Page 39 - Economy

EU forecasts economic growth for the year, but inflation still painful

The European Union's executive branch has raised its economic growth forecast for the year, saying Europe will narrowly avoid a recession and has already passed its inflation peak as natural gas prices fall from astronomical highs. But the European Commission warned Monday that the high prices plaguing consumers will keep holding back the economy for months to come. Growth for 2023 should reach 0.8 per cent for the 20 EU countries that use the euro currency, the commission said in its winter economic outlook. That is an increase from 0.3 per cent expected in the last outlook from November. For the broader 27-nation bloc, growth was estimated at 0.9 per cent, also up from 0.3 per cent. Getting credit for the improvement was the high level of natural gas storage that has alleviated fears of energy rationing over the winter. European utilities and governments raced to line up new supplies after Russia cut off most natural gas deliveries to Europe amid the war in Ukraine. Prices for .

Bajaj Hindusthan Sugar posts net loss of Rs 58.36 crore in December quarter

Sugar major Bajaj Hindusthan Sugar Ltd on Monday reported a consolidated net loss of Rs 58.36 crore in the third quarter of this fiscal year on higher expenses. Its net loss stood at Rs 164.53 crore in the year-ago period. Total income rose to Rs 1,433.54 crore in the October-December quarter of 2022-23 financial year from Rs 1,261.33 crore in the corresponding period of the previous year, the company said in a regulatory filing. Bajaj Hindusthan Sugar posted a net loss of Rs 265.64 crore during the first three quarters of this fiscal year as against a net loss of Rs 327.26 crore in the year-ago period. Total income rose to Rs 4,301.24 crore during April-December period of this fiscal year from Rs 3,966.22 crore in the corresponding period of the previous year. Bajaj Hindusthan Sugar Ltd, which is part of the Bajaj Group (Kushagra), has 14 sugar plants, all located in Uttar Pradesh. The plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and .

Australia adds $300 mn funding to improve lives of Aus original inhabitants

Fifteen years after the Australian Parliament's historic apology to its Indigenous people for past wrongs, the government on Monday announced 424 million Australian dollars (USD 293 million) in new funding to improve the lives of Australia's original inhabitants. In 2008, a newly elected centre-left Labour Party government apologized to the Indigenous population for "laws and policies of successive Parliaments and governments that have inflicted profound grief, suffering and loss on these our fellow Australians. The focus of the apology was the so-called Stolen Generations 100,000 children who were taken from Indigenous mothers under assimilation policies throughout most of the 20th century. The apology was accompanied by the ambitious pledge to close the gap in life expectancies between Indigenous Australians and the wider population within a generation. Key measures of disparities between the Indigenous population and others have been tracked annually in Closing the Gap Reports

March heat to shape up wheat output this year in North India: Experts

A significant drop in per hectare yields of wheat for second year this year due to unusually high temperatures could have an impact on Centre's annual wheat procurement plan

Pakistan, IMF fail to reach common ground on $1.1 billion bailout loan

The $6 billion bailout package has been repeatedly stalled after former Pakistan prime pinister Imran Khan-led government reneged on subsidy agreements and failed on its tax collection commitments out

PM Narendra Modi should focus on people, not only on big projects

What must be even more confounding is how Indian leaders appear able to get away with budget math other politicians cannot, whether economically or politically

A coal-dependent India can't move to zero overnight: GE's Mahesh Palashikar

In a Q&A, the President of GE South Asia asserts that natural gas will bridge India's journey from coal to renewables, even as he points is massive potential in onshore wind energy

Cannot reboot SL's battered economy through painkillers: Wickremesinghe

Sri Lanka President Ranil Wickremesinghe on Sunday said he is fixing the debt-ridden country's economy by treating the "root cause" of the malaise and not by administering "painkillers", asserting that systematic change and national unity in conjunction with economic reforms are needed to achieve prosperity. President Wickremesinghe made these comments through a series of tweets a day after Sri Lanka celebrated its 75th Independence Day. Sri Lanka was hit by an unprecedented financial crisis last year due to a severe paucity in foreign exchange reserves that also sparked political turmoil in the island nation that led to the ouster of the all-powerful Rajapaksa family. I'm not treating the superficial condition with painkillers. I am treating the root cause of the malaise. Many of the decisions I have been compelled to take are unpopular, but because of these, no citizen will die in queues or starve, Wickremesinghe tweeted. From April to July last year, chaos reigned supreme in Sri

Don't bet against India, growth story to continue, say corporate leaders

No systemic risk to domestic financial system from recent events, they assert

Pakistan needs to enhance exports for sustainable economic growth: Minister

He said that Pakistan would get out of the economic swamp if it could elevate exports out of the indigenous resources from $32 billion to $100 billion in the next five to eight years

'Beyond imagination': Pakistan PM on IMF fund bailout conditions

Pakistan Prime Minister Shehbaz Sharif said on Friday the International Monetary Fund (IMF) was giving his country a "tough time" over unlocking stalled funding from a $6.5 billion bailout

Forex reserves at near 7-month high of $577 bn on spike in currency assets

Following a decline of $100 billion in its reserves from February to September of 2022, the RBI has over the last three months been replenishing its holding

Hits and misses: India's disinvestment strategy needs to mind markets

It is rare for the government to sell assets when prices and sentiment are high

No extension to lower withholding tax triggers concern among FPIs: Report

Currently, FPIs investing in government securities and corporate bonds avail concessional 5 per cent withholding tax rate

Budget 2023: Online gaming definition broad and vague, says IAMAI

IAMAI members have submitted their feedback to the ministry stating that the scoping of the rules has been done poorly and certain aspects need a major re-look

Budget 2023: Higher crude exploration drives non-tax revenue goal

The government lists receipts from licence fees for the right of exploration of oil and gas, as well as royalty on off-shore crude oil and gas production

Over 50% taxpayers may shift to new tax regime: Revenue secretary

"Goods and Services Tax (GST) growth is estimated at 12 per cent as we expect the economy to do better domestically. However, keeping excise and customs in mind, we lowered the overall target"

FPI outflows, Adani group's FPO cancellation sour mood for rupee

The domestic currency closed at 82.18 per US dollar as against 81.93 per dollar on Wednesday

G20 education working group likely to lead to university tie ups

Collaboration with Universities across the globe would be the major outcome of the deliberations at the Chennai Meet, Sanjay Murthy, Secretary Higher Education

Capex push, tax rationalisation: Brokerages give a thumbs-up to Budget 2023

Our equity strategists view the budget as positive for infrastructure and capex-sensitive sectors, says Goldman Sachs