MARKET EYE-M&M falls further on Navistar stake buy
* Mahindra & Mahindra shares fall for the second day on earnings concerns, after the automaker said it would buy Navistar International's 49 percent stake in its two joint ventures, in a $33 million deal. * Mahindra automotive president Pawan Goenka told analysts on Thursday that the M&M board has given executives three years to bring the two companies, which build trucks and engines, to profitability. * The two companies had cumulative losses of 6.92 billion rupees as of March 31 this year, Goenka said. * After the management call, Citi estimated no impact on Mahindra & Mahindra's stand alone earnings but warned consolidated profits will be affected adversely as 100 percent of the losses of both entities will now reflect. * Barclays suggests M&M's "immediate task" is to reduce the cash losses and focus on turning around operations as recent trends for medium and heavy duty commercial vehicles point to increasing stress in the industry. (firstname.lastname@example.orgemail@example.com)
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DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
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