Wipro Surges to Ten-Year High on Report of $1 Billion Sponsored ADR Sale Wipro Ltd., India’s third-largest
software exporter, surged to its highest in almost 10 years
after the ET Now television channel reported the company may
sponsor shareholders to sell $1 billion of stock to U.S.
investors.
India's Steel Ministry Seeks Prime Minister Singh's Help for Posco Project India’s steel ministry has sought
Prime Minister Manmohan Singh’s help to secure permits to begin
work on a planned $12 billion Posco steel plant this year after
land disputes stalled the project first announced in 2005.
India Overtakes China as Biggest Palm Oil Buyer on Rising Incomes, Demand India surpassed China as the world’s
biggest buyer of palm oil as rising incomes increased demand for
fried and processed foods and drought reduced domestic cooking
oil production, according to a processor group.
Holcim to Invest $1.1 Billion Over Five Years to Increase India Capacity Holcim Ltd. plans to invest $1.1
billion in India over the next five years to expand cement-
making capacity to 60 million tons, from 50 million tons at
present, Paul Hugentobler, a member of the Swiss company’s
executive committee, told reporters in New Delhi today.
Nomura to Hire 125 People in India, China as Fixed-Income Bond Sales Surge Nomura Holdings Inc., Japan’s
biggest investment bank, will add as many as 125 people to its
fixed-income teams in Asia outside Japan this year as part of a
plan to increase revenue from the region by at least 30 percent.
India May Pay Cash to Refiners for Below-Cost Fuel Sales, Pandey Says India’s government may pay cash to
Indian Oil Corp. and other state-owned oil refiners to partly
compensate them for losses incurred from selling fuels below cost,
Oil Secretary R.S. Pandey said.
Software Makers in India Favored by BNP Paribas; Infosys Joins Model Fund Indian software developers were
raised to “overweight” at BNP Paribas, which said it favors
them as their earnings outlook and cash flows may shield them
from a possible decline in the nation’s equities this quarter.
India's Rupee Little Changed as Economic Recovery Attracts Investment India’s rupee was little changed
amid speculation the improving economy will prompt overseas
investors to pump more funds into the nation’s assets.
Indian Oil 5-Year Bond May Be Priced at 205-210 Basis Points Over Swaps Indian Oil Corp., the nation’s
largest state-owned refiner, is expected to price its five-year
bonds in U.S. dollars between 205 basis points and 210 basis
points over the benchmark mid-swap rate, according to a person
familiar with the matter.
Government Bonds Drop to 15-Month Low as Quickening Inflation Damps Demand India’s 10-year bonds fell, pushing
their yield to a 15-month high, on concern quickening inflation
will lead to higher interest rates.
Obama Says Financial-Firm Fee Aimed at Fully Recovering U.S. Bailout Funds President Barack Obama said the levy
he wants to impose on as many as 50 large financial firms is
aimed at getting back “every single dime” that taxpayers put
in to bailing out those companies.
Treasuries Advance, Stock Rally Slows as Retail Data Dim Recovery Optimism Treasuries rose and an advance in
stocks was limited as an unexpected drop in U.S. retail sales
damped optimism about the pace of the economic recovery. The
euro weakened as European Central Bank President Jean-Claude
Trichet said the region’s outlook is unclear.
JPMorgan, Bank of America Face Tax Bill of $1.5 Billion Each in Obama Plan The Obama administration’s proposal
to tax financial firms may annually cost JPMorgan Chase & Co.
and Bank of America Corp. more than $1.5 billion each, hinder
the industry’s recovery and stifle investor interest in bank
stocks, analysts and investors said.
U.S. Retail Sales Unexpectedly Drop in Sign Economy May Be Slow to Recover Sales at U.S. retailers
unexpectedly fell in December following a bigger gain than
previously estimated the prior month, highlighting the risk
that the largest part of the economy will be slow to recover.
Federal Reserve Fights to Keep Bank-Oversight Powers in Letter to Senators Federal Reserve Chairman Ben S.
Bernanke told senators a proposal to strip the central bank of
its authority to supervise banks could harm its ability to
conduct monetary policy and provide emergency aid to lenders.
Cadbury Says Hershey Recently Reaffirmed Interest, No Formal Bid Received Cadbury Plc, the U.K. confectioner
fighting a takeover offer from Kraft Foods Inc., said Hershey
Co. remains interested in the Dairy Milk maker and would
transform itself into a global business by trumping Kraft’s bid.
Disney Said to Be Seeking Netflix Streaming Block in Starz Contract Talks Walt Disney Co. is in talks with
Liberty Media Corp.’s Starz that may limit the movie channel’s
ability to provide films online to Netflix Inc., two people with
knowledge of the talks said.
source: Bloomberg
