Bernanke points to reduced Fed bond buying this year
Federal Reserve Chairman Ben Bernanke says the U.S. central bank expects to slow the pace of its bond purchases later this year and bring them to a halt around mid-2014, comments that weighed on stocks and pushed bond yields to a 15-month high. Story
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.
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 attack U.N. base, 22 dead
Islamist militants carried out a deadly assault on the main 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 | Video
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
Time to stop arguing about climate change
The world should stop arguing about whether humans are causing climate change and start taking action to stop dangerous temperature rises, the president of the World Bank said. 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
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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