Tata Motors Turns to Profit in Second Quarter on Cost Cuts at Jaguar Unit Tata Motors Ltd., the Indian
truckmaker that owns Jaguar Land Rover, turned to a profit in
the second quarter after it cut costs at the luxury car unit.
Indian Stocks, Rupee, Bonds Decline on Concern Dubai May Default on Debt India’s stocks, currency and bonds
fell on concern investors may shy away from riskier emerging
market assets over losses stemming from Dubai’s attempt to
reschedule its debt.
Dubai's Debt Crisis May Affect Remittances to India, Kerala's Isaac Says A financial crisis in Dubai will
hurt remittances to India and reduce job opportunities for
citizens of the south Asian nation, said Thomas Issac, finance
minister of the southern state of Kerala.
Mobius Says Dubai Debt Concern May Trigger Emerging-Markets `Correction' Templeton Asset Management Ltd.’s
Mark Mobius said Dubai’s attempt to reschedule debt may cause a
“correction” in emerging markets, compounded by Vietnam’s
currency devaluation and an “avalanche” of initial share sales.
Yen Strengthens to 14-Year High, Prompting Speculation Japan to Intervene The yen strengthened to a 14-year
high against the dollar, climbing past 85 to the greenback and
prompting speculation Japan will intervene in markets to
preserve the nation’s export-led economic recovery.
Abu Dhabi Commercial Bank May Have Most Dubai World Loans at $1.9 Billion Abu Dhabi Commercial Bank PJSC may be
owed $1.9 billion by Dubai World, making it the largest creditor
outside the emirate to the state company seeking to reschedule
debt, said two people familiar with the companies.
Gold Declines for Second Day as Dollar Strengthens on Dubai Debt Concern Gold declined for a second day,
extending its retreat from an all-time high as a stronger dollar
damped demand for the precious metal as an alternative asset.
Credit-Default Swap Reforms Roiled as Aiful, Cemex, Thomson Test Payments Wall Street’s system for determining
payments on derivatives linked to the debt of defaulted
companies is showing cracks less than a year after securities
firms changed practices to avoid “Draconian” regulation.
Reliance Capital Plans to Acquire Controlling Stake in Quant Capital Group Reliance Capital Ltd. plans to
acquire a controlling stake in Mumbai-based Quant Capital Group,
according to a statement to the National Stock Exchange.
Ranbaxy Shares Climb to Highest in a Year as Valtrex Sales Begin in U.S. Ranbaxy Laboratories Ltd., India’s
biggest drugmaker, rose to its highest level in more than a year
in Mumbai trading after it began selling a generic version of
GlaxoSmithKline Plc’s Valtrex drug in the U.S.
Emerging-Market Stocks, Commodities Slide as Bonds, Dollar Rally on Dubai Commodities dropped the most since
July, emerging-market stocks fell, Treasuries and the dollar
rose and credit default swaps surged as Dubai’s attempt to delay
debt repayments unnerved investors.
RBS Led Dubai World Lenders, HSBC Has Most at Stake in UAE, JPMorgan Says Royal Bank of Scotland Group Plc
underwrote more loans than any institution to Dubai World, the
state company seeking to reschedule debt, while HSBC Holdings
Plc has the most at risk in the United Arab Emirates, according
to JPMorgan Chase & Co.
Mobius Sees a `Correction' From Dubai Crisis as Das Predicts Risk Aversion Dubai’s attempt to reschedule debt
may spur a “correction” in emerging markets, according to
Mark Mobius, while the global slump in equities shows government
spending alone won’t protect financial markets, Arnab Das of
Roubini Global Economics said.
Dubai Debt May Exceed $80 Billion on Off-Balance Sheet Liability, UBS Says Dubai, the Persian Gulf emirate
whose state-run companies are seeking to defer debt payments,
may owe more than the $80 billion to $90 billion in liabilities
assumed by investors, UBS AG analysts said in a note.
European Economic Confidence Climbs to Highest Level Since Lehman Collapse European confidence in the economic
outlook improved in November to the highest since the collapse
of Lehman Brothers Holdings Inc., suggesting the recovery in the
16-member euro region is gathering strength.
Almunia Named as EU's Competition Commissioner, Barnier to Oversee Finance European Union Economic and
Monetary Affairs Commissioner Joaquin Almunia, who led the
expansion of countries using the euro, will be antitrust chief
in the next European Commission succeeding Neelie Kroes.
Shipping Has `Trouble Building Behind Dam,' Ex-Baltic Exchange Head Says Ship prices may keep dropping for at
least another year because banks have not yet dealt with the
weaker loans they made to the industry, according to Michael
Drayton, a former chairman of the Baltic Exchange.
source: Bloomberg
