JPMorgan India loses 4 senior executives to rival

(Reuters) - "We reiterate that India continues to be a priority focus for JPMorgan. We propose to make additional announcements shortly," he said.




An Indian newspaper said the four executives -- Sameer Lumba, its head of equity sales; Rohit Shah, its head of sales and trading; Rajiv Gala and Manish Dabir -- were joining the institutional equities arm of JM Financial


Read more at Reuters.com Business News

Pfizer says Spanish court upholds Lipitor patent

(Reuters) - The patents were challenged by India's Ranbaxy Laboratories
Ltd. .





Read more at Reuters.com Government Filings News

WellPoint quarterly profit rises

(Reuters) - WellPoint is looking to reassure investors about its
direction after replacing its chief executive and chief
financial officer in recent months.




Shares of the Indianapolis-based company have risen about 4
percent this year, roughly in line with the Morgan Stanley
Healthcare Payor index .


Read more at Reuters.com Market News

India's Bonds Gain Most in Three Months as Central Bank Reduces Debt Sales

(Bloomberg) -- India's 10-year bonds gained the most
in three months, sending yields to the lowest in 5 1/2 months,
after the central bank cut debt sales aimed at draining spare
cash from the banking system this week.

The yield on the benchmark 7.49 percent note due April 2017
fell 10 basis points, or 0.1 percentage point, to 7.72 percent as
of 9:35 a.m. in Mumbai, according to the central bank's trading
system. The price rose 0.64, or 64 paise per 100 rupee face value,
to 98.45.


Read more at Bloomberg Bonds News

India Needs `Tight' Monetary Policy to Curb Price Rises, Chidambaram Says

(Bloomberg) -- India will maintain a ``fairly
tight'' monetary policy to curb inflation that may be stoked by
rising crude oil prices and consumer demand, Finance Minister
Palaniappan Chidambaram said.

``We have to do our best to keep inflation down in a world
where fuel prices are flaring up, commodity prices are
increasing and demand remains high in China and India,''
Chidambaram, 61, said in an interview yesterday in New Delhi.


Read more at Bloomberg Emerging Markets News

Sugar Futures Fall on Speculation That Global Supplies Will Outpace Demand

(Bloomberg) -- Sugar fell in New York on speculation
that rising output in Brazil and India will exacerbate a growing
surplus.

Production will exceed demand by as much as 9.1 million
metric tons in the year ending Sept. 30, the managing director of
the International Sugar Organization said July 9. Sugar has
fallen 39 percent in the past year, the biggest drop among
commodities in the Reuters/Jefferies CRB Index.


Read more at Bloomberg Commodities News

E. Guinea sets Wednesday deadline for oil bids

(Reuters) - Equatorial Guinea, sub-Saharan Africa's third largest oil producer, has set a Wednesday deadline for revised bids for 10 new offshore exploration blocks, originally due to be awarded in May.

The West African nation had planned to award the acreage in mid-May and said it had received interest from a significant number of companies from Nigeria, Britain and India.


Read more at Reuters Africa

JSE says has world's top single stock future market

(Reuters) - South Africa's JSE Ltd stock exchange has overtaken its Indian counterpart as the operator of the world's biggest single stock futures market, according to a report by the World Federation of Exchanges.

The JSE said in a statement on Thursday the report on derivatives showed the JSE traded 44 million contracts in the first quarter, up more than 200 percent versus the year-ago period and ahead of the 30 million traded on the National Stock Exchange of India.


Read more at Reuters Africa

Gold in Asia Advances on Increased Jewelry Demand; Silver Little Changed

(Bloomberg) -- Gold rose in Asia for the fourth day
in five as demand increased from jewelers, the biggest users of
the precious metal. Silver was little changed.

Good demand for the metal from India and Turkey emerged
earlier this week, Goldman Sachs JBWere analysts, led by Malcolm
Southwood, said in a report on July 10. Jewelers accounted for 69
percent of first-quarter gold consumption, from 61 percent a year
earlier, the producer-funded World Gold Council said May 16.


Read more at Bloomberg Commodities News

Crude Oil Falls Amid Speculation Gains Driven by Gasoline Were Unjustified

(Bloomberg) -- Crude oil fell from near an 11-month
high in New York on speculation recent gains were unjustified.

Crude oil had gained along with gasoline, which rose 5.4
percent in the past five trading days after reports that BP Plc
closed units at its refinery in Whiting, Indiana, and refiners in
Texas and Kansas halted units as well.


Read more at Bloomberg Energy News

India's Industrial Output Growth Probably Slowed on Rupee, Interest Rates

(Bloomberg) -- India's industrial production growth
probably slowed for a second month in May as higher interest
rates damped consumer demand and currency gains weakened exports.

Output at factories, utilities and mines rose 12 percent
from a year earlier, following a 13.6 percent increase in April,
according to the median forecast of 15 economists in a Bloomberg
News survey. The Central Statistical Organisation will release
the production numbers at noon in New Delhi tomorrow.


Read more at Bloomberg Emerging Markets News

West Texas Sour Crude Oil Drops Against WTI on BP Whiting Unit Shutdown

(Bloomberg) -- West Texas Sour crude oil, a high-
sulfur grade delivered at Midland, Texas, weakened against the
U.S. benchmark today on speculation that the shutdown of a crude
unit at BP Plc's Whiting, Indiana, refinery would cut demand.

BP is shutting a 250,000 barrel-a-day crude unit, the
largest of three at Whiting, the biggest refinery in the U.S.
Midwest, a person familiar with the plant's status said today. A
restart date hasn't been determined. A second crude unit, able
to process about 75,000 barrels a day, is also out of service
and may restart at the end of the summer.


Read more at Bloomberg Energy News

Mom and pop to buy more global stocks: study

(Reuters) - By 2025, they will quintuple to nearly $700 trillion with
60 percent of future growth coming from Russia, India and
China, among the top prospect markets.




That is more than twice the growth rate expected from
developed markets like the United States, the study noted.


Read more at Reuters.com Bonds News

UPDATE 2-India's Wipro buys Singapore's Unza for US$246 mln

(Reuters) - BANGALORE, July 6 - India software provider Wipro
Ltd. has acquired Singapore's Unza Holdings Ltd.,
which makes personal care products, for about US$246 million,
as it continues on a buying spree in search of stronger growth.




The cash acquisition lifted shares of Wipro, which has a
market value of $18 billion, to end over 3 percent higher at
519.45 rupees in a firm Mumbai market.


Read more at Reuters.com Mergers News

Cairn Energy Shares Rise on Speculation Indian Pipeline Will Be Approved

(Bloomberg) -- Shares of Cairn Energy Plc, an oil and
gas explorer in Asia, rose on speculation the company's India unit
had a pipeline project approved by the government in New Delhi.

``The speculation in the market is that we may soon hear
confirmation that Cairn has finally got approval for the 600-
kilometer pipeline from its oilfields direct to the refineries,''
said Andrew French, a sales trader at E*Trade Securities in
London.


Read more at Bloomberg Energy News

Palm Oil Price in Malaysia Gains on Outlook for China Food, Biofuel Demand

(Bloomberg) -- Palm oil futures in Malaysia rose for
a second day on optimism of rising demand for vegetable oils in
cooking and to make biofuels.

The price reached a record last month on surging demand,
led by China and India. Kim Eng Research Sdn. raised its average
price forecast by 4.5 percent for 2008.


Read more at Bloomberg Commodities News

European Stocks May Rise; BHP Billiton, Rio Tinto, Cadbury May Advance

(Bloomberg) -- European stocks may gain, led by BHP
Billiton Ltd. and Rio Tinto Group, after copper prices rose.

Cadbury Schweppes Plc will probably rally on a report that
India's Tata Group may be prepared to invest more than $2 billion
in a bid with Blackstone Group LP and Lion Capital LLP for a
stake in Cadbury's U.S. drinks unit.


Read more at Bloomberg Stocks News

UPDATE 1-GM selling Allison Transmission for $5.6 billion

(Reuters) - GM said the sale would include almost all of the Allison
Transmission unit's assets, including seven manufacturing
plants in Indianapolis and the unit's worldwide distribution
network.




GM had said in January that it was looking to sell Allison,
which makes transmissions for commercial trucks, buses and
military vehicles.


Read more at Reuters.com Bonds News

REUTERS SUMMIT-S'pore GIC eyeing Russia, Vietnam, Turkey

(Reuters) - "The trend of wealth creation is shifting from the West to
the East and if you are positioning your strategy over the long
term, your strategy over the last 10 years would be different
for the next 10 years," said Seek Ngee Huat, president of GIC
Real Estate, speaking at the Reuters Real Estate Summit in
Singapore.




He said GIC had begun to "explore" Russia, Turkey and
Vietnam and was also looking to make significant investments in
India, where it last week announced a joint venture with
Mumbai-based property firm Runwal to build a $62 million mall.
He did not say how much investment might flow to those
countries.


Read more at Reuters.com Bonds News

US tries to see positives in trade talks collapse

(Reuters) - The Bush administration is billing the collapse of world trade talks this week as good news for its drive to renew negotiating powers in Congress, but it is not clear that U.S. lawmakers will see things that way.

"By walking away from a bad deal, we are once again able to show the Congress that we can be trusted," U.S. Trade Representative Susan Schwab said on Thursday after U.S., European, Brazilian, and Indian negotiators abandoned talks in the troubled Doha round of trade negotiations.


Read more at Reuters Africa