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August 29: From around the world

  • August 29: From around the world

    August 29: From around the world

  • <p><b>Passengers are silhouetted against the backdrop of an IndiGo aircraft standing on tarmac at the airport in New Delhi</b></p><p>India&#39;s full service airlines, buffeted by high fuel costs and intense competition, face new headwinds on their lucrative international routes as budget carriers launch services with rock-bottom fares.</p><p>With low-cost carriers launching routes using narrow-body aircraft to overseas destinations within five hours flying time of India, full-service players are being forced to respond with similar no-frills offerings on popular and profitable routes.</p><p>Budget airline IndiGo, which in June firmed up a $16.2 billion order for 180 single-aisle Airbus aircraft, has received government approval to fly to Singapore, Bangkok, Dubai and Muscat, and is luring passengers with round-trip fares as low as Rs 9,999 ($220).</p><p>By comparison, full service carriers charge between Rs 17,000 and Rs 22,000 for economy class Mumbai-Singapore routes booked a month

    Passengers are silhouetted against the backdrop of an IndiGo aircraft standing on tarmac at the airport in New Delhi

    India's full service airlines, buffeted by high fuel costs and intense competition, face new headwinds on their lucrative international routes as budget carriers launch services with rock-bottom fares.

    With low-cost carriers launching routes using narrow-body aircraft to overseas destinations within five hours flying time of India, full-service players are being forced to respond with similar no-frills offerings on popular and profitable routes.

    Budget airline IndiGo, which in June firmed up a $16.2 billion order for 180 single-aisle Airbus aircraft, has received government approval to fly to Singapore, Bangkok, Dubai and Muscat, and is luring passengers with round-trip fares as low as Rs 9,999 ($220).

    By comparison, full service carriers charge between Rs 17,000 and Rs 22,000 for economy class Mumbai-Singapore routes booked a month

  • <p><b>A saleswoman arranges gold jewellery inside a showroom in Kolkata</b></p><p>Gold snapped a three-day gaining streak on Monday following similar trend globally. A strong rupee also made the dollar-quoted yellow metal cheaper, triggering a slight pick-up in physical demand ahead of key festivals.</p><p>At 1:14 pm, the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was trading 1.95% lower at Rs 27,099 per 10 grams.</p><p>Global spot gold fell more than 1%, reversing a rally of 3.2% in the previous session, as investors, faced with uncertainties over the US Federal Reserve&#39;s stimulus plans, decided to take some money off the table.</p>

    A saleswoman arranges gold jewellery inside a showroom in Kolkata

    Gold snapped a three-day gaining streak on Monday following similar trend globally. A strong rupee also made the dollar-quoted yellow metal cheaper, triggering a slight pick-up in physical demand ahead of key festivals.

    At 1:14 pm, the most-active gold for October delivery on the Multi Commodity Exchange (MCX) was trading 1.95% lower at Rs 27,099 per 10 grams.

    Global spot gold fell more than 1%, reversing a rally of 3.2% in the previous session, as investors, faced with uncertainties over the US Federal Reserve's stimulus plans, decided to take some money off the table.

  • <p><b>International Monetary Fund (IMF) Managing Director Christine Lagarde speaks at the Council on Foreign Relations forum in New York</b></p><p>The heads of the US Federal Reserve, IMF and OECD stepped up pressure on political leaders on both sides of the Atlantic to shake off their inertia and tackle urgent economic problems.</p><p>If politicians ignore their pleas, including a blunt call from International Monetary Fund chief Christine Lagarde to "act now", the slowdown in world growth and debt turmoil in Europe could morph into a deeper crisis, top monetary officials and economists warned at an annual retreat here.</p><p>"I hope they listen," said Bank of Israel Governor Stanley Fischer.</p><p>Alarm over political deadlock was as obvious a backdrop to the annual meeting of policymakers in the wilds of Wyoming as the thunderstorms that rolled over the nearby Grand Teton peaks and dumped rain on the Jackson Lake Lodge.</p>

    International Monetary Fund (IMF) Managing Director Christine Lagarde speaks at the Council on Foreign Relations forum in New York

    The heads of the US Federal Reserve, IMF and OECD stepped up pressure on political leaders on both sides of the Atlantic to shake off their inertia and tackle urgent economic problems.

    If politicians ignore their pleas, including a blunt call from International Monetary Fund chief Christine Lagarde to "act now", the slowdown in world growth and debt turmoil in Europe could morph into a deeper crisis, top monetary officials and economists warned at an annual retreat here.

    "I hope they listen," said Bank of Israel Governor Stanley Fischer.

    Alarm over political deadlock was as obvious a backdrop to the annual meeting of policymakers in the wilds of Wyoming as the thunderstorms that rolled over the nearby Grand Teton peaks and dumped rain on the Jackson Lake Lodge.

  • <p><b>LG Display&#39;s 3D TV sets are displayed at the company in Seoul</p><p>Flat-screen maker LG Display will slash next year&#39;s capital spending by a quarter as booming sales of mobile devices from iPads to Android smartphones saps demand for TV panels, its main source of earnings.</p><p>Mired in excess capacity for more than a year, the outlook has worsened for the global liquid crystal display (LCD) flat-panel industry, battering Samsung Electronics and LG Display, which together account for half of the global market.</p><p>The reduction by LG Display, the first major technology company to announce a sharply reduced spending plan for 2012, will take the company&#39;s capital expenditure to the lowest in four years.</p><p>TV makers are struggling with sluggish demand, forcing Sony Corp to cut its exposure in the TV panel business with Samsung and Sharp, while Philips is hiving off its loss-making TV business.</p>

    LG Display's 3D TV sets are displayed at the company in Seoul

    Flat-screen maker LG Display will slash next year's capital spending by a quarter as booming sales of mobile devices from iPads to Android smartphones saps demand for TV panels, its main source of earnings.

    Mired in excess capacity for more than a year, the outlook has worsened for the global liquid crystal display (LCD) flat-panel industry, battering Samsung Electronics and LG Display, which together account for half of the global market.

    The reduction by LG Display, the first major technology company to announce a sharply reduced spending plan for 2012, will take the company's capital expenditure to the lowest in four years.

    TV makers are struggling with sluggish demand, forcing Sony Corp to cut its exposure in the TV panel business with Samsung and Sharp, while Philips is hiving off its loss-making TV business.

  • <p><b>A man talks on his mobile phone as he walks past the logo of the Reserve Bank of India (RBI) inside its head office in Mumbai</b></p><p>A panel of the Reserve Bank of India (RBI) on Monday suggested higher risk weights on capital market and commercial real estate exposures for non-bank finance companies (NBFC) that are not sponsored by a bank or do not have any bank as part of its group.</p><p>The RBI panel, suggested in its report on issues and concerns in the NBFC sector, to impose a risk weight of 150% for capital market loans and 125% for commercial real estate loans by such NBFCs.</p>

    A man talks on his mobile phone as he walks past the logo of the Reserve Bank of India (RBI) inside its head office in Mumbai

    A panel of the Reserve Bank of India (RBI) on Monday suggested higher risk weights on capital market and commercial real estate exposures for non-bank finance companies (NBFC) that are not sponsored by a bank or do not have any bank as part of its group.

    The RBI panel, suggested in its report on issues and concerns in the NBFC sector, to impose a risk weight of 150% for capital market loans and 125% for commercial real estate loans by such NBFCs.

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