India gold futures reverse losses on dollar

India gold futures reverse losses on dollar

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MUMBAI (Reuters) - India gold futures reversed early losses on Monday supported by weak dollar overseas, analysts said.
The dollar fell, hitting its lowest in seven weeks on the euro, as investors emboldened by slowing U.S. job losses extended diversification into other currencies.
Gold and dollar often move in opposite direction.The most traded June contract was 0.29 percent higher at 14,548 rupees per 10 grams at 11:05 a.m. The contract had gained 1.5 percent last week."We forsee some appreciation in prices primarily due to bargain hunting," said Debjyoti Chatterjee, associate vice-president with ADMISI Commodity Services.
Gold may rally and trade in the range of 14,460-14,700 rupees, Chatterjee added.Gold may rally further if it manages to breach 14,750 rupees, said Vikas Vaid, assistant vice-president with Asit C. Mehta Commodity Services. 

Oil falls towards $58 on econ fears, eyes dollar

Oil falls towards $58 on econ fears, eyes dollar

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By Fayen Wong
PERTH (Reuters) - Oil fell towards $58 a barrel on Monday, reversing some of the previous session's near 3 percent gains, as investors took profit amid warnings that any global recovery will only be gradual.Oil rose more than 3 percent on Friday to touch a near six-month high as economic data showed fewer-than-expected jobs were lost in April and stress test results lifted some uncertainty over the health of major American banks.U.S. crude fell 47 cents to $58.16 a barrel by 0533 GMT. The contract rose $1.92 to settle at $58.63 on Friday.London Brent crude fell 31 cents to $57.83."Oil prices are driven by perceptions that the economic outlook is less pessimistic that previously thought. But the growth numbers we could be seeing from developed economies may not justify such price levels," said David Moore, a commodities strategist at Commonwealth Bank of Australia.
Still, encouraging news from China, the world's third-largest economy, helped support oil at above $58 a barrel.A top China central banker said the government's stimulus plan has worked better than expected, while crude imports data showed a spike in demand.

Financials put Pandit on top among NRI-run firms

Financials put Pandit on top among NRI-run firms

Citigroup's Vikram Pandit may have been named among worst CEOs ever in America, but in terms of financial performance for the first quarter of this year, the banking behemoth has emerged as one of the best performers among the US companies run by persons of Indian origin.
While Citigroup bounced back into profitability in the first quarter of 2009, after five straight quarterly losses of multi-billion dollars, IT firm Cognizant Technology is possibly the only other American blue-chip company in this league to report a rise in profits for the same period.
In comparison, Indra Nooyi-led PepsiCo and Shantanu Narayen-led Adobe Systems posted declines in their first quarter profits.
Besides, Hartford Financial Services, led by Ramani Ayer, plunged into heavy losses in the first quarter of this year, from profitability in the year-ago period.
Another blue-chip global enterprise run by an India-born person, ArcelorMittal, also posted a billion-dollar loss in its first quarter net profit. The world's biggest steelmaker, run and majority owned by Lakshmi Mittal, recorded a net loss of 1.1 billion dollar in the quarter ended March 31, 2009, as against a profit of 2.4 billion dollar in the year ago quarter

GLOBAL MARKETS - Asia shares hit 7-mth high; some see pullback

GLOBAL MARKETS - Asia shares hit 7-mth high; some see pullback

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By Rafael Nam
HONG KONG (Reuters) - Asian shares rose to their highest in seven months while the safe-haven dollar extended its decline on Monday, but warnings about an impending turnaround are growing amid weak corporate results and views that any global recovery will only be gradual.
For now, traders focused on a smaller-than-expected number of job losses in the United States that reinforced expectations that the global economy, while still weak, may have hit bottom. Increased optimism about the global financial system is also feeding the rally.
European shares were set to gain ahead of results from bellwhether HSBC, while oil prices retreated a tad from the 6-months highs above $58 a barrel hit on Friday.
The gains in stock markets -- with the MSCI's index of Asia-Pacific stocks outside Japan up 52 percent since their 2009 low hit in early March -- are also sparking a plunge in risk premiums in Asian credit levels. 
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Insurance watchdog asks LIC to chalk out plan to cut 10% holdings in cos

Insurance watchdog asks LIC to chalk out plan to cut 10% holdings in cos

Insurance regulator, Irda, has asked Life Insurance Corporation (LIC) to chalk-out a plan to reduce its stake in those companies where it holds more than 10% and expects a response in the next 15-20 days, a senior Irda official said.
"In our bilateral discussions with LIC, we have asked them to come out with a clear plan for compliance with the norms for reduction of its stake in those blue-chip companies where it holds more than 10%," Insurance regulatory and development authority member (actuary), R Kannan, said.
Irda had, last year, said that LIC should pare down its holding in companies where it holds more than a 10% stake to the prescribed limit of maximum 10%.
LIC is expected to chart its course of action and revert to the Irda with its plan of compliance in a few days, Kannan said. "Now, when it (LIC) is closing its accounts, it should come out with a clear strategy for bringing its holding down (to 10%). We expect LIC to come out with its plan in the next 15-20 days," Kannan said. 
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