Two year high: Inflation rises to 6.58 per cent
New Delhi: Rising prices of food has sent the inflation zooming to an over two-year high of 6.58 per cent for the week ended January 27, leading to concerns that RBI may take monetary measures soon. Inflation stood at 4.04 pc in the corresponding week last year.

The inflation, based on the Wholesale Price Index (WPI), has been pushed on sequential basis by 0.47 per cent within a week from 6.11 per cent on January 20 this year mainly on account of rise in prices of food articles like vegetables (0.7 per cent), eggs, meat and fish (1.4 per cent), milk (1.4 per cent), fruits and oil seeds (1.7 per cent each). However, prices of pulses, sugar, processed food products and other manufacturing products marginally came down during the week.

WPI rose by 0.1 per cent to 208.8 from 208.5 per cent.

The index for primary articles, with 22.02 per cent weightage in the WPI has increased by 0.6 per cent to 215 from 213.7 the previous week.
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Left to agitate against inflation
New Delhi: The Left parties have criticised the government for rising inflation and for not banning futures trade in food grains and slashing of fuel prices to check spiraling prices.

CPI(M) leader S Ramachandran Pillai said the government needed to take steps like banning futures trading in essential commodities, reducing prices of petroleum products and cracking down on hoarders to check price rise.

The Left had also been demanding revision of ad-valorem duty structure on oil imports, reversal of the dilution of the Essential Commodities Act and inclusion of more items under its purview to check inflationary pressures.
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'India-ASEAN FTA coming soon'
New Delhi: The government has said negotiations on a bilateral Free Trade Agreement (FTA) between India and the ASEAN are likely to be completed soon.

External Affairs Minister Pranab Mukherjee addressing an Asian Security Conference here said, "Following the agreement reached at the Cebu (ASEAN-India) summit, we hope to soon conclude negotiations on a bilateral FTA with ASEAN."

He said India's vision was that of "an 'Asian Economic Community' which would be the driver of growth and economic integration in the entire region".

Observing that the long-term goal should be the creation of a harmonious and prosperous community of nations which would pool its resources to tackle common challenges, he said a virtual Asian economic community was emerging through the FTAs amongst countries of the region.
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Left criticizes government for floating power firms IPOs
New Delhi: The Left Parties termed the UPA government's decision to raise funds by issuing IPOs of three major public sector power companies, "uncalled for."

Opposing the issue of IPOs of National Hydro-Electric Power Corporation, Rural Electrification Corporation and Power Grid Corporation of India, CPI(M) said the "government should stop the practice of riding piggy back on IPOs issued by public sector companies."

The CPI said the decision to issue IPOs will lead to disinvestment even though it was not a direct process.
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Crude oil prices break $60 barrier
Mumbai: Crude oil prices broke the strong resistance of $60 in Asian trade on Friday, as very cold winter weather continued to freeze the US northeast. Speculative buying and the shutdown of a California oil field following an explosion and fire also helped drive prices past the key mark for the first time since January 3.

The New York's main oil futures contract, light sweet crude for delivery in March, was up 41 cents to $60.12 a barrel after jumping $2 to $59.71 in late US trades. Brent North Sea crude for March delivery was up 30 cents to $59.33.
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Gold weakens
New Delhi: Gold prices fell in the bullion market on Thursday on reduced sales and new stocks arrival and closed with a loss of Rs55 at Rs9400 per 10 gram.

Trading sentiment turned weak after reports of new arrival, which created adequate stocks position and discounted a firming overseas trend.

In last two trading sessions, the gold price had gained Rs110 per 10 gram and silver by Rs350 per kilo.

The activity in silver was also restricted and pulled down the prices.
Standard gold and ornaments lost Rs55 each at Rs9,400 and Rs9,250 per 10 grams respectively. Sovereign, on the other hand held unchanged at Rs7,750 per piece of 8 gram.

Silver ready fell by Rs50 at Rs19,900 per kilo and weekly-based delivery by a same margin at Rs19,950 per kilo.

Silver coins quoted Rs.100 lower at Rs23,800 for buying and Rs23,900 for selling of 100 coins.
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