The euro dropped to a three-week low against the dollar and fell sharply versus the yen on Thursday after data painted a bleak picture of the euro zone economy, raising speculation the European Central Bank will cut interest rates. ...
08:31 AM, Feb 15, 2013
An unexpectedly stubborn eurozone recession and weakness in Japan will weigh on global economic growth in 2013 before a rebound in 2014 that should deliver the fastest expansion since 2010, the International Monetary Fund said on Wednesday. ...
12:46 AM, Jan 24, 2013
Nations around the globe need to press forward with fiscal and reform promises, especially in the United States and Europe, to reduce the uncertainties shackling growth, the head of the IMF said on Thursday, warning that the global economy barely dodged a bullet in 2012. ...
04:25 AM, Jan 18, 2013
Berlin: Averting Greece bankruptcy, leaders of eurozone countries and IMF have agreed to unlock 43.7 billion euros to the heavily-indebted Greek economy. The breakthrough came after 12 hours of negotiations by eurozone finance ministers in Brussels which concluded last night. Two earlier attempts had failed to break the deadlock. This agreement of eurozone leaders strengthens the confidence that the debt-ridden Greece would remain within the 17-nation single currency bloc. The...
05:48 PM, Nov 27, 2012
London: Unemployment in the 17-country eurozone hit a record high of 11.6 per cent in September, official figures showed on Wednesday, a sign the economy is deteriorating as governments struggle to get a grip on their three-year debt crisis. The rate reported by Eurostat, the EU's statistics office, was up from an upwardly revised 11.5 per cent in August. In total, 18.49 million people were out of work in the...
10:48 AM, Nov 01, 2012
Madrid: Spain and Greece outlined plans on Thursday to cut spending and raise taxes to convince international lenders and financial markets they are on the right track to cut their deficits. The measures outlined on Thursday highlight how Europe's struggling countries are battling public anger and flat-lining economies to push for more austerity, all with the aim of securing much-needed aid. Throughout the three-year financial crisis in the 17 countries...
03:07 PM, Sep 28, 2012
Dr Vince Cable Age: 69 Designation: British Secretary of State for Innovation, Business and Skills Career: Former Chief Economist for Shell, Head of Economics Programme at Chatham House Education: Natural Sciences and Economics at Cambridge University, and a PhD from Glasgow Interests: Keeping fit; cycling, walking, Ballroom and Latin dancing. Visits a dance studio once a week for advanced classes and takes dance exams Q. So what is the solution...
12:30 PM, Aug 25, 2012
Berlin: Moody's has revised credit outlook of Germany to negative, raising the possibility of the economic major losing its coveted 'AAA' rating amid worsening European debt turmoil. Germany becomes the latest European economic power house this year after France to see its credit outlook being downgraded by the global credit rating agency. The credit rating outlook of Germany, Luxembourg and the Netherlands have been lowered to negative, Moody's Investors Service...
05:42 PM, Jul 24, 2012
Athens: Greece is in a "Great Depression" similar to the American one in the 1930s, the country's Prime Minister Antonis Samaras told former US President Bill Clinton on Sunday. Samaras was speaking two days before a team of Greece's international lenders arrive in Athens to push for further cuts needed for the debt-laden country to qualify for further rescue payments and avoid a chaotic default. Athens wants to soften the...
12:55 AM, Jul 23, 2012
Bangalore: India would soon return to high growth path in light of several measures being taken by the United Progressive Alliance (UPA) government to reboot the economy battered by external and internal factors, Union Home Minister P Chidambaram said on Tuesday. "We are confident that the measures being taken and will be taken will enable us to get out of the hostile turf and return to the high growth path...
04:32 AM, Jul 11, 2012
Brussels: Italy said on Tuesday it may want to tap eurozone aid to ease its borrowing costs as finance ministers struggled to convince markets they are getting a grip on the bloc's debt crisis, which a top European Central Banker said could escalate. Prime Minister Mario Monti, who is under intense market pressure to shape up his economy and avoid being drawn into the centre of the debt crisis, said...
03:16 AM, Jul 11, 2012
New York: The euro fell to a two-year low against the dollar on Tuesday as investors were wary that a German court could delay Europe's new bailout fund, while a series of profit warnings from US companies took Wall Street lower. Oil prices extended losses in the afternoon, with Brent crude falling back below $100 a barrel after data showed China imported less crude oil last month, while Norway's government...
02:53 AM, Jul 11, 2012
Brussels: Under pressure to prevent a catastrophic breakup of their single currency, Eurozone leaders agreed on Friday to let their rescue fund inject aid directly into stricken banks from next year and intervene on bond markets to support troubled member states. They also pledged to create a single banking supervisor for Eurozone banks based around the European Central Bank in a landmark first step towards a European banking union that...
08:54 AM, Jun 30, 2012
Mumbai: The Reserve Bank of India on Thursday said the country's banking sector has emerged resilient after a series of stress tests it conducted on the lenders. "The stress tests carried out on banks, incorporating a range of shocks, revealed deterioration in their capital position as compared with the baseline scenario, but the banking system remained resilient even under extreme stress scenarios," the apex bank said in its Financial Stability...
11:08 PM, Jun 28, 2012
Mumbai: The rupee hit a record low against the dollar for a second consecutive session on Friday and posted its worst weekly fall in nine months, hurt by dollar demand from oil firms and gold importers as well as the broad risk-off sentiment. Traders said the Reserve Bank of India stepped in to prop up the currency and prevent a much sharper fall, estimating dollar sales of $250-300 million, slightly...
06:24 PM, Jun 22, 2012
US President Barack Obama said that the European leaders were aware of the gravity of the situation and were committed to addressing it. ...
08:44 AM, Jun 20, 2012
Los Cabos: In a big success for India, the G20 countries on Wednesday agreed to give priority to investment in infrastructure in developing countries as a way to stimulate global growth which has been stunted due to the faltering world economy and the Eurozone crisis. "We will intensify our efforts to create a more conducive environment for development, including supporting infrastructure investment," said a 14-page declaration released at the end...
07:08 AM, Jun 20, 2012
Los Cabos: India may not be called upon to inject USD 10 billion (Rs 55,000 crore) into the IMF bailout fund to help the debt-wracked Eurozone tide over its financial crisis after it announced its contribution if the global economic situation gets better, an official said on Tuesday. R Gopalan, Secretary in the Department of Economic Affairs, said that the $10 billion dollar contribution announced by Prime Minister Manmohan Singh...
04:18 AM, Jun 20, 2012
Athens: Greece's conservatives and socialists edged towards a deal on a new government on Tuesday that would seek concessions from the country's lenders on its punishing austerity programme, and the euro zone signalled it was ready to negotiate. Both the conservative New Democracy party, which narrowly won elections on Sunday, and PASOK Socialists expressed hope that a government backing Greece's bailout agreement with the EU and IMF - albeit with...
03:24 AM, Jun 20, 2012
Los Cabos: India and four other countries of the five-nation BRICS bloc on Tuesday gave a big boost to IMF's $ 430 billion bailout fund for the debt-wracked 17 nation Eurozone pledging to contribute $ 75 billion with New Delhi's contribution being $ 10 billion. The pledge was made at an informal meeting of BRICS Leaders presided by Prime Minister Manmohan Singh ahead of the opening of the seventh G20...
11:32 AM, Jun 19, 2012
