The Hindu Business Line : Saturday, November 08, 2008

MONEY & BANKING

FINANCIAL MARKETS: More companies opt to trim man hours, cut production
Demand is slowing as credit crunch, high rates weigh on customer spending. Mumbai, Nov. 7 The economic slowdown has begun to hurt companies across industries forcing many top rankers to cut production, opt for reduced working hours and ...

FOREX: Forex reserves shrink by $5.5 b
Mumbai, Nov. 7 The foreign exchange reserves continued to decline for the sixth consecutive week, falling by $5.532 billion to touch $252.883 billion for the week ended ...

RBI & OTHER CENTRAL BANKS: Gift, travel cards may come under RBI scanner
Mumbai, Nov. 7 Fearing money laundering through pre-paid payment instruments such as gift cards/vouchers, travel/expense cards, food coupons, telephone calling cards, etc, the Reserve Bank of India has indicated that it may subject ...

REGULATORY BODIES & RULINGS: IRDA relaxes general insurance norms
More benefits for customers; will allow insurers to broaden offerings. Hyderabad, Nov. 7 If you maintain your car in good shape and make no insurance claim, you can expect more and higher incentives from your ...

RBI & OTHER CENTRAL BANKS: RBI to provide forex swap line to banks
Mumbai, Nov. 7 The Reserve Bank of India on Friday opened the liquidity tap for public and private sector banks that are facing problems funding their overseas operations due to the drying up of lines of credit from banks abroad and the freeze ...

SHORT TERM INSTRUMENTS: Call rates steady
The inter-bank call rate closed at 6.20-6.30 per cent, as against the previous close of 6.20-6.40 per cent.In the three-day repo auction under the first liquidity adjustment facility (LAF), there were no bids. In the three-day reverse ...

FOREX: Rupee tad higher
The rupee appreciated marginally against the dollar on Friday, gaining 10 paise against the greenback. The domestic currency opened weaker at 47.95 but recovered to touch an intra-day high of 47.60. It closed at 47.65 against the previous close ...

PEOPLE: New CMD for United Bank
Mr Satish C. Gupta has taken over as Chairman and Managing Director of United Bank of India. Mr Gupta was earlier the Executive Director of Bank of Baroda since June 2007, a press statement here said. — ...

PEOPLE: J.M. Garg is Corpn Bank CMD
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PEOPLE: New ED appointments
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INTEREST RATES: PNB sees scope for further cut in lending rates
Bangalore, Nov. 7 The public sector Punjab National Bank (PNB) has indicated the possibility of a further reduction in lending rates in the ...

OUTLOOK: ARCIL sees more stressed assets from retail sector
Mumbai, Nov. 7 ARCIL, an asset reconstruction company, hopes to acquire stressed assets worth Rs 2,500 crore in the current year, said Mr S. Khasnobis, Managing Director and CEO. Of this, 20-25 per cent will be retail assets, he ...

FINANCIAL MARKETS: US slowdown may hit services exports
New Delhi, Nov. 7 The country’s services sector exports, including BPO, software and financial services exports, are likely to take a hit during the fourth quarter of 2008 on account of the ongoing global meltdown, a report by ...

INTEREST RATES: More banks cut lending rates
New Delhi, Nov. 7 Bank of Baroda has reduced its benchmark prime-lending rate (BPLR) by 75 basis points to 13.25 per cent, from 14 per cent, with effect from ...

CREDIT MARKET: BoB cuts exposure to consumer, personal loans
Mumbai, Nov. 7 Bank of Baroda has cut its exposure to consumer and personal loans as these segments are expected to witness higher delinquencies in the near future, Mr M.D. Mallya, Chairman and Managing ...

FINANCIAL MARKETS: Financial markets review panel meets
The High-Level Coordination Committee on Financial Markets (HLCCFM), for interface among the financial sector regulators, met on Friday to review the impact of the global financial turmoil on the Indian financial sector and the action taken ...