India's Inflation Requires Volcker-Like Tightening, Lombard Street Says India may need “assertive”
monetary tightening to control inflation similar to the steps
taken by former U.S. Federal Reserve chairman Paul Volcker in
the early 1980s, according to Lombard Street Research Ltd.
ArcelorMittal's Indian Venture Uttam Galva Will Increase Output on Demand Uttam Galva Steels Ltd., the Indian
venture of ArcelorMittal, plans to increase production by 25
percent in the next financial year to meet domestic demand from
carmakers and builders of rural homes.
Anil Ambani Says Allegations Against Reliance Communications Are Baseless Anil Ambani, chairman of Reliance
Communications Ltd., said allegations against the mobile-phone
company are “baseless.”
Wipro CEO to Hire U.S. Workers to Benefit From Technology Spending Rebound Wipro Ltd., India’s third-largest
software-services provider, plans to hire more workers in the
U.S. to take advantage of a rebounding technology market.
Asian Stocks Advance on Earnings Speculation; Treasuries, Dollar Decline Asian stocks advanced for a third
day after JPMorgan Chase & Co.’s earnings topped estimates and
Posco raised its profit forecast. Treasuries and the dollar fell
as investors sought higher-yielding assets.
United Spirits Said to Have Raised $350 Million in Share Sale to Investors United Spirits Ltd., India’s biggest
liquor maker, raised $350 million by selling shares to
institutional investors, a person familiar with the matter said.
Dollar Rises Versus Euro on Pared Risk Demand After Goldman Sachs Earnings The dollar rose from a 14-month low
versus the euro on reduced demand for riskier assets as Goldman
Sachs Group Inc.’s earnings disappointed some investors.
Oil Trades Little Changed Near One-Year High Before Report on Stockpiles Crude oil was little changed near a
one-year high in New York before a report forecast to show that
U.S. crude inventories rose.
Goldman Sachs Profit Tops Analysts' Estimates on Trading, Investment Gains Goldman Sachs Group Inc., the most
profitable securities firm in Wall Street history, reported
third-quarter earnings that exceeded analysts’ estimates on
trading gains and investments with the company’s own money.
Citigroup Has Unexpected Profit After Bank Slows Loan-Loss Reserve Growth Citigroup Inc., the lender 34
percent owned by the U.S. government, posted a $101 million
profit, defying expectations for a loss, as the company added
the smallest amount to loan-loss reserves in two years.
U.S. Jobless Claims Fall More Than Expected to Lowest Level Since January The number of Americans filing
first-time claims for unemployment benefits dropped last week to
the lowest level in nine months, indicating the improving
economy is leading to a slowdown in firings.
Nokia Posts First Loss Since 1996 on Siemens Networks Joint Venture Costs Nokia Oyj, the world’s biggest maker
of mobile phones, had its first net loss since the company began
reporting quarterly in 1996, hurt by costs related to a joint
venture with Siemens AG and weaker demand.
Vivendi Is Said to Hold Off on NBC Stake Decision to Focus on Bid for GVT Vivendi SA’s board held off on a
decision on whether to sell its 20 percent stake in NBC
Universal, focusing instead on its possible purchase of Brazil’s
GVT (Holding) SA, a person familiar with the discussions said.
Golub Is Named Lazard's Interim Chief Executive After Death of Wasserstein Steven Golub, vice chairman of
Lazard Ltd., was named interim chief executive officer of the
firm following the death of Bruce Wasserstein, the preeminent
Wall Street dealmaker who took the bank public in 2005.
Pimco's Gross Raises Government Debt, Cuts Mortgage Bonds to Four-Year Low Bill Gross, who runs the world’s
biggest bond fund at Pacific Investment Management Co., bought
government debt last month and cut mortgage bond holdings to the
lowest level since 2005 after he warned this year that the U.S.
recession will lead to a period of less-than-average growth.
source: Bloomberg
