London (AFP) - European stock markets closed lower Wednesday, mirroring losses across Asia after China further devalued its currency and reported more poor economic data.Shares in mining companies, carmakers and luxury goods groups, which rely heavily on Chinese demand, fell sharply for a second day.
The road, as they say, was paved with good intentions: In an effort to improve the country’s woeful infrastructure, long seen as a drag on Asia’s third-largest economy, India Inc. has pumped billions of dollars into new power plants, roads, rail lines and airports over the past decade. The investment was largely financed with foreign-denominated debt, a choice that seemed reasonable enough as recently as 2010, when the Indian economy expanded by 9.3 percent in real terms and the rupee remained relatively strong.
Yesterday we covered the supply side of the gold market from the perspective of global mints, which were kind enough to advise that they "can’t meet the demand, even if we work overtime." Today, courtesy of Bloomberg, we take a closer look at the demand aspect of the physical gold market, which as most know by now can be descri
NEW DELHI: India's finance minister is likely to borrow more than originally planned when he presents the budget on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown. Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia's third-largest economy back to health after the government's shock decision in November to abolish high-value banknotes. That is raising concern among some economists and investors that the government will take too many fiscal risks.
MUMBAI/NEW DELHI: The rupee fell abruptly on Thursday after a television channel reported that the commerce ministry will propose a devaluation in the unit to promote dwindling exports, but trimmed losses after a finance ministry denial. The rupee INR=D2 weakened 0.28 per cent to 67.0750 to the dollar before paring losses after the central bank stepped in to prevent a sharp fall. At 0540 GMT (01:40 a.m. EDT), it was trading at 66.9550, lower than Wednesday's close of 66.8875/8975.
On a steamy May morning in Ballari, a former British military outpost in southern India, the handful of workers still employed at Bachal Lal Varma's jeans-washing factory sit on the dusty street outside with nothing to do. Though their shift began more than an hour ago, they can't start work until a water tanker shows up. A well that normally supplies Varma's business is almost parched, making it necessary for him to spend Rs 5,000 a day—more than three times his daily profit—to buy water and stay open. "I will try to continue as long as I have the courage," Varma said.
REUTERSIn a few days, the citizens of Great Britain will vote on whether the country will leave the European Union. The possibility is keeping markets – and investors – awake at night because it offers a lot of what they hate: Uncertainty.
Last year we predicted that the world had reached peak centralization and that going forward things would begin to fracture. What is centralization? Centralization is the process by which the world grows increasingly centralized, relying on Centralized organizations (Central Banks, sovereign governments, etc.) to determine the direction of capital and focus.
TOKYO: Asian stocks sagged and the dollar stood tall on Wednesday on growing prospects the Federal Reserve was on track to raise interest rates later this year and concerns that financial woes could engulf Spain in addition to Greece. Taking a lead from Wall Street's slide, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent with Australian and South Korean shares suffering losses. Tokyo's Nikkei shed 0.3 per cent.