Reserve to cushion investment value fluctuations
Mumbai: The Reserve Bank of India is toying with the idea of directing banks to create a special reserve as a cushion for any adverse movements in the value of their investment portfolios that may be triggered off by interest rate volatility. This reserve is to be funded from a small portion of their net profit every year. The issue came up for discussion with select bank chairmen last week. Banks have been asked to furnish details of their SLR portfolio and the impact of a rate cut on their portfolios.
Back to News Review index page  

America pounds regions around Kabul
Kabul: The Afghan capital Kabul was under heavy aerial bombardment for the fifth consecutive night. Fighters roared over the capital at around 9:45 pm (local time), prompting a barrage of fire from Taliban anti-aircraft positions. According to press reports, there were four big blasts, which seemed very close to the city.
Back to News Review index page  

Naipaul wins Literature Nobel Prize
Stockholm: Trinidad-born British writer V S Naipaul has won the Nobel Prize in literature on Thursday for having united perceptive narrative and incorruptible scrutiny in works that compel us to see the presence of suppressed histories. Naipaul, who was born in Trinidad, but is British by choice, has fashioned his novels and journalism from the cultural chaos of the postcolonial world. The Swedish Academy singled out Naipaul's masterpiece The Enigma of Arrival (1987), saying that in it the author created an unrelenting image of the placid collapse of the old colonial ruling culture and the demise of European neighbourhoods.
Back to News Review index page