Indian Inflation Is a `Regressive Tax' on Poor, RBI Governor Subbarao Says India’s central bank Governor
Duvvuri Subbarao described inflation as a “regressive tax,”
justifying his steps yesterday to start withdrawing the monetary
stimulus as price pressures build.
Sensitive Index Falls on Concern India's Government May Withdraw Stimulus Indian stocks fell for a second day,
posting their biggest two-day loss in two months, on concern
that the government will halt stimulus spending as the central
bank tightens monetary policy.
SpiceJet to Raise $50 Million to Finance Expansion, Flights Out of India SpiceJet Ltd., an Indian low-fare
airline that counts billionaire Wilbur Ross among its investors,
may raise as much as $50 million by selling shares to fund
expansion and start international flights.
Indian Developers Say `Negative Signal' on Lending Rules to Increase Costs The Reserve Bank of India’s move to
ask lenders to set aside more funds to cover defaults on loans
to property companies may boost costs at real estate developers
and reduce demand for homes, company officials said.
GAIL India's Profit Declines 30 Percent on Lower Chemicals, LPG Earnings GAIL India Ltd., the country’s
monopoly natural gas distributor, reported a 30 percent decline
in second-quarter profit after earnings from chemicals and
liquefied petroleum gas fell.
India Selects Power Units to Get Half of Natural Gas From Reliance Field India selected power producers to
get half of the natural gas to be produced from a field operated
by Reliance Industries Ltd., which is fighting a lawsuit over
fuel sales from the area.
India May Have to Import Rice in 2010, Triggering Price Surge, Trader Says India, the world’s second-largest
rice grower, may import up to 3 million metric tons next year as
the government secures supplies in case the nation faces another
year of drought, triggering a price surge, a trader said today.
Maxis, Planning to Expand in India, Sets Price in Largest Malaysia Offer Maxis Communications Bhd., Malaysia’s
biggest mobile-phone company, plans to sell shares to individual
investors for as much as 5.20 ringgit ($1.50) apiece in the
nation’s largest public offering.
Riversdale, Tata Approve Development of $270 Million Mozambique Coal Mine Australia’s Riversdale Mining Ltd.
and Tata Steel Ltd., India’s biggest producer of the metal,
approved development of a $270 million coal mine in Mozambique
with first production scheduled for next year.
Nuclear Power Output in India to Increase This Year on Lifting of Fuel Ban Nuclear Power Corp. of India Ltd.,
the nation’s monopoly producer, said generation may jump 47
percent this year after the U.S. and Europe lifted a ban on the
sale of uranium fuel and technology.
K1 Hedge Fund Snared in Probe as Barclays, JPMorgan, BNP Paribas Face Loss K1 Group, the German hedge fund
firm, is embroiled in an international criminal investigation
after saddling banks, including Barclays Plc, JPMorgan Chase &
Co. and BNP Paribas SA, with about $400 million of losses,
people with knowledge of the probe said.
New-Home Sales in U.S. Unexpectedly Fall as End of First-Time Credit Nears Sales of new U.S. homes
unexpectedly fell in September as the end of a tax credit for
first-time homebuyers approached, highlighting the importance
of government aid to the emerging economic recovery.
Norway Lifts Key Rate to 1.5%, Becoming First in Europe to Reverse Easing Norges Bank raised its key interest
rate a quarter point from a record low and signaled steeper
increases than it previously forecast over the next three years
as inflation accelerates and unemployment remains low.
Stocks in U.S. Extend Global Drop on Economy Concern; Oil, Metals Retreat U.S. stocks fell, extending a global
slump, as an unexpected decrease in new-home sales added to
concern the seven-month rally in equities outpaced prospects for
economic growth. The dollar rose against most major currencies
and Treasuries gained, while oil and metals fell.
CIT Group Obtains an Additional $4.5 Billion in Financing, Spurning Icahn CIT Group Inc., the 101-year-old
commercial lender seeking to avoid collapse, received $4.5
billion in financing by expanding an existing credit facility.
Ace's Greenberg Says Insurance `Cowboys' Hurting Industry With Rate Cuts The insurance industry has
underpriced its policies, with “cowboys” setting unreasonable
rates for coverage, Ace Ltd. Chief Executive Officer Evan
Greenberg said.
Deutsche Bank Will Acquire Wealth Manager Sal. Oppenheim for $1.48 Billion Deutsche Bank AG, Germany’s biggest
bank, agreed to buy wealth manager Sal. Oppenheim Group for 1
billion euros ($1.5 billion), the second purchase this month as
it tries to cut reliance on investment banking.
source: Bloomberg
