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Monday, April 05, 2010

Financial News Flash

Sensex Index Climbs to Two-Year High; Reliance Industries Gains on Outlook India’s benchmark stock index rose to a 25-month high after Finance Minister Pranab Mukherjee said the nation’s rate of economic growth is “impressive” and may accelerate to the fastest pace in three years. 

Oil India Has $2.5 Billion Cash Available for Acquisitions, Chairman Says Oil India Ltd., the state explorer that bid for Gulfsands Petroleum Plc, said it has more than $2.5 billion cash available for acquisitions as it seeks producing assets overseas to help boost the country’s energy security. 

Rupee Strengthens to 19-Month High as India Growth Prospects Attract Funds India’s rupee strengthened to a 19- month high after overseas investors boosted their holdings of the nation’s stocks and bonds to record levels, seeking to profit from an expanding economy and rising interest rates. 

Geithner Arrives in Delhi to Meet Prime Minister Singh: India Week Ahead U.S. Treasury Secretary Timothy F. Geithner will meet Indian Prime Minister Manmohan Singh, Finance Minister Pranab Mukherjee and other officials tomorrow in New Delhi as the two nations seek to strengthen economic ties. 

Ten-Year Government Bonds Advance on Speculation Banks Will Boost Holdings India’s 10-year bonds gained on speculation banks will increase purchases of the securities to cover rising deposits. 

CNI Chairman, Partners to Increase Stake; Not Worried About `Hostile' Bids CNI Research Ltd.’s Chairman Kishor Ostwal said he and his partners may boost their holdings and he’s not concerned that the purchase of a 6.8 percent stake by a company will lead to a takeover. 

India Oilseed Meal Exports Drop to Five-Year Low on Unprofitable Crushing India’s exports of oilseed meals fell to a five-year low after unprofitable crushing cut output. 

Copper May Top $8,000 for First Time Since Lehman Failure as Demand Rises Copper futures in London may advance to more than $8,000 a metric ton this week for the first time since the collapse of Lehman Brothers Holdings Inc. in 2008, buoyed by a revival in demand that’s more than doubled prices. 

Apple IPad Debut Sales May Be Beating Estimates, Signaling Tablet Revival Apple Inc. probably sold more than twice as many iPads in its debut weekend as some analysts estimated, an early sign that Chief Executive Officer Steve Jobs may succeed at reviving demand for tablet-style computers. 

Oil & Natural Gas Gets Credits From UN for Mumbai High Waste Heat Project Oil & Natural Gas Corp., India’s biggest energy exploration company, received 10,722 emission reduction certificates from the United Nations for a waste heat recovery project at its Mumbai High fields. 

Stocks, Commodities Rise as Jobs Report in U.S. Boosts Recovery Optimism Stocks and commodities rose, while the dollar and Treasuries fell, as growth in American jobs and service industries boosted optimism the world’s largest economy is strengthening. Ten-year Treasury yields touched 4 percent for the first time since June. 

U.S. Service Industries Grow at Fastest Pace Since May 2006, Creating Jobs Service industries expanded in March at the fastest pace since May 2006, indicating the U.S. recovery is spreading beyond manufacturing and starting to create jobs. 

Ten-Year Treasury Yield Hits 4% for First Time Since June on Growth Data Treasury 10-year notes rose to 4 percent for the first time since June as reports on the service industries and pending home sales added to signs the U.S. economic recovery is gaining traction. 

Oil Surges to Highest Level in 17 Months After Jump in U.S. Jobs in March Crude oil surged to the highest level in 17 months as growth in American jobs and service industries signaled that the economy is recovering from the worst recession since the 1930s. 

Oracle's Phillips to Leave Morgan Stanley's Board After Billboard Incident Morgan Stanley director Charles Phillips, the Oracle Corp. co-president who admitted to an affair after being displayed with an ex-girlfriend on New York billboards, won’t seek re-election to the bank’s board, a regulatory filing showed. 

Citigroup Hires Bank of America's Phillips as Technology Managing Director Citigroup Inc., the fifth-largest takeover adviser in the first quarter, hired Paul Phillips from Bank of America Corp. as managing director for global telecom, media and technology investment banking. 

Kalsi, Former Morgan Stanley Real Estate Bankers to Create Investment Firm Morgan Stanley’s former global head of real estate, Sonny Kalsi, said he’s forming an investment and advisory firm that will focus on properties in the U.S., Japan and western Europe. 

source: Bloomberg
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