Page 2782 - Business Finance
Stocks may open higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 33 points at the opening bell.
Global Markets: Asia shares inch up with yuan, wary on Sino-U.S.talks
SYDNEY (Reuters) - Asian share markets crept cautiously higher on Monday as investors awaited developments on proposed Sino-U.S. trade talks and the Chinese yuan rallied away from dangerous lows.
Greece bailout ends, Grexit avoided
Greece has successfully completed a three-year eurozone bailout programme designed to help it cope with the fallout from its debt crisis.
Wall Street Week Ahead: Chinese internet stock sell-off may shake faith in FANGs
SAN FRANCISCO (Reuters) - A steep downturn in heavyweight Chinese internet stocks and recent weakness in half of the so-called FANG group have some investors worried that a key component of Wall Street's near-decade long rally may be low on fuel.
GST implementation an example of tax terrorism: Chidambaram
Former Union Finance Minister P. Chidambaram on Sunday attacked the Modi government on the falling value of rupee and said the manner of implementation of the GST is an example of tax terrorism.
Analysis: With recession looming, Argentina's Macri lacks options to defend peso
BUENOS AIRES (Reuters) - With interest rates sky-high and the economy heading for recession, Argentina's President Mauricio Macri is running short of options to stem a slide in the peso, economists say, leaving the battered currency at the mercy of volatility in emerging markets.
South Korean swaps bitcoins for 2 mln euros in fake notes
The deal sounded murky from the start: in exchange for bitcoin worth two million euros (USD 2.3 million), the wealthy buyer would hand over the equivalent sum in cash in a luxury hotel on the French riviera. The seller, a South Korean businessman with a company specialised in the crypto-currency in Singapore, accepted the proposition nevertheless and met the Serbian buyer in July. But once the transaction was completed in a hotel in the city of Nice, the South Korean realised the 500-euro notes he had been handed were crude, photocopied fakes, police sources told AFP. After the victim filed a criminal complaint at the end of July, the Serbian man was arrested at a top-end hotel in the glitzy town of Cannes in the south of France, apparently living the high-life with a luxury car and a 100,000-euro watch. After appearing in court, he was remanded in custody on charges of fraud and being part of a organised crime network, his lawyer Gerard Baudoux told AFP on Sunday. Police are still ..
Economy transformed under Modi, Cong creating 'mirage' of growth: BJP
Hitting back at Congress over its claim of highest growth rate during UPA rule, the BJP today said India has transformed from "fragile five" economies to "fabulous few" investment destinations under Prime Minister Narendra Modi-led dispensation, adding the previous government was trying to create a 'mirage' of growth. "Headline figures do not subvert the fact that Congress-led UPA rule was marked by reckless lending, macro-economic instability, high inflation, policy paralysis and highest corruption," BJP spokesperson Sambit Patra said. Patra was responding to former Finance Minister P Chidambaram's assertion that Congress-led UPA-1 and UPA-2 governments delivered the highest decadal growth since Independence. Chidambaram made the claim citing the back series data on GDP prepared by the Committee on Real Sector Statistics constituted by the National Statistical Commission. Countering Chidambaram, Patra alleged he was known for "jugglery" of numbers, and that Congress was trying to ..
UPA policies to promote growth led to macro instability: Jaitley
Union Minister Arun Jaitley today said policies of the UPA to promote growth led to macro-economic instability, as he joins the debate over the back series data indicating better economic performance during the Manmohan Singh government. During the UPA regime, "fiscal discipline was compromised and the banking system was advised to go in for reckless lending notwithstanding the fact that it would eventually put the banks at a risk. And yet when the UPA moved out of power in 2014, the last three year record, even in terms of growth, was less than modest," Jaitley said in a Facebook post. A debate is taking place over the National Statistical Commission (NSC) sub-committee's estimates of GDP growth series with 2011-12 base. As per the back series data on GDP, Indian economy clocked a 10.08 per cent growth rate in 2006-07 under the then Prime Minister Manmohan Singh, the highest since liberalisation of the economy in 1991. "The policies of the UPA to promote growth led to macro ...
India did better under UPA, says Chidambaram targeting Modi govt on economy; BJP hits back
The Congress-led UPA-1 and UPA-2 governments delivered the highest decadal growth since Independence, former finance minister P Chidambaram claimed today as he took a dig at the current dispensation saying not one but "three finance ministers" were handling the economy. The average growth rate under the UPA-1 government was 8.87 per cent, during which it also clocked double digit growth of 10.08 per cent in 2006-07, while under UPA-2 it was 7.39 per cent, he said, citing gross domestic product (GDP) data released by the statistics ministry. The BJP promptly retorted claiming the UPA years were marked by rising inflation and current account deficits while the Modi government had turned the situation around. Addressing a press conference at the Congress office here, Chidambaram said, "UPA 1 and UPA 2 delivered the highest decadal growth of 8.13 per cent at factor cost since Independence. It is also a matter of record that during this period 140 million people were lifted out of ...
Back series GDP data not official estimates: Statistics Ministry
In the light of a controversy over back series GDP numbers published this week showing that the Indian economy performed better during previous UPA rule, the government said on Sunday that these are "not official estimates" and that the official data would be released later.
French audit warns 840 bridges may face risk of collapse
An audit commissioned by the French government says about 840 French bridges are suffering from serious damage and at risk of collapse in the coming several years. President Emmanuel Macron's government had already promised new infrastructure spending, but is coming under new pressure after Tuesday's bridge collapse in neighbouring Italy that killed 43 people. The audit, published Sunday by the Journal du Dimanche newspaper, says a third of the 12,000 government-maintained bridges in France need repairs. About seven per cent, or about 840 bridges, present a "risk of collapse" in the coming years if spending is kept at current levels, the audit says. The audit doesn't address thousands of other French bridges maintained by private companies or local authorities, which have seen budget cuts in recent years. The government released a summary of the audit last month, blaming previous administrations for inconsistent and inadequate road funding, and saying the growth of traffic and ...
GDP back series data unofficial estimates: Centre
The Ministry of Statistics and Programme Implementation (MoSPI) on Sunday said that the recently released back series data on the Gross Domestic Product (GDP) of the country are not official estimates.In a press statement, the MoSPI clarified that the data was only meant to help the ministry in taking a decision on using a suitable approach to generating the new back series of GDP data. In May 2017, the Central Statistics Office (CSO) had revised the base year of the GDP and the Index of Industrial Production (IIP) to 2011-12 from 2004-05.The MoSPI said that five committees were constituted by the National Statistical Commission (NSC) to examine the issues faced by the various sectors of the economy and to suggest measures needed to tackle them. These committees held discussions with experts and after finalising their reports, presented them to the NSC in July 2018. The NSC had then "decided to place these reports on the website of MoSPI for wider consultation."One of those ...
UPA I, UPA-II delivered highest decadal growth: Chidambaram
Former Union Finance Minister P. Chidambaram on Sunday said that back series calculation of GDP proved that UPA I and II governments led by the Congress (2004-2014) delivered the highest decadal growth of 8.13 per cent since independence.
We've cleared our dues, says Kangana on real-estate controversy
Rejecting the claims of a real estate broker, Actress Kangana Ranaut says she has cleared all her dues and despite this she is being harassed.
Mario Blejer to interview for Israeli central bank's top job
JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu and Finance Minister Moshe Kahlon plan to interview former Argentinian central bank chief Mario Blejer on Sunday for the post of Bank of Israel governor, a Finance Ministry spokeswoman said.
Peak power deficit in April-July at 0.9 pc: CEA
India is still not power surplus as envisaged because peak power deficit in April-July was 0.9 per cent, while overall electricity deficit stood at 0.6 per cent during the 4-month period this fiscal. As much as 170.76 GW electricity was supplied during peak hours against the demand of 172.38 GW during April-July this fiscal, resulting in a deficit of 0.7 per cent, as per the Central Electricity Authority's (CEA) latest power supply data. According to the CEA data, overall 433.48 Billion Units (BU) of electricity were supplied against the demand of 436.14 BU during the 4-month period, which indicated a deficit of 0.6 per cent. The CEA has pegged energy and peak power surplus at 4.6 per cent and 2.5 per cent, respectively, in 2018-19 in its load generation balance report (LGBR), which indicates that India will be a power surplus country in 2018-19. Last year, the CEA had also projected that India would become a power surplus nation in its LGBR. "All India power supply position indicates
UPA-1 & UPA-2 cloaked highest decadal growth since Independence: Cong
The Congress-led UPA-1 and UPA-2 governments delivered the highest decadal growth since Independence, former Finance Minister P Chidambaram said today while taking a dig at the current dispensation alleging that three finance ministers are handling the economy at present -- a de-facto, a de-jure and an invisible one. The average growth rate under the UPA-1 government was 8.87 per cent, during which it also cloaked double digit growth rate of 10.08 per cent in 2006-07 and under the UPA-2 dispensation, it was 7.39 per cent, he said, citing data on gross domestic product (GDP) released by the Statistics Ministry. Reacting to the claim, BJP spokesperson Sambit Patra said the data was not official and that it had not been accepted by the government yet. "It seems whenever the Congress party is unable to succeed, it starts celebrating its failures. (During the UPA regimes) Inflation was rising and they were unable to check current account deficit, whereas under the Narendra Modi government .
Economy not in very competent hands: Chidambaram
Former Union Finance Minister P. Chidambaram on Sunday said the nation's economy under the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government is on a downward trend and added that it is "not in very competent hands."Addressing a press conferene, Chidambaram said, "I have repeatedly said that the management of the economy is not in very good hands, and I have also said that under Dr Manmohan Singh, the management of the economy was under more competent hands."The former finance minister compared several economic aspects under the two NDA governments and the two United Progressive Alliance (UPA) governments that have been in office since 1999.Chidambaram highlighted that the average growth rates under the two UPA governments were at 8.36 and 7.68 per cent, while the same under the two NDA governments were 5.68 and 7.33 per cent respectively.He further said that the UPA-I and UPA-II governments delivered the highest decadal growth of 8.31 per cent, since ...
Anarock clocks Rs 100 cr revenue in FY18; aims over two-fold jump this fiscal
Homegrown property consultant Anarock has recorded Rs 100 crore revenues last fiscal, the first year of operation, and aims to more than double it in 2018-19, its founder and Chairman Anuj Puri said. The company has hired about 1,500 employees so far, and plans to reach 2,000 headcount by end of this fiscal, he added. After quitting global property consultant JLL India in February last year, Puri decided to set up his own venture and bought JLLR, the residential brokerage arm of JLL where he served as chairman and country head for 10 years. Few months later in June, he renamed the company as Anarock Property Consultants. "We have achieved Rs 100 crore revenues during 2017-18 fiscal as envisaged by us. Now, we have set a target of Rs 225 crore revenues in the current fiscal year," Puri told PTI. The company will hire more people and set up offices in new cities to expand presence and tap huge opportunities in India's housing brokerage market estimated at about Rs 18,000 crore, he ...