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News Headlines
Inflation still above RBI's comfort zone: Subbarao (BS)
RBI Governor said inflation was still above the central bank’s tolerance level and it
would revisit the GDP growth numbers in its quarterly policy in January. RBI had
earlier projected that the economy would grow 8.5 per cent in the financial year.
TRAI proposes massive broadband boost (Reuters)
The telecoms regulator wants the government to set up a nationwide broadband
network that would cost about $13 billion. It recommended to fix a target of 75
million broadband connections by 2012 and 160 million by 2014.
RBI: Need to regulate MFI rates (BS)
RBI said while it was not contemplating a cap on interest rates charged by
microfinance institutions, there was a need to regulate the rates. RBI would act on
the issue after the Malegam committee submitted its report, latest by end-January.
Andhra Pradesh to introduce MFI Bill on December 10 (BS)
The Andhra Pradesh government will introduce the microfinance Bill on December
10, a senior bureaucrat said. The bill seeks to curb the coercive methods adopted by
lending companies for recoveries from rural borrowers.
RBI: Infra debt fund to materialise in couple of wks (Reuters)
The Reserve Bank of India deputy governor Shyamala Gopinath said on Wednesday
that an infrastructure debt fund is expected to materialise in a couple of weeks.
Discussion paper soon on deregulation of savings rates (BL)
RBI will soon put out a discussion paper on the issue of deregulation of interest rates
on Savings Bank accounts and invite banks' comments on the same.
Supreme Court orders probe into loans for telcos – lawyer (Reuters)
The Supreme Court has ordered the Central Bureau of Investigation (CBI) to probe
bank loans given to companies which were granted 2G telecoms licences in 2008.
Crime Bureau Raids Home of Former Telecom Minister (Bloomberg Finance LP)
Indian investigators said they found “incriminating” documents as they searched the
homes of former telecommunications minister Andimuthu Raja and other officials.
FMC mulls allowing sugar futures trade in 8-10 days (BS)
After over two months since the ban on sugar futures lapsed, commodity markets
regulator FMC on Wednesday said it is mulling grant of permission to commodity
bourses to relaunch sugar contracts for futures trading in about 10 days time.
Auto sales growth skids in Nov (BS)
After four consecutive record-setting months, vehicles sales slowed down in
November, growing by 17.81% as against 45.93% in October on year-on-year basis.
Airlines on ministry's flight path; maximum fares descend 10-50% (BS)
After a severe reprimand and threat of action by the civil aviation ministry, low-cost
carriers have fallen in line. According to the new fare list posted on their websites,
their maximum fares have been reduced by between 10 per cent and 50 per cent.
EU, India close to solving dispute over drug seizures (BS)
In the clearest indication from the European Commission that a resolution to the
dispute between New Delhi and Brussels regarding generic drug seizures had been
reached, a senior EC official said the EU was open to changing the regulation.
India May Buy Less Than Two-Thirds Allotment in State Bank of India’s Rights
Offer (Bloomberg Finance LP)
Aa senior finance ministry official said. A final decision will be taken by February. SBI
plans to raise as much as $4.4 billion from a sale of shares to existing holders.
ONGC will allow GAIL to market gas from C-series field (BS)
Oil and Natural Gas Corporation has decided to bury the hatchet with Gas Authority
of India over marketing natural gas from its C-series field off the western coast.
EU unveils new drive to control financial speculators (Reuters)
The European Commission presented new plans to clamp down on financial
speculation on Wednesday, proposing tighter controls on everything from betting on
the price of commodities to high-frequency trading.
U.S. tax deal edges forward despite doubts (Reuters)
A plan by U.S. President to broadly extend tax cuts edged forward on Wednesday
despite opposition and fear in bond markets of long-term damage to the economy.
Europe data upbeat, mkt eyes new U.S. stimulus (Reuters)
German industrial output soared past expectations and France's central bank upped
its forecast for fourth-quarter growth, signs that Europe's biggest economies are
speeding ahead while the debt crisis puts the brakes on smaller peers
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