Bharti, MTN Said to Have Reached $24 Billion Preliminary Merger Agreement Bharti Airtel Ltd., India’s biggest mobile-phone company, and South Africa’s MTN Group Ltd. reached a $24 billion preliminary agreement to buy each other’s shares, the first step in a planned merger, three people familiar with the matter said.
Jet Air Cancels Flights for Second Day Amid Ongoing Pilot Labor Dispute Jet Airways (India) Ltd., the country’s largest carrier by market value, canceled more than half its flights for a second consecutive day as an ongoing labor dispute with the airline’s pilots stranded travelers.
Raw Sugar Price Decline `Good Opportunity' for Mills, Balrampur Chini Says Sugar mills in India, facing a shortage for a second year, may resume imports after global prices plunged 14 percent in the past week, the country’s second-biggest producer said.
Rain Revival, Record Grain Reserves to Cushion Drought Damage, Singh Says A revival in India’s rains is aiding monsoon-sown crops and reserves of grains are sufficient to meet shortages from drought that has hit about half the country, said Prime Minister Manmohan Singh.
Indian Railway Finance to Borrow $475 Million to Purchase Rolling Stock Indian Railway Finance Corp., the funding arm of the state-run rail network, will borrow $475 million from banks to buy rolling stock, said Managing Director R. Kashyap.
Essar Oil Plans to Spend $300 Million in India to Produce Coal Seams Gas Essar Oil Ltd., operator of India’s second-largest non-state refiner, may spend $300 million to produce natural gas from a coal seam block in the eastern state of West Bengal, which is expected to start output in December.
Benchmark Sensex Index Rises; Hindalco, Sterlite Gain With Metals Prices India’s stocks rose for the fourth day, driving the key benchmark index to a 15-month high. Commodity producers led by Hindalco Industries Ltd. gained as metals prices soared.
U.S. Buyout Firm Advent Hires Jalan From ICICI Venture to Expand in India Advent International Corp., a Boston-based private equity firm, hired Shweta Jalan to expand its private equity business in India.
Rupee Falls for First Day in Five as Companies Buy Dollars to Purchase Oil India’s rupee fell, snapping five days of gains, on speculation some importers bought foreign currency to pay for crude-oil imports.
Dollar Declines to Weakest in Almost a Year on Record Low Borrowing Costs The dollar dropped to the weakest level in almost a year against the currencies of six major U.S. trading partners as record low borrowing costs encouraged investors to sell the greenback and buy higher-yielding assets.
Kraft Said to Seek $8 Billion in Financing for Possible Cadbury Takeover Kraft Foods Inc., the world’s second-largest foodmaker, is in talks to arrange about $8 billion of financing for its bid to buy candy maker Cadbury Plc, according to two people with knowledge of the matter.
U.S. Stocks Advance as General Electric Leads Gains in Industrial Shares U.S. stocks gained for a fourth straight day as General Electric Co. led gains in industrial shares and investor Michael Price said he’s finding value in American equities.
GM Finance Chief Ray Young Said Likely to Leave Automaker in Coming Weeks General Motors Co. Chief Financial Officer Ray Young will probably leave the Detroit-based automaker in coming weeks, people familiar with the situation said.
Michael Price Says Stocks May Advance, Repeat 1975-1982 Doubling of Shares Billionaire investor Michael Price said the U.S. stock market resembles 1975-1982, when the Standard & Poor’s 500 Index doubled, and he’s finding value in small banks.
NYSE Euronext Aims to Boost Options Business With Help From Goldman Sachs NYSE Euronext is trying to prove the $260 million it used to buy the American Stock Exchange last year was money well spent.
Barrick to Increase Share Sale 17% to $3.5 Billion to End Some Gold Hedges Barrick Gold Corp., the world’s largest gold producer, will increase the size of a share sale announced yesterday by 17 percent to $3.5 billion in response to investor demand.
source: Bloomberg
