Indian weather sends cost of tea soaring in BritainSeptember 4th, 2009 LONDON - Britain's favourite drink could become dearer because dry weather in India, Sri Lanka and Kenya are fast depleting global stocks. Production in some areas is down 15 percent and stocks have plummeted about 80,000 to 90,000 tonnes of tea, according to Bill Gorman, executive chairman of the UK Tea Council.
Stocks open slightly lower after data on inflation, industrial productionAugust 14th, 2009 Stocks dip after data on inflation, productionNEW YORK — Stocks drifted lower early Friday as investors looked for more reasons to keep the market's summer rally going. Investors paused after two days of buying as the Labor Department said a measure of inflation was flat in July after a slight increase in June.
Stocks open slightly higher after retail sales, weekly unemployment reports, Wal-Mart earningsAugust 13th, 2009 Stocks creep higher after jobs, retail dataNEW YORK — Stocks are pushing moderately higher after a better-than-expected earnings report from Wal-Mart helped to offset disappointing data on jobs and retail sales. Investors are hesitantly adding to Wednesday' big gains, which came after upbeat comments from the Federal Reserve.
Interest rates on 3-month, 6-month Treasury bills rise to highest levels since late JuneJuly 20th, 2009 Rates on short-term Treasury bills rise at auctionWASHINGTON — Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in three weeks. The Treasury Department auctioned $32 billion in three-month bills at a discount rate of 0.190 percent, up from 0.180 percent last week.
Allahabad Bank not likely to cut rates soonJune 24th, 2009 KOLKATA - State-run Allahabad Bank is unlikely to cut either interest rates or deposit rates soon, a top bank official said here Wednesday. There is a demand that interest rates should be made affordable but there are other factors that need to be taken into account, the bank's chairman and managing director K.R.
Stocks end mixed as lower oil weighs on commodities; technology stocks slide after rallyJune 12th, 2009 Stocks end mixed as commodity, tech stocks retreatNEW YORK — The stock market's rally is on hold and it's not clear what might get it moving again. Stock indicators barely budged this week after big gains in the prior week.
Growth in retail sales and better-than-expected jobless claims data boost share pricesJune 11th, 2009 Better data on jobs, retail sales lift stocksNEW YORK — Investors are welcoming a better-than-expected report on jobless claims and growth in retail sales. Stocks are ending moderately higher Thursday but off their best levels of the day.
Treasurys rise as investors pull out of stocks after unexpected drop in retail salesMay 13th, 2009 Investors jump into Treasurys as retail sales fallNEW YORK — Unexpected weakness at the nation's retailers fanned concerns about the health of the economy and boosted demand for the safety of government debt Wednesday. Treasury prices jumped as stock market investors worried that the optimism that fed a two-month surge in stocks off of 12-year lows in March might have been overdone.
SBI slashes deposit rates by 50 basis pointsMay 13th, 2009 MUMBAI - State Bank of India (SBI), the country's largest lender, slashed deposit rates by 50 basis points on various maturities Wednesday. The new interest rate will be effective from May 18, the bank said in a regulatory statement.
SBI may review rates by May-endMay 8th, 2009 KOLKATA - State Bank of India (SBI), the country's largest lender, may review rates by May-end as it has seen a steady rise in deposits last fiscal, a top official said here Friday. 'Our deposits are growing at fantastic rates; we see an excess of supply over demand,' SBI chairman O.P.
IDBI Bank reduces interest rates on term depositsApril 29th, 2009 NEW DELHI - Taking a cue from the State Bank of India, the state-run IDBI Bank Wednesday announced cut in its interest rates on retail term deposits by 25-50 basis points across various maturity buckets. The bank has also realigned its maturity buckets by bifurcating the three-year-five-day to 10 years maturity bucket into two separate buckets : three-year-five-day to five years, and five years to 10 years.
Punjab National Bank rules out further cut in interest ratesMarch 27th, 2009 NEW DELHI - The state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits. 'The Reserve Bank of India (RBI) is not reducing interest on savings bank deposits.
HDFC reduces lending rate from WednesdayMarch 25th, 2009 NEW DELHI - Housing finance company HDFC Tuesday announced a reduction in its retail prime lending rates (RPLR) by 50 basis points (bps) from March 25. This is the second time in three months that HDFC has reduced its RPLR.
More state-owned banks reduce lending ratesDecember 28th, 2008 NEW DELHI - Dena Bank, Punjab National Bank (PNB) and Bank of Baroda will reduce their benchmark prime lending rates (BPLR) from Jan 1, the three state-owned banks announced Monday. Dena Bank will cut its BPLR by 75 basis points from 13.5 percent annually to 12.75 percent.
Punjab National Bank, Bank of Baroda reduce lending ratesDecember 28th, 2008 NEW DELHI - Punjab National Bank (PNB) Monday reduced its benchmark prime lending rate (BPLR) by 50 basis points from 12.5 percent annually to 12 percent from Jan 1. Bank of Baroda too reduced its BPLR by 75 basis points from existing 13.25 percent to 12.5 percent, also from Jan 1.
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