Weekly News3Weekly News36Sept- 12Sept,20106Sept- 12Sept,2010

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Fifth interest rate hike expected Fifth interest rate hike expected as India battles inflationas India battles inflation

India is expected to hike interest rates this week for a India is expected to hike interest rates this week for a fifth time in six months after a surge in industrial fifth time in six months after a surge in industrial output strengthened the case for another dose of output strengthened the case for another dose of monetary tightening.monetary tightening.

Although India has been the most aggressive in the Although India has been the most aggressive in the Asia-Pacific region in raising rates to check prices, Asia-Pacific region in raising rates to check prices, the country's inflation remains among the highest of the country's inflation remains among the highest of the leading Group of 20 economic powers, at nearly the leading Group of 20 economic powers, at nearly 10 per cent. 10 per cent.

Boom time again for skilled Boom time again for skilled professionals: Expertsprofessionals: Experts

Happy days are here again for skilled professionals, Happy days are here again for skilled professionals, mainly in IT, telecom and financial services sectors, mainly in IT, telecom and financial services sectors, as they are drawing multiple job offers from as they are drawing multiple job offers from companies' faced with talent shortage.companies' faced with talent shortage.

Since January this year, a positive momentum is in Since January this year, a positive momentum is in the economy and new business plans have been rolled the economy and new business plans have been rolled out, vacant positions are filled in and multiple job out, vacant positions are filled in and multiple job opportunities are floating around. opportunities are floating around.

Ambani brothers lead the list of Ambani brothers lead the list of sour deals this yearsour deals this year

Placed among the wealthiest people globally, the Ambani Placed among the wealthiest people globally, the Ambani brothers' groups also have the dubious distinction of brothers' groups also have the dubious distinction of accounting for over 90 per cent of the estimated USD 27 accounting for over 90 per cent of the estimated USD 27 billion merger and acquisition deals that could not fructify so billion merger and acquisition deals that could not fructify so far this year. far this year.

The biggest non-starter was Reliance Industries' USD 14.5 The biggest non-starter was Reliance Industries' USD 14.5 billion all-cash bid for acquiring a majority stake in bankrupt billion all-cash bid for acquiring a majority stake in bankrupt petrochemical group LyondellBasell Industries which petrochemical group LyondellBasell Industries which collapsed in March after LyondellBasell termed proposal as collapsed in March after LyondellBasell termed proposal as undervalued. undervalued.

Younger sibling Anil Ambani-led Reliance Communications' Younger sibling Anil Ambani-led Reliance Communications' move to merge its telecom tower business with GTL Infra in a move to merge its telecom tower business with GTL Infra in a USD 10.8 billion also failed to take off.USD 10.8 billion also failed to take off.

Food inflation at 11.47 pct y/y as Food inflation at 11.47 pct y/y as on Aug 28: Govton Aug 28: Govt

Food price index rose 11.47 percent and the fuel price index Food price index rose 11.47 percent and the fuel price index climbed 12.71 percent in the year to Aug. 28, government data climbed 12.71 percent in the year to Aug. 28, government data released showed. released showed.

Food inflation accelerated from the previous week's annual Food inflation accelerated from the previous week's annual rise of 10.86 percent while fuel inflation remained the same. rise of 10.86 percent while fuel inflation remained the same.

The primary articles price index was up 15.40 percent, The primary articles price index was up 15.40 percent, compared with week-ago's reading of 15.19 percent. compared with week-ago's reading of 15.19 percent.

The wholesale price index, the most closely watched inflation The wholesale price index, the most closely watched inflation gauge in India, rose 9.97 percent in July from a year earlier gauge in India, rose 9.97 percent in July from a year earlier after remaining above 10 percent for five months until June. after remaining above 10 percent for five months until June.

Mukesh Ambani to be richest Mukesh Ambani to be richest man in world in 2014: Forbesman in world in 2014: Forbes

With a net worth of USD 62 billion, Indian business With a net worth of USD 62 billion, Indian business tycoon Mukesh Ambani would be he richest man on tycoon Mukesh Ambani would be he richest man on earth in 2014, according to a forecast issued by the earth in 2014, according to a forecast issued by the prestigious Forbes magazine. prestigious Forbes magazine.

53-year-old Ambani currently ranks fourth on Forbes' 53-year-old Ambani currently ranks fourth on Forbes' list of the world's billionaires. list of the world's billionaires.

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