Impacted by the global economic meltdown, the Indian economy has clocked slowest quarterly growth in over five years, at 5.3 per cent, in October-December of this fiscal as agriculture and manufacturing contracted, despite a stimulus package. Against the whopping 8.9 per cent growth in the same period a year ago, economists said it is now the Reserve Bank's turn ... [full story]
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- Thailand's economy shrank more than expected in the fourth quarter of last year -- its first contraction in nearly a decade -- as the global slowdown shriveled demand for its key exports and domestic political unrest spooked its tourism sector. The economy will likely continue to shrink in the first three quarters of this year, a government think ... [full story]
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Oil hovered below $40 a barrel on Tuesday as investors speculated over what impact the approval of an $800 billion-plus stimulus package by the U.S. government would have on the price of oil. Doubts over whether a U.S. bank rescue plan, expected to be revealed later on Tuesday, would be enough to stem the global financial crisis weighed on ... [full story]
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South Korean consumer sentiment rebounded in January from a 10-year low in December but the deepening global recession's impact on the local job market has clouded its prospects, analysts said on Wednesday. The rise in the central bank's consumer sentiment index was a reaction to aggressive interest rate cuts and a series of government stimulus measures, but it is ... [full story]
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The Reserve Bank on Monday released the document 'Macroeconomic and Monetary Developments Third Quarter Review 2008-09' to serve as a backdrop to the Third Quarter Review of Monetary Policy 2008-09. The highlights of macroeconomic and monetary developments during 2008-09 so far are:- OVERVIEW The Indian economy, after exhibiting strong growth during the second quarter of 2008-09, ... [full story]
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Inflation declined for the tenth consecutive week to 5.24 per cent for the week ended January 3, primarily due to decline in prices of food articles. Inflation, measured by movements in wholesale prices, dipped by 0.67 percentage points from 5.91 per cent in the previous week. It stood at 4.26 per cent a year ago. The index of ... [full story]
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World oil demand will contract more than expected this year and the weakening economy may further erode consumption, OPEC said on Thursday, building a case for additional supply cuts. In a monthly report, OPEC said it expected demand to fall by 180,000 barrels per day (bpd) in 2009, 30,000 bpd more than its previous forecast. Oil use is declining ... [full story]
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The U.S. dollar fell against the euro and the pound Friday as the government stepped up its efforts to aid troubled banks and boost the ailing economy. The euro rose 1.4% to $1.3294 from $1.3154 late Thursday in New York, while Britain's pound bought $1.4742, up from $1.4663. Against the yen, the dollar declined 1% to ¥90.57. But ... [full story]
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Oil prices fell to near $37 a barrel on Tuesday in Asia on expectations crude demand will weaken amid a severe global economic slowdown. Light, sweet crude for February delivery was down 45 cents at $37.14 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. Crude prices have fallen more than 25 ... [full story]
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The rupee depreciated 11 paise to 48.94 against the US currency on Tuesday in early trade on dollar demand from oil refiners and importers and mixed cues from Asian equity markets. At the Interbank Foreign Exchange (Forex) market, the domestic currency traded lower at 48.94 against the US currency, a fall of 11 paise over the previous close of ... [full story]
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The Indian rupee on Monday by 26 paise against the US dollar in early trade owing to heavy capital outflow by foreign funds amid expectations of weak opening of the Indian bourses due to the Satyam fiasco. At the Interbank Foreign Exchange (Forex) market, the domestic unit, which closed at 48.28/29 on Friday, plunged by 26 paise to 48.54 ... [full story]
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The US Food and Drug Administration (FDA) is to have a seven-member team here soon, the outgoing US Ambassador to India, Mr David C. Mulford, announced on Friday. Speaking at a luncheon meeting, Ambassador Mulford said while FDA will set up a permanent office in Mumbai, they will also be visiting Delhi. The meeting had been organised by the ... [full story]
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The Union Minister of State for Industry, Dr Ashwani Kumar, on Friday said that investments worth Rs 1 lakh crore in infrastructure projects will be committed in the next 100 days. Speaking to newspersons of The Hindu Group of Publications about the efforts to rev up the economy, Dr Kumar said that the Government has decided to provide a ... [full story]
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Following the announcement of liquidity facility for non-banking finance companies (NBFCs) in the recent stimulus package, the Union Cabinet today approved Stressed Assets Stabilisation Fund (SASF) to function as the special purpose vehicle (SPV) that would provide liquidity support to the order of up to Rs 25,000 crore. This facility would, however, be available only for non-deposit taking systemically ... [full story]
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Asian stocks and emerging market currencies fell on Thursday, with a recent rebound in investor willingness to take risks jeopardized by dire US private employment data and fears about corporate earnings. The financial crisis of 2008 has snowballed into a global economic crisis in 2009, with consumer spending crippled, Asian exports collapsing and unemployment rising at an alarming rate. ... [full story]
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House prices are expected to remain in the doldrums throughout 2009, and a recovery could be another few years away, according to mortgage brokers, lenders and estate agents. Experts have been noticeably more coy than usual about predicting how house prices will move over the next year, claiming that the range of factors affecting property values is so large ... [full story]
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There's no denying it any longer. Russia's long economic boom is finally over. On Nov. 18 the World Bank became the latest organization to slash its forecast for Russia's gross domestic product growth next year, from 6.5% to just 3%. That came on the heels of the International Monetary Fund, which has also been scaling back its Russian GDP ... [full story]
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The war between the intangible and tangible sectors of the U.S. economy is over—and intangibles have won. Since the economy went into recession a year ago, the industries producing or distributing physical or tangible goods—including construction, manufacturing, retail trade, and transportation—have lost an astounding 1.8 million jobs. That includes a decline of 260,000 jobs in the much-beleaguered auto industry and ... [full story]
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Asian stocks rose on Monday, with Tokyo hitting the highest level for almost two months as investors hoped that the US economy would start to recover this year after a dire 2008. Investors took their cue from Wall Street, where shares soared on Friday on expectations that US president-elect Barack Obama's massive stimulus plan would help to revive the ... [full story]
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The price rise has further slowed down. The annual inflation has declined to 6.61% in the week ended December 13 from 6.82% in the previous week. According to the data released by the government, the overall prices in the week ended December 13 of all the commodities declined marginally from that in the previous week as the wholesale ... [full story]
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The government on Friday approved Rs 350 crore for increasing the insurance cover for the small and medium exporters. The scheme will also cover the exporters engaged in sectors facing slowdown amidst threats of defaults by overseas buyers. The Cabinet Committee on Economic Affairs (CCEA) approved allocation of Rs 350 crore to the Export Credit Guarantee Corporation of ... [full story]
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The government on Friday approved Rs 350 crore for increasing the insurance cover for the small and medium exporters. The scheme will also cover the exporters engaged in sectors facing slowdown amidst threats of defaults by overseas buyers. The Cabinet Committee on Economic Affairs (CCEA) approved allocation of Rs 350 crore to the Export Credit Guarantee Corporation of ... [full story]
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Chinese stocks dipped 0.29 percent on Friday in thin trade, slipping for a fifth day in a row as sentiment remained weak while government data on industrial profits highlighted the economy's slowing growth. The Shanghai Composite Index ended a narrowly range-bound morning session at 1,847.107 points, extending Thursday's drop to the lowest close in six weeks. Losing Shanghai ... [full story]
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The rupee on Friday appreciated by another 35 paise against the US dollar in early trade following increased dollar selling by exporters amidst expectations of higher opening on the bourses in anticipation of drop in the inflation rate. At the Interbank Foreign Exchange (Forex) market, the domestic currency traded at 47.73 against the US currency, a rise of 35 ... [full story]
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Official figures show that the budget deficit climbed to £16 billion in November, the largest since records began in 1993. In the same month last year borrowing was £10.7 billion. Over the first eight months of the current financial year, the Government borrowed £56.1, nearly twice the £29.2 borrowed in the same period last year. The public finances ... [full story]
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The Bank's board lowered its key rate from 0.3pc to 0.1pc, mirroring similar cuts by central banks around the world. In its assessment of the state of the world's second-largest economy, the Bank said that conditions were now "deteriorating." Just last month the Bank had described the economy as "sluggish." However, analysts cast doubt on whether the move ... [full story]
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World oil prices were higher above 43 dollars on Monday in quiet pre-Christmas trade but weakening demand continued to weigh on the market, dealers said. New York's main futures contract, light sweet crude for February delivery, was up 84 cents at 43.20 dollars a barrel. Brent crude oil for February delivery rose 68 cents to 44.68 dollars a barrel ... [full story]
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China's money supply grew at a slower-than- average pace in November as the economy continued to weaken, the central bank said Monday. The M2, the broad measure of money supply covering cash in circulation plus all deposits, rose 14.8 percent to 45.86 trillion yuan (6.7 trillion U.S. dollars) by the end of November. The growth rate was down ... [full story]
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Total UK retail sales have fallen in consecutive months for the first time in at least 13 years, a closely-watched survey has said. Sales in November were down 0.4% from a year earlier, said the latest British Retail Consortium-KPMG retail survey. Following a 0.1% decline in October, it was the first drop in overall sales for two months ... [full story]
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The UK economy contracted 1% between September and November, the National Institute of Economic and Social Research (NIESR) has estimated. This fall followed after a 0.8% drop in the three months to the end of October, said the think tank. Indicating that the rate of output decline is "accelerating", the NIESR now expects a fall of more than ... [full story]
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Things really are bad all over -- and they had gone bad even before the housing and finance industries crashed and sent the economy into a tailspin. New census data show that throughout the first half of the decade, the slumping economy touched nearly every community in the country. Incomes dropped while poverty and unemployment rose in the vast ... [full story]
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The European Union's executive was Wednesday set to unveil an economic recovery plan designed to help the 27-member bloc weather the recession. Officials have said the plan could be worth up to 130 billion euros (170 billion dollars) - or about 1 per cent of the EU's gross domestic product (GDP) - in aid to poor households, as well ... [full story]
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