Global - Economy and Market
Euro split scenarios risk becoming self-fulfilling
Even as global markets rallied on Monday on talk that a grand plan to save the euro was finally taking shape, more and more researchers are squarely broaching the alternative outcome of the currency's disintegration.
Jean Pisani-Ferry, director of Bruegel, a respected Brussels think tank, noted that market participants and real businesses were increasingly pricing in such a break-up scenario. "It is still hard to think the unthinkable, let alone to work out the details of it, but any rational player has to consider the possibility of it. If disaster expectations build up and a growing number of players start positioning themselves to protect themselves from it, the consequences could become overwhelming," he said in a report.
Fund-raising push speeds European banks' retreat
Europe's banks stepped up efforts to raise funds and offload business in far-flung places on Monday as Bank of Ireland (BKIR.I) sold a parcel of project finance loans and Credit Agricole (CAGR.PA) said it will quit South Africa.
European lenders are expected to ditch up to 3 trillion euros of loans to meet new capital rules, ease funding strains and become more profitable, and a flurry of deals showed efforts to "deleverage" are intensifying.
Fitch revises U.S. rating outlook to negative
Fitch Ratings on Monday revised to negative the outlook on the United States' AAA credit rating after a Congress committee failed last week to agree on at least $1.2 trillion in deficit-reduction measures.
Russia: The central bank left all policy rates unchanged at its meeting on Friday, in line with market
Wall Street ends 7-day slide
Stocks rebounded from seven days of losses on Monday as investors used the latest effort from European leaders to resolve the region's debt crisis as an opportunity to cover short positions.
Japan's Nikkei average rose almost 1 percent on Tuesday, climbing for a second straight session on hopes for more drastic steps to deal with the euro zone debt crisis and a robust start to the U.S. holiday shopping season.
India - Economy and Market
FDI in retail: Government U-turns, says foreign retailers must shop locally
The government on Monday said foreign retailers wanting to set up shop in India must source 30% of their inputs from domestic micro and small enterprises, backtracking from "anywhere in the world" announced last week under political pressure.
Icra lowers GDP forecast to 7.5%; sees Q2 growth at 7%
Rating agency Icra today joined rest of the forecasters to peg down economic growth to 7.3-7.5% from 7.5-7.7% projected earlier, besides pegging Q2 GDP numbers at 7%, following the overall contraction in growth indicators. This is the lowest projections so far from leading agencies as the forecasts from the Government, RBI, Crisil and CMIE are all above or at 7.6%.Icra has also warned that Government will not be able to meet fiscal deficit target of 4.6% and said it will shoot up to 5.5%.
An ET survey shows - economy will grow at an average 7% in the three months to September, according to a poll of 11 leading economists. The economy grew at 7.7% in the April-June quarter. The government is due to announce the GDP growth rate for the second quarter on Wednesday. Economists said the rising costs of funds and policy paralysis in government are weighing heavy on growth. These and the escalating debt crisis in Europe are likely to push growth below the trend, they said, adding that the coming months will be crucial in determining the growth trajectory.
Petrol prices may be cut by about one rupee: Source
The state refiners could cut petrol prices by about one rupee a litre or 1.5% as softening Singapore spot gasoline prices have offset the impact of a declining rupee, an industry source said on Monday
India wants more market access in China to bridge trade gap
The government said it is pursuing market access issues with China for Indian products, a move which will help in bridging the rising trade deficit.
In 2010-11, India's exports to China stood at $19.61 billion, while imports were $43.47 billion, leaving a trade deficit of $23.86 billion.
Indian shares to start lower, Reliance watched
MUMBAI, Nov 29 - Indian shares are set to open lower on Tuesday, weighed down mounting opposition to reforms and as investors await definite moves by European policymakers to address the euro zone debt
Technology News –
Facebook plans IPO between April and June - report
REUTERS - Facebook Inc is looking to go public between April and June 2012 with a valuation of over $100 billion, the Wall Street Journal reported, citing people familiar with the matter.
Twitter acquires mobile security start-up company
REUTERS - Twitter has acquired a start-up company that makes software to improve security and privacy for smartphones and other mobile devices.
Apple beats Android in Britain in Oct-researcher
The long-awaited iPhone 4S launch helped Apple Inc take top spot in the British smartphone market in October, overtaking phones using Google Inc's Android platform, data from research firm Kantar Worldpanel ComTech showed on Monday.
Akaash tablets fuels global interests in the low-cost machine
Panama has approached the Indian Embassy there to buy one lakh units of Akaash. Even Philadelphia has shown interest.
Philippines overtakes India as hub of call centers
MANILA, Philippines: Americans calling the customer service lines of their airlines, phone companies and banks are now more likely to speak to agents named Mark in Manila than people named Bharat in Bangalore.
More Filipinos - about 400,000 - than Indians now spend their nights talking to mostly U.S. consumers, according to industry officials, as companies like AT&T, JPMorgan Chase and Expedia have hired call centers here, or even built their own.
India, where offshore call centers first took off in a big way, fields as many as 350,000 call center agents, according to some industry estimates. The Philippines, which has a population one-tenth as big as India's, overtook India this year, according to Jojo Uligan, executive director of the Contact Center Association of the Philippines.
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