February 14: Glimpses of the day
February 14: Glimpses of the day
A vegetable seller waits for customers at a market in Ahmedabad.
Inflation eased slightly in January but was still higher than expected, reinforcing expectations the Reserve Bank of India (RBI) will keep tightening policy because price pressures are still above its comfort zone.
India suffers from the highest inflation of any major Asian economy even after raising rates seven times in a year.
Global food prices are at record highs and crude oil is on the rise, while India's poor infrastructure and low agricultural productivity add to inflationary pressures.
The wholesale price index (WPI), India's main inflation gauge, rose 8.23% in January from a year earlier, compared with an 8.05%estimate in a Reuters poll.
Food prices in the WPI index jumped 15.7% in January compared with 13.6% in December, leading to fears that food inflation was leading to sustained price rises in other sectors of the $1.3 trillion economy.
US President Barack Obama answers a question in the East Room of the White House in Washington.
President Barack Obama proposed a budget on Monday that would cut the US deficit by $1.1 trillion over 10 years, setting the stage for a bitter fight with Republicans who vow even tougher spending controls.
Conservatives claim Obama, a Democrat, is a tax-and-spend liberal, and they aim to make the 2012 presidential election a referendum on his fiscal track record.
Details of the budget proposal provided by the White House before its official release showed the deficit rising to $1.645 trillion in fiscal 2011, then falling sharply to $1.101 trillion in 2012.
This trend would trim the deficit as a share of the US economy to 3.2% by 2015 from 10.9% this year.
A man walks by a sign at the Mobile World Congress in Barcelona.
Paying for your morning coffee and newspaper by swiping your mobile phone instead of fumbling for cash or debit card could be just around the corner.
For telecoms firms like Vodafone and France Telecom, it's the innovation they hope may finally enable them to steal a march on Apple and Google who dominate the mobile market with devices, applications and software.
The telecom companies have suffered for years from the \"dumb-pipe\" phenomenon whereby operators spend billions building the networks on which data travels, only to watch Google and Apple pocket the profits as smartphone and tablet computer users download millions of applications and ring up transactions.
Eye-watering amounts of money are at stake in this new market -- it is estimated at $1.13 trillion globally by IE Market Research. One in every six phones will be equipped with the new technology by 2014, ac
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