May 12: Inflation eases the brunt
May 12: Inflation eases the brunt
A labourer (C) carries a 50kg sack of onions on her head as she moves it to a delivery truck at a wholesale market in Pune, south of Mumbai
Headline inflation in April is expected to be between 8.5 and 8.6%, the finance ministry's chief economic advisor Kaushik Basu said on Thursday.
Basu also said that he does not expect any change in the borrowing target and the budgeted fiscal deficit of 4.6% of GDP for the current fiscal that ends in March 2012.
Basu had said last month that he expects April's headline inflation to be at less than 8%.
India's headline inflation rose faster than expected in March to near 9% on higher fuel and manufacturing prices.
Labourers remove kites tangled up on electric power cables after the end of a five-day long kite festival in Ahmedabad
State-run Power Finance Corporation's up to $1 bn share sale was fully covered by afternoon on Thursday, the third day of the offer.
The offer was covered 1.5 times of the total shares on offer by 1.30 pm, stock exchange data showed.
The institutional portion of the offer, which closes on Thursday, received bids for nearly 2.7 times the shares on offer, data showed. The offer for other investors closes on Friday.
Power Finance, a lender to power projects, has fixed the price band at Rs 193-203 a share for its offering.
People walk in front of a signboard displayed at the head office of State Bank of India (SBI) in Mumbai
SBI will raise $3-4 bn in offshore debt in the current fiscal year and plans to foray into the domestic bond underwriting business as it looks to cement its position as the country's top lender, chairman Pratip Chaudhuri told Reuters on Thursday.
The state-controlled bank, however, has cut its loan growth target to 17-19% for the fiscal year that began in April, from a forecast of 20-22% made in January, as rising interest rates curb borrowing, Chaudhuri said in an interview.
"Loan growth, I think, after the rate hike, we would not be very ambitious," he said.
People walk past a logo next to the main entrance of the Google building in Zurich
Holding internet platforms liable for third-party content would lead to self-censorship and reduce the free flow of information, Google Inc said on Wednesday in reaction to India's new rules.
"We believe that a free and open Internet is essential for the growth of (the) digital economy and safeguarding freedom of expression," Google said in a statement on Wednesday.
"If internet platforms are held liable for third-party content, it would lead to self-censorship and reduce the free flow of information. The regulatory framework should ideally help protect internet platforms and people's abilities to access information."
Regulations introduced last month require search engines and websites to get rid of objectionable content including information that is "grossly harmful, harassing.. defamatory ...hateful.. and disparaging."
Galleon hedge fund founder Raj Rajaratnam (L) departs with his lawyer from Manhattan Federal Court in New York
Rajaratnam, the erstwhile billionaire and founder of hedge fund Galleon Group, was found guilty of 14 counts of securities fraud and conspiracy charges on Wednesday in a case that unveiled multiple instances of Rajaratnam obtaining and acting on inside information.
This has prompted all sorts of silliness to be asserted to the effect that the conviction will either restore investors' faith in US financial markets or stand as a testament to why investors don't believe they will get a fair shake.
To be sure, much of the trial was genuinely shocking, not least allegations that Rajat Gupta, one-time global head of consultants McKinsey, and then a serving board member at Goldman Sachs, had called Rajaratnam within minutes of leaving board meetings. One call, which Rajaratnam was alleged to have acted on, took place 23 seconds after the meeting wa
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