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Archive for December, 2008

Only two trades each were conducted on the National Stock Exchange (NSE) as well as on the Bombay Stock Exchange (BSE) since December 22 when the revised scheme came into effect. Sebi had issued a circular in October, asking both the exchanges to put

UPDATE 1-Indian cash rates end lower on adequate cash - Reuters India
MUMBAI, Dec 24 (Reuters) - Indian overnight call rates ended lower on Wednesday as cash conditions softened, helped by federal spending, dealers said. Overnight call money rates closed at 6.00/6.15 percent, down from Tuesday’s close of 6.15

Stocks in U.S. Gain as GMAC Receives U.S. Funds; GM, Ford Shares - Bloomberg
Dec. 30 (Bloomberg) — General Motors Corp. ’s bailout from the U.S. Treasury, including billions of dollars committed to the automaker and its financing arm, has analysts predicting its bankrupt former parts unit, Delphi Corp., might get the same

State cash delays not yet hurting schools - Naperville Sun
Right now, Naperville schools are flush with cash. That could change, though, if the current delays in state funding for education drag onward. » Click to enlarge image Naperville Central High School fans line the top of the bleachers as the sun

LIBOR Faces Major Review - BusinessWeek
Most experts agree the financial services industry could do with a major spring cleaning. Further evidence of the need for change could be published on May 30 when the British Bankers’ Association (BBA) unveils its review into the London Interbank

THE Rudd Government may need to raise $45 billion to stimulate the economy and help state governments finance new infrastructure programs.

The states’ funding has been hit by the federal Government’s policy to guarantee bank deposits, which has prompted investors to dump state government bonds and buy guaranteed bank debt.

The federal Government has this year issued $15.3 billion worth of bonds, a major source of income for the Government, but economists at Citigroup predict this will triple in a push to finance the projected budget deficit and public sector spending. “In the seven months since the budget, the whole world has changed,” Citi economist Stephen Halmarick said.

The investment bank forecasts the Government will borrow $10 billion for the potential deficit in the next year and $15 billion for its Building Australia, health and education funds.

Mr Halmarick said the Government’s original plan was to finance the funds from the 2009-10 budget surplus, but the money would not necessarily be invested in the same year.  “That surplus doesn’t exist any more,” he said. “Some of the money could be raised in future years as projects come on line, but it was going to be funded out of the surplus.”  The Government plans for the board of the Future Fund to manage and invest the money held in the three funds. On top of the national spending, a further $15 billion could be borrowed to help fund the states’ infrastructure agenda.

The economists estimate the Government will need to fund an extra $5 billion worth of debt that is due to mature in the next financial year.  Citi chief economist Paul Brennan said there would be demand in financial markets among investors to buy national government debt as long as inflation remained low during the economic slowdown. He said it was positive for the economy for the Government to be spending, particularly on infrastructure, as most major economies faced recession.

The International Monetary Fund has warned that next year will be one of the toughest of recent times for the global economy. “It looks like we’re going to shift from surplus to deficit, and that deficit could be really large,” Mr Brennan said.  “The Government could feel they have to stimulate things a bit more, given you have the IMF calling for a co-ordinated fiscal stimulus.”  Economists have started to question how the state governments will pay for their infrastructure plans, after their bonds were dumped by investors choosing to buy guaranteed bank debt.

But Mr Brennan said the federal Government could borrow cash and lend it to the states in a bid to maintain public sector spending on infrastructure.

*source The Australian

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BorrowCashNow.com.au

THE Federal Government is prepared to become a borrower for the first time in more than a decade to fund its ambitious infrastructure building program.

Kevin Rudd is considering becoming the first Prime Minister in more than 12 years to take on net debt, The Daily Telegraph has learned.

Mr Rudd wants to fund massive improvements to city and regional transport systems, and he wants the “nation building” projects running as quickly as practically possible.

The Government has already outlined projects to be paid for from the $20 billion Building Australia fund coming out of consecutive Budget surpluses.

Extra money could come from loans, possibly through bonds sold to the public.

The Daily Telegraph has learned that Mr Rudd has discussed the potential for capital works loans with senior colleagues including Infrastructure Minister Anthony Albanese.

*source
news.com.au