Asia

TOKYO: East Asia should consider a common regional trading currency based on gold to promote commerce, and free the region from relying on dollar transactions, Malaysia’s Prime Minister Mohamad Mahathir said on Thursday. Mahathir said the proposed currency could be used for regional trade, but would not replace national currencies for use at the domestic […]

Bank Alfalah’s exit strategy from Afghanistan did not work as the acquiring bank failed to get the approval from the central bank of Afghanistan. According to the official statement, the central bank of Afghanistan, Da Afghanistan Bank declined the application of Azizi Bank, the acquiring bank, to obtain or acquire activities of Bank Alfalah. The management of Bank Alfalah […]

Indian stocks jumped to record highs on Thursday as early results in the world’s biggest election showed Prime Minister Narendra Modi on course for a second term. Traders and business leaders welcomed trends in the vote count showing Modi’s Bharatiya Janata Party (BJP) was set to win a majority, expressing hopes it could lead to […]

THE plunging Indian rupee might have sent investors in the stock markets scurrying for cover last week, but government leaders and various business heads have tried to soften the impact of the currency’s sharp fall on the domestic economy. Last week the rupee plunged to a lifetime low of 70.09 against the United States’ dollar, […]

NEW DEHLI: The Indian rupee fell to an all-time low Tuesday against the US dollar amid worries that Turkey’s growing financial crisis could spread to other developing-world economies. Indian Economic Affairs Secretary Subhash Chander Garg told reporters that there was “nothing at this stage to worry” about after the rupee reached 70.1 to the dollar […]

Sterling slipped on Tuesday after a suspected suicide attack killed at least 22 people and wounded 59 at a pop concert in the English city of Manchester, while the euro held gains made after German Chancellor Angela Merkel said it was “too weak”. Despite the explosion, at a concert by US singer Ariana Grande, European markets […]

GREATER NOIDA: At a furniture store outside India’s capital, a salesman scans the manager’s ID and takes her fingerprint on a biometric device attached to his cell phone. Within minutes, Meenakshi Sharma becomes eligible for an account with Paytm, joining the hundreds of thousands who have signed up to a payments banking system that is […]

India’s central bank on Monday relaxed cash withdrawal limits from automated teller machines (ATMs) and current accounts with immediate effect. The Reserve Bank of India (RBI) has allowed individuals to withdraw up to Indian Rs10,000 ($146.84) per debit card per day from ATMs, higher than the Rs4,500 currently. However, the overall weekly withdrawal limit of […]

THE founder and chief executive of India’s largest digital payments company has barely slept and is nursing a head cold. Having just arrived at Paytm’s office, Vijay Shekhar Sharma discovers the coffee machine is broken. He settles for tea and plunges into a vortex of meetings-parsing a government circular on mobile swipe services, war-gaming a […]

India’s central bank unexpectedly kept its policy repo rate INREPO=ECI unchanged at 6.25 percent on Wednesday, despite calls for action as an intense cash shortage threatens to slam the brakes on the world’s fastest growing large economy. The Reserve Bank of India’s monetary policy committee voted 6-0 to leave the repo rate unchanged, after cutting […]

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