New Delhi: The Reserve Bank of India is likely to cut rates by 0.25 per cent in its monetary policy review on May 3, driven by falling inflation levels and recent declines in the prices of oil, gold, and the trade deficit, according to a Barclays report. "We expect the central bank to cut rates 50 bp (0.50 per cent) by mid- 2013," Barclays said, adding that RBI is likely to ease policy rate by 0.25 per cent in its May 3 meeting.
The downside surprise in March WPI increases strengthens the case for monetary policy easing by RBI at May 3 policy meeting, it said. WPI inflation fell to 6 per cent year-on-year (y-o-y) in March from 6.8 per cent y-o-y in February.
The Barclays report further noted that "we expect the entral bank to cut rates 50 bp (0.50 per cent) by mid-2013 and ease liquidity tightness through open market purchases of government bonds (OMOs)...". Regarding the recent drop in commodity prices, the report said if the fall in prices of gold and crude oil is sustained, the immediate and most visible impact would be on the current account balance, which could improve by nearly 1 per cent of GDP in FY 13-14.
Given that high current account deficit has been one of the concerns of the central bank, a lower print, at the margin supports the case for a rate cut at May 3 policy meeting, Barclays said. Meanwhile, India's trade deficit fell to
11:45 AM, Apr 28, 2013
Barclays' new boss is expected to shrink his investment banking and European operations and stop activities that could damage the troubled British bank's reputation as part of a revival plan to be unveiled on February 12. Chief Executive Antony Jenkins, a retail banker who was picked at the end of August to run the bank after a string of problems, is expected to tell investors he will cut some business...
11:12 AM, Feb 12, 2013
Barclays upgraded ICICI Bank Ltd to "overweight" from "equalweight", and lowered the State Bank of India to "equalweight" from "overweight." ...
11:19 AM, Jan 31, 2013
A handful of brokers upgraded their views on IT outsourcer Infosys Ltd after better-than-expected earnings on Friday spurred a nearly 17 per cent rally in its shares, although some company watchers remain unconvinced it has turned the corner after a string of disappointing quarters. ...
12:41 PM, Jan 14, 2013
Singapore: Three-time Major winner Padraig Harrington considers his loss to Jeev Milkha Singh four years ago in Barclays Singapore Open as one of the most bitter losses but he still can't stop praising the Indian, whom he describes as one of the 'nicest guys' in golf. Winner of the British Open twice, Harrington won the European Order of Merit two years back in 2006 at the Volvo Masters in Valderrama,...
05:10 PM, Nov 07, 2012
London: New cash machines that can 'talk' to customers who have difficulty reading screens have been introduced in the UK. More than three quarters of Barclays cash machines across England and Wales have had audio technology installed so they can 'talk' to customers, the bank said. Blind and partially sighted people can listen to speech output on more than 3,000 of the ATMs by plugging in their earphones to listen...
03:56 AM, Nov 03, 2012
With his weekend slump at the PGA Championship swiftly forgotten, Tiger Woods is excited about renewing his burgeoning rivalry with Rory McIlroy at this week's Barclays tournament in Farmingdale, New York. Former world number one Woods and the man long regarded as his heir apparent, Northern Irishman McIlroy, have been grouped together for the opening two rounds on the challenging Bethpage Black course at Bethpage State Park. "It's going to...
11:04 AM, Aug 23, 2012
London: British lawmakers backed a government plan on Thursday to hold a parliamentary inquiry into the professional and cultural standards of bankers brought into focus by the Barclays rate-rigging scandal that has deeply divided politicians. They rejected a call by the opposition Labour party for an independent judge-led investigation, along the lines of an existing wide-ranging inquiry into British media standards. Legislators voted 330 to 226 in favor of the...
11:52 AM, Jul 06, 2012
London: Barclays Plc Chief Executive Bob Diamond quit with immediate effect on Tuesday, the highest-profile casualty of an interest rate-rigging scandal that spans more than a dozen major banks across the world. Outgoing chairman Marcus Agius will lead the search for a new CEO for Britain's third-largest bank, despite having announced his own imminent departure a day earlier, declaring that "the buck stops with me" after Barclays was fined nearly...
02:25 PM, Jul 03, 2012
Frankfurt: Deutsche Bank's co-chief executive designate Anshu Jain saw his total pay drop 18 per cent last year to almost 10 million euros, less than some of his peers and top earners in the car industry. Jain earned 9.77 million euros in 2011, when the lender missed its ambitious full-year profit targets, compared with 11.9 million a year earlier, Germany's flagship bank said in its annual report on Tuesday. Jain's...
10:44 PM, Mar 20, 2012
New York: Standard & Poor's reduced its credit ratings on 15 big banking companies, mostly in the Europe and the United States, on Tuesday as the result of a sweeping overhaul of its ratings criteria. JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley, Barclays Plc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and UBS AG, were...
09:53 AM, Nov 30, 2011
Singapore: Chiragh Kumar continued his fine run over the last five weeks, carding a bogey-free three-under 68 on a rain-delayed day to be the best placed Indian at tied 30th after the second round of the USD 6 million Barclays Singapore Open here on Friday. Chiragh dropped three birdies at the more difficult Serapong Golf Course here to take his two-day aggregate to four-under 138. The Delhi golfer had a...
07:15 PM, Nov 11, 2011
New York: As companies battle the economic slowdown, the employees at large companies in the US and Europe seem to be facing the axe in a major way. More than 1,35,000 job cuts have been announced by just about a dozen multi-national companies in past few months in their efforts to slash costs and those from the financial services space are among the worst hit. However, the employees in India...
03:07 PM, Oct 31, 2011
New Jersey: Arjun Atwal carded a four-under 67 to finish tied 43rd after the third round, which was also the final round of the truncated Barclays Golf, the first event of the PGA Tour Playoffs here on Sunday. Atwal's 67 saw him move to eight-under for three rounds but that was not enough as he exited from the Play-offs after finishing 109th on the FedEx standings. Only the top 100...
12:36 PM, Aug 28, 2011
New Jersey: A late slump spoilt his card as Indian golfer Arjun Atwal (71) slipped to the tied 59th spot after the second round of the Barclays Championship which has been shortened to 54 holes due to the Hurricane Irene threat here. Atwal, who was two-under through 13 holes in the first round when play was stopped on Thursday, completed his remaining round on Friday and found two birdies to...
11:10 AM, Aug 27, 2011
New Jersey: Arjun Atwal had a promising start but it was cut short by Hurricane Irene and he was left stranded at two-under through 11 holes in the first round of the Barclays Championships, the first leg of the FedEx Cup play-offs. Atwal had a bogey on the fourth but soon after that, he birdied the sixth, ninth and 10th before play was stopped on account of inclement weather. He...
12:34 PM, Aug 26, 2011
New Jersey: Tiger Woods finished strongly at the Barclays tournament on Sunday, a four-under 67 clinching a spot in the second FedExCup series event next week. The world number one, yet to win this season, had to be in the top 50 to remain in the lucrative playoffs and qualified with ease as he closed with a seven-under 277 total. "I'm very pleased," said Woods who felt his ball-striking was...
02:05 PM, Aug 30, 2010
New Jersey: American Matt Kuchar hit a spectacular recovery shot to win a playoff against Martin Laird of Britain at the first hole to claim the Barclays title on Sunday in the opening leg of the FedExCup playoffs. After hitting his drive into heavy rough on the left side, Kuchar punched a low approach shot that landed short of the firm green, hopped on and rolled to the back before...
10:14 AM, Aug 30, 2010
New Jersey: Tiger Woods nearly shot himself out of the FedExCup playoffs on Saturday with a triple-bogey seven on the par-four first hole but the struggling world number one recovered with a back-nine charge. Woods, mired in a dismal season without a win, launched his opening drive dead left into a car park to drop from four under par overall to one-under at Ridgewood Country Club. "I got caught between...
06:01 PM, Aug 29, 2010
