Rohini Malkani News
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India’s rupee approached a two-week low after the current-account deficit widened to a record.
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India’s bonds are headed for the best month since May as a third consecutive quarter of economic growth above 8 percent allows the government to cut its budget deficit and provide subsidies to commodity producers.
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India’s central bank chief pledged to take steps as needed to curb swings in the rupee as the currency’s slump threatens to stoke inflation and limit scope for interest-rate cuts.
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India’s economy grew last quarter at the slowest pace in more than two years after the nation’s central bank raised interest rates by a record to tame the fastest inflation among so-called BRIC nations.
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Consumers in India, the world’s biggest gold user, may increase recycling of jewelry should bullion prices continue to rise, paring imports of the metal, according to Tribhovandas Bhimji Zaveri Pvt.
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Prime Minister Manmohan Singh is taking further steps to open up India’s economy to support the rupee as HSBC Holdings Plc and CLSA Asia-Pacific Markets predict the currency may slide another 10 percent.
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Gold imports in India, the world’s biggest consumer, may fall as much as 36 percent this year as higher prices and volatility slows demand, the Indian Bullion Market Association said.
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South Korea’s industrial output fell, India’s economy grew the least in more than two years and Thailand cut interest rates as an Asian slowdown limits the region’s ability to support a faltering world recovery.
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Prime Minister Manmohan Singh’s failure to contain the worst inflation among the biggest emerging markets is making Indian debt less appealing compared with similarly-rated Asian bonds.
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Gold imports by India, the world’s biggest consumer, have slowed as higher prices cool demand for jewelry, Citigroup Inc. said.
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