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Tuesday, April 13, 2010

Financial News Flash

Industrial Output in India Climbs, Adding Pressure on RBI to Raise Rates India’s industrial production growth exceeded 15 percent for a third month as demand for cars and televisions increased, adding to inflationary pressures that may prompt the central bank to raise interest rates this month. 

Sensex Index Falls on Concern Higher Borrowing Costs Will Curtail Growth India’s benchmark stock index fell amid concern policy makers will raise borrowing costs next week as growth accelerates in the world’s second-fastest expanding major economy. 

Court to Resolve Spat Between Regulators That May Curb Stock Investments India’s stocks markets and insurance regulators will ask courts to intervene in a dispute on jurisdiction over unit-linked products that’s threatening to slow investments by insurers in the nation’s equities. 

Jet Airways Sees Surge in Premium Trips as `Draconian' Travel Policies End Jet Airways (India) Ltd., the carrier that says it was first to offer private suites in first class, predicts that business travelers will return to premium seats, helping fuel the airline’s expansion in Europe.

Essar Steel Plans to Raise at Least $750 Million Via Bond Sale in Dollars Essar Steel Holdings Ltd. plans to raise at least $750 million through a sale of bonds denominated in U.S. dollars and approach investors as early as tomorrow, according to a person familiar with the matter.

IPads in India Fetch as Much as $2,250 as Apple Fans Refuse to Be Patient Anthony Agius says his decision to pay A$2,500 ($2,300) to travel to New York from Melbourne to buy 20 iPads is something only fellow Apple Inc. fans will fully understand. 

Hindustan Petroleum Raises $225 Million From Sale of 7.7% Three-Year Bonds Hindustan Petroleum Corp., India’s third-largest state refiner, raised 10 billion rupees selling three-year bonds offering interest rate of 7.7 percent, according to data compiled by Bloomberg News. 

Rupee Declines Most in Month as Industrial Output Grows Less Than Forecast India’s rupee fell the most in a month, retreating from a 19-month high, after a government report showed the nation’s industrial output rose less than economists forecast. 

Ten-Year Bond Yield at 18-Month High Before This Week's $2.7 Billion Sale India’s 10-year bonds fell, pushing yields to the highest level since October 2008, before a sale of government debt this week. 

Sinopec Agrees to Buy ConocoPhillips's Stake in Syncrude for $4.65 Billion China Petroleum & Chemical Corp., Asia’s biggest refiner, agreed to buy ConocoPhillips’s stake in oil-sands producer Syncrude Canada Ltd. for $4.65 billion to help feed the world’s fastest-growing major economy. 

Euro Strengthens, U.S. Stocks Advance on $61 Billion Aid Plan for Greece The euro strengthened the most in seven months against the dollar, U.S. stocks rose and the cost of insuring against a default by Greece dropped by the most on record after the nation got an international aid pledge. 

Profits for Big Banks Dimmed by Home-Equity Loan Loss Seen at $30 Billion Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. may have to set aside an additional $30 billion to cover possible losses on home-equity loans, an amount almost equal to analysts’ estimates of profit at the three banks this year. 

VIX Retreats to the Lowest Level Since July 2007 on Aid Package for Greece The benchmark index for U.S. stock options slumped to the lowest intraday level since July 2007 as stocks rallied on a $61 billion aid plan for Greece. 

BlackRock Lured by 4% Notes Shunned at Pimco as Steep Yield Curve Persists The highest 10-year Treasury note yields since 2008 are proving too good to pass up for BlackRock Inc. even as Pacific Investment Management Co. says the best is over for bonds. 

Double-Dip Doesn't Figure in Recovery With Home Depot Building Inventories Companies from Tiffany & Co. to Home Depot Inc. are restocking shelves in a move that will boost economic growth and may keep the recovery on track through 2010. 

Palm Is Said to Seek a Buyer; Taiwan's HTC, China's Lenovo May Make Offers Palm Inc., creator of the Pre smartphone, is seeking bids for the company as early as this week, according to three people familiar with the situation. 

source: Bloomberg

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