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Markets face rough summer ride as Fed pullback feared

NEW YORK - For the past few months, the U.S. Federal Reserve has been squarely in the financial markets' corner, thanks to its massive dollops of monetary stimulus. But signs that the central bank is discussing reducing that support by purchasing fewer bonds mean that trading is likely to get bumpier in coming months.

Gold up sharply as dollar, stocks slide 2:47am IST

NEW YORK - Gold rose sharply on Thursday as investors sought its safe-haven status after the dollar and equity markets were hit by a slew of weak manufacturing data that indicated stagnant global economic growth.

Demonstrators stand beside a mock drone outside the gates of Fort McNair where President Barack Obama will speak at Washington's National Defense University May 23, 2013. REUTERS/Kevin Lamarque

Obama limits use of U.S. drone strikes

The U.S. President outlined plans on Thursday to limit the use of drone strikes against extremists abroad and took steps aimed at breaking a deadlock on closing the Guantanamo prison.  Full Article 

Tata Steel's Managing Director Hemant Nerurkar (L) and Tata Steel Europe's Managing Director Karl-Ulrich Koehler speak to each other before a news conference to announce their fourth quarter results in Mumbai May 23, 2013. REUTERS/Vivek Prakash

Tata Steel says no assets up for sale in Europe

Tata Steel Ltd said it expected to take no further charges in Europe and has put no European assets up for sale, following a $1.6 billion writedown for the region in the past financial year due to weak demand.  Full Article 

Federal Reserve Board Chairman Ben Bernanke takes notes before testifying at the Joint Economic Committee in Washington May 22, 2013.   REUTERS/Gary Cameron

US Fed's delicate new phase of communication

Investors' hair-trigger reaction to Ben Bernanke's testimony marks a delicate new policy phase for the U.S. central bank in which communication is paramount.  Full Article | Related story 

Umpire Asad Rauf looks up at the rain during the fourth day of the second test against New Zealand at the Basin Reserve in Wellington March 17, 2013. REUTERS/David Gray/Files

Umpire Rauf withdrawn from Champions Trophy

Elite panel umpire Asad Rauf was withdrawn from next month's Champions Trophy on Thursday following media reports he was under investigation by Mumbai Police.  Full Article 

Bollywood actress and director Pooja Bhatt (L) speaks during a news conference in Kolkata January 3, 2006. REUTERS/Jayanta Shaw/Files

Buy a movie role to fight anti-women violence

Bollywood producer Pooja Bhatt is auctioning off a role in one of her next films to help raise money to reduce rising cases of violence against women in India, the charity Oxfam has said.  Full Article 

Latest Headlines

Markets Nosedive

Anatole Kaletsky

The many interpretations of Ben Bernanke

The reaction to Federal Reserve Chairman Ben Bernanke's tediously familiar statement, and release of the equally repetitive minutes of the last Fed meeting, was some of the wildest gyrations seen in the world’s financial markets for months. Why did the financial world react in this manic-depressive way to a statement that was bland and predictable?  Commentary 

David Rohde

Prosperity without power

In Moscow, they are “non-Soviet Russians.” In New Delhi, they are a “political Goliath” that may soon awake. In Beijing and Sao Paolo, they are lawyers and other professionals who complain about glacial government bureaucracies and endemic graft. Across the BRIC nations, frustrated members of the middle class are demanding change, but traditional power holders remain entrenched.  Commentary 

Breakingviews

Andy Mukherjee

Blame Japan’s debt on companies, not the state

Japan’s government is up to its neck in debt. That, however, is not because the government has been overly profligate, but because Japanese companies have been deleveraging for a long time. If Prime Minister Shinzo Abe’s policies revive private investment, the government’s track record suggests it will tighten its belt.  Full Article 

Bollywood fashion at Cannes

Bollywood fashion at Cannes

Remember fashion’s golden rule: you are what you wear. The Bollywood brigade at this year's Cannes Film Festival may seem a bit like the contestants in the national costume round of a beauty pageant. Keeping their identity intact while representing their country on an international platform is praiseworthy, but is it making a fashion statement?  Blog 

Beckham's final 81st minute

Beckham's final 81st minute

In his last match as a professional footballer, Beckham did everything to be a key player on the pitch. Thanks to him his team was able to score. However, there was something different this time. You could see his desperation to score, a need to shine, and an attempt to make those final minutes on the pitch last as long as possible.  Full Article 

Delhi's Midnight Inferno

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