The Telegraph
Monday , June 25 , 2012
Since 1st March, 1999
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Business Briefs

Wells Fargo cheer

Mumbai, June 24: Wells Fargo, the fourth largest US bank by assets, has decided to move an unspecified number of jobs to India as part of its plan to increase efficiency. The company refused to reveal the number of jobs that would be moved to India and the Philippines. However, Wells Fargo & Company spokeswoman Bridget Braxton said, “The areas of business that would be impacted include the retirement, technology and other business lines.”

EU trade talks

Brussels, June 24: India and EU are scheduled to take stock of the much-delayed negotiations on the proposed free trade agreement at a meeting here on Tuesday when commerce minister Anand Sharma meets EU trade commissioner Karel De Gucht.

Inflation worry

Mumbai, June 24: The continuing depreciation of the rupee is expected to fuel inflation and push the headline number to 7.3 per cent for fiscal 2013, making a reduction in interest rates for borrowers unlikely in the near term, the Centre for Monitoring Indian Economy said.

Firm results

New Delhi, June 24: High interest rates and forex losses resulting from weakness in the rupee will impact the first quarter (April-June) results of corporate houses, an Assocham survey said.

FII move

New Delhi, June 24: Stock markets continued to see outflows in June with overseas investors pulling out Rs 231 crore from equities so far this month, amid concerns over domestic economic growth and a depreciating rupee.