World Money Finance

Emerging market capital curbs may be just the ticket

admin — Sun, 01 Aug 2010 07:20:26 +0000

LONDON (Reuters) – Investors are buying more long-dated bonds and overseas-listed shares in key emerging markets, suggesting capital controls set up in these countries may be helping curb volatile portfolio flows and currency swings.

Second senior US Democrat may face ethics trial

admin — Sun, 01 Aug 2010 05:40:26 +0000

WASHINGTON (Reuters) – A second senior U.S Democratic lawmaker may face a public ethics trial this fall, adding a new threat to their party’s efforts to keep control of the House of Representatives in the November elections.

Bank raises deposit rates, hints at costly loans, UBI goes for…

admin — Sat, 31 Jul 2010 20:42:03 +0000

Taking a cue from the Reserve Bank s monetary policy actions, leading public sector lender Union Bank of India on Saturday hiked its lending and deposit rates with effect from August 4. Shortly afterwards, ICICI Bank also announced a hike in its deposit rates while signalling a possible hike in lending rates as well. The country s largest private lender hiked deposit rates across various maturities by up to 75 basis points with immediate effect. We have increased our deposit rates across various maturities. Though there is an upward bias in rates, we are yet to take call on lending rates. We …

Of elephant dung, cannabis and Kamasutra

admin — Sat, 31 Jul 2010 20:40:55 +0000

I was privileged enough to be asked to attend the Masters of Wine Symposium this year. In fact, I have reason to believe that the organisers were momentarily possessed when they asked me to prepare something on the Indian market and make a presentation. They obviously don t know me as well as my shrink, or parole officer for that matter the second one, after the first one died under mysterious circumstances. And when I say I wasted no time in getting to the task, I mean it in the less cheeky way i.e. I got to it right away. I …

Icarus crashed, Daedalus didn’t

admin — Sat, 31 Jul 2010 20:40:47 +0000

I still dream about my first aeroplane ride. Not wanting to appear gauche, there was no question of allowing this crazy excitement expression at that time. And the feeling itself has become muted over time. It is only through the eyes of child passengers that I occasionally relive it these days. Richard Branson is a very different cookie type of course, almost from another planet. He has been on balloons, bungee cords, parasails and home-made flying machines. He is planning to celebrate his 60th birthday kitesurfing across the English Channel, accompanied by his children and some nephews. He is also …

U.S. SEC charges Wyly brothers with $550 mln fraud

admin — Sat, 31 Jul 2010 17:30:27 +0000

NEW YORK(Reuters) – The U.S. Securities and Exchange Commission charged billionaire Samuel Wyly and his brother Charles with fraud for reaping more than $550 million of illicit gains by trading stock in four companies while they were serving as directors.

ICICI Q1 net meets f’cast; sees FY11 credit up 15 pct

admin — Sat, 31 Jul 2010 15:50:37 +0000

MUMBAI (Reuters) – ICICI Bank met expectations with a 17 percent rise in quarterly net profit, and forecast 15 percent credit growth in the year to March 2011 as loan demand from corporate and mortgage borrowers remain strong.

RBI chief briefs fin min on inflation

admin — Sat, 31 Jul 2010 15:50:26 +0000

NEW DELHI (Reuters) – The Reserve Bank of India Governor Duvvuri Subbarao on Saturday briefed the finance minister (FM) on the current inflationary situation but gave no details of the meeting.

Dena Bank revises rates on its NRE, FCNR (B) deposits

admin — Sat, 31 Jul 2010 12:15:19 +0000

Public sector Dena Bank said that it has lowered interest rates on its non-resident external (NRE) and foreign currency non-resident (FCNR (B)) dollar-denominated deposits. The revised rates come into effect from August 1, a press release issued here stated. Interest on NRE rupee term deposits for a tenure of one year and above but less than two years has been lowered to 2.79 per cent from 2.92 per cent, while that on two-years and above but less than three years has been lowered to 2.49 per cent from 2.72 per cent. For a period of three years, the new rate …

ICICI Q1 net up 17%, meets forecast

admin — Sat, 31 Jul 2010 12:12:52 +0000

ICICI Bank India s No. 2 lender, posted a 17 percent rise in quarterly net profit, meeting forecasts, on strong corporate and retail loan demand in a rapidly growing economy. Indian banks including bigger rival State Bank of India are seeing an improvement in asset quality as consumer loan defaults slow in an economy forecast to grow about 8.5 percent in the current year ending next March. ICICI said its net profit in April-June, its fiscal first quarter, rose to 10.26 billion rupees ($221 million) from 8.78 billion a year earlier. A Reuters poll of analysts had forecast net profit of …