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April 2014

Nikkei pares gains as BOJ stands pat, falls for 4th straight month

April 30, 2014 by sknlakshmi

Japanese shares pared much of their early gains in choppy trade on Wednesday after the Bank of Japan affirmed its existing policies, disappointing some speculators who had bet on the outside chance of a surprise easing.

The Nikkei ended up 0.1 percent at 14,304.11, after rising 0.9 percent earlier on the back of positive earnings guidance. It fell 3.5 percent this month, the fourth consecutive month of declines.

India asks EU to lift mango ban, quality checks in place

April 30, 2014 by sknlakshmi

New Delhi has asked the European Union to lift a ban on Indian mangoes, as the country has already addressed the issue cited by the 28-nation bloc in a clampdown on shipments from next month.

The EU informed India in March that shipments of premium Alphonso mangoes would be blocked from May until December 2015 after authorities in Brussels found consignments infested with fruit flies.

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Brent slips towards $108.50 on stock build, fall in U.S. crude

April 30, 2014 by sknlakshmi

Brent slipped towards $108.50 a barrel on Wednesday, dragged down by a near $1 drop in U.S. crude as inventories in the United States were expected to hit the highest level on record.

A Reuters poll of analysts revealed expectations that U.S. crude stocks rose 2.4 million barrels to 400 million barrels last week, the highest level since the U.S. Energy Information Administration started collecting data in 1982.

The poll was taken ahead of the EIA weekly inventory data due out later on Wednesday.

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Gold jewellery exports climb, set to keep rising

April 30, 2014 by sknlakshmi

Gold jewellery exports from India rose for a second straight month in March as raw material supply improved after the RBI allowed more banks to import bullion, with industry officials saying the upward trend looks set to continue.

Struggling with a ballooning trade deficit, India last year imposed a record duty of 10 percent on overseas purchases of gold, the second-biggest expense in its import bill. That hit gold jewellery exports, with shipments in the fiscal year that ended in March dropping around 40 percent.

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Sensex up 0.8 percent; blue chips lead on value buying

April 30, 2014 by sknlakshmi

The BSE Sensex is up 0.82 percent, while the Nifty is 0.86 percent higher, recovering after three sessions of falls. ITC Ltd (ITC.NS) shares gain 1.2 percent, while Reliance Industries (RELI.NS) is up 1.3 percent on value buying.

Overseas investors bought shares worth 2.89 billion rupees ($47.8 million) on Tuesday, provisional exchange data shows, totalling 51.20 billion rupees for 2014 so far.

Dabur India shares rise on better sales vs rivals; Nomura upgrades

April 30, 2014 by sknlakshmi

Dabur India (DABU.NS) shares gain 1.6 percent after the company's sales volumes growth beat rivals for the January-March quarter despite a challenging macro environment, dealers say.

Dabur posted a sales volume growth of 9.4 percent for the March quarter while that of Hindustan Unilever's (HLL.NS) came at 3 percent, lagging analyst estimates.

Nomura also upgrades the stock to "buy" from "neutral" and raises its target price to 200 rupees from 174 rupees, citing better outlook compared to rivals.

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Wockhardt denies media report on asset sale talks

April 30, 2014 by sknlakshmi

Generic drugmaker Wockhardt Ltd denied on Tuesday a media report that said U.S. drugmakers Mylan Inc and Pfizer Inc were in talks with the company to buy some of its assets.

Wockhardt cited the media report as saying that Mylan was in talks to buy its domestic business, while Pfizer was also in the race to buy some asset, as the company planned to focus only on overseas markets.

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Madras High Court orders review of Nokia tax demand

April 30, 2014 by sknlakshmi

A court ordered tax authorities in Tamil Nadu on Tuesday to reconsider a nearly $400 million sales tax claim against Nokia on handsets made at the Finnish company's Chennai plant.

Nokia, which is embroiled in a separate tax dispute with the authorities that stopped the plant from being transferred to Microsoft as part of the sale of its mobile phone business, had appealed to the Madras High Court after receiving a demand notice for about 24 billion rupees ($396 million).

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U.S. consumer confidence near 6-yr high, home prices rise

April 30, 2014 by sknlakshmi

U.S. consumer confidence dipped in April but remained near a six-year high, while home prices rose in February, suggesting the economy continued to regain momentum after a winter lull.

The Conference Board said its index of consumer attitudes dipped to 82.3, the second-highest reading since January 2008, from an upwardly revised 83.9 in March.

An unusually cold and snowy winter disrupted economic activity early in the year.

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Switzerland, Norway are world's most expensive economies

April 30, 2014 by sknlakshmi

Switzerland and Norway are the world's most expensive economies, followed by Bermuda, Australia and Denmark, according to a new ranking by the World Bank.

The economies with the lowest prices are Egypt, Pakistan, Myanmar, Ethiopia and Laos, according to a review of economic data which seeks to compensate for exchange rate effects and measure spending power across countries.

The United States, the world's largest economy, was in relatively affordable 25th place, lower than most other high-income countries.

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