India today asked the World Trade Organization (WTO) chief to explain how he arrived at the figure of $150 billion as "being the Doha Round's contribution to the global stimulus", a demand that was supported by the United States.
Swiss private bankers are likely to reduce their exposure to wealthy Indian clients as they cut down their discreet banking services in countries like Germany, France and the United States, analysts say.
The moot issue is whether the consumers have money to spend at a time when they have no jobs and income.
While India climbed down to the 54th rank from the 50th spot in 2007-2008, China leapfrogged 11 positions to emerge as a more advanced IT nation. Issuing the WEF's annual report on Network Readiness of Nations, of which he is the main author, Soumitra Dutta said the "speed at which China is transforming its IT infrastructure through a combination of human development and technology-related policies has brought a massive change among the BRIC countries for the first time."
Despite the assurances of UK Chancellor Alistair Darling that 'markets could have confidence that countries will do whatever it takes, for as long as it takes, to tackle the global slowdown', there is still no agreement on how long the recession will last and whether it will turn into the classic deflation with its attendant massive social unrest.
The Hindujas have taken off the veil over their mid-sized Amas Bank in Switzerland by renaming it as "Hinduja Bank", in what its chief executive described as a bold move to expand its activities in trade finance, wealth management and investment banking.
Some modern-day officials and policy makers continue to behave like religious militants of medieval times, chanting those same mantras markets on their own will take care of everything.
Will pay $780 million penalty to the US Justice Department.
Economists cautioned against squandering stimulus measures by providing fresh tax breaks for businesses. Instead, they pressed for more investments in infrastructure
The Paris-based Organization for Economic Cooperation and Development (OECD) said its composite leading indicators (CLIs) "for November 2008 point to deep slowdowns in the major seven economies and in major non-OECD member economies, particularly China, India".
Entrusted with the responsibility of tightening regulation and supervision in global banks that suffered huge losses - now estimated at over $1 trillion -- during the last one year, the Basel Committee on Banking Supervision has embarked on a series of measures to ensure proper regulation within banks. It has suggested forward-looking risk assessment by banks to avoid financial crises in future.
Sadly, the WTO is not in a position to stop the damage caused by dominant players due to its namby-pamby pilots!
It feels worsening economic downturn will dent the internet economy. The only silver lining for the IT sector, which generates about $50 billion for Indian IT services companies, is the likely growth in the services and software sectors 'along with new internet and communications-related products and infrastructure, as they are an essential part of spending and partly recession-proof,' the OECD report said.
In a comprehensive ruling, the AB dismissed China's challenge on several counts, pronouncing that Beijing's measures violated global trade rules. The United States, the European Union and Canada had challenged Beijing's decision to impose 25 per cent charge on imported auto parts, or what are called semi-knocked down and completely-knocked down sets.
Never allow financial capital to dominate over the real economy.
Last week, India lodged a complaint against the EU's measures on PET at the WTO, saying Brussels allegedly violated core provisions of the Agreement on anti-dumping as well as subsidies and countervailing measures. Under the WTO's anti-dumping and anti-subsidy rules, the EU is required to terminate its measures after five years. But Brussels continued to impose them on the ground that the Indian exports could harm the European producers.
The meeting has been convened to conclude modalities in the Doha Development Agenda for Agriculture and Market Access for Industrial Goods. Lamy had called on Nath to inform him about the meeting and press the commerce minister to attend the meeting at any cost.
However, the Appellate Body declined to make any recommendations to the WTO's dispute settlement body what India should do in the light of its ruling. The government has already removed the additional duty on wines and spirits last year. Similarly, it exempted various products from the extra duty, making the case redundant.
India, along with other members of the Nama-11, a developing-country coalition, on Thursday rebuffed sustained attempts by the United States and its partners to bring a fundamental change in sectoral tariff elimination in the Doha Development Agenda (DDA) negotiations, trade envoys said.
India resorted to 16 final anti-dumping measures in the first six months of this year compared to eight new measures by the European Union. During the same period, Indonesia took recourse to five final anti-dumping measures, followed by four each by Argentina, China and Ukraine, three each by Brazil and South Africa, and two each by the United States, Egypt and Korea, and one by Canada.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances