India rules out lowering sugar import tax for now - govt source
NEW DELHI India, the world's biggest sugar consumer, has no plan to lower import duty on the sweetener, at least in the near term, a government official said on Thursday.
HSBC lowered its gold forecast for this year and next on Friday, saying the recent tumble in prices for the yellow metal has dealt a severe blow to investor confidence, which may take many months to restore.
The bank cut its 2013 gold price forecast to $1,542 per ounce from $1,700 and the 2014 price outlook to $1,600 per ounce from $1,720.
The bank, however, expects gold prices to stabilize after the recent rout as retail demand for gold lends support with rising jewelry and gold coin purchases from Asia.
"Lower prices attract greater buying, especially in India and China. Based on the fragmented nature of this buying, it may take months for this new demand to feed into prices," HSBC analyst James Steel said in a note.
HSBC also cut its 2013 silver price forecast to $26 per ounce from $33 and the 2014 price outlook to $27 per ounce from $31 earlier.
The bank said factors limiting price appreciation for silver were likely to be growing mine output.
Mine production has increased steadily for more than a decade and continues to grow, notably in Latin America and China, the bank said.
(Reporting by Shrutee Sarkar in Bangalore; Editing by Kenneth Barry)
NEW DELHI Some Indian officials have baulked at Apple's demands for concessions before it assembles iPhones there, raising doubts about a spring deadline to launch a key project in Prime Minister Narendra Modi's campaign to lure foreign investors.
LONDON Lloyd's of London said on Thursday it received final regulatory approval for its reinsurance branch in India and will open in time for April reinsurance renewals.