New Delhi: In an another veiled warning to the Centre, West Bengal Chief Minister Mamata Banerjee on Friday said that she will wait and watch for her demand of a three-year moratorium on loan repayment to be accepted after which she will decide her future course of action. Sources say that Prime Minister Manmohan Singh no commitment to Mamata on the bailout package for the state, when the demand was...
09:31 PM, May 04, 2012
New Delhi: West Bengal Chief Minister Mamata Banerjee said on Friday that her state was facing acute financial crisis due to the Left Front which had been in power for 34 years till it was routed in the 2011 Assembly elections. Claiming that West Bengal's financial position cannot be compared to any other state, Mamata said, "We don't have money for any development projects like roads, BPL cards and others....
06:06 PM, May 04, 2012
Puducherry: Rejecting Puducherry Chief Minister N Rangasamy's charge that he was blocking central funds to the Union Territory, Union Minister and senior Congress leader V Narayanasamy on Sunday blamed AINRC government for the deepening financial crisis. "The whole government machinery has come to a standstill with financial crisis deepening fast as a result of poor planning, increased tax evasion and lack of action to spend the funds provided by the...
05:00 PM, Apr 29, 2012
New York: The S&P 500 closed above 1,400 for the first time since the 2008 financial crisis on Thursday as stocks resumed the upward climb that has produced a steady stream of gains this year. The benchmark index is up for six of the past seven sessions and is on target for its best week since early February. Financial stocks, which have dragged lately, led the day with the S&P...
09:20 AM, Mar 16, 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
Mumbai: International banking major Citigroup on Tuesday said it will lay off 100 employees in India as part of its global restructuring exercise. None of the company's operations or verticals will be affected because of the lay-offs which will be carried out in the next few days, a spokesperson of Citigroup said. "Citigroup continuously reviews its internal processes and organisational structure to right size the organisation for efficient growth. As...
10:16 PM, Jan 24, 2012
Stephen Roach Profile: Member of the faculty of Yale University, and non-executive chairman of Morgan Stanley Asia. Known for: He is one of the most widely followed economists in the world, and the author of The Next Asia. The European Monetary Union was flawed from the start. Lacking in a unified fiscal framework, it was only a matter of when before an asymmetrical shock drew the grand experiment into question....
12:35 PM, Jan 11, 2012
This is more like a book of history and quotations. How much of it is first hand reporting? Satyajit Das: I started this book in 2005. During the past six years, the entire financial crisis played out. A chunk of the book is first hand reporting. I did not want to write about the global financial crisis and preferred going back 40 years. Finance has become a different beat during...
11:02 AM, Dec 09, 2011
Athens: Rival Greek political parties tried on Monday to hammer out a historic power-sharing deal to secure a euro130 billion ($179 billion) rescue package, but markets remained wary and European leaders kept up pressure by holding back a vital bailout loan. Socialist Prime Minister George Papandreou and conservative leader Antonis Samaras, former college roommates in the US held fresh negotiations on the telephone on Monday, hours after reaching the landmark...
05:21 AM, Nov 08, 2011
Rome: Italy became the latest target in Europe's financial crisis on Monday, as soaring borrowing rates intensified pressure on Premier Silvio Berlusconi to resign and let a new government reform the country's spendthrift ways. Berlusconi batted away reports that he was considering stepping down in favor of early elections, saying they were "without foundation." But the prospect of financial disaster was real because of Italy's huge debts and slow growth....
01:37 AM, Nov 08, 2011
Athens: Greece's president is to convene a meeting between the country's embattled prime minister and the head of the main opposition party in an attempt to broker power-sharing talks and find a way out of a severe political crisis, as pressure mounts to ensure the country avoids bankruptcy. The president's office said the meeting would be held at 8:30 pm (1830GMT) on Sunday with the premier, George Papandreou, and opposition...
11:34 PM, Nov 06, 2011
Athens: Greek leaders struggled for a second day on Sunday to end an ongoing political crisis, under intense pressure to ensure the country doesn't go bankrupt in the next few weeks and that it remains in the eurozone. Embattled Prime Minister George Papandreou, who narrowly survived a parliamentary confidence vote on Saturday, has said he is prepared to step down once political leaders agree on an interim government to lead...
10:31 PM, Nov 06, 2011
Athens: Greek Prime Minister George Papandreou won a parliamentary confidence vote on Saturday, avoiding snap elections which would have torpedoed Greece's bailout deal and inflamed the euro zone's economic crisis. Papandreou's socialist government won with all his party lawmakers in the 300 member parliament supporting the government, but his term as prime minister appeared close to an end. Earlier Papandreou called for a new coalition government to approve the 130...
05:35 AM, Nov 05, 2011
Athens: Greek Prime Minister George Papandreou called on Friday for a new coalition government to approve a bailout deal vital for saving the country from bankruptcy and tackling the euro zone's economic crisis, and signalled he was ready to stand down. Papandreou told parliament that he would go to the Greek president on Saturday to discuss formation of a broader-based government that would secure the 130 billion euro bailout, adding...
05:09 AM, Nov 05, 2011
Cannes: Europe failed to get the leaders of the world's wealthiest economies to help out with its debt troubles, but everyone left a G-20 summit on Friday relieved that at least they forced the Greek prime minister not to hold the world hostage with a bailout vote. It took a public berating of Greek Prime Minister George Papandreou, and Greece's politics are in upheaval as a result, but the shaky...
01:09 AM, Nov 05, 2011
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