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25th oct

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  • 1. 25th October-30th October 2010 WEEKLY NEWS
  • 2. • INDIA, mindful of its import dependency, is unlikely to join the global rhetoric urging China to let its currency appreciate. • India depends on cheap project imports from China to jump-start its big- ticket infrastructure projects, especially in power.. • Mr. Singh is expected to put pressure on the Chinese to lower import barriers, both tariff and non-tariff, especially with respect to pharmaceutical imports from India. • China is India's biggest trading partner and enjoys a huge trade surplus, implying that a cheaper Yuan will lower India's import bill. India Not To Join Global Chorus On Yuan Appreciation 25th October 2010
  • 3. • EXPORTS GROWTH ACCELERATED while imports grew a tad less in September, lowering trade deficit and creating policy space for the government to restrict the destabilizing capital flows without worrying about funding the large gap between imports and exports. • Exports grew 23.2% to $18.02 billion while imports rose 26.1% to $27.1 billion, which helped lower trade deficit to $9.12 billion from an alarming $13 billion in August. Exports Zoom, deficit Shrinks 26th October 2010
  • 4. • UBS, Switzerland's biggest bank, reported a surprise third-quarter loss at its investment bank on a slump in trading, while the wealth management unit recorded the first net new client investments since 2008. • UBS fell as much as 5.5% in Swiss trading, the biggest decline in almost a year, after posting a 406 million-franc ($418 million) pretax loss at the securities unit that missed the 182 million-franc profit estimate of analysts surveyed by Bloomberg. UBS Suffers Loss On Trading Woes 27th October 2010
  • 5. • Europe's largest carmaker is set to grab the leading position from Toyota Motor after surpassing his Japanese rivals full-year profit goal in the first nine months. • Volkswagens nine month net income surged five-fold to 3.78 billion ($5.23 billion). • Toyota is targeting a net income of 340 billion yen ($4.16 billion) for the fiscal year ending March. • VW expects 2010 global sales to be clearly above last years record of 6.29 million cars and sport-utility vehicles, the carmaker reiterated. • Toyota, based in Toyota City, Japan, aims to deliver 7.38 million vehicles in the fiscal year through March. • VWs third-quarter net income rose 12-fold to e 2.1 billion as sales gained 18% to e30.7 billion. Toyotas net income goal of 340 billion yen is based on a forecast of 90 yen to the dollar. VW Closing In On Toyota, Eyes Pole Position 28th October 2010
  • 6. • The prices of light-emitting diode (LED) televisions, high-definition camcorders and home theatres have fallen by up to 30% since January, while Blu-ray disc players cost just half of what they used to at the start of the year, thanks to cheaper raw materials, higher volumes and a stronger rupee. • With rising incomes in a booming economy and a steep fall in prices of these items triggering a demand boom that only promises to get better thanks to a strengthening rupee. • LG has slashed the price of its entry-level 32-inch led TV by more than 25% over the last 10 months to 40,000.Rival Sony too has cut its entry-level LED models price by a similar amount to 52,900 • He rupee rose 9% against the US dollar in the last 16 months. Most premium electronics, or their key parts, are imported. Durables Dazzle As Prices Tumble 29th October 2010
  • 7. • INCOME from treasury fell and retail continued to incur losses. Corporate, or wholesale banking, had a pre-tax profit of 1,210.68 crore of the total pre-tax profit of 1,570.8 crore, the statement said. Its retail banking division continued to bleed with a pre-tax loss of 116.74 crore, though it narrowed from 321.89 crore a year ago. • Income from treasury fell 28% year-on-year to 430.97 crore, from 599.71 crore a year ago. • Provisioning for bad loans fell 40.15% to 641.14 crore from 1,071.30 crore • The banks total income dipped 7% to 7,887.03 crore from 8,480.73 crore, while net interest margins stood at 2.6% as compared to 2.5% a year earlier. • The banks low-cost CASA deposits increased 34.5% to 98,105 crore at the end of the quarter from 72,930 crore as it sweats its 2,500 branches. RETAIL BANKING CONTINUES TO BLEED