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Monthly Archives: October 2012

Does RBI’s stance on key policy rates impacting India’s growth???

ImpThe Reserve Bank of India on Tuesday left its key policy rate unchanged in its second quarter (July-September) monetary policy. However, it cut cash reserve ratio (CRR) by 25 basis points to 4.25%. CRR is the portion of deposits banks are mandated to keep with the RBI.With the CRR cut, the central bank will infuse Rs 17,500 crore liquidity into the system. Repo, the policy rate at which banks borrow money from the regulator remains at 8% while reverse repo, used to lend money to RBI is at 7%.The reduction in the CRR is intended to pre-empt a prospective tightening of liquidity conditions, thereby keeping liquidity comfortable to support growth.The central bank also revised its growth outlook for 2012-13.

RBI estimated GDP growth at 5.8% as against 6.5% earlier.  At the same time, it upped the headline inflation projection to 7.5% compared with 7% indicated in July. RBI expects it to rise somewhat in October-December before beginning to ease in Jan-March.An appreciating rupee too is likely contain inflation by reducing the cost of imports especially of commodities.While prospects for agriculture appear resilient, the overall outlook for economic activity remains subdued. Looking ahead, the path of inflation will be shaped by two sets of counteracting forces. RBI observes that projected inflation which indicates a rise till December before it eases in the December quarter are bearing certain risk elements. With this, it apparently pinned hopes of any policy rate cut before the fourth quarter (Jan-March).In order to ensure availability of funds, RBI slashed CRR by 175 bps so far in 2012. In July-September quarter, banks net borrowings through RBI window (read Liquidity Adjustment Facility) were at Rs 48,600 crore. That was within the range of RBI’s comfort zone i.e. 1% of net demand and time liabilities.However, liquidity conditions tightened in October. According to RBI, it was mainly on account of the build-up in the government’s cash balances and the seasonal increase in currency demand. Consequently, the average LAF borrowings rose to Rs 87,100 crore during October 15-25 surpassing RBI’s 1% benchmark level.

 

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Cheaper & Efficient LED lens from Fireflies

South Korean scientists have copied the structure of a firefly’s underbelly to create what they say is an improved and cheaper LED lens that they hope will one day be used in smartphones, televisions and other devices.In a paper published on Tuesday in the Proceedings of the National Academy of Sciences journal, the scientists described how they were inspired by the firefly, a bright and efficient source of natural light.They made a new LED lens (copying) the nano structure of the firefly lantern.By copying the structure of the firefly’s three-layered lower abdomen, they managed to do away with an expensive component in existing LED (light-emitting diode) lamps.Fireflies produce light from the lower abdomen to attract mates and prey.By having this structure, it is comparable to the conventional anti-reflection coating of existing LED lights which is very expensive. This lens has a curvature, which is very similar to the anti-reflection coating, so price of lens would be low.

 

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Skyfall collections Skyrocket!

Skyfall” set the record for the biggest UK weekend box office takings of any James Bond film, its producers announced.The 23rd official cinematic adventure of the suave, but brutal 007, earned 20.1 million pounds after opening last Friday at 587 cinemas across the United Kingdom and Ireland.An absolutely overwhelmed reaction to Skyfall this weekend”. It is particularly thrilling as the UK is home to James Bond and it being the 50th anniversary year.”The film, which had its royal world premiere in London last week and opens in the United States on Nov 9, brings together Daniel Craig on his third outing on Her Majesty’s secret service with British director Sam Mendes making his franchise debut.The plot also puts veteran actress Judi Dench, 77, at the heart of the action as Bond’s boss M, and introduces Spanish Oscar-winner Javier Bardem as a flamboyant villain complete with dyed blond hair.Marking 50 years after the first Bond film “Dr. No” premiered in London in 1962, Skyfall has been hailed by the critics as a triumphant return to form after 2008’s tepidly received “Quantum of Solace.”

 

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Microsoft’s SURFACE, windows 8 tab!!!!

After the launch of the surface last week, Microsoft has now marked itself as a creator of tablets, and has released a video that shows some of the deliberation that went into the design of the Windows 8 tablet. One of the biggest selling points in the design of the tablet, as shown by the video, is the kick stand that pops out when you need it and goes back inside when you don’t. The kick stand is fully integrated into the design of the tablet. Another major point that Microsoft makes in the video is about the screen. The Touch Cover glass and the screen are said to be fused into one piece. Also shown in the video is how the camera of the tablet is said to match the tilt of the screen when it is using the kick stand.

Microsoft claims that the Surface is designed to be the ultimate stage for Windows RT as it is unique and represents value, providing an entertainment experience and a foundation for getting things done. With a starting price of US $499, Surface is available online in Australia, Canada, China, France, Germany, the United Kingdom and the United States. In China and Hong Kong, Surface is available online at Suning. A range of Surface accessories are also available for purchase and these include Touch Covers in five colours — black, white, magenta, cyan, and red, and are priced at US $119.99. Customers also have the option to purchase a Type Cover in black for US $129.99, which adds moving keys for a more traditional typing feel.First unveiled in June, Surface represents an extension of the Windows experience, letting customers work, play and connect with others. It has an ultra-light durable casing, integrated kickstand, Touch Cover, a USB port, a 16:9 widescreen, and a high-definition display with a 22-degree angle. Microsoft claims that Surface lets customers seamlessly make the transition between entertainment and creation.

There is no official word yet on the availability of the Surface in India. However, one can pre-order its 32GB version from eBay

 
 

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US stock trading closed on Hurricane impact

US stock trading will be closed on Monday and possibly Tuesday in response to Hurricane Sandy, NYSE Euronext. NYSE Euronext, which runs the New York Stock Exchange, had previously said that electronic trading would remain open and that only the exchange’s trading floor would close.In a statement, the company said that “the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority.”

 

 
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Posted by on October 29, 2012 in Economics, Finance, Markets

 

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Presidential Debate provokes tensions on “Trade with China”

Beijing urged the US presidential candidates to refrain from inflaming tensions with China after President Barack Obama and challenger Mitt Romney vowed to get tough with the Asian giant. Both men vowed to be firm on China at their final presidential debate.US politicians no matter from what party should view China’s development in an objective and rational light and should do more for China-US mutual trust and cooperation, The sound and steady development of China-US relations serve the fundamental interests of both countries and both peoples, it is also conducive to regional and world peace, stability and prosperity.”

During the debate, Romney repeated his vow that, if elected, he would declare China to be a currency manipulator on his first day in office, charging that Beijing has kept its yuan artificially low to flood the market with cheap exports.”They’re taking jobs. They’re stealing our intellectual property, our patents, our designs, our technology, hacking into our computers, counterfeiting our goods,” Romney said. But despite the tough talk, he discounted the possibility of provoking a trade war with Beijing should he win the November 6 vote.Obama pledged cooperation with the rising power despite numerous trade disagreements and a gaping US trade deficit with China — which stood at nearly $300 billion last year.”China’s an adversary and also a potential partner in the international community if it’s following the rules, Obama opined.China’s state press lashed out at the anti-China tone of the discussions. Willing or not, Democratic or Republican, the next US president shall have to tone down his get-tough-on-China rhetoric made along the campaign trail.It added: “Both US presidential candidates vowed at their third and last debate… that they would press Beijing to ‘play by the rules’ in shaping their bilateral ties.However, their definition of ‘rules of the road’ is primarily pro-American.

 
 

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Death of Yash Chopra ends Romantic films era in B’wood.

Bollywood Film-maker Yash Chopra, known as India’s king of celluloid romance, died on Sunday just weeks after announcing he would not direct any more movies. He was 80. The film-maker had been admitted to a Mumbai hospital last week and was being treated for dengue fever.Born in 1932 in Lahore, now in Pakistan, Chopra was favored by leading Indian actors with his movies seen as a sure-fire way to become a hit with audiences.The film-maker proved his mettle with intensely emotional and tragic movies, many of which went on to become box-office blockbusters.

Chopra’s Bollywood career spanned five decades, and at an event marking his 80th birthday last month, Chopra narrated how he came to Mumbai with 200 rupees in his pocket, hoping to make it as a film director.Since then, Chopra made some of Indian cinema’s most memorable films — such as “Deewar”, “Kabhi Kabhie”, “Silsila” and “Chandni”. His flamboyant style of film-making, movies filmed in exotic locales and mellifluous music became a hallmark, endearing him to film goers.Chiffon sarees and the Swiss Alps are so synonymous with Chopra’s style of film-making that Switzerland Tourism even offered visitors a guided tour of the places where the director filmed some of his most famous songs and scenes.Riding on his success, Chopra established Yash Raj Films, one of Bollywood’s biggest production houses, churning out at least three movies a year. In November, the film studio announced its foray into Hollywood, signing on actors such as Nicole Kidman and Jason Bateman for its overseas productions.Chopra also produced Indian cinema’s longest-running blockbuster, “Dilwale Dulhania Le Jayenge” (1995), which marked the debut of his son Aditya as director.”Jab Tak Hai Jaan”, with Chopra at the helm for the last time, opens in cinemas in November, eight years after his last project “Veer-Zaara”, a passionate tale of love across borders.

 

 

 

 

 

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