Category: South Asia

DUBAI, December 6, 2009 (AFP) – Construction worker Bilal is in a happy mood as he takes his lunch break sitting next to an artificial lake near Dubai’s showpiece Mall of the Emirates.But he admits anxiety about the end of his contract in one year’s time, when the 24-year-old may have to return to Bangladesh. […]

Dec 05, 2009 (LBO) – The Maldives Monetary Authority (MMA), the archipelago’s central bank has stopped printing money which was causing reserve losses, but the country still had to fix its budgets, the International Monetary Fund has said.The IMF has given 92.5 million US dollars to shore up foreign reserves of the tourist paradise under […]

December 3, 2009 (AFP) – Food inflation in India soared by over 17 percent in the 12 months ending November 21, official figures showed Thursday, raising pressure on the central bank to tighten monetary policy.Earlier most economists were betting that the first rate rise would come in April. The food price index climbed 17.47 percent […]

PATNA, November 30, 2009 (AFP) – Indian police Monday arrested a regional politician suspected of embezzling up to 650 million dollars during his five years in ministerial posts in an impoverished eastern state, officials said. Madhu Koda was taken into custody in his constituency of Chaibasa, in the state of Jharkhand, on allegations of possessing […]

NEW DELHI, November 29, 2009 (AFP) – Last week’s one-year anniversary of the Mumbai siege was a reminder of India’s vulnerability to militant attacks.But analysts say high returns for investors in the country this year show they are unfazed by the risks. “The attacks haven’t deterred investors,” said senior Asian economist Robert Prior-Wandesforde at HSBC […]

MUMBAI, November 27, 2009 (AFP) – India’s leading vehicle company, Tata Motors, reported Friday it had swung to a consolidated quarterly net profit, helped by a better performance by its premium car marques Jaguar and Land Rover.Tata Motors’ net profit, including British motoring icons Jaguar and Land Rover, totalled 217.8 million rupees (4.65 million dollars) […]

NEW DELHI, November 22, 2009 (AFP) – For Indian brides buying jewellery, the bigger the better is the general rule, but record gold prices during this year’s wedding season are forcing many to compromise.India is the world’s biggest consumer of gold, so the rise of local prices to records above 1,000 dollars an ounce is […]

WASHINGTON, November 11, 2009 (AFP) – Rising inflation is posing a threat to South Asia, with the situation most worrying in the Maldives where a foreign currency black market has emerged, a senior World Bank economist has warned.Noting that the median inflation rate in South Asia was more than twice that of Latin America and […]

MARKAPAR, November 9, 2009 (AFP) – In a rural Maoist stronghold in central India, off limits to the police and government officials, people are queuing for photos they hope might save their lives.Indian security forces are set to launch a major offensive against Maoist rebels whose insurgency has escalated across the country, posing a challenge […]

NEW DELHI, November 8, 2009 (AFP) – India is still adding a staggering 15 million new mobile phone connections a month but the world’s fastest-growing cellular market has hit rough waters.A cut-throat price war is hammering down call charges, putting pressure on telecom companies’ earnings and share prices, and threatening a bruising shakeout in a […]

NEW DELHI, October 29, 2009 (AFP) – India’s annual inflation rate has picked up pace, official data showed Thursday, setting the stage for higher interest rates in the months ahead.The wholesale inflation rate rose to 1.51 percent in the week to October 17 from 1.21 percent the previous week, according to the Wholesale Price Index, […]

MUMBAI, October 27, 2009 (AFP) – India’s central bank kept key short-term interest rates unchanged at their record lows on Tuesday, saying its priority was helping a recovery take root while keeping an eye on inflation.The repo, the rate at which the central bank lends to commercial banks, remains at 4.75 percent, while the reverse […]