5 April 2016

India's central bank cuts key lending rate to 6.5 percent

Reserve Bank of India (RBI) Governor Raghuram Rajan addresses a press conference on the first monetary policy announcement of the current fiscal year in Mumbai, India, Tuesday, April 5, 2016. The RBI on Tuesday cut its key interest rate by a quarter of a percentage point and hinted at other measures to boost liquidity and spur economic growth.
India's central bank on Tuesday cut its key interest rate by a quarter of a percentage point and hinted at other measures to boost liquidity and spur economic growth.

The Reserve Bank of India reduced its repo rate to 6.5 percent. This is the rate at which the central bank lends to commercial banks.

The cut takes interest rates to their lowest level in five years and aims to boost the economy by lowering the cost of borrowing. It also comes as inflation has eased.

Panama lawyers at center of offshore scandal make odd couple

A marquee of the Arango Orillac Building lists the Mossack Fonseca law firm, in Panama City, Monday, April 4, 2016. Panama's president says his government will cooperate "vigorously" with any judicial investigation arising from the leak of a vast trove of information on the offshore financial dealings of the world's rich and famous. An international coalition of media outlets Sunday published investigations it said stemmed from the leak of 115 million records kept by the Panama-based law firm Mossack Fonseca on behalf of clients.
The lawyers at the center of an uproar over the hidden financial dealings of the world's wealthy are an odd pairing of a German-born immigrant and a prize-winning Panamanian novelist whose books sometimes mirror the seedy world of politics he's come across in his work.

In a nation that for decades has been tainted by allegations of money laundering on behalf of drug traffickers and corrupt oligarchs, the polyglot lawyers who founded the Mossack-Fonseca law firm established themselves as the leaders among a plethora of firms in Panama dedicated to creating shell companies to stash wealth overseas.