MoneyBazaars

Headlines for the day
9-Jun-08

Corporate News Headline
Suzlon Energy signed a share purchase agreement with Areva for acquisition of latter´s total stake of approximately 30% in REpower Systems AG, Germany. (ET)
Essar Steel is planning to raise its takeover offer to USD 17 per share, or about USD 670 mn for Esmark Inc. to thwart a rival bid from OAO Severstal. (Bloomberg)
Axis Bank is planning to raise capital upto Rs. 65.2 bn through upper and lower tier II bonds to support the business growth and Basel II norms. (ET)

Economic and Political Headline
The WPI-based annual rate of inflation rose to 8.24% for the week ended May 24, compared with 8.1% in the previous week, due to an increased in prices of edible oil, groundnut oil, cereal, meat and fish. (BS)
India´s foreign exchange reserves fell to a USD 314.614 bn as on May 30, from USD 316.171 bn a week earlier. (ET)
The US Federal regulators warned that banking-industry turmoil would continue as financial institutions come to terms with piles of bad loans that they made to finance the construction of homes and condominiums. (WSJ)