LOCAL MARKET NEWS

Chidambaram to brief media after RBI chief meet- Reuters NEW DELHI (Reuters) - Finance Minister Palaniappan Chidambaram said he would brief the media later on Tuesday, but did say whether he had any announcements to make.

HSBC says to shed 500 jobs in Asia- Reuters HONG KONG (Reuters) - HSBC will lay off 500 staff in Asia, 90 percent of which will be in Hong Kong, due to deteriorating economic conditions and its cautious outlook for 2009, spokesman Gareth Hewett said on Tuesday.

Mazda to announce change in major shareholder- Reuters TOKYO (Reuters) - Japan's Mazda Motor Corp said on Tuesday it would announce major-shareholder changes amid reports that Ford Motor Co would shed a stake of about 20 percent in its affiliate.

Ford may announce plan to sell 20% Mazda stake - paper- Reuters TOKYO (Reuters) - Embattled U.S. automaker Ford Motor Co may announce plans to sell a 20 percent stake in long-time affiliate Mazda Motor Corp as early as Tuesday, the Nikkei business daily reported.

Global credit crisis hurts tiny loans in South Asia- Reuters MUMBAI (Reuters) - A global credit crisis that has felled large investment banks and prompted multi-billion dollar bailout packages is also hurting unlikely victims half a world away: small south Asian businesses dependent on microfinance.

Puravankara says not starting new projects - official- Reuters

Macquarie sees slowdown in India's economy growth- Reuters

Liquidity, price reduction,efficient credit mechanism key to solving economic slowdown: Chidambaram- ANI

Oil rebounds to near $56 after near 22 month low- Reuters

ICICI Bank sees interest rates coming down- Reuters

Japan warns of long slump; Taiwan turns to shoppers- Reuters

RBI watching econ, to act at right time- Reuters

Mundra Port signs pact for auto terminal- Reuters

"Wait and watch" on India rate move - finmin official- Reuters

Citi to cut 150 wealth management jobs in Asia - source- Reuters