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EU fines Ranbaxy, others for blocking cheaper drugs

BRUSSELS - 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.

Wall St dips after recent rally as Fed statement looms 7:27pm IST

NEW YORK - U.S. stocks dipped modestly at the open on Wednesday, but held on to most of their gains over the last two days, ahead of a highly anticipated Federal Reserve statement and news conference.

A showroom attendant cleans a Tata Nano car at their flagship showroom in Mumbai May 28, 2013. REUTERS/Vivek Prakash/Files
Autos

Tata Motors upgrades eight existing models

Tata Motors launched eight upgrades of existing models, including a CNG-fuelled version of the Nano, but said little about plans for completely new vehicles to help reverse sliding car sales.  Full Article 

A man swims in the flooded waters of river Yamuna to retrieve floating watermelons in New Delhi June 18, 2013. REUTERS/Anindito Mukherjee
Monsoon Mayhem

Rivers swollen, houses swept away

Early monsoon rains have swollen rivers, swept away houses, killed scores and left thousands stranded.  Slideshow 

Afghan President Hamid Karzai listens to a journalists question during a joint news conference with NATO Secretary General Anders Fogh Rasmussen after a security handover ceremony at a military academy outside Kabul June 18, 2013. REUTERS/Omar Sobhani

Afghan govt to shun U.S. talks with Taliban

Afghan President Hamid Karzai said his government would not join U.S. peace talks with the Taliban until they were led by Afghans and would suspend negotiations with the United States on a troop pact.  Full Article | Afghans must talk to each other for peace: Obama 

Members of the Ghuraba al-sham brigade walk as they hold their weapons at Aleppo's district of al Sakhour June 15, 2013. Picture taken June 15, 2013. REUTERS/Muzaffar Salman

Syria Islamists seize control as moderates dither

Radical Islamist units in Syria are sidelining more moderate groups that do not share the Islamists' goal of establishing a supreme religious leadership in the country.  Full Article 

Mercedes Formula One driver Nico Rosberg of Germany drives during the qualifying session of the Indian F1 Grand Prix at the Buddh International Circuit in Greater Noida, on the outskirts of New Delhi, October 27, 2012. REUTERS/Adnan Abidi

Indian GP organisers dismiss race rumours

Indian Grand Prix organisers on Wednesday dismissed media speculation that they may not host a Formula One race next year as "totally baseless and malicious".  Full Article 

Latest Headlines

Focus on U.S. Fed

Deepak Yohannan

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 

R Rajagopal

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

Andy Mukherjee

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 

Peter Thal Larsen

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 

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