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The bankruptcy of Essar Steel had put India’s nascent bankruptcy laws to test and the final word on that is out. In its latest verdict, the Supreme Court of India has said that banks can decide how to distribute the $6 billion from the sale of the company to <keyword id="47654" type="CITY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, a multinational steel giant owned by billionaire steel tycoon Lakshmi Mittal.<br /><br />This verdict from the Supreme Court also said that the bankruptcy courts are free to relax the 330-day deadline set by the law to resolve insolvency cases. <br /><br />In an interview before the latest judgement from the Supreme Court, MS Sahoo, the Chairman of the Insolvency and Bankruptcy Board of India, told Business Insider that India’s laws indeed have a tight deadline. “The focus is that the process should be completed in a time bound manner, and please note that no where in the world is there this kind of timeline,” Sahoo said in an exclusive interview.<br /><br />The entire transcript of the interview <a href="https://www.businessinsider.in/policy/economy/news/exclusive-interview-with-ms-sahoo-the-insolvency-and-bankruptcy-board-chairman/articleshow/72069548.cms" data-type="tilCustomLink" target="_blank">here</a>. <br /><br /><strong>You can watch the entire interview here:<br /></strong><br />
    <div type="Video" msid="72073026" hostid="261" title="“Nowhere in the world do bankruptcy cases have a 330-day deadline,” says bankruptcy board chief MS Sahoo" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=72073026"></div>



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Nowhere in the world do bankruptcy cases have a 330-day deadline, says bankruptcy board chief MS Sahoo

<ul><li><strong>Steel tycoon Lakshmi Mittal wins his $6 billion bid for bankrupt Essar Steel owned by the Ruia family earlier.</strong></li><li><strong>The latest Supreme Court verdict has set a precedent on how the sale proceeds of a bankrupt company should be distributed.</strong></li><li><strong>The ultimate discretion on distribution of funds was with the Committee of creditors, the SC order on November 15 said.</strong></li></ul><strong><ul><li><strong>The Supreme Court has also allowed the bankruptcy Court to extend the 330-day deadline to resolve insolvency cases.</strong></li></ul></strong>Billionaire steel tycoon Lakshmi Mittal's $6 billion bid for the bankrupt Essar Steel — owned by the Ruia family earlier — has won. At the same time, the latest Supreme Court (SC) verdict has set a precedent on how the sale proceeds of a bankrupt company should be distributed.<br /><br />The ultimate discretion on distribution of funds was with the Committee of creditors, the SC order on November 15 said. The case had landed up at the Supreme Court because the appellate tribunal of the bankruptcy court had held that the funds from the sale of a bankrupt company should be equally distributed between both financial creditors i.e. banks and operational creditors (suppliers, vendors etc.) who are owed money by the insolvent company. <br /><br />The Supreme Court has set aside that order and given banks the power to decide how to distribute the money. It also added that the banks should also balance the interests of all stakeholders. <br /><br />This order has led to a rally in state-owned banking stocks due to two reasons. Firstly, those who have lent money to Essar Steel will get to recover a larger share from the money received from Lakshmi Mittal's ArcelorMittal. Secondly, this order sets a precedent for other bankruptcy cases. <br /><br />Essar Steel owes about ₹49,000 crore to a dozen banks including the State Bank of India (SBI), whose share price surged over 5% after the order. <br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/a-slowing-indian-economy-is-clouding-over-arcelormittals-6-billion-bid-for-essar-steel/articleshow/71004519.cms" data-type="tilCustomLink" target="_blank">A slowing Indian economy is clouding over ArcelorMittal's $6 billion bid for Essar Steel</a><br /><br />

Lakshmi Mittal can begin taking over Essar Steel as India's Supreme Court ends the debate on how to distribute the money

<ul><li><strong>The National Companly Law Appellate Tribunal has allowed ArcelorMittal's bid for bankrupt Essar Steel.</strong></li><li><strong>The order also sets precedents on how the sale proceeds shall be distributed and limits the discretion available to the committee of creditors.</strong></li><li><strong>Lakshmi Mittal has been fighting to take over Essar Steel for over two years now.</strong></li></ul><br />Global giant Arcelor Mittal had made a bid for a bankrupt Indian company Essar Steel.  Simultaneously, the order also sets precedents on how the sale proceeds shall be distributed and has redefined the status of different kinds of companies that a bankrupt company owes money to. <br /><br />The order has said put financial creditors, like banks that lend money, at par with operational creditors (suppliers awaiting payment).<br /><br />In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers will get 60% of the dues from the about ₹42,000 crore offered by ArcelorMittal. <br /><br />However, the committee of creditors that will approve the resolution plan for a bankrupt company does not include the suppliers.<br /><br />The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e" data-type="tilCustomLink" target="_blank">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. The former promoter of the bankrupt company has not given up yet despite his bid to settle the case and regain control has been ruled out. "t appears that new facts regarding ineligibility under Section 29A, which emerged only after the previous judgement of the Supreme Court, have not been given due consideration," an <a href="https://www.livemint.com/companies/news/appellate-tribunal-rejects-ruias-plea-in-essar-steel-case-1562236908498.html" data-type="tilCustomLink" target="_blank">Essar Steel spokesperson told the Mint</a>.<br /><br /><strong>SEE ALSO:</strong><br /><a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms" data-type="tilCustomLink" target="_blank">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a><br /><br /><br />

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

<ul class="summary-list"><li><keyword id="2587701" type="PERSON" weightage="60" keywordseo="Taranto">Taranto</keyword>, a southern Italian city, has long stood in the shadow of a vast, polluting <keyword id="34570" type="COMPANY" weightage="60" keywordseo="steel">steel</keyword> mill.</li><li>The factory routinely blows pollutants over the city, forcing residents to seal themselves in their homes.</li><li>The COVID-19 pandemic has prompted a new irony, bringing instructions to keep windows open.</li><li>Residents feel their fight against the virus is compromised by their struggle with pollution.</li><li>Campaigners hope that increased awareness of health risks nationwide may hasten a solution to their problems.</li></ul><p>The coronavirus pandemic has brought painful changes all over the world — and in one Italian city, it has brought a dire situation into even sharper focus.</p><p>Taranto, on the Ionian coast of <keyword id="21474" type="COUNTRY" weightage="60" keywordseo="Italy">Italy</keyword>'s picturesque Puglia region, is home to Europe's largest steel factory, which spews pollutants and has been associated with heightened rates of sickness in the area.</p><p>The pandemic has brought a new and painful irony to Taranto — pitting the coronavirus carried by humans inside with the pollutants often blown in from outside.</p><p>On so-called "wind days," Taranto residents are urged to shut the windows to block pollutants blown over from the Taranto steelworks, known widely as the Ex-Ilva plant after its old owners.</p><p>At the same time, schools and offices are told to keep their windows open whenever possible to promote air circulation and reduce the risk of virus transmission. Both problems at once make for a lose-lose situation.</p><h2>In the shadow of the steel mill</h2><p>Dr Mina Valentino has worked as a pediatrician in Taranto for 25 years and described to Business Insider a "silent epidemic" of health issues among children there.</p><p>"I see respiratory problems, coughs that are difficult to treat, melanoma in babies, children that have brain development issues because they don't spend enough time outdoors, problems with skin," Valentino said via video-link.</p><p>The steelworks opened in 1964 and is one of Italy's most important sites of heavy industry. It <a href="https://www.fidh.org/en/issues/globalisation-human-rights/business-and-human-rights/the-environmental-disaster-of-the-ilva-steel-plant-has-also-violated">employs 11,000 people</a>, more than any other local employer, and accounts for 75% of the region's GDP.</p><p>For more than 30 years, it was run by the state, before being bought in 1995 by the private Gruppo Riva. An environmental scandal drove it to failure in 2012, when the state took over. Since 2017, the steel giant ArcelorMittal has operated the works.</p><p>No representatives of the factory, past or present, would respond to Business Insider's requests for comment.</p><p>The steel plant brought wealth but also pollution. In 2006, Taranto produced 92% of Italy's dioxins, a type of chemical produced as a byproduct in manufacturing.</p><p>Cancer levels are around 30% higher than elsewhere in Italy, and cancers in children are 54% higher than elsewhere in Puglia, <a href="http://fidh.org/IMG/pdf/industrieitaly711aweb-1.pdf">a 2012 investigation found</a>.</p><h2>A dual threat</h2><p>The first wave of Italy's coronavirus hit the north of the country far harder than places like Taranto. As recently as September, fewer than 1 in 1,500 residents had been infected — as of late November, the figure was closer to 1 in 110.</p><p>And as the disease resurges, the population is on alert again.</p><p>From time to time, local authorities declare "wind days." They occur when a strong, north-westerly wind blows, carrying steel particles from the vast factory to the city center. The frequency varies, but they can come several times a month.</p><p>Residents are strongly advised to stay indoors, and schools and offices close their windows.</p><p>But national regulations require schools to keep their windows open to reduce coronavirus transmission.</p><p>High schools have closed in Italy but elementary and middle schools remain open, including in the Tamburi district nearest the factory.</p><div type="image" title="Taranto steel school map" height="1022" width="1562" msid="79462700" hostid="261"></div><p>Teachers are in a difficult position. One, who did not wish to be named, said school leaders worry they will be blamed if people get sick while studying.</p><p>The enclosing wall of the factory is 135 meters from houses in the deprived Tamburi district, home to some 18,000 people.</p><p>Valentino, the doctor, argues that the open or closed window policy is "completely stupid for protecting children."</p><p>"It's not sufficient for the health of kids because when children are not in school, they are outdoors, and they're even more exposed."</p><p>"The issue is not whether or not windows should be closed or open. The issue is that schools are where they shouldn't be. If you see where schools are on a map, they are four streets from the factory. These kids are exposed to pollution on a daily basis, no matter where the wind blows."</p><h2>Time to close?</h2><p>Alessandro Marescotti, a Taranto teacher, has been campaigning for change for almost two decades. He and his organization, Peacelink, helped publicize data that proved the extent to which the steel plant was polluting the region.</p><p>He said he got a significant backlash for his activism, including death threats. "It's like asking a heavy smoker to stop," Marescotti says. "You're not going to get their approval immediately."</p><p>Action by the authorities to address the pollution has been faltering.</p><div type="image" title="Taranto factory protests" height="1397" width="2100" msid="79462702" hostid="261"></div><p>In 2012, Taranto's public prosecutor ordered the seizure of the plant from then-owners Gruppo Riva.</p><p>The plant's managers were indicted, accused of doing too little to keep the levels of pollution in check. After a series of appeals, the process is ongoing, with some members of the Riva family acquitted.</p><p>A closure of the plant did not last long after Italy's central government intervened. It used <a href="https://www.ilfattoquotidiano.it/2013/01/22/ilva-gip-todisco-decreto-del-governo-viola-17-articoli-della-costituzione/477483/">a series of extraordinary laws</a>, often known as Save Ilva decrees, to enable production to continue. The laws circumvented the judicial system and allowed the plant's managers to keep working while ignoring environmental targets.</p><p>There have been 10 decrees to date, according to <a href="https://www.fidh.org/IMG/pdf/industrieitaly711aweb-1.pdf">a report by the International Federation for Human Rights</a>.</p><p>In 2017 ArcelorMittal took over. It covered the factory's mineral parks, great piles of coal and iron, which blew dust into the city.</p><p>But the factory continues to pollute and ArcelorMittal has been in talks with the Italian government to pull out of the factory for more than a year.</p><h2>'The whole of Italy is Taranto now'</h2><p>Frustrated at the lack of action, Taranto residents voted by 48% for the populist 5 Star movement (M5S) in 2018. It promised to close the plant but has yet to deliver.</p><p>Some hope the experience of the coronavirus will encourage national action on Taranto's pollution. "The whole of Italy is Taranto now," said Antonio Marinaro, the Taranto president of industry association Confindustria.</p><p>"The relationship between work and health is now an issue for Italy. But we have had this issue in Taranto for over fifty years."</p><p>Marinaro's favored solution is less extreme than closure.</p><p>"We should work with the industry through technology to solve environmental issues," he said, pointing to advances in electric-powered steel production and the potential use of hydrogen as a fuel source.</p><p>"We have to remember that ex-Ilva represents 0.2% of Italian GDP. It would be a great loss for the Italian economy to lose this asset."</p><p>"Turning off an industry turns off political interests. When you turn off the factory, there is no interest in reclaiming the environment of the area."</p><p>Dr Annamaria Moschetti, another pediatrician and campaigner, says: "In Taranto, we already had a public health crisis. COVID-19 simply highlighted how severe this crisis is… public opinion empathizes more with Taranto's case [now] and pays more attention."</p><p>Decades of industrial pollution have transformed the city's social and economic tissue as well as its environment.</p><p>Moschetti, along with Valentino and Marescotti, hope that the public's empathy leads to action that can improve Taranto's health.</p><p>"It took us decades to get sick and we can't expect to fix this in the blink of an eye," Valentino said. "But we have to start somewhere."</p>

Fresh air can combat COVID-19. For Italy's most polluted town, in the shadow of a steel mill, opening the windows is not an option.

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Heinz-Peter Bader</span></p><p class="caption">Steel prices have been rocked by the slowdown in China.</p></div><p></p></div></div>ArcelorMittal, the biggest steel producer in the world, saw <a href="http://corporate.arcelormittal.com/~/media/Files/A/ArcelorMittal/news-and-media/press-releases/2016/ArcelorMittal-first-quarter-2016-results.pdf" target="_blank">first quarter profits fall by a third</a> as the price slump in commodities continued to affect its bottom line.</p><p>Revenues in Q1 were $13.4 billion (£9.3 billion), massively down from $17.1 billion (£11.8 billion) in the same period last year. Earnings before tax fell to $927 million (£640 million) from $1.38 billion (£950 million) the year before.</p><p>Despite the slump, the company narrowed its net losses, which were $416 million (£287 million) from $728 million (£502 million) in Q1 of 2015.</p><p>Lakshmi N. Mittal, ArcelorMittal's Chairman and CEO, said the results reflected tough operating conditions thanks to China:</p><p>"We have seen a recovery in spreads in our core markets to more sustainable levels, which is expected to result in improved results in the coming quarters. This is a welcome development, although given the levels of excess capacity in China the market remains fragile and we must continue to be vigilant and active against the threat of unfair trade."</p><p>The report added that while Arcelor while expected steel demand to decline due to weakness in the real estate sector, it also thought prices would stabilise to 2015 levels due to "an end to destocking."</p><p>As Business Insider <a href="http://uk.businessinsider.com/arcellormittal-bg-group-losses-2015-oil-steel-2015-2016-2" target="_blank">previously reported</a>, Luxembourg-based Arcelor has been stung by China exporting a record amount of steel to combat its slowing economy.</p><p>China made more steel than every other country combined last year, <a href="http://www.wsj.com/articles/arcelormittal-narrows-losses-1462512252" target="_blank">according to the Wall Street Journal</a>, forcing EU and US governments to impose import tariffs. But it's still hasn't been enough to curb falling prices in the regions.</p><p>Tata steel, Europe's second largest steel producer, said it <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3" target="_blank">planned to sell off its British assets last March</a> in response to Chinese competition, while in April US Senator Ron Wyden <a href="http://uk.businessinsider.com/us-deals-with-china-overcapacity-2016-4?r=US&amp;IR=T" target="_blank">accused China</a> of "distorting" the markets and suppressing steel prices.</p><p>ArcelorMittal shares fell 3.6% on the news, dropping to <strong>€4.52</strong> a share as of 8:50 AM GMT:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://www.investing.com/equities/arcelormittal-reg">Investing.com</a></span></p></div><p></p></div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/goldman-sachs-history-banks-finance-markets-ed-morris-2016-4">THE STORY OF GOLDMAN SACHS: From foot peddlers to a powerhouse</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NxNWJ1MjE6u0RxXow5D79vSG1wtQyHQT" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The world's largest steelmaker is getting smashed by China

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Julia La Roche for Business Insider</span></p><p class="caption">Goldman Sachs CEO Lloyd Blankfein.</p></div><p></p></div></div>Tesla just <a href="http://www.businessinsider.com/tesla-will-sell-2-billion-in-new-stock-2016-5">announced a $2 billion stock offering</a> - and it's great news for Goldman Sachs and Morgan Stanley.</p><p>The two banks are acting as lead joint book-runners on the offering, <span>according to a statement.</span></p><p><span>Deutsche Bank</span><span>, Citibank, and Bank of America Merrill Lynch will act as additional </span><span>book-running managers.</span></p><p><span>Tesla is offering about $1.4 billion of shares, according to the press release. </span></p><p><span>CEO Elon Musk is selling the remaining shares.</span></p><p><span>The deal is the fifth-largest equity capital markets transaction in the US in 2016, after TransCanada, ArcelorMittal, Molson Coors, and Baxalta.</span></p><p><span>Goldman Sachs analysts <a href="http://www.businessinsider.com/goldman-sachs-teslas-a-buy-2016-5">on Wednesday issued a 'buy' rating</a> on Tesla's stock, leading to a jump in its price.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/highest-median-experience-salary-companies-job-satisfaction-google-facebook-apple-2016-5">These are the best, highest-paying companies in America</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VrajhlMzE6nYpR66GhjaxBXEDkCUGC0p" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Goldman Sachs and Morgan Stanley just landed one of the biggest deals of the year

Top 100 richest people in the world: Some interesting facts

<p>Today, a hacker-produced Tweet from AP about an attack on the White House <a href="http://www.businessinsider.com/ap-tweet-on-white-house-2013-4">sent stocks crashing.</a> </p>
<p><span>We went back and picked out other examples of "news" flashes on <keyword id="6354616" type="CITY" weightage="60" keywordseo="Twitter">Twitter</keyword> causing instant <keyword id="29547" type="PERSON" weightage="60" keywordseo="Market">market</keyword> reaction.</span></p>
<p>Just recently, Josh Brown's <a href="http://www.businessinsider.com/jeff-gundlach-speaks-at-doubleline-lunch-2013-4">live Tweet-porting from a Jeff Gundlach luncheon</a> caused Chipotle shares to plummet. Here's the Tweet:</p>
<blockquote class="twitter-tweet">
<p>NEW GUNDLACH SHORT IDEA: CHIPOTLE. "Gourmet Burrito is an oxymoron". Was saving it for Ira Sohn but couldn't resist mentioning. <a href="https://twitter.com/search/$CMG">$CMG</a></p>
— Downtown Josh Brown (@ReformedBroker) <a href="https://twitter.com/ReformedBroker/status/322396807713923072">April 11, 2013</a></blockquote>

<p>And here's the result:</p>
<p><div class="image-container" style="width:620px"><div class="image"></div><p class="source"><a href="https://www.google.com/finance?q=NYSE%3ACMG&amp;ei=H9x2UdDrC7Dh0wG5owE">Google Finance</a></p></div></p>
<p>Bill Gross and PIMCO probably deserve their own separate post on this theme. Here's a selection:</p>
<blockquote class="twitter-tweet">
<p>Gross: <a href="https://twitter.com/search/%23Portugal">#Portugal</a> headed for a haircut “voluntary exchange” by private market seems inevitable. <a href="https://twitter.com/search/%23Euro">#Euro</a> vulnerable in its wake.</p>
</blockquote>


<p>Which caused this to happen to Portuguese yields:</p>
<p><table class="image-container" width="200"><tr><td><div class="image"></div><p class="source"><a href="http://www.bloomberg.com/quote/GSPT10YR:IND/chart">Bloomberg</a></p></td></tr></table></p>
<p>Gross also <a href="http://www.businessinsider.com/bill-gross-just-said-the-magic-phrase-and-the-market-just-jumped-2011-6">famously Tweeted he believed QE-3 would be revealed</a> at the 2011 Jackson Hole conference.</p>
<p>That Tweet has since been deleted. But here's what it did to markets:</p>
<p><table class="image-container" width="200"><tr><td><div class="image"></div><p class="source">Yahoo</p></td></tr></table> </p>
<p>Last fall, portfolio manager Leo Isaak <a href="http://www.businessinsider.com/david-einhorn-short-iron-ore-2012-10">Tweeted from the middle of a David Einhorn presentation</a> that the Greenlight Capital chief was short iron ore:</p>
<p><div class="image-container" style="width:620px"><div class="image"></div><p class="source">Leo Isaak/BI</p></div></p>
<p>We can't say for sure, but this is what ArcelorMittal trading looked like just afterward:</p>
<p><div class="image-container" style="width:620px"><div class="image"></div><p class="source">Yahoo</p></div></p>
<p>A <a href="http://www.businessinsider.com/fake-muddy-waters-tweet-hoax-2013-1">fake Tweet from Muddy Waters head Carson Block</a> in January caused a company called Audience Inc. to plunge 25% in a matter of moments; it ended the day down 4%:</p>
<p><div class="image-container" style="width:620px"><div class="image"></div><p class="source">Google Finance</p></div></p>
<p>A few weeks ago, Tesla CEO Elon Musk Tweeted the company <a href="http://www.businessinsider.com/elon-musks-mysterious-project-tweet-just-popped-tesla-stock-2013-3">would be announcing "really exciting" news</a> (it turned out to be a <a href="http://www.businessinsider.com/can-you-really-get-a-tesla-model-s-for-under-500-dollars-per-month-2013-4">controversial financing scheme</a>)...</p>
<blockquote class="twitter-tweet">
<p>Really exciting @<a href="https://twitter.com/teslamotors">teslamotors</a> announcement coming on Thursday. Am going to put my money where my mouth is in v major way.</p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/316260319360061440">March 25, 2013</a></blockquote>

<p>And the stock went crazy: </p>
<p><table class="image-container" width="200"><tr><td><div class="image"></div><p class="source">Yahoo</p></td></tr></table></p>
<p>Just this February, Doug Kass Tweeted some market-moving Apple news from a "gnome."</p>
<blockquote class="twitter-tweet">
<p>High above the Alps my Gnome is hearing a rumor that Apple will announce a stock split at tomorrow's shareholder meeting.<a href="https://twitter.com/search/$AAPL">$AAPL</a></p>
— Douglas Kass (@DougKass) <a href="https://twitter.com/DougKass/status/306475843784425472">February 26, 2013</a></blockquote>

<p>The stock subsequently <a href="http://www.businessinsider.com/kass-i-hear-apple-is-going-to-announce-a-stock-split-tomorrow-2013-2">recovered</a> its intraday losses.</p>
<p>Did we miss any?</p>

7 Famous Tweets That Moved Markets

<p><table class="image-container float_right" width="200"><tr><td><div class="image"></div><p class="source">(AP Photo/Jacquelyn Martin)</p></td></tr></table>TOKYO (AP) — Asian shares rose Wednesday as <keyword id="6355311" type="COUNTRY" weightage="60" keywordseo="Japan">Japan</keyword>'s benchmark surged to its highest level since Sept. 2008 though wariness over corporate earnings pulled European indexes lower in early trading.</p>
<p>The Japanese <keyword id="76265" type="PERSON" weightage="60" keywordseo="yen">yen</keyword>'s slide to a three-year low on news the <keyword id="79248" type="CITY" weightage="60" keywordseo="Bank-of-Japan">Bank of Japan</keyword> governor will resign early spurred a 3.8 percent jump in the <keyword id="6369535" type="COMPANY" weightage="60" keywordseo="Nikkei">Nikkei</keyword> 225 stock index. It gained 416.83 points to 11,463.75 as export shares soared on expectations of stronger sales thanks to the yen's slide against other major currencies. Toyota Motor Corp. jumped 6 percent, Honda Motor Corp. added 3.3 percent and Sony climbed 3.8 percent.</p>
<p>The Japanese yen was trading at 93.68 yen per U.S. dollar, its lowest level in almost three years after BOJ Gov. Masaaki Shirakawa said he will step down three weeks early, for logistical reasons. Some investors took it as sign that whoever replaces Shirakawa will be likely to comply with pressure from the government to ease monetary policy to help stimulate economic growth.</p>
<p>Shirakawa said he is stepping down in tandem with his top deputies on Mar. 19 instead of when his own five-year term ends on April 8 and that his decision was not motivated by political pressure. But the central bank has been perceived as resisting pressure for more drastic monetary easing, despite its agreement last month to set a 2 percent inflation benchmark as demanded by Prime Minister Shinzo Abe.</p>
<p>In early European trading, Britain's FTSE 100 edged down 0.6 percent to 6,278.84. The CAC-40 in France fell 0.2 percent to 3,686.10 and Germany's DAX lost 0.3 percent to 7,641.81.</p>
<p>Arcelor-Mittal SA, the world's largest steelmaker, posted a larger loss for the fourth quarter due to write-downs and charges related to its European business while Vinci SA, Europe's biggest builder, also reported a drop in 2012 profitability.</p>
<p>Wall Street was set for modest gains with Dow Jones industrial futures up 0.2 percent at 13,941. S&amp;P 500 futures added 0.2 percent to 1,508.20.</p>
<p>Hong Kong's Hang Seng rose 0.5 percent to 23,256.93, Australia's S&amp;P/ASX 200 gained 0.8 to 4,921. In mainland China, the Shenzhen Composite Index added 0.5 to 951.52 while the benchmark Shanghai Composite Index added 0.1 to 2,434.48.</p>
<p>South Korea's Kospi erased early gains to fall for the fifth straight day, edging down 0.1 percent to 1,936.19. Shares in Malaysia and New Zealand fell, while benchmarks in Singapore, Taiwan and Indonesia rose.</p>
<p>"The recovery in overseas markets provided an excuse for the market to bounce back" after falls earlier in the week, said Kwong Man Bun, chief operating officer at KGI Securities in Hong Kong.</p>
<p>Strong gains in regional markets are partly being driven by higher liquidity thanks to the yen's weakness, which has brought on a flurry of carry trades in which traders borrow in a weaker currency with low interest rates, such as the yen, and use the funds to buy higher-risk shares in other markets, such as Hong Kong.</p>
<p>Wall Street and European stock markets pushed higher Tuesday after new indicators suggested the combined economy of the 17 euro countries is past the worst of its recession and the U.S. recovery remains on track.</p>
<p>A surge in U.S. home and stronger earnings helped push U.S. shares higher. The Dow Jones industrial average gained 99.22 points to 13,979.30, recovering much of what it lost Monday in the worst sell-off so far this year. The index traded above 14,000 during the day before falling back in the last hour.</p>
<p>The Standard &amp; Poor's 500 gained 15.58 points to 1,511.29. The Nasdaq composite was up 40.41 points to 3,171.58.</p>
<p>In energy markets, benchmark crude for March delivery was up 3 cents to $96.33 per barrel in electronic trading on the New York Mercantile Exchange.</p>
<p>The euro was down 0.2 percent at $1.3536.</p>

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