Rupee approaches record low ahead of Fed meeting
MUMBAI - The rupee was off session lows in early trade on Wednesday, but still remained close to its record low ahead of the outcome of the Federal Reserve meeting that may signal a tapering down of the U.S. stimulus programme.
IDFC, Religare shares gain on bank license plans
MUMBAI - Shares in IDFC and Religare Enterprises rose on Wednesday after both companies took steps to apply for banking licenses, continuing their quest to diversify their businesses.
India business sentiment at over three-year low
Asia's top companies have become more optimistic about their business outlook with the retail and shipping industries rebounding sharply in the second quarter of 2013, the Thomson Reuters/INSEAD Asia Business Sentiment Survey shows. Full Article | Related Story
Microsoft says freed millions of PCs from botnet
Microsoft Corp said that an assault it led earlier this month on one of the world's biggest cyber crime rings has freed at least 2 million PCs infected with a virus believed to have been used to steal more than $500 million from bank accounts worldwide. Full Article
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Early monsoon strikes India
In Uttarakhand, where officials say at least 60 people had been killed, air force helicopters airdropped commandos to help rescue some of the tens of thousands of people unable to move. Video
U.S. to meet Taliban to seek Afghan peace
The United States and the Taliban raised hopes for a negotiated peace in Afghanistan with commitments to meet this week after 12 years of bloody and costly war between American-led forces and the insurgents. Full Article
Australia, Iran and S.Korea head for Brazil
Australia and Iran booked their fourth World Cup finals appearances with nervous 1-0 victories in a dramatic finale to Asian qualifying on Tuesday. Full Article | Related Story
Latest Headlines
Indian insurers can now go international
Global insurers have been participating in the Indian insurance market for nearly 12 years. We may soon see the trend reversing. The country's insurance regulator (IRDA) has laid down rules for Indian companies to start overseas operations. If the Tatas could buy out JLR and Corus, who knows what opportunities lie ahead for LIC, New India and others. Full Article
Hard currency status a wishful dream for rupee
Despite India’s substantial economic progress over the decades to emerge today among the ten largest economies in the world in nominal GDP terms and the top three in PPP terms, the rupee has not kept pace with this progress and has witnessed periods of high volatility. Until India traverses the distance from a trade-deficit economy to a neutral or trade-surplus nation, the rupee will always remain unhinged. Column
Breakingviews
India in depth: Diaspora's yield hunt gone wrong
India's banking system may lose the only friend it has had the past couple of years: the diaspora. For every $1 of time deposits that Indian banks have raised from residents in the past year, 13 cents has come from the estimated 25 million people of Indian origin who live in other countries. On all but a fraction that amount, the currency risk lies with the depositor. Full Article
Singapore’s creative bank penalty may be a one-off
Singapore has come up with a creative way of penalising rate-rigging banks. Regulators are forcing lenders implicated in manipulating the city-state’s borrowing and currency rates to set aside up to S$12 billion ($9.6 billion) in extra central bank reserves. With rates low, however, the costs will be much lower than recent mega-fines. Full Article
Literature & Entertainment
Amitav Ghosh among 12 vying for international writing prize
India's Amitav Ghosh is among a group of 12 poets, authors and academics vying for the 2013 Warwick Prize for Writing with themes ranging from the Australian war effort in France to opium sellers in 19th century India. Full Article
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