May 21 in pictures
May 21 in pictures
An employee checks an Euro note at the Bank of Taiwan head office in Taipei
German lawmakers approved a $1 trillion safety net to stabilise the euro as world stocks slid further on fears Europe's debt crisis and tougher financial regulation will choke economic recovery.
The Bundestag (lower house) approved Berlin's contribution of up to 148 billion euros ($183.8 billion) in loan guarantees, deeply unpopular with voters, on top of an equally divisive 22.4 billion euro contribution to a package for debt-ridden Greece.
The bill passed by 319 votes to 73 with 195 abstentions after the opposition Social Democrats opted to abstain. The upper house (Bundesrat) was due to approve it later on Friday.
People walk past the Bombay Stock Exchange (BSE) building in Mumbai
The BSE Sensex dropped 3.2 per cent this week, its third decline in four weeks, after closing 0.5 per cent lower on Friday, on continued foreign fund outflows as euro zone jitters reduced risk appetite, sending world stocks lower.
Top engineering conglomerate Larsen & Toubro and metal makers led the decline.
The 30-share BSE index closed 0.45 per cent or 74.07 points lower at 16,445.61. It fell as much as 2 per cent in early trade to 16,187.03 points, its lowest since Feb. 25.
Nineteen of its components lost ground.
Labourers work on steel pipes at a construction site of an overhead flyover in Chennai
India is considering to launch debt funds of $5 to $11 billion each to help build highways and other large infrastructure projects in addition to a similar fund announced last week, a top government official said.
The country aims to spend about $500 billion in the five years to end-March 2012, to overhaul rickety infrastructure that has been a drag on growth for Asia's third largest economy.
Brahm Dutt, secretary at the road transport ministry, said the consensus among policymakers was to have a series of funds to finance the ventures rather than go for one $150 billion to $200 billion fund.
An employee sorts currency notes at a cash counter inside a bank in Agartala
The rupee posted its biggest weekly decline in nearly 14 years after swaying within a large band as domestic shares extended losses as concerns remained over the euro zone's growth prospects.
The partially convertible rupee closed at 46.95/96 per dollar, 0.3 per cent weaker than its previous close of 46.81/82. In early trade, the unit fell to as 47.33, its lowest since Nov. 3, 2009, at which point it was down 1.1 per cent.
However, on the week the rupee dropped 3.8 per cent, its biggest fall since a 11.7 per cent decline in mid-July 1996.
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