London: Britain's economy is in its second recession since the financial crisis, data showed on Wednesday, heaping pressure on Prime Minister David Cameron's coalition government as it battles a series of political embarrassments. The unexpected contraction in the first three months of 2012 - a 0.2 per cent dip in gross domestic product - confounded forecasts for 0.1 per cent growth. It came as Britain's Conservative-Liberal Democrat coalition has seen...
04:02 PM, Apr 25, 2012
London: A jump in energy prices is jamming the slow-turning cogs of an economic recovery in the West, but that may be nothing compared to the economic shock an Israeli attack on Iran would cause. Oil rose to a 10-month high above $125 a barrel on Friday, prompting responses from policymakers around the world including US President Barack Obama, watching US gasoline prices follow crude to push towards $4 a...
01:11 AM, Feb 27, 2012
London: Around 35 per cent of directors of British business firms think there is a high risk of a recession this year, says a survey. A poll by the Institute of Directors (IoD) said that of the 1,000 directors polled, about 53 per cent said they envisioned a moderate risk of recession, while only 11 per cent saw a low or very low risk of recession this year. According to...
12:06 PM, Feb 22, 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
Washington: Europe's debt crisis could tip the world economy into recession and a bigger firewall is urgently needed to keep the damage from spreading, the International Monetary Fund said. The IMF chopped its estimate for 2012 global growth to 3.3 percent from 4 percent just three months ago and warned it could drop as low as 1.3 percent if Europe lets the crisis fester for much longer. For 2013, it...
10:07 AM, Jan 25, 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
Jaipur: With recession affecting the world economy, people of Indian origin settled abroad are now evincing interest in returning to India where they feel the growth story lies. "I come from Canada where the recession has really affected the economy. A few of my friends are planning to make investment in the country," Kamal Singh, a real estate specialist in Canada attending the annual diaspora meet Pravasi Bharatiya Divas which...
11:29 PM, Jan 07, 2012
Hyderabad: A collapse of the euro and break-up of the European Union would have catastrophic consequences for the global financial system, billionaire investor George Soros was quoted as saying in Hyderabad on Thursday. "Today, the euro is potentially endangering the political cohesion of the European Union," the Business Line newspaper cited Soros as saying. "If the common currency were to break down, it will lead to the break up of...
12:42 PM, Jan 06, 2012
New Delhi: Amid economic slowdown, Finance Minister Pranab Mukherjee will hold brainstorming sessions with various stakeholders during his annual pre-budget meetings beginning January 11. The first meeting would be held with agriculturalists, followed by a series of interactions with sectoral experts, representatives, industry captains and economists over the next ten days to get their feedback and inputs for incorporating them in Budget 2012-13. Mukherjee is then slated to meet captains...
10:55 AM, Dec 25, 2011
New Delhi: Amid concerns of slowdown in economy and shrinking industrial output, Prime Minister Manmohan Singh on Thursday met leading industrialists and assured them that the government was determined to get back on the growth path. The assurance came at a meeting of the Prime Minister's Council on Trade and Industry, attended by Ratan Tata, Mukesh Ambani, Sunil Mittal and Rahul Bajaj among others. "It was a very positive and...
08:11 PM, Dec 22, 2011
In January 2007, Subex, a software products company that grew mostly through acquisitions, was all set to make its most daring purchase; this time a Canadian company called Syndesis for $165 million in an all-cash deal. It wanted to raise the cash through an equal mix of equity " through Global Depositary Receipt (GDR) " and debt " through Foreign Currency Convertible Bonds (FCCB), a type of bond that gives...
10:52 AM, Nov 30, 2011
Brussels: The European Union has warned that the 17-country eurozone could slip back into recession next year as the debt crisis shows alarming signs of spinning out of control. The EU's economic watchdog, the European Commission, said on Thursday its central forecast is that the eurozone will grow by only a paltry 0.5 per cent in 2012. That's way down on the 1.8 per cent prediction it made in the...
05:07 PM, Nov 10, 2011
The past three months have been tough for Indian banking. High interest rates and threats of a global recession have taken their toll on bank stocks. The NSE banking index fell 15 per cent compared with the Niftys 11 per cent slide in the past three months. Indian banks, ironically, have never been in a better state of health in the past 10 years. A recent study by Boston Consulting...
11:42 AM, Oct 05, 2011
Washington: US President Barack Obama indicated raising taxes on the rich and on energy firms to fund his $ 447 billion jobs stimulus bill, asking lawmakers to pass the law without "delays" and "politics", a proposal that immediately drew sharp reactions from the Republicans. Obama sent to the US Congress, the jobs bill that he intends to pay for by ending tax incentives for oil and gas firms and individuals...
11:57 AM, Sep 13, 2011
London: The effects of the global economic crisis could be felt in Britain for as long as 10 years, says a new report. A report released on Monday by the Institute for Fiscal Studies (IFS) says the government has 'cushioned' Britons from the adverse effects of the recession, according to the Daily Express. The report warned that household incomes will suffer more and more "as the Treasury unfolds its deficit-busting...
09:56 AM, Sep 13, 2011
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