Indian rupee today hit a fresh bottom below Rs 100 level against the British pound, even as the markets remain focussed on the Indian currency hitting a record low of sub Rs 64-level against the US dollar.   The rupee hit a new low of Rs 100.35 against the British pound (GBP) early this morning, as weak domestic fundamentals including ballooning current account deficit weighed down on the Indian currency.   After a modest recovery from its bottom, rupee was seen trading at Rs 99.7 against the British pound by mid-day trade.   The rupee has depreciated by about 25 per cent in the past three months, from close to Rs 83 in mid-May, while it was even higher at about Rs

Billionaire Elon Musk recently announced an ambitious plan for the creation of a special train dubbed Hyperloop, which would consume just half and hour to carry passengers from Los Angeles to San Francisco and vice versa.   But, a number of people and experts have started raising questions on the feasibility of such a futuristic transportation project.   As per Musk's plans, the transportation system would be a tube-like passage through with capsule-like wagons filled with passengers will travel at a speed of 760 miles per hour. The idea sounds great but many experts argue that passengers would not be able to handle the inertia created by such a high speed.   M

Mumbai, Aug 19 - A benchmark index of Indian equities markets plunged over 174 points or 0.94 percent during pre-noon trade Monday.   Good buying was observed in metal sector only; while selling pressure was seen in auto, banking index (bankex) and healthcare sectors.   The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 18,587.38 points, was trading at 18,423.84 points in the pre-noon session, down 174.34 points or 0.94 percent from last Friday's close at 18,598.18 points.   The Sensex touched a high of 18,587.38 points and a low of 18,303.20 points during trade so far.   The S&P BSE metal index increa

Gold prices in India will bounce back to around Rs 31,000 per 10 grams by the end of 2013 as demand will remain strong despite the government's strict measures to arrest gold imports, experts believe.   Indian is the world's biggest buyer of gold. Increasing imports of this precious yellow metal is one of the main reasons behind the country's widening current account deficit (CAD). The government increased import duty on gold many times since the start of this year, but demand for the yellow metal is still strong.   Naveen Mathur, head of commodities at Angel Broking, said weaker rupee and higher import duty on gold will keep the landed cost of the metal higher.

Tehran, Aug 17 : Iranian ambassador to Ukraine Akbar Qasemi Aliabadi said Iran has large gas reserves and is ready to supply natural gas to Ukraine, Tehran Times reported Saturday.   "Both Ukraine and Moldova need natural gas, and Iran has huge gas reserves and is ready to consider future supplies of fuel to the two countries," reported Xinhua quoting Qasemi Aliabadi as saying.   At present, Ukraine secures a major portion of its required gas through imports from Russia.   Also, Iran's former oil minister Gholam Hossein Nozari said the new Iranian administration should focus on exporting natural gas as its trump card in regional and international rela

The Indian rupee has fallen to low of 62 against the US dollar during the intra-day trading on Friday prompting a response from the central bank in the country.   The Indian rupee closed at 61.71 a dollar compared to the previous close of 61.44 in intraday trading. The currency opened at at 61.35 and touched a high of 61.33 and a low of 62.01 in the market. The Reserve Bank of India (RBI) has stepped in to sell dollars to support the rupee and prevent its free fall against the US currency in the foreign exchange markets.   The rupee was under pressure as foreign investors withdrew their investments from the domestic stock markets and took away dollars form the Indian market

Students walk away with a scholarship of Rs 3,00,000 to pursue their academic ambitions abroad   Eight Indian students have been declared as winners of the British Council IELTS (International English Language Testing System) Scholarship Award 2013 and will receive Rs 300,000 each towards the cost of tuition fees. Five winners will pursue full-time post-graduate programmes in the UK and three others will study in Australia, Canada and the US.   The British Council IELTS Scholarship Award was launched in the year 2010 with the objective of assisting Indian students intending to study in universities abroad. Over the last three years, 24 students have had the opportunity to s

New Delhi, Aug 12 : India's annual retail inflation declined to 9.64 percent in July from 9.87 percent recorded in the previous month, government data showed Monday.   The Consumer Price Index (CPI) based inflation eased sharply in rural area. For rural area retail inflation declined to 9.14 percent in July from 9.63 percent recorded in the previous month.   However, for urban areas CPI-based inflation rose to 10.26 percent in the month under review as compared to 10.13 percent recorded in the previous month, according to data released by the Central Statistics Office. (IANS)     Source: Top News  

State-owned oil & gas explorer ONGC suffered a steep decline of nearly 34 per cent in its standalone net profit during the first three months of the current financial year.   On Monday, August 12, the explorer announced that its standalone net profit slipped 33.9 per cent, from Rs 6,077.70 crore in the April to June quarter of 2012 to Rs 4,015.98 crore in the same quarter of 2013.   Analysts had projected a net profit of Rs 4,900 crore for the public sector explorer's first fiscal quarter of this year.   Total income slipped from Rs 21,216.24 crore to Rs 20,505.03 crore.   Commenting on the results, senior research analyst Bhavesh Chauhan said, &qu

Authorities in Mexico are planning to open-up the country's crucial energy sector to foreign investment in order to develop the production capacity and meet the growing demand for energy in the developing economy.   President Enrique Peña Nieto of Mexico is backing an overhaul to the energy sector to allow foreign players in the sector, which has been closed for outsiders. The president is planning to largest economic reforms in two decades by allowing private companies to explore and pump for oil and natural gas.   The president will have to rewrite two constitutional amendments and the government will have to lose total sovereignty over its energy resources. Or

Korean auto major Hyundai is aiming to develop cars from the scratch in India, which is its second biggest global market after China, in its bid to strengthen position in the country. The company, which will launch a new compact car Grand i10 next month in the market, is hoping to cater markets similar to India with such products which will be designed and developed here. "Yes, the aim is to have a car fully developed here in India. It won't happen in the next three to four years. It can happen after five years or more," Hyundai Motor India Ltd (HMIL) Chief Coordinator Shar Rukh Han told PTI.   Elaborating reasons for the need to be able to develop cars in India, he sa

New Delhi: Government on Tuesday banned trading in e-series contracts at the National Spot Exchange Ltd (NSEL) as it wants the exchange to first settle about Rs 5,600 crore dues to investors, Consumer Affairs Minister K V Thomas said.   "We have stopped trading in e-series contracts on NSEL. A notification will be issued in a day or two," Food and Consumer Affairs Minister K V Thomas told the agency today.   "We decided to stop trade in e-series as we want to see first NSEL settles the dues," he added.   Anticipating the government move, NSEL today suspended the trading in e-series contracts like gold, silver and some other base metals.  

The Washington Post, iconic US newspaper that once brought down a president, announced on Monday it will have a new owner shortly, Amazon founder and CEO Jeff Bezos.   Bezos, whose net worth of $25.2 billion makes him the 19th wealthiest man in the world, is paying $250 million for the Post in a deal likely to be wrapped up in the next 60 days.   The paper won’t, however, be owned by Amazon, the $119-billion retail behemoth Bezos founded and leads, but by a company dealing with his personal wealth.   The Post, which once had an exclusive arrangement with Hindustan Times, is the first major traditional economy news company bought out by a new economy firm. &

Faced with a tight liquidity condition, two leading private sector banks HDFC Bank and Axis Bank have raised fixed deposit rates by up to 4 per cent, a move which may be followed by others.   Country's second largest private sector lender HDFC Bankhas raised fixed deposit rates by 1 per cent for maturities between 15 days to 6 months one day effective July 27, as per information available on its website.   *Search: India Inc A, B, C   The bank has increased the interest rate by 0.75 per cent for maturity buckets less than 1 year but over 6 months one day. Axis Bank has raised interest rate on term deposits with maturity between 14-29 days by 4 per cent to 8 per

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Gold imports into India in June and July were lower compared to the same period last year, Finance Minister P. Chidambaram said on Wednesday, without giving figures.   India is hoping to contain gold imports well below 845 tonnes that were shipped last year, Chidambaram said, a week after the central bank restricted imports further, by tying imports to exports volumes.   India imported a record of 162 tonnes of gold in May, triggering a series of measures to contain imports and a ballooning current account deficit.   "The June - July imports of gold are less than last year's June and July. Overall we hope to save a considerable amount of foreign exchange i

The partially convertible rupee fell below the psychological mark of 60 against the US dollar in afternoon trade on Tuesday, after Reserve Bank of India (RBI) governor Duvvuri Subbarao said cited various risks that could hamper India's economic growth.

In Its first quarter monetary policy review, the RBI refused to make any change in its key policy rates, while cutting its forecast for economic growth for the financial year 20113-14 from 5.7 per cent to 5.5 per cent.

The rupee slipped to 60.11 against the US dollar as of 3:00 pm on Tuesday. It was the currency's lowest level against the greenback in the past three weeks.

In the first week

China's central bank on Tuesday injected 17 billion Yuan via issuance of seven-day reverse bond repurchase agreements into the interbank market, as part of its efforts to counter another increase in money market rates.

It is the first time in nearly six months when the People's Bank of China has actively injected funds into the country's interbank market, showing its willingness to maintain liquidity following the June mayhem, when the central bank cut off funding to the interbank system.

The repos were conducted at 4.4 per cent, up from 3.35 per cent at the last transaction on 31st of January. On Tuesday, the seven-day repo rate traded at an average

The much anticipated, HTC One Mini appeared in a media photo of US telecom service provider, AT&T ahead of its expected launch in the market for the customers.

The Taiwanese Smartphone maker has said that it will release more information about the device soon. The company has not announced the release date, price or the network on which it will be launched in the US. The leaked image suggests that the device will be launched on AT&T's network in the US market.

The front of the phone has an updated Blink Feed flow and only one "Beats Audio". The location of the device is Atlanta and not London. The device from the Asian Smartphone gian

Technology giant, Apple has lauched a new investigation into allegations of worker mistreatment in factories linked to the company in China.

The company is facing criticism over reports that it has benefitted from exploitation of more than 70,000 workers in factories in China that produce Apple products and components. There are allegations that the conditions are even worse than those at Foxconn with reports of employee suicides and excessive working hours.

Apple, which sells some of leading devices like iPhone and iPad tablet computer, is facing critism for not delivering on its promise of improving working conditions after it was revealed that another s