Inflation easing slowly
Inflation eased marginally last month to 7.18 percent year-on-year, data showed yesterday, raising expectations of an interest rate cut when the Reserve Bank of India meets later this month. Inflation was down slightly from 7.24 percent in November last year and has been on the decline since October, government figures show. The latest reading in the Wholesale Price Index — the nation’s most widely watched inflation measure — was lower than the 7.44 percent market forecasts, a survey by Dow Jones Newswires showed. The easing of inflation is likely to encourage the central bank to start shifting its focus from an anti-inflationary to a pro-growth stance.
Galaxy hits 100mn sales
Samsung Electronics Co says global sales of its Galaxy S smartphone series surpassed 100 million units since the first model was launched less than three years ago. The South Korean firm yesterday said it sold more than 25 million Galaxy S smartphones, 40 million Galaxy S II smartphones and 41 million Galaxy S III smartphones over the past three years. Samsung rolled out the first Galaxy S model at the end of May 2010, but Galaxy S series achieved the 100-million-sales milestone faster than Apple Inc’s iPhone. It took about four years for Apple to sell more than 100 million iPhones.
Jaguar to create UK jobs
Upmarket carmaker Jaguar Land Rover, owned by India’s Tata Motors, on Sunday announced that it plans to create 800 jobs in Britain after reporting record global sales. More than 200 of the new jobs at its Solihull plant in the West Midlands will be backed by the British government’s regional growth fund, the carmaker said. The extra staff is required to meet increased demand after the company announced global sales of 357,773 vehicles last year, a leap of 30 percent. Jaguar Land Rover has created about 8,000 jobs over the past two years and employs 25,000 people worldwide.
Lenders told to be vigilant
The Banking Regulatory Commission told lenders to “strictly” supervise the design, sale and investment of their wealth management products as it seeks to curb rising risks from banks’ off-balance sheet businesses. Banks are banned from selling wealth management products without authorization and should stop selling private-equity related products or misleading customers into buying such products, the banking regulator said in a statement yesterday. Lenders are also required to separate accounting and management of products that offer fixed and floating returns, the regulator added.
Java gets emergency update
Oracle Corp released an emergency update to its Java software for surfing the Web on Sunday, but security experts said the update fails to protect computers from attack by hackers intent on committing cybercrimes. Oracle said on its security blog on Sunday that its update fixed two vulnerabilities in the version of Java 7 for Web browsers. It said that it also switched Java’s security settings to “high” by default, making it more difficult for suspicious programs to run on a personal computer without the knowledge of the user. The software maker released the update just days after the US Department of Homeland Security urged PC users to disable the program because of bugs in the software that were being exploited to commit cybercrimes.