Economy News - Page 17

Govt may instruct RBI to contain inflation in monetary policy

With Congress President Sonia Gandhi citing inflation as one of the reasons for the party's poor performance in state polls, the government may signal RBI to maintain its priority to containing price rise in the monetary policy on 15 March.

RBI asks banks to use credit info for corporates

Noting that banks are using credit bureau information for lending to retail investors, Sinha pointed out that this is less used in case of corporate accounts now.

Oil falls on Iran talks, economy worries

Oil, global equities and the euro came under pressure from worries about a global growth slowdown and uncertainty over whether enough investors would participate in a Greek debt restructuring to enable it to avert a default.

IIF sees 1 trillion euro fallout from Greek default

The IIF wants bondholders to sign up by a Thursday deadline for a bond swap deal aimed at saving Greece more than 100 billion euros and putting the country on a more stable footing.

Despite India's export ban pressure mounts on global cotton prices

India stopped cotton exports with immediate effect on Monday to ensure supplies for domestic mills, boosting global prices some 4.5 percent as the absence of shipments from the world's second-largest producer might tighten a market facing weak demand.

Narayanasamy assures action on MSME grievances

Union Minister of State in the PMO V Narayanaswamy Monday assured the micro, small and medium entrepreneurs (MSME) here that he would look into their problems particularly bank-related and raw material issues with the concerned ministries.

India's organised sector to create 16 lakh jobs this year

Reflecting positive hiring trends, an estimated 16 lakh new jobs could be created in the country's organised sector this year, as per a survey report.

Will govt back private cos' farm land buy abroad?

Indian government likely to extend sovereign support to private companies' acquisition of farm land abroad.

EGom to discuss vacation of spectrum today

The Telecom Ministry wants that the Information and Broadcasting Ministry, Defence Ministry and Space Department should vacate the spectrum which has been lying unused so that additional airwaves can be made available to telecom operators.

Tax evaders pay penalty of Rs 15 crore in Apr-Dec

Tax officials said the four-fold increase in collection of tax penalty could be achieved due to frequent tax surveyes on premises of traders by enforcement teams.

China manufacturing sees gains in February

The February figure was likely boosted by seasonal factors, namely the lack of a major holiday.

Decision on duty hike for imported power equipments deferred

In February 2010, a high-ranking government body, had recommended imposition of a 10 percent import duty on all imported power gears, mainly targeted at curbing imports from China.

January exports up 10 percent, creates trade deficit of $14.8 billion

Indian exporters enjoyed record growth last fiscal year, but have struggled in recent months in the face of sluggish growth in the United States and financial turbulence in the European Union, India's biggest trade partner.

CRR cut will allow banks to lower interest rates: SBI

Cash Reserve Ratio (CRR) is the portion of deposits which banks are required to keep with the Reserve Bank.

Iran to accept gold payment from trading partners

Significant difficulties in making dollar payments to Iranian banks have forced Iran's trading partners to look for alternative ways to settle transactions, including direct barter deals.

Brent snaps 2-day loss, rises above $122 on hopes of ECB loans

Brent is recovering from a fall, and is poised to rise more than 10 percent this month, the highest monthly gain since February 2011, on concerns over Iranian supplies.

RBI to meet bankers today to discuss rising bad loans

Governor D Subbarao had announced that the regulator would be meeting bank chiefs to take stock of the rising NPAs which had hit banks' bottom lines in the third quarter.

Poor infra, slow green certificate harming coal output: Jaiswal

Jaiswal said not opening the coal sector in the early 90s was a missed opportunity to meet the country's energy needs.

Greece to vote on tough salary, pension cuts

The parliamentary vote comes a day after the Standard & Poor's ratings agency downgraded Greece's credit rating to "selective default" over a debt writedown deal with private creditors that is an integral part of the second bailout.

January infrastructure output up 0.5 percent - Government

During April-January, the first 10 months of the current 2011/12 financial year, the output rose 4.1 percent, compared with an annual rise of 5.7 percent a year ago, data showed.

Soaring oil prices weaken rupee by 12 paise

According to dealers month-end dollar demand from importers mainly oil refiners affected the rupee value against the dollar.

S Korea's main opposition demands economic democracy

Lee Yong-sup, head of the left-of-centre party's policy committee, told Reuters in an interview that it also planned to boost spending on the poor with higher taxes on the rich.

Govt may use 25% disinvestment proceeds to revive sick units

The government, according to sources, is likely to take some decision in the forthcoming Budget in this regard.

Berkshire has identified Buffett successor

In a letter Buffett made it clear that there is a chosen replacement for him now rather than a list from which the board could pick.

Qualcomm likely to get license for broadband services

The Department of Telecom (DoT) informed the telecom tribunal TDSAT today that it was ready to accept the offer of Qualcomm with some minor modifications.

RBI to meet banks to discuss bad loans, restructuring

The Reserve Bank of India will meet banks on 29 February or 1 March to discuss the bad loans situation in the banking industry, Deputy Governor KC Chakrabarty said on Friday.

Ahluwalia says C/A deficit has to be capped

The current account gap is projected to widen to 3.6 percent of GDP from 2.7 percent a year ago, according to estimates released by the PMEAC.

European bank bonus cuts mask basic pay hikes

A string of banks have grabbed headlines with big reductions in handouts to staff for 2011.

EGoM to discuss changes in natural gas policy tomorrow

The EGoM meeting tomorrow may consider changes in gas allocation in view of a sharp drop in output from RIL's eastern offshore KG-D6 block.

China following Japan's stagnation pattern - lawmaker

Chinese government statistics show that the proportion of the population aged between 15 and 64 fell to 74.4 percent in 2011, the first fall in a decade.