New Delhi: Five global financial services majors, including Morgan Stanley, Stanchart and Citi, have lowered India's growth prospects to 5.7-6.4 per cent for the current fiscal, a day after markets received a "shock" from nine-year low GDP growth of 6.5 per cent for 2011-12. In their reports to clients worldwide, most of them blamed policy inaction by the government as a major roadblock to the Indian economy, which had expanded...
12:39 AM, Jun 02, 2012
Madrid/London/Brussels: Spain's prime minister has insisted his country will not need an international rescue for its banks as investors recoiled at a 19bn rescue of Bankia, sending the country's borrowing costs over Germany's to the highest level since the start of the euro. Bankia, Spain's second-biggest bank by local deposits, would have collapsed if Madrid had not agreed to the rescue last week, Mariano Rajoy warned, adding that this would...
12:28 AM, May 29, 2012
Noida: Sher Singh has not found work in weeks. The 33-year-old day-labourer " who lives in one of India's largest industrial districts outside Delhi " says things were different a year ago. "Every day I would get up to three different jobs," he says, leaning against a rickety wall along Harola Labour Chowk road, where hundreds of labourers gather each morning to look for work. "I used to make Rs6,000...
12:17 AM, May 29, 2012
New Delhi: Two days after announcing in Parliament that India will have to tighten its belt, Finance Minister Pranab Mukherjee has hinted at austerity measures that will be taken. Pranab said that there will soon be a ban on the purchase of new vehicles by the government departments. Interestingly, Home Minister P Chidambaram and the Home Secretary have recently purchased new official cars. Pranab also said that foreign trips by...
01:20 PM, May 18, 2012
The euro plunged to a 4-month low after Greece failed to form a coalition government and a fresh round of elections is in the offing. ...
08:30 AM, May 17, 2012
New Delhi: Worried over deteriorating global economic situation and its impact on India, the government on Wednesday announced that it would resort to "unpopular" austerity measures to deal with fiscal problems but made it clear there is no pressing of "panic button". Finance Minister Pranab Mukherjee told the Rajya Sabha that the government needed to deal with difficult situation in wake of the rising prices of the crude oil in...
06:59 PM, May 16, 2012
New Delhi: As the rupee touched a record low, the Opposition on Wednesday questioned the government in the Lok Sabha on the steps being taken to tackle the situation as it feared that there could be a repeat of 1991, when India saw severe balance of payments problem and even had to mortgage gold. "The crisis in our economy is growing. Are we heading towards 1991," senior BJP leader Murli...
02:03 PM, May 16, 2012
Mumbai: The rupee fell below 54/$ on Wednesday after risk assets continued to be beaten down on worries about the future of the euro zone after Greece failed to form a government. The rupee was at 54.10-54.11/$ in early trade versus its Tuesday close of 53.79. That left it in sight of the 54.15 low hit on Monday and the 54.30 record low hit in December. Dealers will closely watch...
11:23 AM, May 16, 2012
Mumbai: The Reserve Bank has attributed decline in the economic growth rate to three-year low of 6.9 per cent in 2011-12 largely to deterioration in the external environment. "Recent data indicate that after a smart recovery during 2009-10 and 2010-11, real GDP growth slipped sharply to 6.9 per cent during 2011-12 largely on account of the deterioration in the external environment and the slowdown in domestic investment," Reserve Bank of...
03:33 AM, Mar 13, 2012
Budget-making is always a challenge for the Union Finance Minister. But when the critical economic parameters that determine growth, investment and consumer spending are at risk, he has to walk the tightrope to garner resources for public spending and at the same time leave enough room for ensuring that private expenditure is not stifled. True, the global economy is in turbulence. The lingering Eurozone sovereign debt crisis continues to nag...
12:03 AM, Mar 12, 2012
Berlin: German Chancellor Angela Merkel scraped through a parliamentary vote endorsing a second bailout for Greece on Monday but faced a growing backbench revolt against pouring in more money in support of the euro zone. The comfortable 496-90 victory, with five abstentions, was inflated by centre-left opposition support, but only 304 of Merkel's 330 centre-right coalition lawmakers backed the motion. Seventeen coalition rebels voted "No" this time, compared to 13...
12:20 AM, Feb 28, 2012
Madrid: It's 10.30 on a chilly winter's morning in central Madrid and retailer Emanuela Scena is opening up for business. Her shop is one of several offering second-hand goods that have sprung up in Spain's capital during the economic crisis and is packed to the rafters with clothes, books, CDs and electrical equipment. But unlike the others, it doesn't take cash. It's part of a barter economy in goods and...
05:23 PM, Feb 21, 2012
New Delhi: The Eurozone leaders will be meeting on Monday to take a final decision on the second bailout package for Greece. This as the Greek Prime Minister gets ready to introduce the widely unpopular austerity budget in Parliament; the budget will cut wages and pensions, and reform health care to get the $170 billion bailout. Greece is already under a debt of $145 billion that was granted for the...
06:58 AM, Feb 20, 2012
Washington: US President Barack Obama has said country's economy is growing strong and recovery is speeding up. Obama's remarks on the state of the economy came hours after latest report showed that unemployment rate has dropped to 8.3 per cent as added more than 2.4 lakh new jobs in January. "This morning, we received more good news about our economy. In January, American businesses added another 257,000 jobs. The unemployment...
08:53 AM, Feb 04, 2012
New Delhi: Addressing the Conference of Chief Secretaries in New Delhi, Prime Minister Manmohan Singh on Friday said that monetary tightening together with difficult global economic environment has impacted rate of growth adversely. Hailing as "creditable" the growth rate of the country's economy at the rate of 8.4 per cent in the backdrop of a crisis-ridden world economy, Singh said that the growth in the current financial year is, however,...
02:44 PM, Feb 03, 2012
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