United States President-elect Barack Obama on Monday officially unveiled the economic team that will assist him in tackling what he termed 'an economic crisis of historic proportions'.Obama has named New York Federal Reserve President Tim Geithner as US Treasury Secretary and former Treasury Secretary Larry Summers as chief of the National Economic Council.
Obama administration wants to force a wide range of large financial institutions to hold more capital as part of a sweeping regulatory overhaul
The US Treasury's new acronym in its long list of programmes - PPIP or the Public-Private Investment Programme - has lifted market hopes that the administration is moving closer to restoring stability in the US financial system.
Citigroup chief economist Lewis Alexander is leaving the troubled financial services entity to join the US Treasury department, says a media report.
Foreign institutional investors (FIIs) are set to pump in more funds in debt securities, as the next government under the Bharatiya Janata Party (BJP) is expected to be a stable one and is seen as growth-oriented by market participants.
The US government, under its $700-billion bailout plan, has purchased shares in 30 American banks for a total of over $150 billion, half of which have gone into Citigroup, JPMorgan Chase and Wells Fargo.
US Treasury Secretary Timothy Geithner has said he would not rule out the option of forcing out chief executives of banks which have received taxpayers' money but are not performing well.
Even as US President Barack Obama urged his countrymen to buy American cars, the United States Treasury Secretary on Monday insisted that the country is not in favour of protectionism and has a great interest in a growing open world economy.
The Pakistani PM believed New Delhi rebuffed his offer of talks because his country is an issue in the elections in the neighbouring country.
SBI's overall gross NPA as on end-December 2013 was close to Rs 68,000 crore ( Rs 680 billion) or 5.73 per cent of its gross advances.
For now, dollar can reign but BRIC nations have decided to address the issue at the 2010 Brazil summit.
The Pakistan government has sealed offices of Al-Amin Trust in Karachi and Lahore and frozen several bank accounts as part of its ongoing crackdown on groups added to a UN Security Council list of terrorist organisations subject to sanctions.
After averaging at 8.8 per cent growth over the past four years, India's growth rate in 2009-10 is expected to slow down to 5.5 per cent mainly due to lower investment and declining external demand, the US Treasury Secretary Timothy Geithner has said.
Former US Treasury Secretary Robert E Rubin has been appointed as the chairman of the Citigroup after the resignation of its embattled CEO Charles Prince, prompted by major write-offs by the world's biggest bank following turmoil in subprime loan and credit markets. Vikram S. Pandit, an Indian, who took over Citigroup's investment banking operation in early October, just six months after joining the bank, is one contender for the top post.
Enumerating a few steps that India could take to become even more competitive, US Treasury Secretary Henry M Paulson Jr said it could reduce needs for financial institutions to hold substantial amount of deposits in government debts which limits the scope of banks for taking greater exposure to certain priority sector.
'Rather than cutting and pasting from advanced economies, we should use basic economic principles to think about what is right for India at the stage of development at which we are,' says Chief Economic Advisor Krishnamurthy Subramanian.
The short-term recommendations include improvements to regulatory coordination and oversight that regulators can make quickly. The blueprint recommends creating a new federal commission for mortgage origination to protect consumers better. The report also recommends modernizing the President's Working Group on Financial Markets and clarifying the Federal Reserve's liquidity provisioning.
The United States has announced sanctions against 14 senior Myanmar officials, and called on India, China and other nations to support the people of Myanmar who were struggling for democracy.
Look for companies whose earnings growth may not be great, but they are relatively debt-free.
The steps taken by the G-20 have helped the recovery of the global economy, said US Treasury Secretary Timothy Geithner.
"If the Doha Round does not materialise that would not be on account of the US agricultural subsidies ... major emerging economies (India and Brazil) are not coming up with enough market access, especially in non-agricultural areas such as services including financial services," US Treasury Secretary Henry Paulson, who will be visiting India shortly said.
Neel Kashkari, who was the Senior Advisor to US Treasury Secretary Henry M Paulson, was nominated by President Bush to the post of Assistant Secretary of Treasury for International Affairs and has been confirmed by the US Senate.
Abheek Barua & Bidisha Ganguly explain why the US treasury should intervene if the overvalued greenback continues to rise.
Experts say foreign investor sentiment was bolstered by the US Federal Reserve's decision to go slow with interest rate hikes and hopes of political stability.
Making a case for a robust rupee, the US on Tuesday said currency value should reflect the economic fundamentals - which has been good in the case of India - although a stronger dollar was in Washington's interest.
India must continue with its economic reform agenda or risk lose the credibility it has acquired in the world over the years, a top US administration official has said.
'The banking channel is gradually becoming the most preferred way of transaction for terrorist outfits.'
In first half of year, firms raise more than banks on low US treasury rates.
It proposes to bring down the corporate tax from the current 35 per cent to 15 per cent, significantly lower individual tax rates, and eliminate several tax rates like the death tax.
High frequency indicators suggest that a growth recovery is underway, but very tentatively and with weak legs, says Saugata Bhattacharya.
Xi will later head for New York to attend the UN General Assembly session.
Turning tail from its worst valuation ever on the world's currency markets, the US Dollar has now gained more than 3% since the start of November.
The CII delegation includes many eminent names.
The rupee fell to an all-time low of 61.21 per dollar, forcing the Reserve Bank of India to intervene to stabilise the currency.
Saeed had confirmed that his organisation Jammat-ud-Dawah would contest the 2018 general elections under the banner of the Milli Muslim League.
The risk-reward ratio could turn adverse for foreign investors if corporate earnings disappoint by wide margins, or if crude oil prices spike in the international market, putting pressure on the rupee-dollar exchange rate.
This marks a steep rise from level seen in April 2015 when country held US govt securities to the tune of $110.3 bn
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