Wholesale Prices Extend Declines as Subbarao Looks Beyond Indian Inflation India’s benchmark wholesale price index extended its longest decline in three decades as central bank Governor Duvvuri Subbarao says an inflation-targeting policy isn’t enough to maintain financial and economic stability.
Rain Deficit Narrows as Monsoon Revives, Aiding Crops Reeling From Drought India’s monsoon, the main source of irrigation for the nation’s 235 million farmers, revived in the past week, helping ease dry weather that’s caused drought and damaged crops of rice, oilseeds and sugar cane.
India to Avoid Stock Drop as Growth Forecast to Leapfrog China, ICICI Says Indian stocks will avoid a sell-off that drove China into a bear market yesterday as the South Asian nation is poised to topple its neighbor as the world’s fastest growing economy, ICICI Prudential Life Insurance Co. said.
Essar Oil May Start Gas Output From Coal Beds to Slake Rising India Demand Essar Oil Ltd., operator of India’s second-largest non-state refiner, may start production of natural gas from coal seams in the eastern state of West Bengal by the end of this year, an official said.
Adani Power Holds Steady in Its Mumbai Debut on Concern Expansion May Slow Indian billionaire Gautam Adani’s power producer, which raised 30.2 billion rupees ($620 million) in a share sale, was little changed in its Mumbai trading debut on speculation the utility’s future expansion may slow.
Bharti Airtel, MTN Extend Exclusive Merger Talks Deadline For Second Time Bharti Airtel Ltd. and MTN Group Ltd. extended for a second time talks on a merger that would challenge Vodafone Group Plc’s push into India and Africa.
Rupee Climbs for Second Day as Emerging Market Gains May Spur Fund Inflows India’s rupee strengthened for a second day, extending its rebound from a one-month low, on speculation gains in global stocks will encourage investors to pump more money into emerging markets.
Rice Farmers to Receive More for Their Crops as Drought Ravages Harvest India, the world’s second-biggest producer of rice, increased the minimum purchase price of rice to help farmers lift incomes after drought damaged crops.
Benchmark Indian Stock Index Rises; Tata Steel Leads Gains on Metal Prices India’s benchmark stock index rose as metal prices rallied after equities rebounded in Asia, easing doubts about a global economic recovery.
U.S. Initial Jobless Claims Unexpectedly Rose 15,000 to 576,000 Last Week More Americans unexpectedly filed claims for jobless benefits last week, indicating companies are trying to cut costs further even as the economy stabilizes.
Pension Funds' Private-Equity Cash Depleted 59% While Paper Profits Shrink U.S. pension funds contributed to the record $1.2 trillion that private-equity firms raised this decade. Three of the biggest investors, state pensions in California, Oregon and Washington, plunked down at least $53.8 billion. So far, they only have dwindling paper profits and a lot less cash to show the millions of policemen, teachers and other civil servants in their retirement plans.
U.S. Stock Futures Pare Gains After Unemployment Claims Exceed Estimates U.S. stock-index futures trimmed gains after the government said jobless claims unexpectedly rose last week, spurring concern higher unemployment will delay an economic recovery.
Sears Holdings Reports Unexpected Loss After Pension Plan, Severance Costs Sears Holdings Corp., the biggest U.S. department-store company, reported an unexpected second- quarter loss on pension-plan expenses, severance payments to fired employees and costs to close stores.
Northrop Grumman May Sell Tasc Consulting Unit for as Much as $2 Billion Northrop Grumman Corp., the third- largest U.S. defense company, plans to sell a unit that advises military and intelligence agencies and may garner $1 billion to $2 billion, said four people familiar with the matter.
Bernanke Diverging With King Means El-Erian Sees Dollar Loss on Disunity Federal Reserve Chairman Ben S. Bernanke and fellow central bankers gathering in Jackson Hole, Wyoming, are showing scant signs of reprising the coordinated stance they took fighting the worst financial crisis since the Great Depression as they deal with its aftermath.
Obama Administration to Lower Deficit Estimate for 2009 to $1.58 Trillion President Barack Obama’s budget office will announce the government’s deficit for 2009 will total $1.58 trillion, about $262 billion less than forecast in May, according to an administration official.
source: Bloomberg
