Economy

Exports fall 17.53% in October; trade deficit narrows

Contracting for the 11th month in a row, India’s merchandise exports fell 17.53 per cent in October to $21.35 billion, mainly due to a steep fall in shipments of petroleum products, iron ore and engineering, amid a broader demand slowdown. The imports too shrank an annual 21.15 per cent to $31.12 billion in October, narrowing the trade gap to $9.76 ... Read More »

India for global efforts on return of illicit overseas funds

The government will soon bring a new law on public procurement to check corruption and domestic black money, Prime Minister Narendra Modi said on Monday while seeking greater global cooperation for return of illicit money stashed abroad. He also said the barriers of excessive banking secrecy must be removed and all countries should implement a Common Reporting Standard based on ... Read More »

WPI inflation at (-)3.81% in Oct; pulses, onion expensive

Deflationary pressure eased a bit with inflation rate moving up slightly to (-)3.81 per cent in October as pulses, vegetables and onion turned costlier. This is 12 month in a row when the inflation at wholesale level remained in the negative territory. It has been in the negative zone since November last year. The Wholesale Price Index-based inflation was (-)4.54 ... Read More »

Bitcoin’s back: Big year for controversial digital currency

The U.S. dollar has had a nice run. It’s been the talk of global currency trading all year long. And why not? After years of a weak greenback due to dovish Federal Reserve policy, the Dollar Index has extended big 2014 gains, up near-9 percent against a basket of major world currencies this year. Some individual currency trades, like USD/Brazil ... Read More »

Focus on divergence in 2016: Pimco CIO

Investors should focus on monetary policy divergence and its implications in the new year, Scott Mather, Pimco’s chief investment officer, said Thursday. “We have central banks actually moving in the opposite direction, which is a fairly unusual event and configuration for the developed world … meanwhile we have other central banks, in fact, most other international central banks in the ... Read More »

Shopping mortgage rates? Act soon: Quicken Loans

People looking to buy a house or refinance an existing home loan have a three to six month window before mortgage rates move appreciably higher, Quicken Loans CEO Bill Emerson said Thursday, a day after theFederal Reserve increased short-term interest rates for the first time in more than nine years. “We don’t believe that mortgage rates are going to rocket ... Read More »

Philly Fed business index worse than expected

The Philadelphia Federal Reserve’s Business index for December came in below expectations, the bank said Thursday. The index came in at -5.9, reflecting a fall from the November number of 1.9, and below the expected gain of 1.0. [“source -cncb”] Read More »

PM Narendra Modi now has over 16 million followers on Twitter

Number of followers of Prime Minister Narendra Modi, @narendramodi, on social media site Twitter has crossed 16 million mark, by adding record number of followers in last one year. “In a span of two months, Indian Prime Minister Narendra Modi’s Twitter account gets an addition of another million followers, taking the total follower count to 16.1 million,” Twitter said in ... Read More »

Committed to provide transparent, predictable tax regime, says PM Narendra Modi

With slew of measures putting back the economy on track, Prime Minister Narendra Modi on Saturday said reforms are “just a way station” to transforming India and vowed to provide a transparent and predictable tax regime as well as protection to Intellectual Property Rights. Speaking at the ASEAN Business and Investment Summit in Kuala Lumpur, he said government actions in ... Read More »

States finance ministers fail to iron out differences over GST

State finance ministers on Friday failed to iron out certain minor differences over the proposed Goods and Services Tax (GST), days before start of a crucial session of Parliament that has to pass a law for the new regime to come into force from April next year. The Empowered Committee of State Finance Ministers did not discuss the GST rate ... Read More »