New Delhi: The finance ministry is not in favour of any “undue” intervention by the Reserve Bank of India in the forex market to prop up the rupee, a senior finance ministry source told Reuters on Wednesday, a day after the rupee hit a record low against the US dollar.
“We are not in favour of undue interventions by the Reserve Bank except to check volatility, because of macro-economic implications for the next year,” the source, who declined to be named, said. (Reuters)
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India’s commercial aviation sector to grow by 9%: Report
Dubai: The commercial aviation sector in India and the Middle East is expected to achieve overall annual growth of 9% and 10%, respectively, for several years to come and will account for 11% of the total aircraft deliveries worldwide over the next decade.
A new report by aviation intelligence firm OAG and UBM Aviation, reveals a striking contrast of opportunities and challenges in two of the world’s fastest-growing travel markets. (PTI)
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RBI directs co-op banks not to process over 3-month old cheques
Mumbai: The RBI has directed cooperative banks not to make payments on cheques and other financial instruments that are over three months old from next fiscal.
“RBI directs that with effect from 1 April 2012, banks should not make payment of cheques/drafts/pay orders/banker’s cheques bearing that date or any subsequent date if they are presented beyond the period of three months from the date of such instrument,” the Reserve Bank said in a circular to all state and central cooperative banks. (PTI)
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US engagement in Asia Pacific not at the expense of China: US
Washington: The US has incredible security interests at stake in Asia Pacific region but it does not see its increasing engagement there coming at the expense of China, a top Obama aide has said.
“We do not see our engagement in the region as, in any way, coming at the expense of China,” deputy national security advisor for Strategic Communication Ben Rhodes told foreign journalists at the Washington Foreign Press Center. (PTI)
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China opposes sanctions on Iran
Beijing: China’s foreign ministry on Wednesday said it opposes unilateral sanctions against Iran days after several countries announced new measures against Iran’s energy and financial sectors.
China is always against unilateral sanctions on Iran, let alone the expansion of such sanctions, foreign ministry spokesman Liu Weimin told reporters at a regular press briefing, adding that sanctions would not solve the Iranian nuclear issue. (Reuters)
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Euro zone crisis to slow growth of developing nations
Washington: Developing nations face weaker growth over the next two years as the euro zone debt crisis deepens and making the most of scarcer aid dollars will be vital, a senior World Bank official said on Tuesday.
World Bank managing director Sri Mulyani Indrawati told Reuters the biggest challenge for developing countries now was how to minimize the fallout from the euro zone crisis, which is likely to be felt through a decline in trade, workers’ remittances and investment. (Reuters)