1) Trafigura Said in Talks for Minority Stake in Essar Refinery
(Bloomberg) -- Trafigura Group Pte may join OAO Rosneft as a minority shareholder of India's second largest refinery if talks for the Essar Oil Ltd. site go through, according to people familiar with the matter. Essar's owners, the billionaire Ruia brothers, are in discussions to sell a stake of at least 15 percent in the 405,000 barrel-a-day Vadinar refinery to Trafigura, said two people who spoke on the condition of anonymity ...
2) Bad-Loan Ultimatum in India Sees Default Risk Climb Most in Asia
(Bloomberg) -- Investors are starting to show nerves over the Reserve Bank of India's ultimatum for state lenders to clean up their rising pile of bad loans this fiscal year. Bank of India's credit-default swaps jumped 31 basis points in the past month, the most among Asian banks, after it was one of three lenders downgraded by S&P Global Ratings on May 30. Yield premiums on dollar bonds of the Mumbai-based company, Indian Overseas Bank and Syndicate Bank ...
3) Honeywell India Unit Seeks to Tap $4.3 Billion Push to Clean Air
(Bloomberg) -- Refining technology companies Honeywell UOP and Technip SA see growth opportunities in India as oil demand booms and the government seeks cleaner fuels within four years to tackle air pollution. France's Technip projects as much as 20 percent annual sales growth in Asia's third-largest economy, while UOP India Pvt., a unit of New Jersey-based Honeywell International Inc., expects an increase of at least 15 percent. ...
4) Asian Stocks Set for Weekly Jump as Brexit Shock Ebbs; Oil Rises
(Bloomberg) -- Asian stocks rose, on track for their best week since April, as investors bet central banks will limit the fallout from the U.K.'s decision to leave the European Union. Oil resumed gains with the pound. Shares from Japan to Korea drove a third day of increases in the region, with markets in Hong Kong and Thailand shut for holidays. The yuan extended its weekly slide versus the greenback after a private gauge of China's manufacturing ...
5) JPMorgan Chase to Open Three New Branches in India: E. Times
(Bloomberg) -- Story Link
6) ICICI Bank Starts Debt Recast for Jaiprakash Associates: ET
(Bloomberg) -- Story Link
7) Ruia Family to Give Up Control of Essar Oil, Standard Says
(Bloomberg) -- Story Link
8) INDIA DAYBOOK: Mahanagar Gas, Manufacturing PMI, Term Repo, FX
(Bloomberg) -- Today: Mahanagar Gas shares to debut; Nikkei India Manufacturing PMI; RBI to hold term repo auction; Road Transport Minister Nitin Gadkari, Civil Aviation Minister Ashok Gajapathi Raju to speak. WHAT TO WATCH: * India May key industries' output rises 2.8% Y/y * India May consumer prices for industrial workers rose 6.59% * India April-May budget deficit at INR2.29t or 43% of FY target * Indian Oil Corp. cuts gasoline price ...
9) IN FOCUS: China PMI, Japan CPI and Tankan; Treasury Yields Fall
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * China PMI for June is forecast to slip to 50 from 50.1; the three top-ranked economists expect it to meet or beat consensus * BOE's Carney signaled a rate cut could come within months; OIS pricing surged to 61% from 34% for easing at July 14 meeting * ECB is said to consider loosening rules to carry out more QE purchases; separately, S&P cut EU's rating on Brexit * ...
10) Rail Boom in Bangladesh Brings Trains to Asia's Longest Beach
(Bloomberg) -- In Bangladesh, it's the age of rail. After decades of neglect and decline, the nation's railway network, much of it dating back to British colonial times, is being updated under a $30 billion plan to renovate stations and workshops, buy new trains and lay thousands of kilometers of new track. The renewed enthusiasm for rail in one of Asia's poorest nations is largely thanks to China, and its ambitious agenda to extend trade tentacles ...
11) Oil Extends Gains After Biggest Quarterly Advance Since 2009
(Bloomberg) -- Oilrose after the biggest quarterly gain since 2009 as falling U.S. supply added to speculation the global surplus is easing. Futures added 0.6 percent in New York, taking its advance for the week to 2.1 percent. U.S. crude supplies shrank a sixth week and production slipped to the lowest since September 2014, government data showed Wednesday. Prices climbed 26 percent in the three months through June. Supply disruptions and falling U.S. output have ...
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