VIVA “The Pinnacle” Economy Indias GDP likely grew 4.5% in Q2: Dun & Bradstreet •Indias overall GDP is expected to have grown at around 4.5 percent during the second quarter of the current fiscal year (FY14), according to a Dun & Bradstreet report. The GDP is further likely to remain weak during the remaining period of FY14. According to the US-based research firm, the countrys economic growth rate in the quarter ended September, 2013 is likely to be around 4.5 percent. Cabinet may restrict FDI in pharmaceutical sector •The Union Cabinet will on Monday consider a proposal to impose restrictions on foreign direct investment (FDI) in pharmaceutical sector to prevent foreign multinational firms from taking control of domestic critical care drug manufacturing companies. Forex reserves rise $1.5 billion to $283.6 billion •Indias foreign exchange reserves grew nearly $1.5 billion in the week to November 15 to $283.572 billion, with the RBI garnering more than $22 billion through a special swap window for non-resident Indians. Capital Market Union Bank raises Rs 2,000 cr to shore up capital •Union Bank of India today raised Rs 2,000 crore through issuing bonds that are compliant with the global banking norms, Basel III. Union Bank has raised additional capital to the extent of Rs 2,000 crore by issuing Basel III-compliant unsecured redeemable non-convertible tier II bonds, the state-owned bank said in a statement. Spectrum auction: EGoM accepts Telecom Panel suggestions •Empowered Group of Ministers (EGoM) on telecom has accepted telecom ministrys recommendations of 1800 & 900 MHz reserve price, informed union telecom minister, Kapil Sibal. He added that final decision has been taken and the same would be informed to the Cabinet. International France With Italy, Spain Seek Flexibility in Euro Budget Talks •France, Italy and Spain sought to maximize the flexibility of European Union budget-deficit rules to boost their economies as northern euro-area countries saw little need for stimulus. The growth-versus-austerity debate was renewed at a meeting of finance ministers in Brussels today, as euro-area governments attempted to coordinate budget policy for 2014 using powers that were introduced earlier this year as part of their response to a debt crisis now in its fifth year. China H Shares Rally Led by Brokers as Premium to Shanghai Grows •A gauge of Chinese stocks in Hong Kong (HSCEI) rose to its highest level in nine months as brokerages and coal producers gained, widening a premium over Shanghai shares. Citic Securities Co. and Haitong Securities Co., the nation’s two biggest-listed brokerages, surged more than 3 percent in Hong Kong after the China Securities Journal said the government may allow foreign investors to own larger stakes in the industry. Asian Stocks Weaken as Fed Flags Earlier Stimulus Paring •Asian stocks weakened after minutes of a Federal Reserve meeting signaled bond purchases may be cut sooner than expected, erasing earlier gains made after China outlined its broadest economic reforms since the 1990s. Currency Euro bounces after unexpectedly strong German data •The euro rose to a four-year peak against the yen and gained for a second straight day versus the dollar on Friday after much-stronger-than-expected German business sentiment pointed to a continued rebound in Europes largest economy. Commodity Gold posts biggest weekly loss in two months on Fed uncertainty •Gold ended little changed on Friday but the metal posted its sharpest weekly drop in more than two months as strong US economic data raised uncertainty over the timing of a slowdown in stimulus measures.
Posted on: Sat, 23 Nov 2013 06:00:35 +0000
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