China hopes US bailout bill can stabilize markets

China hopes a historic US$700 billion U.S. government bailout of the financial industry will help stabilize global markets.The People's Bank of China praised the approval of the bill and said China was willing to work with the U.S. and other countries to stabilize markets worldwide. ``We hope this bill can be implemented as soon as possible and gain positive results, to stabilize the U.S. and global financial markets and restore the confidence of investors,'' the statement said. A reluctant U.S. Congress abruptly reversed course and approved a US$700 billion government bailout bill for the battered U.S. financial industry on Friday. U.S. President George W. Bush swiftly signed it.

Reliance founders convert $3.6 bn warrants

Reliance Industries Ltd, India's top listed firm, said on Friday ,3rd October,2008 that its founders had exercised 120 million warrants, converting them into share s at a cost of 168.24 billion rupees ($3.6 billion).

Tech major scouts for acquisitions

Satyam Computer on Thursday said that it has accelerated the hunt for prospective companies that it could acquire globally even if the cost runs into billions of dollars. Sensing opportunities arising out of the financial crisis triggered by fall of major banks and mortgage giants in the US, B Ramalinga Raju said that it is possible to raise $4-5 billion as war-chest for acquisitions that strategically fit India's fourth largest IT entity. Raju said that the company had a billion-dollar cash surplus and funds were not any issue when any potential acquisition opportunities came around. "The acquisition could be even in billions of dollars". Asked if its next bid could be a billion-dollar deal, Raju said, "That is a possibility"

RIL wins Golden Peacock Award

Mukesh Ambani-led Reliance Industries has won the Golden Peacock Global Award for Excellence in corporate governance for 2008. The annual award is conferred by the World Council for Corporate Governance to companies which demonstrate benchmark standards and excellence in corporate governance, RIL said in a statement on Thursday. "RIL received the award with an appreciation for its corporate governance practices, corporate social responsibility and sustainability reporting initiatives," the statement added. The award was presented to RIL at the 9th International Conference on Corporate Governance held at London by Ola Ullsten, former Prime Minister of Sweden and Chairman of the Golden Peacock Global Award jury.

India Rupee Falls to Five-Year Low as Capital Outflows Escalate

India's rupee slumped to the lowest since 2003 as Asian stocks headed for the worst week in 13 months, adding to speculation investors will take money out the region. The rupee fell as much as 1.4 percent to 47.295 per dollar, the lowest since May 2003, before trading at 47.16