Reliance Communications Profit Unexpectedly Rises After Bharti Gap Narrows Reliance Communications Ltd., India’s second-largest mobile-phone company, reported an unexpected increase in first-quarter profit after adding subscribers and boosting income other than from its operations.
India's Central Bank Aims to Unwind Expansionary Steps, Subbarao Says India’s central bank aims to reverse expansionary monetary measures if the government commits itself to fiscal discipline and the economy recovers, Governor Duvvuri Subbarao said in New Delhi today.
Hindalco's First-Quarter Profit Beats Analysts' Estimates; Shares Surge Hindalco Industries Ltd., India’s biggest aluminum producer, reported a 31 percent decline in first-quarter profit, beating analysts’ expectations, on lower metal prices. The shares surged.
China May Seek Lower Potash Prices Than India on Inventories, Slack Demand China, the world’s largest consumer of potash, may seek lower prices for the fertilizer than India secured from suppliers in Russia, the Middle East and Canada, because of slack domestic demand and high stockpiles.
Rupee Rallies to 1-Month High as Inflows Boost Balance of Payments Outlook India’s rupee climbed to the highest level in almost a month, completing a third weekly advance, on speculation rising investments from abroad will boost the nation’s balance of payments surplus.
Sensitive Index Advances to One-Year High on Indian Earnings, Commodities Indian stocks rose to their highest in more than a year, led by Hindalco Industries Ltd. and Reliance Infrastructure Ltd. after their first-quarter profits beat estimates.
U.S. Economy Shrinks at 1% Annual Rate; Spending Falls More Than Estimated The worst U.S. economic slump since the Great Depression abated in the second quarter as government spending programs started to kick in, while the deepest retrenchment by consumers since 1980 augured a muted recovery.
IMF Says U.S. Recovery to Be `Gradual,' More Stimulus Funds May Be Needed The U.S. economic recovery is likely to be “gradual” and officials should be prepared to inject more monetary and fiscal stimulus should the rebound falter, the International Monetary Fund said.
Treasuries Rise as Consumer Spending Decline Signals Recovery Is Faltering Treasuries gained, with 10-year yields falling for a fourth day, after a report showed spending by U.S. consumers, which accounts for more than two-thirds of the economy, fell more than forecast in the second quarter.
UBS Tax-Evasion Agreement Is Worked Out by U.S., Switzerland, Lawyer Says The U.S. and Switzerland reached an agreement to settle a U.S. Justice Department lawsuit against UBS AG seeking the names of 52,000 American account holders, a lawyer told a federal judge in Miami.
Ackermann Says Rising Delinquencies Represent `Next Wave' of Bank Crisis Rising delinquencies among consumer and corporate borrowers are the “next wave” of the financial crisis and may affect banks that have avoided losses so far, said Deutsche Bank AG Chief Executive Officer Josef Ackermann.
Bank Bonus Curbs Face Senate, Obama Skepticism as House Prepares to Vote Restrictions on financial industry bonuses heading to a vote in the U.S. House may be rejected by the Senate and the Obama administration, which are reluctant to increase government’s role in deciding compensation.
Jeweler Finlay Is Said to Get Two Bids Before Possible Bankruptcy Filing Finlay Enterprises Inc., the jewelry retailer founded in 1887, received two bids in advance of a potential bankruptcy filing, according to two people familiar with the situation.
source: Bloomberg
