World Economy

Need to revive global economic confidence, says PM Modi

Need to revive global economic confidence, says PM ModiBrisbane, Nov 15 : Prime Minister Narendra Modi on Saturday called for the revival of global economic confidence, adding that developing countries like India are vying for a faster trajectory of growth.

"The Prime Minister said there is a need for a stable political and economic environment to achieve our goals because several countries are like India, that is, those wanting to go in a faster trajectory of growth. The international environments through organisations or groups like the G-20 can support this effort," Ministry of External Affairs official spokesperson Syed Akbaruddin told the media.

Sunil Mittal to co-chair World Economic Forum on Africa

Sunil-MittalNew Delhi, May 6 : Bharti Entreprises' founder and chairman Sunil Bharti Mittal will co-chair the World Economic Forum on Africa beginning Wednesday in Nigerian capital Abuja. The Forum will focus on sustainable healthcare and service delivery.

The event is taking place in the backdrop of significant economic growth, progress in reducing poverty in most parts of sub-Saharan Africa. This year's programme is built on three pillars - accelerating society's transformation, deepening investment partnerships and redesigning growth models.

Chidambaram heads to Davos for World Economic Forum meeting

ChidambaramNew Delhi, Jan 22 : Finance Minister P.  Chidambram has on a four-day official visit to Davos, Switzerland, to attend a meeting of the annual World Economic Forum (WEF).

The meeting is being held from January 21 to 24.

During his stay in Davos, Chidambaram will meet with world industry leaders, investors and entrepreneurs from around the world.

He also will be attending sessions on 'The India Outlook', 'The Path to Regulatory Reform', 'Bricks in Midlife Crisis', 'Rethinking Financial Governance and the Role of Financial Services in Society and India' and 'Renewing Partnerships, delivering Growth' among others.

Global economic growth to strengthen, IMF

Global economic growth to strengthen, IMFChristine Lagarde, the head of the international Monetary Fund, has said that the global economic growth is expected to rise in the coming year.

She noted that the growth in the global economy was strengthening but also warned that the growth still faces risk from deflation.  The IMF managing director did not announce the forecasts from the global institution ahead of the Fund's official forecasts that are expecte3d next week.  She pointed out that the global economic growth remains below 4 per cent per year indicating that it faces risks form deflation.

World Bank sets poverty reduction targets

Jim-Yong-KimWashington, Oct 10 : In efforts to end extreme poverty worldwide, the World Bank has set an interim target to reduce global poverty to nine percent by 2020, announced World Bank President Jim Yong Kim here.

"Setting this target reminds that we are on the cusp of something historic, ridding the world of the scourge of people living in such abysmal conditions," Kim said Wednesday on the eve of the 2013 Annual Meetings of the World Bank Group and the International Monetary Fund.

'Global economy prospects downgraded'

Global-economyLondon, Aug 3 : World economy was predicted to grow by 3.1 percent this year as prospects for the global economy have worsened since early May, according to a forecast of the London-based National Institute for Economic and Social Research (NIESR).

Dawn Holland, NIESR principal research fellow, told a press conference Friday: "We are looking at a weak and struggling global economy. We are forecasting 3.1 percent GDP growth in 2013, more or less the same as we saw in 2012."

G-20 officials to tighten global tax laws

G-20 officials to tighten global tax lawsGovernment officials form the leading economies of the world will call for stricter rules for regulation of taxes in the global economy.

Economic officials are expected to agree to stricter global tax laws and even discuss steps taken by countries to protect selective industries by tax breaks. A 40-page work plan has been prepared and is expected to be endorsed by the G20 in Moscow. The new plan would help in shaping the new international tax system in order to facilitate fair operations by global companies.

US to launch talks on free trade in environmental goods and services

Barack-ObamaWashington, June 26 : The United States will launch negotiations toward global free trade in environmental goods and services, including clean energy technology, for a low-carbon world economy, President Barrack Obama has announced.

Also, the US will stop public financing for new coal plants overseas -- unless they deploy carbon-capture technologies, Obama said unveiling an aggressive climate change strategy that would limit pollution from existing coal-fired power plants.

World Bank president calls for ending extreme poverty

Jim-Yong-KimWashington, April 3 : World Bank President Jim Yong Kim has called for global action toward ending extreme poverty by 2030 and improving the lives of most vulnerable people in the developing countries.

"Now is the time to commit to ending extreme poverty," Kim said in a speech at Georgetown University Tuesday.

To reach the goal, the global extreme poverty rate will have to be brought below 3 percent by 2030, Xinhua quoted Kim as saying.

Global business optimism points to growth in 2013

Global business optimism points to growth in 2013London, March 19 : The latest global business outlook survey released by Markit revealed rising business confidence pointing to an economic upturn across the world.

Confidence among businesses across the world has revived from the post-financial-crisis low seen in the latter half of 2012, with expectations of revenue, new business, and business activity all rising to their highest since the beginning of last year.

Weekly Economical Data by KediaCommodity

Key Developments - International
Kuroda Confirmation Flags More Stimulus Even As Japan Upgrades Economic View: The upper house of Japan's Parliament endorsed Haruhiko Kuroda as the governor of the Bank of Japan, clearing the way for the long-term central bank critic to officially take charge of the top post. His confirmation has cemented expectations that the central bank will soon embark on aggressive monetary easing to beat deflation. The markets are betting on a move as early as next month. Kuroda holds the view that the policy easing conducted by the BoJ has not been enough to achieve the 2 percent inflation target. The new leadership is in favor of further monetary easing and purchase of longer term bonds to address part of the current economic woes.

BRIC economies top agenda of corporate governance summit

Toronto, Feb 26 - The role of BRIC (Brazil, Russia, India and China) economies in the new global order tops the agenda of this year's global summit on corporate governance being held here in June.

The three-day summit will be held from June 7, the organizer International Corporate Governance Network (ICGN) said here Thursday.

With over 450 leaders in corporate governance in 45 countries as its members, the ICGN aims to raise standards of corporate governance worldwide. Most of its members are institutional investors with management of funds to the tune of $9.5 trillion under them.

Under 'The Changing Global Balances,' the summit will debate the importance of good corporate governance after the global meltdown triggered by corporate greed.

Mining in Australia to boom in coming years

Mining in Australia to boom in coming yearsThe two major Asian countries, India and China have definitely helped the world a lot in coming out of the recessionary period, especially when the developed countries were down and were with lower consumption.

The demand for commodities in China and India is increasing and the increased demand has led to a surge in the mining activity of Australia, claimed the central bank of Australia. The Reserve Bank of Australia also stated that the surge could last for about 15 years or even more.

2009 drop severest in Dutch economy since 1931

2009 drop severest in Dutch economy since 1931The Central Bureau of Statistics (CBS) reported on Friday that the Dutch economy shrank 4 per cent in 2009. This is the highest drop ever measured by CBS and The Netherlands' worst since

1931. The 2009 downturn surpassed the previous record drop of 3.6 per cent in 1931 during the world depression. The worst economic drop in the post-World War II era was 1.2 per cent in


The economy dropped 2.2 percent in the last three months of 2009.

US can ignore the EU and still access SWIFT data, commission says

US can ignore the EU and still access SWIFT data, commission saysDue to the  SWIFT agreement ,The United States could still access European Union citizens' bank transfer data by cutting deals with individual European governments, despite a European

Parliament rejection of this practice. SWIFT agreement allowed the United States to analyses EU citizens' bank transfers for anti-terrorism investigations, and then provide EU

governments with intelligence on suspicious transactions.

Germany falters in recovery

Germany falters in recoveryGermany reported flat GDP numbers in the fourth quarter. Europe’s largest economy stagnated amid declined consumption & investment.

Only the exports were seen in positive territory as per the data published by the Federal Statistical Office. The gross domestic product remained flat on a sequential basis in the fourth quarter, after a 0.7% rise in the previous three months. The main contributing factors were the negative numbers for final consumption expenditure and capital formation as they slowed down economic growth.

India's will grow in uneven manner, says US strategic think tank

Washington, Jan 22 - Calling India a "a country of endless unrealised potential," a strategic think tank has suggested that in the 2010s it "will grow, but in a wildly unpredictable and uneven manner" leaving "fantastic expectations" unrealised.

"India has always been a country of endless unrealised potential, and it will remain so in the 2010s," said Stratfor, which calls itself a global intelligence agency, suggesting the decade ahead would not be a period of decisive change for the world.

Brazil eyes 1.6 mn new jobs in 2010

Brasilia, Jan 22 - The Brazilian economy will grow by 5.2 percent this year which would help create 1.6 million new jobs, an official said.

Brazil's Finance Minister Guido Mantega Thursday offered the latest forecast in a Cabinet meeting chaired by President Luiz Inacio Lula da Silva.

Mantega raised the forecast for economic growth from five to 5.2 percent. He said 1.6 million new jobs will be created in 2010.

Brazil has already pulled out of the recession caused by global financial crisis and is likely to attract substantial foreign investment in 2010, despite it's being an election year, Mantega said.

Global economy to grow 2.7 percent in 2010: World Bank

Washington, Jan 21 - The global economy is poised to grow 2.7 percent this year, but the recovery will be slow as the impact of fiscal stimulus wanes, the World Bank has said in a report.

The Global Economic Prospects 2010 report released Wednesday said the recovery "that is now underway will slow later this year as the impact of fiscal stimulus wanes."

It said the global economy shrunk 2.2 percent in 2009.

Financial markets remain troubled and private sector demand lags amid high unemployment. However, the economy is expected to grow 3.2 percent in 2011, Xinhua reported.

"Overall, these are challenging times," said Justin Lin, World Bank chief economist and senior vice president.

Canadian dollar hits a new high

Toronto, Jan 15 - The Canadian currency hit a new high Thursday, rising to a three-month high against the US dollar.

Supported by steady commodity prices, the loonie - as the Canadian dollar is called - rose as high as 97.61 cents US. The loonie, which is expected to reach parity with the US dollar any time this year, has gained as the greenback has slipped on poor US retail sales data.

Since sinking to 77 cents US in March 2009, the Canadian loonie has risen more than 20 percent agaisnt the US dollar. The loonie almost reached parity with the greenback in October last when it touched 98 cents US Oct 14.

But it retreated on fears of government intervention as the rising currency was - and is - harmful to the country's recession-hit manufacturing sector.

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