As Greek voters prepare to the go to the polls on Sunday and central banks around the world prepare to enter crisis mode if far left-wing candidate Alexis Tsipras wins and reneges on the country's bailout package, thus threatening euro zone solidarity, the Greek economy may slip into something resembling medieval Europe's Dark Ages. In recent days, international companies have been divesting their Greek branches, according to a report by the New York Times .
India n Finance Minister Pranab Mukherjee Saturday expressed confidence that the Reserve Bank of India would "adjust the monetary policy" on its mid-quarter monetary policy review June 18. Mukherjee, who is nominated by the ruling United Progressive Alliance to contest the presidential elections in July, said that the government "is taking fiscal measures to ensure that the central finances remain strong in wake of difficult times," PTI reported
Lack of infrastructural facilities in India n ports are negatively affecting exports as the ports are struggling to cope with commodity traffic. Ports are unable to handle the container and vessel traffic despite a decline in economy and exports. India has a 6000 km long coast line and 12 major ports and around 175 minor ports, according to the Indian Ports Association, in the 13 states (including the Union Territories)
Debt-riddled Italy is trying to raise €10 billion ($12.6 billion) by selling off state assets. To avoid an international bailout like those needed in Greece, Ireland, Portugal and Spain, Rome put three public companies -- credit agency Sace, industrial holding company Fintecna and the Simest investment company -- on the auction block on Friday and will be sold “within months," according to the Financial Times . Mario Monti's government also agreed on a number of “sustainable growth” measures that include investments in the construction industry, "green" economies and offshore oil and gas development.
In the wake of mounting economic hardship for Britons, Work and Pensions Secretary Iain Duncan Smith urged residents to get jobs and fend for themselves rather than rely on state benefits and handouts. Speaking on Thursday, he said the former Labor government's strategy to funnel more than $150 billion into tax credits and benefit payments between 2004 and 2010, snowballing the welfare bill by 40 percent even in a decade of buoyant growth and employment, hasn't done much to alleviate the incidence of child poverty
On her first trip to Europe in more than two decades, Myanmar’s pro-democracy activist Aung San Suu Kyi urged the protection of worker rights and encouraged foreign investment in her country during a speech before the International Labour Organization (ILO) in Geneva.
Business Groups to Julie Gillard: Lower Corporate Tax Rate Must be Funded by Spending Cuts, Not New Taxes
In response to broad hints from Prime Minister Julia Gillard that the Labor-led government plans to revive a previous initiative to lower corporate tax rate to 29 per cent from 30 per cent, business groups issued a challenge to her. Business leaders agreed cutting the tax rate would be good, but they insisted it should be funded by spending cuts, not new taxes to be collected from business
Even before the dust settles on Europe's €100 billion Spain bailout, Italy's technocrat Prime Minister Mario Monti faces rising pressure amidst fears that the debt-ridden country will be next in line to plead for financial assistance. Monti's ability to perk up Italy's sagging economy is being called into question