USA economic data

U.S. Sept. real consumer spending falls 0.6%

U.S. Sept . real disposable incomes fall 0.1%

U.S. Sept. savings rate rises to 3.3% vs. 2.8%

U.S. Sept. wages, salary income falls 0.2%

U.S. Sept. consumer prices up 0.1%

Vascon bags Rs 2 bn deal from HDIL

Pune-based Vascon Engineers has bagged an Rs 2 billion contract from Housing Development and Infrastructure, to design and build 2 million sq ft of commercial space at Kurla in Mumbai.

Unity Infra bags Rs 2.65 bn contract from BMC

Unity Infraprojects, flagship company of Mumbai-based KK group, today announced that it has bagged a prestigious contract for re-development of RN Cooper Hospital at Vile-Parle (West), Mumbai, from Municipal Corporation of Greater Mumbai.

The contract amounting to Rs 2.65 billion is to be completed within 36 months.

Tata Power ties up with SN Power, Norway

Tata Power, India`s largest integrated private power utility, and SN Power, Norways`s fastest growing international renewable energy company, signed an exclusive partnership agreement to develop joint hydropower project in India and Nepal. This is the first time that Tata power has entered into an exclusive partnership with another hydropower company.

KEC Intl board sanctions merger with RPG Cables

KEC International, engaged in power transmission engineering, procurement, and construction today announced that its board of directors has approved the merger with RPGCL, subject to necessary approvals.

The exchange ratio recommended by both boards is 1 share of KEC for every 20 shares of RPGCL.

KEC will issue 2073068 new shares, thereby increasing its equity capital to Rs 514.2 million.

BHEL signs pact with Jindal Power to set up power plant

Bharat Heavy Electricals (BHEL) has signed an agreement with Jindal Power for setting up the 2,400 MW extension stage of OP Jindal Super Thermal Power Plant (STPP) (4x600 MW) in Chhattisgarh.

Arvind board approves fund raising upto Rs 2.5 bn

The board of directors of Arvind at its meeting held on Oct. 30, 2009, has approved an enabling resolution, subject to approval of the shareholders, for raising of funds for an amount upto Rs 2.5 billion through issue of further securities in the company.

JK Tyre to infuse Rs 12 bn for expansion

JK Tyre & Industries said it will invest Rs 12 billion over the next 3-4 years in expanding its capacity, including setting up a greenfield car radial plant in South India,

SAIL likely to cut steel prices by over Rs 500 a ton from Nov

SAIL said it may cut prices of its products by more than Rs 500 per ton in November on weakening international trends,

Sasken to tie-up with US-based Ingenient Technologies

Sasken Communication Technologies on Wednesday said that it will acquire the product portfolio and certain customer contracts and assets of US-based Ingenient Technologies, a highly professional multimedia software solutions company.

Ingenient will also transfer engineering and sales teams (including some in Korea and Japan) to Sasken. Sasken did not reveal the value of the deal.

Coal India to offer shares against land to farmers

In a move that may set the tone for future land acquisitions for all

0

big projects, the government-owned behemoth, Coal India (CIL), has decided to offer equity to farmers for their homestead acquired by it.

The equity will be handed to farmers even before the company goes public and obtains stock exchange listing, according to an approval already granted to CIL by the Securities & Exchange Board of India (Sebi), said a top official in the coal ministry.

Indiabulls Power lists at Rs 44.95 on BSE

BHEL bags Rs 5,040-cr order from Jindal Power

State-run power equipment maker BHEL today said it has bagged a Rs 5,040-crore contract
from Jindal Power for setting up a 2,400-MW thermal power plant in Chhatisgarh."BHEL has secured contract from Jindal Power for setting up a 2,400 MW thermal power plant (4x600 MW) in Chhatisgarh," a company statement said.

Tata Power to invest $3.2b in hydro JV

India's Tata Power plans to invest Rs 150 billion($3.2 billion) over five to eight years in a joint venture with Norwegian firm SN Power

Tata Power enters into JV with SN Power

Tata Power has entered into an exclusive joint venture agreement with a Norway-based power company SN Power, to generate around 2,000 mw hydropower projects in India and Nepal at over Rs 15,000 crore.

The joint venture further aims to have a total of 4,000 mw hydropower capacities in the region by 2020. They have already begun pursuing potential opportunities based on the vast reserves of renewable energy in the Himalyas.

U.S. 3Q GDP increases 3.5%, most in two years

U.S. 3Q consumer spending up 3.4% annualized

U.S. 3Q final domestic sales up 3% annualized

Jobless claims above expectation of 524,000

Mahindra launches compact truck `Gio`

Auto maker Mahindra & Mahindra launched a compact truck - Gio - meant for intra-city operations.

The utility vehicle, priced at Rs 1,650 billion, is aimed particularly at rural and semi-urban consumers

Avoid Astec Lifesciences IPO

The initial public offering (IPO) of Astec Lifesciences has opened for subscription. The price band of the issue has been fixed at Rs 77-82 for each equity share, aggregating Rs 577.50-615 millio

Inflation rises to 1.51% vs 0.21%

Inflation continued to rise at 1.51% for the week ended Oct. 17, 2009 as against 1.21% in the week ago.

Reserve Bank of India (RBI) in its monetary policy second quarter review had increased the inflation target to 6.5% from 5%.

Aurobindo Pharma receives 2 new registration from MCC, South Africa

Aurobindo Pharma announced that Medicines Control Council (MCC) South Africa has granted approval to manufacture and market 2 more products in South Africa, namely, `Auro-Amplicillin` 500 mg and 100 mg in an injection form with an active ingredient `Ampicillin Sodium` in the anti-infective category and `Auropidone` 0.5 mg in a tablet form with an active ingredient `Risperidone` in the CNS category.

Aurobindo now has a total of 37 products approved by MCC.

PNB to buy 63.6% stake in Kazakhstan`s Dana Bank

Punjab National Bank (PNB) today announced that its board of directors has approved taking of 63.64% stake in Dana Bank, Kazakhstan subject to regulatory approvals.

PNB provides various banking products and services in India and internationally.

NTPC-BHEL`s Rs 60 bn plant to come up in AP

The power equipment manufacturing plant of the NTPC-BHEL joint venture, NBPPL, will be set up at Mannavaram in Andhra Pradesh (AP) and entail an investment of Rs 60 billion, reports Business Standard.

The plant, which is slated to be fully operational by 2014, will have an annual capacity to manufacture up to 5,000 Mega Watt of equipment.

It is billed as the country`s first integrated plant making turbines, generators and boilers at one place.

The Andhra Pradesh government had allotted 750 acres last month for the project.

Obama sees bankruptcy for GM:

President Barack Obama believes a quick bankruptcy is a likely way to reshape ailing automaker General Motors Corp. into a competitive company, according to a report Wednesday.

However, there was a growing sense that the most likely way to restructure was to put the iconic company through a "quick and surgical" bankruptcy

Fortis slumps to $37 billion loss after bank sales

Belgian financial services group Fortis Holding on Tuesday announced a massive 28 billion euro ($36.9 billion) loss for 2008 due to the sale of its Dutch and Belgian banking operations.

The firm said Tuesday that the sale of its banking activities to authorities in Belgium and the Netherlands during the break-up resulted in a 29.4 billion euro hit from operational losses and write-downs on the sale.

Wells Fargo may cut H1-B visa workers

Wells Fargo & Co., one of the largest U.S. lenders, told employees this month that it's considering cutting foreign workers,

When the stimulus bill became law in February, it included rules that made it more difficult for TARP recipients to hire foreign workers on so-called H-1B visas.

Blue Star wins order Rs 8.5 crore from Era Infra

India's largest air-conditioning (AC) & commercial refrigeration company Blue Star, has notified that it has won a Rs 8.5-crore order to air-condition the integrated terminal building for domestic/international operations at Raipur airport.

The order has been awarded by Era Infra Engineering Limited. The scope of work includes the total HVAC works and building management system at Raipur airport.

Dr Reddy's to employ cost cutting measures

Reddy's Laboratories (DRL), leading drug maker of the country, would employ various cost cutting measures in order to mitigate the impact of global slowdown on its business.

The firm has trimmed its operations in different countries and announced its exit from its global generics business, having less than 1 per cent contribution in its total revenue.

Zydus Cadila and Eli Lilly sign drug discovery pact

Eli Lilly and Ahmedabad-based drug maker, Zydus Cadila signed a pact to develop and research new drugs for six years. The deal is aimed to increase productivity in drug discovery and development by using the expertise of both firms in the field of medicine.

Global economy to shrink in 2009, World Bank says 'Emergency' seen in developing world, with no growth outside China, India

The global economy is expected to contract in 2009 for the first time since World War II and the recovery next year is likely to be very fragile, the World Bank said Tuesday in its latest economic outlook.

The global economy is expected to shrink by 1.7% in 2009 and grow 2.3% in 2010 after 1.9% growth in 2008

China's growth is expected to slow to 6.5%, and India's to 4%.

Tata Power gets Rs 1.82 bn missile launcher order

Tata Power Company announced that the company`s strategic electronics division (SED) has bagged a Rs 1.82 billion order from Bharat Electronics (BEL) to manufacture `16 Akash Launchers` to be delivered in next 33 months.

DLF to sell its wind power biz

DLF would start working on divesting the windmill power generation business to raise resources for a more related business, The company had invested around Rs 15 billion in the business. It is learnt that the company is looking at exiting at around Rs 11 billion after taking a depreciation claim of a significant amount.

L&T bags order worth Rs 11 bn

Larsen & Toubro (L&T) has bagged a slew of large value orders aggregating to Rs 11 billion in the electrical construction sector in the fourth quarter of 2008-09.

The orders have come from leading public sector organizations - the Power Grid Corporation of India and the Rail Vikas Nikam

Suzlon secures 132 MW Australia order

Suzlon Energy has announced that Suzlon Energy Australia Pt, Australia, a step-down wholly owned subsidiary of the company has entered into an agreement with AGL Energy for the turnkey delivery.

BHEL, BEL inks MoU to explore a 250-MW mfg facility

Public sector majors Bharat Electronics and Bharat Heavy Electricals (BHEL) inked an memorandum of understanding (MoU) to explore a 250-MW joint manufacturing facility for solar photo voltaic cells, modules and silicon wafers,

KPTL secures order worth Rs 4 bn from Algeria

Kalpataru Power Transmission (KPTL), a global player in the power transmission engineering, procurement and construction (EPC) business, has secured three projects worth Rs 4 billion from Sonelgaz, the state electricity company of Algeria.

OECD area`s GDP to shrink by 4.3% in `09

Organization for Economic Co-operation and Development (OECD) sees gross domestic product (GDP) to shrink by an average of 4.3% in the OECD area in 2009 while by the end of 2010 unemployment rates in many countries will reach double figures for the first time since the early 1990s.

Zydus gets USFDA nod to market Topiramate tablets

Cadila Healthcare (Zydus Cadila) has received final approval from USFDA to market Topiramate tablets in different strengths of 25 mg., 50 mg., 100 mg., and 200 mg.

The drug falls in the anti-epileptic segment. The sales of Topiramate tablets as per NDC Health was estimated at USD 2.6 billion in 2008.

Canara Bank raises Rs 2.4 bn via bonds

With reference to the earlier announcement dated Mar. 25, 2009, regarding the bank going for tier I bonds for an issue amount Rs 1.50 billion with unspecified green shoe option, Canara Bank has now announced that the bank has collected total issue amount of Rs 2.403 billion.

Aurobindo Pharma gets USFDA nod for Anti-Retroviral drug

Aurobindo Pharma has received tentative approval for Emtricitabine/Tenofovir Disoproxil Fumarate Tablets, 200mg/300mg from the US Food & Drug Administration (USFDA).

Great Offshore signs long term charters with ONGC

Great Offshore has entered into three year charter commencing end April 2009 with ONGC for three of its vessels (1 PSV and 2 AHTSVs for operating in offshore India. The aggregate value of the three year firm charter is around USD 65 million.

Satyam Computer set to be sold before India election

FT reports the caretaker board of SAY expects to sell the company by mid-April -- just before the country's general election -- in one of the most unusual transactions ever witnessed in the mergers and acquisitions business. Bidders for co are being warned that there are no reliable financial accounts available for the company and that they must come up with their own assessment of the potential liability from shareholder suits. "We have been telling people there's going to be nothing available on that front,

Boeing to deliver $17 billion of planes to India in 5 years

co will deliver 100 planes worth $17 billion over the next four to five years in India, the president of its Indian operations said. "We clearly want to extend our footprint in India," Dinesh Keskar, president of Boeing India, told reporters at the launch of Boeing's research and technology center in the southern city of Bangalore.

Vijaya Bank issues PNCPS worth Rs 500 mn

Vijaya Bank has announced that on Mar 31, 2009, the bank have issued 500 million perpetual non cumulative preference shares (PNCPS) of Rs 10 each at par (total capital of Rs 5 billion) to Government of India.

The shares have been credited to the demat account of Government of India maintained with CDSL.

MIC Electronics acquires six new clients in March`09 portfolio

MIC Electronics has acquired 6 new clients valuing Rs 221.50 million in its portfolio in the month of March 2009 for True Colour LED Video Displays.

These include Goa based Teleflex Info Services (P), Chandigarh Hockey Stadium, Reliance Industries, Delhi based Shiv Naresh Sports, Varna Display Systems (P) and Dani Multimedia.

Jindal Saw Q4 net declines 85.31%

Jindal Saw disclosed a substantial drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 85.31% to Rs 843.10 million from Rs 5,713.10 million in the same quarter last year.

RIL likely to sell or lease out fuel pumps to IOC

Reliance Industries might propose to sell or lease out its 1,432 petrol pumps to Indian Oil Corporation (IOC), even as it will reopen shortly the outlets that were shut a year ago,

Eveready unveils Ultima batteries for power hungry gadgets

Eveready Industries launched Ultima batteries suited for the high-end power gadgets like digital cameras, MP3 players.

These batteries based on alkaline technology suited for the gadgets like digital cameras, MP3 players and high-end toys.

ONGC to borrow Rs 100 bn for its two arms

Two subsidiaries of Oil and Natural Gas Corporation (ONGC) will borrow over Rs 100 billion in a month,

ONGC Petro-additions (OPaL), a special purpose vehicle which is establishing a petrochemical project in Dahej, will raise Rs 80 billion; while ONGC Tripura Power Company (OTPC) will borrow Rs 20 billion. ONGC holds 26% and 50% equity interest in OPaL and OTPC, respectively.

Bharti Airtel to reshuffle businesses into 9 arms

In order to expand into areas beyond its mainstay, voice telephony, Bharti Airtel will reshuffle its businesses into 9 arms under different CEOs

The company has already identified some of these verticals such as mobile commerce, entertainment, media, internet, enterprise services and small & medium businesses.

Pyramid Saimira to drag I-T dept in Madras High Court

Pyramid Saimira will knock Madras High Court`s door on March 16, in reaction to the Income-Tax department`s decision to attach the company`s over Rs 2.40 billion bank accounts for alleged non-payment of tax,

Vedanta to invest Rs 1.25 bn on CSR in India

Vedanta Resources is set to invest Rs 1.25 billion for corporate social responsibility (CSR) activities in India next fisca

he capital expenditure in CSR is part of the company`s business plan to give back to society.

The areas where Vedanta Group would be investing are education, health, nutrition and women empowerment.

The investments would be made across Rajasthan, Orissa, Chhatisgarh, Tamil Nadu and Goa where it has its operations.

The group proposes to cover 2.5 million under-privileged children via computer education, mid-day meal and anganwadi projects within 3 years.

ICICI Bank`s broking arm puts listing plans on hold

In the wake of bearish stock market, ICICI Bank`s broking arm, ICICI Securities announced that it has put its initial public offer (IPO) plan on hold

In January last year, ICICI Securities board had approved an IPO to offload 15% of its equity to retail and institutional investors.

World Bank to clear USD 2.6 bn loan for India

World Bank (WB) will soon clear a USD 2.6 billion special loan package for India, reports Business Standard.

In December last year, World Bank had decided to increase its exposure to India to USD 14 billion from about USD 8.1 billion in the next 3 years.

Under the package, India Infrastructure Finance Company is expected to get USD 1.2 billion, SIDBI USD 400 million and Power Grid Corporation USD 1 billion.

World Bank is also working on a USD 3 billion loan for recapitalization of public sector banks

Confidence Petroleum bags orders worth Rs 428.90 mn

Confidence Petroleum India announced that the Khopoli Cylinder Manufacturing Plant, a cylinder division of the company has secured two orders worth Rs 428.90 million.

The first order worth Rs 377 million is from Hindustan Petroleum Corporation while the second order valuing at Rs 51.90 million has been received from Indian Oil Corporation for supply of liquid petroleum gas (LPG) cylinders

India may face deflation from next month: Goldman

Indian economy is headed towards deflation, said a leading global economic research firm, Goldman Sachs.

Goldman Sachs expects the year-on-year (y-o-y) change in the wholesale price index (WPI) to be negative starting from April and could remain so till end-2009, driven by the ongoing demand destruction as well as a high base from 2008.

Goldman expected the economy to enter a period of deflation from next month, and predicted it to last till the end of the calendar year due to continuing demand destruction and a sharp step up in the base.

RSBL, NCDEX to start bullion spot exchange

The National Commodity and Derivatives Exchange (NCDEX) along with Riddhi Siddhi Bullion (RSBL), one of the leading bullion trading firms in the country is planning to start a spot exchange for precious metals known as NCDEX Bullion

An agreement to this effect has been signed by RSBL and NCDEX. The exchange would be known as NCDEX Bullion and is likely to be launched within a month.

State Co-Operative Bank ties up with Metlife

Nagaland State Co-Operative Bank Ltd, ‘the flagship Bank for the people of Nagaland’ has tied up with Metlife India Insurance Co. Ltd for marketing various life insurance products to its clients. B. K Thadani, Managing director while announcing the merger said that the Bank-assurance proposal received from Metlife was critically examined by the Bank and was finally approved by the Chairman of the Bank Toshi Aier, IAS, principal secretary and financial commissioner, Government of Nagaland.

UBS may cut up to 5,000 jobs

Swiss financial giant UBS AG reportedly intends to slash up to 5,000 senior and management positions in the coming few weeks. According to a report appeared in the Swiss weekly SonntagsZeitung on Sunday, the company, ravaged by bad U.S. assets, could cut up to 2,500 management positions in its wealth management division. This division employs about 50,000 of the bank's total 77,000 staff.


In February, the company said that by the end of the year its Investment Bank division would further reduce its headcount to 15,000 by effecting a reduction of about 2000 positions. The company had earlier announced a cut of 1,782 jobs during the fourth quarter, most of which affected the investment bank.

United States-Drought reisistant corn.

The Monsanto Company has completed regulatory submissions in the U.S. and Canada for the world’s first biotech drought-tolerant corn product developed together with Germany-based BASF.

American Tower to buy India Xcel for $136 mln

U.S.-based American Tower Corp is set to acquire India's Xcel Telecom in a deal worth more than 7 billion rupees ($136 million)

Xcel, founded by former BPL Mobile chief executive Sandip Basu, provides shared telecom infrastructure and services for telecom operators in India.

Which are India's best banks

Do let us know which, according to you, are the best 10, or 15, banks operating in India -- nationalised, private and foreign.

• State Bank of India
  
• ICICI
  
• HDFC Bank
• Citi
• StanChart
• ABN Amro
• HSBC
• Bank of Baroda
  
• Allahabad Bank
  
• Centurion Bank
• American Express
• Bank of India
• Corporation Bank
• Punjab National Bank
  
• Canara Bank
  
• United Bank of India
• Andhra Bank
  
• Axis Bank
• Central Bank of India
• Federal Bank
  
• Indian Overseas Bank
  
• IndusInd Bank
  
• Karnataka Bank
  
• Kotak Mahindra Bank
  
• Oriental Bank of Commerce
  
• YES Bank
  

IIP data shows improvement; expects sectors to recover in Q4:CII

Confederation of Indian Industry (CII) commenting on the index of industrial production (IIP) numbers released today said that the decline in industrial growth has not been as sharp as had earlier been expected. With the decline in IIP contained within 1% in both December and January, industry is likely to manage decent growth of 3% during the year 2008-09.

Emco bags Rs 5.5 bn worth orders from Power Grid

Emco has obtained five orders worth Rs 5.50 billion from Power Grid Corporation India (PGCIL) for 765 Kv transmission lines.

The company has bagged these projects after surpassing a stringent qualification requirement from the client and against very stiff competition. The orders also involve supply of galvanized steel towers from the company`s facility located at Asoj Gujrat.

BHEL may collaborate with Bharat Forge, Areva in new venture

Bharat Heavy Electricals (BHEL) might join the consortium of Areva and Bharat Forge for its proposed nuclear forging business

Areva and Bharat Forge have already signed a memorandum of understanding (MoU) to form a joint venture.

BHEL plans to invest around Rs 5 billion in its forging and casting business.

Bharat Forge and Areva are currently examining various locations in India to establish the new facility. The proposed facility is expected to be operational by 2012.

NEAA dismisses appeal against RPower`s plea

The National Environment Appellate Authority has discharged an appeal against the implementation of Reliance Power`s (RPL) 4000-MW power project at Shahapur in Maharashtra

Vishal Retail may close more stores

Battered by slowdown, Vishal Retail is expected to close more stores to save cash and carry inventory in the next 2 quarters

Strides Arcolab terminates contract with US client

Strides Arcolab has terminated its `license and supply agreement` with US based KV Pharmaceutical Company following the recent developments in the company which includes recall of their products, regulatory actions, filing of a series of class actions by shareholders etc.

RCom launches fastest wireless internet service

Telecom major Reliance Communications (RCom) on Thursday, March 12, launched the fastest wireless internet service in the country to date

The company has upgraded the software in its network for launching the new service which can offer downlink speed of up to 3.1 Mbps and a separate uplink speed of up to 1.8 Mbps offering 30% higher downlink rate in comparison to any other wireless broadband offering.

Reliance Cap arm to acquire stake in UK based firm

Reliance Money Express, part of the Reliance Capital, has announced that the company would acquire 51% stake in No 1 Currency, the UK`s independent foreign currency specialist.

The announcement was made by Sudip Bandyopadhyay, director and CEO, Reliance Money Express. This will make Reliance Money Express the first Indian company to acquire an international foreign exchange company.

Tata Motors ties-up with State Bank of Travancore

Tata Motors has tied up with State Bank of Travancore for financing its range of passenger vehicles.

This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for the customers.

The bank has pan India presence with about 723 branches spread all over the country.

HCL gets order worth Rs 393 crore from National Insurance Company

Indian outsourcer HCL Technologies has secured an order worth Rs 393 crore ($75.9 million) from general insurance firm National Insurance Company (NIC) for providing end-to-end IT services and operations management for a period of seven years

Pfizer inks ‘Multiple Agreements’ with Aurobindo Pharma

fizer, the world's largest research-based pharmaceutical company, has entered into an agreement with the Hyderabad-based Aurobindo Pharma to sell generic medicines in the US and Europe.

The latest deal with the Hyderabad-based firm is an extension of the agreement which the companies had signed in July last year, for about five products.

Motherson Sumi completes buyout of Visiocorp Group for Euro 26.5 million

The Rs 2000-crore Auto component group, Motherson Sumi Systems, on Saturday announced that it has competed acquisition deal of UK-based Visiocorp Group for €26.5 million.

Lavasa Corporation postpones ‘IPO launch’

Construction and civil engineering firm Hindustan Construction Company (HCC) has informed that its subsidiary Lavasa Corporation, which is developing an ambitious Rs 30,000-crore hill city project in Pune, has deferred its plan to launch an initial public offer (IPO) due to global economic slowdown.

TCS bags multi-year IT contract from Infineon Technologies

Tata Consultancy Services (TCS), a world-class provider of IT services, has informed that it has secured a multi-year IT solutions contract from Germany-based Infineon Technologies AG (IFX), a semiconductor manufacturer.

Under the agreement, TCS will operate and maintain solutions for the Infineon's Supply Chain Management (SCM) landscape. The Infineon SCM Planning operations will be operated out of Munich, Germany and Bangalore, India.

Blue Star wins order Rs 8.5 crore from Era Infra

India's largest air-conditioning (AC) & commercial refrigeration company Blue Star, has notified that it has won a Rs 8.5-crore order to air-condition the integrated terminal building for domestic/international operations at Raipur airport.

The order has been awarded by Era Infra Engineering Limited. The scope of work includes the total HVAC works and building management system at Raipur airport.

USA econimic data 12 march

U.S. 2008 household debt rises 0.4%, lowest on record

U.S. 2008 household net worth lower than in 2004

U.S. household debt falls in 4Q for first time on record

U.S. household net worth falls 18%, or $11 trillion, in 2008

Insured unemployment rate rises to 4%, highest since 1983

U.S. 4-week avg. ongoing claims up 124,250 to record 5.14M

U.S. continuing jobless claims up 193,000 to record 5.32M

U.S. 4-week avg. jobless claims up 6,750 to 650,000

U.S. weekly initial jobless claims rise 9,000 to 654,000

U.S. retail sales down 8.6% in past year

U.S. Jan. retail sales revised up to 1.8% gain vs. 1.0%

U.S. Feb. general merchandise store sales up 1.3%

U.S. Feb. gas station sales up 3.4%

U.S. Feb auto sales fall 4.3%

U.S. Feb. retail sales ex-autos up 0.7% vs. 0.2% expected

Chile slashes key rate by 250 basis points, to 2.25%

IEA cuts 2009 oil demand estimate by 300,000 barrels a day

The International Energy Agency on Friday revised down its forecast for 2009 global oil demand by around 300,000 barrels a day to 84.4 million barrels a day, or a roughly 1.5% fall year-on-year, on a reassessment of demand prospects. The IEA also cuts its forecast for non-OPEC supply growth by 380,000 barrels a day for 2009, following a reappraisal of ongoing problems at Azerbaijan's ACG fields

Sterlite Industries (India) Ltd - Sterlite acquires operating assets of Asarco.

Sterlite Industries (India) Ltd.’s (Sterlite) announced that it will acquire operating assets of Asarco LLC (Asarco). With Sterlite’s significant cash availability, we believe this deal will improve its return on equity.

Wipro Beats TCS, Infosys To Win Rs 1,182 Crore Deal!

Wipro Infotech has won Rs 1,182 crore IT outsourcing contract from Employees State Insurance Corporation (ESIC). ESIC is a statutory corporation, under the Ministry of Labour and Employment, Government of India (GoI), and is the implementing agency of a Social Security Scheme in India.

Dr. Reddy’s Receives Favorable Summary Judgment Ruling in the Omeprazole Mg OTC Litigation

Dr. Reddy’s Laboratories today announced that the U.S. District Court (Southern District, New York) has granted a summary judgment that the Omeprazole Mg OTC ANDA filed by Dr. Reddy’s does not infringe the patents in suit related to Astra Zeneca’s Prilosec OTC®.

Low hopes for G20 meeting

Attention shifts to the weekend G20 meeting in southern England. The world's biggest powers will put on a show of unity to cloak differences that mean new measures to tackle the worst financial crisis in living memory will be few and far between.

China may spend more to get growth, worries over U.S.

Premier Wen Jiabao held out the prospect of extra stimulus spending if needed to hit China's 8 percent growth goal this year and called on Washington to ease worries Beijing has about the safety of its vast U.S. assets.

Satyam sees interest from about 8 suitors

About eight potential bidders have registered with Satyam Computer Services to buy a 51 percent stake in the fraud-hit Indian outsourcer

The last day for registering expression of interest was Thursday, and the bidders will need to show the ability to invest 15 billion rupees ($290 million) by March 20.

Engineering and construction firm Larsen & Toubro , which owns a 12 percent stake in Satyam , diversified Spice Group, IT services firm Tech Mahindra and Nasdaq-listed iGate have all expressed interest

Pfizer and Sanofi eye Wockhardt's biotech unit

Pfizer Inc the world's top drug maker, and French firm Sanofi-Aventis are in the race to buy a stake in Indian Wockhardt Ltd's biotechnology business,

The biotechnology business of Wockhardt could be worth 2.5 billion rupees ($48 million) according to analysts

Wockhardt, a mid-sized drug maker, needs about $100 million to repay debt it raised through foreign bonds that expire in Septembe

Satyam regulator OKs 51% stake sale plan

India's stock market regulator gave its approval for the scandal-tainted company to sell a majority 51% stake. Satyam, where India's largest corporate fraud came to light earlier this year, said the Securities & Exchange Board of India will allow the company to sell a 31% stake to an investor, selected through a global competitive bidding process, by issuing new shares. The investor can then increase the stake to 51% by making a mandatory open offer for 20% public shareholding. Satyam plans to invite expressions of interest from qualified investors, who have net assets in excess of $150 million.

Nissan, Pfizer may exit Satyam contracts

Japanese auto maker Nissan Motor Co nd U.S.-based pharmaceuticals concern Pfizer Inc are believed to be considering options to end contracts with Satyam Computer Services Ltd


TCS, Wipro Ltd and Cognizant are believed to be bidding for the $35 million Nissan contract, while Cognizant is believed to be leading the race for the Pfizer contract, ahead of TCS

What bear market? Stocks are up in Brazil, Taiwan Fourteen emerging markets beat S&P 500; good times may end soon

Bulls abroad
Several stock markets that make up the MSCI Emerging Market Index have beat the S&P 500 since Nov. 21

Country	Performance since *Nov. 21
Brazil	+16%
Argentina	+14%
China	+10%
Indonesia	+10%
Colombia	+8.3%
Thailand	+8%
Taiwan	+6.4%
S. Korea	+5.1%
Israel	+5%
Philippines	+3.1%
Malaysia	+2.6%
Morocco	+2.4%
Turkey	+2.2%
Chile	+1.7%
Czech Republic	-20%
Poland	-20%
Russia	-14%
S&P 500	-12.4%
Hungary	-12%
Peru	-12%
Mexico	-7.2%
Egypt	-3%
India	-3%
S. Africa	-3%

In Shanghai, Santiago, Taipei and Tel Aviv, the bear market has hardly crossed investors' paths this year, with benchmarks in these and 10 other emerging markets outshining their U.S. counterparts since November.

the 23 country benchmarks that comprise the widely watched MSCI Emerging Market Index, 14 have outperformed the S&P 500 ince Nov. 21. Until this week, that date marked the intraday low for the current U.S. bear market.

Integra Hindustan enters into triparty JV pact

ntegra Hindustan Control has entered into (three party) joint venture (JV) agreement, with Gorba AG, Switzerland and Gorba Integra Systems, on Jan. 30, 2009.

PPPAC approves PPP projects worth Rs 52.20 bn

The public private partnership approval committee (PPPAC) has approved the public private partnership (PPP) projects worth Rs 52.20 billion.

PPPAC has also granted approval to 7 projects of department of shipping and department of road transport and highways. Out of the seven projects, two were from port sector and five were highways under NHDP phase III and III-A. The list of projects, located in five states, is attached.

Since its constitution in January 2006, PPPAC has granted approval to 101 projects, with an estimated project cost of Rs 1,003.84 billion. These include Highways (88 projects), Ports (9 projects), Airports (2 projects) and Tourism Infrastructure (1 project) and Railways (1 project).

Thomas Cook cuts workforce; shuts retail outlets to save cost

Thomas Cook India slashed about 7% of its workforce in 2008 and shut a few of the retail outlets,

Dr Reddy`s Lab gets USFDA approval for Buspirone Hydrochloride Tablet

Dr Reddy`s Labs has received final approval from the US Food and Drug Administration (USFDA) to market Buspirone Hydrochloride Tablet in the strength of 5 mg, 10 mg, 15 mg and 30 mg.

Buspirone Hydrochloride is used for the management of anxiety disorders or the short-term relief of the symptoms of anxiety.

Unitech re-enters market with launch of 2 projects

Country`s second-largest real estate developer, Unitech has launched two projects after a gap of almost 5 months,

This move comes as an indication of improved consumer confidence and a tough reply against low demand.

The company launched a 1 million square feet mid-income housing project in Gurgaon`s Sector-47 on February 28 and a commercial project in Mumbai with its joint venture partner.

BPCL`s arm postpones IPO

Bharat Petroleum Corporation (BPCL) arm Bharat Oman Refineries (BORL) has postponed its plan to raise equity via initial public offering (IPO

IVRCL eyes water tech co in Europe for USD 100 mn

IVRCL is eyeing an engineering company in Europe that specializes in water technologies for a consideration of around USD 100 million

BEML inks strategic pact with Indonesian company

State run Bharat Earth Movers (BEML), a leading mining and construction equipment manufacturing company has inked a pact with Indonesia based Sumber Mitra Jaya to bid for upcoming contract mining business.

The consortium approach includes agreement for investments in contract mining wherein 30% of the investment will be made by BEML and 70% by the Indonesian company.

Cabinet clears 29 FDI proposals worth Rs 6.16 bn

The government today cleared 29 foreign direct investment (FDI) proposals which will bring Rs 6.16 billion in India.

The proposals are related to various ministries/departments, namely, commerce, economic affairs, information & broadcasting, telecommunication, tourism, industrial policy & promotion, post, defence production, and urban development, based on the recommendations of Foreign Investment Promotion Board (FIPB).

AAPC Singapore`s plan to invest Rs 3.66 billion into its Indian subsidiary is among the proposals approved on the recommendation of FIPB.

India's Central Bank

India's Central Bank says to cut repo rate by 50 basis points to 5% with immediate effect

Microsoft likely to axe H-1B visa holder employees

H-1B visa holders are likely to get pink slips from Microsoft despite acknowledging that this category of workers has a significant contribution to the company`s success. The company has recently announced some 5,000 jobs cut

Kalpataru Power Transmission bags Rs 3.73 bn order

Kalpataru Power Transmission (KPTL) has bagged orders worth Rs 3.73 billion from Power Grid Corporation of India (PGCIL) for supplying power transmission equipment.

Kalpataru Power Transmission Ltd (KPTL) would be supplying and erecting transmission towers for 413 Kms and would also provide 765 KV S/C transmission lines associated with Sasan Ultra Mega Power Project for Silwar-Satna and Satna-Bina section.

AREVA T&D signs hybrid gas-insulated substation contract

AREVA T&D India has inked a contract for Hybrid gas-insulated substation with Rajasthan Rajya Vidyut Prasaran Nigam for Indira Gandhi Nagar substation (Jagatpura) at Jaipur.

Commodity exchanges extend trading hours

ndian commodity exchanges have changed their trading hours due to sun outage from Mar. 5, 2009 to Mar. 20, 2009.

National Commodity and Derivatives Exchange (NCDEX) will extend the trading session for agri commodities (except robusta cherry coffee) by 45 minutes from Monday through Saturday, between March 5 and March 20.

Similarly, the Multi-Commodity Exchange of India also extended the trading time.

Agri-commodities are traded between 10 am and 5 pm during Monday to Friday, while on Saturday they trade between 10 am and 2.45 pm.

Bosch Q4 net drops 24.27%

Bosch disclosed a decline in standalone net profit for the quarter ended December 2008 following steep rise in interest cost. During the quarter, the profit of the company declined 24.27% to Rs 942.20 million from Rs 1,244.10 million in the same quarter last year.

ADP index shows private-sector jobs fell by 697,000 in Feb.

U.S. private-sector firms cut 697,000 jobs in February, according to the ADP employment index, which is based on millions of company payroll records. The ADP index released Wednesday showed the goods-producing sector shed 338,000 jobs, the 26th consecutive decline.

GM Europe head says Opel may cut 3,500 jobs

General Motors' German unit Opel could slash 3,500 jobs as part of a plan to cut costs and relaunch as an independent company, which employs around 25,000 workers in Germany

USA economic data

U.S. Feb. ADP private-sector employment -697,000

U.S. Jan. ADP services employment down 359,000

U.S. Jan. ADP goods producing jobs down 338,000

Senate panel to question Swiss banker, secrecy

The sanctity of the secret Swiss bank account -- an icon of global finance -- is under growing pressure in a tax investigation due to come into public view on Wednesday at a U.S. congressional hearing.

Nearly a third of wealth kept abroad globally is in Swiss banks -- an amount estimated at $2.2 trillion, making the Alpine state the world's biggest offshore center.

Corporate layoffs up 158% over February 2008 Job-cut announcements total 186,350 last month

Corporate layoff announcements slowed last month compared with January, but they were up 158% compared with February 2008, according to an unscientific monthly tally released Wednesday by outplacement firm Challenger Gray & Christmas.

Major U.S. companies announced 186,350 job reductions in February, more than double the year-earlier figure of 72,091. In January, layoff announcements as tracked by Challenger Gray had surged to a seven-year high of 241,749

US economy set to lose 8 million jobs in 2009

Feb. euro-zone services PMI falls to record low

The Markit purchasing managers index for the euro-zone services sector fell to a record low of 39.2 in February, down from 42.2 in January. The reading was above the preliminary estimate of 38.9, but still indicated that the sector shrank at the fastest pace since the survey began more than 10 years ago

British services sector shrinks, but at slower pace in Feb.

The British services sector saw a further fall in activity in February, but declined at a slower pace than in previous months, according to the CIPS/Markit U.K. services purchasing managers index released Wednesday

Australia's GDP shrinks for first time in eight years Fourth-quarter contraction takes economist by surprise, currency falls

Australia's economy contracted for the first time in eight years during the October through December period, in contrast to average economist forecasts for modest growth during the quarter.

Following the release of the data, the Australian currency fell to 63.35 U.S. cents, down more than half a percent from its opening level of 63.8 U.S. cents

ITV to cut jobs, halt dividend after $3.6 billion loss Advertising revenue expected to slump in worst market for over 30 years

Troubled U.K. broadcaster ITV said Wednesday that it will scrap its dividend and cut another 600 jobs after reporting an annual loss of 2.56 billion pounds ($3.59 billion).

Executive Chairman Michael Grade said conditions in the advertising market are the worst he has seen in over 30 years and added the company will target annual cost savings of 245 million pounds to cope with the downturn.

New lending program targets consumers, business TALF program finally going into operation on March 25, Fed says

A new lending program from the Federal Reserve and the Treasury Department could generate up to $1 trillion in loans to small businesses and consumers, the government announced Tuesday.

The Term Asset-Backed Securities Loan Facility, or TALF, will provide its first loans March 25 .Investors who want to participate will apply to the Fed on March 17.

PBA Infra secures contract worth Rs 4.3 bn

PBA Infrastructures announced that the company has received a contract worth Rs 4,303,591,194 from Mumbai Metropolitan Region Development Authority (MMRDA) for concretization of 30 meter internal road in G block of Bandra-Kurla Complex Phase-2.

PBA Infrastructure executes civil construction contracts like highways, dams, runways, bridges and other heavy RCC structures.

Satyam valued at Rs 40 bn

Satyam Computers, the beleaguered computer giant, has been valued at Rs 40 billion. This valuation is based upon market value of asset after netting out the current and long-term liabilities

The company`s main fixed asset is land and property which has been valued at around Rs 50 billion. This includes two prime properties in Hyderabad, valued at around Rs 25 billion. Current liabilities are in the region of Rs 7 to Rs 8 billion that include payments due to vendors and salary outgo as on date

Moser Baer eyes expansion in Europe, US

Moser Baer`s PhotoVoltaic division Moser Baer PhotoVoltaic (MBPV) has plans to enter the US market and expand its presence in Europe by the end of the year

TV Today to commence buy-back from March 16

TV Today, part of the India Today group announced that it will commence its buy-back offer from Mar. 16, 2009. The buyback process will end on July 30, 2009.

The company proposes to buyback up to 4,779,800 equity shares having face value of Rs 5 a share at a price of not exceeding Rs 115 for each equity share.

HCL Tech wins Rs 3.93 bn contract from National Insurance

HCL Technologies (HCL) announced signing an end to end IT Services engagement covering the entire IT lifecycle from transformation to integration and operations management with National Insurance Company (NIC) for a seven year period having a contract value of Rs 3.93 billion.

Suzlon China arm wins contract for 100 MW wind turbine capacity

Suzlon Energy has announced that Suzlon Energy (Tianjin), China, a wholly owned subsidiary of the company has inked an agreement with Inner Mongolia North Longyuan Wind Power Corporation, for 100 MW of wind turbine capacity.

Subhash Projects bags Rs 693.7 mn order

Subhash Projects & Marketing has received order for a value of Rs 693.7 million from Karnataka Urban Water Supply & Drainage Board, Dharwad.

Siemens arm bags EUR 200 mn order from SAIL

Siemens said on Tuesday its industry solutions division- Siemens VAI Metals Technologies received an order from Steel Authority of India (SAIL) for a new LD converter steel mill which will be built at the company`s Bhilai Steel Plant in Bhilai, India.

Jindal Steel and Power wins Rs 420 bn coal-to-liquid project

Jindal Steel and Power (JSPL) today won the prestigious project worth Rs 420 billion to convert coal into liquid petroleum and would produce 80,000 barrels of crude oil a day. The project will come up in Angul district of Orissa.

Integra Hindustan enters into triparty JV pact

Integra Hindustan Control has entered into (three party) joint venture (JV) agreement, with Gorba AG, Switzerland and Gorba Integra Systems, on Jan. 30, 2009.

Canada cuts interest rates by 50 basis points as expected

Canada's central bank reduced its benchmark overnight rate by one-half of a percentage point to 0.5% on Tuesday, meeting market expectations and bringing the cumulative monetary policy easing to 400 basis points since December 2007

USA economic data on mar-2-2009

U.S. Feb. ISM index better than 34.0% expected

U.S. Feb. ISM index 35.8% vs. 35.6% Jan.

U.S. Jan. real consumer spending rises 0.4%

U.S. Jan. real disposable incomes rise 1.5%

U.S. Jan. consumer spending rises 0.6% vs. 0.5% expected

U.S. Jan. incomes rise 0.4%, vs -0.1% expected

U.S. Jan. savings rate rises to 5.0%, 15-year high

Japan taps forex reserve in aid of firms overseas Draw of $5 billion will be used to fund loan program for Japanese exporters

Tokyo will siphon off from its foreign exchange reserve to help a special class of Japanese company in the run up to the fiscal year-end at a time when foreign credit markets remain dysfunctional, according to reports Tuesday which cited comments by the finance minister.

Intel, Taiwan Semiconductor unveil Atom collaboration

Intel Corp. and the Taiwan Semiconductor Manufacturing Corp. on Monday announced a new collaboration based on the chip maker's Atom microprocessor in what some analysts said was a bold bid to expand its market reach.

Toyota reported seeking $2 billion loan from JBIC

The auto-financing unit of Toyota Motor Corp. has asked the Japan Bank for International Cooperation for a loan of $2 billion under a recently-launched program to help Japanese firms operating abroad

Pfizer Inc. aid Tuesday that it has expanded its portfolio of generic medicines in the U.S. and Europe through a licensing agreement with India's Aurobindo Pharma Pfizer said it has acquired the rights to 39 generic solid oral dose products in the U.S. and 20 in Europe, plus an additional 11 in France. It's also acquired the rights to 12 sterile injectable products in the U.S. and Europe. Pfizer said the deal will help expand its established products business unit, which was launched in 2008. Financial terms of the deal were not disclosed.

Hindustan Dorr bags Rs 240 mn order from HPCL

Hindustan Dorr Oliver has bagged an order worth Rs 240 million from HPCL-Mittal Energy for detailed engineering, shop & site fabrication, transportations and supply of process pressure vessels weighing from 50 MT to 250 MT each.

Execution of the said project shall be completed within a period of 12 to 14 months.

McNally Bharat bags Rs 1.16 bn order from SAIL

McNally Bharat Engineering Company, engaged in providing turnkey engineering solutions announced that Steel Authority of India (SAIL), IISCO Steel Plant, Burnpur, West Bengal has accepted the company`s offer for water supply system for CCP and BOF for a total price of up to Rs 1.16 billion inclusive of tax and duties.

Sadbhav Engg`s consortium bags Rs 15.71 bn order

Sadbhav Engineering has announced that the consortium led by the company has been awarded a Rs 15.71 billion project in the name of joint venture known as `SADBHAV - SREI - SREI SAHAJ Consortium` in the ratio of 51:39:10 respectively by the Maharashtra State Road Development Corporation.

Infotech Enterprises arm signs pact with Dutch telco

Infotech Enterprises has announced that its subsidiary, Infotech Enterprises Benelux BV, has signed an agreement with the Dutch telecommunications engineering and technology company Volker Wessels Telecom to provide a new service offering in Telecommunications engineering to telecommunications industry world wide.

MCX - SX launches Kannada, Telugu websites

India`s new stock exchange MCX, has launched regional website in Kannada and Telugu on February 27 and February 28 respectively on the benefits of currency derivatives market.

The Kannada website was launched in Bangalore. MCX – SX has already launched regional websites in Hindi, Gujarati, Marathi, Tamil and Malayalam. Four more regional websites will be launched by the end of March 2009.

Tata Comm, Etisalat launch advanced services in UAE

Tata Communications along with UAE based Etisalat has announced the launch of enterprise network services, enabling to offer a range of dedicated ethernet services to the customers seeking connectivity in the United Arab Emirates (UAE) and globally.

The partnership enables Etisalat to extend its reach by offering Layer-2 Global Ethernet services into and out of the UAE. It will also allow Tata Communications to extend its global coverage in the UAE.

New Lok Sabha to form before June 2: EC

The Election Commission (EC) announced the poll dates today. The General Elections would be held between April 16 to June 1.

The new Lok Sabha (LS) will be formed before June 2. The fourteenth Lok Sabha`s term is ending on June 1.

UK economic data on mar-2-2009

Mortgage Approvals (Jan) 31K vs 33K

Net Lending to Individuals (Jan) £1.1B vs £2.1

Purchasing Manager Index Manufacturing (Feb) 34.7 vs 35.0

Consumer Price Index (YoY) (Feb) Preliminary Release 1.2% vs 1.0%

UK

Mortgage Approvals (Jan)

Euro-zone Feb. annual inflation rises to 1.2%

The annual consumer price inflation rate in the euro zone rose to 1.2% in February, up from 1.1% the previous month, the statistical agency Eurostat reported Monday in a preliminary estimate. CPI was forecast to match the 1.1% pace seen in January

U.S. takes further moves to shore up AIG

American International Group Inc. is in line to receive additional federal assistance of up to $30 billion as part of a revamped bailout of the government-owned insurance and financial-services giant, the Treasury Department and the Federal Reserve Board announced Monday.

AIG reports fourth-quarter loss of over $61 billion

American International Group the New York insurer which separately received a new rescue package from the U.S. government on Monday, said its fourth-quarter loss widened to $61.66 billion, or $22.95 a share, from the $5.29 billion loss in the year-earlier period.

AIG said it would have lost $37.9 billion, or $14.17 a share. Insurance premiums and other considerations declined by 1.9% for the fourth quarter

HSBC to shutter U.S. operations, raise $17.7 billion Profit drops 70% after goodwill charge; 6,100 jobs will be lost

Banking giant HSBC Holdings said Monday that it will shutter much of its U.S. consumer lending business and raise 12.5 billion pounds ($17.7 billion) from shareholders after reporting a 70% drop in profit for 2008
.

The bank said it will shut down the branch network of its HSBC Finance arm in the U.S. leaving only the credit card business to continue operating. The closures will result in 6,100 job losses.

Net profit for 2008 dropped 70% to $5.73 billion from $19.13 billion.

Micron Technology plans to lay off 2000 jobs in FY09

Computer chip maker Micron Technology Inc. in a latest announcement revealed its plans to cut as many as 2,000 jobs by the end of the fiscal year, amid the weak economy and lower demand for its DRAM memory chips.

The company said late Monday that it will end manufacturing of DRAMs on 200-millimeter wafers in Boise, and would cut 500 jobs at the plant.

TCS may cut jobs if situation worsens

Tata Consultancy Services (TCS) may lay off employees to cut cost if the economic slowdown persist, but said there are no immediate plans for lay-offs

he IT exporter has ruled out salary hikes next year and frozen ``lateral intake`` and has increased weekly working hours for employees.

The company is also looking at cost reduction, including capital expenditure and infrastructure.

The 24,500 campus offers, where the students are expected to join in July 2010, will also be delayed.

Power Grid Corp board approves investment plan worth Rs 114.06 bn

Power Grid Corporation of India has announced that its board of directors at its meeting held on Feb 24, 2009, has granted investment approval for implementation of `North East - Northern / Western Inter connector-I` Project at an estimated cost of Rs 111.30 billion

Elder Pharma`s Dubai arm makes unsolicited offer to NeutraHealth

Elder Pharmaceuticals has announced that the wholly owned Dubai subsidiary of the company has made an unsolicited offer to NeutraHealth Plc, UK, at an indicative partial offer price of 5.5 pence per share..

The approach may or may not lead to a partial offer that would result in the subsidiary`s shareholding increasing from 21% to between 50 and 60%.

JL Morison inks mktg, distribution pact with US Co

JL Morison India has tied-up with US based Alberto Culver International for marketing and distribution of international brands St. IVES, VO5 and Alberto Balsam in India.

JL Morison India, a part of the Rasoi group, is engaged in the business of manufacturing and marketing personal care, oral care, and foot care products.

Obama budget plan forecasts soaring deficits

President Barack Obama forecast the biggest U.S. deficit since World War Two in a budget on Thursday

An eye-popping $1.75 trillion deficit for the 2009 fiscal year underlined the heavy blow the deep recession has dealt to the country's finances as Obama unveiled his first budget.

Obama budget realistic on climate revenue

President Barack Obama's estimate of $646 billion in revenue for the first years of a carbon-capping program to curb climate change

Obama's budget for 2010 projects this revenue, from 2012 through 2019, will fund $150 billion in clean energy technology investments over 10 years and a tax credit to help Americans

Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Co

U.S. states would get a significant bump in funds for clean drinking water and sewer systems under the budget President Barack Obama proposed on Thursday.

$3.9 billion would go to the Clean Water State Revolving Fund and the Drinking Water

$4 billion that will go to the funds through the recently-enacted economic recovery plan.

Policy shift will avert $9 trillion deficit

President Barack Obama's budget director said on Thursday that without a shift in policies the U.S. deficit would reach $9 trillion over the next decade.

White House budget chief Peter Orszag said the Obama administration's budget outline reflects costs for the war in Iraq and other items that were previously not included in the budget.

World Bank, others vow Eastern European aid Agreement to provide $31.2 billion to back bank sector, business lending

Three institutions issued a joint pledge Friday to provide up to 24.5 billion euros ($31.2 billion) to support Eastern Europe's banking sector and to fund business loans.

The move by the World Bank, the European Bank for Reconstruction and Development and the European Investment Bank comes as Eastern European nations struggle to meet massive, foreign-denominated debt obligations.

Euro-zone unemployment rises to 8.2% in January

The unemployment rate across the euro zone rose to 8.2% in January, compared to an upwardly revised 8.1% the previous month, the statistical agency Eurostat reported Friday. The unemployment rate stood at 7.3% in January 2008. December unemployment was initially estimated at 8%. Consensus expectations were for a January reading of 8.1%

Japan's industrial output tumbles 10% in January

Japan's industrial output contracted by a record 10% and consumer spending fell in the first month of the year, data released Friday showed, adding to the growing perception that the No. 2 global economy this year will undergo the worst recession in more than half a century.

India's economic growth slows

India's economy grew 5.3% in the quarter ended Dec. 31, the slowest rate in almost six years, in a sign that the nation has been hit hard by the global slowdown even though it is not as reliant on exports as many others in Asia. The growth rate compares with gross domestic product growth of 8.9% in the same period the year before and growth of 7.6% in the previous quarter

Lloyds falls to $14 billion loss, in asset plan talks

Lloyds Banking Group unveiled a 10 billion pound ($14.28 billion) loss for 2008 and said it had not finalized a plan to put billions of pounds of assets into a UK government-backed insurance scheme.

U.S. takes big stake in Citi

The U.S. government committed to holding up to 36 percent of Citigroup's common shares in a deal to bolster the fallen financial giant's capital base, and gave most of the bank's board their marching orders.

The U.S. Treasury agreed to convert up to $25 billion in government-held preferred shares in the bank to common equity

USA economic data

U.S. 4Q GDP revised lower to -6.2% annual vs -3.8% initially

U.S. 2008 GDP revised lower to 1.1% vs. 1.3%

U.S. 4Q GDP revision due to weaker inventories, exports

U.S. 4Q final domestic sales fall 5.7% annualized

U.S. 4Q consumer spending falls 4.3% annualized

U.S. 4Q business investment falls 21.1% annualized

U.S. 4Q GDP decline of 6.2% is worst since 1Q 1982

U.S. 4Q PCE price index falls record 5%

U.S. 4Q exports fall at fastest pace in 37 years

U.S. 4Q residential investment falls for 12th quarter