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.
Malaysian budget carrier AirAsia formally announced the appointment of Subramanian Ramadorai as its non-executive chairman of India operations.
As India's tech hub and Bangalore will get more funds in the new budget for this fiscal (2013-14) to meet its infrastructure needs, Karnataka Chief Minister Siddaramaiah said Tuesday.
Higher prices of foodstuff such as cereals and vegetables continue to put pressure on India's overall inflation rate, the Reserve Bank of India (RBI) said Monday.
Reserve Bank today kept the key interest rates unchanged citing elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows
KTS announced a 10.50 per cent hike in bus fares to mop up an additional Rs 186.72 crore annually.
The rupee on Friday strengthened by 35 paise to 57.63 against the dollar in early trade.
Growth in India is projected to rise to 5.7 percent in the 2013 fiscal year and firm to 6.5 percent and 6.7 percent in FY2014 and FY2015, respectively