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Ford reports stronger sales in Asia than forecasted. Today the BSE benchmark Sensex gained more than 51 points. An increasing number of US corporations are trying to avoid taxes and save hundreds of millions of dollars by moving their businesses in Europe. Today gold increased on the Indian market reaching Rs 29,000 per ten gram level in futures contracts after gaining 0.42%.
Major European banks will have to revise their balance sheets and reduce a total of €661 billion in assets in terms to remain afloat and escape another bailout by taxpayers, reported Financial Times.
China’s government has announced its intention to launch more small-sized private banks that will help the business. Today the rupee increased by 31 paise to 60.57 versus the dollar amid higher sales of the US dollar. HSBC revised up its rating for ITC Ltd from “neutral” to “overweight”. Adviser of Japanese Prime Minister Shinzo Abe has announced that the government does not need to hurry with the increase of sales taxes.
Declining exchange rates of the Japanese yen seem to be not enough to boost all Japanese businesses despite that many companies have benefited from the decrease, reported Financial Times.
Commerzbank announced decrease in net profit to €43 million or $57 million in Q2. T-Mobile US posted today its financial data for Q2 that showed a 16% decline in adjusted EBITDA. Amid weaker performing European markets world’s largest food group Nestle reported lower than forecasted sales growth. China Railway Corporation said that its plans to increase its fixed-asset investments to 660 billion yuan or $106.5 billion in 2013.
Washington post announced its decision to sell its newspaper division, reported Financial Times.