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Transcript of Weekly news
Weekly News (25th – 31st Oct )
RELIANCE INDUSTRIES Q2 NET UP 27.8%, BEATS F'CAS
The conglomerate, India's largest listed company,
has been investing overseas in shale gas assets and has been looking to widen its businesses beyond
petrochemicals, refining, oil and natural gas
exploration, and retail. "Improved refining margins and high
operating rates at all our manufacturing facilities led to a record quarter,"
Chairman Mukesh Ambani said in a
statement
Reliance is pumping about 55-60 million cubic metres of gas a day from KG D6, off India's east coast, and the country's oil secretary said in July the company
would be able to pump gas at full capacity during the year to March 2013.
Gross refining margin at Reliance's flagship refining
business in the September quarter was $7.9 per barrel, up from $7.3 per barrel in April-June and in line market estimates of $8 per barrel.
HONDA RECALLS 528,000 CARS FOR CYLINDER SNAG
Honda motor Co said on Friday it was recalling
528,000 vehicles world-wide due to potential
problems with a master brake cylinder seal. Most of the recalled vehicles are Odyssey minivans
sold in the United States. The recall is similar to one issued on Thursday
by Toyota Motor Corp for about 1.5 million vehicles
worldwide.
The same supplier, ADVICS Co Ltd, a privately held Japanese
company with a unit in the United States , made the seals for
both major automakers.
No accidents or injuries have been reported due to to the faulty
seals. Of the Honda recalls, 435,000 of them are Odyssey minivans sold in the United
States
CHINA CUTS DISCOUNT TO MORTGAGE RATES
Beijing has taken a fresh step to
discourage property buying by ordering
banks to charge higher mortgage
interest rates for first home buyers, local media reported over
the weekend.
Lenders were told by China's banking
regulator that they can offer at most 15 per cent, versus the
previous 30 per cent, discount to the
benchmark interest rates to new
mortgage loan applicants, the Beijing News
reported.
China allowed banks to offer up to 30 per cent
discounts of interest rates to home buyers in late
2008 as part of Beijing's policy package to bolster
economic growth. The end of that 30 per cent
discount will put China's bank loan policies
unprecedentedly harsh to mortgagers.
ASIA MUST AVOID 'DISTORTIONS' IN HANDLING HOT MONEY
Developing Asian nations must carefully manage a massive inflow of foreign capital and avoid remedies
that could create destabilising "distortions",
the Asian Development Bank chief warned Saturday.
Haruhiko Kuroda told Asian leaders at a summit in the Vietnamese capital Hanoi
that capital flows are one of two risks that regional economies face as they rebound from the global
downturn that began in 2008
His comments came shortly before the US
Federal Reserve is expected to announce
it will go into a second round of
quantitative easing, injecting more money into the
banking system to further stimulate the
world's biggest economy.
The first risk is that the recovery in the developed
economies could falter, Kuroda told presidents, prime ministers and a sultan, as well as US
Secretary of State Hillary Clinton and the Russian
foreign minister. "The second risk is capital flows, which
could complicate macroeconomic
management," Kuroda said in a prepared speech
made available to journalists.