Mumbai: Asian markets advanced in opening trades on Monday morning with Japan’s Nikkei stock average rallying further as the yen extended its downward march on monetary easing hopes, reports MarketWatch. All eyes are on the Bank of Japan policy meeting on Tuesday. Hong Kong’s Hang Seng was up 0.5% while China’s Shanghai Composite was trading marginally lower.
Wall Street indices ended marginally in the green on Friday after top lawmakers from both major U.S. political parties, republicans and democrats hinted that a deal can be reached to avert the looming fiscal cliff. Republicans have said they are willing to consider new revenue options such as closing loopholes and Obama said that fiscal situation can be dealt with, reports MarketWatch.
In India, the 2G spectrum auction disaster has made the government wary that auction of coal mines will see a similar fate since none of the coal blocks identified for sale have the required green clearances, reports Economic Times. This may weigh on valuations and deter potential bidders for the coal blocks.
Kingfisher Airlines will be in focus as the UB Group is likely to infuse fresh funds into the beleaguered airline, reports Mint. Seventeen banks that have lent to the airline will also meet this week to discuss their options. The airline is likely to submit a fresh plan before the Directorate General of Civil Aviation to restart the airline by December
While the mobile operators fight in India for subscriber base, the Bharti group has been offering 2G and 3G services under a dual brand - Airtel-Vodafone in Jersey and Guernsey, since May 2007, reports Business Standard. Vodafone gets a fee for its popular services being used by the Airtel-Vodafone subscribers in UK.
Banks’ woes continue to grow as companies falter on loan repayment. Domestic banks have seen an increase of 85% in bad loans since the beginning of current fiscal. The sharp rise in bad loans comes at a time when corporate restructuring has climbed to record high levels.
Maruti Suzuki may see some action after Pak-Suzuki Motor Company has asked the government in Pakistan to permit the import of parts for the Alto model car from India so that it can revive the production of the vehicle.
Lastly, various multi-system-operators - including Digicable, Hathway Cable and Datacom, and Incable decided to block all entertainment channels after they were asked by Shiv Sainiks to stop broadcasting movie channels as a sign of grief, reports Business Standard.