1) Rupee Bulls See Volatility Damped as Oil Enters Goldilocks Phase
(Bloomberg) -- Global funds returning to buy Indian bonds can take comfort in signs the rupee will stabilize in coming months, as oil settles in a range that benefits both government finances and the appetite for emerging markets. A gauge of expected currency swings in the options market has slumped 161 basis points from a February high and reached the lowest level in almost four months last week, data compiled by Bloomberg show. Brent crude prices have averaged $36.8 a barrel ...
2) India to Miss Sugar Export Target as Home Market Turns Lucrative
(Bloomberg) -- India will miss a target to shipthe most sugar in eight years as a rally in local prices make the home market more lucrative amid falling output, according to the country's biggest refiner. Exports probably won't exceed 1.4 million metric tons in the year through Sept. 30, said Narendra Murkumbi, managing director of Shree Renuka Sugars Ltd. That compares with a government target of 3.2 million tons, the most since the 4.96 million tons shipped in 2007-08. ...
3) 'Fugitive' Mallya Fears Arrest in India as Lenders Seek Payment
(Bloomberg) -- India labeled Vijay Mallya a "fugitive" while the businessman's lawyers said his creditors only want him arrested amid heated arguments in the Supreme Court over a case that is set to test the government's resolve to go after defaulters and recover unpaid dues. At a hearing in New Delhi, Attorney General Mukul Rohatgi said the founder of the collapsed Kingfisher Airlines Ltd. left India surreptitiously without paying his creditors. The ...
4) Indian Stock Futures Fall After Sensex Jumps to Four-Month High
(Bloomberg) -- Indian equity-index futures fell, signaling a retreat for stocks, after the benchmark gauge surged to a four-month high before the expiry of the monthly derivatives contracts this week. SGX Nifty Index futures for April delivery declined 0.2 percent to 7,945.50 at 9:32 a.m. in Singapore. The underlying Nifty 50 Index gained 1.4 percent to 7,962.65 on Tuesday, while the S&P BSE Sensex rallied 1.3 percent. The Bank of New York Mellon India ADR Index of ...
5) State-Run Indian Companies Considering Share Buybacks: ET
(Bloomberg) -- Story Link
6) Indians in Panama Papers Likely Summoned by Tax Department: ET
(Bloomberg) -- Story Link
7) India Working on 100b-Rupee Stressed Bank Asset Fund: TOI
(Bloomberg) -- Story Link
8) India to Decide on Xiaomi Stores Without Local Sourcing: ET
(Bloomberg) -- Story Link
9) INDIA DAYBOOK: NHPC Offer-for-Sale, Bharti Airtel, Yes Bank
(Bloomberg) -- Today: Govt offer-for-sale of 11.36% in NHPC; T-bills auction; Thyrocare Technologies IPO opens; Bharti Airtel, Exide Industries, Yes Bank are among cos to announce earnings. WHAT TO WATCH: * Govt seeks bankers bids by May 18 for Oil India OFS * India to test 20 indigenously developed Bt Cotton varieties * Adverse weather affected 904,000 hectares of India wheat crop * BSE JV Asia Index introduces gold hedged indices: ...
10) IN FOCUS: Australia CPI; Oil Rises on BP as Treasuries, USD Fall
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * U.S. markets were subdued on the eve of the Fed, which is seen on hold; mkts will watch for language on June; a preview is here * U.S. durable goods and consumer confidence missed ests., which sent Dollar Index down 0.3% and pose economic headwinds for Fed * WTI oil climbed 3.3%, helped by weaker greenback and comments from BP's CEO, who said market might balance by yr- ...
11) Foreigners Sell Most India Debt in a Month as Yield Benefit Ebbs
(Bloomberg) -- Indian sovereign bonds are losing some appeal as their yield advantage over Treasuries diminishes. The extra yield investors demand to hold the South Asian nation's 10-year notes over similar-maturity U.S. debt fell to 556 basis points on Monday, the least since early January, data compiled by Bloomberg show. The gap was as high as 616 in February. Foreign holdings of local government and corporate securities dropped by 15.9 billion rupees ($239 million) on ...
12) Maruti Surges to Three-Month High as Revenue Beats Estimates
(Bloomberg) -- Maruti Suzuki India Ltd. shares rose to an almost three-month high after the automaker posted revenue that beat analyst estimates as it sold more of the new Baleno hatchback and automatic variants of some existing models. The shares gained 3.9 percent to 3,871.55 rupees, the highest level since Feb. 2, at the close in Mumbai. It was the best performer on the benchmark S&P BSE Sensex. Total revenue in the quarter through March climbed 12 ...
13) BSE JV Asia Index Introduces Gold Hedged Indices: Statement
(Bloomberg) -- Asia Index Pvt., a JV between S&P Dow Jones Indices and BSE introduces S&P BSE Sensex Gold Hedged Index and S&P BSE Sensex Dynamic Gold Hedged Index: statement. * Indices to allow investors to benefit from returns of Indian equity market while hedging against fluctuation in value of rupee vs gold * S&P BSE Sensex Gold Hedge calculated as combination of long Sensex total return position and Gold Mini futures contracts on MCX: statement Link to ...
14) Al-Qaeda Wing Says It Murdered Gay USAID Employee in Bangladesh
(Bloomberg) -- A Bangladeshi militant group linked to al- Qaeda claimed responsibility on Wednesday for murdering a gay rights activist who also worked for the U.S. Agency for International Development. Ansar Al Islam, a banned group, said on Twitter that it killed Xulhaz Mannan and a friend in his Dhaka apartment on Monday because they were "pioneers of practicing and promoting homosexuality in Bangladesh," the Associated Press reported. Mohammad Iqbal, a police inspector ...
15) Sri Lanka Holds Rates a Second Month While Awaiting IMF Loan
(Bloomberg) -- Sri Lanka left its benchmark rates unchanged for a second straight month as it awaits a loan of around $1 billion from the International Monetary Fundto help contain borrowing costs. The Central Bank of Sri Lanka kept the standing lending facility rate at 8 percent and the standing deposit facility rate at 6.5 percent, it said in a statement on Tuesday. One of seven economists in a Bloomberg survey predicted a 50 basis points increase in the lending rate ...
16) Gold Loses Its Shine in Dentistry Amid Teeth-Whitening Craze
(Bloomberg) -- While the popularity of a lily-white smile spawned a billion-dollar business for Procter & Gamble Co., for gold, it's meant only more bad news. Until a decade ago, about 67 metric tons of the yellow metal, worth $2.7 billion today, were filling, capping and crowning teeth worldwide annually. In the last five years, though, demand has plunged almost 60 percent, according to the World Gold Council. Dentists blame teeth-whitening. The trend accelerated ...
17) Sri Lanka Seeks Investor for Airline Mired in $3.2 Billion Debt
(Bloomberg) -- Sri Lanka said it is looking for an airline or an investor to pick up a stake in its national carrier and offered to absorb its debt of $3.2 billion in an effort to revive the ailing state-run company. "Closing down the company was not an option as it will drag down the economy and lead to the collapse of the tourism industry," Prime Minister Ranil Wickremesinghe told reporters in capital Colombo on Tuesday. The $79 billion economy, ...
18) Much of South Asia May Get Above-Normal Monsoon Rain in 2016
(Bloomberg) -- Above-normal rainfall is most likely during 2016 southwest monsoon season over much of the region, South Asian Climate Outlook Forum says in statement in Colombo. * Above-normal rainfall seen over broad areas of central and western South Asia * Below-normal rain most likely over eastern parts of the region and the southeastern part of the peninsula * Normal rainfall most likely over remaining areas * "There is strong consensus among experts ...
19) Swift Is Only As Safe As Its Poorest Members: Leonid Bershidsky
(Bloomberg View) -- Swift, the financial messaging system used by 11,000 banks throughout the world, admitted this week that it's vulnerable to hackers if they penetrate its member financial institutions. It shouldn't be major news: Thieves go where the money is, and more than half of the 25.8 million messages a day the network carried in March were meant to transfer money. Yet Swift's hacker problem is a great illustration of how globalized finance can get out of ...
20) INSIDE INDIA: Rupee Higher as Shares Rally; Bonds Flat
(Bloomberg) -- Rupee gains, snapping three successive days of losses, as shares surge. * Rupee rises 0.1% to 66.5250 per dollar, reversing earlier loss of as much as 0.4%; S&P Sensex up 1.3% * "The rupee has rebounded partly due to the recovery in stocks," says Paresh Nayar, Mumbai-based head of currency and money markets at FirstRand * Pair faces resistance and exporter selling at 66.80 * S&P, Moody's said to meet finance ministry in May, June, ET ...
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