Stocks in India Fall on Concern Lower Monsoon Rainfall May Reduce Spending India’s stocks fell on concern this year’s monsoon rainfall may be insufficient to sustain farm output, causing reduced spending in rural areas.
Maharashtra Cuts Sugar Output Estimate on Deficient Monsoon Rain in India Sugar production in Maharashtra, India’s biggest producer, may be lower than forecast earlier because of deficient monsoon rains, likely worsening a global deficit for a second year.
Adani's IPO Augurs Well for Offerings by Indian Power Producers This Year Indian power producers may accelerate plans to sell shares after Adani Power Ltd. raised funds in the world’s biggest offering by an energy company this year, said Girish Solanki, an analyst at Angel Broking Ltd.
India Plans to Ease Foreign Borrowing Rules, Set Exchanges for Small Units India plans to ease overseas borrowing rules and set up “‘dedicated’” stock exchanges for small enterprises to enable them to access funds.
Rupee Drops From Two-Month High as Stocks Slip on Monsoon; Importers Sell India’s rupee fell from a two-month high as concern insufficient rainfall this year will hamper growth prompted some importers to sell the currency.
Mukherjee Says Indian States Can Borrow $4.4 Billion More This Fiscal Year Indian states can borrow up to 210 billion rupees ($4.4 billion) more in the fiscal year ending March 31, Finance Minister Pranab Mukherjee told lawmakers in parliament today.
Government Bonds Decline on Speculation Yields at Indian Auctions to Rise India’s bonds fell for a fifth day on speculation a rally in stocks will lure some investors away from debt and drive yields at government debt auctions higher.
Oil Drops From Seven-Week High Amid Signs Price Gains Have Been Too Rapid Crude oil fell from a seven-week high on speculation that gains of 13 percent in the past three days weren’t supported by an improvement in demand.
Asian Stocks Rise on Earnings, Commodities Prices; BHP, Panasonic Advance Asian stocks rose for a fourth day, paced by material producers, after commodities prices climbed, HSBC Holdings Plc and Panasonic Corp. earnings beat estimates and Hyundai Motor Co.’s sales gained in the U.S.
PepsiCo Said to Be Close to Buying Two Biggest Bottlers for $7.8 Billion PepsiCo Inc., the world’s second- largest soda maker, is close to an agreement to buy Pepsi Bottling Group Inc. and PepsiAmericas Inc. for about $7.8 billion, said people familiar with the matter.
Personal Incomes in U.S. Declined 1.3% in June, Biggest Drop in Four Years U.S. personal incomes tumbled 1.3 percent in June, more than forecast and the biggest drop in four years, signaling that consumer spending will take time to recover.
Stocks Decline for First Time in Four Days; Metals, Copper Fall, Yen Gains Global stocks dropped for the first time in four days after the MSCI World Index traded at its most expensive level relative to earnings since 2003. Metals slid and oil fell from a seven-week high.
Gruebel Says UBS Bracing for More Withdrawals After a Third Quarterly Loss UBS AG, Switzerland’s largest bank by assets, will see further withdrawals by wealthy clients after reporting a third consecutive quarterly loss, Chief Executive Officer Oswald Gruebel said.
Bank of America Among Worst for U.S. Mortgage Modifications, Treasury Says Bank of America Corp., the largest U.S. bank by assets, was one of the worst performers among the largest mortgage servicers in modifying loans for struggling homeowners, according to a U.S. Treasury Department report.
BNP Paribas Profit Rises 6.6%, Exceeding Estimates, on Fortis Acquisition BNP Paribas SA, France’s largest bank, reported a 6.6 percent increase in second-quarter profit, helped by the acquisition of Fortis assets and higher investment-banking revenue.
Bank of America CEO Scrum Begins as Lewis Revamps Management, Settles Case Bank of America Corp., under pressure to overhaul management and reduce risk, set up a five-person competition to replace Kenneth Lewis as chief executive officer.
source: Bloomberg
