Monsoon to Be Weakest Since 2002 Drought, Reducing Farm Production, Growth India’s monsoon season, which brings 73 percent of the nation’s annual rainfall, may be the driest in seven years, a weather bureau official said, paring farm output in the world’s biggest producer of sugar, rice and wheat.
Godrej Consumer of India May Buy Some of Sara Lee's International Assets Godrej Consumer Products Ltd., India’s second-biggest soap maker, may acquire some of Sara Lee Corp.’s international businesses including the U.S. company’s stake in its Indian joint venture.
India Capital Gains Tax Plan May Damp Stocks Demand, Macquarie, Kotak Say India’s proposal to end exemptions on capital gains tax may damp demand for stocks, according to Macquarie Group Ltd. and Kotak Securities Ltd.
Wholesale Prices in India Decline the Most in More Than Three Decades India’s wholesale prices fell the most in three decades, giving the central bank more time to keep interest rates at a record low before weak monsoon rains reduce harvests and stoke inflation.
Asean-India Trade May Increase to $60 Billion From $47 Billion After Deal Trade between the 10 members of the Association of Southeast Asian Nations and India may increase to as much as $60 billion from $47 billion last year after the signing of an agreement in Bangkok today.
Sensitive Index Rises Most in Three Weeks on Indian Government Tax Reforms India’s benchmark stock index rose the most in more than three weeks after the government said it plans to cut company taxes to the lowest level on record and abolish a levy on equities trading.
Asian Stocks Rise as Fed Says Recession Easing; Commonwealth Bank Advances Asian stocks rose, driving the MSCI Asia Pacific Index to its biggest gain this month, after the U.S. Federal Reserve said the recession is easing and pledged to keep interest rates low.
EU Threatens to Impose Tax on Indian, Malaysian Stainless Steel Fasteners The European Union threatened to impose tariffs on screws and bolts from India and Malaysia, saying EU producers may be victims of subsidies and price undercutting.
India to Cut Corporate Tax Rates in Biggest Change in Almost Five Decades India’s government proposed reducing corporate tax rates to a record low while broadening the tax base to fund an expanding budget deficit in the biggest change to tax laws in almost five decades.
Retail Sales in U.S. Unexpectedly Fall on Concern Over Job Losses, Income Sales at U.S. retailers unexpectedly fell in July as a boost from the cash-for-clunkers automobile incentive program failed to overcome cuts in other spending.
Walmart Earnings Top Analysts' Estimates on Cost Reductions; Revenue Drops Wal-Mart Stores Inc., the world’s largest retailer, reported second-quarter profit that exceeded some analysts’ estimates after managing inventory to reduce costs. Comparable-store sales trailed the company’s forecast.
Libor-OIS Narrows to 25 Basis Points, the Level Greenspan Called `Normal' The Libor-OIS spread narrowed to a level former Federal Reserve Chairman Alan Greenspan said he regarded as “normal,” adding to evidence the freeze in credit markets is thawing.
Europe's Recession May Be Ending as Germany, France Show Unexpected Growth The euro-region economy barely contracted in the second quarter as Germany and France unexpectedly returned to growth, suggesting Europe’s worst recession since World War II is coming to an end.
Ford Boosts Second-Half Output By 26% as `Clunkers' Program Boosts Demand Ford Motor Co., benefiting from the Obama administration’s “cash-for-clunkers” program, said it’s boosting factory output by 26 percent in the second half to meet the increased demand.
GM Gets Revised Magna Bid for Opel, Asks Germany for New Finance Package General Motors Co. said it wants new financial commitments from the German government to support a revised bid for its Opel division received today from Magna International Inc. and Russia’s Sberbank.
AIG Consumer Loan Unit Cuts 900 More Jobs, Shuts Branches as Losses Mount American International Group Inc.’s money-losing consumer lender slashed 900 jobs in the first half of the year as revenue plunged amid the recession.
source: Bloomberg
