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Indian Billionaires Paying 10% for Cash Shows Muddled RBI

Billionaires Paying 10% for Cash Shows Muddled RBI: India Credit

Just when India’s biggest stimulus package in a decade was close to paying off, a cash crunch engineered by the central bank to shore up the rupee has pushed borrowing costs for leading companies back above 10 percent.

Billionaire Anil Ambani’s Reliance Capital Ltd. sold three-month commercial paper at 10.35 percent this week, compared with the 8.95 percent it paid for one-year funds in June. Three-month CP yields surged 249 basis points this month to a 16-month high of 10.91 percent yesterday, data compiled by Bloomberg show. Similar U.S. rates were at 0.23 percent. Read more of this post

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World’s cheapest computer costing just $25 has astonished its British creators by selling almost 1.5 million units in 18 months

World’s cheapest computer gets millions tinkering

By Judith Evans | AFP News – Sun, Jul 21, 2013

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Japanese engineer Shota Ishiwatari displays the humanoid robot “Rapiro” which works with a “Raspberry Pi” in Tokyo on July 8, 2013. Raspberry Pi, the world’s cheapest computer, costing just $25 (£17, 19.50 euros), has astonished its British creators by selling almost 1.5 million units in 18 months

It’s a single circuit board the size of a credit card with no screen or keyboard, a far cry from the smooth tablets that dominate the technology market. But the world’s cheapest computer, costing just $25 (£17, 19.50 euros), has astonished its British creators by selling almost 1.5 million units in 18 months. The Raspberry Pi is now powering robots in Japan and warehouse doors in Malawi, photographing astral bodies from the United States and helping to dodge censorship in China. “We’re closing in on one and and half million (sales) for something that we thought would sell a thousand,” said Eben Upton, executive director of the Raspberry Pi Foundation. “It was just supposed to be a little thing to solve a little problem. “We’ve sold many more to children than we expected to sell, but even more to adults. They’re using it like Lego to connect things up.” The device, which runs the open-source Linux operating system, was designed as an educational tool for children to learn coding. But its potential for almost infinite tinkering and customisation has fired up the imaginations of hobbyists and inventors around the world. Read more of this post

Data Sabotage to Moldy Toilets Rerate India’s Wockhardt

Data Sabotage to Moldy Toilets Rerate Wockhardt: Corporate India

Wockhardt Ltd. (WPL), India’s worst performing drug stock this year, is poised to extend its fall from a 15-month low as analysts cut recommendations following U.S. allegations that it blocked inspectors and destroyed data.

When U.S. Food and Drug Administration officials inquired about unlabeled vials at Wockhardt’s Waluj facility in Maharashtra state, employees immediately dumped the contents into drains, the regulator said in a letter dated July 18. The FDA also found torn quality control records in the trash. The note posted on the FDA’s website on July 23 prompted Macquarie Group Ltd. to cut its recommendation on the stock the same day, while CIMB Securities India Pvt. said it’s reviewing its rating. Read more of this post

How much is Fed aid to U.S. corporate profits worth?

How much is Fed aid to U.S. corporate profits worth?

1:10am EDT

By Herbert Lash

NEW YORK (Reuters) – Many on Wall Street believe the Federal Reserve’s monetary policy is behind record corporate earnings and the stock market’s surge to all-time highs this year.

But how much is a burning issue for investors who wonder how the economy and stocks will perform once the Fed eventually eases its buying of $85 billion a month in bonds and eventually allows short-term rates to climb. Read more of this post

As Canada’s junior miners flounder, long-term damage looms

As Canada’s junior miners flounder, long-term damage looms

1:07am EDT

By Allison Martell and Euan Rocha

TORONTO (Reuters) – Hundreds of small mineral exploration companies may have their stock delisted by Canada’s TSX Venture Exchange in the coming months, choking off a development pipeline that has long supplied major miners with new projects.

As commodity prices boomed in the last decade, a flood of new issuers swelled the ranks of the Venture, TMX Group Inc’s exchange for small-capitalization companies, burnishing Canada’s reputation as the center of global mining finance. Read more of this post

Hong Kong Appetite for $100 Mangoes Boosts ANA Cargo: Freight

Hong Kong Appetite for $100 Mangoes Boosts ANA Cargo: Freight

ANA Holdings Inc. (9202), Japan’s largest airline, is targeting Hong Kong’s appetite for next-day delivery of $100 mangoes and other food to boost its cargo as shipments of Panasonic Corp. (6752) and Sony Corp. televisions slump.

Hong Kong, the biggest destination for food and live animals exported by air from Japan, is buying more Japanese beef, cherries and other premium items as the number of rich in the city increases. Expanding demand is prompting the airline to add more cargo flights in the region. Read more of this post

Arctic Ice-Melt Cost Seen Equal to Year of World Economic Output

Arctic Ice-Melt Cost Seen Equal to Year of World Economic Output

The cost to the world from melting Arctic ice is equal to almost a year of global economic output as releasing methane trapped in the frozen continent leads to extreme weather, flooding and droughts, scientists said.

The methane emissions are an “economic time-bomb” that may cost $60 trillion from effects on the climate, according to research published today by the University of Cambridge and the Rotterdam School of Management at Erasmus University. Extreme weather events would mainly affect developing nations. Read more of this post

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