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Cement despatches: Back in double-digits
Healthy demand outlook and partial improvement in prices have perked up sentiment towards cement stocks.

FM's pre-Budget meeting with states on January 13
Finance Minister Pranab Mukherjee will hold a pre-Budget discussion with state governments on January 13. Recommendations of the 13th Finance Commission on devolution of funds, the Goods and Services Tax (GST) regime, continuation of stimulus packages and allocation for the Centre’s flagship schemes such as National Rural Health Mission and Sarva Shiksha Abhiyan are expected to dominate the deliberations. A government official told Business Standard today that the states will make a strong pitch to continue the fiscal stimulus package.

News of the day

Jonathan Weil: Putting the SEC in a spot
Jonathan Weil / September 18, 2009, 0:00 IST
Management

BofA appoints Brian Moynihan as President and CEO

Financial services major Bank of America today said its consumer banking chief Brian T Moynihan will replace Kenneth D Lewis as President and Chief Executive Officer of the company on January 1, 2010. - Robert Kelly in lead for BofA CEO job, pay a hurdle - BofA repays US govt entire bailout money - BofA securities sale raises $19.3 billion - "Cross-border deals will drive M&As" - Curl ball - JP Morgan, BofA gear up to fund Hershey"s Cadbury bid The 50-year-old Moynihan would take up the new position and join the board after the retirement of Lewis on December 31, 2009, the US-based bank said in a statement. Moynihan had joined BofA as part of its 2004 purchase of FleetBoston Financial Corp. Over the years he has served as BofA general counsel, chief of global wealth management and consumer bank head. The company selected an internal candidate after months-long search for the top job at BofA. Many times talks were obstructed due to the restrictions imposed by the government on executives compensation. BofA said last week it had repaid $45 billion to the US government to free itself from the restrictions. The company had received bailout money from the government at the height of global financial crisis in 2008.


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