People walk past a roadside currency exchange vendor in the old quarters of Delhi.The rupee slumped to a new record low of 56 to the dollar on Wednesday weighed down by global risk aversion, with the Reserve Bank of India's intervention earlier in the day seen as too mild to prevent further falls.At 12:40 p.m., the partially convertible rupee was at 55.98/99 per dollar, after hitting a new record low at 56, sharply below its Tuesday's close of 55.39/40.The euro stayed pinned near recent four-month lows while domestic stocks were down more than half a percent.Pictures by Reuters

May 23: Rupee breaches 56/dollar

A labourer cleans a Bharti Airtel advertisement billboard installed on a truck in Kolkata.

Telecom shares fall ahead of crucial telecom ministry meeting on Thursday to take decision on the telecom regulator&#39;s proposal on spectrum pricing.

"We see increasing regulatory risk for Indian telcos as the DOT may accept TRAI&#39;s recos on spectrum pricing," Goldman Sachs said in a note.

The investment bank expects regulatory overhang to continue in the sector, it said.

Downgrades Idea Cellular, Reliance Communications, maintains buy rating on Bharti Airtel.

Telecom shares fall ahead of spectrum meet

Customers talk to a salesperson about a new laptop at a Lenovo shop in Shanghai.

Lenovo Q4 net profit up 59%Strong sales in China helped Lenovo Group post a 59% rise in fourth-quarter net profit on Wednesday, meeting analyst expectations, as the world&#39;s No.2 PC maker begins to diversify more aggressively into smartphones, tablet PCs and smart TVs.

Lenovo&#39;s PC shipments in China grew 22.7% year-on-year during the quarter, more than double the industry growth rate. That, combined with its diversification plans, has analysts forecasting it could overtake market leader Hewlett-Packard Co as soon as next year.

"Even though China&#39;s economy is slowing down, it&#39;s still ahead of the U.S. and Europe, so it will continue to be the driver for Lenovo to get to be the world&#39;s No.1, a position it should be able to achieve," said Arthur Liao, an analyst with Fubon Securities in Taipei.

Lenovo Q4 net profit up 59%

Jet Airways aircraft stand on tarmac at the domestic airport terminal in Mumbai.

Jet Airways is expected to order more than 100 narrow-body aircraft for up to $3.75 billion in 2012/13 as the largest Indian carrier grabs market share from its troubled rivals, a leading consultancy said.

The airline is understood to be actively evaluating Airbus&#39;s narrow-body A320 aircraft, and is likely to lease up to 10 A330s to support expansion of its European network, the Centre for Asia Pacific Aviation (CAPA) said in a report.

"In my estimate, at the current price and without taking into account the list price, the actual price for the order could be $3.5 billion to $3.75 billion," Kapil Kaul, regional head of CAPA, told Reuters.

Jet likely to order 100 planes for $3.75 bn 

German Chancellor Angela Merkel (R) listens to French President Francois Hollande during the 2012 NATO Summit in Chicago.

European leaders will try to breathe life into their stricken economies at a summit over dinner on Wednesday, but disagreement over the issue of mutual euro-zone bonds and whether they can alleviate two years of debt turmoil will dominate the gathering.

For the first time in more than two years of debt-crisis meetings, the leaders of France and Germany have not held their own mini-summit beforehand to agree positions, marking a significant shift in the traditional Franco-German axis.

Instead, new French President Francois Hollande will meet Spanish Prime Minister Mariano Rajoy in Paris to discuss policy, before the pair travel to Brussels for the 1800 GMT summit.