2. FOOD INFLATION ACCELERATES IN LATE
AUGUST
India's food inflation accelerated in late August,
maintaining pressure on the Reserve Bank of
India (RBI) to tighten monetary policy further at
its review next week.
The weekly data could bolster expectations for an
increase of 50 basis points in key policy rates by
the end of 2010, despite a subdued global
economic recovery and signs that India's booming
growth may have peaked.
3. DEUTSCHE BANK EXPECTS 75 BPS RATE
HIKE BY YEAR-END
The food inflation numbers this time around
indicated that food inflation week-on-week had risen
by 0.9%.
It could be one erratic product but on an average
throughout this month of August we have seen food
prices inching up by 0.2% or by 0.5% depending on
the week.
However, this was a product as per consensus
expected to fall this year because of the excellent
harvest at the very high base.
4. INDO-PAK 'PEACE PAIR' IN US OPEN FINALS
BANGALORE: Rohan Bopanna and Aisam-ul-Haq Qureshi,
tennis world's Indo-Pak Express, stormed into the US Open
men's doubles final early on Thursday, downing Argentina's
Eduardo Schwank and Horacio Zaballos 7-6 (7-5), 6-4 in the
semifinals, before scores of Indians and Pakistanis who cheered
in one voice. 'Indo-Pak' has never sounded sweeter.
The 16th-seed combination, who played their maiden Grand
Slam semifinal before an audience that included the United
Nations ambassadors of India and Pakistan, Hardeep Puri and
Abdullah H Haroon, will take on the top-seeded American pair
of Bob and Mike Bryan in the title round late on Friday.
5. NO LONGER RUNNING LITTLE ERRANDS...
When Microsoft launched it latest small businesses solution in India, it
represented not just the biggest software firm in the world, but also the
businesses which were consulted and which played an active role in the
development of the software.
The Indian Space Research Organisation also introduced several small
players which had contributed to the making of its GSLV-D3 and PSLV
rockets. Indeed, fringe players are now getting their place under the sun,
which goes to show that the theory of technology transfer is finally
coming of age.
“They are very important during the making of enterprise solutions and
other software,” says Rajesh Kumar, director of channel strategies and
programmes at microsoft india.
6. GOVT SHARE IN TOTAL DEBT DIPS TO 26%
NEW DELHI: The share of government (the main borrower from
bilateral and multilateral sources) in India's total external debt has
reduced significantly to 26% in March 2010 from 60% in 1990.
The composition of the central government's public debt reveals that
about 89% of the sovereign debt is from domestic sources and external
debt accounts for just 11%, most of which is from multilateral source.
Given the statutory liquidity ratio requirement for banks and the fact that
a significant share of the banking and insurance sector remains in the
public sector, the refinancing risk, which has been at the root of the
eurozone crisis, is at best minimal here.
7. OBAMA LOOKING FORWARD TO HIS INDIA TRIP:
US
WASHINGTON: US President Barack Obama is looking forward to his maiden
trip to India in November, a senior administration official has said describing
that the relationship between the two countries is vitally important.
"The President looks forward to his trip to India," State Department spokesman,
P J Crowley, told foreign journalists at the Washington Foreign Press Center.
"As we've said many times, it is a vitally important relationship to the region
and to the world," Crowley said in response to a question.
"The world's oldest democracy and largest democracy should have constructive
relations, and we do.
India, as an emerging global player, will be essential to solving challenges in
the region, Afghanistan being one, and challenges globally, climate change, you
know, being one," he said when asked about the agenda during the Obama trip
to India
8. NOKIA APPOINTS MICROSOFT'S ELOP AS NEW
CEO
HELSINKI: Nokia, the world's top cellphone maker, said Stephen Elop,
the head of Microsoft's Business Division, was to be its new chief
executive, leading a renewed effort to compete in the smartphone
market.
"His strong software background and proven record in change
management will be valuable assets as we press harder to complete the
transformation of the company," chairman Jorma Ollila said on Friday.
Elop will take over from Olli-Pekka Kallasvuo on Sept. 21. Under
Kallasvuo, who has spent more than half of his life at the company,
Nokia has struggled to keep up with new rivals like Apple and Google in
the smartphone market
