News at a glance
News at a glance
RBI Governor Duvvuri Subbarao speaks at a business conference in New Delhi
The Reserve Bank of India will keep liquidity ready to support the banking system cope with huge cash outflows following the just-concluded third- generation spectrum auction, top officials have said.
The auction, that lasted 34 days, will generate $14.6 billion for the government, nearly double what it had earlier expected.
"I want to assure you that we are taking into account... we are monitoring the liquidity situation," Governor Subbarao said after a central bank board meeting in Thiruvananthapuram.
A Jet Airways Boeing 777-300ER aircraft sits on the tarmac at Mumbai airport
Jet Airways (India) Ltd, India's top private carrier, has posted a 10.5 per cent rise in quarterly net profit and a narrower full year net loss helped by higher air traffic and better load factors.
The carrier reported a net profit of Rs 58.58 crore for the quarter ended March 31, compared with Rs 52.99 crore a year ago.
Total income also rose to Rs 2,778 crore from Rs 2,465 crore.
Its consolidated net loss for the full year narrowed to Rs 420 crore from a loss of Rs 960 crore previous fiscal.
German Chancellor Angela Merkel smiles before a press conference in Berlin
Merkel called for a global levy on banks, a new European rating agency and a co-ordinated exit from stimulus measures as Germany stepped up efforts to drive financial regulatory reform.
With markets still digesting the unilateral ban on some forms of speculative trading that Berlin introduced on Tuesday, Merkel said international efforts to get the financial system back on track should be stepped up.
"The issue of exit strategies is of great importance to us... I am quite concerned about this issue," Merkel told a financial conference. "Others say I can only have an exit strategy as soon as I have reduced the unemployment rate, that is contradictory... We will focus on a co-ordinated exit strategy in Europe."
A man walks past a poster of a bank at a business district in Tokyo March
Government debt will persist as a major problem in Japan until 2084, and in Italy until 2060, the International Institute for Business Development said in a new debt-stress index released on Wednesday.
The Swiss business school, best known by its initials IMD, said the United States was set to bring its debt burden to 60 percent of gross domestic product by 2033, so long as budget deficits are eliminated by 2015.
"What matters is not only the absolute size of public debt but also the length of time required to absorb it," said IMD Professor Stephane Garelli. "In the end, debt-stricken nations may suffer losses of competitiveness and standards of living."
The IMD index projects that Greece, whose debt levels have sparked a crisis for the euro zone, would get into fiscal shape in 2031, just after the European Union's major economies.
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