The Hindu Business Line : Friday, December 21, 2007

INSIGHT
The $3.8 trillion pro-notes depreciating by the hour
The dollar reserves of countries that sell goods to the US represent moneys lent to the US to help it buy goods from them, like a shopkeeper lending money to his clients and asking them to buy his goods. It’s worse in fact. It is more like the shopkeeper selling his goods on credit against the client’s pro-notes, says S. GURUMURTHY. More

FOREX
US capital outflows fall 66% in July-Sept
Data released by the US on Monday show that capital (re)exports over July-September 2007 were $300 billion below the figure for April-June. US banks accounted for one-third of the drop. Almost all the rest was due to the subdued ... More

Rupee sees 2-way movement
The rupee was rangebound between 39.51 and 39.60 as there was good two-way movement. It opened stronger at 39.55 and closed at 39.54/55, about 4 paise higher than the previous close of 39.59/60. “Good amount of ECB inflows pushed the rupee ... More

LIFE INSURANCE
Aviva to launch four branches in Gujarat
Aviva Life Insurance, planning to double its sales force next year in western India, will open four new branches in Gujarat in 2008 and enter into bancassurance tie-ups with cooperative banks and others to target new customers. Last ... More

IDBI Fortis Life gets IRDA nod
More

Bajaj Allianz opens hub centre
More

RBI & OTHER CENTRAL BANKS
IFC, FINO to develop IT solutions for microfinance institutions
More

Banks told to shoulder ‘social responsibility’
More

PRIVATE BANKS
City Union targets Rs 12,000-cr biz
More

PUBLIC SECTOR BANKS
Central Bank of India launches bouquet of products
Mumbai, Dec. 20 Central Bank of India has launched a bouquet of products and services to cater to the needs of diverse strata of customers. Ms H.A. Daruwalla, Chairperson and Managing Director, Central Bank of India said that the new range of ... More

BoI to raise capital via QIP
More

FINANCIAL INSTITUTIONS
SIDBI to add 2 branches in AP
Visakhapatnam, Dec. 21 The Small Industries Development Bank of India (SIDBI) is planning to set up branches in Andhra Pradesh at Rajahmundry and Balanagar (Hyderabad) in addition to the existing three, according to Mr Harsh Kaul, General ... More

INTEREST RATES
Overseas debt losing flavour as costs mount
Spreads ruling over 300 bps despite India’s investment grade rating More

GOVT BONDS
Bond prices rise as liquidity eases
More

SHORT TERM INSTRUMENTS
Call rates close lower
More

MERGERS & ACQUISITIONS
Saraswat Co-op buys Nashik bank
Saraswat Co-operative Bank has acquired Nashik Peoples Co-operative Bank Ltd. Saraswat Bank had signed a memorandum of understanding with the Nashik Co-operative Bank to this effect in June 2007. The total business after the merger will ... More

IFCI plummets 23% as deal falls through
Future hinges on further clarifications from company More

ALLIANCES & JOINT VENTURES
Corp Bank signs MoUs with rating agencies
Mangalore, Dec. 20 Corporation Bank has signed memorandums of understanding (MoUs) with Dun & Bradstreet, ICRA Ltd, and Fitch rating agencies. Mr M. Narendra, General Manager of Corporation Bank, told Business ... More