Benchmark crude for February delivery dropped 53 cents to $101.71 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange.

By mid-morning, Germany's DAX gained 0.1 per cent to 6,167.64 and France's CAC-40 rose 0.6 per cent to 3,230.51. while Britain's FTSE 100 was flat at 5,695.42.

Contrary to Thomas Friedman's famous assertion, globalisation has not yet flattened the world, says Pankaj Ghemawat.

\"We need to make sure that across our regions we have the strongest possible relationships we can, including with the world's largest democracy, India,\" PM Julia Gillard said.

Delegation led by Planning Commission Deputy Chairman Montek Singh Ahluwalia had a very positive and successful dialogue on stepping up cooperation on a host of economic issues.

The reports come as Italian lawmakers consider a plan to slash spending in an effort to stabilise government debt, equal to nearly 120 per cent of the country's annual economic output.

Japan's Nikkei 225 stock average lost 2 per cent at 8,562.47 as the index hit fresh six-month intraday lows. Hong Kong's Hang Seng index shed 3.2 per cent to 19,231.69.

As India's ambition to become a global auto hub is curbed, manufacturers focus on the domestic market. But that is where the turmoil is.

India is a consumption story…. Demand for financial services will exceed supply for the next 10 years. Hence, there is no room for irrational demand in the economy, says Aditya Puri, CEO, HDFC Bank.

Planning Commission Deputy Chairman Montek Singh Ahluwalia said valuation of the Chinese currency is not the single biggest factor delaying economic recovery.

After a ceremonial reception at the Rashtrapati Bhawan, the US President drove to Hyderabad House from Rajghat, to begin talks with the Prime Minister.More from the visit | In Pictures: Day 1 | Day 2 | Day 3

US President Barack Obama while interacting with students said both India and US should have greater access to each other's markets, creating a beneficial environment for both.Read more on Obama visit

The visit of a galaxy of heads of states to India is an opportunity for the UPA government to set the agenda on issues of national and global importance, argues Arvind Panagariya.

India has conveyed its concerns to the US over the H-1B visa fee hike during foreign secretary Nirupama Rao's talks with top American officials focussing on President Obama's November visit to the country.

The Bombay High Court has stalled the entry of foreign law firms--for now. But it was acting on a case 15 years old. And times have changed.

There is a helping hand for the IMF and some progress has been made on trade. The G-20 summit managed to forge a consensus on some thorny issues after a brainstorming session.

As efforts begin to salvage a deal from the Doha Round of WTO trade talks, experts say the first task is to break the deadlock around farm safeguards that were the stumbling block in the latest, unsuccessful round of negotiations in Geneva recently.

Despite niggling distrust, India and China talk trade.

Modi-Xi Jinping meet: Can trade be the binding factor?

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