Rupee slumps to record low; bonds, stocks hit
The rupee slumped to a record low on Thursday, while stocks and bonds were hit, after the Federal Reserve signalled a tapering of its monetary stimulus, highlighting the country's dependence on foreign capital inflows to fund its current account deficit. Full Article
Government bond trading bands removed for day - FIMMDA CEO
MUMBAI - Indian government and state bonds will have no trading bands for Thursday, chief executive officer C.E.S. Azariah told Reuters, after trading in some debt had been halted earlier in the day due to circuit breakers.
Fear of Fed: Where to hide in Asia?
The end of the cheap-cash era may not be good news for Asian equities, but it need not lead to an across-the-board stampede. Not all markets are equally vulnerable, writes Andy Mukherjee. Full Article
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Rains, floods cause havoc in north India
Prime Minister Manmohan Singh announced a 10-billion-rupee aid package for Uttarakhand, the state worst hit by flooding. Slideshow
Myanmar constitution may dash Suu Kyi's hopes
Her adoring compatriots believe Aung San Suu Kyi is destined to become Myanmar's next president. But don't bet on it. Full Article
'Sopranos' star James Gandolfini dies in Italy
James Gandolfini, the burly actor best known for his Emmy-winning portrayal of a conflicted New Jersey mob boss in the acclaimed HBO cable television series "The Sopranos," has died while vacationing in Rome, Italy, the network said on Wednesday. Full Article
Microsoft reverses position on Xbox One
Microsoft says that users of its forthcoming Xbox One game console will be able to play games offline without an Internet connection, and will be able to lend or sell used disc-based games. Full Article
Latest Headlines
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
Sports
Champions Trophy - England ease into final as South Africa choke again
Hosts England sauntered into the Champions Trophy final after South Africa 'choked' in yet another semi-final when they were bowled out for 175 in fairly benign conditions at The Oval on Wednesday. Full Article
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