An eagerly-awaited submarine cable linking West Africa to Europe has gone live, paving the way for cheaper and more reliable internet access in one of the world's fastest-growing telecoms markets, its operators said on Friday.
In a blow to Indian jewelers, the US has stopped the duty-free status for gold necklaces from India as the product was found to be competitive in US markets.
Earlier, US used to allow duty-free status to certain products from developing countries to help them expand their economies. Other items that have been struck off the duty-free list are passenger tyres from Thailand and wood flooring from Brazil.
Manufacturing growth cooled around the world in June, with China hitting its slowest pace in more than a year and growth in the United States and Europe also easing -- further evidence that the global economic recovery is moderating.
Gold prices dropped toward $1,220 an ounce on Thursday, caught up in selling of other assets like equities and industrial commodities after U.S. economic data disappointed the financial markets.
The metal is expected to extend its recent gains in the medium term, however, after outperforming most other commodities and all other metals in the second quarter as investors turned to bullion as a haven from risk in the wider markets.
Normal monsoon not only augurs well for the Indian agriculture sector but also generate a bullish scenario for silver as out of total demand for the white metal in the country, 60% is contributed by the farming community.
Asian and European manufacturing output growth cooled further in June, with China hitting its slowest pace in more than a year -- further evidence that the global economic recovery is moderating.
According to Russian diamond-mining giant Alrosa's rough diamond price forecast up to 2018, rough diamond production is expected to return to 2008 levels (165 MM carats) no earlier than 2015 and, thereafter, to remain at around 165-167 MM carats per year as a result of a limited supply of new projects and depletion of existing mines.
Gold held steady near $1,240 an ounce in Europe on Thursday, supported by concerns over weak global growth which are weighing on more economically sensitive assets like stocks and industrial commodities.
Gold slipped lower in Europe on Wednesday, caught up in selling of stocks and other commodities after a report showed U.S. private sector employers added fewer jobs than expected in June.
The precious metal is still set to be the best-performing metal of the second quarter, however, as fears over the global growth outlook and the stability of the banking system fuel haven demand for the metal.
Global rice ending stocks for 2009-10 are expected to be 90.4 million tons against the early estimation due to the lower export by the major growers, said International Grain Council. However, the global rice production is projected to decline in 2009-10 owing to poor output in countries such as India, where worst drought impacted the production, IGC noted.
Japan's public pension fund said on Wednesday the rate of return on its investments surged to plus 7.91 percent in the 2009/10 financial year, following a record loss of minus 7.57 percent the year before.
Gold steadied in Europe on Wednesday, giving up early gains, after relatively low demand at the European Central Bank's latest bank refinancing operations eased some concerns over euro zone bank finances.
Good monsoon, high gold prices and global trends may help silver outperform the yellow metal in India.Indians love to possess silver in their homes and after gold silver is the most sought after metal in Indian households for jewellery. Since gold prices are touching Rs 19,000 per 10 gm, many rural families are now switching to silver.
General Motors has revamped the way it operates, with sharply lower costs, stronger brands and gains in key emerging markets like China, Chief Executive Ed Whitacre said in a pitch for the company's planned IPO.
General Motors , in the year since emerging from bankruptcy, has revamped the way it operates, with sharply lower costs, stronger brands and gains in key emerging markets like China, Chief Executive Ed Whitacre told potential investors on Tuesday.
Historically, when India's retail gold markets remained fragmented and unorganized, price parity was a major concern. Distance between places played key role in price differentiation in yellow metal. But with electronic exchanges rapidly taking shape and number of participants in Gold trading seen rising, the price disparity within India started wearing away.
Soon, gold is all set to cross the Rs 19,000 per 10 gm mark in India with global trends showing a huge rise in the coming days following the financial uncertainty continuing in global economy.
Diamonds are the in-thing in India now. According to De Beers, demand for polished diamonds in India and China could reach the same level as in the US.
As international gold prices nearing $1300 per ounce, experts in the Indian bullion markets are of the opinion that the current gold-rush is nothing but a bubble that can burst anytime in absence of the physical gold demand, which has been shrinking in recent months owing to exorbitantly high prices.
Gold nosed at last week's record highs on Monday, buoyed by a dip in the dollar in Asian trading and worries about the global economy, although a lack of consumer demand could push prices lower in the near term.
India used to be a totally gold oriented jewellery market with over 90% people buying gold jewellery. Traditionally, Indian families go for gold.
But, now people want a different look when they pick up jewellery. So they go for platinum. Platinum looks different, looks cool and goes well with diamonds, that is the feeling most of Indians in the cities.
India's inflation is set to zoom with the announcement by the Manmohan Singh government on the freeing up of petrol and diesel prices. The announcement has raised hopes of a further decontrol of the oil sector over the next few years, which could help balance public finances and let private companies challenge state-run firms' decades-old retailing monopoly.
