Morning Headlines - Feb 24 2010

Corporate News Headline
• Maruti Suzuki India is recalling about one lakh units of its flagship export model 'A-Star' to replace a faulty fuel pump part. (BS)
• Mahindra Satyam said it has filed a lawsuit in a New York court against its former UK client Upaid, seeking to make it solely responsible for any tax liability arising from an out- of-court settlement reached by them. (BS)
• Reliance Industries need not club marketing margin with the gas sale price for purpose of calculating royalty according to Petroleum Minister Murli Deora, a statement that overturns a suggestion by oil regulator DGH. (BS)

Economic and Political Headline
• The state finance ministers have stated that the proposed GST, which will replace most of the indirect taxes at the central and the state levels, cannot be implemented from April this year as envisaged. (BS)
• Confidence among US consumers fell more than anticipated in February to the lowest level since April 2009 as the outlook for jobs diminished, a sign spending may be slow to gain traction as the economy recovers. The Conference Board's confidence index declined to 46, from a revised 56.5 in January, a report from the New York-based private research group showed. (Bloomberg)
• Home prices in 20 US cities rose in December for a seventh consecutive month, indicating the industry at the heart of the worst recession since the 1930s is stabilizing. The S&P/Case-Shiller home-price index increased 0.3% from the prior month on a seasonally adjusted basis, more than anticipated and matching the gain in November. (Bloomberg)