Reserve Bank of New Zealand holds steady at 3.5%

Investing.com - Investing.com - The Reserve Bank of New Zealand kept its Official Cash Rate steady at 3.5% on Thursday as expected.

Below is a full-text statement issued by Reserve Bank Governor Graeme Wheeler on the decision:

The Reserve Bank today left the Official Cash Rate unchanged at 3.5 percent.

The global economy continues to grow at a moderate pace, though recent data suggest a softening in major economies other than the United States. Inflation remains below target in most of the advanced economies due to spare capacity and declining commodity prices. Monetary policy is expected to remain very supportive for some time.

New Zealand's economic growth is running at an annual rate of around 3½ percent. While dairy prices have declined sharply, domestic demand has retained momentum, supported by the ongoing growth in consumption and construction activity. Interest rates are low by historical standards and continue to support domestic demand. The exchange rate does not reflect the decline in export prices this year and remains unjustifiably and unsustainably high. We expect to see a further significant depreciation.

CPI inflation remains modest, at 1 percent in the year to September. Weak global inflation, falls in international oil prices and the high exchange rate are the main influences. Inflation in the non-tradeables sector remains subdued with capacity pressures having less impact than usual.

Growth is expected to remain at or above trend through 2016, with unemployment continuing to decline. Modest inflation pressures suggest the expansion can be sustained for longer than previously expected with a more gradual increase in interest rates. Underpinning this, the economy's productive capacity is being boosted by high labour force participation, strong net immigration and continued investment growth.

Risks to the growth outlook include dairy prices, which are expected to recover in 2015, the overvalued exchange rate, and the strength of construction activity. Inflation risks include the impact of rising capacity pressures on domestic inflation, the response of house prices to the strong migration inflows, and the impact of lower oil prices.

With output projected to grow at or above capacity, CPI inflation is expected to approach the 2 percent midpoint of the Reserve Bank's target range in the latter part of the forecast period. Some further increase in the OCR is expected to be required at a later stage. Further policy adjustments will depend on data emerging over the assessment period.

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Dollar falls as China concerns spur demand for yen, losses seen limited

Investing.com - Investing.com - The dollar edged lower against most major currencies on Wednesday after investors flocked to the yen on concerns China's economy may grow less than expected going forward, though losses were seen as short-lived on concerns the European crisis may return.

In U.S. trading on Wednesday, EUR/USD was up 0.55% at 1.2441.

The yen rose on jitters over the outlook for China's economy after Beijing set new restrictions on collateral for short-term loans.

The move fueled fears that the China may grow less than anticipated, which fueled safe-haven yen positions that came at the greenback's expense.

The yen often rises when Japanese stocks fall and growth-sensitive Australian and New Zealand dollars slide, and the yen's advance brought the euro and others up with it on Wednesday.

Still, the dollar's losses were seen as limited due to a surprise decision by the Greek government to bring forward a parliamentary vote for president to next week from February.

Markets were spooked by the risk of snap elections, which could take place if Prime Minister Antonis Samaras's candidate is not approved by parliament, which could see the anti-bailout Syriza party take power.

Still, the euro held onto its gains as investors continued to sell the greenback for profits and await fresh U.S. data.

Last week's strong U.S. jobs report for November prompted investors to bring forward expectations for the first hike in interest rates to mid-2015 from September 2015 ahead of the data.

The Labor Department reported Friday that the U.S. economy added 321,000 jobs in November, well past expectations for a 225,000 reading.

Investors were looking ahead to next week's policy statement from the Fed amid speculation that policymakers could drop an assurance that interest rates will stay low for a "considerable time."

The dollar was down against the yen, with USD/JPY down 1.38% at 118.02, and down against the Swiss franc, with USD/CHF down 0.45% at 0.9670.

The greenback was down against the pound, with GBP/USD up 0.27% at 1.5711.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.30% at 1.1479, AUD/USD up 0.25% at 0.8315 and NZD/USD up 1.78% at 0.7815.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.54% at 88.26.

On Thursday, the U.S. is to release data on retail sales, the government measure of consumer spending, as well as the weekly report on jobless claims.

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Vishal Sikka sees huge opportunity for e-commerce in India

There is immense opportunities for e-commerce space to flourish in India, especially companies such as Uber, says Infosys' Vishal Sikka.

Vishal Sikka, Managing Director and CEO of IT behemoth Infosys  sees immense opportunities for e-commerce space to flourish in India, especially companies such as Uber.

Speaking on founders of the information technology major, he says that they still have a vast majority in the company and are fully committed to the organisation. Furthermore, their philanthropic work deserves greater appreciation, he says in an interview to CNBC.

Infosys stock price

On December 09, 2014, Infosys closed at Rs 1964.80, down Rs 3.8, or 0.19 percent. The 52-week high of the share was Rs 4401.00 and the 52-week low was Rs 1447.00.

The company's trailing 12-month (TTM) EPS was at Rs 101.90 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 19.28. The latest book value of the company is Rs 366.51 per share. At current value, the price-to-book value of the company is 5.36.

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Will Google be able to avoid Flipkart-style online glitch?

Over 450 merchants offering deals that will leave the shop-a-holic in you drooling - that's the carrot Google is dangling to Indian retailers, as it gets ready to launch its Motorola nexus 6 and chromecast exclusively in India.

Google's 72-hour shopping extravaganza starts at midnight tonight and Google says this will be bigger and better than its first two installments. But the big question is will Google manage to avoid a Flipkart-style online glitch?

Over 450 merchants offering deals that will leave the shop-a-holic in you drooling - that's the carrot Google is dangling to Indian retailers, as it gets ready to launch its Motorola nexus 6 and chromecast exclusively in India.

From designer apparel brands to car-makers to real estate developers to home loan providers - everyone's busy gearing up for a slice of the action, as Indian shoppers look to get the biggest bang for their buck.

Ashish Purvankara, MD, Puravankara Group said: "We believe in pushing the customers in buying online rather than meeting in person -This online process is as simple as possible with very less money to block an apartment; there is flexibility and time for choosing - we target to sell 100 units on offer"

The fact that more merchants mean a bigger challenge in terms of technological support is not lost on Google. After all, it does not want its big sale to go the way e-tailer Flipkart's big billion day sale went a few months ago.

According to Rajan Anandan, MD, Google India, when an industry is growing so quickly, there are growing pains. "Sometimes the infra doesn't work, sometimes deliveries are not on time."

"We have worked very hard over the last 2 months so that each of our 450 merchants are ready and out site is capable," he added.

E-tailers like Amazon, Myntra, Snapdeal and Jabong have also jumped on to Google's platform for this event but not Flipkart. This e-tailer has decided to take on Google by holding its own discount festival - the "big app sale". But Google is not worried. Its 14-day road show ahead of this 3-day sale has already received a strong response, exceeding the traction it got for last year's event.

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Sudal Industries appoints Mukesh V. Ashar as CFO

Sudal Industries has informed that the Board of Directors of the Company by way of circular resolution passed on December 08, 2014 appointed Mr. Mukesh V. Ashar, Chief Financial Officer (CFO) & Key Managerial Personnel (KMP) of the Company as an Additional Director categorized as Executive Director of the Company, with immediate effect to h

Sudal Industries Ltd has informed BSE that the Board of Directors of the Company by way of circular resolution passed on December 08, 2014 appointed Mr. Mukesh V. Ashar, Chief Financial Officer (CFO) & Key Managerial Personnel (KMP) of the Company as an Additional Director categorized as Executive Director of the Company, with immediate effect to hold office upto the date of next AGM.Source : BSE

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Dr Datson Labs' board meeting on Dec 15, 2014

Dr.Datsons Labs board meeting will be held on December 15, 2014, to transact the Discussion on letter of interest received from Leaders Group Asia Limited for acquiring majority stake in the Company. To Discussion on Demerger of Business of API and Formulation of the Company.

Dr.Datsons Labs Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on December 15, 2014, inter alia, to transact the following:1. Discussion on letter of interest received from Leaders Group Asia Limited for acquiring majority stake in the Company.2. To Discussion on Demerger of Business of API and Formulation of the Company.Source : BSE

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Liberia court lifts order suspending election campaign due to Ebola

By James Harding Giahyue

MONROVIA (Reuters) - Liberia's Supreme Court on Sunday lifted a government order suspending campaigning in and around the capital for next week's Senate election imposed on the grounds that electioneering risks spreading the Ebola virus.

Liberia is the country hardest hit by the epidemic and has recorded more than 3,000 deaths out of a total from Liberia, Sierra Leone and Guinea of 6,055 victims, according to World Health Organization figures on Wednesday.

The country's epidemic is gradually being brought under control, but the toll has damaged healthcare and has caused a delay in Senate elections which had been set for October in a country that emerged from a long civil war in 2003.

President Ellen Johnson Sirleaf's government imposed the executive order last week banning the holding of political rallies in Montserrado County, which includes the capital, because the area has been hard hit by Ebola. [ID:nL6N0TI4G7]

It was contested by her son Robert Sirleaf who is running as an independent candidate for Senate. He appealed for a temporary lifting of the ban, arguing that to stop campaigning in just one part of the country is discriminatory.

The younger Sirleaf is one of the president's leading advisers and analysts say he is seeking an independent political base ahead of elections in 2017 when the president must step down due to a two-term limit.

Presiding Associate Justice Philip Banks issued Sunday's Supreme Court ruling, Minister of Information Lewis Brown said on national ELBC radio.

"The government intends, in keeping with its long-held tradition of respect for the various authorities and democratic actions of each branch of government, to honour this order of the Supreme Court," Brown said.

The court will hear a petition on Monday by some political parties, civil society groups and others to postpone national Senate polls from Dec. 16 until Ebola is eradicated. It will also hear Robert Sirleaf's petition on Wednesday, Brown said.

The initial Senate elections set for October were delayed at the height of the outbreak in Liberia.

(Writing by Matthew Mpoke Bigg; Editing by Rosalind Russell)

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Seventy Ethiopian migrants drown off Yemen's Red Sea coast

YEMEN-MIGRANTS-ETHIOPIA:Seventy Ethiopian migrants drown off Yemen's Red Sea coast

SANAA (Reuters) - At least 70 Ethiopians drowned when a boat used by smugglers to transport illegal migrants to Yemen sank in the Red Sea in rough weather, security authorities in the western part of the country said on Sunday.

(Reporting by Mohammed Ghobari, writing by Sami Aboudi; Editing by Jon Boyle)

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More steps to rationalise subsidies on anvil: Jaitley

Assuring India Inc of NDA's commitment to carry forward economic reforms, Finance Minister Arun Jaitley today said the government will come out with more steps to rationalise subsidies.

Assuring India Inc of NDA's commitment to carry forward economic reforms, Finance Minister Arun Jaitley today said the government will come out with more steps to rationalise subsidies.

"I had a series of meeting with the Expenditure Management Commission. They are effectively working on some very valuable suggestions with regard to rationalisation of subsidies... In the next few, even months...may be earlier than that they will be able to come out with some interim recommendations to us so that we can proceed with rationalisation in that direction", Jaitley said.

Recalling the government's decision to link the diesel prices with market price, the Minister told the India Economic Conclave said that it would help in reducing the subsidy burden of the government.

Besides, the government has recently decided to give direct cash subsidy on pilot basis to LPG customers in select cities.

The Centre had set up a Commission under former RBI Governor Bimal Jalan to suggest steps to rationalise subsidy and help the government in effectively bringing down the fiscal deficit.

The government currently provides various kinds of subsidies which run into lakhs of crores of rupees. It was pegged at Rs 2.51 lakh crore for 2014-15.

Speaking at the Conclave organised by television channel ET Now, Jaitley expressed confidence that the government would be able to push the Insurance and the GST bills in the current session of Parliament.

On the government's views on a joint session of Parliament to push the bills as it does not have a majority in the Rajya Sabha, he said: "We don't want to use the last resort of a joint session for legislations. But if it becomes inevitable that's a constitutional remedy."

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Consumers to soon get choice to select power discom: Goyal

Consumers to soon get choice to select power diIn a significant power sector reform measure, the government today said it will soon make necessary amendments to the Electricity Act to allow consumers to choose their distribution company.scom: Goyal

In a significant power sector reform measure, the government today said it will soon make necessary amendments to the Electricity Act to allow consumers to choose their distribution company.

"Electricity Act has been in discussion for quite some time. The act was put up for stakeholders' consultation. We have received various suggestions," Power and Coal Minister Piyush Goyal told reporters here at a CII event.

"What we are looking at is allowing competition at last mile delivery so that consumers have a choice of supplier of electricity... it will also help states serve the people better," the Minister said.

Goyal assured that wherever there are existing power purchase agreements, the interests of stakeholders will be protected in consultation with certain benchmarks set by the regulator.

The Minister said competition will be encouraged at the last mile in the interest of keeping tariff low, competitive and for better customer service.

On being asked about allowing end users of electricity to select their own power distribution firm, Goyal said it will be done gradually, adding that it was tried in Maharashtra but due to some court decisions it couldn't go further.

There were some hurdles under the Electricity Act of 2003, he said when asked why the proposed model did not work in that state.

"We are trying to resolve those hurdles under the current amendment to the Electricity Act," he added.

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