Jan 3: Glimpses of the day
Jan 3: Glimpses of the day
A shopkeeper arranges gold ornaments at his shop in Chennai.
The Reserve Bank of India has allowed 7 more banks to import gold and silver, bankers and trade officials said on Monday, a move that will smoothen supply in the world's largest consumer of the metals.
Gold jewellery has traditionally been a big draw at marriages in the world's second-most populous country, and this has been supplemented by investment demand in the past year or so.
India, which hardly mines any gold on its own, imported 624 tonnes of the yellow metal in the first three quarters of 2010, up 120 per cent on year, World Gold Council data shows.
Karur Vysya Bank, Punjab and Sind Bank, South Indian Bank, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore, are the new banks that have been given permission, data on the Reserve Bank of India's (RBI) website showed.
This has taken the total
A customer holds a new iPhone 4 (R) and an earlier version of the iPhone in a store in Tokyo.
Some iPhone users in Asia and Europe complained of malfunctioning alarms on the first working day of 2011, even after Apple reassured users that its phones' built-in clocks will work from Monday.
Bloggers, Facebook and Twitter users complained they missed flights or were late to arrive at work, as the alarm built into Apple's iPhone failed to go off for a third straight day for some users.
\"My iPhone alarm didn't work again,\" user sueannlove from Singapore tweeted on the social networking site. \"Time to dig out (the) old school alarm clock.\"
Similar messages were sent by iPhone users in Britain, Netherlands and other European countries.
The problem was not limited only to the iPhone, with some owners of other Apple products, such as its iPod music players, also complaining of a similar problem with their alarms.
Engineers attend to calls from abroad inside a call center in Gurgaon on the outskirts of New Delhi.
The board of software services firm Patni Computer Services was planning to meet on Monday, a source said, where it is expected to evaluate a deal to sell a majority stake to a consortium of iGate and Apax Partners in a deal worth more than $900 million.
Shares in the company fell 2 per cent a day after it cancelled a press conference scheduled for Monday, at which it was expected to announce the agreement.
A source with direct knowledge of the matter told Reuters on Monday the two sides are still trying to pull together the deal.
\"The significant corporate development that was set to be announced on Monday is off,\" an iGate spokesman told Reuters late Sunday, declining to provide further details.
The spokesman did not confirm whether the announcement was related to Patni, but a source close to the matter told Reuters on Frid
A man takes part in a silent protest against the telecom corruption scandal in New Delhi.
The government faces the prospect of accelerating inflation from higher food prices, even as it considers lifting diesel prices, and it will walk a thin line as it balances political and economic objectives.Here is a summary of political risks to watch in India:
1. CORRUPTION SCANDALS PARALYSE GOVERNMENT
Prime Minister Manmohan Singh's government has been bogged down by a series of corruption scandals linked to members of his party or government, the fallout from which has paralysed policymaking and further delayed crucial economic reforms.
2. REGULATORY RISK
Investors are keenly watching the future of several telecoms licences and environmental permits that could be cancelled as the government takes a fresh look at them, a test of the reliability and stability of India's investment climate.
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