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News Headlines
DoT panel to review NDA policy (BS)
The department of telecoms announced the setting up of a one-member committee
headed by a retired Supreme Court judge, Shivraj V Patil, to review internal
procedures and policy in the allocation of licences and spectrum from 2001 to 2009.
Power capacity targets will slip further on hydro delays (BL)
The power capacity addition target for the 11th Plan period, which has already seen a
big downward revision from 78,000 MW to 62,000 MW, could be whittled down
further. The Power Ministry admitted a shortfall of another 4,000 MW is expected.
RBI open to more cash easing, bonds calmed (Reuters)
RBI will be forthcoming with more measures if needed to help ease a cash crunch in
the banking system, its head said on Thursday, helping calm bond markets. Banks
have been borrowing around 1 trillion rupees every day from the RBI's repo auctions.
Govt spending not on scale to ease liquidity position: RBI chief (BL)
The Reserve Bank of India is deeply conscious of the liquidity situation and will take
measures to ease funds flow as and when required, according to the RBI Governor.
Food inflation at 8.69 pct y/y on Nov 27 (Reuters)
India's food price index rose 8.69 percent (from 8.60 percent last week), while the
fuel price index climbed 9.99 percent (unchanged) in the year to Nov. 27.
Commodity bourse turnover up 53 pct in Apr-Nov (Reuters)
Indian commodity bourses' turnover rose 53.4 percent on year to 72.56 trillion rupees
in the first eight months to November, helped by precious and base metals.
Draft norms on new bank licences likely by Jan (BL)
The Reserve Bank of India is likely to issue draft guidelines on new bank licensing by
January 2011. Meanwhile, the central bank would put up a gist of feedback received
from various stakeholders on its discussion paper by next week.
Banks told to cap cash deposit charges at Rs 5 (BS)
RBI has told banks not to charge more than Rs 5 for any cash deposit made at a nonhome branch. Some banks charge as much as Rs 110 for such cash deposits.
RBI plans interim relief for MFI sector (BS)
The Reserve Bank of India might take interim measures in order to give some relief to
the microfinance institutions in India. The measures would be taken in consultation
with banks and based on their exposure to the sector across the country.
RBI: loans in bribery probe were as per rules (Reuters)
The Reserve Bank of India chief said on Thursday that all loans in an ongoing bribesfor-loans investigation were sanctioned under established rules. Duvvuri Subbarao
also said that 13 out of the 14 loan accounts in the probe were performing.
ONGC bids for Exxon stake in Angola block – govt (Reuters)
State-run explorer Oil and Natural Gas has bid for a 25-percent stake that the U.S.
energy major Exxon Mobil owns in an Angolan offshore oil block.
IMG, Reliance in $140 mln Indian soccer deal (Reuters)
Sports and entertainment company IMG Worldwide and Reliance Industries have
signed a 15-year deal with Indian soccer's governing body for its commercial rights.
NMDC, Severstal to set up steel plant in Karnataka (BS)
India’s largest iron ore producer, NMDC, is set to sign a memorandum of
understanding with Russia’s third largest steelmaker, Severstal, for a plant in
Karnataka. The deal would entail an initial investment of $1 billion from Severstal.
Stallio upper gear stalls as M&M motorcycle sales slip 36% (BS)
Mahindra & Mahindra, which has been aggressively trying to make inroads in the 7.3
million units per year motorcycle market, has failed to create much excitement, with
sales slipping 36 per cent last month from the previous one.
Top banks plan new forex dealing platform (Reuters)
The big global banks involved in currency trading plan a banks-only dealing system, in
a move to reclaim lost business, the Wall Street Journal said.
Household Worth in U.S. Rose by $1.2 Trillion in Q3 (Bloomberg Finance LP)
Household wealth in the U.S. rose by $1.2 trillion in the third quarter as share prices
jumped. Net worth for households and non-profit groups increased at a 9.1 percent
annual pace after dropping at a 9.9 percent rate in the previous three months.
Lending to U.S. Small Businesses Declines (Bloomberg Finance LP)
Lending to U.S. small businesses fell in the third quarter, showing the companies that
account for more than half of total job creation are still struggling.
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