* Indian inflation rate at 13-month high
* Asian falls spark contagion fears
* Brics to debate possible eurozone aid
* ADB reduces China growth estimate
* Nokia hits at India low wage claims
* ADB sees Asian growth staying robust
* Nippon Steel, Gerdau may buy Usiminas stake
* Tsang: UK banks welcome to move to HK
* Coca farmers throw down gauntlet in Peru
* Yuan only Bric winner in debt crisis
* IEA cuts global oil demand forecast
* Wen sets preconditions to help Europe
* Lebedev targets Russian secret police for damages
* Erdogan rallies League against Israel
* Tunisia clinches deal on road to democracy
* Markets, mixed
Indian inflation rate at 13-month high
India’s inflation rate accelerated to a 13-month high of 9.78 per cent in August, highlighting the dilemma facing policy-makers as they wrestle with the twin woes of rising inflation and slowing economic growth, the FT reports.
Asian falls spark contagion fears
Sharp falls in the Indonesian rupiah and South Korean won on Wednesday sparked fears that contagion from the eurozone debt crisis is spreading to Asia. The won had fallen 1.1 per cent against the dollar by mid afternoon in Seoul. Indonesia’s rupiah dropped 2 per cent, having declined as much as 3 per cent before the country’s central bank intervened to support the currency, the FT reports.
Brics to debate possible eurozone aid
Officials from the leading emerging market economies will meet in Washington next week to discuss potential joint action to help the crisis-hit eurozone, said Guido Mantega, Brazil’s finance minister, the FT reports. The idea will be discussed at a meeting of the finance ministers and central bank governors of the “Bric” nations – Brazil, Russia, India and China, plus South Africa – on Thursday.
ADB reduces China growth estimate
The Asian Development Bank cut its estimate for China’s growth to 9.3 per cent this year, down from an April estimate of 9.6 per cent, and said that failure to rebalance growth toward domestic consumption poses risks to the sustainability of the nation’s expansion,Bloomberg reports. Meanwhile, Prime Minister Wen Jibao said China would keep monetary policy tight to fight high inflation, Reuters reports.
Nokia hits at India low wage claims
Nokia, the Finnish telecoms company, has hit back against claims that it pays below the living wage at its biggest phone factory in India, which were made by Finnwatch, the human rights organisation, the FT reports.
ADB sees Asian growth staying robust
Growth in the developing countries of Asia will cool slightly in the second half of 2011, but it should remain healthy given firm domestic demand and recent increases in intra-regional trade, according to a report released Wednesday, the WSJ reports. The Asian Development Bank revised down its growth forecast for the region to 7.5 per cent for this year, from a 7.8 per cent projection forecast in April.
Nippon Steel, Gerdau may buy Usiminas stake
Nippon Steel, Japan’s largest steelmaker, and Brazil’s Gerdau SA are in talks to stave off a rival $2.9bn bid for a stake in Usinas Siderurgicas de Minas Gerais, or Usiminas, said two people familiar with the negotiations, Bloomberg reports.
Tsang: UK banks welcome to move to HK
Hong Kong would “absolutely” welcome London-based banks HSBC Holdings Plc and Standard Chartered if they decided to move headquarters to the former British territory, Chief Executive Donald Tsang told Bloomberg.
Coca farmers throw down gauntlet in Peru
Ollanta Humala, Peru’s president, is facing the first serious challenge to his authority as coca farmers block roads in the Amazon to oppose the destruction of their crops. Two people had been injured and seven arrested by the time President Humala declared a 60-day state of emergency in the Ucayali region on Tuesday night, the FT reports.
Yuan only Bric winner in debt crisis
The yuan is the only currency among the biggest emerging nations to strengthen against the dollar this quarter, and yuan- denominated notes in Hong Kong are the only domestic bonds among the so-called BRICs to provide a positive return, Bloomberg reports.
IEA cuts global oil demand forecast
The tightening of the oil market is likely to “moderate” this year as global demand growth slows, according to the International Energy Agency, the FT reports. The monthly oil market report, released on Tuesday, suggested that the world economic slowdown was bringing demand growth back into line with supply.
Wen sets preconditions to help Europe
Wen Jiabao, Chinese premier, has outlined conditions that Europe must meet before China will increase support for debt-laden Europe, in a sign of Beijing’s reluctance to be cast as a saviour for the global economy, the FT reports.
Lebedev targets Russian secret police for damages
Alexander Lebedev, the billionaire owner of The Independent and Evening Standard newspapers in Lomdon, launched the lawsuit claiming damages of 350m roubles ($11.6m) to his business reputation following a raid by masked special forces on his National Reserve Bank in November, the FT reports. The lawsuit is the first of its kind in Russia to target the FSB, according to Mr Lebedev.
Erdogan rallies League against Israel
Recep Tayyip Erdogan, Turkey’s prime minister, warned Israel it must “pay a price for its aggression and crimes”, in a passionate speech in Cairo, cementing a foreign policy shift that has alarmed Israel and worried the US, the FT reports.
Tunisia clinches deal on road to democracy
Tunisia’s leading political parties will sign a document on Thursday limiting to one year the term of the new constituent assembly and outlining how a president and prime minister will be appointed, the FT reports.
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