Bharti, MTN Decide to Call Off Discussions on Proposed $24 Billion Merger Bharti Airtel Ltd., India’s largest wireless operator, and South Africa’s MTN Group Ltd. called off merger talks, scrapping a proposed $23 billion transaction that would have been the world’s biggest cross-border deal this year.
Indian Banks, Stock Laggards May Advance Next Quarter, Merrill Lynch Says Indian banks, engineering companies and drugmakers that have been laggards this quarter may lead a rally in the next three months, while software developers and metal stocks may under-perform, according to Bank of America Merrill Lynch.
Monsoon Rainfall Is Driest in More Than Three Decades, Weather Office Says India’s monsoon rainfall, the main source of irrigation for the country’s 235 million farmers, is the weakest in more than three decades, threatening farm output in the world’s second-biggest producer of rice, wheat and sugar.
Oil India Gains in Trading Debut on Expectations of Increased Gas Output Oil India Ltd., the state-run explorer that raised 27.8 billion rupees ($578 million) in an initial offering, gained on its trading debut on expectations of increased oil and natural gas prices and higher gas output.
Parsvnath Developers Raises $35 Million Selling Shares to Large Investors Parsvnath Developers Ltd., an Indian property developer, raised $35 million selling shares, a person familiar with the matter said. The stock soared to a 15- month high.
Air India Pilots Call Off Strike After Carrier Pauses Incentive-Cut Plan Air India’s pilots called off a four-day strike after the national carrier decided to “keep in abeyance” a move to cut incentives, airline spokesman Jitender Bhargava said.
Crude Oil's Sideways Trend Points to Climb Above $70: Technical Analysis Crude oil has a greater chance of rising above $70 a barrel the longer it stays in the sideways pattern that has characterized trading in the past two months, according to National Australia Bank Ltd.
Wockhardt Climbs to Highest in a Year on U.S. Preliminary Drug Endorsement Wockhardt Ltd., an Indian drugmaker, surged to its highest level in more than a year in Mumbai trading after saying it got preliminary U.S. approval to sell its drug for the treatment of prostate enlargement.
Asian Corporate Bond Rally Will Survive Surge in Junk Sales, Calyon Says A surge in junk bond sales won’t derail the rally in Asian corporate debt because borrowers are seeking funds for expansion rather than to refinance high-risk loans as in the U.S., according to Calyon.
Greenspan Sees U.S. Economy Slowing in 2010 as Stock Prices `Flatten Out' Former Federal Reserve Chairman Alan Greenspan said he sees the U.S. economy slowing next year as the surge in stocks comes to an end.
Chicago Purchasing Index, Job-Loss Data Signal Sluggish Economic Recovery The U.S. recovery may be slow to develop as a gauge of business activity dropped unexpectedly and a private report showed employers cut more jobs than forecast in September.
U.S. Stocks Drop as Purchasing Report Signals Weakness in Spending, Output U.S. stocks fell, trimming the market’s second straight quarterly rally, as an unexpected contraction in a gauge of business activity spurred concern the economy is struggling to recover.
Five Top U.K. Banks Said to Agree to Impose G-20 Bonus Limits on 2009 Pay Britain’s five biggest banks agreed to impose limits on bank bonuses agreed upon by Group 20 leaders last week following a meeting with Chancellor of the Exchequer Alistair Darling earlier today, a person familiar with the matter said.
CIT Said to Consider Financing From Citigroup, Barclays as Deadline Nears CIT Group Inc., the commercial lender that has said it may be forced to file for bankruptcy, is considering an offer of financing from Citigroup Inc. and Barclays Capital, people familiar with the situation said.
Macquarie to Buy Investment Bank Fox-Pitt Kelton for About $146.7 Million Macquarie Group Ltd. agreed to buy investment bank Fox-Pitt Kelton Cochran Caronia Waller LLC for about $146.7 million, the third North American acquisition by Australia’s biggest investment bank since May.
American Express Kills Fee for Dormant Gift Cards in Bid to Expand Sales American Express Co., the biggest U.S. issuer of prepaid gift cards, will eliminate fees deducted from cards that go unused as it pursues a bigger share of an estimated $25 billion market this holiday season.
source: Bloomberg
