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Apr 25: S&P downgrades India
Apr 25: S&P downgrades India
A labourer sit on top of sacks of spices stacked on a cart at a wholesale grocery market in the old quarters of Delhi
Standard & Poor's said on Wednesday India's headline inflation may not show much downward movement because of structural issues and this could be a factor when the agency reviews its sovereign ratings in the next two years.
The ratings agency earlier cut India's outlook to negative from stable, citing the country's large fiscal deficit and expectations of only modest progress on reforms given political constraints.
Finance Minister Pranab Mukherjee speaks at a news conference during the spring International Monetary Fund (IMF)-World Bank meetings in Washington
Finance Minister Pranab Mukherjee said there was "no need for panic" after the rating agency Standard & Poor's downgraded the country's outlook from stable to negative on Wednesday.
India is likely to pass some financial reforms in the current session of parliament, which started on Monday, he added.
"There is no need for panic," Mukherjee told reporters. "The situation may be difficult, but we will be surely able to overcome [it]."
A salesgirl is reflected in a mirror inside a gold jewellery showroom on the occasion of Akshaya Tritiya in Kochi
Gold prices in India, the world's biggest buyer of bullion, eased on Wednesday as fatigue set in, a day after Akshaya Tritiya, a key gold-buying festival.
The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was down 0.15% at Rs 28,829 per 10 grams, after hitting a two-month high of Rs 28,944 during trade the previous day.
"Sales have slowed today as the auspicious timings have ended," said Kumar Jain, vice chairman of Mumbai Jewellers Association.
Sales on Tuesday for Akshaya Tritiya, the second biggest gold buying festival after Dhanteras, are estimated to have fallen by a half to 10 tonne this year on high prices and as inflation crimped savings.
Suresh Senapaty, Chief Financial Officer of Wipro Ltd., speaks during an industry conference in the eastern Indian city of Kolkata
Wipro Ltd, India's third-largest software services exporter, roughly met expectations with a 7.7% rise in quarterly net profit, and forecast muted revenue growth for its key IT services unit due to a fragile global economy.
The company, which also makes computer hardware, soaps and toiletries, said it expects June quarter revenue of $1.52 billion to $1.55 billion at its IT services unit, a rise of 0.6% from the March quarter at the top end of the range.
Most analysts were expecting Wipro to forecast a 2-4% rise in the IT services revenue, which contributes about three-quarters of the group's sales.
Wipro and larger rivals Infosys Ltd and Tata Consultancy Services are part of India's $100 billion software and back-office services sector that earns about 70% of its revenue from the United States and Europe.
Customers enter the Apple flagship retail store to purchase the new iPad in San Francisco, California
Apple Inc's quarterly profit almost doubled, blowing past Wall Street estimates after a jump in iPhone sales, particularly in the greater China region, and soothing fears that the iPhone was past its best days for sharp growth.
Shares in Apple, the world's most valuable technology company, shot 7 percent higher after the bell, recouping some losses from the past two weeks that had stemmed from concerns that iPhone sales growth rates could not be maintained.
While iPad sales were a little lighter than expected, fiscal second-quarter revenue jumped to $39.2 billion, 59% more than a year earlier and 6.5% higher than analysts' average forecasts.
Lower-than-expected commodity costs also helped lift margins way above estimates.
Canon digital cameras are displayed at the company's showroom in Tokyo
While most attention in the gadget world is on the breakneck pace of innovation in mobile phones, tablets and computers, another device has resolutely refused to die: the camera.
Despite the onslaught of camera phones - the iPhone 4 has this year become the most popular device for posting snaps to the photo-sharing website Flickr - cameras are still being sold. Japan, the world's largest manufacturer, shipped nearly three times as many cameras in January as it did in the same month of 2003, when the camera phone was still in its infancy.
"For several years, it has been predicted that smartphone adoption would cut into digital camera sales," said Prashant Malaviya, Associate Professor of Marketing at Georgetown University's McDonough School of Business. "In fact, the exact opposite has happened."
Driving this is a number of factors, analysts and enthusiasts say. And, whil
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