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☆ Yen near 10-week low, dollar buoyant as traders adjust rate bets
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +3 min

The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialed back bets on how quickly the Bank of Japan, or BOJ, will raise interest rates and how soon the Federal Reserve will cut them. The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialed back bets on how quickly the Bank of Japan, or BOJ, will raise interest rates and how soon the Federal Reserve will cut them. The yen was little changed at 149.315 per dollar in early Asian trading, after dipping to 149.48 late in the previous session for the first time since Nov. 27. Both currencies have been relatively resilient with officials from the European Central Bank and Bank of England pushing back against market wagers on early rate reductions. New Zealand's dollar gained 0.34% to $0.6117, supported by bets for a delayed start to Reserve Bank rate cuts - or even the potential for further hikes - after data this week showed a stronger-than-forecast jobs market.

Persons: Shinichi Uchida, Shunichi Suzuki, Jerome Powell, FOMC, Richard Franulovich, Sharon Zollner, bitcoin Organizations: Bank of Japan, Federal Reserve, BOJ, Japanese Finance, Traders, European Central Bank and Bank of England, Reserve, ANZ Locations: Tokyo

A man exercises in a gym near a barcode for Paytm, an Indian cellphone-based digital payment platform, in New Delhi on November 18, 2021. The Indian Finance Ministry, the RBI and Paytm did not immediately respond to CNBC's requests for comment. A Paytm spokesperson has denied any violation of foreign exchange laws, calling them "unfounded and factually incorrect," according to Reuters. The shares saw a massive three-day sell-off following the RBI's order last week which wiped out more than $2.5 billion in value, before a subsequent bounce. Earlier in the week, Indian billionaire Mukesh Ambani's Jio Financial Services denied media reports it was buying Paytm's wallet business.

Persons: Paytm, It's, Vijay Shekhar Sharma, Nirmala Sitharaman, Sharma, Mukesh Ambani's Organizations: Reserve Bank of, CNBC, Reuters, Indian Finance Ministry, One97 Communications, India's National Stock Exchange, Financial Services Locations: New Delhi, Reserve Bank of India

ANKARA, Turkey (AP) — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering some certainty about efforts to right the battered economy following his precedessor's surprise resignation. The duty of the central bank is to ensure and maintain price stability,” Karahan told reporters in Turkey’s capital, Ankara. Erdogan, who has previously fired central bank governors who spurned his unorthodox policies, appointed the new economic team after getting reelected in May. The Turkish central bank most recently raised its key interest rate by 2.5 percentage points in January, when inflation reached nearly 65%. Despite such hikes, inflation remains high — consumer prices rose to an eye-watering 64.86% in January from a year earlier, according to figures released Monday, up from 64.77% in December.

Persons: Fatih Karahan, Goldman Sachs, Karahan, Mehmet Simsek, ” Karahan, Hafize Gaye Erkan, ”, Erkan, Recep Tayyip Erdogan's, Erdogan, ___ Robert Badendieck Organizations: Finance, Turkish Locations: ANKARA, Turkey, Ankara, Turkish, Ukraine, Istanbul

☆ Zimbabwe Bets on No Till Farming to Reduce El Nino Impact on Grain
▼ + stars: | 2024-02-07 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

No till farming minimises soil disturbance, which helps keep carbon in the soil and also enriches soil biodiversity, reducing the need for chemical fertilisers that emit greenhouse. Zimbabwe is one of the countries worst affected by the El Nino weather pattern and struggles to feed itself. Zimbabwe produced 2.3 million tons of maize last year. The country requires 2.2 million tons of the staple grain annually for human and livestock consumption. "This is a reflection that farmers are adopting the recommended climate-proofing interventions, especially during the El Nino condition," cabinet said in a statement released late on Tuesday.

Persons: Vangelis Haritatos, Mthuli Ncube, Zimbabwe's, Nelson Banya, Michael Perry Organizations: Reuters, El, Finance, Nino Locations: HARARE, Zimbabwe, El Nino, Pacific

☆ Palestinian Authority to Pay Reduced Salaries as Israel Blocks Funds
▼ + stars: | 2024-02-06 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +3 min

By Ali SawaftaRAMALLAH (Reuters) - The Palestinian Authority said on Tuesday it will pay public sector workers 60% of their December salaries this week as it grapples with the longrunning fallout of Israel's refusal to transfer tax funds earmarked for Gaza. Funding to the Palestinian Authority, the body which exercises limited governance in the occupied West Bank, has been severely restricted by the months-long dispute over transferring tax revenues Israel collects on behalf of the Palestinians. Although Gaza is controlled by Hamas, the Palestinian Authority continues to fund essential areas of the blockaded enclave's budget including paying the salaries of health workers. The dispute over the Palestinian Authority budget coincides with a separate dispute over funding to UNWRA, the United Nations agency which pays for emergency relief for Palestinians. Much of the UNWRA budget has been cut off since Israel accused 12 of the agency's 13,000 Gaza workers of involvement in the Oct. 7 attack.

Persons: Ali Sawafta, Mohammad Shtayyeh, Bezalel Smotrich, Smotrich, Shtayyeh, Antony Blinken, James Mackenzie, Christina Fincher Organizations: Palestinian Authority, West Bank, Palestinian, Israeli, Hamas, U.S, United Nations, Israel, International Court of Justice Locations: Ali Sawafta RAMALLAH, Gaza, Israel

☆ Full interview with India's Finance Minister Nirmala Sitharaman
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull interview with India's Finance Minister Nirmala SitharamanIndian Finance Minister Nirmala Sitharaman spoke to CNBC's Sri Jegarajah in a wide-ranging interview on the possibility of a credit ratings upgrade, external risks, and economic agenda, as the Indian General Election approaches in 2024.

Persons: Nirmala, Nirmala Sitharaman Organizations: India's, Indian Locations: Jegarajah

☆ Ireland Eases Repayment Terms on COVID-19 Deferred Business Taxes
▼ + stars: | 2024-02-05 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

DUBLIN (Reuters) - Ireland's finance minister said on Monday the country's tax office would not force firms to pay interest on taxes deferred during the COVID-19 pandemic and allow extra time to repay the debt once they keep on top of current liabilities. The government introduced the tax warehousing scheme in May 2020 and firms that had deferred liabilities that arose during one of Europe's toughest lockdown regimes had already been given extra time until May 2024 to enter into repayment arrangements. The tax office said that 5,265 taxpayers were responsible for the bulk of the warehoused debt – 1.5 billion euros – and that almost 70% of the firms with deferred debts owe less than 5,000 euros each. Business insolvencies in Ireland rose 32% year on year in 2023, but were still below pre-pandemic levels. Accounting firm PwC, which compiled the figures, expects a similar rise in 2024 and a return to the 20-year average of annual closures.

Persons: Michael McGrath, McGrath, Padraic Halpin, David Evans Organizations: DUBLIN, Reuters, Ireland's, insolvencies Locations: Ireland

☆ It'll work in our favor if economic issues dominate the election, Indian finance minister says
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt'll work in our favor if economic issues dominate the election, Indian finance minister saysNirmala Sitharaman, Indian finance minister, discusses the issues that might dominate the 2024 Indian general election.

Persons: Nirmala Sitharaman

ISTANBUL (AP) — Turkey has seen its fifth central bank leader depart in as many years as Hafize Gaye Erkan, the first woman in the top role, stepped down after just eight months in the job. Photos You Should See View All 45 ImagesHere are key things to know about the central bank shakeup and what it means for Turkey's battered economy:WHY IS THERE A NEW CENTRAL BANK LEADER? Erkan resigned after weeks of media stories about her father’s undue influence in the central bank’s Istanbul office. Previous changes in central bank leadership has seen Erdogan row back on efforts to bring inflation under control through interest rate hikes. He was brought in as the bank’s deputy head at the same time Simsek took over the Finance Ministry and Erkan was appointed to lead the central bank.

Persons: Hafize Gaye Erkan, Goldman Sachs, Recep Tayyip Erdogan, — Erkan, ”, Fatih Karahan, Mehmet Simsek, Erdogan, Erkan, Karahan, Simsek's, Simsek, Liam Peach, Selcuki, ” “ It’s, ” Selcuki Organizations: —, Finance, WHO, FATIH, Finance Ministry, University of Pennsylvania, Federal Reserve Bank of New, Amazon, Capital Economics, Istanbul Economy Research Locations: ISTANBUL, — Turkey, Turkey, Istanbul, Simsek, U.S, Federal Reserve Bank of New York, Columbia, New York, Ankara

ATHENS, Greece (AP) — Greece completed a major privatization Friday, selling its 30% stake in the biggest airport operator in the tourism-reliant country during an initial public offering, officials said. Shares in Athens International Airport are expected to begin trading on the Athens stock exchange starting Wednesday, the airport said in a statement. Finance Minister Costis Hadzidakis said the listing of a new blue chip stock would provide a strong boost to Greek capital markets. The initial public offering drew demand that exceeded the number of shares available, raising 785 million euros ($848 million) for Greece's state HRADF privatization fund. Photos You Should See View All 45 ImagesSome 32 million tourists visited Greece in 2023, up from about 28 million a year earlier.

Persons: Costis Hadzidakis, HRADF Organizations: —, Finance Locations: ATHENS, Greece, — Greece, Athens

☆ India set to clock up to 8% GDP growth as it boosts manufacturing capacity, minister says
▼ + stars: | 2024-02-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

Workers assemble mobile phones at a Dixon Technologies factory in Noida, India, on Jan. 28, 2021. Bloomberg | Bloomberg | Getty ImagesIndia could clock up to 8% annual GDP growth for several years as it focuses on boosting its manufacturing capabilities, a key government minister told CNBC on Thursday. watch nowHe spoke extensively about the country's mobile manufacturing ecosystem, claiming that 99% of the phones used in India were made within the country. The country exported $11 billion mobile phones last year, and they are likely to rise to between $13 billion and $15 billion in 2024, Vaishnaw said. Apple 's presence in India has grown exponentially since it first started manufacturing in the country in 2017.

Persons: Vaishnaw, Narendra Modi's, Nirmala Sitharaman, CNBC's, Apple, OnePoll, Joe Biden, India's Modi, Narendra Modi, Modi, Mandel Ngan Organizations: Dixon Technologies, Bloomberg, Getty, CNBC, Union, Railways, Communications, Electronics, Technology, CNBC's Sri, Deloitte, India, Apple, Samsung, Micron, U.S, India's, White, Afp Locations: Noida, India, Delhi, Mumbai, Chennai, China, Washington ,

☆ India's finance minister touts unlikely export growth in a world of uncertainty
▼ + stars: | 2024-02-02 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +4 min

Finance Minister Nirmala Sitharaman addresses the media after the interim budget on February 1, 2024 in New Delhi, India. So a lot of new people are accessing India," Sitharaman said, while touting that India was able to showcase its digital public infrastructure at the G20 summit it hosted in New Delhi last year. Sitharaman, when asked about what economic issues will define the vote, said "if economic issues are to dominate the election, it would be the recipients of the beneficiaries themselves coming out to say, 'I'm empowered now'." "If anything, for us it will be performance on the economic issues, good performance, inclusive growth that we've offered." The interim budget is typically a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed.

Persons: Nirmala Sitharaman, Sitharaman, CNBC's, CNBC's Sri Jegarajah, Narendra Modi's, Pranjul Bhandari, Bhandari, Anantha Nageswaran Organizations: Hindustan Times, Getty, India's, CNBC's Sri, Mar, CNBC, India's Finance Locations: New Delhi, India, Europe, America, Brazil, Africa, Indonesia

NEW DELHI (AP) — India’s finance minister unveiled on Thursday a short-term budget to meet government expenditures until national elections are held by May, saying it will boost spending on infrastructure projects, build homes for poor villagers and cut the fiscal deficit by reducing subsidies. The short-term budget is mostly free of big-spending new programs. The short-term budget must be approved by Parliament. The government allocated $145 billion for infrastructure projects in the short-term budget. The Modi government’s budget last year totaled $550 billion and focused on ramping up capital spending to spur economic growth.

Persons: Nirmala Sitharaman, Narendra Modi’s, giveaways, Modi, Sitharaman, Sibi Arasu Organizations: DELHI, —, Parliament, Monetary Fund Locations: India, United Kingdom, Bengaluru

☆ BRICS: South Africa says countries are clamoring to join the China and Russia-backed group
▼ + stars: | 2024-02-01 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Nearly three dozen countries are seeking entry into the China and Russia-backed BRICS economic group, member state South Africa said Wednesday, weeks after the body expanded its membership for the first time in more than a decade. Thirty-four countries have submitted an expression of interest in joining the bloc of major emerging economies, South African Foreign Minister Naledi Pandor told reporters, without naming the nations. BRICS, which since 2011 had been made up of Brazil, Russia, India, China and South Africa, roughly positions itself as the Global South’s answer to the Group of Seven (G7) major developed economies. The group took shape as a summit-level gathering between Brazil, Russia, India and China in 2009 and expanded to include South Africa two years later. Six new BRICS countries were invited during the 2023 summit last August.

Persons: Naledi Pandor, Xi Jinping, Putin, Pandor Organizations: Hong Kong CNN, African Foreign, United Arab Emirates, United Nations Security Council, Finance Locations: China, Hong Kong, Russia, South Africa, Iran, Saudi Arabia, UAE, Ethiopia, Egypt, United States, Washington, Brazil, India, Beijing, Ukraine, Johannesburg, Russian, Kazan, Argentina

☆ Zelenskiy Says EU Aid Approval Will Boost Ukraine's Economy
▼ + stars: | 2024-02-01 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

KYIV (Reuters) - President Volodymyr Zelenskiy said on Thursday the EU's approval of an aid package to Ukraine would strengthen long-term economic and financial stability as the war with Russia approaches its third year. "It is very important that the decision was made by all 27 leaders, which once again proves strong EU unity," Zelenskiy said on the X social media platform. "Continued EU financial support for Ukraine will strengthen long-term economic and financial stability, which is no less important than military assistance and sanctions pressure on Russia," he said. Ukraine expects to receive the first tranche of 4.5 billion euros ($4.9 billion) from the EU facility in March, the economy ministry said. The Latest Photos From Ukraine View All 91 ImagesUkraine critically depends on financial support from its Western allies.

Persons: Volodymyr Zelenskiy, Zelenskiy, Serhiy Marchenko, Olena Harmash, Jon Boyle Organizations: Finance, Kyiv, European Union Locations: Ukraine, Russia

☆ Ahead of Election, Pakistan Seals Plan to Sell National Airline
▼ + stars: | 2024-02-01 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +8 min

"Our job is 98% done," Privatisation Minister Fawad Hasan Fawad told Reuters when asked about the plan to sell the airline. Details of the privatisation process have not been previously reported. PIA had liabilities of 785 billion Pakistani rupees ($2.81 billion) and accumulated losses of 713 billion rupees as of June last year. Its CEO has said losses in 2023 were likely to be 112 billion rupees. PIA spokesman Abdullah Hafeez Khan said the airline was assisting the privatisation process, extending "full cooperation" to the transaction adviser.

Persons: Asif Shahzad, Fawad Hasan Fawad, Fawad, Ernst & Young, Shamshad Akhtar, Abdullah Hafeez Khan, Nawaz, Nawaz Sharif, Imran Khan, Sharif's, Ishaq Dar, EASA, Brendan Sobie, Gibran Peshimam, Raju Gopalakrishnan Organizations: Pakistan International Airlines, International Monetary Fund, PIA, IMF, Reuters, Caretaker, Ernst &, Ernst, FAST, Pakistan Muslim League, European Union Aviation Safety Agency, Heathrow, Manchester, Birmingham, Kuwaiti Locations: Asif Shahzad ISLAMABAD, Pakistan, Czech, Hungarian, Karachi, Europe, Kuala Lumpur, Toronto, Singapore, East, North America, Paris, New York

☆ Colombia's Petro Denies Calling for Cabinet Resignations
▼ + stars: | 2024-02-01 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

Colombian presidents frequently request mass, 'protocol' cabinet resignations in order to make changes to the government, though these are not guaranteed. The three government sources said had Petro asked for the resignations of his ministers during a meeting on Wednesday evening. Rather than the president demanding their resignations, ministers offered to resign, Agriculture Minister Jhenifer Mojica said during a presentation near capital Bogota. Petro last called for ministers' resignations in April after a debate on a health reform was abandoned by the lower house of congress. (Reporting by Oliver Griffin and Luis Jaime Acosta; Additional reporting by Carlos Vargas; Writing by Oliver Griffin; Editing by Sandra Maler)

Persons: Oliver Griffin, Luis Jaime Acosta BOGOTA, Gustavo Petro, Petro, Jhenifer Mojica, Jorge Ivan Gonzalez, Ricardo Bonilla, Jose Antonio Ocampo, Luis Jaime Acosta, Carlos Vargas, Sandra Maler Organizations: Finance Locations: Bogota

India's Finance Minister Nirmala Sitharaman along with her staff poses for pictures as she leaves the Finance Ministry Office to present the annual budget in parliament in New Delhi on February 1, 2024. India's finance minister, Nirmala Sitharaman, said on Thursday the country's fiscal deficit for financial year 2025 will narrow to 5.1% from the revised 5.8% for 2024. Capital expenditure will rise by 11.1% to 11.11 trillion rupees ($133.9 billion) in fiscal year 2025, while tax revenue for the year would be 38.31 trillion rupees ($461.7 billion), she said while presenting the interim budget before the general elections. As much as 750 billion rupees at a 50-year interest free loan will be set aside for states to boost tourism. The Finance Ministry said earlier this week that India could become the world's third-largest economy by 2027 with a gross domestic product of $5 trillion.

Persons: Nirmala Sitharaman, Sitharaman Organizations: India's, Finance Ministry Office, Finance Ministry Locations: New Delhi, India

☆ Former UK finance minister joins Coinbase crypto exchange as an advisor
▼ + stars: | 2024-01-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Former British Chancellor George Osborne addresses guests during a visit to the Manchester Chamber of Commerce on July 1, 2016 in Manchester, England. LONDON — A former British finance minister on Wednesday joined cryptocurrency exchange Coinbase as a global advisor, beefing up the company's regulatory bargaining power at a time when it faces severe scrutiny stateside. Coinbase announced that George Osborne, who served as Britain's chancellor of the exchequer from 2010 to 2016, will join the company on its global advisory council. Faryar Shirzad, Coinbase's chief policy officer, said the company was "pleased to have George join our council at an exciting time for us in the U.K. and globally." We look forward to relying on his insights and experiences as we grow Coinbase around the world," Shirzard added.

Persons: George Osborne, beefing, He'll, Mark Esper, Patrick Toomey, Coinbase, George, Shirzard, Osborne Organizations: Manchester Chamber of Commerce, Wednesday, Coinbase, of Defense Locations: Manchester, England, British, Coinbase

☆ Netanyahu faces pressure from all sides as hostage deal hopes rise
▼ + stars: | 2024-01-31 | by ( Analysis Elliott Gotkine | ) edition.cnn.com time to read: +2 min

CNN —Israeli Prime Minister Benjamin Netanyahu and Hamas don’t agree on much. Hamas is demanding Israel withdraw all its troops from Gaza and release vast numbers of Palestinian prisoners held in Israeli jails. Phase one would see a six-week pause in fighting, during which civilian hostages would be released; three Palestinian prisoners would be freed for each one. Yet even without Ben Gvir and Finance Minister Bezalel Smotrich, Netanyahu would still have the numbers in cabinet to push a hostage deal through. And even if he didn’t, opposition leader Yair Lapid says he’d step in to support the prime minister on this issue.

Persons: Benjamin Netanyahu, don’t, Netanyahu, “, Itamar Ben Gvir, Ben Gvir, Bezalel Smotrich, Yair Lapid Organizations: CNN, Israeli, Gaza, firebrand National Security, Israel Channel, Finance Locations: Gaza, Iran, Israel

☆ Farmers in Europe Step up Protests Against Rising Costs, Green Rules
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +4 min

Farmers say they are not being paid enough, are choked by taxes and green rules and face unfair competition from abroad. French farmers have already won several concessions, including the government dropping plans to gradually reduce subsidies on agricultural diesel. On Wednesday, European Commissioners proposed limiting agricultural imports from Ukraine and greater flexibility on rules on fallow land in a bid to quell protests. In Italy, farmers have blocked traffic with hundreds of tractors near motorway access points near Milan, in Tuscany and elsewhere in recent days. While a deal looks possible on fallow land, the question of talks on a major trade deal with the Mercosur group is more contentious.

Persons: Marco Trujillo, Philip Blenkinsop PARIS, Adelin Desmecht, Gerald Darmanin, Bruno, Coldiretti, Le Maire, Abdul Saboor, Jean, Stephane Brosse, Gus Trompiz, Dominique Vidalon, Benoit van Overstraeten, Geert de Clercq, Charlotte van, Phil Blenikinsop, Alvise Arminelli, Ingrid Melander, Ros Russell Organizations: EU, South, Farmers, Mercosur, French Finance, European Commission, South American, Charlotte van Campenhout Locations: BRUSSELS, Europe, Brussels, Belgian, France, Paris, Belgium, Zeebrugge, Ukraine, Mercosur, Italy, Milan, Tuscany, Bordeaux, Amsterdam

Vipin Kumar | Hindustan Times | Getty ImagesIndia is set to release its interim budget for 2024 on Thursday, ahead of the country's highly anticipated general elections. The interim budget is seen as a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed. Typically, the interim budget won't include big and sweeping policy announcements. Fiscal deficit targetIndia's fiscal deficit stands at 6.4% of gross domestic product for the 2023-2024 financial year. TaxesDon't expect significant shifts in taxation as this is only an interim budget, analysts say.

Persons: Vipin Kumar, Nirmala Sitharaman, Nomura, Goldman Sachs, Goldman, Nilesh Shah, Shah, it's, Bathini, Modi, India's Organizations: Hindustan Times, Getty, India, Bharatiya Janata Party, Goldman, Mahindra Asset Management, CNBC, Capital, WealthMills Securities, India's Finance, BJP Locations: New Delhi, India, China, Japan, Germany

☆ Indonesia Chief Security Minister to Tender Resignation 'Soon'
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

JAKARTA (Reuters) - Indonesia's Chief Security Minister and vice presidential candidate Mahfud MD on Wednesday said that he would tender his resignation to President Joko Widodo once he has the chance to meet the president. Mahfud did not say why he would be stepping down from the job. Mahfud is the running mate of former provincial governor Ganjar Pranowo, who is up against Defence Minister Prabowo Subianto, and ex-Jakarta governor Anies Baswedan. Mahfud's resignation comes amid speculation and reports in local media about the potential resignation of respected Finance Minister Sri Mulyani Indrawati. The finance ministry has said Sri Mulyani is continuing to carry out her duties in managing state finances.

Persons: Mahfud, Joko Widodo, Ganjar Pranowo, Prabowo Subianto, Anies Baswedan, Mahfud's, Sri Mulyani Indrawati, Mulyani, Ganjar, Prabowo, Widodo's, Ananda Teresia, Stefanno Sulaiman, Stanley Widianto, Martin Petty Organizations: Defence Locations: JAKARTA, Jakarta, Indonesia

☆ IMF warns British government against more tax cuts
▼ + stars: | 2024-01-30 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — The U.K. government should not introduce further tax cuts this year, the International Monetary Fund said Tuesday, as its chief economist argued the national budget needed the money for public services and growth-friendly investments. "In that context, we would advise against further discretionary tax cuts, as envisioned or discussed now," he said. An IMF spokesperson separately said the U.K. had higher spending needs across public services and investments than were currently reflected in the government's budget plans. Hunt announced several tax cuts in his fall budget, and made several suggestions he wants to introduce more in the spring. The IMF on Tuesday forecast 0.6% growth for the U.K. economy this year, up slightly from an estimated 0.5% figure for 2023.

Persons: Jeremy Hunt, Pierre, Olivier Gourinchas, Hunt Organizations: British, LONDON, International Monetary Fund, National Health Service, IMF, Conservative, Conservatives, Labour

☆ India set to be world's third largest economy by 2027, finance ministry says
▼ + stars: | 2024-01-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

India could become the world's third-largest economy by 2027 with a gross domestic product of $5 trillion, the finance ministry has said. The projections come ahead of an interim budget due to be released later this week. In a report released Monday, the finance ministry said the economy is poised to grow at or above 7% in the fiscal year 2024. If it meets this year's target, it will be the third straight year of 7% GDP growth for India. India's chief economic advisor, V Anantha Nageswaran, said the government's goal is to become a developed country by 2047.

Persons: Nirmala Sitharaman, V, Nageswaran Organizations: Indian Finance, Bombay Stock Exchange Locations: Mumbai, India

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