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Goldman exits China's ICBC, seven years and billions later

May 21, 2013 by sknlakshmi

HONG KONG (Reuters) - Goldman Sachs Group Inc raised $1.1 billion by selling its remaining shares in Industrial and Commercial Bank of China, ending a seven-year old investment and handing the Wall Street firm a return of nearly four times its original stake.

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Yahoo buying Tumblr for $1.1 billion, vows not to screw it up

May 21, 2013 by sknlakshmi

SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc(YHOO.O) will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand.

The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalize the company by co-opting a Web property with strong visitor traffic but little revenue.

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StanChart to buy Morgan Stanley India wealth management arm

May 21, 2013 by sknlakshmi

REUTERS - Standard Chartered(STAN.L) has agreed to buy the Indian wealth management unit of Morgan Stanley(MS.N), helping the British bank expand its private banking business in Asia's third-largest economy.

The sale underscores growing consolidation of Asia's wealth management industry, which is struggling with rising regulatory costs and wafer-thin advisory fees.

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Chidambaram: more steps to cut gold imports if needed

May 21, 2013 by sknlakshmi

NEW DELHI (Reuters) - India will take more steps if necessary to curb gold imports, Finance Minister P. Chidambaram said on Monday, after the country's overseas purchases of gold and silver shot up 138 percent in April.

The spike in gold imports has increased pressure on the country's trade and current account deficits, and limited the scope for monetary easing by the Reserve Bank of India (RBI), despite a recent slowdown in inflation.

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India gripes over border, trade woes on Li's trip

May 20, 2013 by sknlakshmi

NEW DELHI (Reuters) - Prime Minister Manmohan Singh told visiting Chinese Premier Li Keqiang on Sunday a recent military standoff in the Himalayas could affect relations between the two countries as they looked to boost bilateral trade.

At a meeting shortly after Li arrived in India on his first foreign trip, Singh said relations were affected when "peace and tranquillity" on the border was impacted, a senior government official with knowledge of the discussions told Reuters.

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No case for S&P ratings downgrade: Mayaram

May 20, 2013 by sknlakshmi

NEW DELHI (Reuters) - There is no case for downgrading India's sovereign credit rating, Economic Affairs Secretary Arvind Mayaram told the news channel ET Now on Monday, after Standard & Poor's reiterated its negative outlook on the country's credit rating.

The rating agency last week warned that India needed to follow through on implementing a slew of pending economic reforms, a warning that dealt a blow to a government that had recently pitched for an upgrade.

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In blow for India, S&P affirms negative rating outlook

May 18, 2013 by sknlakshmi

MUMBAI (Reuters) - Standard & Poor's reiterated its negative outlook on India's credit rating, which is one notch above "junk", warning of the need to follow through on reforms and dealing a blow to a government that had recently pitched for an upgrade.

The rating agency said the main drag on India's rating is a high fiscal deficit and heavy government borrowing, although it also said India's position had improved over the past year.

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Obama budget cuts deficit $1.1 trillion over decade - CBO

May 18, 2013 by sknlakshmi

WASHINGTON (Reuters) - Near-term U.S. deficits under President Barack Obama's 2014 budget plan would be higher than those forecast by the Congressional Budget Office this week but $1.1 trillion lower than what it estimates over the coming decade, CBO said on Friday.

After four straight years of $1-trillion plus deficits, the non-partisan CBO said that Obama's plan would lead to a $669 billion deficit for fiscal 2013 that ends September 30 and a $675 billion deficit for fiscal 2014 year.

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Tribunal orders fined cement firms to pay $109 million fee

May 18, 2013 by sknlakshmi

MUMBAI (Reuters) - The Competition Commission of India (CCI) on Friday ordered some of India's biggest cement manufacturers to pay 6 billion rupees in fees while it hears their appeal against a penalty the competition watchdog imposed last year.

The amount, to be paid within four weeks, represents 10 percent of the 60 billion rupee record high fine the CCI ordered the companies, and India's Cement Manufacturing Association, to pay for alleged price fixing.

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S&P expects GDP growth at 6 percent in 2013/14

May 18, 2013 by sknlakshmi

MUMBAI (Reuters) - Standard & Poor's expects India to grow around 6 percent in the current fiscal year ending March 2014, said credit analyst Takahira Ogawa.

The rating agency also does not expects any significant improvement in structural reforms in India, Ogawa said in a teleconference, after reiterating in a release the negative outlook on India's credit rating, which is one notch above junk status.

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