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Bank credit up 25.4%, deposits rise 22%

The Reserve Bank of India (RBI) said on Thursday that the flow of credit from scheduled commercial banks has increased between April and June 20 this year. The credit flow has increased by 25.4% during this period. The growth is slower than the corresponding period of last year.

The rise in credit is due to high demand from public sector oil firms. The oil firms are under-recovery due to subsidy on oil products. They are forced to sell petroleum products at the rate below the prevailing global rates.

Inflation Rate Climbs Up To 11.63%

For the week ended June 21, inflation rate climbed up to 11.63 percent, as Inflation Rate Climbs Up To 11.63%against 11.42% during the last week.

The inflation rate is presently at the highest since May 6, 1995, when it was 11.11%.

Fueled by increasing food and commodity prices, this will be the 19th straight week that inflation rate has been rising above 5.5%, RBI’s target by the end of the fiscal year in March 2009.

Growth rate of 8% expected this fiscal year: Ahluwalia

The economic growth rate of India may moderate to 8% during the current Growth rate of 8% expected this fiscal year: Ahluwalia (2008-09) fiscal year.

Planning Commission Deputy Chairman Montek Singh Ahluwalia said that the 13-year high inflation rate of 11.42 percent may result into a little lower growth rate but if necessary steps to control inflation are taken, the growth objective of 9% will not be difficult to achieve.

On the other hand the central bank expects the economy to clock a 8-8.5 percent growth in 2008/09.

Inflation Can Effect Growth, Says Montek

Planning Commission deputy chairman Montek Singh Ahluwalia said that Planning Commission deputy chairman Montek Singh AhluwaliaIndia is not the only country to be affected by the inflation. All countries are facing economic problems due inflation. He emphasized that world is in middle of a dramatic change in the world price distribution. Hence Indians should get used to the high energy prices.

Bulgarian munitions depot explodes, no injuries

Sofia - A military munitions depot caught fire east of the Bulgarian capital Sofia, causing several explosions but no injuries Thursday, civil defence authorities said Thursday.

Minister for Civil Defence, Emel Etem, said there was not danger to the population and the situation was "under control."

However, the Sofia international airport, which is also located east of the city, was closed down for safety reasons. Planes arriving from abroad were redirected to Plovdiv,
150 kilometres to the east.

Residents of a village near the munitions depot site were evacuated, while people were also advised to keep their windows shut. Electricity was cut off in several villages.

With further explosions still possible, the military had not yet been able to enter the depot area.

Bilateral swap agreement signed between Japan and India

Reserve Bank of India (RBI) and Bank of Japan (BOJ) has signed a bilateral swap arrangement (BSA) on Monday. The BSA was signed by BOJ governor Masaaki Shirakawa and RBI governor Yaga Venugopal Reddy in Basel, Switzerland. It will pave a way for swapping local currencies against the US dollar for up to $3 billion. The agreement will also sort out problem of short-term liquidity and strengthen existing international financial arrangements

The agreement was come into effect on Sunday (June 29). Both Japan and India can now swap Yen and rupee against the US dollar up to $3 billion. They will hold biannual consultations on economic and financial conditions of each country with the BSA in effect.

Current account deficit surges 77% to $17 billion

India recorded a deficit of Rs 104 core in its current (January-March) account in the country’s balance of payments during the fourth quarter of a fiscal due to the rise in oil prices. India's current account deficit in 2007-08 rose by 77% to touch $17.4 billion, accounting for 1.5% of GDP in 2007-08. The oil import bill increased by 34.6% to $76.9 billion in 2007-08 due to surge in crude price. However, non-oil imports recorded a growth of 30.6% only.

Pratibha Industries picks order worth Rs 180 crore

Mumbai-headquartered Pratibha Industries, a leading construction and infrastructure development company has secured an order worth Rs 179.72 crore for construction of mall podium from Lanco Hills Technology Park.

The project involves 'construction of a Mall Podium of four basements upto ground level.

The total constructed area would be 15.22-lakh sq. ft and the project would be completed in 15 months.

Finance Ministry expresses hope in RBI’s steps to rein in inflation

New Delhi, Reserve Bank of IndiaJune 25: The Finance Ministry today expressed hope that the Reserve Bank of India’s decision of increasing the repo rate by 50 basis points and the CRR by 50 basis points in two stages without compromising economic growth, would help to rein in the surging inflation.

It said in a statement that the steps are expected to regulate demands and are necessary in the face of rising inflation due to relentless increase in crude oil prices.

Seventeen top police officers fired in deadly disco stampede

Seventeen top police officers fired in deadly disco stampedeMexico City - Seventeen high-ranking police officers have been fired for their role in a police raid on a disco last week that left nine teenagers and three police officers dead in a stampede, Mexico City authorities said Tuesday.

The city's Public Safety Minister Joel Ortega and police Internal Affairs boss Alberto Peralta said the officers held responsible include directors and deputy directors in several areas of the police department, including Alejandro Garmino Tejeda, who was named "police officer of the year" in 2005, 2006 and 2007.

Turmeric Prevents Type-2 Diabetes In Mice Experiment

A recent study by the researchers at Columbia University revealed that Turmeric Prevents Diabetes In Mice Experimentturmeric plays a major role in the prevention of Type-2 diabetes.

The endocrinologists discovered that turmeric-treated mice were less susceptible to develop Type 2 diabetes.

Moreover, the researchers also found that obese mice that were given turmeric showed considerably reduced inflammation in fat tissue and liver as compared to controls.

Indian "went to UAE to kill a man for 1,000 dollars"

Indian "went to UAE to kill a man for 1,000 dollars"Dubai - An Arab resident of the United Arab Emirates hired a professional killer from India to murder a man who harassed his wife, media reports said Thursday.

The plan was discovered when Sharjah police discovered the body of a man who was stabbed to death, while another was severely injured, according to the UAE Khaleej newspaper.

It said investigations showed that a man contacted a professional killer in India and agreed for him to go to the UAE to murder a man who harassed his wife in return for
4,000 Dirham (1,090 dollars).

OPEC crude price falls by half a dollar

Organization of the Petroleum Exporting CountriesVienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell by 0.53 dollars, according to data released by OPEC on Thursday.

One barrel (159 litres) of OPEC-produced crude stood at 128.45 dollars a barrel on Wednesday, down 0.53 dollars from 128.98 dollars on the previous day.

An increase in oil output by OPEC members was not needed as the current supply level exceeds demand and spiralling prices are mainly caused by speculators, OPEC officials said Wednesday.

Italian police arrest over 30 Tamil Tiger suspects

Italian police arrest over 30 Tamil Tiger suspectsNaples, Italy  - Italian police Wednesday arrested at least 30 people suspected of obtaining finance for Sri Lanka's Tamil Tigers rebel group.

The suspects, all Sri Lanka citizens, were picked up in raids in several cities including Naples, Rome, Genoa, Bologna and Palermo, police said.

"The suspects extorted sums from fellow Sri Lankan nationals working as housekeepers or minders for the elderly in Italy," Naples' anti-terrorism police chief, Antonio Sbordone, said.

Diabetics More Prone To Hearing Loss, Says Researchers

A new study conducted by the US researchers revealed that diabetics are Study Shows Hearing Loss May Be More Common Among People With Diabetesmore prone to hearing loss than other people.


The study researchers said that it may be a good idea for diabetes patients to have a hearing test on a regular basis.

An editorial published with the study agrees, noting that "in many cases of mild to moderate hearing loss, patients are not aware of what they cannot hear."

OPEC crude price near record level

Vienna -Organization of the Petroleum Exporting Countries The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose to 130.52 dollars on Friday, OPEC said in a statement on Monday.

One barrel (159 litres) of OPEC-produced crudes stood 0.75 dollars higher on Friday, compared with 129.77 dollars the previous day.

In the past week, the price for OPEC crude hovered slightly below the record price of 130.87 dollars set on June 9.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

OPEC crude price hovers at high level

Vienna - OPECThe price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to hover slightly below the 130-dollar mark, figures released by OPEC on Friday showed.

One barrel (159 litres) of OPEC-produced crude stood at 129.77 dollars Thursday, up 0.88 dollars from 128.89 dollars the previous day.

On Monday, the price of OPEC stood at a record-setting 130.87 dollars.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

Weight Gain Good For Sufferers Of Type 1 Diabetes, Says Researchers

A new study conducted by American researchers revealed that gaining Weight Gain Good For Sufferers Of Type 1 Diabetes, Says Researchersweight may be not risky for sufferers of type 1 diabetes.

The results are based on the study in which the researchers at the University of Pittsburgh monitored 655 patients with Type 1 diabetes for a period of 20 years.

The researchers discovered that those who gained weight were less likely to die, as compared to diabetics having a body mass index (BMI) in the underweight range. The overweight and obese had a lesser death risk than those in the normal range.

OPEC crude price gains ground at the start of the week

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has risen, after dropping 4,89 dollars over the course of last week, OPEC said on Tuesday.

One barrel (159 litres) of OPEC-produced crude stood at 122.10 dollars on Monday, compared with 121.68 dollars the previous Friday.

OPEC calculates an average basket price based on 13 important brands produced by cartel members. (dpa)

India Needs To Focus On Malaria Prevention, Says WHO Officials

World Health Organization officials urged India to concentrate more on the India Needs To Focus On Malaria Prevention, Says WHO Officialsprecautionary aspects of malaria than discovering the treatment of the disease.

The WHO officials stated India needs to eradicate the micro killer by following up effectual means of preventing malaria.

Until now, the fight against the mosquito threat is completely centered on disease treatment.




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