Thailand and Taiwan may keep interest rates unchanged this week as Asian policy makers gauge the extent of a growth slowdown in China that’s adding to challenges posed by the European crisis and rising oil prices. Thailand will hold its benchmark one-day bond repurchase rate at 3% today, according to 19 of 21 economists surveyed by Bloomberg News, with two predicting a third consecutive cut to 2.75%. Taiwan may leave the discount rate on 10-day loans to banks at 1.875% on March 22, all 10 economists in a separate survey said. (Bloomberg)
Australia: Passes 30% tax on iron-ore, coal mining profits
Australia passed legislation that will reap about USD11bn in taxes within three years from BHP Billiton Ltd. (BHP), Rio Tinto Group and other iron-ore and coal miners as the government seeks to turn its budget to surplus. Prime Minister Julia Gillard’s Minerals Resource Rent Tax was passed in the upper house yesterday and will become law on 1 July after receiving backing from the ruling Labor party and the Greens, who hold the balance of power in the Senate. (Bloomberg)
China Increases Fuel Prices Second Time in Two Months
China, the world’s largest oil consumer after the U.S., increased gasoline and diesel prices for the second time in less than six weeks after crude had its biggest monthly gain in a year. Prices gain by 600 yuan ($95) a metric ton starting today, after the three crude grades tracked by the National Development and Reform Commission climbed more than 10 percent, according to a statement on the planning agency’s website yesterday evening.(Bloomberg)
India: seeking to tax overseas transactions to limit claims
India will claim capital gains tax on cross-border acquisitions completed in the past six years through an amendment after Vodafone Group Plc (VOD) won a case against such levies, according to Finance Secretary R.S. Gujral. Finance Minister Pranab Mukherjee on 16 March proposed changing the law two months after the Supreme Court ruled that Vodafone doesn’t have to pay USD2.2bn in tax on its purchase of the local business of Hutchison Whampoa Ltd in 2007. (Bloomberg)
U.S. Stocks Gain as Apple Rallies While Treasuries Slump (Bloomberg)
The Standard & Poor’s 500 Index added 0.4 percent to close at an almost four-year high of 1,409.75 at 4 p.m. in New York, extending its best first-quarter rally since 1998, while the S&P 600 Small Cap Index jumped 0.9 percent to a record and the Nasdaq Composite Index closed at an 11-year high.
US: Homebuilder confidence holds at highest since 2007
Confidence among US homebuilders held in March at the highest level since June 2007 as sales expectations climbed for a sixth month. The reading of 28 in the National Association of Home Builders/Wells Fargo index of builder confidence was less than projected and followed a February figure that was lower than initially reported, figures from the Washington-based group showed yesterday. The median forecast of economists surveyed by Bloomberg News called for a rise to 30. Readings below 50 mean more respondents said conditions were poor. (Bloomberg)
US: Geithner’s bid to recoup TARP gets boost from stress tests
Treasury Secretary Timothy F. Geithner is getting a boost from the Federal Reserve as he seeks to recoup taxpayer money used to bail out banks during the financial crisis. Regions Financial Corp. (RF) and Zions Bancorporation (ZION) last week said they plan to repay money they received through the Troubled Asset Relief Program after passing Fed stress tests. The tests, designed to ensure that the largest US banks could withstand another severe recession, indicate that that the two lenders are strong enough to repay TARP. (Bloomberg)
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