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November 9: Snapshot for the Day

  • November 9: Snapshot for the Day

    November 9: Snapshot for the Day

  • <p><b>Fifteen-year-old Saira (C) cuts shirt threads inside a garment factory in Mumbai.</b>
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SKS Microfinance said on Tuesday it was planning to cut interest rates to 24 per cent across all states, after an ordinance passed by Andhra Pradesh imposed serious restrictions on its business model.
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The latest move follows the company&#39;s announcement last month that it had cut its annual rate of interest to 24.55 per cent from 26.69 per cent effective immediately in Andhra Pradesh.
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"The ordinance and its implementation will have material impact on the company&#39;s operations in Andhra Pradesh," India&#39;s leading lender to tiny businesses said in a statement.
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    Fifteen-year-old Saira (C) cuts shirt threads inside a garment factory in Mumbai.

    SKS Microfinance said on Tuesday it was planning to cut interest rates to 24 per cent across all states, after an ordinance passed by Andhra Pradesh imposed serious restrictions on its business model.

    The latest move follows the company's announcement last month that it had cut its annual rate of interest to 24.55 per cent from 26.69 per cent effective immediately in Andhra Pradesh.

    "The ordinance and its implementation will have material impact on the company's operations in Andhra Pradesh," India's leading lender to tiny businesses said in a statement.

  • <p><b>The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai</b>
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The Reserve Bank of India (RBI) on Tuesday reintroduced recent measures to provide liquidity comfort to banks, arising out of the frictional liquidity pressure, it said in a statement.
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It said it will conduct the second liquidity adjustment facility (LAF) auctions between November 9 and December 16 on a daily basis at 4:15 pm and banks can avail additional funds of up to 1 per cent of deposits under the LAF on these days.
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The RBI retiterated that these measures were temporary. The central bank first introduced the measures on October 29 and later extended them up to November 4.
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    The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai

    The Reserve Bank of India (RBI) on Tuesday reintroduced recent measures to provide liquidity comfort to banks, arising out of the frictional liquidity pressure, it said in a statement.

    It said it will conduct the second liquidity adjustment facility (LAF) auctions between November 9 and December 16 on a daily basis at 4:15 pm and banks can avail additional funds of up to 1 per cent of deposits under the LAF on these days.

    The RBI retiterated that these measures were temporary. The central bank first introduced the measures on October 29 and later extended them up to November 4.

  • <p><b>People are pictured inside a shopping mall in Mumbai July 28, 2007. India has not yet decided on allowing foreign direct investment into multi-brand retail, Trade Minister Anand Sharma said on tuesday</b>
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India has not yet decided on allowing foreign direct investment into multi-brand retail, Trade Minister Anand Sharma said on Tuesday.
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Sharma on Monday had said India had a positive mindset about opening up its multi-brand retail sector to foreign firms but would take into account concerns over jobs in small, independent outlets.
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    People are pictured inside a shopping mall in Mumbai July 28, 2007. India has not yet decided on allowing foreign direct investment into multi-brand retail, Trade Minister Anand Sharma said on tuesday

    India has not yet decided on allowing foreign direct investment into multi-brand retail, Trade Minister Anand Sharma said on Tuesday.

    Sharma on Monday had said India had a positive mindset about opening up its multi-brand retail sector to foreign firms but would take into account concerns over jobs in small, independent outlets.

  • <p><b>A Yahoo billboard is seen in New York&#39;s Times Square</b>
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Jack Ma, founder of Alibaba Group, has been approached by a group of private equity investors to gauge his interest in taking part in a bid to buy Yahoo Inc<YHOO.O>, a source close to the situation said.
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Ma, whose Alibaba Group is 40 per cent held by Yahoo and is China&#39;s largest e-commerce company, has yet to make any decision about whether he would like to participate in the potential bid, said the source, speaking on condition of anonymity due to the sensitivity of the situation.</p>

    A Yahoo billboard is seen in New York's Times Square

    Jack Ma, founder of Alibaba Group, has been approached by a group of private equity investors to gauge his interest in taking part in a bid to buy Yahoo Inc, a source close to the situation said.

    Ma, whose Alibaba Group is 40 per cent held by Yahoo and is China's largest e-commerce company, has yet to make any decision about whether he would like to participate in the potential bid, said the source, speaking on condition of anonymity due to the sensitivity of the situation.

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