SPENDING

  • Modi austerity drive, no new cars for ministers, PMO to monitor spending June 25, 2014

    New Delhi: In a move to probably bring in austerity in his government, Prime Minister Narendra Modi has asked all the ministers to refrain from buying new cars, said sources. Modi, whose working style had garnered headlines in less than a month of assuming office, has also asked the ministers to...
  • US economy contracts sharply, consumer spending revised down June 25, 2014

    Washington: The US economy contracted at a much steeper pace than previously estimated in the first quarter to record its worst performance in five years, but there are indications that growth has since rebounded strongly. The Commerce Department said on Wednesday gross domestic product fell at a 2.9 per cent annual...
  • India set to challenge US for election-spending record March 15, 2014

    New Delhi: Indian politicians are expected to spend around $5 billion on campaigning for elections next month - a sum second only to the most expensive US presidential campaign of all time - in a splurge that could give India's floundering economy a temporary boost. India's campaign spend, which can include...
  • 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...
  • World military spending dips in 2012; first since 1998 April 15, 2013

    Stockholm: Global military spending dropped in 2012 for the first time in more than a decade thanks to deep cuts in the United States and Europe which made up for increases in countries such as China and Russia, a leading thinktank said on Monday. Big powers the United States and...
  • US: Americans will be hard hit from forced spending cuts March 3, 2013

    It is the first day of forced spending cuts after US President Barack Obama signed the order on Saturday. The result of a failed alternative by Congress and the White House and the blame game by all parties means the average American will be hard hit. ...
  • US: Barack Obama signs spending cuts order March 2, 2013

    Washington: Despite his opposition to it, US President Barack Obama signed an executive order to begin $85 billion in spending cuts, which he said could see growth cut by over one-half of one per cent and cost about 750,000 jobs. Obama signed the order reluctantly after he and the Congressional...
  • Govt unveils new taxes on super rich in Budget 2013 February 28, 2013

    New Delhi: Finance Minister P Chidambaram unveiled a surge in spending on Thursday, despite expectations of an austerity budget to shore up the government's finances, imposing new taxes on the rich and large companies to fund a dash for growth ahead of an election due by 2014. The extent of...
  • Budget 2013-14: Chidambaram calls for tough spending choices February 28, 2013

    New Delhi: India must make tough spending choices, Finance Minister P Chidambaram said on Thursday, as he unveiled one of the most highly anticipated budgets of recent years. "Faced with a huge fiscal deficit, I have no choice but to rationalise expenditure. We took a dose of bitter medicine. It...
  • US: Barack Obama signs annual defence policy bill January 3, 2013

    Washington: US President Barack Obama has signed into law the annual defence policy bill, authorising $633 billion in defence spending for 2013. Obama in a signing statement said that he is doing so even as he has strong reservations on several provisions of National Defence Authorisation Act 2013. The White House...
  • Facebook prompts overeating, spending: Study December 16, 2012

    Washington: Facebook may lower one's selfcontrol and tempt him or her into excessive eating or spending, says a new consumer study. "Using online social networks can have a positive effect on selfesteem and wellbeing. However, these increased feelings of selfworth can have a detrimental effect on behaviour," says the joint...
  • Romney targets Obama, says words need to be backed by deeds October 9, 2012

    Republican candidate Mitt Romney on Monday sought to bolster his foreign policy credentials in a major speech just two weeks before the second presidential debate. Romney criticised President Barack Obama's handling of threats in the Middle East and spoke about how he intended to remedy the situation and the current foreign...
  • India, China consumer spending to triple by 2020: study October 3, 2012

    London: Consumer spending in emerging market powerhouses China and India is expected to triple by 2020 to a combined $10 trillion a year, potentially helping to boost economic growth and corporate profits in the developed world, researchers said on Tuesday. The study by Boston Consulting Group (BCG) is based on a...
  • Spain, Greece announce harsh budget cuts September 28, 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 flatlining economies to push for...
  • Romney hits Obama on looming 'fiscal cliff' September 16, 2012

    Belmont: Republican presidential candidate Mitt Romney accused President Barack Obama on Saturday of standing by while a looming budgetary calamity unfolds in Washington as he sought to regain his footing after a tough week on the campaign trail. Romney leaped into the debate over the "fiscal cliff," the potential for an...
  • Govt likely to announce spending cuts today September 15, 2012

    New Delhi: The government could announce spending cuts for the 2013 fiscal year on Saturday, although the size of the cuts was not immediately clear, two government sources said. Prime Minister Manmohan Singh will chair a meeting of top government economists to discuss India's fiveyear economic strategy and look at trimming...
  • F1 teams ask FIA for spending restrictions March 17, 2012

    Melbourne: Formula One teams have written to the sport's governing body asking for spending restrictions to cap spiraling costs. Last year, the teams mutually agreed to a Resources Restriction Agreement, but there has since been a split amid unresolved questions about whether Red Bull adhered to those agreed restrictions. A letter was...
  • IT sectors to see slower spending growth in 2012 January 5, 2012

    Bangalore: Worldwide IT spending is forecast to total $3.8 trillion in 2012, a 3.7 per cent increase from the previous calendar year, according to the latest outlook by technology researcher Gartner. In 2011, worldwide IT spending totalled $3.7 trillion, up 6.9 per cent from 2010 levels. Gartner has revised downward its outlook...
  • Online spending stays strong in early December December 12, 2011

    Washington, D.C.: Online spending remained strong in early December, a period that usually marks a lull in the US holiday shopping frenzy, comScore said on Sunday. For the week ending December 9, consumers spent $5.9 billion online, up 15 percent from the same period a year earlier, according to comScore,...
  • US vote in 2012 will be record, $6 bn election August 31, 2011

    Washington: Forget the struggling economy. There's one US industry, Big Politics, that is looking ahead to a record year in 2012. The US elections will be the most expensive ever, with a total price tag of $6 billion or even more, fueled by millions of dollars in unrestricted donations as Republicans...
  • US vote in 2012 will be record, $6 bn election August 31, 2011

    Washington: Forget the struggling economy. There's one US industry, Big Politics, that is looking ahead to a record year in 2012. The US elections will be the most expensive ever, with a total price tag of $6 billion or even more, fueled by millions of dollars in unrestricted donations as Republicans...
  • Spending cuts, police lay behind UK riot: locals August 8, 2011

    London: Anger at high unemployment and cuts in public services, coupled with resentment of the police, contributed to an explosion of violence and looting in a deprived London neighbourhood, residents said on Sunday. The riot in Tottenham, an area of sprawling north London that is home to many different ethnic groups,...
  • This Diwali try going green November 3, 2010

    This Diwali, some school children are showing the way on how to celebrate the festival of lights in an environment friendly way. ...
  • CWG organisers spend Rs 29 lakh on snacks April 11, 2010

    New Delhi: The Commonwealth Games Organising Committee has some sort of a Midas touch: Everything it touches becomes more expensive. The cost of constructing the venues for the Games has already gone up 250 per cent, from Rs 1,000 crore to over 2,400 crore. And the final accounting has not been...
  • Budget may skip task of cutting deficit February 20, 2010

    Mumbai: Anything less than a strong show of deficitslashing intent in the Budget, to be unveiled on February 26, is likely to disappoint investors. With its economy booming anew, India is wellpositioned to wean itself from aggressive deficit spending that risks driving up funding costs, crowding out private borrowing and scaring...
  • US passes biggestever defence spending bill December 20, 2009

    Washington: The US Senate approved a $636 billion military spending bill on Saturday that funds the wars in Iraq and Afghanistan and also includes money to extend jobless aid and Medicare payment rates for two months. By a vote of 8810, the Senate approved the bill and sent it to President...
  • Indians spend big on necessity, less on luxury November 3, 2009

    New Delhi: After a year of slowdown in the Indian economy the consumers are finally getting back to shopping malls. Sales are on an upswing, real estate is recovering and automobile companies have also reported higher sales. The 2009 festive season seems to have brought back the cheer among the consumers. Suraj...
  • Big spenders tend to marry big savers, study finds July 29, 2009

    New York: Frustrated by your spouse's spending habits? It might be why you married them, according to a working paper titled Fatal (Fiscal) Attraction by professors of the Wharton School of Finance and Northwestern University. "Surveys of married adults suggest that opposites attract when it comes to emotional reactions toward spending," Wharton's...
  • Pak won't change Indiaspecific defence spending June 8, 2009

    Islamabad: Pakistan says it is unable to change its Indiaspecific pattern of defence spending because it believes its neighbour is acquiring modern weapons and systems. "If you are suggesting that we should take something out of here and put it in another box that would not be a wise strategy. War...
  • Gen Next on spending spree, won't buy recession news June 4, 2009

    Bangalore: This could be the silver lining given the economic slowdown and it is coming from Gen Next, who are just not buying the bleak news of recession. What they are buying is whatever they can get their hands on. A new survey finds that in Bangalore, the Generation Next...