Finance

Australia to sign up to China Bank

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AUSTRALIA will join the club of more than 30 countries negotiating the set-up of a $100 billion China-led development bank. The Advertiser  BY LISA MARTIN AND COLIN BRINSDEN AAP AFTER holding out for months, Prime Minister Tony Abbott announced on Sunday that Australia intends to sign up to the Asian Infrastructure Investment Bank. China is promoting the bank as a ... Read More »

Bailout programme: IMF approves release of $501.4 million to Pakistan

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ISLAMABAD: The International Monetary Fund (IMF) on Friday approved the release of $501.4 million to Pakistan and praised the country’s efforts for stabilising the economy and urged the government to continue reforms. The Express Tribune - By Shahbaz Rana The decision to approve the seventh loan tranche worth $520 million was taken by the Executive Board of the IMF in a meeting held ... Read More »

PM Narendra Modi appeals to well off people to give up subsidised LPG

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Prime Minister Narendra Modi today appealed to the well off people to give up subsidised cooking gas, and expressed his government’s resolve to reduce dependence on energy imports by 10 per cent by 2022. The Financial Express - By: PTI | New Delhi Sharing oil companies’ plans to increase piped cooking gas connection to one crore households from 27 lakh currently ... Read More »

French business morale at highest in nearly three years

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PARIS: French business morale stood at its highest in nearly three years in March, data from statistics office INSEE showed on Wednesday, while morale in the industrial sector alone was close to the long-term average. The Economic Times - The composite indicator of business morale rose from 94 in February to 96, its highest level since April 2012. The more ... Read More »

Friendless fiscal policy about to get invited to the economic party

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For four decades, fiscal policy has been the poor relation among the tools available for countries to use to stabilise demand as their economies move through the ups and downs of the business cycle. Monetary policy has been the preferred instrument. But this may be about to change. The Age – Ross Gittins, The Sydney Morning Herald’s Economics Editor Monetary policy refers ... Read More »

How Far Will the Euro Fall?

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LONDON – The US dollar is hitting new 12-year highs almost daily, while the euro seems to be plunging inexorably to below dollar parity. Currency movements are often described as the most unpredictable of all financial variables; but recent events in foreign-exchange markets seem, for once, to have a fairly obvious explanation – one that almost all economists and policymakers ... Read More »

IBM considering adopting bitcoin tech for major currencies

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IBM is looking at adopting the “blockchain,” the technology behind bitcoin, to develop a digital cash and payment system for traditional currencies. Australian National Review Reuters cited a source familiar with the matter saying that the target is to allow people to make payments or transfer cash immediately using this technology without a bank or clearing party involved, thus saving ... Read More »

Greece looks to social security funds to plug debt bills

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GREECE’S government has confirmed that it may raid the country’s pensions and social security system to raise money to meet its huge debt repayments. AFP – The Australian  With Athens having to find 6 billion euros ($6.4 billion) in the next two weeks alone to pay its creditors, and its bailout frozen, the finance ministry said it is to ask ... Read More »

Strong pound hits exports to UK’s largest trading partner

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THE UK’s economic recovery suffered a setback after industrial output unexpectedly fell in January, heightening concerns over the impact of a strong pound on manufacturing exports. Express - By DAVID SHAND The Office for National Statistics said overall production fell by 0.1 per cent from the previous month compared with forecasts of 0.2 per cent growth, although it is estimated to ... Read More »

Joe Hockey says people could use super savings as a ‘shock absorber’

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Treasurer Joe Hockey has suggested that people should be able to use their super savings as a “shock absorber” over their lives, because it is their savings so “arguably they should be able to access” them. The Sydney Morning Herald - Gareth Hutchens and James Eyers Mr Hockey is continuing to promote the idea that young people could use their superannuation ... Read More »