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Oil prices decreased today as investors awaited the announcement of US industrial production data. Wholesale inflation in India decreased for a fourth consecutive month in May, reaching a three-year low of 4.70%, compared to 4.89% in April. Chinese magnate Wang Jing has hired the some of the most experience specialists for the construction of the multibillion project rival of the Panama Canal. BDRC Finance Monitor research showed that the number of companies using banking loans have decreased to a record low.
When SoftBank announced its decision to buy Sprint Nextel in October 2012, its investors were not very pleased. Recently Sprint increased its asking price by $1.5 billion, which made shareholders even more suspicious and worried.
Today the Royal Bank of Scotland announced that it will cut jobs in its investment affiliate in terms to reduce spendings. The World Bank announced today its forecast of a 6.7% growth rate of India’s economy. European stock markets were badly influenced by the large overnight losses in Asia that caused a wave of selling in the City. Apple Inc considers the launch of iPhones with larger screens and cheaper models in a range of colours.
Large banks are currently competing to lend cash to cloud computing start-up Box, in terms to provide themselves a place in the next awaited IPO in the Silicon Valley, reported Financial Times.
The collateral for the loan is expected to be Box’s assets. So far five major institutions have applied, including Morgan Stanley and Credit Suisse, BMO Capital Markets, JPMorgan Chase and Macquarie.
Toyota Motor Corp announced that it is unlikely to restore its volume of sales that it had four years ago in the US, where is Toyota’s largest market. Honda Motorcycle and Scooter India has released its new model scooter today ACTIVA-I, which will sell at Rs 44,200. Glencore Xstrata announced that has appointed John Mack, former head of Morgan Stanley as an independent director. Employees of Greece’s state television and radio remained in their offices after being fired.
According to the first ever global oil reserves assessment made by the US, shale resources are enough for more than a decade of oil consumption, reported Financial Times.
The research covered shale oil reserves from Argentina to Russia and the US Department of Energy estimated that the total volume is 345 billion barrels in the 42 countries that participated in the research, which is nearly 10% of the global crude supplies. Data for the US shows that the country owns about 58 billion barrels.