Economy

IMF supports PM Modi's 'demonetization' move in fight against corruption

Washington D.C. [U.S.], Nov. 11 : International Monetary Fund (IMF) has supported Prime Minister Narendra Modi's efforts to fight corruption by demonetizing 500 and 1000 rupees notes but cautioned that the move has to be managed prudently.

IMF spokesman Gerry Rice told reporters in Washington that the global body supports Modi government's measures to fight corruption and illicit financial flows in India.

He, however, said that the move has to be managed prudently to minimize possible disruptions keeping in mind the large role of cash in everyday transactions in Indian economy.

United States: 
People: 
News: 

Jordan, US sign $787 mn grant agreements

Washington, Oct 24 : Jordan and the United States signed four grant agreements under which the US will provide the Arab country with $786.8 million for 2016, a minister told a press conference on Sunday.

Minister of Planning and International Cooperation, Imad Fakhoury appreciated the aid as timely and said it will help support Jordan's budget and reduce pressure caused by nearly 1.4 million Syrian refugees in Jordan displaced by war, Xinhua news agency reported.

Around $100 million will be dedicated to support the Red-Dead Canal project, a major water project that will make fresh water available in Jordan and help protect the Dead Sea, said Fakhoury.

United States: 
News: 

Focus on future to stop impulsive use of credit card

New York, Aug 7 : Are you not able to save money because of an impulsive urge to use credit cards? If yes, you need not necessarily have to cut up your card as new research suggests that focusing more on the future may help you reduce impulsiveness and make better financial decisions.

Simple visualisation and writing exercises designed to help people create vivid, detailed mental pictures of their future helps them to improve their financial behaviours and ultimately their lives, the study said.

"Our results suggest that by helping people to create vivid, detailed mental pictures of their future, we may be able to help them take better financial decisions," said Sarah Newcomb, Behavioural Economist at Chicago-based investment management firm Morningstar.

United States: 
News: 

Hillary Clinton says her economic plan would create 10 mn jobs

Washington: Hillary Clinton on Saturday said her economic plan would create 10 million jobs in the US while that of Donald Trump would cost three and half million jobs as the Democratic presidential nominee underlined her Republican rival is not offering "real change" but "empty promises".

"My plans would create millions more jobs than Trump's," Clinton said at an election rally in Johnstown, Pennsylvania. "In fact, under my plans, the economy would create at least 10 million jobs in our first term," she added.

United States: 

US dollar ticks up amid upbeat data

New York, July 8 : The US dollar gained against most other major currencies on Thursday as investors digested a batch of positive economic reports.

In late New York trading, the euro fell to $1.1055 from $1.1104 in the previous session, and the British pound declined to $1.2900 from $1.2922 in the previous session, Xinhua news agency reported.

The Australian dollar decreased to $0.7477 from $0.7517.

The US dollar bought 100.76 Japanese yen, lower than 101.39 yen of the previous session.

The US dollar rose to 0.9790 Swiss franc from 0.9743 Swiss franc, and it climbed to 1.3017 Canadian dollars from 1.2956 Canadian dollars.

United States: 
News: 

World Bank cuts 2016 global growth forecast to 2.4pc

Washington, June 8 : The World Bank has lowered its forecast for the global growth in 2016 to 2.4 per cent, saying that the world economy is facing stronger headwinds.

In its Global Economic Prospects Report released on Tuesday, the Washington-based institution expected the world economy to grow 2.4 per cent in 2016, 0.5 percentage point lower than the bank's forecast in January, Xinhua news agency reported.

"Although the global financial crisis is now seven years behind us, the world economy is still struggling to regain momentum," said Kaushik Basu, chief economist at the World Bank.

United States: 
News: 

US charity raises USD 60,000 for maternal, infant care in India

Houston: The American branch of a charitable organisation founded by an Indian has collected over USD 60,000 to be spent on works towards putting an end to maternal and infant mortality in India.

Save A Mother-Houston Chapter, that works to decrease maternal and infant mortality in India, held an event here to raise funds around Mothers Day and collected over USD 60,000 out of which a little over USD 11,000 was raised from attendees during live pledges in less than six minutes.

United States: 
News: 

Saudi Arabia threatens to liquidate 750 billion dollars worth of U.S. assets

New York, Apr. 21: Saudi Arabia has threatened to liquidate 750 billion dollars worth of U. S. Treasury holdings if Congress goes ahead and approves a bill that strips Riyadh of its immunity against private lawsuits relating to 9/11 attacks.

The objective of the bill is to allow 9/11 victims to sue the Saudis for their alleged involvement and financing of the infamous mass murder.

If the Saudis lose their immunity, their U. S. Treasury holdings can be frozen or confiscated by courts in America, and the only way to prevent it, would be to sell them at any price.

United States: 
News: 

Economic slump worries as IMF, World Bank pledge action

Washington: World finance ministers pledged to boost growth today at IMF and World Bank Spring Meetings tainted by lingering worries about the dragging global economy and hints of discord.

Pounding home the message that each country needs to take action to ramp up growth, and following another week of relative calm in financial markets, the IMF leadership said they were "positive" about the outlook, even as they warned of high risks.

Yet with a rising number of developing countries approaching the two powerful institutions for support to deal with the plunge in commodity markets and tighter credit, there was no clear response to calls to organize an international backup plan if growth begins to stall again.

United States: 
News: 

India has potential to do better than 7.5%: FM Jaitley

Washington: India has the potential to grow at a faster pace on the back of healthy monsoon rains, Finance Minister Arun Jaitley has said.

The minister, who is on a 10-day visit to the United States, spoke at an event organised here on Wednesday by the American think- tank Carnegie Endowment for International Peace.

"On 7.5 percent by global standards or by world standards, in the current situation are we doing well? The answer is Yes. But by our own requirement standards are we doing well enough? I think, we can do better," Jaitley said at the event.

United States: 
People: 
News: 

India remains bright spot in global economy: Christine Lagarde

Washington: With strong growth and rising real income, India remains a bright spot in the global economy, IMF chief Christine Lagarde said on Tuesday.

In her major policy address, Lagarde said overall, the global outlook has weakened further over the last six months ? exacerbated by China's relative slowdown, lower commodity prices and the prospect of financial tightening for many countries.

Emerging markets had largely driven the recovery and the expectation was that the advanced economies would pick up the "growth baton".

"That has not happened," the International Monetary Fund (IMF) Managing Director said in her address 'Decisive action to secure durable growth' at Goethe University, Frankfurt in Germany.

United States: 
News: 

Global ad spend to reach $561 bn

Washington : The global advertising spend is expected to increase by 4.4 percent to $561 billion this year, with mobile being the prime driver of online growth going forward, says marketing intelligence firm Warc.

However, despite the rapid gains being made by mobile spend, the report forecasts that overall global ad spend growth will slow to
3.7 percent next year, with almost all regions witnessing a slowdown.

United States: 
News: 

US dollar rises

New York, March 24 : The US dollar increased against most major currencies as several Federal Reserve officials signalled an interest-rate hike as early as next month.

In late New York trading on Wednesday, the euro fell to $1.1184 from $1.1212 of the previous session, and the British pound dropped to $1.4115 from $1.4201, Xinhua news agency reported.

The Australian dollar went down to $0.7528 from $0.7615.

The US dollar bought 112.41 Japanese yen, the same as the previous session.

The dollar increased to 0.9749 Swiss franc from 0.9730 Swiss franc and inched up to 1.3206 Canadian dollars from 1. 3047 Canadian dollars.

United States: 
News: 

World Bank Group's Compliance Audit slams IFC

Washington, Jan. 19 - The CAO has held the IFC, the private lending arm of the World Bank Group responsible for repeated violations and blatant non-compliance with its own Performance Standards in its investment in the GKEL project.

The investigation asserted four Standards were repeatedly breached, despite sufficient and timely evidence to carry out compliance measures. Furthermore, IFC continued regular disbursements even when its own E&S Team downgraded the Environment & Social Risk Rating to the lowest denominator of 4, which is unsatisfactory.

United States: 

US opens all jobs in combat units to women

Washington D.C., Dec. 4 - US Defense Secretary Ashton Carter has announced a landmark decision that he is opening all jobs in combat units to women.

According to The Washington Post, for the first time in the US, female service members will be allowed to join the country's most elite military forces.

Women will now be eligible to join the Navy SEALs, Army Special Forces and other Special Operations Units. It also opens the Marine Corps infantry, a battle-hardened force that many service officials had openly advocated keeping closed to female service members.

Carter made it clear that there are going to be no exceptions.

Carter's announcement caps three years of experimentation at the Pentagon and breakthroughs for women in the armed services.

United States: 
News: 

Pages