French Finance Minister Christine Lagarde on Tuesday became the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens.
India, which has witnessed numerous terror attacks and still remains a potential target for such strikes, faces significant money laundering and terrorist financing risk, the IMF has warned.
In a statement, the IMF said French Finance Minister Christine Lagarde and the Mexican economist Agustin Carstens were interviewed by its Executive Board this week.
International Monetary Fund and World Bank are top global financial institutions.
India's fiscal policy is not supportive of monetary measures that the country's central bank is employing to fight rampant inflation, the prime minister's honorary economic advisor and former International Monetary Fund chief economist Raghuram Rajan said, while singling out the proposed Food Security Bill as a particular cause for concern.
Even as the chorus against black money and corruption is getting louder in India, hacktivism, a coinage created of activism and hacking, is creating mayhem in the virtual world.
The US' influence on a European CEO-headed multilateral institution is out of sync.
According to the finance minister, India was compliant with most of the internationally accepted standards in banking, securities markets and insurance sector.
While maintaining that merit and not nationality should guide selection of the new International Monetary Fund chief, India will in all likelihood support French Finance Minister Christine Lagarde for the job.
The Cabinet's approval to increase India's quota in the International Monetary Fund follows Fourteenth General Review of Quotas of the agency.
Prime Minister Manmohan Singh on Tuesday said India supports the "best" available candidate, regardless of nationality, as the next International Monetary Fund (IMF) chief.
Massive default, together with a very large sustained cut in the annual budget deficit, is, in fact, needed to restore Greek's fiscal sustainability.
"Tests matched a DNA sample submitted by Strauss-Kahn and semen found on the shirt of the hotel maid," the Wall Street Journal reported quoting law-enforcement officials.
PMO joint secretary Subrahmanyam to play a key ro#8804 full-time finance minister likely before October
Battling damaging allegations of sexual assault, Strauss-Kahn tendered his resignation from the top post of the IMF on Wednesday, while maintaining that he was innocent.
It was during his stay at this Sofitel hotel that Kahn, who was appointed IMF managing director in 2007 with a salary in excess of $5,00,000 per year, was accused of indulging in sexual assault on a chambermaid.
Rediff.com spoke to Raghuram Rajan about his book, what enthuses him about the Indian economy, and what are the concerns he has with India's chaotic progress . . .
"Global rebalancing will require deficit economies to save more and consume less, while depending more on external demand relative to domestic demand for sustaining growth. Surplus economies will need to mirror these efforts - save less and spend more, and shift from external to domestic demand," Subbarao said during his intervention in the ongoing Spring meeting of the IMF in Washington.
The four-day tour, beginning September 21, includes World Bank-International Monetary Fund meetings, as well as interactions with investors.
The multilateral body has also asked the policymakers to take action to reduce risks arising from increased scarcity of oil resources.
Foreign currency assets, a major component of the overall reserves, rose by $1.404 billion to $338.897 billion in the reporting week
A judge had earlier dismissed all charges against Strauss-Kahn, who was accused of forcing the maid into a sex act at a luxury Manhattan hotel, but her lawyers had filed an appeal to a higher court seeking a special prosecutor, the report added.
While the Reserve Bank and the Economic Survey of the finance ministry have projected India to grow at 6.9 per cent and 6.5 per cent in current fiscal, the International Monetary Fund estimates it to be 6.6 per cent.
India's foreign exchange reserves nearly hit a nine-month low and fell by $5 billion to $302 billion for the week ended December 16, on account of revaluation in foreign currency assets.
Union Finance Minister Pranab Mukherjee has brought about a coup in North Block by bringing an Indian Foreign Service officer Venu Rajamoni as Joint Secretary to head multilateral institutions division.
Other top losers in the Sensex pack included Bharti Airtel, Asian Paints, TCS, HCL Tech, Tata Steel, SBI, IndusInd Bank and Hero MotoCorp, declining up to 3.28 per cent.
The race for the top position at the Bank is really heating up.
The suit also said that The Post ran the stories 'in a desperate attempt to bolster' its sales.
While there is little doubt that the emerging economies present the best chances for economic growth, not all countries will prosper at the same rate, says the Wealth Report 2012 by Knight Frank & Citi Private Bank.
Former International Monetary Fund chief Dominique Strauss-Kahn facing sexual assault charges in New York will sue a French writer, who has accused him of attempted rape, for 'slanderous denunciation'.
Finance Minister Pranab Mukherjee on Tuesday congratulated French Finance Minister Christine Lagarde on her appointment as the new Managing Director of the International Monetary Fund.
The country's foreign exchange reserves rose by $1.73 billion for the week ended October 31 to $315.91 billion, show Reserve Bank of India (RBI) data released on Friday, marking one of the sharpest rises ever.
In-car connectivity demands and technology for interaction open various possibilities.
Fitch Solutions sees RBI keeping benchmark interest rates unchanged during the fiscal to March 2022 following its decision to buy Rs 1 lakh crore of government bonds. "We had initially expected another policy rate cut to arrest the rise in government bond yields since the Union Budget announcement in February. "However, having an explicit bond purchase guidance from the RBI following the announcement of the G-SAP will also achieve a similar effect, if not even be more effective than a rate cut on capping the increase in bond yields," it said in a note. The Reserve Bank of India (RBI) held its policy repurchase (repo) rate unchanged at 4 per cent at its monetary policy meeting on April 7.
Indian along with Indonesia showed strong growth despite a global economic slowdown in the final quarter of 2011, according to the International Monetary Fund (IMF).
Prime minister bats for common standards to be implemented in all jurisdictions.
The marginal decline in reserves was on account of fall in foreign currency assets
The World Bank on Tuesday projected India's economy to grow at 8.3 per cent in 2021 and 7.5 per cent in 2022, even as its recovery is being hampered by an unprecedented second wave of the COVID-19, the largest outbreak in the world since the beginning of the deadly pandemic. The Washington-based global lender, in its latest issue of Global Economic Prospects released here, noted that in India, an enormous second COVID-19 wave is undermining the sharper-than-expected rebound in activity seen during the second half of Fiscal Year 2020/21, especially in services.
Mexican bank head seeks support for IMF post.
Besides French Finance Minister Lagarde, seen as a strong candidate, there are four to five other aspirants in the race for the post vacated by Dominique Strauss-Kahn.
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