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June 29: The day in pictures
June 29: The day in pictures
Montek Ahluwalia is seen in Washington
The government should be ready to pass on higher global crude oil prices to domestic consumers, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said on Wednesday.
The government raised diesel prices about 9% last Friday, after months of delay, and also cut customs duty on crude and petrol products and reduced excise duty on diesel, which will result in a total revenue loss to the government of about Rs 49,000 crore this year.
Brent crude steadied near $109 per barrel on Wednesday.
An online coupon sent via email from Groupon is pictured on a laptop screen
Groupon Inc's Indian subsidiary SoSasta inadvertently published its users' passwords on the Internet, but the sensitive information was quickly removed after the security breach was discovered last week.
The world's largest daily deals site said an "information security expert" told the company about the problem Friday morning Indian time, or Thursday night central US time, after which it immediately took down the data and began informing affected subscribers.
The company, which this month filed for an IPO, did not identify the expert. Groupon said the breach involved all subscribers' passwords, but it was unclear how many users SoSasta had.
Groupon said it fixed the problem immediately and has started informing SoSasta subscribers, advising them to change their passwords as soon as possible.
Reserve Bank of India (RBI) Governor Duvvuri Subbarao speaks during a business conference organised by the Confederation of Indian Industry (CII) in New Delhi
With Reserve Bank of India Governor Duvvuri Subbarao's 3-yr term due to end in September, speculation is heating up over who will replace him if, as many in the market and government predict, his term is not extended.
Government sources said candidates for a successor would most likely include Raghuram Rajan, a University of Chicago professor and advisor to the prime minister Economic Affairs Secretary R Gopalan and Kaushik Basu, a Cornell University professor and chief economic advisor in the finance ministry.
A new face at the top would be unlikely to result in a change in policy direction in a country where the government and central bank tend to be on the same page, although a year ago Subbarao was perceived to be more hawkish than New Delhi in its anti-inflationary stance.
The choice of
Traders work on the floor of the New York Stock Exchange
Some recent red-hot initial public offerings have the US Securities and Exchange Commission concerned that Wall Street's underwriters may be tempted to revive some troubling tech bubble practices.
"You can't help but be concerned by IPO valuations," Robert Khuzami, the SEC's enforcement chief, told an audience of Wall Street lawyers and compliance officers in New York on Tuesday.
A combination of first-day trading spikes, such as a 109% advance by social networking company LinkedIn Corp last month, and razor-thin yields on bonds and other securities, may create an environment where Wall Street investment banks can take advantage of investor demand.
"It hasn't been that long ago that allocation practices were at the forefront of everyone's mind, and charges were brought against firms for Reg M and aftermarket violations for using their allocation process for creating demand in
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