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Japan's turn for downgrade
- The downgrading of Japan's government debt by Moody's Investor Services
- Now, Japan is on the same level as China, which surpassed it last year to become the world's second largest economy.
- In the U.S., the absence of a smooth working arrangement between the two political parties almost forced the federal government to default and left the administration with very few options to tackle the debt crisis.
- Japan's financial position is in a miserable shape, with nearly half of the central government budget funded by bond issuance. Its gross debt now exceeds 200 per cent of the GDP
Steve Jobs steps down as Apple CEO
- Legendary technology entrepreneur Steve Jobs — the main force behind iconic brands like Macintosh and iPad computers, iPod music players and iPhone mobiles — has logged out as CEO of Apple Inc
- Mr. Jobs was diagnosed with cancer in 2003 and also went for a liver transplant in 2009
- While Mr. Cook has now become the CEO, Mr. Jobs has assumed the role of Chairman with immediate effect
RBI warns against accepting high level of inflation
- Inflation is likely to remain high and moderate only towards the latter part of the year to about 7 per cent by March 2012, the Reserve Bank of India said
- Should the global recovery weaken ahead, commodity prices may decline further, which should have a salutary impact on domestic inflation
- If global oil prices stay at current level, further increase in prices of administered oil products will become necessary to contain subsidies. Fertilizer and electricity prices will also require an upward revision in view of sharp rise in input costs.
- However, it said, monetary policy still has an important role to play in curbing the second round effects of supply-led inflation.
- The RBI further said that growth was expected to decelerate but remained close to the trend of about 8 per cent in 2011-12.
- Global uncertainties, high global oil and commodity prices, persistent inflationary pressures, rising input costs, rise in the cost of capital due to monetary tightening and slow project execution are some of the factors that are weighing on growth. While, crop prospects remained good
- Downside risks to industrial growth in 2011-12 might arise from falling business confidence, but robustness of the services sector would continue to support the growth process
- On current assessment, the RBI said that the fiscal deficit in 2011-12 was likely to overshoot the budgeted projections.
- The continuance of robust performance of exports in 2010-11 and 2011-12 so far faces downside risks.
- Capital flows could surge or diminish, depending upon the degree of risk aversion.
Indian Bank wins ‘Best Risk Master Award'
- T. M. Bhasin, Chairman and Managing Director, Indian Bank received ‘Best Risk Master Award' from Prithviraj Chavan
- Indian Bank has been rated as the best risk master public sector bank in loan appraisal standards, loan portfolio management, NPAs and restructured loan book management and having highest earning on assets.
Gold, silver tumble on global cues
- lost almost 9 per cent since three trading sessions from its Tuesday's record level of Rs. 28,145 per 10 gram.
- “The yellow metal may witness further fall as it is more vulnerable to global momentum where it is undergoing drastic correction on hopes of escaping recession,”
- Standard gold (99.5 purity),Pure gold (99.9 purity)
ONGC seeks nod to drill more wells in KG basin
State-owned Oil and Natural Gas Corporation (ONGC), which has made 10 discoveries in KG basin, wants to drill eight wells in this gas discovery block to appraise the finds it has made off the Andhra Coast.
