Rupee near record low; RBI intervention eyed
MUMBAI - The rupee fell on Thursday, coming close to a record low against the dollar, as risk assets fell on disappointment about the scope of U.S. Federal Reserve's bond purchases and after HSBC factory data from China showed a contraction.
China June factory activity down, exports poor
BEIJING - China's factory sector contracted for an eighth straight month in June, with export orders and prices turning in their weakest showing since early 2009, a private-sector survey showed on Thursday.
Fed ramps up econ stimulus, ready to do more
The U.S. Federal Reserve on Wednesday delivered another round of monetary stimulus and said it was ready to do even more to help an increasingly fragile U.S. economic recovery. Full Article | Related Story
Facebook's U.S. unique visitors slipped in May
Facebook's U.S. user numbers dwindled in May from April and March, according to data compiled by comScore, in the latest sign that growth may be levelling off at the social network. Full Article
Israel: "all options" open after Iran talks fail
Israel responded to a lack of progress in talks aimed at curbing Iran's nuclear programme by hinting anew that a military option was still on the table. Full Article
'King James' poised for NBA coronation
LeBron James is grateful for another chance to win his first NBA title and underline his claim as the greatest basketball player in the world. Full Article | NBA title on the line
Latest Headlines
RBI makes the right policy call
RBI Governor Duvvuri Subbarao deserves our admiration for standing up to the din and noise emanating from the more vocal India. He has rightly put consumer inflation on the top of the policy agenda recognising that in our country, placing food on the table still remains a lot more important than consumer durables and automobiles - even if it means sacrificing a percent of GDP growth in the shorter term. Full Article
Pakistan is not Egypt (and it hasn’t had a coup)
Unlike Egypt, Pakistan’s civilian politicians have had years of experience of trying to assert themselves over the powerful military. Squabbling between politicians created the space for repeated overthrows of civilian governments in the past, culminating most recently in a military coup in 1999. They have learned from their mistakes. Full Article
RBI needs to take bold steps
High rates force companies to shelve projects which have lost viability. So the need today is for the RBI to take bold steps. The economy is on the wrong side of the cycle and it can be boosted only by heavy cuts in interest rates. The RBI had done that in 2008-09 and should repeat that strategy now to bring the economy back to growth without higher inflation. Full Article
Defying Hitler and jostling for Goering’s autograph
Before every Olympic Games, India indulges in nostalgia about its hockey heyday and revisits the folklore around arguably the greatest hockey player ever, Dhyan Chand. One such story is about the controversy he and the entire Indian contingent created by refusing to salute Adolf Hitler at the 1936 Berlin Olympic Games. Full Article
LIFESTYLE
NYC gay marriage tied to superheros
A same-sex couple tied the knot at a comic-book store in New York on Wednesday to celebrate the first gay nuptials in the superhero world in a new edition from Marvel Comics. Full Article
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Yoga in Times Square
Yoga participants celebrate the year's longest day during the "Solstice in Times Square" event. Slideshow
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