Fed likely to reduce bond buying this year: Bernanke
Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy is expanding strongly enough for the central bank to begin slowing the pace of its bond-buying stimulus later this year. Full Article | Instant view: U.S. Fed to keep buying bonds
Asian stocks tumble on weak China PMI, Fed policy plan
TOKYO - Asian shares tumbled to nine-month lows on Thursday as slowing Chinese manufacturing activity exacerbated sentiment already unnerved by the U.S. Federal Reserve Chairman Ben Bernanke confirming the Fed would begin reducing its stimulus spending later this year.
EU fines Ranbaxy for blocking cheaper drugs
European antitrust regulators fined nine drugmakers, including Denmark's Lundbeck and India's Ranbaxy, a total of 146 million euros for blocking the supply of a cheaper anti-depressant to the market, the first EU sanction against such deals. Ranbaxy, India's No.1 pharmaceutical company, said it plans to appeal to the EU General Court in Luxembourg after it was fined 10.3 million euros. Full Article
Karzai says Kabul to shun US talks with Taliban
Afghan President Hamid Karzai said on Wednesday his government would not join U.S. peace talks with the Taliban and halted negotiations with Washington on a troop pact, underscoring the fragile nature of hopes for a negotiated peace in Afghanistan. Full Article
Myanmar constitution may dash Suu Kyi's hopes
Her adoring compatriots believe Aung San Suu Kyi is destined to become Myanmar's next president. But don't bet on it. Full Article
'Sopranos' star James Gandolfini dies in Italy
James Gandolfini, the burly actor best known for his Emmy-winning portrayal of a conflicted New Jersey mob boss in the acclaimed HBO cable television series "The Sopranos," has died while vacationing in Rome, Italy, the network said on Wednesday. Full Article
Microsoft reverses position on Xbox One
Microsoft says that users of its forthcoming Xbox One game console will be able to play games offline without an Internet connection, and will be able to lend or sell used disc-based games. Full Article
Latest Headlines
Monsoon Floods
Death toll in Uttarakhand crosses 150
Thousands stranded in parts of northern India awaited rescuers as floods caused by heavier-than-usual monsoon rains killed at least 150 people in worst-hit Uttarakhand. Full Article
Syria Crisis
Islamists seize control as moderates dither
As the Syrian civil war got under way, a former electrician who calls himself Sheikh Omar built up a brigade of rebel fighters. In two years of struggle against President Assad, they came to number 2,000 men, he said, here in the northern city of Aleppo. Then, virtually overnight, they collapsed. Full Article
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
Sports
Champions Trophy - England ease into final as South Africa choke again
Hosts England sauntered into the Champions Trophy final after South Africa 'choked' in yet another semi-final when they were bowled out for 175 in fairly benign conditions at The Oval on Wednesday. Full Article
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