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Gold price jumps to hit 33-month high

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Mumbai : Gold prices rose 0.84% on Tuesday to hit the highest in 33 months on fresh buying from investors amid expectations of easy monetary policy by leading economies across the world.

Standard gold in the popular Zaveri Bazaar here closed with a gain of Rs 260 at Rs 31,480 for 10 gms on Tuesday following global cues. This level of gold price was not seen after October 2013. Physical traders, however, abstained from fresh buying on expectations of a correction in prices following a long-due profit booking.

Gold has suddenly found safe-haven buying interest from investors and jewellers. Funds have started picking up stake in gold resulting in the yellow metal extending gains into the second day after expectations on interest rate hike by the US Federal Reserve this year diminished.
“A sharp increase in gold prices has kept physical buyers absent. Demand of physical metal has crashed. Bullion dealers, therefore, are prompted to sell their inventory with a discount, which hovers around $40-45 an oz. More than the physical demand, fluctuations in the global currencies, especially yen, is supporting gold’s upward movement,” said Prithviraj Kothari, managing director, RiddhiSiddhi Bullions Ltd, a Zaveri Bazaar based bullion dealer.

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McDonald’s CEO fired over relationship with employee

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San Francisco, 4 Nov : Fast food giant McDonald’s has fired its CEO Steve Easterbrook after its board of directors found that he “demonstrated poor judgment” in a consensual relationship with an unidentified employee, the media has reported.

McDonald’s Corporation on Sunday announced that its Board of Directors has named Chris Kempczinski, most recently President, McDonald’s USA, as President and CEO, effective immediately. Kempczinski has also been elected to the McDonald’s Board of Directors.

“Kempczinski succeeds Steve Easterbrook, who has separated from the company following the board’s determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee,” the fast food giant said in a statement.

According to MarketWatch, Easterbrook sent an e-mail with a memo to employees acknowledging the relationship and said it was a mistake, Efe news agency reported. “Given the values of the company, I agree with the board that it is time for me to move on,” he said in the letter.

McDonald’s said it voted to approve Easterbrook’s departure last Friday after conducting a thorough analysis of the situation, and his compensation details will be known on Monday after the submission of documents to federal authorities.

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Now DGCA tells GoAir to change engines in 13 aircraft

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New Delhi, 29 Oct : The country’s civil aviation regulator — the Directorate General of Civil Aviation (DGCA) — has instructed GoAir to install at least one modified engine in 13 of its A320neo aircraft within the next 15 days.

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Bonanza for stock markets in the works; DDT to be scrapped

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New Delhi, 29 Oct : A bonanza is in the offing for the stock markets as the Prime Minister’s Office (PMO) and the Finance Ministry are working on measures which may include dividend distribution tax (DDT) to be scrapped and a review of existing slabs and holding period of long term capital gains (LTCG), short term capital gains (STCG) and securities transaction tax (STT).

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