Thursday 31/07/2014

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A second-quarter economic rebound did nothing to change the outlook of the Federal Reserve, which stayed the course Wednesday with ultra-easy monetary policy.

While the U.S. central bank voted to cut its monthly bond-buying program another $10 billion, it left its short-term interest rate target near zero and expressed only tepid encouragement about growth. The Fed also voted to continue to reinvest proceeds from maturing bonds as its balance sheet swells near the $4.5 trillion mark.

There was some thought that the meeting could feature dissent, particularly from Dallas Fed President Richard Fisher, who penned an op-ed piece in the Wall Street Journal earlier this week indicating his dissatisfaction with ultra-easy monetary policy from the U.S. central bank. After the Fed released its meeting statement, several analysts noted "tension" within the language.

However, the sole "no" vote actually came from Philadelphia Fed President Charles Plosser, who said the committee was not adequately taking into account the economic progress. He "objected to the guidance indicating that it likely will be appropriate to maintain the current target range for the federal funds rate for 'a considerable time after the asset purchase program ends,' because such language is time dependent and does not reflect the considerable economic progress that has been made toward the Committee's goals," the meeting statement read.

For Flipkart, India’s largest internet company by estimated market value, billions seem to be multiplying fast. Soon after announcing a $1-billion fundraising, the biggest so far by an e-commerce company in the country, Flipkart founder & Chief Executive Sachin Bansal on Tuesday said the next target for his company was entering the $100-billion valuation club.

That might appear a grand ambition for a company whose estimated valuation after its latest round of funding is $7 billion, but Bansal is sure about it. He, however, does not give a timeframe: “The $100-billion valuation goal could be achieved in five, 10 or 15 years,” he says, in a matter-of-fact way.

“India is set to have many $100-billion companies and Flipkart could be one of those. We are ready to do what it takes,” Bansal says, describing the aspiration of Flipkart, an online bookstore that he had co-founded along with Binny Bansal seven years ago.

After a number of false starts in recent years, it seems that India Prime Minister Narendra Modi's landslide election victory and a strong mandate have finally opened the way to a broad strategic partnership between Beijing and New Delhi.

Closer economic and political ties with China have been an important part of Mr. Modi's election program. He wants India to catch up and compete with China and, in order to do that, he advocates the need for "skills, scope and speed."

So far, he seems to have got the speed right. China and India have quickly moved to establish wide-ranging consultations on bilateral issues. China's Prime Minister Li Keqiang was the first foreign leader to place a congratulatory call after Mr. Modi's election, expressing Beijing's desire to set up a "robust partnership" with India. The Chinese Foreign Minister Wang Yi followed with a visit to Delhi, and India's Vice President Hamid Ansari made a five-day trip to China where memoranda were signed about Chinese companies' plans to build industrial parks in India.

The China-India summit meeting in Fortaleza, Brazil, on July 14, 2014 (on the eve of BRIC's two-day meeting) is the first in a number of forthcoming summits scheduled for this year. According to Indian media, that first encounter has been quite successful; it lasted 80 minutes – double the originally allotted time – prompting the Indian leader to tweet that he "had a very fruitful meeting with Chinese President Mr. Xi Jinping. We discussed a wide range of issues."



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