News at a glance
News at a glance
Kashmiri people perform transactions at a bank in Srinagar
Indian banks saw a decline in outstanding loans in the first three weeks in May from the previous month while investments rose, Reserve Bank of India (RBI) data released on Wednesday showed.
Loan growth fell by 0.2 per cent, or Rs 7,423 crore, to Rs 32,30,000 crore as on May 21 from the end of April, while banks' investment in government bonds and other approved securities rose 1.42 per cent, or Rs 20,060 crore, to Rs 14,44,000 crore.
However, on-year credit growth was quite robust at 18 per cent, mostly due to a low base and in line with the central bank's projection of 20 per cent credit growth for 2010-11.
The increase government bonds investments in May is evident from the sharp fall in bond yields in this month. In May, the 10-year yield had fallen 56 basis points, the largest since the 77-basis-point tumble in April 2009.
Raised lettering in the brickwork of the former Prudential Assurance building casts shadows in the City of London
Britain's Prudential has abandoned its plan to buy AIG's Asian life unit AIA for $35.5 billion, bowing to shareholder criticism over the price it had agreed to pay and leaving its management under fire.
Prudential's move on Wednesday was widely expected after bailed-out US giant American International Group refused to cut the price, turning down a last-ditch effort from Britain's largest insurer to simultaneously appease shareholders' concerns over price and seal the deal.
Nissan's "March" is displayed at a showroom in Tokyo
French carmaker Renault and its Japanese Partner Nissan should together become the world's third-biggest car manufacturer this year, Renault Chief Executive Carlos Ghosn told the Financial Times.
Ghosn was quoted as saying that he expected the global industry to make and sell 70 million light vehicles in 2010, a slight tweak to the 69-70 million forecast he gave at the Detroit Economic Club last week.
"Very likely this year, we should be in the top three," Ghosn said in the FT's Wednesday edition, predicting sales of nearly 7 million cars from Renault, Nissan and their Russian partner Avtovaz.
Renault would rank behind Germany's Volkswagen and its Japanese partner Suzuki, and Japanese carmaker Toyota.
Apple Corporation CEO Steve Jobs speaks during his keynote speech at the Apple Worldwide Developers Conference in San Francisco, California
Apple Inc Chief Executive Steve Jobs finds "troubling" a string of worker deaths at Foxconn, the contract manufacturer that assembles the company's iPhones and iPads, but said its factory in China "is not a sweatshop".
Jobs was making his first public comments about apparent employees' suicides at a complex operated by the unit of Hon Hai Precision Industry, which also counts Hewlett-Packard and Dell among its clients.
At this year's D8, an annual gathering of A-list technology and media executives in California, Jobs sniped at Adobe Systems Inc's. "waning" Flash technology, vowed not to get into a search battle with Google, and waxed lyrical about the future of tablet PCs.
Jobs also talked about how he conceived of the iPad even before the iPhone. Apple released the iPad in April
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