Economy

Job scenario in Bangalore looking better

Job scenario in Bangalore looking better

Despite persistent sluggishness in the economy, job scenario in Bangalore is looking better, and many experts believe that it would improve once uncertainty around the upcoming elections clears.

According to data by Naukri Job Speak Index, monthly hiring activity in Bangalore jumped 8 per cent from January to February this year.

Bangalore, which was once known for just software services, has now moved beyond IT field to sectors like biotechnology, hospitality, retail, and microfinance.

China to increase limit for the yuan’s daily movements

China to increase limit for the yuan’s daily movements

The authorities in China have announced its decision to increase the limit for the national currency, yuan against the U. S. dollar.

The move will allow more independence to the national currency giving more power to the market forces in determine the value of the Chinese currency. The Chinese government is facing pressure from its trading partners including the US, for giving more independence to the market forces. Western governments have accused the Chinese government of deliberately keeping the value of its currency low in order to gain advantage in the global export markets.

Lower inflation gives RBI greater room to cut rates

Lower inflation gives RBI greater room to cut rates

Declining inflation numbers have shown a ray of hope to the Indian economy as lower inflation can encourage the Reserve Bank of India (RBI) to slash key interest rates, which is essential to stimulate investors and boost the economy.

Helped by a considerable decline in prices of onion and potatoes, the wholesale price index (WPI)-based inflation slipped to 4.68 per cent in February this year. It was the lowest level of WPI-based inflation in the past nine months.

CPI inflation eases to more than 2-year low

CPI inflation eases to more than 2-year low

Decline in food prices dragged India's retail inflation rate down to its lowest level in more than two years in February this year, according to Consumer Price Index (CPI) data released on Wednesday.

Fresh figures revealed that the CPI-based inflation slipped to 8.1 per cent in February, lowest in the last twenty-five months. The inflation rate in rural area was recorded at 8.51 per cent; while in urban area, it was at 7.55 per cent in the month under review. Prior to February, the lowest CPI-based inflation was recorded in the first month of 2012 at 7.65 per cent.

India’s Feb. trade deficit slips to 5-mth low even as exports decline

India’s Feb. trade deficit slips to 5-mth low even as exports decline

India's trade deficit narrowed to lowest in five months in February this year despite a decline in exports, according to stats released by the commerce ministry on Tuesday.

Newly released figures revealed that the country's trade deficit narrowed to $8.13 billion in the second month of this year even as exports slipped 3.7 per cent year-on-year to $25.69 billion.

The shrinkage in the trade deficit was on account of continued decline in imports, which slipped 17.1 per cent year-on-year to $33.82 billion.

Rolls-Royce cuts number of middlemen in face of corruption probe

Rolls-Royce cuts number of middlemen in face of corruption probe

As part of its efforts to prevent bribery and corruption charges in the future, aerospace and defence firm Rolls-Royce has slashed the number of middlemen or intermediaries it uses to hit deals.

Apart from slashing down the number of intermediaries, the British manufacturer announced the re-launch of around-the-clock ethics telephone line for staff. In addition, the company has created a new role of head of risk training.

The company also announced that its senior leadership team would not get any pay increment in 2014.

PSU banks’ NPAs likely to be a little higher in 2014: Chidambaram

PSU banks’ NPAs likely to be a little higher in 2014: Chidambaram

Public sector banks' non-performing assets (NPAs) or bad loans could rise further in 2014, Union Finance Minister P. Chidambaram said following a performance review meeting with PSU banks and financial institutions on Wednesday.

Mr. Chidambaram said PSU banks' NPAs, which at the end of March 2013 were at 3.84 per cent, would likely be a little higher in 2014. However, he added that NPA levels should be looked only at the end of a year as figures collected at the starting of the year could depict a very misleading picture.

Former Fed Reserve chief Bernanke earns at least $250,000 in just 40 minutes

Former Fed Reserve chief Bernanke earns at least $250,000 in just 40 minutes

Ben Bernanke reportedly earned more in just 40 minutes for delivering a speech on Tuesday than he earned in one full year as head of the U. S. Federal Reserve.

Mr. Bernanke, who stepped down form the top job at the central bank in January this year, received at least $250,000 for a public speaking engagement in Abu Dhabi on Tuesday, sources familiar with the matter revealed.

That is a huge amount in comparison to his 2013 paycheck of $199,700. He is reportedly scheduled to engage in two more public speaking events around the world this week.

Chidambaram announces Rs 11,200-crore capital infusion for PSBs

Chidambaram announces Rs 11,200-crore capital infusion for PSBs

Union Finance Minister P Chidambaram on Monday proposed in the interim Budget for FY2014-15 that the government should provide Rs 11,200 crore for capital infusion in public sector banks (PSBs) during the next financial year.

The capital infusion will provide a great relief to PSBs, which have been under increasing pressure of soaring bad loans.

BJP condemns Chidambaram’s pre-election budget

BJP condemns Chidambaram’s pre-election budget

The Bharatiya Janata Party (BJP) has criticized Finance Minister P Chidambaram's pre-election budget, saying it contained unrealistic calculations.

In the interim budget, Mr. Chidambaram announced tax breaks for struggling manufacturers, increased outlay on subsidies, and more money for defence; while boasting that he had trimmed down the fiscal deficit lower than his own target of 4.8 per cent of GDP.