Economy News - Page 30

RBI may change policy stance if inflation eases, says Gokarn

The Reserve Bank of India (RBI) will change its monetary policy stance only if inflation eases and further rate increases will depend on the price rise situation, Subir Gokarn, deputy governor at the central bank, said on Wednesday.

Maha govt to hold meeting over looming power crisis

Factors like ongoing protests in neighbouring Andhra Pradesh over separate statehood issue and power plants in Madhya Pradesh and Uttar Pradesh unable to generate sufficient power due to coal shortage are resulting in the power shortage in the state, said the chief minister.

Considering raising FDI cap in single-brand retail: Sharma

Government is "seriously" considering to raise the 51 percent cap in foreign direct investment (FDI) in single-brand retail business, Commerce and Industry Minister Anand Sharma said today.

China imposes nationwide tax on energy, resources

China is imposing a nationwide tax on production of oil and other resources to raise money for poor areas.

Crisil cuts India's GDP forecast on deteriorating domestic investment

The industry is projected to grow at a slower rate of 6.5 percent in 2011-12, as against the previous forecast of 7.3 percent.

PAC to re-examine CAG report on 2G scam

PAC has decided to call RP Singh, former Director General of Audit (Post and Telecommunications), at its next meeting as a witness. The Committee is expected to question him on the methods he used to estimate the losses in the 2G spectrum allocation.

Renminbi needs to be convertible to become global currency: RBI

Subbarao said the China's policies must inspire trust and confidence.

Govt may give tax sops to IT firms

A spurt in tax rates due to expiry of the Software Technology Parks of India (STPI) scheme earlier this year has hurt margins and crimped profits at Indian IT firms.

S&P downgrades Dexia by one notch on lack of funds

The board of Dexia, whose shares are suspended, will meet in Paris on Saturday to vote on a break-up plan after Belgium and France pledged to guarantee its financing in the face of a share-price slide.

Moody's downgrades nine Portuguese banks on asset risk

he key driver for the downgrades of most banks' debt and deposit ratings is Moody's assessment of the deterioration of their unsupported financial strength, said the ratings agency

NBFC shares plummet on slump in gold prices

Gold today recorded its steepest fall in over two months and lost Rs 800 to Rs 28,140 per 10 grams, on frantic selling by stockists

Delhi HC seeks Centre's stand on plea to include disabled in BPL category

The bench was hearing a lawsuit, filed by NGO National Platform for the Rights of the Disabled (NPRD), challenging the notification issued by the ministry concerned on May 30 framing guidelines for BPL census 2011.

Bankers want RBI to halt rate hike

The Reserve Bank is scheduled to unveil the second quarter monetary policy on 25 October.Bankers are concerned because there is no pick up in credit and the actual disbursements happening at present are the proposals sanctioned earlier.

S&P enters bear market, Greece fears sink Wall Street

Wall Street fell about 2 percent, extending the previous day's decline to 13-month lows as investors feared the crisis in Europe could throw the United States into a new recession.

Professionals on work visa in UK will have to return home after five years

UK today announced that Indian and other non-EU professionals will have to return to their countries of origin after their work visa expires instead of being allowed to settle here after working for five years.

UBS Q3 credit gains to cancel out trading loss

wiss bank UBS AG said it expects to report a modest third-quarter net profit, easing concerns about the impact of the $2.3 billion rogue trading loss uncovered last month as the bank chalks up gains on credit derivatives.

Eurozone puts back decision on Greek loans

Eurogroup chairman Jean-Claude Juncker said currency partners had asked the Greek government to take moves to ensure further savings in 2013 and 2014.

Rupee down 57 paise against US dollar in opening trade

Indian rupee fell by 57 paise to Rs 49.53 against the US dollar in early trade today amid steep depreciation of the euro on heightened concerns over the European debt crisis.

Nabard funds study on mobile-enabled Kisan credit cards

The service in Villupuram district would be available initially from Pallavan Grama Bank and would later be extended to other banks.

Here comes the hard part: Greek workers on purge list

The plan creates a "labour reserve" allowing state workers to be placed on partial pay and be dismissed after a year.<br /><br /> <br /><br />

Greece to start laying off state workers under new EU deal

The plan to lay off state workers -- who make up a fifth of the Greek workforce -- is extremely contentious, as they are guaranteed jobs for life under a constitution that bans firing government employees in virtually all circumstances.

Cairn India finds natural gas field off Sri Lanka's shore

Sri Lankan President Mahinda Rajapaksa said on Sunday natural gas has been discovered off the Indian Ocean island nation in the Mannar Basin, where Cairn India Ltd. has been drilling exploratory wells since August.

2G scam: MPs sent 84 letters to PMO since 2004

The Prime Minister's Office has received over 80 letters from former and sitting Members of Parliament regarding their concerns and suggestions on the telecom sector, including 2G licences distributed in 2008.

Shah Commission to analyse mines data, probes Goa illegal mining

According to the official, eight teams under the panel had inspected 90 operating mines and 32 non-operating mines in the coastal state in the wake of prevalent illegalities at various levels in iron ore mining.

Exports up 33% to $192.7 bn in Apr-Nov, imports up 30.2%

India's November exports are seen at $22.3 billion while imports for the month are seen at $35.9 billion, leaving a trade deficit f $13.6 billion

India's overseas investment hits all-time high of $103.9 bn

Direct Investment abroad moved up by $5.7 billion during the quarter to $103.9 billion as on end-June 2011.

No plans to alter output-sharing pact with RIL in KG-D6 block: OilMin

Last month, Reliance said it had begun arbitration proceedings against the government over cost recovery related to the KG-D6 block which it operates.

China's Wenzhou faces credit crunch as tycoons flee

While China's leaders are still struggling with a flood of credit unleashed to ward off the shockwaves from the 2008 financial crisis, some areas are seeing what many here have dubbed a "drought" of funding.

Planning Commission may alter Rs 32 poverty line affidavit

NAC members Aruna Roy and Harsh Mander have reportedly asked Ahluwalia to withdraw the poverty line affidavit filed by the panel before the Supreme Court or resign.<br /><br />

Cabinet approves mining bill; Coal India,Tata Steel tank

With the approval Coal India will be hit the most as it will have to share one fourth of its profit, which means lesser money for growth and dividends.