With the rupee fast losing value against the US dollar, Finance Minister Pranab Mukherjee on Friday blamed volatility in global commodity prices for currency depreciation and said deteriorating balance of payment (BoP) situation in several Asian countries also put stress on currencies.
With expectations of a significant rise in savings rate and share of working population over next 50 years in India, the current phenomenon of overall surplus in balance of payments may not be a temporary one, RBI deputy governor Rakesh Mohan said.
The Communist Party of China has clipped the wings of Bo Xilai, a popular leader among netizens. B Raman explains why
Bo, who was replaced by Vice Premier and Politburo member Zhang Dejiang, was known in China for his populist Maoists revival campaign and had been seen as one of the leading contenders to join party's powerful nine-member Politburo standing committee, which virtually governs the country.
The widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit at $50 billion
Developments in the disgraced party official Bo Xilai case have engulfed China's top leadership. Was Bo's ouster part of a well-planned conspiracy? Security expert B Raman takes a look at the intriguing incident.
China has suspended Bo Xilai, a top politician who was once regarded as the rising star in the ruling Communist Party of China hierarchy, from all party posts and also detained his wife over the suspected murder of a British national.
The Development Commissioners have recommended to the Board of Approval to cancel these SEZ projects.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
According to a department notification, Tech Mahindra has approached the Board of Approvals under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
The BoA, a 19-member inter-ministerial body that deals with special economic zone -related matters, is scheduled to meet on September 9.
Mani Ratnam is experimenting with a real-life historical in Ponniyin Selvan, points out N Sathiya Moorthy.
Tata Motors is likely to have one more achievement to cheer about as it gets into the new financial year, when Thailand's Board of Investment (BoI) approves the company's proposal to make an eco-car. A BoI official in Bangkok told Business Standard that the internal approval meeting, scheduled for April 2, 2008, was likely to give its nod to India's third largest passenger car maker to manufacture the eco-car.
The Securities and Exchange Board of India (Sebi) on Monday relaxed the norms for valuing perpetual bonds. The norms, which had sought to value banks' deemed residual maturity of Basel III additional tier 1 (AT1) bonds as 100-year debt from April 1, were strongly opposed by the finance ministry. In a statement released on Monday, the regulator said the maturity would be 10 years until March 31, 2022, and would be increased to 20 and 30 years over the subsequent six-month period.
In yet another ceasefire violation, Pakistani Rangers on Sunday resorted to small arms firing on forward Border Outposts along the international border in Jammu district.
It is believed that the new draft guidelines will encourage foreign banks to acquire stakes in Indian banks.
The global brokerage firm further said that BoP would be INR-supportive.
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
Tightening financial conditions have set the stage for early Fed easing. Outside the US, there is no longer expectation of the ECB, BoJ, BoE, and BoC to hike rates this year again
Violating the ceasefire yet again, Pakistani Rangers resorted to firing of mortar bombs on border out posts along the International Border in Jammu district.
As many as 24 special economic zone (SEZ) developers including Dr Reddy's Lab and Tata Consultancy Services have sought more time from the government to execute their projects.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
DIG B K Loshali has been removed as the chief of staff at northwest region.
If Chinese growth starts falling, sharply or otherwise, the risk on trade might reverse.
The unit will do market research and prepare presentations for bank executives working with corporate clients.
The government has given more time to 20 SEZ developers, including Tata Consultancy Services and Mahindra World City, to execute their projects. At a meeting on January 14, the Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar also allowed four SEZ developers to surrender their projects.
China attracted a record foreign direct investment of $ 63 billion in 2006, up five per cent over the previous year, reversing a declining trend, Commerce Minister Bo Xilai said in Beijing.
SBI is the third state-run lender to lower the lending rates after Indian Overseas Bank Tuesday and Bank of Maharashtra which also lowered their loan prices by 5 bps on loan tenors of one year and above, effective April 10.
Some of the public banks showed improvement; much more still needs to be done
Mundra fills the vacancy created by the retirement of KC Chakrabarty in April, two months before his five-year tenure was come to an end.
Trump presidency was the first in more than 100 years not to feature a "first dog". Neither President Trump nor his wife Melania owned any pets.
Gota has to decide if he could order elder brother Mahinda's arrest as the agent provocateur of Monday's violence. Then he has to prepare for an interim government, in which no one would now want to become a cabinet minister leave alone prime minister, explains N Sathiya Moorthy.
The former World No.1 and winner of two Commonwealth Games gold medals shot 686 in the 72-arrow ranking round to equal the feat of London Olympics gold-medallist Ki Bo Bae of Korea.
SoBo socialities mingled with Bolly folk as a businessman with tinsel links celebrated his birthday.
In the latest move, the telco has reduced validity for its Rs 309/509 packages from 84 days to 56
Public sector Bank of Maharashtra has sought government approval to raise Rs 1,500 crore in three years.
The one-size-fits-all approach adopted by the AICTE is not suitable for regulating business schools in India, argues Asish K Bhattacharyya.
Two Border Security Force jawans were on Friday injured when Pakistani troops opened fire at seven border out posts and civilian areas along the International Border in Jammu and Samba districts.
While no reason has been given for postponement of the BoA meeting, commerce secretary Rahul Khullar is indisposed, an official said.
