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India raises gold import tax, unlikely to deter buyers NEW DELHI/MUMBAI: India has raised the import tax on gold by 2 percentage points to 6 percent to curb purchases and rein in a ballooning fiscal deficit but industry officials expect only a moderate drop in demand.   India's passion for gold, seen by many as a hedge against persistently high inflation, has led to a rise in its current account deficit, which reached an all-time high of 5.4 percent of gross domestic product in the July-September quarter.   Alarmed by the mounting current account deficit, driven by largescale gold imports, the government raised the import duty on gold and platinum to 6 percent from 4 percent.   "It is difficult to establish the impact (of the tax) on CAD (current account deficit) and by how much it will come down, but there will be some moderation in gold demand," Economic Affairs Secretary Arvind Mayaram, told reporters.   The tax would be reviewed if imports moderate, Mayaram said.   The ...


Gold firms as US budget talks lift European stocks LONDON: Gold firmed on Monday as stock markets rose towards two-year highs on political moves to break a budget impasse in the United States and the euro steadied as the first euro zone finance ministers' meeting of the year got underway.   Expectations that the Bank of Japan will deliver bold monetary easing also provided support, but the absence of US players, away for the Martin Luther King public holiday, kept the market in a range below ...

Brazil to produce 70.7mn T corn in 2012/13: Safras & Mercado SAO PAULO: Brazil will likely produce 70.7 million tonnes of corn from the 2012/13 crop, down slightly from the record 72.7 million tonnes it produced in 2011/12, local analyst Safras & Mercado said on Monday.   Copyright Reuters, 2013

ICE canola mixed in thin trade on US holiday WINNIPEG: ICE Canada canola futures were mixed in early trading on Monday in light volume with US markets closed.   * Market seen underpinned by limited farmer selling into cash system, as some farmers are expecting higher prices due to tight supplies and strong demand - trader.   * China may soon lift ban on Australia canola imports, according to an Australian government official. News might suggest improved access for Canada this year, a trader said.   * March canola slipped ...

Ivorian cocoa arrivals seen down 10pc by Jan. 20 ABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast reached around 775,000 tonnes by Jan. 20 since the start of the season in October, exporters estimated on Monday, compared with 838,020 tonnes in the same period of the previous season.   Shipments continued to fall, with exporters estimating deliveries to the West African state's two ports at around 33,000 tonnes of beans between Jan. 14 and 20, down from 46,000 the week before.   Arrivals totalled 48,698 tonnes ...

Brazil to produce 70.7mn T corn SAO PAULO: Brazil will likely produce 70.7 million tonnes of corn from the 2012/13 crop, down slightly from the record 72.7 million tonnes it produced in 2011-12, local analyst Safras & Mercado said on Monday.   Copyright Reuters, 2013

Copper steady as global macro signals improve LONDON: Copper was little changed on Monday as a political attempt to break a budget impasse in the United States revived risk appetite, but was offset by still weak physical demand from top consumer China.   US House Republican leaders said on Friday they would seek to pass a three-month extension of federal borrowing authority in the coming days to buy time for the Democrat-controlled Senate to pass a plan to shrink budget deficits.   European shares, seen by ...


 



 
Index Closing Chg%
Arrow DJIA 16,987.51 0.36
Arrow Nasdaq 4,567.60 0.53
Arrow S&P 1,985.54 0.60
Arrow FTSE 6,806.96 0.11
Arrow DAX 9,651.13 0.41
Arrow CAC-40 4,441.70 0.02
Arrow Nikkei 15,948.29 0.25
Arrow H.Seng 24,595.32 0.27
Arrow Sensex 27,061.04 0.24





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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 11, 2014
Reserves $13.415 bln