It was at 1.3% in August and 6.9% in the same month a year earlier As expected, industrial output recovered somewhat in September from the bleak scenario of August as manufacturers stepped up production ahead of Diwali, bringing some relief to policymakers, companies and financial markets.

But, the US unit declines markedly because of rising loan defaults in the consumer and corporate units, and writedowns in the securities division HSBC said on Monday that its third-quarter profit rose as asset sales and growth in Asia offset a worsening US economy. Europe’s biggest bank set aside more than estimated amount to cover bad loans in the US and forecast further deterioration.

NEW DELHI: Global investors have pulled out a whopping over 480 million dollars from India-focused funds last month, with as much as 120 million dollars flowing out in the last week, amid the meltdown in the equity markets. India-focused funds have witnessed the highest outflows among all the Asian funds in the last four weeks, followed by China funds, which saw redemptions of over 286 million dollars, as per data compiled by global fund tracking firm EPFR.

TOKYO: The dollar hit a two-year high against a basket of currencies on Thursday as concerns about a worsening global economy prompted investors to cut risky assets. The dollar struck a two-year high against the euro while the yen hit a near six-year peak against the European single currency as investors unwound long positions in higher-yielding currencies built in recent years.

KOLKATA: Trinamool Congress chief Mamata Banerjee on Sunday threatened to take legal action against Tata Group chairman Ratan Tata for making “defamatory comments” against her and the farmers’ agitation that led to the Nano car car project being shifted from Singur in West Bengal to Gujarat.

MUMBAI: It was a night of high drama for India’s aviation industry. Bowing to the considerable political backlash, an emotional Naresh Goyal, chairman of Jet Airways, announced the rescinding of the decision to sack 1,900 employees.

India’s crude oil import price has dropped to the year’s lowest but a cut in petrol and diesel price may happen only if crude falls to USD 61 per barrel as rupee depreciation has partly offset the gains. Oil firms were supposed to break-even on sale of petrol..

MUMBAI: ADAG group firm Reliance Money has acquired a 15 per cent stake in Hong Kong Mercantile Exchange (HKMEx) for 7.5 million dollars, a move that will help it to leverage on the growth potential of commodity trading in the Asian region, including India.