January 21: Lensman`s view
January 21: Lensman`s view
A sculpture showing the Euro currency sign is seen in front of the European Central Bank (ECB) headquarters in Frankfurt
World stocks edged up on Friday but were set to post their biggest weekly drop in eight weeks on concerns that rising inflation in emerging economies could lead to aggressive policy action and hurt global growth.
Spain's stocks rose. Madrid plans a partial state takeover of its weakest savings banks as it seeks to reassure investors a costly bank rescue will not weigh on its deficit, sources and reports said.
The euro hit a two-month high against the dollar on growing expectations that eurozone policymakers will arrive at a more durable solution to the debt crisis. Hawkish noises from the European Central Bank were also cited as a reason for the latest surge in the currency.
Worries over inflation in China and India have put their stock markets under pressure, with Chinese stocks down 3.3% so far this year and Ind
A shopkeeper weighs gold bangles at a jewellery shop in Mumbai
India gold extended losses for a second day on Friday, and struck its lowest level in two months, spurring purchases from traders ahead of weddings next month, though a weaker rupee kept the downside limited, dealers said.
'I may have booked for 200 kgs of gold from yesterday at $1,346-1,349 (an ounce). They all want to take maximum advantage of falling prices,' said a dealer with a state-run bullion dealing bank in Mumbai.
'There could be more demand if the rupee appreciates,' said the dealer.
At 2:31 pm, the most-active February was trading 0.39 per cent lower at Rs 20,097 per 10 grams, after falling to a low of Rs 20,067, a level last seen on November 22.
The rupee, which struck its lowest level in seven weeks, is vital in determining the landed cost of the dollar-quoted yellow metal.
General Electric CEO Jeffrey Immelt speaks next to Xerox CEO Ursula Burns about their group's recommendations to Congress and the president to revolutionize US energy innovation at the Newseum in Washington
US President Barack Obama will name General Electric Co. Chief Executive Jeffrey Immelt to head a new economic advisory panel on Friday focused on promoting growth by investing in business.
The 'President's Council on Jobs and Competitiveness,' will work to encourage companies to hire and invest in US competitiveness, the White House said in a statement.
The council replaces an economic recovery advisory panel led by former Federal Reserve Chairman Paul Volcker, who is stepping down when his group dissolves next month.
Bringing Immelt on board solidifies Obama's efforts to improve his relationship with the business community, with whom the White House has had strained ties for the last two years.
A man walks past a Lenovo shop in Beijing
China's Lenovo Group is in talks with Japan's NEC Corp for a joint venture in personal computers, two sources with direct knowledge of the matter said, in a deal that would help them take on larger global rivals.
The Nikkei business daily said Lenovo planned to take a controlling interest in NEC's PC unit. But a buy-out might be a delicate move as Japan eyes China's growing clout, and sources told Reuters it was not clear what form the partnership might eventually take.
Lenovo, ranked fourth in the global PC market behind Hewlett-Packard, Dell Inc and Taiwan's Acer Inc, is looking to tap NEC's technology for development and expand its share of the Japanese market, the Nikkei said.
NEC, which is the top maker in Japan's mature PC market but does not rank in the top 10 globally, would likely see the tie-up as a chance to take advantage of the fast-growing Chinese market
The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai
The Reserve Bank is expected to resume its rate hike cycle at its quarterly monetary policy review next week as soaring inflation stalks Asia's third-largest economy.
The vast majority of analysts surveyed by Reuters expect India's central bank to raise key lending and borrowing rates by only 25 basis points (bps) on January 25 despite persistent price pressures, as a slump in industrial production growth suggests some risks to economic momentum still exist.
The Reserve Bank of India (RBI) raised its main lending rate or the repo rate Repo rate by 150 bps to 6.25 per cent and its main borrowing rate by 200 bps to 5.25 per cent through six rate increases in 2010.
Some market watchers, however, are pricing in a more aggressive increase.
The wide spreads between quotes on the one-month Overnight Indexed Swap (OIS) suggests that the view in
Kapil Sibal is seen at the World Economic Forum (WEF) in Davos
The Supreme Court on Friday criticised the telecoms minister Kapil Sibal for his comments over what is seen as the country's biggest corruption case, the latest in a series of censures by the top court that has embarrassed the government.
The Supreme Court said it was 'unfortunate' that Kapil Sibal had dismissed a state auditor's report that India may have lost $39 billion in revenue as a result of irregularities in awarding telecoms licences in 2008.
'Sibal should bear some responsibility ... The investigation should not be influenced by his comments,' judges said, referring to a criminal probe underway.
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