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Tuesday, October 20, 2009

Financial News Flash


Mukesh Ambani's Feud With Anil Over Gas Supplies Goes to India's Top Court Mukesh Ambani, Asia’s richest man, started his case against estranged brother Anil Ambani in India’s Supreme Court over gas supplies from a field holding $38 billion of reserves after rebuffing attempts for a settlement.

Asian Stocks Climb on Growth, Profit Speculation; Challenger, Rio Advance Asian stocks rose, driving the MSCI Asia Pacific Index to a 13-month high, after Australia’s central bank signaled more interest-rate increases as economic growth accelerates and Apple Inc. reported better-than-estimated profit.

Galleon Workers Prepare Resumes, Discuss Stocks as Customers Rush for Exit Galleon Group’s analysts, portfolio managers and traders in New York are seeking legal advice and updating their resumes after the arrest of Raj Rajaratnam, the hedge-fund firm’s founder, led to a flood of redemption requests, people familiar with the matter said.

India's Bond Volatility to Fall on Switch to Monthly Price Index, DBS Says India’s switch to a monthly wholesale-price index from a weekly gauge may make government bonds more attractive by reducing price swings, according to DBS Group Holdings Ltd. and Sundaram BNP Paribas Asset Management Co.

Tata Consultancy Orders Rebound to Pre-Lehman Levels, Finance Chief Says Tata Consultancy Services Ltd., India’s largest software exporter, said orders have rebounded to levels before the collapse of Lehman Brothers Holdings Inc. and projected sales will keep rising for at least two years.

Essar Pulls Out of Bidding Contest With Jindal for Coal Explorer Rocklands Essar Group, the Indian company that runs telecom, energy, steel and real-estate businesses, withdrew from a bidding contest with Jindal Steel & Power Ltd. for Australian coal explorer Rocklands Richfield Ltd.

Tanla Solutions Climbs After Signing Accord to Supply Nokia With Services Tanla Solutions Ltd., an Indian maker of telecommunications software, rose the most in more than three months in Mumbai trading after signing an agreement with Nokia Oyj.

India Will Lag China on Internet Growth Without Government Aid, Sify Says India will lag behind China on growth in Internet subscribers unless the government adopts reforms in the phone industry to provide better access, said Sify Technologies Ltd. Chief Executive Officer Raju Vegesna.

U.S. Stocks Retreat as Housing Starts Report Overshadows Company Earnings U.S. stocks retreated, pulling benchmark indexes down from a one-year high, as a disappointing report on housing starts overshadowed better-than-estimated earnings at companies from Apple Inc. to Pfizer Inc.

Housing Starts in U.S. Rise Less Than Forecast as Incentives Poised to End Builders in the U.S. broke ground in September on fewer houses than anticipated and building permits dropped, signaling the market will slow once government incentives have elapsed.

Caterpillar Profit, 2009 Outlook Top Estimates on Capacity, Inventory Cuts Caterpillar Inc., the world’s largest maker of bulldozers and excavators, posted third-quarter earnings that beat analysts’ estimates and issued a full-year forecast that exceeded the highest prediction.

Galleon Workers Prepare Resumes, Discuss Stocks as Customers Rush for Exit Galleon Group’s analysts, portfolio managers and traders in New York are seeking legal advice and updating their resumes after the arrest of Raj Rajaratnam, the hedge-fund firm’s founder, led to a flood of redemption requests, people familiar with the matter said.

Bank of America Was Told U.S. Merrill Aid Would Boost Shares, E-Mail Shows Bank of America Corp. signed off on its government-assisted purchase of Merrill Lynch & Co. after U.S. regulators said the deal might boost the shares, e-mails from two executives showed. Instead, the stock collapsed.

Brazilian Stocks Fall Most in Seven Weeks on Tax Proposals: Real Declines Brazilian stocks fell the most in seven weeks and the currency declined after the government imposed a tax on foreign purchases of bonds and stocks to stem the real’s appreciation.

BlackRock Profit Jumps 46% on Increase in Bond-Fund Sales, Tax-Change Gain BlackRock Inc., the biggest publicly traded U.S. asset manager, said third-quarter net income rose 46 percent as fund sales and the value of the company’s investments benefited from the rally in financial markets.

source: Bloomberg
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