Last updated July 4, 2008 1:39 PM

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Inflation in India has risen by a record breaking amount in the third week of June, as the cost of food, fuel and steel continued to increase.

Inflation of wholesale prices increased to 11.63%t, up from 11.42% in the second week of June. This is the highest rate of inflation since records began in 1995.

The increase means it’s likely there’ll be another increase in interest rates, following two last month. Wholesale prices in India are scrutinised more than consumer ones, as the figures are published weekly and based on more products.

India and Japan have sealed an agreement for a bilateral currency swap facility to address short term liquidity difficulties, the Reserve Bank of India said yesterday.

The deal, which was signed by the governors of the banks of each country in Basel, Switzerland, enables both countries to swap Yen or Rupees against the US dollar for up to £1.52billion.

Bangladesh and Pakistan have announced a significant rise in domestic fuel prices in response to soaring global cost of crude oil. The increasing cost of fuel is pushing up the price of staple foods worldwide – and many of the poorest people in South Asia are being affected.

The price of rice and other staple foods has doubled in Bangladesh over the past year, and inflation in Pakistan is at a 30 year high.

The Bangladeshi Government is urging oil producing countries and the UN to intervene to being crude oil prices under control.

It is reported Asian and other ethnic minority households are twice as likely as white households to struggle or fall behind with mortgage payments.

The findings come from a report by the housing charity Shelter, which investigated the impact of high housing costs on the UK population.

The report suggests Asian households suffer because Asian families tend to be larger and often have elderly relatives to support.

There are growing fears that further rises in Indian interest rates will be needed after inflation hit its highest rate since records began 13 years ago. Wholesale prices went up by 11.42% in the 12 months to 14 June, which was higher than had been expected.

Earlier in the week, the Reserve Bank of India raised interest rates from 8.0% to 8.5% in an attempt to keep inflation under control. It was the second increase in interest rates in two weeks.

The government has cut duties on items such as crude oil as well as cutting exports of rice to try to keep prices down, but interest rates are still expected to have to go up again.

Indian steel giant Tata Steel has said that last year's £6.2billion acquisition of Anglo-Dutch company Corus had boosted profits by 60%.

Tata Steel, the world's sixth biggest steel firm, reported underlying pre-tax profits of £1.2billion for year to March 31st, compared with £764million the previous year.

The company, which produced more than 25million tonnes of steel in 2007, has benefited from a surge in demand which has pushed up prices so far this year. Tata Steel is part of the Indian cars-to-tea conglomerate Tata, which also owns Tetley.

Asian currencies continued to fall across the board today in reaction to oil prices showing no signs of easing. This news comes despite a pledge by Saudi Arabia to increase oil production if necessary.

India's economy is particularly vulnerable to the rapidly increasing cost of the commodity, as 75% of its oil is imported.

Government subsidies designed to keep fuel prices down have hit public finances, while the higher cost of importing oil has hurt India's balance of payments. These worries have been reflected in the value of the rupee.

Homeowners have been forced to cut the asking price on their properties by 1.2% during the past month as the reality of the housing market downturn hits home, according to figures published by the property website Rightmove.

Householders in England and Wales had to reduce the cost of their home by nearly £3,000 during the five weeks to 14th June, with the average price tag on a property now at £239,564.

The fall – the first recorded during the peak month of June by Rightmove – followed a 1.2% house price the previous month, suggested that homeowners in the south of England were being worst hit by the stagnating market.

A five-day hearing starts today to decide whether Vodafone will owe Indian tax authorities £1billion for its takeover of one of the country’s largest mobile phone networks.

Indian authorities say the British firm is liable for capital gains tax on the nearly £6billion deal with Hong Kong-based Hutchison Essar, as the company’s assets are based in India.

However, Vodafone maintains the deal was done between two non-Indian companies. It is seeking an injunction against a request from the Indian tax authority for information about the deal. Vodafone says its goal is to become the top mobile provider in India by 2010.

Tata announced the details of a £700million investment plan for Jaguar Land Rover yesterday which included creating up to 600 new jobs. The Indian company said it will focus on recruiting engineers to work on "sustainable technologies" to improve the environmental performance of its vehicles.

A spokesperson said most of the jobs will be based at the firm's development centre at Gaydon in Warwickshire. News of Tata's expansion plans come just weeks after it bought the Jaguar and Land Rover brands from Ford for £1.7billion.

Anil Ambani, chairman of Reliance Communications, India’s second largest mobile phone operator, is considering buying more than 40% of MTN, Africa’s largest wireless telecoms company.

Mr Ambani is looking at how he could maximise an in-effect controlling position in MTN by seeking to persuade the African mobile operator’s shareholders to waive their right to a tender offer.

Until now it has been thought Mr Ambani would limit himself to a 34.9% stake in MTN, because if he went any higher he would be obliged under South African laws to make an offer to buy out the company’s other shareholders. If the shareholders agreed, Mr Ambani could end up owning 40-45% of MTN.

Indian shares climbed 1.4% today to their highest in more than a week as investors picked up beaten down stocks such as financials. No. 2 mobile operator Reliance Communications was among the big losers in the top 30 BSE index, amid fears a family feud could delay a multi-billion dollar tie-up with South Africa's MTN.

The stock ended 1.5% down at 535 rupees after starting up 0.5%. Energy group Reliance Industries, run by Mukesh Ambani, said last week it had the right of first refusal to a controlling stake in Reliance Communications, owned by younger brother Anil Ambani.

The third largest drug company in Japa, Daiichi Sankyo, has bought a 50.1% stake in India's largest drug company, Ranbaxy Laboratories. The deal, for nearly £2.3billion (or £8.73 per share), was made on 11th June and is a 31% premium over Ranbaxy's current share value.

The deal will double Ranbaxy's market capitalisation to £4.3billion. At a press conference in New Delhi, Ranbaxy MD Malvinder Singh admitted that "he had never ever anticipated not holding equity in Ranbaxy", and the move comes as a surprise given the strength of Ranbaxy stock in spite of rocky trading in many indices.

It is thought by analysts that the unexpected deal is a result of Daiichi's offer being too strong for Ranbaxy to refuse, following tentative steps to spread its market from traditional, generic pharmaceuticals to new drugs, where it faces strong international competition.

The Asian Development Bank warns high inflation could undo the economic progress made in Asia over the past 20 years. The managing director of the Asian Development Bank says inflation in 2008 will exceed the 5.1% annual figure predicted in April.

He is encouraging monetary and fiscal authorities to "recognise inflation as a very major concern" and says rising fuel and food prices were key issues to be dealt with in terms of combating inflation.

A further fear is that rising inflation could hit investment and corporate earnings, destabilising governments in the region. This news comes as India announced on Friday its inflation had risen at its fastest rate in seven years.

Provider of Islamic home finance alburaq has today launched the UK’s first retail Shariah-compliant alternative to a guaranteed equity bond.

With a minimum investment of just £500, the alburaq savings plan provides a new way for those wishing to invest in accordance with their faith.

It will provide savers easy exposure to potentially unlimited returns linked to shares in major companies, all with the added comfort of capital protection and Shariah compliance.

The product has been developed and will be marketed by alburaq and is offered in partnership with the Bank of Ireland who has a long history of providing guaranteed equity bonds to UK consumers.

India's main share index, Sensex, fell more than 4% today, after concerns that inflation rates will reach double figures due to the high price of oil. The index fell below 15,000 for the first time since March, falling as much as 4.4%.

Oil prices have reached record highs recently, doing little to abate fears that they will continue to rise and cause problems for world economies. Drops in other Asian indices have been observed, including South Korea's, Taiwan's and Japan's.

Central banks worldwide have warned of interest rate rises to curb inflation rises, which could have a detrimental effect on demand.

The sale of Ford’s Land Rover and Jaguar to Tata Motors is finally complete, in a deal worth £1.7billion.

Tata paid £1.2billion for the two marques, and £600million into the pension funds of the two brands: around half the amount Ford paid.

Ford sold the two companies to try and boost its own profitability in the US, where Land Rover has always made money, but Jaguar did not.

Bradford and Bingley has bailed itself out by selling nearly a quarter of its business. The deal with a US private equity company will raise nearly £108million.

On the stock exchange, bank shares plummeted, but savers are being told their money is safe.

India’s state oil firms, suffering massive losses due to the soaring price of crude oil, are being forced to wait for compensation, whilst politicians decide an increase in fuel prices.

Analysts say the government is likely to issue a 5-10% rise: less than half that requested by the Oil Ministry.

The move comes at a politically sensitive time, with the loss of a key state election by Prime Minister Manmohan Singh's Congress Party. Furthermore, leftist allies strongly oppose any increase, and general elections take place next spring.

A decision was expected to be announced last Saturday, but differences within the cabinet remain. An official reported no decisions would be made before Wednesday.

It is looking increasingly likely the Indian Government will raise the prices of petrol and diesel. India’s state owned oil firms are making huge losses thanks to the soaring global price of crude oil; in total, they face losses of around £25.3billion this year.

Many Asian nations are struggling to subsidise fuel prices as oil reaches more than $130 a barrel.

The move comes at a politically sensitive time – the ruling Congress Party will be fighting a general election next year, and is already trying to cope with India’s high inflation.

Tata Motors plans to raise more than £750million in three separate rights issues, in a bid to help it buy the Jaguar and Rover brands from Ford.

The firm is taking out loans to buy the brands for over £1billion and hopes the rights issues will help pay them back. Tata Motors is a leading truck firm in India as well as the country's third largest car manufacturer.

Homeowners are being warned there is more pain to come after a shock fall in house prices during May. The Nationwide Building Society says they are down 2.5%, the biggest monthly fall since the building society started its index 17 years ago.

The cost of a family holiday has risen by a fifth, according to a price comparison website which has compared package holiday prices from 2007 with popular choices for this summer.

Soaring fuel prices are being blamed for the rise: they have increased by 80% this year. The pound is also weakening against the Euro: last year £1 equalled EUR 1.50; now it is only worth EUR 1.20.

India's leading mobile phone operator Bharti Airtel has ended takeover talks with MTN, a major South African phone company. According to Bharti, negotiations broke down after the two companies failed to agree on a merger structure.

The deal would have created the world's sixth-largest mobile phone operator with more than 130million subscribers. A press release suggests MTN is now holding talks with Bharti's domestic rival Reliance Communications.

Pakistan's main stock index has slipped almost 5% after the country's central bank raised interest rates to 12.5% from 10% to slow the inflation rate. The Karachi Stock Exchange's 100 share index shed 615 points, 4.5%, to an eight month low of about 13,011.

The KSE index is down 17% from its peak at the end of April amid growing anxiety over the economic outlook. Analysts say rising food prices and a growing company and consumer debt burden are to blame for the worries.

India is set to raise petrol and diesel prices to keep pace with crude oil's record run but the move will fuel inflation, heaping more pressure on a government struggling to calm prices ahead of elections.

The surge of crude oil surge has hurt consumers around the world, and countries such as Indonesia are being forced to raise state-controlled prices. China said yesterday it would retain controls on fuel prices, denying rumours about deregulation.

India sets the heavily discounted prices at which fuel is sold in order to help fight inflation and protect hundreds of millions of poor people from price shocks.

Gordon Brown says he will steer Britain through the credit crunch and help people who are suffering its effects, after giving his monthly news conference at Downing Street.

He has faced tough questions about his leadership and the economy, but says he is determined to help those worst affected by the recent gloom.

Changes in Government policy on transport security could see passengers footing the bill for policing Britain’s airports. The Prime Minister is considering a new bill that will require all UK airports to contribute to the costs of policing them; nine already do so.

The idea comes from a review of policing conducted by former civil servant Stephen Boys Smith. Many in the airport industry are concerned the move could threaten regional airports and budget airlines struggling with rising fuel prices and a sluggish economy.

The Heathrow airport boss who oversaw the opening of terminal 5 is to leave his job, the airport’s owner has said. Mark Bullock had chosen to leave his job as the airport’s managing director because of a change to management roles, according to Spanish-owned BAA.

Last week, MPs said the T5 fiasco had made a fool out of the country and called for an explanation.

Oyster cards could soon be used on all mainline services in London. New mayor Boris Johnson will meet rail chiefs this summer to discuss it.

Johnson has already announced a deal between Transport for London and the First Great Western Train Company.

A Government agency is seeking legal advice on whether there should be legal action over the collapse of the Farepak Christmas hamper company.

The Department for Business and Enterprise says an official investigation has now been completed. Thousands of people lost money when Farepak went bust in October 2006.

Lorry drivers are staging a go-slow demonstration in protest at high fuel prices. 40 trucks travelled in convoy on both carriageways of the A47 around Norwich.

Escorted by police, they trundled along the inside lanes and did not cause major traffic hold-ups.

Banking giant HSBC has revealed further huge losses in the credit crunch. It has taken another £3billion hit on bad debts and sub-prime mortgage investments in the US, but Europe's biggest bank says it has still managed to increase profits because of cash rolling in from Asia and the Middle East. It is warning the outlook for this year is unusually difficult.

The chief executive of British Airways could receive a bonus of £700,000. Complaints are expected from the public, due to the disastrous opening of terminal 5. The terminal was branded a national disgrace by passengers forced to contend with lost baggage and cancelled flights.

Mr Walsh, a former pilot, told the Travel Select Committee he was responsible for the problems with terminal 5, saying ‘it was a calculated risk I decided to take. You can’t point the finger at anyone else.” He admitted there were problems before the opening, and said the company had considered delaying the opening.

House prices have fallen drastically this year due to a weakening housing market. A joint Financial Times and Acadametrics survey showed house prices fell in April by 0.2%, and mortgage repossessions rose to their highest level since 1993.

There is now an increasing number of home owners struggling to pay their mortgages. Concern is also growing for first time buyers looking to buy their first home.

The Bank of England has announced its latest monthly decision on interest rates, which will remain on hold at 5%.

Figures show, however, that not all lenders have passed the latest cut on to borrowers. It comes against a backdrop of rising food and fuel prices, along with a slowdown in consumer spending. A reduction is being predicted for next month.

The huge amount of food we throw away has been exposed by a Government-backed study. It amounts to more than £600 a year for the average family.

1.6million bananas are binned every day, along with 500,000 ready meals. The figures come as global food prices soar, leaving the world's poor facing shortages.

First quarter sales are down nearly 9% at Next stores. It says customers are feeling financial pressure from the rising cost of food, fuel and taxes.

The charity has rebranding its image with a move into what is called sustainable designer fashion.

The stores will become boutiques stocking recycled clothing reworked by young designers. Bosses say it will turn the traditional concept of an Oxfam shop on its head.

Thames Water has been fined £20,000 for polluting a stream after a sewage pipe burst on National Trust land.

Thousands of fish, including brook lamprey, brown trout, bullhead and native crayfish were killed after the leak at Woolton Hill in Hampshire. The site was closed for four weeks while the clean up was carried out.

£800million has been put aside to prevent a repeat of last summer's floods, but there have been warnings this is not enough.

The Environment Select Committee also says the infrastructure to deal with future problems is in an unclear and chaotic state, and that the Government response must be well funded.

Another cut in interest rates could be on the cards as new data shows households reeling from rising prices.

One survey suggests families have less to spend on themselves than at any time for 17 years, and forecasters are predicting food prices will continue increasing.

If the Bank of England cuts the base rate tomorrow, it will be the first back-to-back drop for almost 7 years.

The budget airline's half-year losses have doubled, and it is warning the rocketing cost of crude oil will put many out of business.

However, the no-frills carrier says it can survive because of its lower costs. Pre-tax losses for the six months to the end of March were nearly £41.5million.

Signalling problems at Milton Keynes have halted trains at London's Euston station. Earlier, a points failure at Wimbledon delayed South West Trains services to Waterloo.

It is claimed opening up the postal market to competition has seen no significant benefit for customers and smaller businesses.

An official report has also found there is a substantial threat to the financial stability of the Royal Mail, and concludes the status quo is untenable.

Lloyds TSB has taken a hit of £387million, on top of last year's £280million, but says it is doing well apart from that and will not have to ask investors for more cash.

Pre-tax profits for the first three months of the year are up 10%.

Motorists face more pain at the pumps after oil reached a record price in London. Brent crude oil has passed $119 a barrel for the first time.

In New York, US crude oil is already above $120 a barrel. The latest rises come amid fears of supply disruptions in Nigeria and northern Iraq.

The Chiltern area has the best quality of life in rural Britain. Researchers say people living in this part of Buckinghamshire are the healthiest in the country and have the highest life expectancy.

The Halifax Building Society says that with average incomes of £45,000, they earn more than any other rural local authority.

Economists think the Bank of England will wait another month before trimming the cost of borrowing for the fourth time since December. The level is currently 5%.

In spite of the chaos at Heathrow's Terminal 5, British Airways has been picked as one of the best airlines for customer service.

The company has come third in a poll carried out for a travel firm. Virgin Atlantic was top but Irish no-frills carrier Ryanair was rated worst airline for amenities.

Shares in Yahoo are expected to plummet when the American markets open later, after Microsoft pulled out of taking over the search engine.

A fee could not be agreed for the site but it is thought an offer of £25billion was on the table.

Debt experts are warning one family will go bankrupt or insolvent every four minutes this year. Accountants KPMG predict at least 130,000 families will be overwhelmed by debt, thanks to increasing household bills, low pay rises and less cheap credit.

Britain’s first independent Islamic insurance company has received authorisation by the Financial Services Authority.

Principle Insurance will provide unique, Shariah-compliant motor and home insurance to British residents from later this year.

It will be the first independent Shariah-compliant insurance provider in Britain and will meet the needs of the country’s estimated 2million Muslims.

Plans to build the world's largest wind farm are up in the air. Shell's looking to sell its 33% stake in the Thames Estuary project, saying it's become commercially unviable.

The scheme would build more than 300 turbines and generate enough power for one in four London homes.

Energy firm E-On also has a share in the project. Jonathan Smith from the company says they could also pull out.

A major investigation into downloading from mobiles has been announced. Phone Play Plus is set to look into the market after a 40% increase in complaints.

The premium-phone regulator says it has found evidence of significant problems. Downloads, television voting and competitions from mobiles generates £350million a year to the UK economy.

The Bank of England says the economic fallout may not be as bad as feared. Its financial stability report suggests mortgage lenders are being too cautious.

However, Ralph Silver from research firm Tower Group is warning this is blatant spin.

Essar Steel, the Indian steel producer, is to buy American steel firm Esmark, in a £392million deal which includes a £55million long-term loan.

Esmark accepted a cash purchase price of $17 per share, a 13.5% premium on Tuesday's closing share price. Esmark chief executive James Bouchard said it needed a strategic partner as raw material and transport costs rose.

A number of supermarkets have been found guilty of paying workers a poor wage. Millions of workers, mainly women, around the world who produce and pack goods for the "Big Four" supermarkets in Britain have been unfairly treated.

The Competition Commission says supermarkets will have to pay a better wage to all workers.

Recommendations are likely to be made to stop the big four supermarkets dominating particular areas. The Competition Commission is releasing the results of a two year probe into Britain's grocery market.

A "shopping czar" could also be created to watch over disputes between retailers and suppliers.

British consumers are apparently getting false promises when it comes to connecting to the internet.

The British Chambers of Commerce is warning broadband customers are being offered high speeds but is nowhere near as fast in reality. It says the system is facing gridlock as more of us download music and video from the net.

Consumer confidence has plunged to its worst level for more than fifteen years, with experts blaming soaring household bills and the ongoing grip of the credit crunch.

Researchers say news stories about a recession and fuel & food price increases have worried the public. It is now the eight month in a row the measure has fallen.

House prices have fallen by an average of nearly forty-five pounds a day since the beginning of the year.

Latest figures show people are struggling to get mortgages because of the credit crunch. The cost of living has also stretched budgets. London homeowners have seen the biggest losses.

100 leading brands including PG-Tips, Warburtons Bread and Coca-Cola are reported to have been contacted about an investigation into alleged price-fixing.

The Daily Telegraph says they're included in a list of everyday products and toiletries drawn up by the Office of Fair Trading. Tesco, Asda, Morrisons and Sainsbury's have also handed over information.

Gordon Brown's met with the Scottish First Minister to discuss the strike at Britain's biggest oil refinery. The Prime Minister and Alex Salmond held talks last night.

1,200 staff were due to go back to work at Grangemouth around 6am this morning following a dispute over pensions. Business Secretary John Hutton is visiting the site this morning.

Customers who carry out their weekly food shop at Tesco will now be able to find out how green their groceries are. The supermarket giant is launching a system showing the carbon footprint of items.

It works in the same way as calorie content labels and will appear on products like potatoes, orange juice and their own brand light bulbs.

Hundreds of road haulage companies are heading to London to protest against the rising price of diesel.

The demonstrators will carry a coffin symbolising the death of their industry. They claim the cost of fuel is bankrupting hundreds of small and medium sized firms.

It comes as Shell and BP announce huge profits, whilst motorists face paying out five pounds a gallon at the pumps. The two oil companies made a total of £7billion in just three months.

The number of mortgages approved for people buying a home hit a record low during March. Figures show the credit crunch continues to limit the supply of funds available.

Just 64,000 loans were approved for people moving house during the month - the lowest amount since the Bank of England began to collect data.

UN agencies and the World Bank are promising urgent action over food prices. There have been riots in some developing countries as people struggle to afford basics such as rice.

The international bodies are calling on countries not to restrict exports and keep what they grow for themselves, fearing it could only make problems worse.

Royal Bank of Scotland could be set to axe up to 7,000 jobs. Reports suggest it is about to start integrating with investment bank ABN Amro which it bought last October.

The Financial Times says ABN staff fear they will face heavier cuts than those at RBS. The bank is expected to start writing this week to staff just below senior management level.

For the seventh month in a row, house price inflation has slowed. The Land Registry says the annual rate is now 3.6% - the lowest in two years.

The average cost of a home in England and Wales also dropped in March to £184,000.

The owners of a pudding firm say they plan to close one factory, with the loss of as many as 390 jobs.

Uniq could shut the site at Paignton in Devon. The company makes trifles and chocolate desserts for supermarkets.

It is thought the UK's biggest mortgage lender is considering asking its shareholders for up to £4billion in extra funding. The board of Halifax Bank of Scotland is expected to debate asking investors for the cash at the company's annual meeting tomorrow.

Only last week the Royal Bank of Scotland made a £12billion cash call to its shareholders.

Extra fuel has been shipped in to help keep Scotland moving through the Grangemouth dispute.

The 48 hour walkout started yesterday morning in a row over pensions. BP say it has had an impact on the availability of petrol and diesel but people have not been panic buying.

There is pressure on Town Halls to deliver a cut in council tax. Campaigners want officials to shave 10% off what they call "non-priority budgets".

The TaxPayers' Alliance says that will pay for a 40% reduction in the average B and D bill.

Homeowners are being warned the value of their houses could be set to plummet.

Experts are predicting a 20% fall in prices that will bring the average cost of homes down to spring 2004 levels.

Property bought since then will be worth less than what it was paid for; however researchers say everything will eventually get back to normal.

BP is issuing a stark warning of fuel shortages if a strike at a major oil refinery goes ahead. The company says it could force the closure of a pipeline delivering a third of the UK's daily output from the North Sea.

The Forties Pipeline is powered from Grangemouth where 1,200 workers are beginning a two-day strike over pensions, on Sunday. A mass meeting of workers is due later.

More and more parents are looking to their children for help with their finances. Nearly one in ten adults say they have given money to their mum and dad - £6,500 on average.

Experts say many older people have seen their savings dwindle because of hand-outs to get their sons and daughters onto the property ladder.

The big four supermarkets are among major retailers named in an investigation into alleged price-fixing in the tobacco industry.

Cigarette manufacturers Imperial Tobacco and Gallaher are also named by the Office of Fair Trading. It is claimed they broke the law by restricting the ability of retailers to fix their own selling prices.

Some passengers are still waiting to be reunited with their luggage lost in the chaotic opening of Heathrow's Terminal 5. Four weeks have passed since 28,000 bags went missing in the site's first few days.

British Airways has not yet confirmed how many people are without their suitcases.

Banks have suffered a major defeat in the row about overdraft charges. A judge has ruled the Office of Fair Trading does have the right to look into the fees, which could lead to around a million customers getting refunds.

Customers will still have to wait until the OFT makes a final decision.

Barclays is the latest big name bank to feel the pinch thanks to the international credit crisis. The group is warning the City their profits will be down on last year.

Forecasters are predicting they may have to copy rivals Royal Bank of Scotland and ask investors for a multi-billion pound cash injection.

It is being claimed that shoppers are being defrauded by the supermarkets. A survey by Which? has found 10% of what we buy is labelled as luxury goods, when in fact they are not.

The group says battery eggs are being sold as free range, dye is added to virgin olive oil and substandard meat is passed off as organic.