Indian 2009 Economic Growth May Accelerate to 7.75%, Finance Ministry Says Indian economic growth may accelerate to as much as 7.75 percent this year amid signs of a “bottoming out” in the U.S. and harvests benefiting from monsoon rains, the finance ministry said before next week’s budget.
Natural Gas Demand in India Set to Rise as Fertilizer Makers Add Capacity India’s demand for natural gas is set to increase as fertilizer makers spend as much as 50 billion rupees ($1 billion) in the next three years to boost capacity by 35 percent, an official said.
Sensex Closes Little Changed; Bharat Heavy, Larsen Drop on India Spending Indian stocks were little changed. Industrial companies fell after the government said it will be “challenging” to fund $500 billion of planned infrastructure spending, while oil companies gained as fuel prices were raised.
Tech Mahindra to Increase Satyam Computer Stake to 44% to Tighten Control Tech Mahindra Ltd. said it may spend as much as 11.5 billion rupees ($240 million) buying new shares from Satyam Computer Services Ltd., the software exporter that was at the center of India’s biggest corporate fraud.
Bombay Stock Exchange Investigates Breach of Trading Limits in Some Stocks The Bombay Stock Exchange said it is investigating a problem that caused a breach of the daily trading limits of some stocks.
India May Seek $5.2 Billion a Year From Asset Sales, Ease Investment Limit India may aim to raise as much as 250 billion rupees ($5.2 billion) a year from asset sales and ease overseas investment limits in insurance and retail after manufacturing growth slowed and the economy faltered.
Rupee Declines From Two-Week High on Speculation Importers Sold Currency India’s rupee fell for the first time in five days on speculation some importers used the currency’s recent gains to buy cheaper foreign exchange.
Payrolls in U.S. Decline More Than Forecast; Unemployment Climbs to 9.5% Employers in the U.S. cut 467,000 jobs in June, the unemployment rate rose and hourly earnings stagnated, offering little evidence the Obama administration’s stimulus package is shoring up the labor market.
U.S. Stocks, Commodities Retreat After Unemployment Data; Treasuries Gain U.S. stocks slid, sending the Standard & Poor’s 500 Index to a third straight weekly drop, as a worse-than-projected decrease in jobs added to concern that rising unemployment will prolong the recession. Treasuries rose, while oil and metal prices retreated.
Trichet Signals Rates Will Remain Unchanged as ECB Leaves Benchmark at 1% Jean-Claude Trichet signaled the European Central Bank will keep interest rates at a record low for the coming months as officials deploy new tools to fight the worst recession since World War II.
U.S. Factory Orders Rise 1.2% on Demand for Aircraft, Computers, Machinery Orders placed at U.S. factories in May rose for the third time in four months, as demand for aircraft, computers and machinery increased.
Morgan Stanley May Post Another Loss After Paying Back U.S. Bailout Funds Morgan Stanley may report a third straight loss because of accounting charges related to an improvement in the company’s own debt and the cost of repaying $10 billion in government bailout money.
FDIC Considers Requiring Buyout Firms to Hold Failed Banks for Three Years The Federal Deposit Insurance Corp. is discussing rules that would require private equity firms buying failed banks to hold on to the acquired institutions for three years.
PVM Oil Futures Says It Lost About $10 Million After Unauthorized Trades PVM Oil Futures Ltd., a unit of the world’s biggest broker of over-the-counter oil derivatives, said a rogue trader lost almost $10 million.
source: Bloomberg
