Food Inflation

Combined food inflation stood at 5.06% for December 2014, compared to 3.64% recorded for November 2014. For rural and urban areas, food inflation was 4.89% and 5.43%, respectively, in December. Inflation in vegetable prices was seen at 0.58% in December, compared to a deflation of 11% in November. Inflation in fruit prices was 14.84% in December, while pulses were dearer by 7.24% year-on-year. Inflation for cereals stood at 3.98% and inflation for milk products was 9.62%. The price rise of non-vegetarian items, such as eggs, meat and fish, was 5.24% in December compared to 6.41% in November 2014. 

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Feds Shut Down Online Diploma Mill that Swindled $11M from Students
Consumers allegedly charged between $200 and $300 for high school diplomas that turned out to be bogus
 
The FTC has shut down two Florida-based online diploma mills that the agency said swindled more than $11 million from consumers by charging them between $200 and $300 for high school diplomas that were advertised as official and accredited but were actually fake. 
 
The FTC said the principal owners, Alexander Wolfram and Maria Garcia, sold the phony diplomas using multiple names for their businesses, including “Jefferson High School Online” and “Enterprise High School Online.” Consumers were given a multiple-choice test before paying for a diploma, which the companies claimed were similar to the GED test.
 
 
“A high school diploma is necessary for entry into college, the military, and many jobs,” Jessica Rich, director of the FTC’s Bureau of Consumer Protection, said in a statement when the agency first brought the complaint. “These defendants took students’ money but only provided a worthless credential that won’t help their future plans.”
 
Online high schools may appear to be authentic but there are some red flags to watch for before you pay for a diploma. For example, if you only have to pay a flat fee for a diploma instead of fees per semester, it’s probably a scam like this one.
 
And if you are seeking the equivalent of a high school diploma, consider your state’s GED, a less expensive and safer option.
 

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Nifty, Sensex to move sideways – Wednesday closing report

If Nifty closes below 8,700, bearishness will continue

 

We had mentioned in Tuesday’s closing report that the NSE’s CNX Nifty may move sideways and that if it does not go below 8,720, it is likely to move up to 8,800. Wednesday was the fifth consecutive session for the index to make a lower low. Today the benchmark witnessed a volatile range bound session between 8,720 and 8,780 but by the end of the session it broke the lower range and hit the day’s low and closed near to it.
 
The S&P BSE Sensex opened at 29,130 while Nifty opened at 8,789. Sensex moved in the range of 28,825 and 29,134 while Nifty moved between 8,704 and 8,793. Sensex closed at 28,883 (down 117 points or 0.40%) while Nifty closed at 8,724 (down 33 points or 0.38%). NSE recorded a 107.46 crore shares. India VIX rose 1.22% to close at 20.0500.
 
Prime Minister Narendra Modi on Tuesday said that his priority was for India to establish global benchmarks in areas such as governance, transparency and taxation. Among other things, he also mentioned that the priority of the government is economic growth and to create jobs.
 
The HSBC India Services PMI Business Activity Index edged up to 52.4 in January 2015, from 51.1 in December 2014. According to survey responses, the latest increase in the services activity reflected further growth of new business during the month.
 
"We still have concerns about inflation. Given the deflationary environment elsewhere, it's actually easier for us because we are not fighting inflation in an environment where inflation is picking up elsewhere," Reserve Bank of India (RBI) governor Dr Raghuram Rajan said in a conference call with analysts.
 
India's securitisation market can provide funds needed for financing infrastructure, housing and urbanisation projects as the country's economy grows, rating agency Moody's Investors Service has said.
 
The oil marketing companies on Tuesday slashed petrol prices by Rs2.42 a litre and diesel price by Rs2.25 a litre in line with the decline in global oil prices.
 
Coming back to Indian stock markets, Kaveri Seed (10.19%) was the top gainer in ‘A’ group on the BSE. The stock gained inspite of posting weak results. Its board of directors has declared for payment of second interim dividend of 125% i.e., Rs2.50 per share.
 
Alembic Pharma (11.08%) was the top loser of the group. Today it reported an improved December 2014 quarter result over the year ago period.
 
Hindalco (3.89%) was the top gainer in the Sensex 30 pack while Axis Bank (4.64%) continued to be the top loser of the pack.
 
US indices closed Tuesday in the green.
 
January US car sales topped analysts' expectations, as low gasoline prices and easy credit terms helped fuel sales of utility vehicles and big pickups.
 
Except for Shanghai Composite (0.96%) and SET Composite index of Thailand (0.17%) all the other Asian indices closed in the green. Nikkei 225 (1.98%) was the top gainer.
 
The HSBC Hong Kong Purchasing Managers Index (PMI) contracted in January, a signal of the city's deteriorating output at the start of 2015 amid China's economic slowdown. HSBC said Wednesday that January's manufacturing PMI fell to 49.4 from 50.3 in December. The HSBC China services purchasing managers index fell to a six-month low at 51.8 in January from 53.4 in December.
 
European indices were trading lower while US Futures were trading marginally in the red.
 
On Tuesday, Greece's Finance Minister Yanis Varoufakis reportedly said that Athens was working on a road map to lessen the burden of his country's hefty debt pile, and he hoped to have an agreement with Greece's creditors by the beginning of June. That is a sign Greece's new government was moving closer in its negotiations with its creditors to easing the terms on the country's 240 billion-euro bailout in 2012.
 

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