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Wednesday, March 24, 2010

Financial News Flash

Subbarao Warns of `Hard Landing' as Goldman Expects India Rate Increases Reserve Bank Governor Duvvuri Subbarao said India risks a “hard landing” if inflation isn’t reined in as Goldman Sachs Group Inc. and Morgan Stanley said last week’s interest-rate rise isn’t sufficient to curb prices. 

Sensex Index Advances Amid Optimism India's Spending Will Expand Economy Indian stocks rose, rebounding from their steepest drop in six weeks, amid optimism that spending will drive demand, limiting the effect of the central bank’s decision to raise interest rates. 

Cricket Team Franchise `Tremendous' Advantage for India Cements Brands India Cements Ltd., franchisee of an Indian Premier League cricket team, said owning the Chennai- based sports group has helped the maker of the construction material attract new customers. 

Roads, Ports Investment Targets Lowered in India, Curbing Economic Growth India, ranked below war-ravaged Ivory Coast and Sri Lanka for the quality of infrastructure, lowered its target for spending on roads and ports after failing to complete planned projects. 

AT&T Exercises Option to Purchase 8.07 Percent Stake in Satyam's Owner AT&T Inc., the biggest U.S. phone company, exercised an option to acquire a stake in Tech Mahindra Ltd. by purchasing an 8.07 percent of the shares in the company that controls India’s Satyam Computer Services Ltd. 

Sugar Importers Likely to Defer Purchases as Price Slumps to 8-Month Low Sugar buyers in India, the world’s biggest consumer, and other importers will probably defer purchases until prices stabilize after falling to an eight-month low, according to broker Sucden India Pvt. 

Tata Motors Offers Early Conversion of $431 Million of Bonds to Pare Debt Tata Motors Ltd., India’s biggest commercial-vehicle maker, offered to convert $431 million of bonds into shares about a year early to help reduce debt and preserve cash. 

Edserv Softsystems Rises Most in Three Weeks on Plans to Expand in India Edserv Softsystems Ltd., an Indian online training company, rose the most in three weeks after saying it plans to open offices in six Indian cities to boost market share. 

Compact Disc Wins $82 Million Contract to Make Animation Film on Hitler Compact Disc India Ltd. won an order worth $82 million to make an animation feature film on Adolf Hitler, according to a statement on the Bombay Stock Exchange today. 

Germany, France Agree on IMF Role in Greece's Budget Crisis, Official Says Germany and France have agreed to back International Monetary Fund aid for Greece, a German Finance Ministry official said, signaling a joint position after weeks of dispute over how to resolve the Greek crisis. 

Moore Capital Employee Is Among Six Arrested in U.K. Insider-Trading Probe A hedge-fund employee from Moore Capital Management LLC’s London unit and two senior employees at London financial firms were arrested as part of Britain’s financial regulator’s largest crackdown on insider trading. 

Stocks Advance as Earnings Boost Economic Confidence; Dollar Trims Gains Stocks rose and the dollar trimmed gains as improved earnings at companies from Carnival Corp. to Bank of China Ltd. and growing demand for steel and computer chips boosted confidence in the economy. 

Ten-Year Swap Spread Turns Negative for First Time on Renewed Risk Demand The 10-year U.S. swap spread turned negative for the first time on record amid rising demand for higher-yielding assets such as corporate and emerging market securities. 

Feinberg Is Said to Cut Executive Cash Payments at AIG, GM, GMAC, Chrysler American International Group Inc. and four other companies overseen by Obama administration paymaster Kenneth Feinberg will cut cash payments to executives by 33 percent from last year. 

Daimler Is Accused by U.S. of Bribing Government Officials in 22 Countries The U.S. government filed charges against Daimler AG in U.S. District Court in Washington for alleged violations of the Federal Corrupt Practices Act, according to court records. 

Charles Schwab Is Seeking to Fend Off SEC Lawsuit Over YieldPlus Bond Fund Charles Schwab Corp. says it shouldn’t be sued by U.S. securities regulators for switching half of the assets in its YieldPlus mutual fund into mortgage- backed securities without gaining shareholder approval. 

source: Bloomberg
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