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A Surging Rupee Tripled Gold’s Global Loss in India as Silver Broke Down
Macro Snapshot: The Reserve Bank of India changed the domestic arithmetic before trading opened on 12 October. On 10 October it announced a special window to meet the entire daily dollar requirement of Indian Oil, Bharat Petroleum and Hindustan Petroleum directly from its reserves, taking a large block of import demand out of the spot market. The central bank also tightened rupee derivative rules, imposing a 20% Foreign Exchange Risk Reserve on eligible contracts above $2 million and barring the
A Surging Rupee Tripled Gold’s Global Loss in India as Silver Broke Down
Macro Snapshot: The Reserve Bank of India changed the domestic arithmetic before trading opened on 12 October. On 10 October it announced a special window to meet the entire daily dollar requirement of Indian Oil, Bharat Petroleum and Hindustan Petroleum directly from its reserves, taking a large block of import demand out of the spot market. The central bank also tightened rupee derivative rules, imposing a 20% Foreign Exchange Risk Reserve on eligible contracts above $2 million and barring the
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India Can Grow at 9% for a Decade
New Delhi: India has the potential to grow at 9 per cent for a decade and 8 per cent in subsequent years if the country takes bold reform measures, eminent economist and Harvard University professor Lawrence Summers said on Saturday. “Except India, major emerging economies seem to be losing momentum… I think if India maximizes its potential, it could grow
U.S. Adds 211,000 Jobs in Nov
New York: The U.S. economy added 211,000 jobs in November; a solid boost that likely means the Federal Reserve will raise interest rates later this month. The jobs gains exceeded expectations. Economists surveyed by CNNMoney predicted there would be 192,000 jobs added. The unemployment rate stayed steady at 5%, its lowest level since 2008. Strong hiring is a reassuring sign
May ‘Lord Tirupati’ Rescue India’s GMS!
New Delhi: The richest Hindu temple in the world could soon come to the rescue of Prime Minister Narendra Modi’s plan to recycle tonnes of idle gold and cut economy-hurting imports, according to Reuters and media reports. The gold monetization scheme, aimed at persuading individuals, institutions and rich temples to deposit some of their gold stash with banks to recycle,
JNA Awards Presents 2016 Award Categories
Hong Kong: Celebrating its fifth anniversary next year, the JNA Awards, the jewellery and gemstone industry’s premier platform for recognizing innovative and high-achieving individuals and enterprises, has announced changes to its award categories in 2016. The organizer of the event, JNA (Jewellery News Asia), has made adjustments to a few award categories to encourage greater participation from more regions and,
Scotiabank Named in Silver Price-Fixing Lawsuit
New York: A U.S. investor has accused the Bank of Nova Scotia, Deutsche Bank and HSBC of engaging in an ongoing conspiracy to fix the price of silver, reports thestar.com. Investor J. Scott Nicholson alleges that thousands of small investors around the world have been put at a disadvantage by the secretive way in which prices for the physical metal,
Anglo May Sell Nine Mines
Gaborone: Anglo American, whose chief executive Mark Cutifani is reviewing assets to divest non-performing businesses, may announce at least nine more mines for sale, according to Standard Bank. Anglo, which reports first-half earnings today, has said it was seeking to improve its return on capital to at least 15 percent by 2016 from about 8 percent in June 2013. Cutifani
De Beers Unveils Sightholder Logo
Gaborone: De Beers has unveiled a new logo for clients to signify they are part of the company club. The new sightholder logo is built around an S in a circle, with a diamond-like icon in the middle, over the word sightholder in large letters, and “of the De Beers Group of Companies” in smaller letters. (The old identifier, “Family
Pandora to Celebrate Women around the World
New York: Jewellery brand Pandora has launched a new initiative that it says will celebrate the selfless work women do within their communities and around the world to improve the livelihood of women and children. Called the Pandora Hearts of Today, the program will give the brand the opportunity to support a variety of women-focused charitable programs. To help identify
