CPI (M) General Secretary Prakash Karat called all 'non-Left' parties to resist Union Finance Minister P Chidambaram's financial sector reforms plans. In a recent article in People's Democracy, Karat wrote, 'After the burst of the real estate bubble and the financial crisis in the United States, one would have expected this ardent advocate of financial sector reforms to rethink. But that has not happened.'
India's fiscal deficit soared by 34 per cent to Rs 3.5 lakh crore in the first ten months of the financial year against Rs 2.62 lakh crore a year ago, mainly on account of the stimulus measures taken by the government to prop up the economy hit by the global financial crisis.
The survey, conducted by US-based legal services firm Robert Half Legal, one out of every four legal professionals working with American and Canadian law firms believes that his organisation will start hiring in the next one year. The survey found that two practice areas of law -- bankruptcy (51 per cent) and litigation (31 per cent) -- are expected to experience the most growth.
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
Stating that the global financial crisis threatens the livelihoods of nearly 1.4 billion people globally, a United Nations agency has asked the G-20 leaders to commit themselves to save the world poor from the adverse impact of the downturn.
The major beneficiaries of loan recasting will be sub-Rs 500 crore corporate exposures and retail exposures, which were earlier expected to see the highest increase in NPAs in percentage terms.
Over 15,000 NRI resumes have accumulated in the inboxes of headhunters, and the number is set to increase, say HR executives.
In a bid to protect domestic workers from retrenchment following global financial crisis, Malaysian government has planned to recruit 15,000 locals every month by replacing foreigners, including Indian, working in various sectors in the country.
Reduced hiring in the US market due to the lingering impact of the global financial crisis has resulted in a spike in the number of non-resident Indian resumes received by Indian human resources (HR) companies. Over 15,000 NRI resumes have accumulated in the inboxes of headhunters, and the number is set to increase, say HR executives.
The global financial crisis sweeping through Wall Street and European banking sector will touch the lives of the world's most vulnerable, push millions into deeper poverty and lead to the deaths of thousands of children, a new United Nations study said.
The second phase of reforms was expected to address areas like extending 'national treatment' to foreign banks, which means that foreign banks would be treated on a par with Indian ones under the World Trade Organisation agreement. Other items that are to be considered include permitting listing foreign banks' wholly-owned subsidiaries in India and the acquisition of sound Indian banks by foreign banks.
The global financial crisis is really the consequence of an excessively short-term outlook, propelled by greed and unstopped by regulation. The short-termism is due to several factors, not least of which is the enormous growth, in the past three decades, of the mutual fund industry.
India's foreign direct investment inflow between April and November 2008 was $23.3 billion, a growth of 45 per cent compared with that during the same period in 2007, said union Foreign Minister Pranab Mukherjee, who is holding additional charge of the finance portfolio while presenting the Interim Budget for 2009-10 on Monday in parliament.
India's celebrated IT outsourcing industry, which contributes about 25 per cent of the country's total exports, is feeling the pinch as it struggles to deal with the avalanche effects of the global financial crisis.
The growth of India's IT outsourcing sector, which contributes to about 25 per cent of the country's total exports, is expected to slow down sharply this year following a drop in demand due to the global financial crisis, India's software industry lobby predicted.
Residents did not bolt for the exit, dampening the crisis' financial impact.
The current financial crisis originated in advanced economies, and therefore its impact is witnessed across the globe, a top Reserve Bank of India (RBI) official said on Friday.
In the first nine months of 2009, FDI dipped by 26 per cent to $21.4 billion from $29 billion a year ago. The total FDI inflow into India since 2001 crossed the $100 billion mark.
Standard Chartered CEO-Asia Jaspal Bindra spoke to Anirudh Laskar and Sidhartha about the bank's plans and his assessment of the situation.
For travellers who are flexible with dates and destinations, luxury accommodation in particular is currently offering first-class value for money.
Researchers at London School of Hygiene and Tropical Medicine and Oxford University headed the study to examine the possibility that health might suffer as a result of the market crashes. Lead author David Stuckler estimated that increased stress stemming from job losses could prompt a 2.4 per cent rise in suicide rates. Another 2.7 per cent rise in heart attack deaths could be expected, along with a 2.4 per cent increase in homicides rates.
Rajan also said it's a problem of collective action and not a problem of industrial nations or emerging markets
Higher defence allocation will spur investment in new vehicles.
Deficit-financed tax cuts could be a better option to revive the economy hit by global financial crisis as government spending is not effective due to leakages and delay in execution, economists feel.
As the duration of the FRBM Act, enacted in 2003, has come to an end, the government would be required to replace it with another law on fiscal consolidation.
However, as compared to April last year, foreign direct investment in the first month of the fiscal 2009-10, was much lower.
Many of the Kannada films released last year have had a poor response at the box office. This, coupled with the fact that the global financial crisis has left its impact on the Kannada film industry as well, has seen distributors lose interest. As a result, many films -- including those financed by the IDBI -- are still awaiting release.
World Bank President Robert Zoellick on Friday said India is likely to return to high growth of 8 to 9 per cent in a year or two, helped by strong fiscal and monetary actions to counter the global financial crisis.
Divestment is the government's mantra to earn big bucks at a time when the country is reeling under a crisis.
Calling for 'fundamental restructuring' to put India back on its growth trajectory, McKinsey said on Wednesday that the country will run out of capital to support economic expansion.
For the last one year, there have been far too many stories coming out of the region on real and potential bankruptcies, plans being shelved, excess capacity and inadequate demand.
There are now one billion hungry people on the globe, United Nations Secretary General Ban Ki-moon said recently.
Over 40,000 people working in various industries, including those in the export sector, in Jalandhar have lost their jobs primarily due to steep reduction in production -- a direct fallout of the economic slowdown dawning on India as a result of the global financial crisis.
The key to last week's revival package, in the infrastructure sector, is the two-year old India Infrastructure Finance Company Ltd (IIFCL) and the efforts of its chairman and managing director, Surinder Singh Kohli.
International traffic dropped by about 10 per cent and domestic traffic by about 24 per cent compared to the same period last year, predominantly as a result of the terror attack in the country's financial hub Mumbai, says Himanshu Singh, managing director, travelocity.co.in, an online portal.
Throughout the developing world, he emphasised, billions of dollars needed for healthcare, education, clean water and infrastructure are being drained by bribes and other forms of corruption. The head of the UN Office on Drugs and Crime called for greater adherence to the UN Convention Against Corruption that has been signed by 130 nations.
In order to be competitive, the companies should now add value to their services and innovate ways to become efficient. With the continuing onslaught of the global financial crisis, companies are turning to large-scale lay-offs to cut cost and tide over the crisis.
The issue price of 390 pence per share represents a discount of 48.7 per cent to the closing price on November 21, the statement added. Temasek, Standard Chartered's largest shareholder, is intending to take up its rights and is also participating in the underwriting of the issue.
A credit card is a useful tool, when managed judiciously but a lurking danger if you mismanage it.
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