Oil prices rebounded in Asian trade amid lingering concerns over Western efforts to rein in Iran's nuclear programme, analysts said. New York's main contract, West Texas Intermediate crude for delivery in April, gained 40 cents to USD 105.10 per barrel while Brent North Sea crude for April delivery was up 50 cents at USD 122.48.
Israeli Prime Minister Benjamin Netanyahu ended a visit to the United States on Tuesday with assurances that Washington is prepared to use force to prevent Iran from getting a nuclear weapon. Netanyahu, who met President Barack Obama and Secretary of State Hillary Clinton during the visit, put the world on notice that his patience was wearing thin and, if necessary, he would launch unilateral strikes.
Iran has denied it is building an atomic bomb, saying its nuclear programme is for peaceful purposes. Security analysts say a nuclear-armed Iran would alter the balance of power in the politically volatile Middle East. "Concerns over Iran's nuclear ambitions are... a factor (for the price rise), despite signs that Iran is willing treturn to talks," said Nick Trevethan, senior commodities strategist at ANZ Research.
EU foreign policy chief Catherine Ashton offered Tuesday to resume talks between global powers and Iran in response to Iran's chief negotiator Saeed Jalili's call for negotiations to be resumed at the "earliest" opportunity. Iran has previously threatened to close the strategic Strait of Hormuz -- a transit point for one-fifth of the world's oil supply -- if the West imposes further sanctions.
Coca Cola, the world's largest soft drink maker, today said it won't slow down its USD 5 billion investment plans in India.
The resilient Indian IT industry is building next generation enterprises to leverage the emerging opportunities in cloud computing and mobility space worldwide.
Nissan unveiled a revamped version of its sports utility vehicle- Terrano in Mumbai on Tuesday.
Maruti has launched an upmarket looking Wagon R, called the Stingray (no relevance to Corvette Stingray or any other legendary car with that name plate) in India at Rs 4.09 lakh, ex-Delhi.
Luxury automobile makers Rolls Royce launched their latest offering - the Rolls Royce Wraith - in India on Monday
To summarise the collective commentary on why the rupee is falling, the immediate triggers are the imposition of capital controls and the hike in import duties on 'non-essentials' like gold and flat screen TVs.
Reserve Bank of India (RBI) on Tuesday announced a slew of measures, including Rs 8,000 crore bond buyback, to ease liquidity and ensure adequate credit flow to the productive sectors of the economy.