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Overall inflation may recede to 6% by March: Finance Minister says

Ketan Sharma — Fri, 30 Dec 2011 06:19:12 +0000

Overall inflation may recede to 6 per cent and the Reserve Bank of India (RBI) may start cutting key rates by March next year, Finance Minister Pranab Mukherjee has said.

The government data released on Thursday revealed that prices of primary food articles, which accounts for 14 per cent of the wholesale price index, jumped merely 0.42 per cent over the week to December 17 from the year-ago period.

Speaking to reporters, Mr. Mukherjee said, "If this trend continues then you will have (fiscal) year-end (headline) inflation around six per cent."

Mukesh and Anil Ambani to reunite at late Dhirubhai’s 80th birth anniversary

Sunil Kashyap — Tue, 27 Dec 2011 06:46:32 +0000

Estranged billionaire brothers Mukesh Ambani and Anil Ambani will reunite this Wednesday at the family function that has been planned to mark the 80th birth anniversary of late Dhirubhai Ambani.

The function, which will take pace at late Dhirubhai Ambani's ancestral village of Chorwad in Junagarh district, will also bring the entire Ambani clan together for the first time in fifteen years.

Family matriarch Kokilaben, who has already reached the ancestral village to oversee preparations, said that the presence of Mukesh and Anil at the function proves that the brothers are together.

Indian govt. hasn’t shelved decision on FDI in retail: FM says

Sumeet Verma — Sat, 24 Dec 2011 06:29:39 +0000

Indian government couldn't implement its decision on allowing foreign direct investment (FDI) in retail, but it hasn't shelved the controversial decision, Finance Minister Pranab Mukherjee said.

Speaking at business lobby PHD Chamber's annual general meeting, Mr. Mukherjee said that the government was making efforts to build consensus on allowing FDI in retail, as "limited mandate" in the previous Lok Sabha election was not allowing it to advance on the decision on its own.

Indian govt. hasn’t shelved decision on FDI in retail: FM says

Sumeet Verma — Sat, 24 Dec 2011 06:29:39 +0000

Indian government couldn't implement its decision on allowing foreign direct investment (FDI) in retail, but it hasn't shelved the controversial decision, Finance Minister Pranab Mukherjee said.

Anil Ambani’s Reliance Group named in London case

Ketan Sharma — Thu, 15 Dec 2011 08:14:48 +0000

Two UBS bankers backed the creation of an illegal offshore investment vehicle to allow Indian billionaire Anil Ambani to invest in India stocks, UK market & financial services regulator told a London tribunal.

The claim has been made in a case brought against UBS's former wealth management executive Sachin Karpe and the bank's recently deceased Kurt Kumschick. Karpe allegedly misled the UBS about the true ownership of the Mauritius-based investment vehicle, called Pleuri.