India Will Import Food to Meet Shortages, Finance Minister Mukherjee Says India will import food items such as edible oil and lentils to meet any shortage caused by the driest monsoon in seven years, Finance Minister Pranab Mukherjee said.
India Expects $17.3 Billion in Revenue From Reliance-Operated Gas Field India expects revenue of 840 billion rupees ($17.3 billion) from the KG-D6 gas field operated by Reliance Industries Ltd. off the nation’s east coast, the federal government said in a statement in New Delhi today.
Axis Asset Targets Top 10 Slot in Five Years Among Indian Money Managers Axis Asset Management Co., backed by India’s fourth-largest bank, aims to be one of the nation’s top 10 money managers in the next five years, said Chief Executive Officer Rajiv Anand.
Bombay Stock Exchange Sensex Advances, Erasing Earlier Loss as Hero Gains India’s benchmark stock index rose, paring the weekly loss. Hero Honda Motors Ltd. led automakers higher after the government said monsoon rains had revived, easing concerns that a poor rainy season would dent growth.
Bharti Airtel's Mittal Won't Sweeten Offer for MTN, Economic Times Reports Bharti Airtel Ltd. won’t sweeten its offer for South Africa’s MTN Group Ltd., the Economic Times reported, citing comments by Chairman Sunil Mittal in an interview with the newspaper’s television channel ET Now.
India's Rupee Set for a Second Weekly Loss as Global Funds Sell Equities India’s rupee fell for a second week, its worst run in two months, as concerns the global economy may not recover soon from a slump prompted overseas funds to sell emerging-market assets.
Ten-Year Government Bonds Slide as Auction Yields Climb More Than Forecast India’s 10-year bonds tumbled the most in seven weeks as the government’s borrowing costs rose and primary dealers had to buy unsold debt at an auction, signaling demand weakened for the securities.
Asian Stocks Post Weekly Drop Amid Earnings Concerns; Bank of China Falls Asian stocks fell, dragging the MSCI Asia Pacific Index to its biggest weekly drop in two months, as China Mobile Ltd. said it can’t sustain its profitability and earnings at Insurance Australia Group Ltd.’s missed estimates.
Jain Irrigation Profit May Double as Farm Spending Increases Amid Drought Jain Irrigation Systems Ltd. forecast annual profit will double as India’s worst drought in seven years prompts the government to increase spending on projects to lift farm output.
U.S. Existing Home Sales Surge 7.2% to Highest Level in Almost Two Years Sales of existing U.S. homes jumped more than forecast in July to the highest level in almost two years, signaling the housing crisis that crippled the world’s largest economy is easing.
S&P 500 Index, Oil Rise to 10-Month High, Treasuries Drop on Housing Data U.S. stocks gained for a fourth day, sending the Standard & Poor’s 500 Index to the highest level since October, after U.S. existing home sales jumped to the highest level in almost two years. The dollar and Treasuries fell, while oil rose to a 10-month high.
Bernanke Says Global Economy Starting to Emerge From Recession on Stimulus Federal Reserve Chairman Ben S. Bernanke said the global economy is “beginning to emerge” from a recession after “aggressive” action by central banks and governments.
Group 1 Auto Halts `Clunker' Sales at 41% of Outlets on Paperwork Backlog Group 1 Automotive Inc., a chain of car dealerships, stopped selling vehicles under the U.S. government’s “cash-for-clunkers” program at 41 percent of its outlets yesterday, four days before it officially ends.
Stiglitz Says Dollar's Role as Store of Value Is `Questionable,' Has Risk The dollar’s role as a good store of value is “questionable” and the currency has a high degree of risk, said Nobel Prize-winning economist Joseph Stiglitz.
Leveraged Loans End Six-Week Rally as Investors Pull Out, Defaults Surge Leveraged-loan prices dropped for the first time in six weeks amid growing investor concern that a rally is faltering as corporate-debt defaults climb to a record.
source: Bloomberg
