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Wednesday, December 02, 2009

Financial News Flash


Sensex Index Falls, Ending Two Days of Gains; Sterlite Leads the Retreat India’s stocks fell, snapping a two- day 3.4 percent rally. Wipro Ltd. led software exporters lower after the rupee gained against the dollar for a third day, crimping the value of their exports in the local currency.

Indian Rupee May Climb 10% on Break of Fibonacci Level: Technical Analysis India’s rupee may climb 10 percent during the first quarter of 2010 should it breach the 62 percent retracement of its decline to a record low, Brown Brothers Harriman & Co. said.

Mobius Likes `Bombed-Out' U.A.E. Stocks; Mumbai, Shanghai May Be Next Emaar Properties PJSC and other developers in the U.A.E. are among “bombed-out” stocks that Templeton Asset Management Ltd. favors following a two-day slump in share prices.

ABG Shipyard Sells Entire Stake in Great Offshore as Bharati Raises Offer ABG Shipyard Ltd., India’s biggest non-state yard, sold its entire stake in Great Offshore Ltd., withdrawing from a bidding war after its rival Bharati Shipyard Ltd. raised its offer price.

Tata Motors Rises to 22-Month High as Economic Recovery Drives Truck Sales Tata Motors Ltd., India’s biggest truckmaker, rose to its highest in almost 22 months in Mumbai trading after commercial vehicle sales climbed in November.

India Sugar Output May Be Less Than 16 Million Tons This Season, ISMA Says India’s sugar output in the season started Oct. 1 will be “little lower” than 16 million metric tons forecast previously because of a drop in recovery in the nation’s biggest cane-growing states, a producers’ group said.

Swedish Hedge Fund Brummer to Set up Fund to Invest in Bangladesh Stocks Brummer & Partners, the largest Scandinavian hedge-fund manager, plans to set up a fund to buy Bangladeshi stocks, betting the south Asian nation will attract investors seeking the world’s next low-cost labor hub.

Alwaleed Says `Mature' Banks Made Wrong Assumptions About Dubai Debt Risks Prince Alwaleed bin Talal, the billionaire Saudi investor, said banks that loaned money to Dubai World can’t claim to be victims of the emirate’s debt crisis because they should have understood the risks.

Takeda Pharmaceutical Plans to Enter India Drug Market to Bolster Sales Takeda Pharmaceutical Co., Asia’s largest drugmaker, plans to enter the Indian market to tap growth in emerging economies.

Companies in U.S. Cut 169,000 Jobs Last Month, Topping Estimates, ADP Says Companies in the U.S. cut an estimated 169,000 jobs in November, according to a private report based on payroll data.

Emerging-Market Stocks Rise for Third Day, Led by Qatar; Dollar, Yen Fall Emerging-market stocks rallied for a third day, led by Qatar, as concern diminished that Dubai will default. The yen weakened on speculation Japan will act to curb its gains and the dollar fell, driving gold to a record.

EU Finance Chiefs Reach Compromise on Bank Regulation Rules, Lagarde Says European Union finance ministers reached a compromise on overhauling Europe’s financial supervision with a new set of regulators, French Finance Minister Christine Lagarde said.

Mobius Picks Emaar, `Bombed-Out' U.A.E. Stocks to Rebound From Dubai Slump The worst plunge in Dubai stocks in a year and record retreat for Abu Dhabi are luring Mark Mobius to “bombed out” Emaar Properties PJSC while investors say phone companies, airlines and port operators have become bargains.

RBS Says Bonus Curbs May Drive Away Staff After Biggest Government Bailout Royal Bank of Scotland Group Plc, recipient of the world’s biggest taxpayer bailout, said the British government’s “very restrictive” control over 2009 bonuses risks driving employees away.

Henderson Is Said to Flunk Board's 100-Day Review on Fixing General Motors General Motors Co. Chief Executive Officer Fritz Henderson resigned after eight months on the job as directors concluded he hadn’t done enough to fix GM’s finances and culture, people familiar with the matter said.

Siemens Said to Hire UBS for Possible Sale or IPO of Hearing-Aid Division Siemens AG, Europe’s biggest engineering company, is hiring UBS AG to advise on a possible sale of its hearing-aid unit, valued at more than 2 billion euros ($3 billion), three people familiar with the matter said.

source: Bloomberg
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