ECB's Stark warns against IMF funds for eurozone
FRANKFURT: The European Central Bank's chief economist Juergen Stark, who is stepping down at the end of the year, warned against using the IMF to bail out debt-mired eurozone countries in an interview.Stark said that by turning to the IMF, Europe would be placing its fate in the hands of "international committees and the various interests that are represented there.
"Europe must solve its problems on its own and reduce its dependence on the international capital markets by way of rigorous fiscal policies," Stark said.
"Europe must solve its problems on its own and reduce its dependence on the international capital markets by way of rigorous fiscal policies," Stark said.
Delhi government agrees to 500 crore bailout for BSES discoms
NEW DELHI: Faced with the threat of a power blackout in most parts of the city, the Delhi government on Monday gave in to pressure from private distribution companies BSES Rajdhani and BSES Yamuna and agreed to infuse equity worth Rs 500 crore in the two companies to bail them out of a liquidity crisis.
India extends ban on milk imports from Chinese
NEW DELHI: Imports of milk and milk products from China have been prohibited since September 2008.
Though the DGFT has not cited any reason for the ban, it is understood it was over fears of Chinese milk containing melamine, a deadly chemical, a source said.
Though the DGFT has not cited any reason for the ban, it is understood it was over fears of Chinese milk containing melamine, a deadly chemical, a source said.
Gujarat potato farmers seek central aid due to falling prices
VADODARA: Gujarat Potato Producing Farmers' Cooperative Committee (GPPFCC) has sought financial assistance of Rs 700 crore from the union government due to falling prices. Prices have tumbled from Rs 5-6 per kg to as low as 50 paise to Rs 1 per kg as per the market information.
"We have demanded that recovery of farmers' bank loans be deferred," said Vinay Gordhan Padhiyar, president of the committee.
"We have demanded that recovery of farmers' bank loans be deferred," said Vinay Gordhan Padhiyar, president of the committee.
Reserve Bank of India to issue Rs 500 note with Rupee symbol
MUMBAI: The Reserve Bank will shortly issue Rs 500 notes which will have the rupee symbol. The Rs 500 notes will be of the Mahatma Gandhi-2005 Series bearing the signature of Reserve Bank of India (RBI) Governor D Subbarao and with the year of printing mentioned on the back of the banknote, the apex bank said in a statement.
Last month, the RBI had announced that it will soon introduce notes of Rs 1,000, Rs 100 and Rs 10 denomination featuring the rupee symbol.
India's GDP growth rate to slip below 7%: Moody's
Global credit ratings agency Moody's today said policy paralysis coupled with global uncertainty is expected to pull down India's GDP growth rate below 7 per cent in the current fiscal from 8.5 per cent a year ago. We expect growth to fall below 7 per cent in 2011-12 from 8.5 per cent in 2010-11 due to the impact of an uncertain global funding environment, high domestic interest rates and the apparent lack of policy initiatives that can revive business confidence," Moody's said in a report.
