Death toll in Uttarakhand monsoon floods 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 | Full Coverage
Wall St flat as Fed statement, Bernanke remarks loom
NEW YORK - U.S. stocks were little changed on Wednesday before the Federal Reserve releases a statement which could provide clues about the Fed's future stimulus efforts, a key to the market's continued rally.
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
Somali Islamist rebels launch deadly attack
Islamist militants carried out a deadly assault on a U.N. compound in the Somali capital on Wednesday, dealing a blow to fragile security gains that have allowed a slow return of foreign aid workers and diplomats. Full Article
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
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
World Bank watching Fed, ready to act
The World Bank is concerned about the spillover effects on developing countries of a slowing of U.S. money creation and will move to provide affordable capital when borrowing costs rise, Jim Yong Kim told Reuters in an interview. 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
Dolce and Gabbana sentenced to jail
Fashion design duo Domenico Dolce and Stefano Gabbana were handed a suspended prison sentence of one year and eight months for hiding hundreds of millions of euros from the tax authorities. Full Article
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Rahul Gandhi: a profile
The Congress lawmaker and scion of the Nehru-Gandhi dynasty turns 43 on Wednesday. Slideshow
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