ABB, the leading power and automation technology group, has won an order worth $71 million from Steel Authority of India Limited (SAIL) to supply a substation package for its Bhilai Steel Plant located in the central Indian state of Chhattisgarh. The new high voltage substations will enable the additional power supply needed to support a planned increase in the steel plant’s annual production capacity from 5 million to 7 million tons. Link: Click Here

Logitech (SIX:LOGN) today revised its outlook for Fiscal Year 2012, ending March 31, 2012, as a result of a detailed business assessment conducted over the last several weeks. Based on the current economic environment in mature western markets, and the Company's current product offering, Logitech expects to deliver revenue of approximately $2.4 billion and operating income of approximately $90 million for this fiscal year. Link: Click Here

Oerlikon Textile launches 7 new machines at ITMA 2011. Oerlikon Textile is presenting a suite of groundbreaking innovations at the world's largest textile trade fair, the International Exhibition of Textile Machinery (ITMA), thereof seven completely new developed textile machines. These innovations address the need for greater efficiency, flexibility and quality with reduced energy consumption. Oerlikon's new textile machines and equipment deliver energy savings of up to 50 % ("e-save") and productivity gains of up to 25 %. Link: Click Here

Gategroup: Kristin Brown has been appointed as General Counsel of gategroup, the leading independent global provider of onboard products and services. She will replace Group Senior Vice President and General Counsel, Hooman Yazhari, who has accepted a position outside the Group. Link: Click Here

 

Economy
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UK: BoE vote 8-1 again, but discussion heads towards QE2. Vote unchanged at 8-1, but QE increasingly likely. The MPC voted 8-1 against more QE at their September meeting. That was the same as in August and in line with the median market expectation, though there were some expectations and/or risks of further votes for more QE. Nevertheless, the minutes from the meeting clearly took a more dovish tone. Link: Click Here

M&G: The new Big Short - EM debt, not so safe. A couple of months ago I argued that the implied risk premium on emerging market (EM) debt suggested that the market was treating EM debt as a safe haven, and the market was therefore smoking crack (see here).  The price action in EM hard currency since then suggests that the EM rally was indeed being artificially stimulated, and 30 year Brazil paper has since sold off almost 100 basis points versus 30 year US Treasuries. Link: Click Here

IMF: Global economy has entered a dangerous new phase. As the Managing Director said last week, the global economy has entered a dangerous new phase. The recovery has weakened considerably, and downside risks have increased sharply. Strong policies are needed both to improve the outlook and to reduce the risks. Link: Click Here

Italy: Possible sign of political instability. In the next 10 days, the Italian Parliament will hold two votes on whether to permit two of its members to face a court judgement. Tomorrow (Thursday), the Parliament is due to vote in reference to Mr Milanese, a former political adviser to FM Tremonti; next week it will vote in reference to  Saverio Romano, of the Agriculture Ministry. Link: Click Here

Sovereign Debt Woes Weigh on EU Banks. Since mid July, bank bonds and stock prices have strongly repriced on fears about the banking sector's exposure to EU peripheral sovereigns. As a consequence, signs of stress in the interbank market have emerged in recent weeks. Link: Click Here