Indian Women Won Gold Medal in Archery World Cup

Double Treat for Indians yesterday. After India U-23 Cricket team lifted the Emerging Nations Cup by defeating Pakistan U-23, Indian Women Team too won the Gold Medal in The Archery World Cup.

Wroclaw, (Poland): The Indian trio of Bombayala Devi, Deepika Kumari and Rimil Buriuly won back-to-back World Cup titles beating the formidable South Korea in the women's recurve team final here on Sunday.

India got the better of Koreans Yun Ok-Hee, Ki Bo Bae, and Joo Hyun Jung 219-215 for their second major title in as many months. They had won the World Cup Stage 3 in Medellin, Colombia last month.

The Danish women were the surprising bronze medallists with their 210-194 win over Russia. It was a surprising result in the title clash too as Korea had not shot less than 222 in their elimination matches against the United States, Italy and Russia. India defeated Indonesia, Mexico and Denmark en route to the final.

There was little to choose between India and Korea with the score tied at 163-163 by end three. The wind played its part in the contest as archers on both sides shot an odd 7.

Ki Bo Bae opened the final end with a disappointing 6. The next two arrows for Korea were 9 and 9.

India responded with three 10s to wrest the advantage going into the last six arrows. The Koreans managed 9-8-10 before the Indians came up with 10-10-7, winning the end 56-52 and thus the match and the title of World Cup Stage 4.

The World Cup Finals will be held next month in Paris.

Oil companies demand one-time hike in diesel price

       
        With 12 per cent drop in rupee value against the US dollar making imports costlier, state- owned oil companies have demanded a one-time steep increase in diesel rates to make for the widening losses. Losses on sale of diesel at government controlled rates, had dropped to under Rs 3 per litre in May following monthly increases of up to 50 paise a litre. But with the rupee depreciating against the US dollar, the losses have widened to Rs 10.22 per litre.

"We had requested the government for an increase in prices on ad-hoc basis. The decision on the increase rests with the government. The government of India has to take a decision on it. I have no comments on it," IOC director ( finance) P K Goyal said. Losses on diesel sales have widened to Rs 10.22 from Rs 9.29 a litre in the bigging of the month. Besides diesel, the oil companies are losing Rs 33.54 per litre on kerosene and Rs 412 per 14.2-kg cooking gas (LPG) cylinder.

Speaking to reporters after flagging off a biking expedition to Ladakh, Goyal said the total revenue loss or under- recoveries on diesel and cooking fuel was estimated at Rs 80,000 crore at the beginning of the fiscal, which have now widened to Rs 140,000 crore. "Rupee has depreciated 12 per cent since April. It was 59.39 to a dollar and today it is 64.10. Rupee depreciating by one against the US dollar adds Rs 8,000 crore to our under- recoveries (revenue loss)," he said.
The government had in January allowed oil companies to raise diesel rates by up to 50 paisa per month till such time that the losses on the most consumed fuel in the country are wiped out.
With prices being raised regularly, the losses on diesel had come down to below Rs 3 per litre in May but rupee falling by 12 per cent since April has resulted in the difference climbing to Rs 10.22 per litre. Oil companies feel 50 paisa increase is insufficient and there should a one-time steep increase to cover for fall in rupee.

  Oil minister M Veerappa Moily had on August 14 stated that oil company suggestion of one-time hike was under consideration but no decision has been taken yet.

"That's under consideration, but we have not yet decided," he said.

Moily, however, said there is no proposal to raise LPG or kerosene rates.

Diesel price was last hiked on August 1 when prices in Delhi went up by 56 paisa (after including local taxes) to Rs 51.40 per litre. IOC, Bharat Petroleum and Hindustan Petroleum had lost Rs 25,579 crore in revenue in the first quarter ended June 30, of which the government made good Rs 8,000 crore by way of cash subsidy.

Oil companies demand one-time hike in diesel price

Under Raghuram Rajan, RBI to focus on currency; rupee to hit 69: Reuters poll

      
         Incoming Reserve Bank of India Governor Raghuram Rajan will prioritise currency stability over inflation and growth, according to a Reuters poll which also showed the worst is not over for the rupee. 

The rupee has lost around 15 per cent to the dollar, hitting record lows almost daily, since the US Federal Reserve hinted in May that it would soon begin paring back its massive economic stimulus programme, sparking an investor exodus from emerging markets seen as the most exposed to foreign funding.

Rajan, a widely acclaimed economist, takes over as governor of the RBI from incumbent Duvvuri Subbarao on Sept 5, at a time when the Indian economy is facing its worst crisis since 1990-1991. 

Eleven of 17 economists polled by Reuters said the currency will be the top priority for Rajan but the consensus showed it will likely weaken to 69 per dollar before rising, implying a further 7 per cent fall from Monday's spot rate of 64.10. 

Most expected it to bottom out in September. 

The Indian economy is caught in a quagmire of slow growth, high inflation, rickety government finances and a tumbling currency that is the among the worst performing in emerging markets. 

"Rajan could streamline the RBI's focus to stabilising the currency and inflation while being supportive of growth," said Nizam Idris, head of FX strategy at Macquarie Bank in Singapore. 

"The RBI must realise it cannot control the rupee, rates, capital flows and inflation all at the same time." 

Most of the RBI's moves to break the currency's fall so far have not helped. 

Since mid-July, it has tightened cash conditions which have failed to support the rupee, partly as Subbarao later said those measures were temporary. 

Changing tack, it announced last week it would buy longer-dated bonds to lower borrowing costs, but that led markets to question the RBI's resolve in defending the currency. 

Even Rajan's appointment earlier this month failed to calm markets and the rupee rallied for only a few hours after the announcement. 

Analysts, however, said the RBI will likely make some important changes under the new regime. 

While most expected greater focus on the currency and prices, a few economists said the RBI might begin targeting an inflation level while bringing the consumer price index into the realm of policy making. 

RBI VS NEW DELHI 

With elections due in 2014, New Delhi's subsidy programme, most recently the food security bill, could blow a hole into the country's weak finances -- one of the biggest causes of the rupee's thrashing. 

Policymakers are struggling with both trade and current account deficits. 

Despite that and the clamour for easy monetary policy, the RBI will be expected to maintain its tough stance on inflation and check currency volatility. 

Analysts also said under Rajan the RBI could be expected to improve its communication with markets. 

"It's a difficult job, especially when the government lacks a majority in the parliament and due to the upcoming elections which can tie Rajan's hands," said Amy Yuan Zhuang, analyst at Nordea. 

"The RBI should make efforts to increase transparency and communication in its policy making."



RBI to focus oncurrency