After the Reserve Bank of India (RBI) fined ICICI, HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money and agreeing to launder it. ...
11:32 PM, Jun 18, 2013
New Delhi: After the Reserve Bank of India (RBI) fined ICICI, HDFC and Axis banks for flouting customer norms, highlighted by a Cobrapost expose, the latest sting operation by the online magazine exposes how some employees in two foreign banks in India have also been involved in accepting black money and agreeing to launder it. HSBC and Standard Chartered officers have been caught in a Cobrapost sting operation, offering to...
10:00 PM, Jun 18, 2013
Mumbai: India exports drugs worth more than 15 billion dollars every year, a majority of which are US-bound. Questions are being raised about the standards and quality, after Ranbaxy's whopping 500 million dollar settlement with the US government. The generic drugs in question were manufactured at Ranbaxy's plants in Paonta Sahib and Dewas in India. They include acne drug Sotret, epilepsy and nerve-pain drug Gabapentin and antibiotic Ciprofloxacin. Possibly a...
02:26 PM, Jun 05, 2013
Panaji: The Goa government will launch a special drive, before the new academic year begins later June 2012, against stationary shops selling sub-standard items to students, an official said on Saturday. "We have received complaints from parents that stationary shops are violating the packaged commodity rules. The drive is our way of making sure that students are not cheated by such shop owners," VR Naik, director of the legal metrology...
05:26 AM, Jun 02, 2013
Mumbai: Morgan Stanley said on Monday it has signed an agreement to sell its Indian wealth management unit to Standard Chartered. Financial terms of the deal were not disclosed. "Morgan Stanley will work closely with Standard Chartered over the coming months to ensure a smooth transfer of our wealth management clients currently serviced in India," the US bank said in a statement. This process is expected to be completed by...
02:44 PM, May 20, 2013
Mumbai: Ratings agency Standard & Poor's affirmed India's sovereign rating at 'BBB-minus' with a 'negative' outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months, a statement said on Friday. S&P said the government's ability to prop up investment growth remained uncertain. The ratings agency, however, said there was scope to upgrade the sovereign ratings if the government unleashes public and private investments to...
04:12 PM, May 17, 2013
London: HSBC will redouble cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue. London-headquartered HSBC is seeking up to $3 billion in additional annual savings by 2016, on top of $4 billion already achieved, but sluggish growth outside Asia, particularly in Europe, means its target to get costs below 52 per cent...
08:10 PM, May 15, 2013
New Delhi: News broadcasting fraternity on Monday condoled the death of Justice (Retd) JS Verma who passed away after a brief illness. Justice Verma was appointed the first Chairperson of the News Broadcasting Standards Authority (NBSA), a self- regulatory body set up by News Broadcasters Association on October 2, 2008. "In his frequent interaction with members of NBA, he would tell them that in a democracy, it was the media's...
10:50 AM, Apr 23, 2013
The Supreme Court on Wednesday directed Health Secretaries of the states and Union Territories (UTs) to file compliance report on implementation of ban on sale and manufacture of gutka and pan masala containing tobacco. ...
06:09 PM, Apr 03, 2013
Gold extended losses to hit its lowest level in ten months on global cues, attracting bargain hunters in the wedding season. ...
05:16 PM, Apr 03, 2013
British Finance Minister George Osborne's market sensitive statement to Parliament on the budget was leaked on the internet minutes before his speech started. A copy of what appeared to be the front page of the London Evening Standard, with full details of economic forecasts and changes to taxes, appeared on the blog of political commentator Guido Fawkes at least fifteen minutes ahead of Osborne's speech on Wednesday. ...
08:58 PM, Mar 20, 2013
India's high food inflation is a negative for the country's sovereign ratings as it filters through the broader economy, with adverse consequences for growth and the large fiscal and current account deficits, Moody's said on Monday. ...
10:59 AM, Mar 18, 2013
The Finance Ministry feels there is a case for a rating upgrade of India by at least a notch or so and agencies like Standard & Poor's and Fitch would be conveyed this view when they visit India next month. "I strongly believe there is a case for S&P and Fitch to upgrade. Even if it is one only notch or two notch above, but certainly there is no case...
11:56 AM, Mar 17, 2013
Wall Street rose modestly on Monday, lifting the Dow to another record and giving the S&P 500 its seventh straight advance as early weakness enticed buyers. The gains briefly lifted the benchmark S&P 500 index to its highest intraday level since October 2007. ...
10:29 AM, Mar 12, 2013
The Obama administration on Tuesday accused Standard & Poor's of refusing to warn investors that the housing market was collapsing in 2006 because it would be bad for business. The civil charges against the credit rating agency were the administration's most aggressive action to date against those deemed responsible for contributing to the worst financial crisis since the Great Depression. They followed years of criticism that the government had failed...
08:42 AM, Feb 06, 2013
The United States on Tuesday sued Standard and Poor's alleging that the credit rating agency lied about its objectivity and independence and issued inflated ratings for certain structured debt securities, causing investors to lose billions of dollars. ...
09:54 PM, Feb 05, 2013
Judicial reforms were the flavour of the year as the government focused its efforts on bringing a bill on judicial accountability and kept up its plans to change the present system of appointment of judges where the executive has little say. In March, the Lok Sabha passed an ambitious bill to lay judicial standards but despite two sessions of Parliament the bill could not be brought in the Rajya Sabha....
12:52 PM, Dec 27, 2012
Borrowers from NBFCs have now time till March 31 to replace their old system bank cheques with new ones with added security features for their EMI payments, as RBI has extended the deadline in this regard for non-banking finance companies. In a circular RBI said that it has been decided to extend the time for NBFCs up to March 31, 2013 "to ensure withdrawal of Non-CTS 2010 Standard compliant cheques...
12:38 PM, Dec 23, 2012
New Delhi: The government is set to retain in Judicial Standards and Accountability Bill the controversial provision that gags judges of higher judiciary from making observation in courts during hearing of cases. Contesting that prohibiting judges from making observations that had no bearing on the case before the court was a gag provision, Law and Justice Minister Ashwani Kumar on Friday said the provision was being retained in the Judicial...
09:18 PM, Nov 30, 2012
Hyderabad: Amid threats that India's credit rating could be downgraded and a slowdown in the economy, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday said that the government has taken several steps to boost investor confidence and more such measures may follow. "Lot of examples can be given on the steps the government has taken to get rid of impediments in movements of large projects. I think I am...
04:35 PM, Nov 05, 2012
