Much to the discomfort of consumers, food articles will be costlier by up to 27 percent by 2020 if the global slowdown continues and investment in agriculture falls, says a US think-tank.
Flag carrier Air India is all set to reduce fuel surcharge on all domestic flights by Rs 400 from Tuesday, making it the first airline to slash fares after a substantial cut in jet fuel prices.
In a bid to encourage lending to housing sector, which has been witnessing some slowdown over the past few months, RBI on Monday relaxed provisioning and risk weight norms for Urban Cooperative Banks.
The Purchasing Managers' Index (PMI) of China's manufacturing sector dropped to 38.8 percent in November, down 5.8 percentage points from October, indicating that the country's economy has further contracted, the China Federation of Logistics and Purchasing said on Monday.
New Jersey-based Pradeep Peter Kothari, who has been running a travel business for 25 years, said his company has received requests for cancellation from many travellers who had booked their tickets from the US to various Indian cities.
Country's biggest car maker Maruti Suzuki India on Monday reported 27.4 percent decline in car sales during November at 47,103 units compared to 64,885 units in the same month last year.
Reeling under the impact of global slowdown, India's exports declined by 12.1 percent in October this fiscal causing concerns of job losses in export-oriented manufacturing units.- Reeling under the impact of global slowdown, India's exports declined by 12.1 percent in October this fiscal causing concerns of job losses in export-oriented manufacturing units.
Gold prices fell by Rs 30 to Rs 13,070 per 10 gram in the national capital on Monday on restricted buying by stockists and retailers at existing higher levels and reports of falling trend in overseas market.
World crude prices weakened in Asia on Monday after the OPEC oil cartel maintained existing production quotas at a weekend meeting amid a global downturn, dealers said.
In an otherwise quiet trade at the Interbank Foreign Exchange (Forex) market, the domestic currency resumed weak at 50.18/20 a dollar from its last close of 50.07/08 a dollar.
The Bombay Stock Exchange benchmark Sensex opened the week on a positive note - with a high of 235 points - but on a weak trend in Europe and concerns over the rising recession, the 30-share index tumbled to close with a loss of over 250 points.
Poland adopted an economic stabilisation and development package for 2009-2010 valued at 24 billion euros ($30 billion) to help weather the global financial crisis, Prime Minister Donald Tusk said.
Battered banking major Citigroup, which recently received a multi-billion-dollar rescue package from the Federal government, has decided to sell its Japanese trust banking unit.
Beleaguered American auto maker General Motors is in emergency talks with its lenders over a multi-billion dollar debt-for-equity deal which could save the company from filing for bankruptcy, a media report on Sunday said.
Global financial crisis has clearly hurt overseas debts of India Inc, as corporates raised $1.12 billion less than half of the amount mopped up in the previous month, despite liberalisation of norms.
The OPEC oil exporting cartel, suffering from plummeting oil prices, faces further pain next year as a worldwide recession dampens demand for crude even more, analysts believe.
Britain said it would do more to help its ailing economy, as a UN aid conference opened in Doha to help developing nations weather the global financial storm.- OPEC ended a hastily convened meeting in Cairo on Saturday without announcing new output cuts, despite the steep drop in crude prices and the threat it poses to member governments' national budgets.
Global financial services provider JPMorgan Chase, which had acquired the troubled Washington Mutual, expects to retain about 24,000 employees of the savings and loan association, a media report said.
Extending a further relief to cash-strapped airlines, state-run oil companies on Saturday again cut Aviation Turbine Fuel prices by Rs 2,480 per kilolitre, effective December 1.- Gold prices firmed up in the bullion market in Mumbai on Saturday on good stockists demand on expectation of rise in buying enquiries in view of marriage season coupled with higher New York advices.
Insurance companies Tata-AIG and Oriental Insurance will take a major hit on account of damage to the properties suffered at iconic Taj and Oberoi-Trident during the terrorist violence that ended on Saturday.
As Mumbai witnessed the end of the nearly 60-hour-long terror siege, India Inc on Saturday exuded confidence that business will be back to normal from Monday and demanded tougher laws and action against terrorists from Prime Minister Manmohan Singh.
The Federal Reserve boosted its lending to commercial banks and investment firms over the past week, indicating that a severe credit crisis was still squeezing the financial system.
