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To: Johnny Canuck who wrote (45051)	10/10/2008 4:13:51 AM
From: Johnny Canuck	Respond to of 71016

1:06AM Infosys profit up 17.3%, but shares drop after forecast cut by V. Phani Kumar HONG KONG (MarketWatch) -- Infosys Technologies (INFY) Friday reported a 17.3% growth in quarterly profits, helped by addition of new clients and stable billing rates, but its shares slumped after the Indian software company reduced its revenue and earnings-per-share estimates. Net income for the July-September period increased to $318 million, or 56 cents, from $271 million in the year-earlier quarter. The company lowered its EPS forecast for the year ending March 31 to $2.24 per American Depositary Share from at least $2.32 per ADS. It also cut its revenue forecast to a minimum of $4.72 billion from $4.97 billion predicted earlier. Infosys shares fell 6.9% in Mumbai morning trading. 12:39AM Sensex briefly down 9.6% in early trading, before recovering by V. Phani Kumar HONG KONG (MarketWatch) -- Indian stocks fell 9.6% in early Mumbai trading Friday, as investors shocked by the assault on regional markets and on Wall Street overnight rushed to dump shares. The Sensex fell as low as 10,239.76, before recovering slightly. The index was recently down 8.6% at 10,360.30, with all its 30 constituents in the red. ICICI Bank (IBN) shares slumped 14.9%, while Infosys Technologies (INFY) slumped 16.4% after the software major cut its annual earnings-per-share forecast. THURSDAY, OCTOBER 9, 2008 10:27PM Japanese insurer Yamato Life files for bankruptcy in Tokyo by Chris Oliver HONG KONG (MarketWatch) -- Japanese insurer Yamato Life Insurance Co. filed for bankruptcy protection from creditors Friday, reportedly becoming the first in the industry to do so in seven years. The insurer said recent declines in the value of its securities holdings had impaired its balance sheet, with liabilities exceeding assets by 11.49 billion yen ($116.02 million), according to wire reports citing comments by a company spokesman at a press briefing Friday. Yamato had assets totaling 283.1 billion yen ($2.86 billion) and policies worth 1.075 trillion yen at the end of the fiscal year through March 2008, according to a report by the Nikkei newspaper. Yamato's bankruptcy filing ranks as the fifth-largest corporate failure in Japan this year. 10:14PM Hang Seng Index tumbles more than 8% in early trading by V. Phani Kumar HONG KONG (MarketWatch) -- Hong Kong stocks tumbled in early trading Friday as investors rushed to dump shares after deep losses on Wall Street overnight. The Hang Seng Index lost 8.3% to 14,523.54, while the Hang Seng China Enterprises Index shed 10% to 6,966.65, dropping below the psychologically important 7,000-point level. Shares of market heavyweight HSBC Holdings (HK:5)(HBC) lost 6%, while China Mobile (HK:941) stock shed 7.9%.