1) Tata's U.K. Steel Challenge Is Selling a Business That Few Want
(Bloomberg) -- Buyers for Britain's biggest steel operations may be tough to come by. Faced with a market flooded with cheap Chinese exports, Tata Steel Ltd. is planning to sell its U.K. business after several quarters of losses and 2 billion pounds ($2.8 billion) of writedowns left the division with an asset value of almost zero. Steel prices have plunged to the lowest in a decade and in the U.K. higher wages and rising energy costs make the business ...
2) Look, No Fees! Banks Do Bonds for Free to Win Emerging Customers
(Bloomberg) -- When Indian state-owned power company NTPC Ltd. sold $500 million of Eurobonds in February, a deal that could have incurred banking fees of more than $1 million cost a couple of cents. NTPC executives even sent the bill for meeting investors in London and Singapore to Citigroup Inc. and the four other underwriting banks, according to a person with knowledge of the transaction. The episode is a testament to an increasingly desperate ...
3) Modi's 'Picnic Spot' Plan Resisted by Indian Power Generators
(Bloomberg) -- India's effort to clean up the world's worst air is facing resistance from power producers who say the government is asking them to spend too much and revamp old plants too quickly. The nation's first steps to limit toxic emissions from coal-fired power plants may cost 2.5 trillion rupees ($37 billion) and will take longer than the two-year deadline set by the government, according to the New Delhi-based Association of Power ...
4) Indian Stock Futures Advance Before Expiry as Sensex Rebounds
(Bloomberg) -- Indian equity-index futures climbed before the expiry of the monthly derivative contracts as the benchmark gauge reached a 12-week high and international investors continued to pour money into the nation's stocks. SGX Nifty Index futures for March delivery rose 0.1 percent to 7,794 at 9:28 a.m. in Singapore. The contract expires later in the day. The underlying Nifty 50 Index advanced 1.8 percent to 7,735.20 on Wednesday, while the S&P BSE Sensex gained ...
5) Steel Deluge Spurs India to Extend Safeguard Duty to 2018
(Bloomberg) -- India extended a safeguard duty on some steel imports up to 2018 as officials grapple with an onslaught of cheap supplies amid a global glut. A levy of 20 percent applies until mid-September this year, dropping in stages to 10 percent for the six months through mid- March 2018, the Central Board of Excise and Customs said in a statementon Wednesday. The measure doesn't apply to products coming in at or above minimum import prices. ...
6) How Amazon and Alibaba Conquered India, Or Maybe Not: Gadfly
(Bloomberg) -- The rain forest of regulations that passes as India's e-commerce policy would surely get a nod of approval from Sir Humphrey Appleby, the legendary civil servant from the British sitcom Yes Minister who believed that prudent change results from "laying stress on the essential continuity of the new proposal with existing principles, the principle of the principal arguments which the proposal proposes and propounds for their approval, in principle." Or more ...
7) IN FOCUS: BOK & BOT Reports; BOE's Carney Speaks; Dollar Falls
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * Bloomberg Dollar Index tested lower, then pared losses to end 0.4% weaker in NY, in line with Asian-session close yesterday * ADP March payrolls for U.S. came in at 200k vs est. 195k; that suggests NFP on Fri. will fall in vicinity of its moving avg, says BI * Treasury yields followed dollar and oil to close mixed: 2yr yield was down 3 bps to 0.76% and 10yr up 2 bps to ...
8) INDIA DAYBOOK: Fiscal Gap, Term Repo, Modi in U.S., Tata Steel
(Bloomberg) -- RBI to hold variable rate, term repo auctions; fiscal-deficit data; PM Narendra Modi to take part in Nuclear Security Summit in U.S.; FM Arun Jaitley to address in Canberra, Australia. WHAT TO WATCH: * RBI revises some overseas borrowing norms * GIC and Brigade jointly acquire property in India for $81m * Jaiprakash Associates to review progress of divestment deals * Syndicate Bank to consider INR7.4b shrs issue to govt * ...
9) Asia's Worst-Performing Currency May Be Best Bet This Year
(Bloomberg) -- Investing in Asia's worst-performing currency is all about the interest rate. While the rupee fell 0.4 percent versus the dollar this year, flows from stock investors turned positive in March amid slower inflation, an improved current account and budgetary discipline. Including interest, investing in rupees will earn 2.6 percent from now until Dec. 31, according to strategists' forecasts compiled by Bloomberg, the most in emerging Asia. "The rupee ...
10) Cameron Calls Crisis Talks With U.K. Ministers Over Tata Steel
(Bloomberg) -- U.K. Prime Minister David Cameron will chair a meeting of ministers on Thursday morning as he weighs how to avoid the closure of an iconic steel plant in South Wales without making costly financial promises. Cameron called the meeting and Business Secretary Sajid Javid cut short a trip to Australia to address the crisis sparked by Tata Steel Ltd.'s decision late Tuesday to sell its plant in Port Talbot, where it employs 6,500 people. The crisis comes ...
11) Distressed India Ignites Passion of Private Equity Firms: Gadfly
(Bloomberg) -- India's back in fashion for private-equity players: this time those looking for distressed assets. A surge in bad loans to once-thriving and now defunct companies such as Kingfisher Airlinesmeans there are plenty of turnaround plays to pick from. Crucially for investors, India's in the process of shaking up its myriad bankruptcy regulations, meaning the time it takes to get troubled businesses into fresh hands may soon be shortened. The government is hoping to ...
12) Indebted Former India Billionaire Offers $904 Million Settlement
(Bloomberg) -- Vijay Mallya, the former Indian billionaire now hounded by creditors, offered lenders as much as 60 billion rupees ($904 million) as settlement toward debt owed by the failed airline he founded, Bloomberg TV India reported, citing his lawyers. India's Supreme Court was informed on Wednesday that he will pay about 40 billion rupees ($603 million) by the end of September and later an additional 20 billion rupees he expects to win from a lawsuit, the television ...
13) Indian Producer Flags Higher Sugar Prices as Drought Cuts Output
(Bloomberg) -- Balrampur Chini Mills Ltd., the second- biggest Indian sugar producer, expects sweetener prices to extend a rally as production heads for a second year of decline. Shares of sugar mills climbed in Mumbai. Productionin India will drop 5 percent to 7 percent in the year beginning Oct. 1 from about 25.5 million tons in 2015-16, the company said in an exchange filing. "Considering the demand- supply scenario, the trend is expected to be firm for sugar prices for ...
14) Sri Lanka Plans $3 Billion Global Bond Sales to Bolster Finances
(Bloomberg) -- Sri Lanka is planning to sell as much as $3 billion of bonds in international markets this year as the island nation looks to bolster finances and prevent more credit- rating downgrades. The Central Bank of Sri Lanka invited proposals from banks and investment houses by April 11 to be lead managers or book runners for the issuances that will be denominated in U.S. dollars and the Chinese yuan, according to a statement late Tuesday. Governor Arjuna Mahendran ...
15) Red Flag Rising for India's Finances as Remittances Shrink
(Bloomberg) -- India's most reliable source of foreign funding is under threat. Remittances fell to $15.8 billion last quarter, the lowest since April-June 2011 and a 9.4 percent drop from a year earlier, as the global slowdown and slumping oil prices reduce demand for foreign workers. Indians working abroad -- from construction laborers in Dubai to Silicon Valley engineers -- send home the most money in the world, helping to pay for imports of fuel and electronics. ...
16) India Mutual Funds Buy Special State Bonds on Spreads, Liquidity
(Bloomberg) -- Mutual funds are finding "attractive" the spreads on special bonds that states are issuing as part of a power-sector restructuring plan, Killol Pandya, head of fixed income at Peerless Funds Management, says in interview. * "These are perceptively as good as sovereign bonds, and there are expectations of widespread liquidity in the papers when they hit the secondary market," Pandya says * NOTE: RBI has asked market participants to approach if ...
17) India Can Cut Vegetable Oil Imports With GM Mustard Crop: Group
(Bloomberg) -- India should permit cultivation of genetically modified mustard to cut nation's dependence on imports of vegetable oils, according to Chengal Reddy, adviser to Consortium of Indian Farmers Association. * "India is already importing GM mustard oil then why not allow production of GM mustard," Reddy says * NOTE: India Panel Seeks More Information on GM Mustard: Minister Link
18) INSIDE INDIA: Bonds Gain; Jaitley Pushes for More Rate Cuts
(Bloomberg) -- Bonds rise as Finance Minister Jaitley makes the case for more interest rate cuts a week before RBI reviews policy. * Rate cuts would be "helpful" as it will lead to a more efficient economy, with a more competitive cost of capital, he tells Bloomberg TV * Barclays maintains its medium-term bullish view on nation's bonds; demand underpinned by supportive fundamentals such as slowing activity, fiscal consolidation and manageable ...
19) India's New Bond Quota May Draw Limited Foreign Demand: Schroder
(Bloomberg) -- India's move to raise foreign investors limit on bond holdings may draw only limited interest as bond supply will increase in the short term and the market has already priced in a possible RBI rate cut, Rajeev de Mello, Singapore-based investment manager at Schroder Investment Management, says in interview. * Limited interest seen in last debt quota auction * Bond yields will have to rise further to attract overseas investors * Oil prices are ...
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