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Federal Reserve Chairman Ben Bernanke, in his first public comments on personal plans after he steps down from the Fed in January, said on Tuesday (19 Nov) he will be "writing and speaking" on topics that have consumed his tenure at the US central bank."Before I became a policymaker I was an academic, and I worked on a lot of issues which are related to the things I have been doing for the last 11 or so years, such as the role of financial markets and financial stability in the economy," he told the National Economics Club after delivering a speech."I look forward to writing and speaking and having a little more time to contemplate some interesting issues," he said.President Barack Obama has nominated Fed Vice Chair Janet Yellen to replace Bernanke when his terms ends on 31 January. (Reuters)
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The Supreme Court on Tuesday (19 November) asked the unauthorised flats owners at the Campa Cola Society in Mumbai to vacate the premises by May 31, 2014 as no specific proposal could be worked out to provide them space in the compound for new construction.The apex court passed the order as Attorney General G E Vahanvati said, "after considering all aspects we are not in a position to work out any specific proposal".A Bench headed by justice G S Singhvi, which on November 13 had stayed the demolition of the unauthorised flats by taking cognizance of media reports, said it had taken the humanitarian ground into consideration to extend the date of demolition from November 11, 2013 to May 31, 2014 as the Attorney General had sought time to come out with a specific proposal for permanent solution.Read Also: Uncomfortable Questions"Having considered the matter in entirety, we deem it fit to extend the period till May 31 by which the occupants must vacate. This is subject to the undertaking to be given by occupants within six weeks," the bench said.It said "if no undertaking is given, the municipal corporation will be entitled to take action in accordance with the order of February 27".The court on February 27 had ordered the Brihanmumbai Municipal Corporation to demolish the illegally constructed flats and on October 1 refused to re-consider its earlier order and had set November 11 deadline to vacate 102 flats which were declared as illegal.However, on November 13, hours after over 100 agitated families clashed with the police while the civic squad was bulldozing its way into the premises, the apex court had stayed the demolition till further order,saying it was "badly disturbed by the development that is taking place at Campa Cola premises in Mumbai." In a ray of hope for the occupants of the unauthorised flats, the bench had taken note of the submission of the Attorney General that there was a need for permanent solution and he will come out with some specific proposal.Vahanvati had said unauthorised construction has to go but the flat owners should be given opportunity to build up building available in the campus without affecting the apex court order.He had said since there is space in the compound, the residents should be allowed to get approval of the building plan as originally it was planned to have nine towers and the builders came out with seven by accomodating all buyers in them.Seven high-rise buildings of Campa Cola Housing society were constructed between 1981 and 1989. The builders had permission for only six floors. One of the compound buildings, Midtown, has 20 floors and another building, Orchid, has got 17 floors.(PTI)
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India's state traders received bids above the floor price for wheat exports, trade sources said on 18 November, reflecting good response after a cut in the floor price intended to boost shipments from the world's second-biggest grower.Last month, India cut the floor by $40 a tonne to $260 for supplies from government stocks, to make exports more attractive to the Middle East and neighbours such as Bangladesh.The three state-run trading companies had all failed to sell in the last round of global tenders in October, when the $300 floor made Indian wheat expensive in comparison to rival supplies from the Black Sea.In Monday's tenders, PEC Ltd received the highest bid at $290 per tonne for its offerings on the west coast for shipment in December, while State Trading Corp. and MMTC recorded bids of $286 a tonne in their respective tenders."Indian supplies have become on par with Black Sea origin," said Tejinder Narang, adviser at New Delhi-based trading company Emmsons International.Traders said supplies from the Black Sea were available at $280-$290 a tonne FoB.They said Indian wheat was benefiting from expectations that global prices would rise next year as supplies from the Black Sea fell.The Indian government stuck to its floor price of $300 until last month after managing to export nearly 4.5 million tonnes between August 2012 to March 2013 as part of its strategy to cut huge stockpiles.On November 1, India's wheat stocks stood at 34 million tonnes, three times more than the target for the Oct-Dec quarter.The high level of stocks at government warehouses, boosted by a series of bumper harvests since 2007, has forced the state-run Food Corporation of India (FCI), the main grain procurement agency, to store wheat under tarpaulins. (Reuters)
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Gold fell more than 1 per cent on 18 November as lackluster physical buying prompted traders to cash in three days' gains, while early gains in equities dented bullion's safe-haven appeal.Gains from the stock market diverted investment interest from gold, as the Dow and S&P 500 rose to record highs earlier in the session before equities investors took profits.Bullion came under pressure from global economic optimism on signs of ambitious economic reform in China and the prospect of extended stimulus from the US Federal Reserve.Also weighing down on investor sentiment was continued decline in the holdings of SPDR Gold Shares, the world's largest gold-backed exchange-traded fund. "Until such time as financial investors - be they short- or longer-term-oriented - return to the market, gold and silver will find it hard to make any significant gains," said Eugen Weinberg, head of commodities research at Commerzbank.Spot gold was down 1.3 per cent to $1,272.54 an ounce by 3:39 p.m. EST (2039 GMT). The metal had gained almost 2 per cent in the last three days.US gold futures for December delivery settled down $15.10 an ounce to $1,272.30, with trading volume about 40 per cent below its 250-day average, preliminary Reuters data showed.Gold-Buying WiltsGold dominated a stampede out of commodities in the week to 12 November as hedge funds and other speculative investors sold off more than $4 billion in US futures and options contracts, data showed on Friday.Gold demand from major consumers in Asia remained muted on 18 November. Chinese premiums have fallen to about $5.50 an ounce from about $7.50 on Friday.Prices are also suffering from a dearth of demand from India, which is set to be overtaken by China as the world's No. 1 gold buyer this year after Indian authorities increased import duties for the metal.Among other precious metals, silver was down 1.9 per cent at $20.37 an ounce, while platinum slipped 2.1 per cent to $1,406.99 an ounce and palladium fell 2.1 per cent to $714.83 an ounce.3:39 PM EST LAST/ NET PCT LOW HIGH CURRENTSETTLE CHNG CHNG VOLUS Gold DEC 1272.30 -15.10 -1.2 1269.20 1289.20 101,686US Silver DEC 20.357 -0.370 -1.8 20.290 20.800 46,532US Plat JAN 1411.00 -27.90 -1.9 1410.60 1442.00 9,074US Pall DEC 716.75 -15.90 -2.2 716.00 733.40 6,805Gold 1272.54 -17.12 -1.3 1270.73 1290.00Silver 20.370 -0.390 -1.9 20.340 20.800Platinum 1406.99 -30.50 -2.1 1412.50 1439.00Palladium 714.83 -15.47 -2.1 719.09 729.75TOTAL MARKET VOLUME 30-D ATM VOLATILITYCURRENT 250D AVG CURRENT CHGUS Gold 113,447 189,283 23.18 -1.01US Silver 67,683 58,610 35.14 1.70US Platinum 9,326 12,978 20.36 0.00US Palladium 9,158 5,806(Reuters)
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The rupee notched up its biggest single-day gain in nearly seven weeks on 18 November' 2013, buoyed by hopes strong foreign fund flows would support local markets as global risk assets got a boost from China's ambitious economic reforms agenda and monetary stimulus in the United States looked set to continue. The rupee gained 70 paise, the most in one and a half months, to 62.41 against the dollar amid a sharp rise in local equities and dollar sales by exporters and banks. The BSE Sensex rose more than 2 per cent, its biggest single-day gain in more than a month. The gains will provide a much-needed reprieve after the rupee fell for a fifth week and hit an over two-month low last week in trade. Subsequent comments from Federal Reserve Chairman-elect Janet Yellen led to hopes that the U.S. was in no rush to scale back stimulus, reinforcing market speculation that any move was more likely in March than December. "The rupee was helped by the gains in the euro and the reversal of NDF trades. I think sentiment will remain rupee positive as long as 64 is not breached on the downside," said Navin Raghuvanshi, vice president at Development Credit Bank, referring to non-deliverable forward trades. Despite Monday's gains, the rupee will continue to remain underpinned by domestic macroeconomic concerns as wholesale prices rose at their fastest pace in eight months while retail inflation hovered over double digits. Policy markers have sought to downplay concerns about the economy with Finance Minister Palaniappan Chidambaram reiterating that the government will not breach its 4.8 per cent fiscal deficit aim for 2013/14 and pointing to lower estimates of the current account deficit. The partially convertible rupee closed at 62.41/42 per dollar, compared with 63.11/12 on Thursday. It gained 1.1 per cent, its biggest single-day gain since October 3. It rose to 62.38 in session, its highest since November 7. Indian markets were closed on Friday for a local holiday. In the offshore non-deliverable forwards, the one-month contract was at 63.07, while the three-month was at 64.19.(Agencies)
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Liechtenstein, one of India's important partner nations in fighting overseas tax abuse and black money, will shed its secrecy cloak this week and join hands with a host of other countries for automatic exchange of information and mutual assistance in tax matters.Paris-based Organisation for Economic Cooperation and Development (OECD) has said the country will sign the convention during the November 21-22 Global Forum on Transparency and Exchange of Information for Tax Purposes in Jakarta, Indonesia.The step comes as a major boost for India in its fight against tax evasion and stashing of illegal funds abroad as a number of individuals have been detected from the country to have been using banking channels of that country to hide their illegal incomes.The announcement by the landlocked nation in Central Europe, virtually pulls down the wall of secrecy and will allow partner nations like India to seek information about suspect individuals and entities and provide for obtaining banking information about such people.Switzerland, last month, had joined the same convention.The multilateral convention of the OECD provides for all forms of mutual assistance like exchange on request, spontaneous exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection while protecting taxpayers' rights.It also provides the option to undertake automatic exchange, requiring an agreement between the parties interested in adopting this form of assistance.The OECD is an international policy-advisory body that formulates global tax standards to fight tax evasion and concealment of illicit funds.The 60 other signatories under the convention, besides India include Argentina, Australia, Austria, Belgium, Canada, China, Denmark, France, Germany, Greece, Hungary, Indonesia, Italy, Japan, Korea, the Netherlands, New Zealand, Poland, Russian Federation, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, the UK and the US.(PTI)
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Union Commerce and Industry minister Anand Sharma said on Saturday (16 November) the government proposes to set up industrial townships across the country to generate more employment. The move will provide employment to a large number of youths, he told an International Conference on "Business Ethics and Corporate Social Responsibility" at Sanghol in Punjab's Fatehgarh Sahib district. India has witnessed exponential progress through the Public-Private Partnership in the past couple of decades, the minister said. "Due to quality education, our youth feel privileged and more empowered today," an official release quoting Sharma said. Schemes like MNREGA have earned great acclaim among the masses, he said. The minister asked the corporate sector not to lose sight of its social responsibility but added most of the business houses are already discharging it well. On the occasion, University Grants Commission chairman Prof Ved Parkash said India has the largest system of higher education in the world. Referring to general proclivity of youths towards science and technology related disciplines, he said humanities and languages are equally important in life. The minister said the Centre has set up a number of regulatory bodies to ensure transparency in the functioning of various government departments. "These regulatory bodies keep an eye on the working of various government activities," he said.
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India is likely to achieve an economic growth of between 5-5.5 per cent in this fiscal year, the finance minister said on Friday, despite wide expectations of growth slipping below 5 percent by private economists.India's growth slowed to 5 per cent in the 2012-13 fiscal year that ended in March, its worst performance since it grew by 3.9 per cent in 2002-03."I am confident that the greenshoots that are visible here and there will multiply and that the economy will revive, there will be an upturn in the second half of this year," P. Chidambaram said while speaking at a bankers' conference."It's quite possible that the estimates made by the Reserve Bank (of India) or the Prime Minister's economic advisory council or the government about growth being between 5 and 5.5 per cent will be realised," he said.Chidamabram also pledged to meet the country's fiscal and current account deficit targets, as fears of US Federal Reserve reducing its stimulus fuel concern India's vulnerability to foreign sell-offs. (Reuters)
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Oil and Natural Gas Corp on Wednesday, 13 November, reported modest profit growth in the second quarter, raising concerns about its ability to finance a major investment programme while shouldering the burden of hefty domestic subsidies.India's largest oil and gas exploration company, ONGC is raising debt for a spate of acquisitions over the past year that gave it interests in overseas oil and gas blocks. It is also looking to spend heavily to maintain output at ageing production fields in India and for exploration of newer blocks there."The realisations (earnings per barrel) are much less than what we need to maintain production," ONGC Chairman Sudhir Vasudeva told reporters in New Delhi, adding that if the current situation continues, the company may have to draw down reserves."It will not only affect us but also reflect on (overseas arm) ONGC Videsh because the cost of capital will increase."India imports nearly 80 per cent of its crude needs. Its state-run oil firms have been hit hard this year because the government, facing tough state and national elections, has not allowed significant increases in retail fuel prices to offset the impact of higher crude prices and a sharp fall in the rupee.Fuel subsidies for the fiscal year ending March 2014 are expected to be Rs 1.4 trillion, more than double the budgeted number. Explorers such as ONGC and Oil India are forced to share the burden by selling crude to state refiners at a fixed $56 per barrel discount to global prices.ONGC posted a net profit of Rs 6,064 crore for the quarter ended September 30, up 2.8 per cent from Rs 5,897 crore last year. Net sales rose 12.8 per cent to Rs 22,312 crore.Analysts, on average, had expected a net profit of Rs 5,900 crore, according to Thomson Reuters Starmine data."Their margins are under pressure. The subsidy burden is taking its toll, but its not something they have control over," said Jagannadham Thunuguntla, head of research at SMC Global Securities.These are the first results since ONGC entered into a $2.6 billion deal to acquire a 10 percent stake in Mozambique's offshore Rovuma gas basin. Last month, it also agreed to buy a 12 per cent of a Brazilian oil block in a $529 million deal.The flat profit may lower the comfort level for investors and lenders at a time when ONGC is raising funds in the debt markets to finance its growth plans.State-owned retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp reported steep profit declines for the quarter, hit by foreign exchange losses and lower subsidy compensation from the government.Analysts expect the finances of state fuel retailers to remain under pressure for the next few quarters, given their high level of borrowings and the expected delay of about six months in receiving compensation for the losses on fuel sales.ONGC said it gave discounts of 137.96 billion rupees to state refiners compared with 123.30 billion a year earlier. As a result, its net realisation fell to $44.8 per barrel from $46.8 a barrel a year ago. The company estimates it needs around $60 a barrel to keep operations viable.Shares of ONGC, India's fourth-biggest company by market value, closed 1.1 percent higher ahead of the results. The stock is nearly flat so far in 2013, compared to a 2 per cent fall in the sectoral index.(Reuters)
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Rights campaigners on Wednesday, 13 November, demanded that the head of India's top investigation agency resign after he said during a panel discussion on sports ethics that "if you can't prevent rape, you enjoy it".Ranjit Sinha, director of the Central Bureau of Investigation (CBI), which tackles corruption and other high-profile cases, apologised for the remark, but it was roundly criticised.The issue of sexual violence has been in the spotlight since the fatal gang rape of a young woman on a Delhi bus last year sparked nationwide protests."Do we have the enforcement?" Sinha said at a CBI conference in New Delhi on Tuesday (12 November) about whether sports betting should be legalised. "It is very easy to say that if you can't enforce it, it's like saying if you can't prevent rape, you enjoy it."Sinha sought to explain his comments, which civil campaigners and opposition politicians said risked trivialising rape and raised questions over the CBI's ability to investigate serious sexual assault cases."I regret any hurt caused," Sinha said in a statement after the original remarks dominated news channels. "I gave my opinion that betting should be legalised and that if the laws cannot be enforced, that does not mean that laws should not be made."This is as erroneous as saying that if rape is inevitable one should lie back and enjoy it. I reiterate my deep sense of regard and respect for women and my commitment for gender issues."Kavita Krishnan, an activist with the All India Progressive Women's Association, called for Sinha to step down."How can he remain the head of India's premier investigation agency?" she said.Nirmala Sitharaman, spokeswoman for the main opposition group, the Bharatiya Janata Party, called the remarks "shocking"."Wonder if his colleagues in the Bureau, his family and well-wishers approve of his view," she wrote on Twitter.There were more than 24,000 reported rapes in India in 2011, but activists say the real number is many times higher.Following a public outcry over the Delhi attack, India introduced tougher rape laws in March, which include the death penalty for repeat offenders and for those whose victims are left in a "vegetative state".The row comes at a bad time for the CBI, widely accused of acting as a tool for the government to pressure political rivals. Its very legality is also being challenged in court.The CBI, which is similar to the Federal Bureau of Investigation (FBI) in the United States, was set up to fight corruption by government employees, but also investigates other important cases, including murder, rape and terrorism. (Reuters)
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