BOJ keeps base money target, fine-tunes stimulus scheme to promote capex

The Bank of Japan maintained its money printing drive at the current rate on Friday, but reorganized its massive stimulus program to advance premier Shinzo Abe’s plans to prod reticent companies into boosting wages and investment. As widely expected, the BOJ kept intact its policy target of increasing or cash and deposits in circulation by 80 trillion yen ($660 billion) ... Read More »

India to stick to 2015/16 fiscal deficit target – finance ministry report

The government will stick to its budgeted fiscal deficit target of 3.9 percent of GDP for the fiscal year ending in March 2016, the finance ministry said in a report on Friday. The government hopes to hit the target without cutting expenditure or deferring tax refunds, Finance Minister Arun Jaitley had said earlier this week. In the budget in February, ... Read More »

India cuts growth outlook, calls for review of fiscal, monetary targets

India slashed its full-year growth forecast on Friday, citing weak global demand and lower farm output, and called for speedier reforms as well as a review of fiscal and monetary policies to resuscitate economic activity. In a mid-year review, Prime Minister Narendra Modi’s government said the economy would likely expand by 7-7.5 percent in the fiscal year ending in March ... Read More »

Macri scaps currency controls and floats Argentine peso

The new Conservative government in Argentina has wasted little time in making an economic break with the recent past by floating the peso and abandoning currency controls. President Mauricio Macri wants to stimulate exports and investment, and rebuild foreign trust in Argentina’s economic policies. The move could herald a big devaluation. Based on the current blue-chip swap rate used to ... Read More »

Federal Reserve’s interest rate hike ‘will benefit eurozone and global economy’

It’s seen as a hugely important step on the road to global economic recovery. The Federal Reserve’s first interest rate rise since the financial crisis struck is designed to send a message that the US economy at least is getting back to normal. The hike is extremely modest: rock bottom interest rates have been raised to between 0.25 and 0.5 ... Read More »

GST panel hands in suggestions; moots 17 to 18 percent revenue neutral rate

The committee on the goods and services tax headed by Chief Economic Advisor Arvind Subramanian on Friday recommended a revenue neutral rate range of 17-18 percent for the proposed GST. The revenue-neutral rate is that single one that “would preserve current revenues”, that is, at which there will be no loss to both state and central governments. “The revenue neutral ... Read More »

Bank of England approves capital calculation models of 19 insurers

British insurers Aviva and Prudential and the Lloyd’s of London insurance market were among 19 firms to have their capital calculation models approved by the Bank of England on Saturday, enabling them to lower costs under new rules. Approval means the insurers can use their internal models to determine how much capital they hold to ensure they can meet policyholder ... Read More »

PF deposits may earn more interest this fiscal: Report

The Employees’ Provident Fund Organisation (EPFO) may hand out more interest on provident fund deposits for the current fiscal, with an announcement likely at its trustees’ meet on Wednesday. The retirement fund body has kept the interest rate on PF deposits unchanged at 8.75% in the past two financial years. “Though the proposal for fixing rate of interest on PF ... Read More »

India is fourth biggest exporter of illicit capital; China leads, says report

With an average annual outflow of $51.03 billion, India is the fourth biggest exporter of illicit capital over a decade with such financial flows surging to $1.1 trillion in 2013, according to a new report. China, with $139.23 billion average annually ($1.39 trillion cumulative), was the biggest exporter of illicit financial flows from developing and emerging economies, according to a ... Read More »

Australian computer forensics police raid home of suspected Bitcoin creator

Australian police raided the Sydney home and office on Wednesday of a man named by Wired magazine as the probable creator of bitcoin and holder of hundreds of millions of dollars worth of the cryptocurrency, Reuters witnesses said. More than a dozen federal police officers entered a house registered on the electoral roll to Craig Steven Wright, whom Wired outed ... Read More »