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Ft.com
Mark Carney, the governor of Canada’s central bank, has been informally approached as a potential candidate to replace Sir Mervyn King as head of the Bank of England in June next year. One of the world’s most respected central bankers, Mr Carney, 47, now heads the Financial Stability Board, which oversees global financial regulation. He was approached recently by a member of the BoE’s court, the largely non-executive body that oversees its activities, according to three people involved in the process. http://www.ft.com/intl/cms/s/0/1d085e5a-88a7-11e1-9b8d-00144feab49a.html?ftcamp=published_links/rss/home_uk/feed//product#axzz1sAvXD2QP

Warren Buffett, the billionaire founder of Berkshire Hathaway, disclosed on Tuesday that he has stage-one prostate cancer.  The 81-year-old business magnate told shareholders in a letter that his condition was “not remotely life-threatening or even debilitating in any meaningful way”, adding: “I feel great – as if I were in my normal excellent health – and my energy level is 100 per cent.”http://www.ft.com/intl/cms/s/0/92c67878-88d1-11e1-9b8d-00144feab49a.html#axzz1sAvXD2QP

Repsol tried to sell a controlling stake in its Argentinian oil company to a Chinese energy group before it was nationalised by Buenos Aires, according to two people familiar with the talks. The secret attempt to sell its 57 per cent interest in YPF to the Chinese buyer, which one person involved identified as Sinopec, broke down after the Argentinian government announced on Monday that it would expropriate 51 per cent of the company. Repsol wanted more than $10bn for its stake and did not advise Buenos Aires of the discussions with Sinopec, which the Spanish group hoped to finalise before seeking formal endorsement from Cristina Fernández, Argentine president. http://www.ft.com/intl/cms/s/0/483b1c78-88b3-11e1-9b8d-00144feab49a.html#axzz1sAvXD2QP

Britain’s inflation rate rose in March after falling steadily for five months, raising concerns it could prove more persistent this year than economists had hoped. Annual inflation as measured by the Consumer Price Index rose from 3.4 per cent in February to 3.5 per cent in March, according to the Office for National Statistics, though it is widely expected to fall again in April.http://www.ft.com/intl/cms/s/0/a2f14034-886d-11e1-a526-00144feab49a.html#axzz1sAvXD2QP

John Paulson, the billionaire hedge fund manager who foresaw the collapse of the US housing market, is shorting German government bonds in a wager that the eurozone debt crisis will significantly deepen in the coming months.  Mr Paulson told investors in a call on Monday that he was betting against the creditworthiness of Germany, regarded in markets as among the safest sovereign borrowers, because he saw the problems affecting the eurozone deteriorating severely, said a person familiar with Mr Paulson’s strategy. http://www.ft.com/intl/cms/s/0/c429ee76-88a5-11e1-a526-00144feab49a.html#axzz1sAvXD2QP

Wsj.com
Asian stock markets rose Wednesday on encouraging news from Europe, while strong earnings results from Intel lifted technology shares across the region. Adding to the positive developments, the International Monetary Fund raised its 2012 global economic growth outlook by 0.2 percentage points to 3.5%. Japan’s Nikkei Stock Average advanced 1.6%, Australia’s S&P/ASX 200 climbed 1.4%, South Korea’s Kospi Composite jumped 1.0% and New Zealand’s NZX-50 added 0.5%. Dow Jones Industrial Average futures were up 17 points in screen trade.http://online.wsj.com/article/SB10001424052702304432704577350713143659328.html?mod=WSJASIA_hpp_LEFTTopWhatNews

Greece shouldn’t need more money if it sticks to its ambitious program of economic overhauls, the European Commission says in the draft of a report on the deeply indebted country.  Commission President José Manuel Barroso is to present the 41-page document to the European Parliament on Wednesday. It largely repackages existing assistance for Greece and offers detailed analysis of the changes Athens is expected to make over the next few years. EU officials had warned that the report, pitched by the commission as a growth plan, would contain no provision for further funds for Athens. By detailing the overhaul efforts and assistance under way, Brussels hoped to show their Greek policy amounts to more than simple austerity, officials said.http://online.wsj.com/article/SB10001424052702304299304577350022114841822.html?mod=WSJASIA_hpp_LEFTTopWhatNews

The British government detailed for the first time its response to the death of British businessman Neil Heywood in China, following increasing calls from U.K. politicians for an explanation. U.K. Foreign Secretary William Hague said in a statement Tuesday that Foreign Office officials became aware in mid-January of concerns among the expatriate community in China that there were suspicions about the businessman’s death in November. He said Foreign Office officials informed him about the case on Feb. 7—a day after Wang Lijun, the former police chief of ousted Chinese politician Bo Xilai, sought refuge at the U.S. Consulate in Chengdu. http://online.wsj.com/article/SB10001424052702304432704577349630129658706.html?mod=WSJEurope_hpp_LEFTTopStories

The international community must tighten sanctions against Syria to pressure its government to halt a bloody crackdown, said French Foreign Minister Alain Juppé, declaring that Damascus is being aided by its allies. On the sixth day of a fragile cease-fire that antiregime activists say Damascus continued to flout on Tuesday, Mr. Juppé told a gathering of more than 50 countries that sanctions have deprived Syria of export revenue and forced it to tap into its financial reserves. http://online.wsj.com/article/SB10001424052702304299304577349714096210718.html?mod=WSJEurope_hpp_LEFTTopStories

Spain’s economy is in recession and facing an “exceptional” situation, its central bank governor warned on Tuesday, as Madrid’s borrowing costs nearly doubled from a month ago and the International Monetary Fund called on Madrid to review the pace of fiscal adjustment. Speaking before a parliamentary committee, Bank of Spain Gov. Miguel Ángel Fernández Ordóñez said the euro zone’s fourth-largest economy was “back in recession” after a mild recovery in early 2011, “with only exports as a positive contributor to gross domestic product.”http://online.wsj.com/article/SB10001424052702304299304577349250939868264.html?mod=WSJEurope_hpp_LEFTTopStories

Europe could suffer a prolonged economic downturn unless it takes stronger action to fight its debt crisis and prop up growth, the International Monetary Fund said on Tuesday. The global economy is gaining strength, in part because European nations have taken several steps to reduce the threat of a financial meltdown and the U.S. economy has picked up. Still, the IMF said, the global recovery remains fragile. http://online.wsj.com/article/SB10001424052702304299304577349592369627840.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews

The City of London Corp. is forming a working group with five leading banks as well as the U.K. Treasury, the Bank of England and the Financial Services Authority to support growth of yuan business in the city.  Already the world’s biggest currency-trading center, accounting for about a third of global flows, London is competing against Singapore, Tokyo and a handful of other financial capitals to capture growing demand for the yuan. The move comes just a few days after the Chinese government decided to loosen some restrictions on trading of http://online.wsj.com/article/SB10001424052702304299304577350130446513396.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews

Average property prices in 70 Chinese cities covered in a government survey declined on a year-to-year basis in March for the first time since the government’s tightening campaign started in 2010. On a sequential basis, average property prices fell in March for the sixth consecutive month. The National Bureau of Statistics said in a statement Wednesday prices of newly built homes in 46 of the 70 large and medium-sized Chinese cities in the survey fell in March on a sequential basis, up from 45 cities in February. http://online.wsj.com/article/SB10001424052702304432704577350731969864146.html?mod=WSJAsia_hpp_LEFTTopStories

Australia is ready to help beef up the International Monetary Fund’s war chest but needs to see a firm commitment from Europe’s leaders to tackle the crisis in their region, Deputy Prime Minister and Treasurer Wayne Swan said in an interview.  “We have to ensure from a global perspective that the IMF has the resources that it requires to deal with any challenges in the future,” Mr. Swan told Dow Jones Newswires and The Wall Street Journal Wednesday ahead of the spring meetings of the fund and the World Bank this week in Washington D.C.  Mr. Swan didn’t given anhttp://online.wsj.com/article/SB10001424052702304432704577350602529831694.html?mod=WSJASIA_hpp_LEFTTopWhatNews

Reuters.com
n”Goldman Sachs Group Inc (GS.N) posted a 23 percent decline in quarterly earnings after it dialed down risk-taking in tricky markets, and clients also reduced their appetite for bets. The results show just how much the new regulatory environment, as well as recent market tumult, are spurring Goldman Sachs to take less risk. It is a real turnabout for the bank, which in the years leading up to the financial crisis was one of the most aggressive on Wall Street. http://www.reuters.com/article/2012/04/17/us-goldman-idUSBRE83G0LO20120417

Spot gold was little changed at $1,649.89 per ounce by 10:50 p.m. EDT, after touching a one-week low near $1,634 in the previous session. U.S. gold traded nearly flat at $1,651. Buying interest in Asia’s physical market was muted, even as a key gold-buying festival in India looms on the horizon. “People won’t want to commit too much at this point,” said Ronald Leung, a physical dealer at Lee Cheong Gold Dealers in Hong Kong. “There is some buying when prices fall to the $1,630-$1,640 level, but the volume shrinks when prices rebound to $1,660-$1,670.”http://www.reuters.com/article/2012/04/18/us-markets-precious-idUSBRE8390RW20120418

Bloomberg.com
The yuan declined after the central bank set a weaker reference rate for the currency following data yesterday showing foreign-direct investment contracted for a fifth month. Investment fell 6.1 percent in March from a year earlier to $11.8 billion, compared with a 0.9 percent decline the previous month, the ministry of commerce reported. The People’s Bank of China set the daily fixing 0.08 percent lower at 6.2948 per dollar even after the International Monetary Fund raised its forecast for global growth and regional equities advanced. http://www.bloomberg.com/news/2012-04-18/yuan-drops-as-pboc-sets-weaker-fixing-after-china-s-fdi-declines.html

Indonesia raised $2.5 billion from sales of 10- and 30-year dollar bonds, tapping global investors to spur economic growth for the second time this year after winning investment-grade ratings.  The government sold $2 billion of debt due in April 2022 yesterday to yield 3.85 percent, or 184 basis points more than that for similar-maturity U.S. Treasuries, according to data compiled by Bloomberg. It also issued $500 million more of 5.25 percent bonds due 2042 at a yield of 4.95 percent, 181 basis points more than U.S. debt. The finance ministry said the offerings drew orders totaling $7.9 billion. http://www.bloomberg.com/news/2012-04-18/indonesia-raises-2-5-billion-in-second-overseas-sale-this-year.html

Westfield Group (WDC), the world’s biggest shopping center operator by assets, will sell eight malls in the U.S. for $1.15 billion, using the funds to repay debt and invest in businesses offering higher returns. The Sydney-based company will sell seven of the properties, which are among its “non-core” assets, to Barry Sternlicht’s Starwood Capital Group LLC for $1 billion, and another property to an undisclosed buyer for $147 million, it said in a statement to the Australian stock exchange today. The shares rose to the highest since June. http://www.bloomberg.com/news/2012-04-18/westfield-sells-7-u-s-malls-to-starwood-for-1-billion.html

China’s achievement of greater balance in trade flows is masking a deepening imbalance in the domestic economy, according to International Monetary Fund staff. Evidence increasingly points to a rising domestic imbalance as growth becomes increasingly dependent on very high levels of investment,” IMF staff wrote in a working paper. The institution yesterday cut its estimate for China’s current- account surplus, the broadest measure of trade, to 4 percent to 4.5 percent of gross domestic product over the “medium term,” from around 7.5 percent estimated in a July report.  The revised forecast, released ahead of IMF, World Bank and Group of 20 meetings in Washington this week, may bolster China’s defense against calls for a stronger yuan to address lopsided trade flows. At the same time, the IMF staff said China must boost consumption or risk creating instability that would have consequences for the global economy. http://www.bloomberg.com/news/2012-04-17/china-s-falling-trade-surplus-masks-domestic-imbalance-imf-says.html

Cnbc.com
President Obama’s proposal to clamp down on oil speculation would give the federal government a direct role in how energy markets function and could actually make prices more volatile, analysts say. The president, under pressure from rising gasoline prices, announced a $52 billion plan Tuesday to strengthen federal supervision of oil markets, including forcing traders to put up more money when they bet on the direction of oil prices. This so-called margin requirement is intended to limit the amount of speculation in the market, which Democrats and others blame and say is partially behind the rise in oil and gasoline prices. http://www.cnbc.com/id/47074673

Meredith Whitney, who made the prescient call in 2007 that Citigroup would cut its dividend, has now upgraded the very stock that brought her celebrity status among equity analysts during the credit crisis. C shares continue to trade well below tangible book value (70%), despite relatively lower mortgage and European exposures than its large-cap bank brethren,” wrote Whitney, who founded Meredith Whitney Advisory Group in 2009. “On the capital question, we believe C will handily make its capital target of +8% by the end of 2012.” http://www.cnbc.com/id/47074311

Businesses are asking for more credit, consumers want more loans and mortgage demand is the highest in US Bancorp’s history, CEO Richard Davis told CNBC Tuesday. That makes him optimistic the economy is taking small steps toward recovery, he told Closing Bell. “The number of businesses asking for more availability of credit is quite remarkable,” he said. “People are hungry to take on a little more possible debt for the opportunities that might present themselves as the recovery starts to become more present.” http://www.cnbc.com/id/47079123

Cnn.com
For the first time in three years, India has cut interest rates in the face of flagging economic growth. In the year that ended on March 31, Asia’s third largest economy grew 6.9% – its slowest in three years. India announced it would cut interest rates by 50 basis points. A 25-point cut had been widely predicted. This takes the subcontinent’s lending rate down from 8.5% to 8%. The hope is that lower interest rates will lower prices and allow more money into India’s economy – thereby encouraging growth. Right now, signs of sluggishness are easy to spot. Industrial production for consumer durables like home appliances grew less than expected in February, year-on-year. That’s because of a slowdown in consumer demand from high interest rates. Auto sales only grew about 2% in 2011. That was because of high interest rates and high gas prices. And the Federation of Indian Chambers of Commerce and Industry, or FICCI, told me that three times as many private-sector projects were cancelled between March and December of last year – again because of high interest rates. http://business.blogs.cnn.com/2012/04/17/balancing-act-in-indian-interest-rate-cut/?hpt=ibu_c2

Washingtonpost.com
Are American motorists finally changing their gas-guzzling ways? As prices have neared and in some cases topped $4 a gallon, drivers have cut their consumption of gasoline to its lowest levels in a decade, driving less and buying cars that are more fuel-efficient. The adjustment has slowed the climb in gasoline prices, which until last week had risen for 10 consecutive weeks, and could preserve some money for Americans to spend on other items as the economy struggles to recover more convincingly. “Over the last four weeks, motor gasoline product supplied has averaged 8.6 million barrels per day, down by 4.0 percent from the same period last year,” the Energy Information Administration (EIA) said last week. http://www.washingtonpost.com/business/economy/4-gas-reinforces-trend-toward-lower-us-fuel-consumption/2012/04/17/gIQANm4BPT_story.html

Cambodia opened its stock market today as the government seeks to lure foreign capital by selling shares in state-owned companies to bolster the economy. While only one stock — Phnom Penh Water Supply Authority – - started trading today, Samsung Asset Management Co., South Korea’s largest money manager, said it would consider buying Cambodian stocks after about a year. Cambodia, along with Laos, Vietnam and Myanmar, are poised to emerge as “new frontier growth markets” that will start catching Southeast Asia’s biggest economies, Samsung Asset’s Alan Richardson, who helps oversee $89.5 billion, said by phone from Singapore yesterday. http://washpost.bloomberg.com/story?docId=1376-M2M2D30UQVI901-4N8RLG3I2Q0H1H78MOBGAQD5J1

BBC.co.uk
Vodafone has threatened to take India to international arbitration over planned retrospective tax legislation. The firm is India’s largest overseas corporate investor, but has been caught up in a five-year tax battle. The issue relates to Vodafone’s 2007 takeover of Hong Kong-based Hutchison Whampoa’s Indian mobile unit. Vodafone said a move to retrospectively tax overseas mergers would go against court decisions and legal protections given to investors http://www.bbc.co.uk/news/business-17746649

Car sales in Italy were down 26.7% in March compared with a year earlier, leading the falls in European car sales. Registrations across the EU were down 7.0% to their lowest March level since 1998, according to an Association of European Automakers (ACEA) report. March is traditionally the strongest month for car sales across the 27-nation bloc. It was the sixth consecutive month of falling European car sales. The second biggest decline came in France, where sales were down 23.2%.

Telegraph.co.uk
Britain faces another £50bn of spending cuts and tax rises to cover the costs of age-related care and put the national debt under control, the International Monetary Fund has warned.  A “second generation” of UK austerity measures, which the IMF suggested should be completed before 2030, would outstrip programmes in both Greece and Portugal. Only the US, Japan and Ireland are facing a larger adjustment among advanced economies. To bring public debt down from 82.5pc to 60pc of GDP and pay for rising health and pension costs, the UK will need “a fiscal adjustment strategy” over the next 18 years equivalent to 11.3pc of national output, or roughly £170bn, according to IMF estimates. By comparison, the existing £123bn austerity programme is equivalent to 7.5pc of GDP. http://www.telegraph.co.uk/finance/economics/9210207/Britain-faces-50bn-more-spending-cuts-and-tax-rises-to-cover-elderly-care-warns-IMF.html

Mario Monti is set to cut Italy’s economic growth forecasts for 2012 in a move that will cast doubt on the viability of his austerity programme in the face of the advancing debt crisis. The technocrat prime minister is expected to admit that Italy’s economy is likely to shrink by as much as 1.2pc this year – far more than the 0.4pc contraction the government forecast, according to a leaked draft of official documents. Mr Monti, who is struggling to implement the tough austerity measures, is due to hold a cabinet meeting in Rome ahead of making the announcement.http://www.telegraph.co.uk/finance/financialcrisis/9210015/Italian-PM-Mario-Monti-to-cut-economic-growth-forecasts-for-2012.html

Britain may have enough offshore shale gas to catapult it into the top ranks of global producers, energy experts now believe, and while production costs are still very high, technology should eventually make reserves commercially viable. UK offshore reserves of shale gas could exceed one thousand trillion cubic feet (tcf), compared to current rates of UK gas consumption of 3.5 tcf a year, or five times the latest estimate of onshore shale gas of 200 trillion cubic feet. Reserves of 200 tcf would put the UK in the top 20 countries with the highest shale reserves, alongside Brazil, and 1,000 tcf would put Britain in the same league as estimates for China, the United States and Argentina, top dogs in global shale potential. http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9209946/UK-could-become-one-of-worlds-biggest-shale-gas-producers.html

Independent.co.uk
Staff at Goldman Sachs have been put on notice to expect more cuts to their bonuses this year, after the bank slashed payments to its bonus pool in the first three months of 2012. The company set aside $4.4bn (£2.7bn) for employee compensation in the first quarter, down 16 per cent on the same period last year, reflecting a decline in revenues of the same  ercentage. But the bank’s chief investment officer, David Viniar, also said he did not expect to lay off any more staff, unless the global economic outlook took a turn for the worse. The bank now has 32,400 employees, down 3,000 on a year ago. http://www.independent.co.uk/news/business/news/goldman-bonus-pool-shrinks-but-no-layoffs-7654801.html

Smh.com.au
The Australian economy continues to perform weakly, an industry study has found. The Westpac-Melbourne Institute leading index of economic activity, which indicates the likely pace of activity three to nine months into the future, posted an annualised growth rate of 2.4 per cent in February. This placed it below its long-term trend of 2.9 per cent, Westpac said today. It was the sixth consecutive month with a below-trend reading. Westpac chief economist Bill Evans said the result was in line with the bank’s predictions for growth in the domestic economy in the short term. http://www.smh.com.au/business/economy-still-sluggish-leading-index-shows-20120418-1x6m0.html#ixzz1sMiX4JU8

Oil prices are mixed in Asian trade as concerns over Europe’s sovereign debt crisis continue to niggle investors, despite Spain’s above-target bond auction. New York’s main contract, West Texas Intermediate crude for delivery in May was up three cents to $US104.23 per barrel while Brent North Sea crude for June shed 11 cents to $US118.67 in morning trade. http://www.smh.com.au/business/markets/oil-prices-trade-mixed-in-asia-20120418-1x66a.html#ixzz1sMij20fj

The financial markets have “overreacted” with regard to Spain, European Central Bank deputy president Vitor Constancio said Tuesday as Spanish borrowing costs rose sharply amid renewed eurozone debt tensions. “Well, we think that markets perhaps overreacted. We hope that all the clarifications and decisions taken by the government will change market perceptions,” Constancio told reporters on the sidelines of an ECB conference. http://www.smh.com.au/business/world-business/markets-have-overreacted-on-spain-ecb-20120418-1x63c.html#ixzz1sMinbWzJ

Theglobeandmail.com
Canada’s recovery is picking up faster than expected, forcing Mark Carney to set the stage for higher interest rates sooner than many overstretched consumers were bargaining for. The Bank of Canada Governor hinted at an earlier-than-anticipated rate increase as he boosted his outlook for the economy Tuesday and, yet again, warned that personal debts are too high and likely to keep rising. In separate assessments, both the central bank and the International Monetary Fund lifted their Canadian forecasts for the year, adding to evidence that a slightly better global backdrop is benefiting the labour market and boosting business confidence. http://www.theglobeandmail.com/report-on-business/economy/interest-rates/speedy-economic-recovery-has-carney-hinting-of-a-rate-rise/article2404851/

Straitstimes.com
Sweden’s Ikea says it will start selling TVs and sound systems that are integrated into its furniture later this year. The flat-pack furniture group said the roll-out should begin in Sweden, France, Italy, Poland, Spain, Denmark, Norway and Portugal from autumn 2012. They will become available in stores worldwide from spring 2013.  Ikea said the packages come in three different designs. They all include an LED TV, a sound system with wireless bass speakers, an internet connection and CD, DVD and Blue-ray players that are integrated into Ikea furniture that hides cables. http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_789665.html

Cs.com.cn
Foreign direct investment (FDI) into China fell for a fifth straight month in March amid a global economic slowdown. FDI dropped 6.1 percent year-on-year to 11.76 billion U.S. dollars in March; down 6.1 percent which follows a 0.9 percent decline in February and 0.3 percent fall in January, the Ministry of Commerce said Tuesday. China is confident about achieving the full-year target of 10-percent growth in foreign trade, despite slowed growth in the first quarter due to cumulative factors, the Ministry of Commerce (MOC) said Tuesday. http://www.cs.com.cn/english/ei/201204/t20120418_3321315.html

The International Monetary Fund ( IMF) on Tuesday said that Russia’s 2012 GDP growth could reach 4 percent, up from its January prediction of 3.3 percent. In its latest World Economic Outlook published on Tuesday, the IMF also raised its 2013 growth outlook for Russia from 3.5 percent to 3.9 percent.However, the Russian Economic Development Ministry in early April lowered its forecast for the country’s 2012 GDP growth from 3.7 percent to 3.4 percent, due to the ministry’s downward revision on Russia’s 2012 investment forecast. Russia’s gross domestic product (GDP) expanded by 4.2 percent in 2011, making the country the third fastest growing economy only behind China and India. http://www.cs.com.cn/english/ei/201204/t20120418_3321088.html

The International Monetary Fund (IMF) on Tuesday said the Spanish economy would shrink by 1.8 percent this year, but could swing back to growth in 2013. According to the Washington-based group’s economic projections, the Spanish economy could grow by 0.1 percent in 2013, compared to a previous forecast of a 0.3-percent contraction in January. The country’s deficits, in the meantime, would stand at about 6 percent of its economic output by the end of 2012, and at 5.7 percent by the end of 2013, down from the IMF’s previous prediction of 6.8 percent and 6.3 percent respectively.  The figures are still way above the government’s promised threshold of 5.3 percent in 2012 and 3.0 percent in 2013. http://www.cs.com.cn/english/ei/201204/t20120418_3321087.html

Thehindu.com
Reserve Bank of India (RBI) on Tuesday batted for an increase in the prices of diesel, kerosene and domestic LPG to arrest fiscal slippages.  “Overall, from the perspective of vulnerabilities emerging from the fiscal and current account deficits, it is imperative for macroeconomic stability that administered prices of petroleum products be increased to reflect their true costs of production,” RBI Governor D. Subbarao said in the Annual Monetary Policy statement for 2012-13. http://www.thehindu.com/business/Economy/article3324032.ece

Hoping the revised global growth projections would help economic recovery, Union Finance Minister Pranab Mukherjee, on Tuesday, said efforts were under way to keep inflation within the 6-7 per cent range during the current financial year. Inaugurating the annual meeting of the Confederation of Indian Industry (CII), Mr. Mukherjee said the country was not completely insulated from the evolving global economic scenario. The Finance Minister said the moderation in FII flows was in tune with indicators in other emerging and developing economies.http://www.thehindu.com/business/Economy/article3325062.ece

The stage is set for the maiden test flight of Agni V, India’s long range missile, with capability to reach 5,000 km. Powered by the flying success of Agni-IV (over 3,500 km range) in 2011, Indian missile scientists will face their toughest test, as the home-grown missile, will have to reach inter-continental distances, soar great heights and survive very high temperatures, as it re-enters the earth’s atmosphere and seeks to destroy its target.  Agni V, will cover approximately 1/8th of the Earth’s circumference (which is 40,000 km). It will be a three-stage, all solid fuel powered, 17-metre tall, with capability to carry nuclear payload, said Mr Avinash Chander, Chief Controller (Missiles & Strategic Systems), DRDO. http://www.thehindubusinessline.com/industry-and-economy/economy/article3321228.ece

Economictimes.com
The import of gold by Indian trade has gone down drastically with a weak rupee keeping gold traders on the edge. Gold sales are down by 70-80% on a daily basis, say jewellers and bullion dealers. Though the market reopened on a strong note on April 7 after a 21-day strike, demand fizzled out subsequently on account of high prices.  The most active gold contract for June delivery on theMulti Commodity Exchange (MCX) was hovering around Rs 28,476 per 10 gram after hitting a high of Rs 28,558 per 10 gram on Tuesday. The Comex gold was flat at $1,652 per ounce. http://economictimes.indiatimes.com/markets/commodities/gold-imports-slump-on-low-demand-weak-rupee/articleshow/12709551.cms

Mexico and India broadened the scope of their “privileged association” established in 2007 to include agriculture and mining, the two governments said upon the conclusion of the fifth meeting of theMexico-India Binational Commission here. At the closing of the conference, Mexican Deputy Foreign Secretary Lourdes Aranda said that the two delegations agreed “to give a broader scope to the links between the two countries through more frequent meetings both on the bilateral level as well as in multilateral forums”. http://economictimes.indiatimes.com/news/economy/foreign-trade/mexico-india-include-mining-agriculture-in-talks/articleshow/12713626.cms
Yonhapnews.co.kr
The government will soon announce a set of measures to help control soaring oil product prices that can hurt economic growth, the country’s top economic policymaker said  Wednesday. Minister of Strategy and Finance Bahk Jae-wan said at a weekly economic policymaker meeting that high global crude oil prices have been a big burden to the South Korean economy, Asia’s fourth-largest. “Crude prices have stabilized somewhat recently, but there is a need to address this problem,” he said. The minister stressed that he will call for close cooperation with other Group of 20 members to tackle this critical issue when the systemically important industrialized and developing economies meet in Washington later in the week.http://english.yonhapnews.co.kr/business/2012/04/18/21/0501000000AEN20120418001700320F.HTML
Themoscowtimes.com
Data from the Federal Statistics Service revealed a sharp drop in the growth of industrial output for March, highlighting the challenges facing the Russian economy as it tries to develop sectors not connected to oil.  Industrial production grew by only 2 percent, much lower than predicted levels of up to 5.5 percent. This also contrasted with data showing first quarter growth of consumer demand and investment. “There is no shortage of consumer demand in Russia,” Dmitry Polevoy, an economist at ING in Moscow told the Dow Jones Newswire. “But this demand appears to be for imports, rather than Russian products.” http://www.themoscowtimes.com/business/article/industrial-output-growth-drops-sharply-amidst-bleak-forecasts/456897.html#ixzz1sMl9VhUs
Fin24.com
Unsecured lending in South Africa is growing too fast, Reserve Bank deputy governor Lesetja Kganyago said on Tuesday, in the latest sign policy makers are worried about rising levels of borrowing by highly indebted households. Recent data has pointed to local banks increasingly giving out loans without security to consumers already struggling to pay their bills.
“As a regulator we are concerned about the growth in unsecured lending. It is growing and it is growing too fast,” Kganyago told a forum on the impact of the eurozone crisis on Africa.http://www.fin24.com/Economy/Sarb-Rise-in-unsecured-lending-a-worry-20120417
Tehrantimes.com
Iranian Oil Minister Rostam Qasemi has said that the sanctions imposed on the country have not closed down or even halted any oil project, and that crude exports are flowing unimpeded. Speaking to reporters on the sidelines of inaugurating the 17th International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show), which opened in Tehran on Tuesday, he said that all the South Pars gas field development projects are underway.  Although the country’s oil industry is under economic sanctions, the Oil Ministry welcomes foreign investment in oil and gas projects, Qasemi said. http://www.tehrantimes.com/economy-and-business/97029-oil-minister-sanctions-have-not-affected-oil-projects

Sanctions against Iran’s oil industry would pave the way for it to become self-sufficient by 85 percent before 2015, the first vice-president stated. Mohammad-Reza Rahimi added that during the fifth five-year development plan (2010-2015) some $85 billion should be invested in the oil sector, Fars news agency reported. Oil Minister Rostam Qasemi has said the country is approaching “total self-sufficiency” in the production of equipment required in the country’s oil industry.  “Much of the equipment needed for oil industry is being produced by domestic manufacturers,” he added, Press TV reported. http://www.tehrantimes.com/economy-and-business/97026-official-sanctions-make-iran-oil-sector-85-self-sufficient-by-2015