2. Currency volatility may hit IT cos' profits in coming
quarters.
Currency fluctuations are likely to dent the margins of Indian software
exporters in the coming quarters, as uncertainties persist in the global
economy.
The country's top three IT players -- Tata Consultancy Services, Infosys
Technologies and Wipro -- were affected by foreign exchange volatility in
the September quarter this fiscal and their profit margins took a hit.
During Q2 FY11, July-September period, the rupee gained over three
per cent against the US dollar, to touch about Rs 45. This year, the rupee
has strengthened more than five per cent against the greenback.
3. B M Munjal family retains rights to Hero Group
The diversified group was divided on a simple principle of ending the
numerous cross holdings between the families of B M Munjal and his three
brothers - O P Munjal, Satyanand Munjal and Late Dayanand Munjal.
According to sources, as part of a family settlement, the rights of the Hero
Group went to the B M Munjal family. However, existing businesses
belonging to the families of his three brothers would be allowed to retain
the Hero brand.
4. India, US working on reducing differences on export
control.
India and US are working on reducing differences on American export
control of dual-use items with an aim of fine-tuning the regime for
India's benefit.
India has also told the US that it is ready to sign the Convention on
Supplementary Compensation on nuclear damages and allayed concerns
of the American companies on account of the newly-enacted Nuclear
Liability law while making it clear that there could be no tampering with
it.
Obama will undertake a three-day visit during which the two countries
will discuss a wide range of bilateral issues aimed at further
strengthening ties, particularly in economic and strategic affairs.
5. High demand of Pak, Chinese onions hit India's export
by 33%.
India's onion exports fell by 33 per cent to 94,800 tons in September on the
back of higher demand and lower prices of Pakistani and Chinese onions.
"India's onion export last month fell to 94,800 tons against 1,41,298 tons a
year earlier, mainly due to exports by Pakistan and China.
The demand of Pakistani and Chinese onions in the overseas markets was
higher, as their prices were lower by USD 50 a ton compared with Indian
onion
6. G20 inks pact to avert trade war
The Group of 20 major economies agreed on Saturday to shun competitive
currency devaluations but stopped short of setting targets to reduce trade
imbalances that are clouding global growth prospects.
At a meeting in South Korea, G20 finance ministers recognized the
quickening shift in economic power away from Western industrial nations
by striking a deal to give emerging nations a bigger voice in the IMF.
A closing communiqué contained no major policy initiative after a U.S.
proposal to limit current account imbalances to 4 percent of gross
domestic product, a measure aimed squarely at shrinking China's surplus,
failed to win broad enough backing.
7. China urges major nations to keep forex rates stable
China's Finance Minister Xie Xuren urged major reserve currency nations
Saturday to follow "responsible" economic policies and keep their foreign
exchange rates relatively stable.
China counters that irresponsibly loose US monetary policy is driving down the
dollar and causing a wave of capital to flood emerging markets in search of higher
yields.
China will continue to boost domestic consumption as part of its efforts to
rebalance its economy over the next five years, the minister said.
The G20 ministers agreed to "refrain from competitive devaluation of currencies"
and aim for more market-determined exchange rate systems.
