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Thursday 22 September 2011

All markets Tumbled by More then 3% Why??????????????

This All Happen due to that Statement By Fed, The Fed said, "there are significant downside risks to the economic outlook, including strains in global financial markets."Fed Wednesday said it would replace USD 400 billion of the shorter duration Treasury securities it holds with the same amount of 6- to 30-year Treasurys. It  also said that it would buy mortgage securities with the runoff from maturing mortgages in its portfolio. But it also talked about a slow recovery, slow improvement in unemployment and new risks from Europe. Traders concerned that the Fed's efforts will not result in much improvement to the economy.
The Fed action Wednesday also came a day after Republican leaders in Congress sent a letter to Fed Chairman Ben Bernanke asking him to refrain from further stimulus.The unusual act ruffled some in the markets who took it as an assault on the Fed's independence.

Mercator Lines has acquired 50% stakein Indonesia`s Kalimanthan province

Mercator Lines has acquired 50% stake for about USD 30 million (Rs 1.45 billion) in a coal mine in Indonesia`s Kalimanthan province which has reserves of 60 million ton. India`s second-largest private sector shipping company Mercator Lines also said it planned to list its coal division in London in one year. The company is looking at a production of 3 million ton coal in a year which it will sell.

Reliance Capital is now looking to sell 26% stake in Reliance General Insurance Company

 Reliance Capital is  looking to sell 26% stake in Reliance General Insurane Company. Reliance Capital the financial service arm of the ADAG Group has already started the due diligence process and is expected to complete this by the end of this financial year. Sources familiar with the developments say Reliance Capital is looking at a valuation close to what Nippon Life had given for taking 26% stake in Reliance Life.

GVK in talks with Kideco for stake sale in Coal Mines

GVK Group in talks with Kideco for stake sale in Coal Mines they recently closed a deal to acquire coal mines and associated infrastructure from Georgina Hope Rinehart’s Hancock Group for $1.26 billion and is now in the process of raising funds for this.the group announced its acquisition, from Hancock, of a 79% stake in Tad’s corner and Paul’s corner, and a complete acquisition of Kevin’s corner mines located in the Galilee basin in Queensland. GVK was looking to raise around $1 billion to fund the deal by selling a part of its stake in its Singapore-based co. GVK Coal Developers.