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from Global Investing:

Bernanke Put for emerging markets? Not really

The Fed's unexpectedly dovish position last week has sparked a rally in emerging markets -- not only did the U.S. central bank's all-powerful boss Ben Bernanke keep his $85 billion-a-month money printing programme in place, he also mentioned emerging markets in his post-meeting news conference, noting the potential impact of Fed policy on the developing world. All that, along with the likelihood of the dovish Janet Yellen succeeding Bernanke was described by Commerzbank analysts as "a triple whammy for EM." A positive triple whammy, presumably.

Now it may be going too far to conclude there is some kind of Bernanke Put for emerging markets of the sort the U.S. stock market is said to enjoy -- the assumption, dating back to Alan Greenspan's days, that things cant go too wrong for markets because the Fed boss will wade in with lower rates to right things. But the fact remains that global pressure on the Fed has been mounting to avoid any kind of violent disruption to the flow of cheap money -- remember the cacophony at this month's G20 summit? Second, the spike in U.S. yields may have been the main motivation for standing pat but the Treasury selloff was at least partly driven by emerging central banks which have needed to dip into their reserve stash to defend their own currencies. According to IMF estimates, developing countries hold some $3.5 trillion worth of Treasuries, of which just under half is in China. (See here for my colleague Mike Dolan's June 12 article on the EM-Fed linkages)

David Spegel, head of emerging debt at ING Bank in New York says the decision reflects "an appreciation for today's globalised world":

A lot of political pressure came to bear on them globally. A few weeks ago Bernanke said the Fed was  more concerned about the U.S. (economy) but when rates went up it became clear that we live in a globalised economy and the Fed needs to take into account the impact of its decisions on the rest of the world. That's my take on their decision.     

from The Human Impact:

Why the India gang rape verdict doesn’t bring closure

In life she had one name. But in death she has many. Some call her "Nirbhaya"  meaning fearless in Hindi, others refer to her as "Amanat" meaning treasure or "Damini" meaning lightening.

Many in the Indian media just call her "India's Braveheart" or "India's daughter" - symbolising the fact that she could have been any one of us. Any woman or girl in this country, where the threat of abuse - verbal, physical or sexual - is horrifyingly real.

from Expert Zone:

NSEL crisis puts spotlight on conflict of interest

(Any opinions expressed here are those of the author and not necessarily of Reuters)

The ongoing National Spot Exchange Ltd (NSEL) payment crisis has highlighted the need for better regulation of commodities exchanges and increased transparency in corporate governance.

from India Insight:

Delhi shaped South Asia’s Muslim identity, Pakistani author says

Raza Rumi is based in Lahore, but the public policy specialist and Friday Times editor's new book is based in another milieu entirely. "Delhi by heart" is a kind of travelogue about a city that is the source of a shared heritage that spans hundreds of years.

By his own admission, it is a "heartfelt account" of how a Pakistani comes to India, an “enemy country”, and discovers that its capital has, in fact, so many things common with Lahore.

from Left field:

Life in the time of Federer and Tendulkar

In sports, the fear of loss does different things to different people. It spurs athletes to greater heights; for spectators, it often changes the topography of their nails. In some, it induces mild depression.

Its inevitability is creeping into the minds of even the most stoic spectators. Soon, they won't have Roger Federer and Sachin Tendulkar around anymore. What will be the world like without Federer and Sachin? Surely, the sporting world will move on, for no athlete is bigger than the game. But will it be the same again? Maybe not. Federer brought to tennis a "complete game", rarely seen before. What made it even surreal was the ease and elegance with which he wielded his racquet.

from India Insight:

Markets this week: Sensex gains 2.4 percent; L&T, Tata Power surge

September is turning out to be a good month for Indian shares, as key stock indexes extended gains in the last four sessions. Monday was a market holiday.

The BSE Sensex gained 2.4 percent, while the broader Nifty rose nearly 3 percent as foreign institutional investors (FIIs) extended buying into Indian equities. A recovery in the rupee, which posted its best week in 15 months, also boosted sentiment.

from Global Investing:

Emerging markets: to buy or not to buy

To buy or not to buy -- that's the question facing emerging market investors.

The sector is undoubtedly cheap --  equity valuations are 30-50 percent cheaper than their 10-year average on a price-book basis; currencies have depreciated 15-20 percent in the space of 4 months and local bond yields have surged by an average 150 basis points. As we have pointed out before, cheapness is relative and the slowing economic and credit growth in many countries will undoubtedly manifest itself in falling EPS growth. Companies that cannot pass on high input costs caused by weak currencies, will have to take a further margin squeeze.

But many analysts have in recent days changed their recommendations on the sector. Barclays for instance notes:

from India Insight:

Delhi gang rape verdict: Reactions from people on the street

By Aditya Kalra and Arnika Thakur

Four men were found guilty on Tuesday of the gang rape of a woman on a bus in New Delhi and her murder, closing a chapter on a crime that triggered protests and soul-searching about the treatment of women in India. Arguments on sentencing are due to begin on Wednesday.

(Live coverage of the trial at http://reut.rs/15eIlsb)

Here are some reactions from people on the street:

POOJA SINGH, 21, student, at the Munirka bus stop.
“The girl lost her life, the accused should get a similar punishment.”

from India Insight:

Bhaskar Rao: the cop with one head and too many hats

Bureaucracy begets comedy as a general rule. The latest example is Bhaskar Rao, a police officer in Karnataka.

As the Deccan Chronicle reported on Aug. 27, Rao, an inspector general of police (IG) responsible for the internal security of the state, is also filling the role of training chief.

from Breakingviews:

Not all Asian countries need to fear the Fed

By Andy Mukherjee

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Falling Asian currencies have triggered a sell-off in bonds and equities. Some investors now fear a repeat of a 1997-style crisis. Yet while a new Breakingviews’ interactive risk map shows no economy in the Asia-Pacific region is entirely sober, it is India that has become most addicted to cheap money.

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