December 16: Glimpses of the day
December 16: Glimpses of the day
Chinese Premier Wen Jiabao (L) and Indian Prime Minister Manmohan Singh attend a signing of agreements ceremony in New Delhi.
Indian and Chinese premiers discussed the US Federal Reserve's quantitative easing (QE2) but the value of the yuan did not figure in their bilateral talks on Thursday, Indian Foreign Secretary Nirupama Rao said.
Rao was briefing reporters after Indian Prime Minister Manmohan Singh and his Chinese counterpart Wen Jiabao finished their bilateral talks in the capital.
The United States says Beijing artificially undervalues the yuan to give Chinese exports an unfair advantage, while China says the Fed's plan to pump in billion of dollars into the system to stimulate the economy will push down the US currency's value.
SpiceJet aircraft prepares for landing at the airport in Mumbai.
Indian private airlines seem to have litte choice but to give in to the clamour for lower fares, as the government cracks the whip on carriers that have raised spot fares excessively in recent months.
Domestic air fares have shot up in the past two months, with last-day fares almost doubling, on supply constraints, higher holiday season demand and airlines' trying to maximise revenue in a competitive market, analysts said.
The government's insistence on cutting fares could cap gains from sharply higher spot fares, though overall quarterly earnings would not be severely hit.
\"Extraordinary gains which were supposed to come now may not come,\" said Rashesh Shah, analyst with ICICI Securities, adding his earnings projections would not be impacted as extraordinary gains were not factored in.
Earnings from spot tickets, or tickets bought at the last minute, t
The sun rises behind a communications tower in New Delhi
The Supreme Court said on Thursday it will oversee a widening investigation into allegations of corruption in the sale of telecoms licences worth billions of dollars, a scandal touching the heart of government.
The government has struggled to contain the fallout from the sale of lucrative mobile phone licences at below-market prices in 2007-08. The scandal, potentially costing the state $39 billion in lost revenues, has already brought down telecoms minister A. Raja and kept parliament deadlocked for weeks.
Opposition parties have demanded a full parliamentary inquiry into what could be the country's biggest graft case. The government has refused, fearful it might force the prime minister to testify.
The case has shaken the credibility of the government of Prime Minister Manmohan Singh, who has also been forced to defend himself at the Supreme Court over his handling of the al
Employees work in an assembly line at Hero Honda's newly inaugurated plant in Haridwar
Hero Honda breaks up; Munjals-promoted Hero Group to buy out Honda's 26 per cent stake in joint venture.
Hero Honda to export its products to new markets across the globe; all existing models to continue, future products under new licensing agreement with Honda.
Hero Honda brand name to change over time; company is free to set up its own R&D and acquire technology, says a company filing to BSE.
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