Global - Economy and Market
Italy PM Monti unveils sweeping austerity package
ROME - Prime Minister Mario Monti will present a 30 billion euro package of austerity measures to parliament on Monday designed to shore up Italy's strained public finances and help to stem a debt crisis threatening to overwhelm the euro zone.
China vice premier calls for trade restructuring
SHANGHAI - China's Vice Premier Wang Qishan on Sunday urged local authorities to stabilise exports and boost imports in the face of growing global economic uncertainties, reiterating Beijing's pledge to transform its trade-dependent economy.
Russia: November manufacturing PMI was up sharply from the previous month, a further sign of a pickup in growth in Q4
The most significant rebound was in the new orders, output and employment sub-components.The output prices sub-component rose, while the input prices sub-component was indicative of a further decline in inflation pressures.
Mexico: The central bank will announce its monetary policy decision today at 10:00am EST; expected to leave the overnight rate unchanged at 4.5%
South Africa: November’s PMI increased to 51.6, but the components were mixed
Taiwan: The Executive Yuan has approved measures to support the economy, aiming at maintaining 2012 GDP growth at 4%
U.S. manufacturing expansion outpaces most other nations
U.S. manufacturing output rose last month, setting the country apart from other developed nations except Russia, the Institute for Supply Management said. The institute's U.S. index rose to 52.7% in November, from 50.8% in October. Russia's index rose 2.2 percentage points, to 52.6%.
India - Economy and Market
Mamata Banerjee says foreign supermarket plan on hold
MUMBAI - The government will put a plan to open up its retail industry to foreign supermarkets on hold until it reaches consensus within the coalition, risking a possible dilution of the policy rather than a change of heart.
RBI says ready to deploy every tool to defend rupee
RBI on Saturday said it will pull all stops to defend rupee if situation warranted and blasted critics questioning its ability to effectively arrest slide, saying selective intervention in recent days should not be "misconstrued" as its "inability" to deal with the challenge.
"We do have the instruments and capacity to enhance the supply of foreign exchange into the market and will use them as appropriate," RBI Deputy Governor Subir Gokarn told a CII event here through a video recording.
New green revolution: Producer comapnies help farmers reap profits
NEW DELHI: Farmers are joining India Inc in mind, body and spirit. In a quiet revolution underway across the countryside, growers are setting up companies, replete with balance sheets, professional CEOs, board of directors, and income tax returns.
By pooling together the land and produce of their shareholders, these companies are signing lucrative deals with large retail chains, food companies and exporters keen to establish reliable supply chains. As many as 200 companies have been formed by farmers from different parts of the country and another 100 are likely to be set up by March next year
Indian shares to drop on profit-taking; UltraTech eyed
MUMBAI, Dec 5 - Indian shares could falter on Monday as profit-taking is seen emerging after the market had rallied the most in nearly two-and-a-half years last week. "I don't see the market going up. It will open in the red and will go down," Kishor Ostwal, chairman and managing director at CNI Research, said. At 0230 GMT, the Nifty India stock futures traded in Singapore were trading down by 0.5 percent, pointing to a lower opening for the Indian market.
Technology News –
Infosys cautious about global IT demand; Wipro, TCS, Cognizant optimistic
While, Infosys is cautious. Tata Consultancy Services (TCS), Cognizant and Wipro were very optimistic on demand for IT products.
Tulip partners Iomega, MindTree for video surveillance service
Tulip Telecom has tied-up with IT firm MindTree and data storage company Iomega to offer video surveillance services to SMEs.
The services will be based on Iomega's storage devices, while MindTree will provide the video management software. The solutions will be rolled out by Tulip.
"The partnership looks to provide India's first video surveillance services based on cloud technology to the SMEs," Iomega President Jonathan Huberman told reporters here today.
Germany's SAP to buy US-based SuccessFactors for $ 3.4 bn
NEW YORK: German business software giant SAP AG has agreed to buy SuccessFactors Inc in an all-cash deal worth $ 3.4 billion.
SAP will pay $ 40 a share for acquiring all common stock of US-based SuccessFactors. This represents a premium of 52 per cent over the closing price of SuccessFactors' shares on December 2, the Germany-based firm said yesterday in a statement.
SuccessFactors, a provider of employee management software, has more than 3,500 customers and over 15 million subscribers in 168 countries.
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