Archive for October, 2008

Financial shares lead Wall St rally

The Dow and the S&P 500 climbed more than 1 per cent on Friday, led by financial shares as investors picked up bargains prompted by 
further signs of thawing in the credit markets.

An S&P index of financial stocks rose 2.8 per cent.

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IT stocks bank on rate cut by Fed

Meanwhile, the BSE Sensex was up 647.01 points, or 7.15%, to 9,691.52

India’s third largest IT exporter by sales Satyam Computer Services rose 6.71% to Rs 301.70. India’s fourth largest IT exporter by sales Wipro rose 6.30% to Rs 272.45. Infosys Technologies, the country’s second largest IT exporter by sales gained 3.96% to Rs 1355, and India’s largest IT exporter by sales Tata Consultancy Services jumped 7.18% to Rs 581.45.

Indian IT firms count global financial services firms as their top clients. They earn over a third of their revenues from the banking, financial services and insurance (BFSI) sector.

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McCain set for ‘Saturday Night Live’ cameo

John McCain’s campaign said on Friday the Republican presidential candidate will detour from battleground states to appear on “Saturday Night Live,” the late-night comedy show that has been a must-watch for many Americans during the political season.

Hosting the show this tomorrow is actor Ben Affleck, a supporter of Democratic candidate Barack Obama. The musical guest is singer David Cook.

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Bank of Japan cuts key interest rate

The Bank of Japan cut its key interest rate on Friday for the first time in more than seven years, finally joining central banks around the world in trimming borrowing costs to cushion the impact of the global financial crisis.

The Bank of Japan policy board voted in a rare 4-4 split decision to reduce the uncollateralized overnight call rate from 0.5 percent to 0.3 percent, a bit less than the quarter-point cut expected by the market.

Gov. Masaaki Shirakawa, who has the final say in the event of a tie, said three of the four dissenters actually favored a bigger cut to 0.25 percent.

The central bank, operating with one vacancy on its nine-member board, last loosened monetary policy in March 2001.

“Adjustments in the world economy stemming from financial crises in the United States and Europe have further increased in severity,” the Bank of Japan said.

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