29-June-09 News Headlines

Corporate News Headline • Reliance Industries has signed a gas sales and purchase agreement with state-owned power major NTPC to supply gas at the government-mandated price of USD 4.2 per mmBtu. (BS) • Unitech is planning to raise USD 200 mn within the next three months by selling stake in its affordable housing projects to private equity players. (BS) • DLF said that it will reduce its huge debt of Rs. 140 bn to half by the end of this fiscal by raising funds through sales of non-core assets/businesses, and internal accruals. (BS)   Economic and Political Headline • The RBI has allowed Public sector banks to give more relief to farmers under the debt relief scheme, provided the lenders do not ask the Government to bear the losses. (BS) • The US Consumer spending rose 0.3% in May as benefits from the Obama administration's stimulus plan spurred a jump in American incomes, a sign that efforts to revive the economy are starting to pay off. (Bloomberg) • Japan's consumer prices fell 1.1% from a year earlier in May, adding to the risk that deflation will become entrenched and hamper a rebound from the nation's worst postwar recession. (Bloomberg)