February 8: The day in pictures
February 8: The day in pictures
An employee carries bundles of Indian currency notes inside a bank in Agartala, capital of Tripura
Cash conditions in the Indian banking system may improve substantially by the end of March as the government is unlikely to hold back on budgeted spending as the fiscal year nears its end, policymakers said.
Market worries that tight liquidity may persist for longer than expected were fanned late last month when a central bank deputy governor said the government may opt to carry over cash balances into the fiscal year that starts in April, which drain the banking system in the near term.
Government and central bank officials, however, told Reuters that New Delhi did not plan to hoard its funds much beyond the start of April.
'This year's spending should continue till April beginning, as is usually the case. The government will exhaust its budgeted spending and it will fund its spending through tax collections and drawing down cash
The Telenor logo hangs on flags outside one of their stores in Stockholm
Norway's Telenor ASA took a fresh swipe at part-owned Vimpelcom over its expansion plans on Tuesday as it posted a rise in fourth-quarter earnings on the back of strong Asian growth.
Adjusted earnings before interest, tax, depreciation and amortisation were 7.18 billion crowns ($1.24 billion) in October-December, compared with 6.93 billion a year earlier and a 6.92 billion average forecast from a Reuters poll.
Telenor is battling to stop 36%-owned Vimpelcom's $6 billion bid to buy Italian mobile group Wind and control of Egyptian operator Orascom Telecom from Naguib Sawiris.
'Telenor announced its opposition to the transaction because, from Telenor's perspective, it was not strategically nor financially sound for Vimpelcom shareholders,' Telenor said in a statement on Tuesday.
An employee walks at Toyota Motor Corp's showroom in Tokyo
Toyota Motor Corp's 48% drop in quarterly profit highlighted its exposure to a firm yen, but the world's largest automaker raised its full-year outlook beyond market forecasts on stronger sales projections and cost cuts.
Japan's second-largest, Nissan Motor Co is also expected on Wednesday to report a drop in third-quarter profits due to the stronger yen and falling demand in Japan and smaller rival Honda Motor Co has already posted weaker results for the period. But the decline at Toyota is set to be the deepest given its heavier exposure to unprofitable exports from Japan.
'(The revised outlook) is slightly above the market consensus, but since the company had been widely expected to raise its forecast, it's no surprise,' said Kazuyuki Terao, chief investment officer at RCM Japan in Tokyo.
'Compared with other Japanese automakers, Toyota has g
A Swiss national flag flutters near a UBS bank building in Zurich
UBS returned to a modest profit at its investment bank and struggled to attract new client money to its core wealth management operations, showing chief Oswald Gruebel still has a way to go to turn around the bank.
Gruebel's overhaul of the investment bank started to pay off in the fourth quarter as equities and fixed income, commodities and currencies revenues improved, though bigger losses on the bank's own credit, as well as losses on student loans, kept net profit to just 75 million Swiss francs ($78.35 million) after a surprise loss for the previous three months.
But UBS's core wealth management arm made little progress in winning new money after clients rattled by massive writedowns on toxic assets and a damaging tax dispute with the United States pulled out nearly 400 billion francs.
'While we made substantial progress in 2010, we are fully aware t
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