reduce harvests.
Rupee Declines, Reversing Earlier Gain, on Speculation Importers Selling India’s rupee fell, reversing earlier gains, on speculation importers such as Indian Oil Corp., the nation’s largest refiner, were buying foreign exchange to settle month-end bills.
Sensitive Index Falls on India Monsoon Concern; Hindustan Unilever Drops Indian stocks fell as Hindustan Unilever Ltd. led declines by companies relying on rural sales after an official predicted lower rainfall.
India Raises Sugar Cane Prices Paid to Farmers to Boost Plantings, Output India, importing sugar for the first time in three years, raised the price of cane it pays farmers by 33 percent to stem a decline in production and cut reliance on overseas purchases.
Tata Steel Turns to Fourth-Quarter Loss as Production Drops at Corus Unit Tata Steel Ltd., India’s biggest producer, swung to a loss in its fourth quarter after incurring costs to reorganize operations at its U.K. unit Corus.
Lanka IOC to Spend $30 Million to Double Retail Outlets as Civil War Ends Lanka IOC Plc, a unit of India’s largest oil refiner, plans to spend $30 million to double the number of its retail outlets and benefit from a revival in the South Asian island’s economy after the end of the civil war.
Indian Budget Deficit May Widen to Highest in 19 Years, Credit Suisse Says India’s budget deficit may widen to a 19-year high as the government borrows more to compensate for dwindling tax receipts, according to Credit Suisse Group AG.
U.S. Stocks Gain, Led by Energy, Retail Shares; Bed Bath & Beyond Climbs U.S. stocks advanced for a third day as better-than-estimated earnings at Bed Bath & Beyond Inc. lifted retailers and higher oil prices triggered gains in energy shares, overshadowing an unexpected jump in jobless claims.
Bernanke Says Central Bank Acted With `Highest Integrity' in Merrill Deal Federal Reserve Chairman Ben S. Bernanke said the central bank acted with the “highest integrity” in talks on Bank of America Corp.’s takeover of Merrill Lynch & Co., defending his record against some lawmakers who have alleged officials’ actions were inappropriate.
Bank of America to Post Loss as It Builds Reserves, Citigroup Analyst Says Bank of America Corp. will post a second-quarter loss as it builds reserves to cushion defaults on credit cards and consumer loans, Citigroup Inc. analyst Keith Horowitz said.
Banks Fight Obama's Planned Consumer Agency to Shield Rising Fee Revenue U.S. banks are fighting the Obama administration plan to create a consumer agency for financial services as they seek to protect fees, such as credit-card penalties that have almost doubled to $19 billion in five years.
Stanford Judge Weighs Bail for Texas Financier Accused of $7 Billion Fraud A bail hearing for R. Allen Stanford, the Texas financier accused of swindling investors in a $7 billion Ponzi scheme, has begun in Houston.
source: Bloomberg
