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More Indian asset managers shift overseas business to GIFT City

Mumbai, Feb 9 (Reuters) – Several Indian asset managers said they are moving, or planning to move, some offshore fund business from financial centres such as Dubai and Singapore to a finance hub in the western state of Gujarat to gain better access to India’s capital markets. The Indian government is promoting the Gujarat International Finance Tec-City, or GIFT City, as a “gateway for global capital and financial services for the economy” and is trying to attract companies through tax-breaks and other incentives. In the last six months, about eight of the 10 biggest Indian asset managers by assets have

Early Pakistan vote results show rivals neck and neck

Early Pakistan vote results show rivals neck and neck

Islamabad, Feb 9 (Reuters): Pakistan’s main political parties were tied neck and neck in early results on Friday after vote counts in the general election were hit by unusual delays that the government blamed on a suspension of mobile phone services. The South Asian country is struggling to recover from an economic crisis while it grapples with rising militant violence in a deeply polarised political environment. An “internet issue” was the reason behind the delay in results, Zafar Iqbal, special secretary at the Election Commission of Pakistan (ECP), said without elaborating. The government said it suspended mobile phone services ahead

Retail inflation likely cooled to a three month low in January – Reuters poll

BENGALURU, Feb 9 (Reuters) – Retail inflation likely eased to a three-month low of 5.09% in January on slowing food price rises and favourable base effects, according to economists polled by Reuters who also predicted a moderation in core inflation to 3.70%. The Reserve Bank of India, which held its repo rate, opens new tab at 6.50% for a sixth consecutive meeting on Feb. 8, highlighted “large and repetitive food price shocks” as one of the biggest risks to the ongoing disinflation trend. After surging since November, food prices, which make up about half of the consumer price index (CPI)

Haldwani violence claims two lives, three critical

Haldwani, Feb 9 (PTI) Two persons were killed and three critically injured in the violence that broke out over the demolition of an illegally-built madrasa and a place for offering namaz inside its premises in the town where curfew has been imposed and shoot-at-sight orders issued. Nainital District Magistrate (DM) Vandana Singh and Senior Superintendent of Police Prahlad Meena, who held a joint press conference here on Friday, confirmed the two deaths in the violence that broke out on Thursday. Meena said the police had to use force in self-defence. The situation in the town is under control with curfew

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