P Chidambaram slams "unregulated" players in the financial market

CHENNAI: Finance Minister P Chidambaram today slammed "unregulated" players in the financial marketsaying their activities have adversely impacted large number of consumers.

The financial sector operates in a speed and dynamism, and generates new space, sometimes "undefined" areas, which provide opportunities for "unregulated" players in the market, he said at a seminar here.

"The existence of such (unregulated) players who operate in the twilight zone endanger the discipline of the markets leading to systemic instability. Invariably, such activities adversely impact a large number of consumers. This reduces their confidence in the system.", Chidambaram said.

Wall Street shrugs off government shutdown, for now

NEW YORK: Wall Street took the partial shutdown of the U.S. government in stride on Tuesday, but market analysts expected investor patience to run out if it lasts more than about a week as a more worrisome battle looms in Congress over the federal debt ceiling.

After more than a week of declining stock prices over worries that political gridlock would result in a shutdown, investors bid up stock prices on Tuesday at the reality and took in stride closures that threw hundreds of thousands of federal employees out of work.

Opinions over when the political standoff over the budget might end and the extent of potential damage to the economy varied, but most commentators agreed around the idea that the impasse would keep the government closed for about a week.

ADB cuts Asia growth forecasts to 6% as Indian, Chinese economy weaken

HONG KONG: The Asian Development Bank cut its economic growth forecast for developing Asia on Wednesday, citing weakness in region's two largest economies China and India and jitters over plans to scale back US stimulus that destabilized financial markets.

The Manila-based lender said it expects the region's emerging economies to grow by 6 per cent this year, down from 6.6 per cent predicted in April.

The ADB also cut its 2014 growth forecast, to 6.2 per cent from 6.7 per cent.

``Developing Asia is challenged to sustain its growth momentum,'' the bank said in an update to its Asian Development Outlook report, which covers 45 developing or newly industrialized countries in Asia and the Pacific but excludes Japan.