According to Chinese Premier Wen Jiabao the current economic growth remained in the expected target range set earlier this year and saw the effectiveness of the stabilization policies. However he added that the economy had not formed a stable recovery and economic difficulties may continue for some time. He stated that the government will do its utmost to generate employment and support industries through tax breaks and capital provision which face a slowdown in exports. China currently faced slower GDP expansion and its woes were compounded with a slowdown in China’s traditional markets such as US and Europe.  (Economic Times/AP)

China plans to reduce taxes on the profits of overseas co.’s operating in China by upto 50 percent to encourage more investment into the country. The government would also include dividends paid by Chinese Co.’s to overseas shareholders. (Financial Times)


The cumulative market capitalization of top five co.’s in the Sensex declined by INR 26,287 cr for week ended 13 July on earnings and other economic data. Infosys, which came out with dismal numbers, led the decline by INR 12,406 cr. Bharti Airtel, SBI, Reliance Industries and NTPC also saw their market values decline. TCS, ONGC, Coal Indian, HDFC Bank and ITC saw gains in their market share for the similar period. (Economic Times)

According to ICICI Securities June inflation is likely to be at 7.82 per cent versus 7.55 per cent in May, a unlikely scenario for a rate cut. (Economic Times/PTI)

Mining/Metals co.’s – Indian governments signs a bilateral security co-operation agreement with Mozambique as part of the effort to strengthen ties. (Economic Times/PTI)

According to the Indian Meteorological Department, the impact of a lower than expected monsoon could have a maximum impact of 0.25 percent on the country’s GDP.  (Business Standard)

ONGC – Co. is looking to invite bidders for sale of gas from its Gamij field in Gujarat, India through an e-bidding process. The oil field has an average output of 15,000 standard cubic meters per day (SCMD) on the basis of availability for a five year period. ONGC expects the field to generate revenues of INR 5.5 cr on an annual basis. (Economic Times)

Nalco – Co. is in talks to acquire an Indonesia-based firm Ashan Aluminum for around INR 8000 cr. Nalco primarily would gain from Ashan’s plant which has a capacity of 2.1 lakh tonnes. Ashan, which is owned by a Japanese consortium, would see its operating license expire at the end of 2013, which is portion Nalco would acquire. The rest of the stake in the co. is held by the Indonesian government. (Economic Times)

DLF – Co. plans to reduce its INR 23,000cr debt to INR 17,000cr at the end of the fiscal by the sale of non-core assets. (The Hindu Business Line)

SAIL/Coal India/RINL/NMDC/NTPC – ICVL is on a lookout to acquire coal mines in Australia and New Zealand as coking coal prices drop and valuation become favourable, according to management. (Business Standard/PTI)

Reliance Communications – Co. was downgraded by ICRA from ‘stable’ to ‘negative’, citing elevated levels of debt at INR 37,000cr at the end of last year. (The Hindu Business Line)

Essar Oil – Co. to invest INR 2000cr at its coal-bed methane facility in Ranigunj; West Bengal. (Business Standard)

Kingfisher Airlines – A sections of co.’s pilot are contemplating to drag the management to the labout court, according to sources. (Economic Times/PTI)


The German Chancellor Angela Merkel on Sunday said that she was confident that a majority of German lawmakers would back the Spanish banking aid pack of up to EUR 100b. In regards to Greece chancellor said that she would wait for the report from ‘troika’ before deciding on further steps. As Greece is seeking to renegotiate the terms of its EUR 130b rescue fund. (Reuters)

Italian Finance Minister Vittorio Grilli stated that Italy plans to reduce its public debt by 20 percent until FY2018. The nation would plan to sell public assets for about EUR 20 b (USD 24.5 b) on an annual basis for the next five years. The minister also stated that GDP would contract less than 2 percent in FY2012 vs the government’s forecast of a decline of 1.2 percent. (Bloomberg)

According to a official documents Spanish government will slash EUR 56.4b from the public deficit in the next two and a half years. The remaining EUR 8.6b shortfall will be filled by new tax measures. (FirstPost/Reuters)

GlaxoSmithKline – Co. in talks with Human Genome Sciences to acquire it for around USD 2.6b, according to sources. (Economic Times/Reuters)

BHP Billiton – Co. to put up its iron ore project in Guinea for sale, as the co. looks to dispose off non-core assets as global demand for commodities flattens. (Reuters)

Deutsche Bank – Co. has approached the ECB and Swiss authorities in order to co-operate in the Libor fixing investigation in return of leniency. (Fox Business – Dow Jones Newswires)

British Petroleum – Co. nears a USD 15b settlement deal over the Gulf oil spill. (Fox Business – Dow Jones Newswires)


US Retail Sales are projected to have increased by 0.2 percent in June vs -0.2 percent in May following a pickup in demand for automobiles offsetting expenditure on other goods. Median forecasts show optimism in spending by consumers increased with data to be released today. (Bloomberg)

Research in Motion – Co. has been ordered by Canadian jury to pay USD 147.2m in damages for patent infringement.  (The Financial Express)

Facebook – According to analysts co. is expected to post a net loss of USD 350.6m versus USD 137m profit in 1Q12. Co. reports its earnings on Thursday. (The Financial Express)


According to a report by NPD Display Search, a research firm, shipments of LCD televisions over the globe would rise at a slower pace as compared to the previous year. Shipments are forecast to fall 1.4 percent for the 2012 period to 245 m units. Lower discretionary spending by consumers in Europe and Asia, including India, contributed to the lower shipments. Prices of LCD’s would also decline 4 percent in 2012 vs 6 percent in 2011. (Economic Times)

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