beyondbrics

* India seeks access to Skype and Google data

* Ping An, Shenzhen bank announce merger plan

* Rosatom launches global charm offensive

* China digs for ways to stymie BHP’s Potash Corp bid

* Petrobras to pay Brazil $42.5bn in stock for oil reserves
* India gives in to demands, corrects GDP data error

* Retailers set sights on rural consumer market

* Emerging market dollar-issues soar

* Mahindra plans big-bang IT consolidation

* Markets, positive

India seeks access to Skype and Google data
India is extending a crackdown on BlackBerry to other e-mail and internet communications providers, including Skype and Google, a senior government official said on Wednesday. G.K. Pillai, home secretary, said the government was sending notices to the two internet companies asking them to set up servers in India so that Indian intelligence agencies can monitor e-mail and chat conversations on their systems, the FT reports.

Ping An, Shenzhen bank announce merger plan
Ping An Insurance, China’s second-largest insurer listed on the Hong Kong and Shanghai stock exchanges, plans to merge its banking unit Ping An Bank with Shenzhen Development Bank Co, according to a statement released by the two companies on Thursday. China Daily reports, Ping An will buy 1.64bn new shares to be issued by Shenzhen Development Bank through a non-public offering, at Rmb17.75 per share.

Rosatom launches global charm offensive
Rosatom, Russia’s state-owned atomic power corporation, has launched an international charm offensive as the country’s most secretive and controversial industry attempts to come in from the cold, the FT reports. In a rare meeting with foreign media last week, Sergei Kiriyenko, a former Russian prime minister and now president of Rosatom, outlined plans for the company to become a leading international player as nuclear power enjoys a surge in demand.

China digs for ways to stymie BHP’s Potash Corp bid
China is stepping up attempts to hamper BHP Billiton’s $39bn hostile offer for Potash Corp, amid worries about future supplies of fertilizer it needs to rapidly boost food production, Reuters reports. China’s state-run Sinochem has hired HSBC to advise it on its options regarding Potash Corp, the world’s largest fertilizer maker.

Petrobras to pay Brazil $42.5bn in stock for oil reserves
Petroleo Brasileiro, Latin America’s largest company by market value, agreed to pay the Brazilian government $42.5bn in new stock for the right to develop 5bn barrels of offshore oil reserves, Bloomberg reports. Petrobras, will pay an average of $8.51 a barrel for the oil after almost two weeks of negotiations with the government, according to a regulatory filing yesterday.

India gives in to demands, corrects GDP data error
The government corrected the first-quarter economic growth rate number as measured by market transactions in less than 32 hours, as an error nearly damaged the credibility of its statistics and raised doubts about the much-touted growth story. The Central Statistical Organisationnearly tripled the initially estimated growth on the demand side. The revision strengthens the belief that India may grow at more than 8.5 per cent in the fiscal year, the Economic Times reports.

Retailers set sights on rural China consumer market
Supply and marketing cooperatives in rural China are one step ahead of foreign and domestic retailers in the race to win China’s booming rural consumer market, China Daily reports. Retailers ranging from US-based Wal-Mart and France’s Carrefour to domestic supermarket operator China Resources Vanguard are turning their attention to China’s smaller cities as markets in the country’s first-tier cities start to get saturated.

Emerging market dollar-issues soar
Companies and governments in emerging markets can borrow more cheaply in the dollar than in their own currencies for the first time in two years – in a further boost to buoyant dollar-denominated bond markets, the FT reports. Issuance of emerging market dollar-denominated bonds has surged to record levels this year as the cost of borrowing in the US currency has fallen.

Mahindra plans big-bang IT consolidation
The tractor-to-aerospace Mahindra Group, with nearly 100 companies in its fold, is consolidating its entire IT infrastructure and applications. The consolidation will help the newly-formed group executive board  in faster decision making since it will have access to information across all the group’s businesses. Moreover, the move may result in major monetary benefits, the Economic Times reports.

Markets

Emerging Markets
MSCI Emerging Market Index up +0.29% at 992.67

Americas
DJIA up +2.54% at 10,269
S&P 500 up +2.95% at 1,080
Bovespa up +2.96% at 67,073

Asia
Nikkei 225 up +0.62% at 8,983
Topix up +0.23% at 813.25
Hang Seng up +1.27% at 20,886
Shanghai Composite up +0.94% at 2,648
MSCI Asia ex-Japan up +0.68% at 488.87
S&P CNX Nifty Index up +0.41% at 5,494

Currencies
€/$ 1.28 (1.28)
$/¥ 84.17 (84.42)

Commodities
Brent Crude (ICE) down -0.26 at 76.09
Light Crude (Nymex) down -0.18 at 73.73
100 Oz Gold (Comex) unchanged 0.00 at 1,246