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- Officials Move to Tame Asian Currencies Singapore intervened in the foreign-exchange market for the first time in months and Korea resumed its intervention after a two-week break, while Japan signaled it is weighing entering the market for the first time in six years.
- Dirty Money Probe Circles Globe A slim lead helped spark an inquiry that found some of Europe's banks actively evaded U.S. law in aiding sanctioned countries to move $2 billion undetected.
- Putin Extends Wheat-Export Ban The Russian prime minister's move helped push up the price of wheat and sparked fears of supply shortages and broader unrest over rising food costs.
- Exporters Advance in Tokyo Asian stock markets were mostly higher Friday as exporters gained while the yen took a breather after strong gains recently. The Nikkei rose 0.6%.
- Tech Stocks Lead Gains in Europe European markets traded higher, led by technology stocks, but investors remained cautious ahead of the U.S. nonfarm payrolls release.
- ECB Dismisses Double Dip The European Central Bank raised its central forecast for 2010 economic growth in the euro zone after leaving its benchmark interest rate unchanged at a record-low of 1%, as expected.
- Food and fuel inflation accelerates Food inflation accelerated from the previous week’s annual rise of 10.05% and fuel inflation was at 12.57% in the previous week
- China Vanke August Sales More Than Double China's largest property company said its August property sales more than doubled from a year earlier to $1.76 billion.
- Markets edge higher; outsourcers gain By 10:33amm, the 30-share BSE index was trading up 0.07% at 18,251.34 points, with 18 of its components gaining
- Asia stocks edge up ahead of key US jobs data Surprisingly strong US manufacturing data earlier this week dispelled some gloom about faltering growth, but investors were far from convinced all was well
- Karzai Kin Asks U.S. to Bolster His Bank A top shareholder in Kabul Bank called on the U.S. to shore up the lender after depositors withdrew about a third of its cash reserves in two days, while the country sought to avert a destabilizing crisis.
- Madoff Victims Object to Picard Fees A group of Madoff victims objected to $34.6 million in legal fees requested for four months of work by the trustee overseeing the liquidation of the investment firm.
- Petrobras Share Sale Nearer A deal between Brazil's government and oil company Petrobras has removed some doubts that the company can pull off a share sale that could hit $60 billion.
- Treasury to Sell $127 Billion The offerings include $30 billion in three-month bills and $30 billion in six-month bills.
- Late Push Lifts Dow Before Jobs The Dow industrials rose 50.33 points, or 0.49%, to 10319.80, mounting a late afternoon push as investors awaited monthly jobs data on Friday.
- Och-Ziff Assets Grew in August Hedge-fund manager Och-Ziff Capital Management said assets under management rose marginally in August, even though key indexes experienced a month of steep losses.
- FHFA Issues Rules on MBS Purchases Fannie Mae and Freddie Mac's regulator issued rules that will bar the mortgage-finance giants from receiving credit to meet mandates to support housing goals by purchasing mortgage-backed securities.
- Wall St rises on economic hopes ahead of payrolls Investors built on Wednesday’s sharp advance as indicators provided the latest reason for optimism the economy could avoid another downturn
- J.P. Morgan Entices Buyers Despite Risk J.P. Morgan sold a $484.6 million commercial-mortgage bond backed by debt of an Australian shopping-mall developer just two days after the property group warned that its debt load was "unsustainable."
- BlackRock Manager Has Faith in U.S. A leading BlackRock fund manager said he is investing with the belief the U.S. will have the right policy response to the current economic malaise.
- Govt to push more grain into PDS Wheat and rice will be pumped into the system over the next six months toensure food security
- India to emerge largest security market in next 10 years: report India, which currently shares 3.6% of global homeland expenditure, will require to take it upwardly to an extent of 6% over the next decade to effectively take on emerging security risks, a Assocham-KPMG report said
- New Ulip norms may throw 1.2 million agents out of work Reduction in charges to benefit policyholders, but will bring down agent commissions from 15-17% to 7-9%
- Ashok Leyland sales growth robust For August, Ashok Leyland Ltd registered a strong 56.4% year-on-year growth in sales to 7,480 units
- The Mint Report for 02 September 2010 Study says number of Indians going online on could almost triple in five years; markets end in the green for a second straight day
- HC refuses to lift curb on lotteries The two-judge bench also directed the Kerala government to receive advance tax from Megha Distributors for its weekly lotteries
- European shares slip ahead of ECB decision By 2:24pm, the pan-European FTSEurofirst 300 index of top shares was 0.2% lower at 1,053.2 points, after surging 2.9% to 1,055.69 points on Wednesday
- Markets rise 2nd day, but outlook cautious The 30-share BSE index provisionally ended up 0.18% or 32.44 points at 18,222.16, with 16 components gaining
- Baer Capital eyes new PE fund, plans first exit The investment firm said one of its portfolio companies, A2Z Group, has sought Indian regulatory approval for an initial public offering that it expects to launch by December
- 237 million internet users in India by 2015: report Describing India as a “low-maturity and high growth market”, BCG said Internet penetration rate in India is expected to reach 19% by 2015, up from the current 7%
- Markets rise 0.4%; banks, autos climb At 9:00am, the 30-share BSE index was up 0.8% at 18,352.43 points, with all components advancing
- Wall St jumps on data in best day in 8 weeks Buying mostly came from momentum players and hedge funds, according to Jason Weisberg, director of institutional trading at Seaport Securities in New York
- Asia stocks rise, US data soothes fears The dollar and the yen began the day on the defensive, while commodities gained, helping make materials shares some of the strongest performers across the region
- Domestic, external demand divergent The Reserve Bank of India should continue efforts to cool domestic demand
- Home minister defends himself, says it’s not about colour Explaining his stand at a news conference in which he presented his ministry’s monthly report, Chidambaram said he was not the only one to use the phrase
- On the path to recovery July saw PE funds investing $742 million (around Rs3,500 crore) across 34 deals in India, or nearly five times the $156 million invested across 19 deals in the same month last year, according to data from Four-S Services
- The Mint Report for 01 September 2010 Reliance Broadcast Network raises Rs400 crore from investors; home ministry to send notices to Google and Skype on data access; markets begin the month with a bang
- Wrong GDP calculation embarrasses government The wide difference in GDP growth numbers under the two methodologies created confusion among economists
- Markets start Sep on front foot; techs lead The 30-share BSE index ended up 1.31% or 234.75 points at 18,205.87 points with 26 components gaining
- Rupee to rise in 2010 on inflows, growth view: Stanchart The trade deficit edged back into double digits in April after averaging $9.1 billion in Q1 2010 and has remained elevated since then
- PMI, exports point to slower growth PMI falls to 57.25 in August from 57.6 in July; July exports up 13.2% on year, versus 30% in June; trade deficit widens to biggest since Sept 2008
- Markets up 0.7%; banks, autos rise Financials marched ahead on expectations of better loan demand as the world’s second-fastest growing major economy expands further
- Kingfisher shares rally on plan to cut debt Board okays raising up $1 bn; plans $250 mn GDR issue; fund raising to take care of cash flow crunch, says analyst
- Wall St ends dismal month on flat note, semis slide US consumer confidence rose more than expected in August and home prices ticked up in June
- Asia stocks gain on China; yen near 15-yr high Japan’s Nikkei average hit a 16-month low in early trade, undermined by the stronger yen, but later reversed course
- The Mint Report for 31 August 2010 Economic growth accelerates in the first quarter; a new generation of Ulips roll out; shares of RIL and EIH fall
- GDP surges on low base, govt raises FY11 forecast Robust expansion leads to higher growth estimate for the fiscal, but economists react to data with caution
- Discrepancies in GDP growth figures Minor discrepancies are all very well--this is a quick estimate and, therefore, will be revised--but such a large divergence does cast doubts on the quality of the data
- Markets at 1-month closing low; Reliance falls The 30-share BSE index ended down 0.41% or 73.04 points at 17,959.07 with 19 components losing ground
- Economy to grow over 8.5% in FY’11: Mukherjee The show-stopper for the quarter is the manufacturing sector, which expanded by a strong 12.4% in April-June, 2010, against a mere 3.8% growth rate in the same period last year
- GDP growth to be more than projected 8.5% in FY11: Montek Ahluwalia said that wholesale price inflation will fall to around 6% by December
- Markets fall 0.7%; Reliance drops 2% Weak Asian peers weigh on markets; Reliance’s surprise entry in hotel sector pulls down stock; Investors await June quater GDP data
- Asia stocks slide, slowing US economy eyed Worries over US economy again weigh on markets; Nikkei down 2.6%, erasing Monday’s rally; government bonds rise as move to havens continues; Yen up 4th straight month, no intervention seen for now
- Wall St falls on economy woes, volume lowest US consumer spending rose at the strongest pace in four months in July while a smaller rise in incomes was less than forecast
- Direct Taxes Code | More questions, few answers for individuals The Bill brings down the tax rate for companies, especially foreign firms, but for individuals the implications are mixed
- The Mint Report for 30 August 2010 Direct Tax Code bill introduced in the Lok Sabha; Research In Motion agrees to some Indian demands
- Will demography boost growth rate? The assumption is that the population aged between 15 and 64 support the rest of the population
- Indian companies are left with limited choice Panellists speak about going global and the opportunities for Indian firms looking to build a platform internationally
- FDI flows from Jan-June dip 18% y/y: govt Foreign direct investment (FDI) inflows in the first six months of this year were down 18% to $10.78 billion from a year ago
- Nokia to set up server in India; may put pressure on BlackBerry Nokia offers push-mail services on Monday and said it will set up required infrastructure by November to help the government monitor the contents
- Markets edges up; Tata Steel gains 3.5% The 30-share BSE index ended up 0.19% or 33.70 points at 18,032.11 with 21 components gaining
- Markets off highs; Tata Steel jumps By 10:24am, the 30-share BSE Index was up 0.34% at 18,059.76 points, with 22 of its components gaining
- Asian shares rise; Central bank hopes power Nikkei The Nikkei 225 stock average surged 3.2% to 9,275.44 on hopes that the Bank of Japan would ease monetary policy in response to a recent sharp rise of the yen
- The case for a market correction Analysts at Citigroup Investment Research and Analysis point out in an interesting earnings review report that foreign subsidiaries of Indian firms contributed 80% of the growth in net profit last quarter
- Wall Street Wrap for 27 August 2010 Major US markets ended the day in the green, after GDP figures came out better than expected, although they showed slowing growth
- Narain defends NSE in letter to govt, RBI Ravi Narain, managing director of NSE, lashed out in a letter at what he said were efforts that sought to “denigrate the growth and development of capital markets in India”
- Global interest rates will remain low for decades Current Accounts and Demographics: The Road Ahead. By Dominic Wilson and Swarnali Ahmed, Goldman Sachs Global Economics Paper No. 202
- Markets log worst weekly loss in 3 months The 30-share BSE index provisionally ended down 1.25% or 227.94 points at 17,998.41, with 26 components losing
- LIC ups stake in Tata Steel to 14.02% LIC has hiked its holding in Tata Steel to 14.02% by buying additional 5.16 lakh shares through open market transactions
- US shares buck global trend, Dow under 10,000 While the US stock market fell, pulling the Dow Jones Industrial average below the psychologically significant 10,000 mark
- Asia stocks slip; market tense before Bernanke Few expect Bernanke to suggest further monetary policy easing is on the cards to boost growth, even though some wish he would
- Steel makers face inventory pile-up An increase in inventories has put pressure on prices and major producers, particularly in China, are cutting production
- Wall St stages comeback as technicals spur buying The S&P 500 index had sagged as much as 1% after data showed new single-family home sales slumped to a record slow pace in July and orders for manufactured durable goods rose far less than anticipated
- September numbers suggest volatile month ahead With movements among assets highly correlated at the moment, this has even greater implications than normal for currencies, government bonds and corporate debt, as well as for stocks
- Asia stocks up; yen eases, eyes on govt, BOJ US new home sales slumped to the slowest pace on record in July and durable goods orders were weaker than expected, suggesting growth could slow sharply without more government or central bank support
- Asia stocks fall; yen slips as eyes on Japan Adding to investors’ worries about exposure to riskier assets, key US stock indexes fell as much as 1.7% overnight after an unexpected plunge in existing home sales
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