April 6: The day in pictures
April 6: The day in pictures
A man looks at an electronic board showing stock information at a brokerage house in Shanghai
Differing prospects for interest rates sent the euro to a 14-month high against the dollar and extended the yen's steep decline on Wednesday as investors prepared for a new tightening cycle in the eurozone.
World shares ticked higher, with emerging markets leading the way, a reflection of renewed interest in the sector prompted in part by higher interest rate expectations in developed markets.
Focus was also on battered eurozone peripheral economy Portugal, which was to sell six and 12-month treasury bills.
The European Central Bank meets on Thursday and is widely expected to raise its benchmark interest rate by 25 basis points from a record low 1% to curb inflation pressures.
The prospect of the eurozone's first rise in rates since July 2008 pushed the euro to its highest level against the dollar since late January 2010.
It rose as high as
A labourer pulls a plastic sheet to cover sacks of paddy from rain at a grain market in Chandigarh
Some of Asia's emerging economies are showing signs of overheating, underscoring the need for further policy tightening and more flexible foreign exchange rates to tackle growing inflationary pressures, the Asian Development Bank said on Wednesday.
Developing Asia, a diverse group of economies including China, India, Azerbaijan, Thailand and Fiji, is expected to grow 7.8% percent in 2011 and 7.7% in 2012, robust rates albeit slower than the 9% seen in 2010, the ADB said in its latest Asian Development Outlook report.
At the same time, inflation is expected to quicken to an average 5.3% this year from 4.4% in 2010, before easing to 4.6% in 2012, the ADB said. Some countries such as Vietnam and Pakistan could see inflation rates climb well into the double digits.
'There is some sign of overheating, some need for more policy tightening in future,'
Suresh Vaswani speaks during the Reuters India Investment Summit in Bangalore
Dell Inc has named Suresh Vaswani, who was earlier joint chief of the IT business at Wipro Ltd, as the Executive Vice-President of Dell Services' applications and business process outsourcing business.
Vaswani will also take over as the Chairman of its India operations, the world's second-largest personal computer maker said in a statement issued late Tuesday, adding, he will report to Steve Schuckenbrock, President of Dell Services.
As Executive Vice-President at Dell Services applications and business process outsourcing unit, Vaswani's focus will be on building next-generation service offerings and grow Dell's process capabilities globally, Dell added.
Earlier, Vaswani, along with Girish Paranjpe, quit as co-chief executive of Wipro's key IT outsourcing business, as India's third-largest software services firm dismantled its dual-CEO structure and n
Norway's PM Jens Stoltenberg gives a speech during a plenary session at the Moon Palace, where climate talks are taking place, in Cancun
Norway's Prime Minister Jens Stoltenberg is worried that Norwegian mobile operator Telenor may be wrongly penalised in India's 2G telecom licensing graft scandal.
Telenor has denied any responsibility in the row, saying that any potential wrongdoing took place before it bought its Indian mobile licences from Unitech in late 2008.
'We are concerned that Telenor should not be penalized for things they are not responsible for,' Stoltenberg said in an interview on the sidelines of a party congress in Oslo.
'It is unreasonable that they should be harmed by the errors others have committed in India. That's what I've told Indian authorities and we will continue to express this.'
Stoltenberg said he had confidence that the Indian legal system would handle Telenor's case 'in an
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