Financial focus Weekly Newsletter InFINeeti RUPEE SNAPS NINE-WEEK LOSING STREAK; RBI TO THE RESCUE
The rupee rebounded in late trade on Friday boosted by dollar selling by state-run banks, likely on behalf of the Reserve Bank of India, which helped the local unit snap a nine-week losing streak. The rupee gained 1.1 percent on the week on the back of intermittent dollar selling by the central bank through the week and dovish comments from the Federal Reserve chief on monetary stimulus on Wednesday.
ECONOMICS
BRAZIL BOOSTS BENCHMARK INTEREST RATE TO 8.5% Responding to a six-month inflation rate that hit 3.15% last month, Brazil's central bank raised its key interest rate from 8% to 8.5%. The increase is likely to move interest rates higher and in turn reduce consumer spending, an important part of Brazil's economy.
ANALYSIS: INTERNET STARTUPS BLOSSOM ACROSS MIDDLE EAST In Amman, Jordan; Dubai, United Arab Emirates; and Riyadh, Saudi Arabia, as well as Beirut, Cairo and Gaza City, energetic tech entrepreneurs are launching innovative businesses, creating what some are calling a "startup spring," according to The Economist. "Most of these young firms will not make it, but for those that survive a bright future beckons," the magazine says. "Although the Arab world is behind other regions in internet use ... it is catching up fast, along with smartphone penetration and e-commerce."
AUSTRALIAN JOBLESS RATES RISES; PRIME MINISTER OUTLINES NEW ECONOMIC FOCUS With Australia's unemployment rate rising to 5.7%, Prime Minister Kevin Rudd declared the resources boom that sustained the economy through the global economic crisis over. The challenge now, Rudd said, is to revive Australian competitiveness globally with a national strategy of job-market flexibility, less corporate regulation and investment in infrastructure and skill development.
DID YOU KNOW? None of the Indian Banks operate in Pakistan. Recently, both the countries have agreed to allow two banks from each country, to operate in other country. State Bank of India and Bank of India are allowed to operate in Pakistan. They are yet to start the operation. Similarly, National Bank of Pakistan and privately owned United Bank Ltd. are expected to start their operations in India.