September 21: Snapshots for the day
September 21: Snapshots for the day
Reserve Bank of India (RBI) Governor Duvvuri Subbarao speaks during a business conference in New Delhi
New global capital rules for banks will come at the expense of growth in India, which poses a dilemma for a country that needs to fund $1 trillion in infrastructure and bring more people into the financial system, the RBI governor said.
RBI Governor Duvvuri Subbarao, who last week raised interest rates for the fifth time this year in order to battle surging prices, also said on Monday that inflation will determine the future course of monetary policy action.
"The essence of 'Basel III' is to tighten regulation, which is to make it costly for banks to lend money. Benefit of Basel III will probably be less frequent crisis, less severe crisis," Subbarao said, referring to the new bank capital rules.
The new rules would require global banks to more than triple the amount of top-quality capital they must hold in reserve, although ba
An employee counts currency notes at a cash counter inside a bank in Agartala
The rupee in the early trade strengthened to its strongest level in four months on Tuesday boosted by robust foreign fund investments in local shares.
The main stock index climbed above 20,000 points in early trade for the first time since January 2008.
At 9:04 am, the partially convertible rupee was at 45.56/57 per dollar, after hitting 45.55, its highest since May 18 and above its previous close of 45.70/71 on Monday.
Foreigners have moved nearly $3 billion into Indian equities so far in September, and the rupee had gained 1.4 per cent last week.
A diamond businessmen desmonstrates a process at a diamond cutting and polishing factory in Surat
Jeweller Gitanjali Gems Ltd has bid for brands of Italian jewellery makers DIT Group and Mariella Burani Fashion Group SPA and is looking to acquire some other Italian jewellery brands in the coming months, a top official said on Tuesday.
Gitanjali, plans to spend 20-25 million euros ($32 million) in buying the brands, and expect revenues of over $100 million over the next two years from these brands, Chairman Mehul Choksi told Reuters.
Local residents stand on a flooded road after heavy monsoon rains at Moradabad in Uttar Pradesh
China, India and Indonesia are likely to face much higher losses from natural disasters in coming decades as their economies grow faster than their capacity for disaster prevention and relief, a new report said.
That means more foreign investment projects will be exposed to disaster damage as economic growth brings more factories, roads and other infrastructure to the region, which suffers the highest number of disasters in the world.
But the threat also brings opportunities for investors to help countries in the region with a poor track record of disaster management to improve their monitoring and relief capabilities, Political & Economic Risk Consultancy said in its report.
As Asian countries grow richer, natural disasters could have more political repercussions on governments, both democratic and authoritarian, if their responses are deeme
A traveller walks past a photograph of a Cathay Pacific 747 passenger jet, at the Hong Kong International Airport
Global airlines are likely to post sharply higher profit in 2010 than previously forecast as the industry rebounds from economic recession, the International Air Travel Association said on Tuesday.
IATA sees the industry posting a combined net profit of $8.9 billion, more than three times the previous forecast of $2.5 billion made in June, and compared to an estimate of nearly $10 billion losses in 2009. "It is a significant improvement, much stronger than forecast," IATA chief executive Giovanni Bisignani told reporters in Singapore. "But I would say it is not time for big celebration, let's just do a nice party."
The trade body warned that increasing capacity due to new aircraft deliveries in 2011 will lead to slower growth for the industry and put pressure on yields and load factors, resulting in a lower net profit of $5.3 bill
A shopkeeper displays gold jewellery inside his showroom in Jammu
India gold extended losses for a second day on Tuesday weighed by early strength in the rupee, triggering light buying in the physical market as traders braced for festivals, when demand for the yellow metal tends to go up, dealers said.
"There is buying today. I did about 50-60 kgs from morning at $1,274/1,275," said a dealer with a state-run bank in Mumbai, which deals in bullion.
Gold on the Multi Commodity Exchange (MCX) was trading 0.20 per cent lower at Rs 19,063 per 10 grams at 1:14 pm, down about 1 per cent from the all-time high of Rs 19,257 struck on Sept. 15.
"There are buyers even at these levels as people are bullish on prices... they expect prices to be at Rs 20,000/20,500 by Diwali," said Suresh Kumar, managing partner, Visakhapatnam-based Visakha Bullion, which caters to markets in Andhra Pradesh.
India, the world's biggest buyer of gold, is
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