Fed raises rates, signals faster pace of increases in 2017

Fed raises rates, signals faster pace of increases in 2017 WASHINGTON: The US Federal Reserve raised interest rates by a quarter point on Wednesday and signaled a faster pace of increases in 2017 as the Trump administration takes over with promises to boost growth through tax cuts, spending and deregulation. The rate increase, regarded as a virtual certainty by financial markets in the wake of a

India-China trade to touch $65 billion in 2016

India-China trade to touch $65 billion in 2016 MUMBAI: Bilateral trade between Asian giants India and China will touch $65 bn for the year ending December 2016, a Chinese diplomat said here on Tuesday. "The bilateral trade between the two nations stood at $52.14 bn from January-September 2016 and is expected to cross $65bn by the year-end, according to official figures," said Wang Shicai,

BRICS nations vow to automatic sharing of tax information

BRICS- nations- vow -to- automatic -sharing -of -tax -information BRICS nations, including India, today pledged to share tax information automatically and adopt global standards on tax transparency to check cross border tax evasion. The two day meeting of the heads of Revenue of Brazil, Russia, India, China and South Africa (BRICS) also resolved to support other developing nations

Barack Obama blocks proposed takeover of Germany’s Aixtron

Barack Obama blocks proposed takeover of Germany’s Aixtron Citing a national security risk, President Barack Obama on Friday blocked a Chinese investor’s proposed takeover of Aixtron SE, a German maker of semiconductor manufacturing equipment, a rare move that drew objections from Beijing and complaints that the US was injecting politics into the deal. Obama ordered Fujan Grand Chip

Switzerland Eyes Exchanging Banking Information With 21 More Countries

Switzerland Eyes Exchanging Banking Information With 21 More Countries, 

GENEVA:  Switzerland, which has been working to end its years-long practice of banking secrecy, said Thursday it aimed to dramatically increase the number of countries it cooperates with towards international fiscal transparency. The Swiss government said in a statement that it wanted to extend the

ADB Approves Loan to Improve Transport Connectivity in Nepal

ADB Approves Loan to Improve Transport Connectivity in Nepal , The FINANCIAL -- The Asian Development Bank (ADB) has approved a $186.80 million loan to upgrade 160 kilometers (km) of Nepal’s strategic road network and improve the country’s domestic and regional transport connectivity. “This

Brazil's shrinking economy is facing Olympic-size troubles

RIO DE JANEIRO: When Rio de Janeiro was awarded the 2016 Summer Olympic Games seven years ago, Wagner Bastos was a hotshot car salesman for Rio Citroen-Peugeot. Some months he earned 17,000 Brazilian reais — about $5,200 now and much more back then. But Brazil's fortunes — and Bastos' — have taken a sickening tumble. His last monthly paycheck in June was for 1,400 reais ($425) — too little to cover

India plans to set up SEZ in Myanmar

NEW DELHI: It is not just Iran's Chabahar port and connectivity to Eurasia that has caught attention of the Modi government. India plans to set up a SEZ in Sittwe in Myanmar where it has already built a port. The proposed SEZ by India will rival Chinese SEZ located 80 km down of strategically-located Sittwe as Delhi plans to make it as an economic hub. The aim of the SEZ is to help expand India's footprints in South East

India signs $1 billion deal with US for procuring four Poseidon-8I aircraft

India on 27 July 2016 signed a one-billion dollar deal with the US defence and aerospace major Boeing for procuring four long-range maritime surveillance and anti-submarine warfare aircraft, Poseidon-8I. First of the four new P-8I aircraft will be delivered in 50 months. Incidentally, India is P-8I's first international customer and was also Boeing's first military sale to India.  The contract was inked during the on-going visit of the US

India approves $318 million loan for Sri Lanka Railways

COLOMBO: India has approved a $318 million loan for Sri Lanka Railways to upgrade its communications system and rolling stock in the Tamil-dominated north. Sri Lankan government spokesman and minister Gayantha Karunathilake said that the money will be used to improve the signal system from Maho to Anuradhapura in the north central province and from Anuradhapura to Omanthai in the north. It will also be

G-20 Finance Ministers pledge to boost global economy

The Finance Ministers from the Group of 20 (G-20) major economies have pledged to boost the global economy, which is showing a weak recovery. This announcement was made at the end of the two-day meeting of G-20 Finance ministers and Central Bank Governors meeting held in the Chinese city of Chengdu. Key Highlights of meeting G-20 Finance ministers expressed concern about Britain’s plan to leave

IMF urges key G20 countries to spend more for growth

Chengdu, China, July 23, 2016 (AFP) - The International Monetary Fund (IMF) has warned risks to the global economy are growing, as it called on some G20 nations to boost government spending. Central bank chiefs and finance ministers from the world's top 20 economies gathered in the southwestern Chinese city of Chengdu on Saturday to tackle a slowing global economy facing new uncertainties with Britain voting to

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Isro and Nasa join hands to develop data satellite by 2021

New Delhi: India's space agency ISRO and USA's Jet Propulsion Laboratory (JPL) of the NASA are jointly working on the development of a 'Dual Frequency (L&S band) Synthetic Aperture Radar Imaging Satellite' which will be useful for variety of applications including natural resources mapping and monitoring. The joint mission is expected to bring result by 2021. Named as the Nasa-Isro Synthetic Aperture Radar (NISAR),

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India gives SUVs to Mozambique, completes delivery of $4.5 mn grant

Occurring with Prime Minister Narendra Modi’s visit to Mozambique, India has handed over 30 Mahindra SUVs to Mozambique, completing the delivery of Dollars 4.5 million grant assistance. The vehicles were handed over by Amar Sinha, Secretary (Economic Relations) in the External Affairs Ministry, to an official of Mozambique’s Interior Ministry.  Prime Minister Narendra Modi, who was

Merger & acquisition deals up as Indian companies look abroad

MUMBAI: Merger & acquisition (M&A) deals involving Indian companies increased 82% in the first half of 2016 at $27 billion in the first half of 2016, the highest in the first six months in any year since 2011 led by a four and a half time increase of Indian acquisitions abroad at $4.5 billion, data released from Thomson-Reuters said. Outbound acquisitions by Indian companies were mainly from the energy

India, Sri Lanka agree to start talks for ETCA

India and Sri Lanka today agreed to start negotiations on fast-track basis for the proposed Economic and Technology Cooperation Agreement (ETCA) and conclude the talks before end of the year. The issue among others was came up for discussion during the meeting between the visiting Sri Lankan Minister for Development Strategies and International Trade, Malik Samarawickrama, and Commerce

Brexit: IMF warns of repercussions for global economy

The International Monetary Fund (IMF) has warned that United Kingdom’s decision to leave the European Union (EU) has created significant uncertainty. The uncertainty is likely to dampen growth in the near term, particularly in the UK, but with repercussions for Europe and the global economy. Key facts IMF predicts that macroeconomic and financial market impacts in the UK and EU due to Brexit

Cyprus set to sign new tax treaty with India

India and Cyprus have agreed to revise their tax treaty under which capital gains tax will be levied on sale of shares on investments made after April 1, 2017, thus bringing the island nation at par with Mauritius in terms of tax treatment on investments. The new Cyprus Double Taxation Avoidance Agreement (DTAA), which has been agreed upon by both the countries, would provide for source-

RBI signs MOU with National Bank of Cambodia

The Reserve Bank of India signed a Memorandum of Understanding (MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with National Bank of Cambodia.The MoU was signed by H.E Kim Vada, Director General of Banking Supervision, on behalf of National Bank of Cambodia and Smt Meena Hemchandra, Executive Director, on behalf of Reserve Bank of India.

After Mauritius, India signs double taxation agreement with Cyprus

India and Cyprus have agreed to revise their tax treaty under which capital gains tax will be levied on sale of shares on investments made after April 1, 2017, thus bringing the island nation at par with Mauritius in terms of tax treatment on investments. "The provisional agreement would be placed before the Union Cabinet for approval, subsequent to which the new tax treaty can be signed by the two