Money News Headlines

Fri, Nov 28 2014

Growth slows less than feared, easing pressure for rate cut

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NEW DELHI - A slowdown in India's economy in the last quarter will increase calls for Prime Minister Narendra Modi to step up reforms but was less severe than feared, giving the Reserve Bank ammunition to resist government pressure to cut interest rates.

Top News, Business, Economy 28 Nov 2014

India sees $15.6 billion hit on state lenders from coal verdict

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NEW DELHI - A Supreme Court order scrapping most coal extraction permits given to companies would have a likely impact of 964.84 billion rupees ($15.6 billion) on state-run lenders, the junior finance minister told parliament on Friday.

28 Nov 2014

After record deal, more India bank takeovers on cards

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MUMBAI - India is set for more banking acquisitions after a record $2.4 billion takeover last week ended four years of a deals drought, as lenders fight for market share and wider reach amid looming competition from a new breed of players.

Business, Deals 28 Nov 2014

U.S. crude down 10 pct post-OPEC, Brent breaks below $70

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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.

2:21am IST

India eases gold import rule in surprise move

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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.

28 Nov 2014

Sahara looks to raise $650 million loan to fund bail

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MUMBAI - India's Sahara conglomerate said on Friday it aimed to raise $650 million in loans to secure the release of its chief, in jail for nearly nine months over the group's failure to refund billions of dollars to investors in outlawed bonds.

Top News, Business 28 Nov 2014

Government plans to cut stake in state lenders to raise $14.4 billion

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NEW DELHI - The government plans to raise about 891.2 billion rupees ($14.4 billion) by reducing its stakes in state-run banks to 52 percent, the junior finance minister said on Friday, sending shares of state lenders higher.

Business, Top News 28 Nov 2014

Nifty hits record high above 8,600; state-run lenders gain

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MUMBAI - The BSE Sensex and Nifty shares hit a record high on Friday, rising for the third straight session, led by gains in lenders such as State Bank of India after the government said it would cut its stake in state-run banks.

28 Nov 2014

Falling energy shares weigh on global equities, oil down

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NEW YORK - Crude oil tumbled on Friday, knocking down both energy-related shares and currencies after OPEC's decision a day earlier not to cut output reinforced prospects of a worldwide oil supply glut.

1:31am IST

Exclusive - Essar's planned oil-for-steel deal tests Iran sanctions

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NEW DELHI - Essar Group, a $39 billion conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state.

28 Nov 2014