Economic and Political Headline
• The government approved Rs. 150.00 bn capital infusion in public sector banks (PSBs) in the current fiscal, a move that will increase the lending capacity of the banks by Rs. 1.85 tn. For the year 2010-11, a sum of Rs. 150.00 bn is to be infused in Tier I Capital Instruments of the PSBs. (BS)
• Sales of new homes surged 27% in March and orders for most durable goods climbed, indicating the US economy sped up heading into the second quarter. The gain in new-home sales was the biggest in 47 years as buyers rushed to qualify for a government tax credit and the weather improved, a Commerce Department report showed. (Bloomberg)
• UK economy grew half as much as forecast in the first quarter. Gross domestic product rose 0.2% from the final three months of 2009, when a 0.4% expansion ended the recession, the Office for National Statistics said in London. (Bloomberg)
• The government approved Rs. 150.00 bn capital infusion in public sector banks (PSBs) in the current fiscal, a move that will increase the lending capacity of the banks by Rs. 1.85 tn. For the year 2010-11, a sum of Rs. 150.00 bn is to be infused in Tier I Capital Instruments of the PSBs. (BS)
• Sales of new homes surged 27% in March and orders for most durable goods climbed, indicating the US economy sped up heading into the second quarter. The gain in new-home sales was the biggest in 47 years as buyers rushed to qualify for a government tax credit and the weather improved, a Commerce Department report showed. (Bloomberg)
• UK economy grew half as much as forecast in the first quarter. Gross domestic product rose 0.2% from the final three months of 2009, when a 0.4% expansion ended the recession, the Office for National Statistics said in London. (Bloomberg)