Corporate News Headline
•Sesa Goa has acquired Goa-based iron ore mining company – Dempo Mining Corporation for Rs. 17.5 bn. (BS)
•ONGC said it will borrow about Rs. 270 bn over next three to four years to fund its projects. (BS)
•NTPC and BHEL have joined hands to set up a major power projects equipment manufacturing unit in Andhra Pradesh. (BS)
Economic and Political Headline
•The inflation rate for the week ended May 30 came down to 0.13% primarily due to decrease in prices of manufactured products on an annual basis. (BS)
•Retail sales in the US rose 0.5% in May, for the first time in three months, an increase driven almost solely by shoppers returning to automobile showrooms seeking bargains and the rising cost of gasoline. (Bloomberg)
•The Japanese economy shrank at a staggering rate of 3.8% in the first quarter of 2009, but the pace of contraction is still less than anticipated. (BS)
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