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
Washington: Having already seen its effects on private investment, any further deterioration in the economic situation of Europe has the potential to hit the Indian economy, including a drop in exports, an International Monetary Fund (IMF) official has said. "I think it is also clear that in India, as in other economies, demand for exports would certainly be hit, and certainly for India, we've already seen effects on private investment,"...
11:39 AM, Feb 03, 2012
Brussels: European leaders promised to stimulate growth and create jobs, in a tacit acknowledgment that their exclusive focus on austerity has had painful side effects. Heads of European state and government meeting in Brussels on Monday pledged to offer more training for young people to ease their transition to the work force, deploy unused development funds to create jobs, reduce barriers to doing business across the EU's 27 countries, and...
09:28 AM, Jan 31, 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
Dr Mark Mobius, executive director, Templeton Emerging Markets Group, tells Pravin Palande and Shishir Prasad that he is optimistic about India and in many cases, a weak rupee may actually benefit some companies in the country. Dr Mark Mobius Profile: Executive director, Templeton Emerging Markets Group Career high point: Consistently voted as one of the most influential investment managers in the world Last vacation: Doesn't take any Known for: Travelling...
12:21 PM, Jan 11, 2012
United Nations: Adjusting to tough economic times, the United Nations has taken a five per cent cut in its budget for 2012-2013 at $ 5.15 billion, making it only the second time in 50 years that the world body's budget has declined over the previous year. The budget was approved by the 193-member UN General Assembly after night-long negotiations over the weekend. UN Secretary-General Ban Ki-moon said the new budget...
11:50 AM, Dec 28, 2011
New Delhi: Finance Minister Pranab Mukherjee on Friday made it clear that the government has not shelved its plans of bringing Foreign Direct Investment (FDI) in retail. "We could not bring FDI in retail in this winter session, that does not mean that we have shelved it," Pranab said. After pressure from West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee, other allies and the Opposition, the government had...
12:40 PM, Dec 23, 2011
Madrid: Spain's new conservative Prime Minister was sworn in on Wednesday and he later appointed his Cabinet, including ministers charged with lifting the country out of its severe economic crisis. Mariano Rajoy was sworn in as premier before King Juan Carlos. Rajoy then appointed 12 ministers and said close party colleague Soraya Saenz de Santamaria would be government spokeswoman and deputy premier. Rajoy's Popular Party won a landslide victory in...
04:31 AM, Dec 22, 2011
The health of the Eurozone is dire. What started out as a sovereign debt crisis in a minor periphery economy of the Eurozone, Greece, has now morphed into a full-fledged crisis involving the giants " Italy and France. It was always clear that if the crisis spread to these bigger economies there would be very few credible tools to prevent a meltdown. But here is where we are now. So...
03:59 PM, Dec 21, 2011
Speaking at the US State Department Christiane Lagarde speaking on escalating euro zone crisis also called for collective action. ...
08:27 AM, Dec 16, 2011
Washington: No country is immune from an "escalating" euro zone crisis and each one must act to head off the risk of a global depression, the head of the International Monetary Fund said on Thursday. IMF Managing Director Christine Lagarde, speaking at the US State Department, said the outlook for the world economy is "quite gloomy" and warned that failure to act collectively could lead to protectionism and isolation reminiscent...
07:59 AM, Dec 16, 2011
Mumbai: The depreciation in rupee's value is likely to benefit software exporters, but the global macro economic situation will pose a challenge for the industry next year, a top official of IT giant TCS said on Thursday. "This year has gone very well and better than what we expected. Next year it will be some kind of stressful environment and every government will try to avoid the Lehman kind of...
09:43 PM, Dec 15, 2011
Mumbai: The rupee hit a record low for the fourth straight session on Thursday as concerns over the domestic economy and risk aversion globally raised fears of more capital outflows from Asia's third largest economy. At 12:51 PM, the rupee was at 54.2000/2050 per dollar, after hitting an all-time low of 54.30 in early trade. The partially convertible currency is down nearly 20 percent from its July high, with the...
09:12 AM, Dec 15, 2011
Finance Minister Pranab Mukherjee said, "The present economic downturn will be temporary and will soon take an upward movement." ...
11:44 AM, Dec 14, 2011
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