MUMBAI - The rupee was off session lows in early trade on Wednesday, but still remained close to its record low ahead of the outcome of the Federal Reserve meeting that may signal a tapering down of the U.S. stimulus programme.
MUMBAI - Shares in IDFC and Religare Enterprises rose on Wednesday after both companies took steps to apply for banking licenses, continuing their quest to diversify their businesses.
Asia's top companies have become more optimistic about their business outlook with the retail and shipping industries rebounding sharply in the second quarter of 2013, the Thomson Reuters/INSEAD Asia Business Sentiment Survey shows. Full Article | Related Story
Microsoft Corp said that an assault it led earlier this month on one of the world's biggest cyber crime rings has freed at least 2 million PCs infected with a virus believed to have been used to steal more than $500 million from bank accounts worldwide. Full Article
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
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
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 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
Literature & Entertainment
India's Amitav Ghosh is among a group of 12 poets, authors and academics vying for the 2013 Warwick Prize for Writing with themes ranging from the Australian war effort in France to opium sellers in 19th century India. Full Article