In the opinion of the World Gold Council (WCG) Vice-President, K Shivaram, gold is one of the safest ways to secure savings, more so in the current murky economic scenario. Gold is ideally the best investment alternative because, the equity market crash notwithstanding, it still managed to give over 28 percent returns of late!

Noting that the value of gold has never plunged to unexpected lows, Shivaram said that the recent slump in gold prices is transitory. He expects the gold prices to soar as its supply from the mines is dropping, and countries like China and Russia are adding to their quantum of gold reserves.

With the help of funds from its internal accretions and the foreign exchange proceeds, Reliance Communications intends buying back foreign currency convertible bonds (FCCBs) at a mark down, depending upon the central bank approval.

A tender offer, for repurchasing the bonds for cash at a discount, has been issued by the company to all its bond holders.

Gold traded in jerky session on Tuesday as traders backed away from the safe investment amid anticipation that the financial system can return to normal.

In the international spot market, Gold belled the day at $887.50. During the session, it gained steam as worse than expected retail sales caused the equity markets to fall and gold rapidly rallied, touching an intraday high of $893.

Gold typically moves opposite the US currency owing to its hedge value. The dollar remained choppy as compared to other majors on Tuesday, giving back early gains.

Despite the fact that the global downturn has virtually hit every sector of the economy, the education sector has largely escaped any major blows; and is beckoning private equity (PE) and venture capital (VC) funds!

According to a “Private Equity Pulse – Education” report by Venture Intelligence - a research service tracking private equity and M & A activity in India – the PE, VC investors are targeting the domestic education firms, after they have noticed a huge potential in the education arena.

On the sidelines of a press conference in Kolkata, the city-based Allahabad Bank’s Chairman and Managing Director, K R Kamath, said that the public sector lender has posted an 18 percent year-on-year growth in deposits and advances in 2008-09.

Kamath informed reporters that out of the bank’s total business of Rs 1.44 lakh crore as on March 31, 2009, deposits account for Rs 84,865 crore, while advances comprise Rs 59,177 crore.

Well-known film director Mani Ratnam was admitted to a private hospital early this morning after he complained of chest pain and giddiness.

Mani, who is in his early 50s, was admitted to the Intensive Care Unit (ICU) of the Apollo hospital in Chennai.

According to the hospital sources Mani had a slight discomfort in the heart.

The doctors have decided to keep Mani in the ICU for the next one week for observation.

All the family members and close friends of the director rushed to hospital on hearing about his condition.