MUMBAI - India has scrapped a rule mandating traders to export 20 percent of all gold imported into the country, in a surprise move that could cut smuggling and raise legal shipments into the world's second-biggest consumer of the metal after China.
NEW YORK - U.S. crude tumbled 10 percent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke below $70 a barrel, as OPEC's decision not to cut output sent oil traders and analysts scurrying to find a new trading floor.
India has had no contact with 39 men missing in Iraq since June, but believes them to be alive, the foreign minister said on Friday, distancing herself from a report that suggested they had been killed by Islamic State militants. Full Article
On the night of Dec. 2, 1984, a factory owned by the U.S. multinational Union Carbide Corp accidentally leaked cyanide gas into the air, killing thousands of largely poor Indians in Bhopal. Thirty years later, the toxic legacy of this factory lives on, say human rights groups, as thousands of tonnes of hazardous waste remains buried underground. Read
Mumbai-based SBI Funds Management will launch an Islamic equity mutual fund next month to tap into India's large but underserved Muslim population, although the country still lags in developing sharia-compliant debt alternatives. India's 175 million Muslims are unable to use Islamic banks because of laws requiring banks to charge interest, which is forbidden in Islam. Full Article
Data released on Friday showing a slowdown in India's economy will put the Reserve Bank under renewed pressure to cut interest rates, while PM Narendra Modi takes his time over reforms needed for a revival. Read
In his quest for an Indian identity, painter Jamini Roy rebelled against the British academic training and took to the local, folk idiom. Broad brush strokes, simple forms, stretched eyes, decorative borders and use of flat colours are the dominant motifs in an exhibition of the artist’s works being displayed in Delhi. Full Article
Nandita Das might be one of the few Indian actors known outside of India, but she isn’t sure that she wants to be identified as an actor. Das has myriad interests besides acting and directing, the latest of which is CinePlay, a new venture started by her husband. In a telephone interview from the United States, Das spoke about CinePlay and why she isn’t doing too many films. Read interview
Reuters spoke to Timmy Sarna, managing director of DLF Brands, which runs the operations of “fast-fashion” clothing store Forever21 in India. Sarna discussed the recent opening of Forever21’s first store in Bangalore, why store shopping beats online shopping for now, and the company’s expansion plans for Hyderabad, Pune and other cities. Full Article
While the premise of vigilante justice might be one of honest intentions, director Rensil D’Silva sullies the cause by refusing to fill up the giant craters in his script. There are gangsters who leave wads of cash in open cupboards, reporters who don’t seem to know the basics of their job, and police officers who are actually stupid enough to take bribes in the form of bags of cash delivered to their home, writes Shilpa Jamkhandikar. Full Article