Forex assets deplete
Mumbai: India’s foreign currency assets depleted by $22 million to
$30,341 million during the week ended 22 October, according to the Reserve Bank of India.
However, the fall in foreign exchange reserves was only $12 million because of a $10
million accretion in Special Drawing Rights to $11 million.The RBI’s weekly statistical supplement also indicated that
money supply growth is in the 15.5 to 16 per cent range. The total stock of money supply
amounted to Rs 10,49,244 crore. The slowdown in money supply is attributed to the
slackening of the deposit growth rate to 15.3 per cent, from about 20 per cent in the same
period last year.
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Dubai to set up a Silicon
Valley
Dubai: Dubai is setting up a $200-million Internet city offering a wide
range of services for e-commerce and Internet-related activities. It sees this facility as
rivalling Silicon Valley in the US.
Dubai’s crown price and defence minister Gen Shaikh
Mohammed Bin Rashid Maktoum said Dubai Internet City will be the world’s first free
trade zone to enable e-business-related enterprises to operate globally.
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StanChart plans Asian
buyouts
Singapore: Standard Chartered Bank is keen to buy more banks in Asia.
Patrick Gillam, chairman of the bank, said the bank hoped to acquire a Hong Kong bank if
Hong Kong authorities pushed through finance sector reforms. He did not name the bank.
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