| See slow progress on GAAP, IFRS convergence: Fitch |
| India Infoline News Service/12:45,May 21,2013 |
| Progress continues to be made on a new joint approach to accounting for financial instruments - although consensus cannot currently be reached on crucial enhanced rules for impairment losses, revenue recognition and leases. |
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| India-China CEOs discuss everything from trade imbalance to visa issue |
| India Infoline News Service/12:30,May 21,2013 |
| First India-China CEOs Forum was chaired by Anil Ambani and Hu Huaibang. CEOs of 20 large Indian and Chinese companies resolved to expand the scope for trade, eliminate the existing trade and investment barriers to promote balanced trade and jointly oppose trade protectionism to create a conducive investment environment. |
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| See GDP growth at 6.3% in Oct-Dec quarter: MS |
| India Infoline News Service/12:24,May 21,2013 |
| Export growth decelerated to 1.7% YoY in Apr vs. 7% YoY in Mar 2013. On a seasonally adjusted basis, exports declined by 2.8% MoM in Apr-13. |
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| Omaxe scrip tanks 6.4% on promoter cutting stake in company |
| India Infoline News Service/11:51,May 21,2013 |
| The OFS is being launched to meet market regulator SEBI's norm on minimum 25 per cent public shareholding by June 30 for private sector listed companies |
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| Delhites, Mumbaikars actively scouting for property: Makaan |
| India Infoline News Service/10:59,May 21,2013 |
| In the present economic conditions, many people in these cities are considering realty investment to have an economic stability that could provide them with funds in the future. |
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| India's GDP could rise by US$739mn by use of licensed software: study |
| India Infoline News Service/10:52,May 21,2013 |
| BSA-INSEAD study also finds that each additional dollar invested in properly licensed software has an estimated return on investment (ROI) of US$75. This compares to a US$19 return from each additional dollar worth of pirated software put into use. |
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| Top Economy news of the day |
| India Infoline News Service/08:32,May 21,2013 |
| Domestic passengers flown by Indian carriers declined in the first four months of this year compared to last year. |
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| Economy Round Up - May 13 to May 17, 2013 |
| India Infoline News Service/07:37,May 21,2013 |
| Earlier in the week, markets declined sharply following higher-than expected trade deficit numbers. Trade deficit in April widened to $17.8bn. Exports increased 1.68% at $24.2bn while imports expanded 10.96% at $41.9bn. However, sentiments turned around after April WPI inflation fell to a 41-month low of 4.89%, it means that RBI has plenty of room to slash interest rates in its upcoming policy meet.
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| FIIs buy Rs. 7.53 bn, DIIs sell Rs 7.64 bn equity on Mon |
| India Infoline News Service/18:40,May 20,2013 |
| In January-March this year, foreign investors have infused $10bn into Indian markets, the second highest ever in a quarter. |
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| Govt spending growth to decelerate in next 2 yrs: IIFL |
| India Infoline News Service/14:50,May 20,2013 |
| The government has embarked on the path of fiscal consolidation by cutting plan expenditure and thus its expenditure has grown by a modest 10% in FY12 and FY13 |
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| India’s household consumption growth to slow down: IIFL |
| India Infoline News Service/12:38,May 20,2013 |
| Sustained agri-commodity inflation and unprecedented asset price inflation are some of the factors driving the uptick in household consumption, IIFL said |
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| Pace of drug approvals to moderate for global Pharma companies: Fitch |
| India Infoline News Service/12:38,May 20,2013 |
| Fitch expects cancer drugs to lead specialty drug authorizations again in 2013, but new diabetes treatments could be a close second. |
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| Banks show notable stability: RBI |
| India Infoline News Service/10:37,May 20,2013 |
| Weakening asset quality is an immediate concern for the banking sector as the banks’ credit composition in the recent years has changed towards longer term assets such as infrastructure and housing, Deepak Mohanty, Executive Director, RBI |
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| Govt to maximize outreach of Concessional Loans to minorities |
| India Infoline News Service/09:40,May 20,2013 |
| At present the families with an annual income of less than Rs. 40,000 per year in rural areas and Rs. 55,000 per year in urban areas are categorized as below double the poverty line. |
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| Top economy news of the day |
| India Infoline News Service/08:22,May 20,2013 |
| The Reserve Bank of India has proposed a review of all banking licences from the ‘fit and proper’ angle, following the allegations made by Cobrapost. |
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| India Infoline Weekly Newsletter - May 17, 2013 |
| India Infoline News Service/18:16,May 17,2013 |
| Earlier in the week, markets declined sharply following higher-than expected trade deficit numbers. Trade deficit in April widened to $17.8bn. Exports increased 1.68% at $24.2bn while imports expanded 10.96% at $41.9bn. However, sentiments turned around after April WPI inflation fell to a 41-month low of 4.89%, it means that RBI has plenty of room to slash interest rates in its upcoming policy meet.
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| S&P says downgrade risk exists, keeps rating unchanged |
| India Infoline News Service/15:20,May 17,2013 |
| The global rating agency Standard & Poor's (S&P) affirmed BBB- rating for India with a negative outlook.India's long-term growth prospects, underpinned by its favorable demographic profile, and its high foreign exchange reserves support the ratings.
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| Fitch affirms IDRs of 12 Global Trading and Universal Banks |
| India Infoline News Service/13:06,May 17,2013 |
| Since Fitch's last review of the peer group in October 2012, HSBC Holdings' VR was downgraded by one notch to 'aa-' in December 2012 and UBS AG's VR was upgraded by one notch to 'a' in April 2013. |
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| PM’s address at 45th session of the Indian Labour Conference |
| India Infoline News Service/12:42,May 17,2013 |
| PM said "Government is considering universal social security cover for workers in both the organized and unorganized sectors and creation of a National Social Security Fund, fixing a National Floor Level Minimum Wage and provision of minimum pension of Rs. 1000 per month under the Employees’ Pension Scheme." |
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| Global Finance names world's best supply chain finance providers 2013 |
| India Infoline News Service/09:14,May 17,2013 |
| Global Finance’s editorial team with input from industry analysts, corporate executives and technology experts selected the best providers of supply chain financing and management services. |
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