Michelle Esterman, Altisource's chief financial officer, said the company based itself in Luxembourg to be in a time zone closer to its employees in India, where a majority of its workforce is located, as well as the tax benefits afforded to technology companies by the western European nation.

WSJ: Ocwen's Rapid Growth Puts Spotlight on Its Practices

Headline inflation in India fell below 5% in April, reaching the Reserve Bank of India's "comfort zone" for the first time in more than three years, financial daily Business Standard reports.

BBC: Indian media: Police violence

Nepal, for example, now has a time zone that is on the quarter, while others such as India are on the half-hour.

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