Category: South Asia

NEW DELHI, August 27, 2013 (AFP) – India’s finance minister insisted Tuesday the government could afford a vast new food programme for the poor despite growing concern about public finances which drove the rupee to a new record low.The Indian currency, which has been under sustained pressure, fell 2.73 percent to 66.07 against the dollar […]

DHAKA, August 27, 2013 (AFP) – Bangladesh authorities have restricted imports of powdered milk mostly from New Zealand dairy giant Fonterra following a contamination scare that has seen global recalls, officials said Tuesday. Customs officials are holding more than 600 tonnes of powdered milk mostly from Fonterra until mandatory chemical tests showed they were safe, […]

COLOMBO, August 25, 2013 (AFP) – Maldivian Foreign Minister Abdul Samad Abdullah died Sunday while undergoing treatment for kidney and heart disease in a Singapore hospital, the government said.He was 67. Abdullah was a key ally of President Mohamed Waheed who is seeking re-election in September 7 elections in the Indian Ocean atoll nation. Waheed […]

TOKYO, August 23, 2013 (AFP) – The dollar’s surge against the Indian rupee took a breather on Friday after hitting record highs for most of the week, although upbeat manufacturing data from around the world helped the greenback against the yen. — Dow Jones Newswires contributed to this article — However, traders remain on edge […]

MALÉ, August 22, 2013 (AFP) – The Maldivian High Court has overturned a public flogging sentence for a 15-year-old rape victim whose conviction sparked outrage among rights groups and focused attention on the island nation’s treatment of women.The High Court issued a statement on Wednesday saying that the girl, whose step-father is on trial for […]

MUMBAI, Aug 22, 2013 (AFP) – India’s top vehicle maker Tata Motors says it plans to reposition the Nano as a “smart city car” after its marketing pitch as the world’s cheapest auto resulted in disappointing sales.The Nano was launched in 2009 as a budget solution for millions of aspirational lower-middle class Indian families wanting […]

NEW DELHI, August 22, 2013 (AFP) – India’s finance minister said Thursday that intense selling pressure on the rupee was exaggerated and that the currency market “panic” was unnecessary.The rupee, which has hit record lows for five straight trading days, slumped to 65.56 to the dollar on Thursday as uncertainty about the future of the […]

MUMBAI, August 21, 2013 (AFP) – India’s shares opened higher and bond yields eased Wednesday but its currency remained under pressure after the central bank announced moves to inject 80 billion rupees into the banking system. Banking stocks jumped on the new measures, pushing Indian shares 1.22 percent higher to 18,468.55 points, after falling nearly […]

MUMBAI, August 20, 2013 (AFP) – India’s rupee hit a new all-time low against the dollar on Tuesday on continuing fears that recent measures to stabilise the currency and kickstart the flagging economy will not work. Asia’s worst-performing currency this year slid to 64.11 rupees against the dollar, past its previous low of 63.22 the […]

NEW DELHI, August 18, 2013 (AFP) – Indian policymakers are looking increasingly panicky as they battle the worst currency crisis in more than two decades, and more worryingly there is no sign their remedies are working.There have been no signs so far of domestic capital flight but analysts say the controls may have been tightened […]

NEW DELHI, August 17, 2013 (AFP) – India’s premier ruled out Saturday any suggestion the country could suffer a repeat of its 1991 balance-of-payments crisis as it grapples with a plunging rupee and a huge trade gap.Singh added that he hoped for “fresh thinking” at the central bank when its new governor Raghuram Rajan takes […]

MUMBAI, August 16, 2013 (AFP) – India’s rupee plunged to a fresh record low against the dollar on Friday over fears that the central bank’s measures may not be able to prop up the ailing currency, dealers said.The rupee, one of Asia’s worst-performing currencies this year, hit a new low of 62.00 rupees to the […]