RECESSION

  • Japan PM Shinzo Abe puts off tax hike, calls snap poll 1 week ago

    Tokyo: Japan's Prime Minister Shinzo Abe called a snap election for December and put off a sales tax hike planned for next year, vowing on Tuesday to step down if his strategy to revive the ailing economy falls flat. Despite Abe's aggressive revival policies to end two decades of stagnation, the...
  • Employees generate ideas worth US $500 million, says HCL Tech September 14, 2014

    New Delhi: India's fourth largest IT firm HCL Technologies is now focussing on "ideapreneurship" to encourage employees to come up with innovative solutions to customers' business challenges. Under the initiative, the Noidabased firm has generated over 32,000 innovative ideas since 2008 to deliver approximately US $500 million of value to customers. "It...
  • US Senate Janet Yellen to become first woman head of Federal Reserve January 7, 2014

    Janet Yellen will take the helm of a Federal Reserve facing a significantly different economic landscape than the one that dominated Ben Bernanke's tenure as chairman, confronting her with different decisions as well. Bernanke's eight years leading the Fed were largely consumed with the Great Recession and his efforts to cure...
  • Dow Jones average closes above 16,000 for the first time November 22, 2013

    New York: The Dow Jones industrial average is closing above 16,000 for the first time as encouraging news on the job market pushes stocks higher. Applications for unemployment benefits dropped last week to the lowest level since September. The number of applications is close to where it was before the Great...
  • Greece approves scheme to fire thousands of public workers July 18, 2013

    Athens: Greece's shaky coalition government scraped through a vote on Wednesday on a bill to sack public sector workers as thousands chanting antiausterity slogans protested outside parliament. The vote was the first major test for Prime Minister Antonis Samaras's twoparty coalition since losing an ally over the abrupt shutdown of the...
  • More cuts needed to balance British budget, say experts June 29, 2013

    London: A leading think tank here has observed despite spending cuts of 11.5 billion pounds (over $17 billion) as announced by British Chancellor George Osborne for 201516, it may not not be enough to balance government budgets in the medium term. According to Carl Emmerson, director of the Institute for...
  • Lakshmi Mittal puts palatial London home up for sale May 26, 2013

    London: The credit crunch seems to be taking its toll on one of the world's richest Indians Lakshmi N Mittal, who has put up one of his mansions in central London up for sale. The steel tycoon had bought the property on Palace Green in Kensington for 117 million pounds...
  • Sensex, Nifty end at 2013 lows February 15, 2013

    Mumbai: Key equity benchmarks ended trade in the red however off the day's low. The BSE Sensex closed down 61.97 points at 19435.21 after touching an intraday low of 19,381.82. The NSE 50share Nifty ended trade flat at 5887.40, down 0.16 per cent. Both the indices are at their 2013...
  • Euro slides as poor data raises easing prospects February 15, 2013

    New York: The euro dropped to a threeweek 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. The yen came off recent multiyear lows against the...
  • The US has averted a recession for now: Surya Gangadharan January 3, 2013

    Barack Obama on Tuesday signed into law a landmark bill that allows a rare tax increase that will hit the nation's wealthiest households in a bipartisan budget deal that stops the world's largest economy from falling into a deep fiscal crisis and recession. CNNIBN's Surya Gangadharan joined IBNLive readers for...
  • Will probably not contest elections, says Italy PM Monti December 23, 2012

    Rome: Italian caretaker Prime Minister Mario Monti indicated in a newspaper interview published on Sunday that he would probably not stand in a February election but would try to convince the winner to complete the reforms his government has begun. Monti, who is expected to end weeks of speculation about...
  • Euro zone slips into second recession since 2009 November 15, 2012

    Brussels: The euro zone fell into a recession in JulySeptember, the second since the global financial crisis in 2009, as French resilience could not make up for a slump across Europe and the threeyear debt crisis slowed Germany to a crawl. Economic output in the 17country euro zone fell 0.1 per...
  • US Obama faces fresh challenge with 'fiscal cliff' November 7, 2012

    Washington: Barack Obama won reelection on Tuesday night, but the president faces a fresh challenge confronting the "fiscal cliff," a mix of tax increases and spending cuts due to extract some $600 billion from the economy barring a deal with Congress. At stake are two separate issues individual tax...
  • After Vikram Pandit, Citigroup is 'going to get a lot smaller' October 17, 2012

    New York: The incredible shrinking bank may have to shrink more. In the hours after surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's thirdlargest bank. Pandit left after a series of embarrassments and missteps that apparently...
  • Mining crisis signals severe recession in Goa October 15, 2012

    Panaji: With chances of revival of mining industry in Goa in near future appearing remote, the downturn has begun showing its impact on those who are dependent on the sector for survival. People living in the iron ore rich mining belt are bearing the brunt of closure of the mining...
  • India's growth decline no cause for worry: Chidambaram October 8, 2012

    New Delhi: Even though Indian economy's growth declined to 6.5 per cent in 2011-12 and further to 5.5 per cent in the first quarter of this fiscal, it is no cause for undue worry, Finance Minister P Chidambaram said on Monday. "These are challenging times for global economy. They are...
  • Global economy in worst shape since 2009 July 23, 2012

    Washington: The global economy is in the worst shape since the dark days of 2009. Six of the 17 countries that use the euro currency are in recession. The US economy is struggling again. And the economic superstars of the developing world China, India and Brazil are in no...
  • BoE prints money again to boost to UK economy July 5, 2012

    London: The Bank of England launched a third round of monetary stimulus on Thursday, announcing it would restart its printing presses and buy 50 billion pounds of asset purchases with newly created money to help the economy out of recession. The move was widely expected after BoE Governor Mervyn King said...
  • UK slides back into recession April 25, 2012

    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...
  • Oil price rise raises spectre of global recession February 27, 2012

    London: A jump in energy prices is jamming the slowturning 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 10month high above $125 a barrel on Friday, prompting responses from policymakers...
  • Most UK business bosses fear recession in 2012 February 22, 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...
  • Spain's barter economy booms in grip of crisis February 21, 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 secondhand goods that have sprung up in Spain's capital during the economic crisis and is packed to the rafters with clothes, books, CDs...
  • Europe poses global recession threat: IMF January 25, 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...
  • Stephen Roach: Disturbing the peace January 11, 2012

    Stephen Roach Profile: Member of the faculty of Yale University, and nonexecutive 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,...
  • Recession makes NRIs want to move back to India January 7, 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...
  • EU breakup would be catastrophic: Soros January 6, 2012

    Hyderabad: A collapse of the euro and breakup 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...
  • Pranab to start prebudget meetings on Jan 11 December 25, 2011

    New Delhi: Amid economic slowdown, Finance Minister Pranab Mukherjee will hold brainstorming sessions with various stakeholders during his annual prebudget 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...
  • PM meets industrialists amid slowdown fears December 22, 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,...
  • FCCB: Debt in the time of recession November 30, 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 allcash deal. It wanted to raise the cash through an equal mix of equity through...
  • EU warns of possible recession in eurozone November 10, 2011

    Brussels: The European Union has warned that the 17country 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...