MUMBAI - The rupee fell to a three-and-a-half month low on Tuesday and stocks sank to their lowest in nearly four weeks on concerns about foreign outflows after Japan's Daiichi Sankyo's $3.6 billion share sale in Sun Pharmaceutical Industries .
LONDON - World stocks climbed back towards all-time highs on Tuesday as upbeat European earnings reports and expectations of a sixth straight rise in German business confidence helped offset worries about a possible Greek default.
The Reserve Bank of India's intervention to temper the rupee's rise is inflating foreign exchange hedging costs, impeding its own efforts to bolster Corporate India's defences against potential currency turbulence. The rush of foreign money coming into Asia's third-biggest economy is putting the central bank in a tight spot, forcing it to buy dollars in the spot market and sell them in the forward market. Read
Chinese President Xi Jinping praised Pakistan on Tuesday for its contribution to security in China's restive far west where a Muslim minority chaffs against Beijing's rule, while Pakistan promised to step up cooperation in tackling terrorism. Full Article
The New York Times won two Pulitzer prizes on Monday for coverage of the Ebola outbreak in West Africa, described by the Pulitzer board as courageous and vivid journalism that engaged the public and held authorities accountable. The Pulitzer for Public Service, announced at Columbia University, went to Charleston, South Carolina's Post and Courier for its series on domestic violence. Full Article
For the past two years Western media characterized Xi Jinping as either an authoritarian or a neo-authoritarian. Recently, the New Yorker described him as “China’s most authoritarian leader since Mao.” A Newsweek contributor opined, “Xi is leading China away from democracy.” But they’re wrong, writes Andrew Hammond. Commentary
April 20th marks the fifth anniversary of the landmark Deepwater Horizon disaster that saw millions of gallons of crude oil leak into the Gulf of Mexico. Yet despite the cost to its reputation, BP had leased the Deepwater Horizon oil drilling rig, is emerging more strongly than some anticipated in the wake of the spill. Read
Radhika Apte came under the spotlight after playing a protective wife in “Badlapur” and a city girl in “Hunterrr”. She speaks to Reuters about her films, Ekta Kapoor, and why she doesn’t mind vegetating without work once in a while. Full Article
India’s tax shockers are coming thick and fast. The government wants 400 billion rupees ($6.4 billion) in what it says are unpaid taxes from foreign funds. Top lawyers expect overseas private equity investors could be next. The latest surprise change to the country’s tax policy suggests investors will need to factor in higher risk premiums to protect themselves against future fickleness. Full Article
Bloomberg’s global outage on Friday highlights yet another banking sector weakness. The financial data network’s downtime may have been a problem only for the richest fraction of the top 1 percent. But it prompted enough worry for the Bank of England to remind banks that it’s there as a lender of last resort, raising questions about traders’ heavy reliance on a few fallible systems. Full Article
Twice French Open champion Serena Williams said her struggle to beat Sara Errani in the Fed Cup on Sunday had been a real "eye-opener" as the claycourt season gets into full swing. Full Article