16 July 2013

RBI move to shore up rupee hits stocks and bonds

RBI's boldest attempt yet to stem a rout in the rupee delivered only a modest lift in the currency but sent bond and stock prices tumbling on Tuesday, sparking concern that the unexpected measures inflict too much pain for limited gain.the Reserve Bank of India raised short-term borrowing costs, restricted funds banks could access and said it would drain cash from the market via a 120 billion rupees bond sale as it sought to create demand for the rupee, which hit a record low last week.

Posco drops $5.3 billion steel mill project in Karnataka

South Korea's Posco said on Tuesday it will pull out of a $5.3 billion steel mill development in Karnataka, but will proceed with another $12 billion project billed as the country's largest foreign direct investment.The move could provide fresh impetus to Posco's main steel project in Odisha. Already eight years in the making, it has recently gained momentum with the clearing of legal obstacles to the granting of an iron ore exploration licence.

Supreme Court clears way for running of dance bars in Maharashtra

Seven years after they were banned, dance bars can again run in Maharashtra with the Supreme Court today upholding a Bombay high court verdict quashing the state government's order.

A bench comprising Chief Justice Altamas Kabir and Justice S S Nijjar also vacated its stay order on implementation of the high court judgement.On the other hand, various organisations representing dance bars, restaurants and bar girls had argued that the preamble of the Bombay Police (Amendment) Act, 2005, which had been struck down by the high court as unconstitutional, holds that dance performances for public amusement were permissible.These organisations had also submitted that there were over 70,000 women engaged in dance bars and several of them had already committed suicide due to unemployment and financial crunch.

Chidambaram rules out gold import ban, urges people to moderate demand

Ruling out complete ban on gold import, finance minister P Chidambaram on Tuesday appealed to the people to moderate their demand for the precious metal which is costing the nation USD 50 billion in foreign exchange.

Direct taxes code bill to be introduced in monsoon session: Chidambaram

Finance minister P Chidambaram on Tuesday said official amendments to the direct taxes code (DTC) bill, which seeks to overhaul the over 50-year old income tax law, will be introduced towards the end of monsoon session of Parliament starting August 5.

The direct taxes code (DTC) bill was introduced in Lok Sabha in 2010 and standing committee on finance has given a report after its scrutiny.

China's GDP growth slows to 7.5%, tests reform push

China's GDP growth slowed in the second quarter to 7.5 percent year-on-year as weak overseas demand weighed on output and investment, lining up a test of Beijing's resolve to revamp the world's second-biggest economy in the face of deteriorating data.