RBI governor Duvvuri Subbarao (L) speaks as deputy governor Rakesh Mohan watches during a news conference in MumbaiIndia needs to plug gaps in existing banking rules before it lets corporate houses open banks, the Reserve Bank chief said on Tuesday, signalling the need for tighter regulation to deter firms from practices like self-lending.Duvvuri Subbarao's comments come amid expectations that the Reserve Bank of India will soon announce initial draft guidelines for the issue of new bank licences, a move keenly awaited by a host of Indian corporates eyeing the banking space.(Pictures by Reuters)

August 23: News behind the lens

A Swiss flag is seen in front of an UBS logo on Swiss bank UBS headquarters in ZurichSwiss bank UBS plans to slash around 3,500 jobs in a bid to save some 2 billion Swiss francs from annual costs by the end of 2013.The banks said of the expected 3,500 staff reductions, approximately 45% will come from the Investment Bank, 35% from Wealth Management & Swiss Bank, 10% from Global Asset Management, and 10% from Wealth Management Americas.

A Swiss flag is seen in front of an UBS logo on Swiss bank UBS headquarters in ZurichSwiss bank UBS plans to slash around 3,500 jobs in a bid to save some 2 billion Swiss francs from annual costs by the end of 2013.The banks s

Police stand guard as a Libyan resident holds the Kingdom of Libya flag while storming the Libyan embassy to look for work opportunities in KhartoumInvestors peering through the receding fog of war will find plenty of promise and a few pitfalls in a post-Gaddafi Libya.If peace takes hold in Africa&#39;s largest oil producer after a six-month civil war, the long-dormant economy could rapidly flourish provided there has been no substantial damage to the oil and gas infrastructure underpinning its national wealth.Much remains undecided as anti-government forces gain control of Tripoli in their final push to end the four-decade rule of Muammar Gaddafi but a new Libyan government could herald a bonanza for Western companies and investors.

Police stand guard as a Libyan resident holds the Kingdom of Libya flag while storming the Libyan embassy to look for work opportunities in KhartoumInvestors peering through the receding fog of war will find plenty of promise and a few p

A Motorola Droid phone is seen displaying the Google search page in New YorkThe bubble in mobile phone technology patent values may just have popped.Now that Google has agreed to a $12.5 billion deal to buy Motorola Mobility Holdings -- scooping up a trove of 17,000 phone-related patents to give itself some ground to defend its Android operating system -- the most motivated buyer looks to be off the market.Google&#39;s move was widely seen as a response to its loss in the auction of 6,000 Nortel patents to a group led by Microsoft Corp, Apple Inc and Research in Motion, which fetched an unprecedented $4.5 billion in July.

A Motorola Droid phone is seen displaying the Google search page in New YorkThe bubble in mobile phone technology patent values may just have popped.Now that Google has agreed to a $12.5 billion deal to buy Motorola Mobility H