The following are some of the important stories that broke overnight, and newspaper summaries in India today:
TOP INDIA STORIES:
Asian Stocks Fall for First Time in Nine Days on Europe Concern
Asian stocks fell for the first time in nine days after Fitch Ratings downgraded Paris-based BNP Paribas SA and Standard & Poor’s Ratings Services said Spanish lenders face difficult years because of the nation’s slow growth.
Asia-Pacific Bond Risk Rises, Credit-Default Swap Prices Show
The cost of protecting Asia-Pacific corporate and sovereign bonds from non-payment rose, according to traders of credit- default swaps.
Copper Trades Little Changed, Recovering From Earlier Decline
Copper in London traded little changed at $6,594 a metric ton, recovering from a 2 percent fall earlier.
Yuan Move Spurs Demand for Ringgit, Won on Improving Asia Trade
Asian currencies from the won to the ringgit are luring two of the region’s largest investors on speculation China’s decision to end the yuan’s peg will increase demand in the world’s third-biggest economy.
Ranbaxy Bulk Drug Plant Will Continue Operating, Daiichi Says
Ranbaxy Laboratories Ltd. has no plan to close the Mohali bulk-drug manufacturing plant in India, a spokesman for the company’s majority owner said.
Reliance in Talks With MTNL for 3G Franchise, Express Reports
Reliance Industries Ltd. is in discussions with Mahanagar Telephone Nigam Ltd. to market its 3G services as a franchisee, the Financial Express newspaper reported without saying from where it got the information.
Blackstone to Invest $3 Billion in India by 2015, Mint Reports
Blackstone Group LP plans to invest as much as $3 billion over the next five years in India, the Mint newspaper reported, citing Akhil Gupta, chairman and managing director of the Indian unit.
Indian Rupee Rises to 5-Week High as China Eases Yuan Controls
India’s rupee gained the most this month on optimism local exporters will benefit from an easing of China’s exchange-rate policy.
India’s Stocks Rise to Two-Month High; Sterlite Leads Advance
India’s stocks rose to a two-month high on speculation a new government rule will boost investment in equities and as China’s move to end the yuan’s fixed rate to the dollar boosted confidence in the global economic recovery.
Reliance Industries, Hinduja Global: India Equity Preview
The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the last close.
Merrill Said to Hire Standard Chartered’s Swaminathan
Merrill Lynch & Co. hired Bala Swaminathan from Standard Chartered Plc as vice chairman for India, according to two people briefed on the matter.
India’s 10-Year Bonds Drop Before Payment for Wireless Services
India’s bonds declined on concern license fees payment by companies to operate high-speed wireless internet services will drain cash from the banking system.
BEML Expects Record Sales as Commuter Railway Orders Increase
BEML Ltd. is targeting a record 42 billion rupees ($918 million) in sales this fiscal year as the Indian state-run construction equipment maker wins more orders to build coaches for rail networks, the company’s chairman said.
India May Pay More to 1984 Bhopal Gas-Leak Victims (Update1)
India may increase compensation for victims of the 1984 toxic gas leak at a Union Carbide Corp. plant in the city of Bhopal that killed at least 3,800 people, Urban Development MinisterJaipal Reddy said in New Delhi today.
Edelweiss Gains Most in 19 Months on Free Share Plan (Update1)
Edelweiss Capital Ltd., an Indian provider of financial services, gained the most in 19 months in Mumbai trading after saying it will consider splitting its stock and give free shares to investors.
TODAY’S PAPERS:
Suven Life Seeks Global Partner to Sell New Drugs, Mint Says
SpiceJet May Be Probed on Overloaded Flight Claim, Mint Reports
Kia May Enter India Car Market, Build Plant, Economic Times Says
Kia May Enter Indian Market, Build Plant: Economic Times Link
Lehman Liquidators Sell $620 Million of Asia Assets, FT Reports
TOP STORIES WORLDWIDE:
South Koreans Share Despair of North Korea’s World Cup Defeat
Hundreds of South Koreans groaned and sighed as they watched North Korea’s 7-0 defeat by Portugal that eliminated the communist country from its first World Cup appearance in 44 years.
Google, Twitter Support Flyonthewall in Bank Suit (Update1)
Google Inc. asked a federal appeals court to reverse a lower court’s order blocking online financial news service Theflyonthewall.com Inc. from issuing immediate reports of banks’ stock upgrades and downgrades.
Texas Rangers Judge Sets July Reorganization Hearing (Update1)
The Texas Rangers won court approval of a disclosure statement detailing the baseball team’s planned reorganization and sale to a group that includes team President Nolan Ryan.
Yuan Falls Most Since December 2008; China Allows Two-Way Moves
The Chinese yuan weakened 0.24 percent, the biggest decline since December 2008, after the central bank sought more flexibility in the currency.
Japan Targets Balanced Budget by Fiscal 2020 to Contain Debt
Japan’s government pledged to balance its books in 10 years, restrict bond sales and overhaul the tax system as part of a plan to contain the world’s largest public debt.
MARKETS:
Central Banks Show Euro Losing Reserve Status as Loonie Gains
The Australian and Canadian dollars are becoming reserve currencies for central bankers seeking alternatives to deteriorating government credit quality in Europe, the U.S. and Japan.
Treasuries Decline After China Yuan Fixing Spurs Yield Demand
Treasuries fell for a third day after China’s central bank strengthened its daily reference rate for the yuan by the most in five years, encouraging investors to buy higher-yielding assets.
Commodity Gains on Yuan May Be ‘Knee-Jerk’ Move, StanChart Says
The biggest jump in commodities in a week after China signaled it will relax the yuan’s peg to the dollar is a “knee- jerk” reaction and investors should focus on prospects for slower growth, Standard Chartered Bank said.
Gold Climbs After Biggest Decline in Month on Investment Demand
Gold rebounded from the biggest decline in a month after the metal’s rally to a record triggered a sell-off, as investment demand remained firm.
Korea Kept as Emerging Market as MSCI Skips Upgrade (Update2)
South Korea was kept as an emerging market at MSCI Inc. as the index provider skipped the nation for an upgrade for a second year. Taiwan, also under a similar review, also retained its status as a developing market.
Crude Oil Declines as Optimism Over China’s Currency Move Fades
Crude oil declined for the first time in three days as optimism faded that China’s plan to add more flexibility in the yuan’s fixed exchange rate would strengthen the global economic recovery.
Commodities Climb to Five-Week High as China Eases Currency Peg
Commodity prices climbed to a five- week high after China, the world’s third-biggest economy, eased its currency peg to the dollar, spurring bets that global demand for energy, industrial metals and crops will increase.
TOP INDIA STORIES:
Asian Stocks Fall for First Time in Nine Days on Europe Concern
Asian stocks fell for the first time in nine days after Fitch Ratings downgraded Paris-based BNP Paribas SA and Standard & Poor’s Ratings Services said Spanish lenders face difficult years because of the nation’s slow growth.
Asia-Pacific Bond Risk Rises, Credit-Default Swap Prices Show
The cost of protecting Asia-Pacific corporate and sovereign bonds from non-payment rose, according to traders of credit- default swaps.
Copper Trades Little Changed, Recovering From Earlier Decline
Copper in London traded little changed at $6,594 a metric ton, recovering from a 2 percent fall earlier.
Yuan Move Spurs Demand for Ringgit, Won on Improving Asia Trade
Asian currencies from the won to the ringgit are luring two of the region’s largest investors on speculation China’s decision to end the yuan’s peg will increase demand in the world’s third-biggest economy.
Ranbaxy Bulk Drug Plant Will Continue Operating, Daiichi Says
Ranbaxy Laboratories Ltd. has no plan to close the Mohali bulk-drug manufacturing plant in India, a spokesman for the company’s majority owner said.
Reliance in Talks With MTNL for 3G Franchise, Express Reports
Reliance Industries Ltd. is in discussions with Mahanagar Telephone Nigam Ltd. to market its 3G services as a franchisee, the Financial Express newspaper reported without saying from where it got the information.
Blackstone to Invest $3 Billion in India by 2015, Mint Reports
Blackstone Group LP plans to invest as much as $3 billion over the next five years in India, the Mint newspaper reported, citing Akhil Gupta, chairman and managing director of the Indian unit.
Indian Rupee Rises to 5-Week High as China Eases Yuan Controls
India’s rupee gained the most this month on optimism local exporters will benefit from an easing of China’s exchange-rate policy.
India’s Stocks Rise to Two-Month High; Sterlite Leads Advance
India’s stocks rose to a two-month high on speculation a new government rule will boost investment in equities and as China’s move to end the yuan’s fixed rate to the dollar boosted confidence in the global economic recovery.
Reliance Industries, Hinduja Global: India Equity Preview
The following companies may have unusual price changes in India trading. Stock symbols are in parentheses and share prices are as of the last close.
Merrill Said to Hire Standard Chartered’s Swaminathan
Merrill Lynch & Co. hired Bala Swaminathan from Standard Chartered Plc as vice chairman for India, according to two people briefed on the matter.
India’s 10-Year Bonds Drop Before Payment for Wireless Services
India’s bonds declined on concern license fees payment by companies to operate high-speed wireless internet services will drain cash from the banking system.
BEML Expects Record Sales as Commuter Railway Orders Increase
BEML Ltd. is targeting a record 42 billion rupees ($918 million) in sales this fiscal year as the Indian state-run construction equipment maker wins more orders to build coaches for rail networks, the company’s chairman said.
India May Pay More to 1984 Bhopal Gas-Leak Victims (Update1)
India may increase compensation for victims of the 1984 toxic gas leak at a Union Carbide Corp. plant in the city of Bhopal that killed at least 3,800 people, Urban Development MinisterJaipal Reddy said in New Delhi today.
Edelweiss Gains Most in 19 Months on Free Share Plan (Update1)
Edelweiss Capital Ltd., an Indian provider of financial services, gained the most in 19 months in Mumbai trading after saying it will consider splitting its stock and give free shares to investors.
TODAY’S PAPERS:
Suven Life Seeks Global Partner to Sell New Drugs, Mint Says
SpiceJet May Be Probed on Overloaded Flight Claim, Mint Reports
Kia May Enter India Car Market, Build Plant, Economic Times Says
Kia May Enter Indian Market, Build Plant: Economic Times Link
Lehman Liquidators Sell $620 Million of Asia Assets, FT Reports
TOP STORIES WORLDWIDE:
South Koreans Share Despair of North Korea’s World Cup Defeat
Hundreds of South Koreans groaned and sighed as they watched North Korea’s 7-0 defeat by Portugal that eliminated the communist country from its first World Cup appearance in 44 years.
Google, Twitter Support Flyonthewall in Bank Suit (Update1)
Google Inc. asked a federal appeals court to reverse a lower court’s order blocking online financial news service Theflyonthewall.com Inc. from issuing immediate reports of banks’ stock upgrades and downgrades.
Texas Rangers Judge Sets July Reorganization Hearing (Update1)
The Texas Rangers won court approval of a disclosure statement detailing the baseball team’s planned reorganization and sale to a group that includes team President Nolan Ryan.
Yuan Falls Most Since December 2008; China Allows Two-Way Moves
The Chinese yuan weakened 0.24 percent, the biggest decline since December 2008, after the central bank sought more flexibility in the currency.
Japan Targets Balanced Budget by Fiscal 2020 to Contain Debt
Japan’s government pledged to balance its books in 10 years, restrict bond sales and overhaul the tax system as part of a plan to contain the world’s largest public debt.
MARKETS:
Central Banks Show Euro Losing Reserve Status as Loonie Gains
The Australian and Canadian dollars are becoming reserve currencies for central bankers seeking alternatives to deteriorating government credit quality in Europe, the U.S. and Japan.
Treasuries Decline After China Yuan Fixing Spurs Yield Demand
Treasuries fell for a third day after China’s central bank strengthened its daily reference rate for the yuan by the most in five years, encouraging investors to buy higher-yielding assets.
Commodity Gains on Yuan May Be ‘Knee-Jerk’ Move, StanChart Says
The biggest jump in commodities in a week after China signaled it will relax the yuan’s peg to the dollar is a “knee- jerk” reaction and investors should focus on prospects for slower growth, Standard Chartered Bank said.
Gold Climbs After Biggest Decline in Month on Investment Demand
Gold rebounded from the biggest decline in a month after the metal’s rally to a record triggered a sell-off, as investment demand remained firm.
Korea Kept as Emerging Market as MSCI Skips Upgrade (Update2)
South Korea was kept as an emerging market at MSCI Inc. as the index provider skipped the nation for an upgrade for a second year. Taiwan, also under a similar review, also retained its status as a developing market.
Crude Oil Declines as Optimism Over China’s Currency Move Fades
Crude oil declined for the first time in three days as optimism faded that China’s plan to add more flexibility in the yuan’s fixed exchange rate would strengthen the global economic recovery.
Commodities Climb to Five-Week High as China Eases Currency Peg
Commodity prices climbed to a five- week high after China, the world’s third-biggest economy, eased its currency peg to the dollar, spurring bets that global demand for energy, industrial metals and crops will increase.
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