Labour's Iain Gray in policy move over minimum wage

Scottish Labour leader Iain Gray has announced plans to boost public sector workers' pay to more than £7 an hour. Despite tough spending cuts on the horizon, he told his party's UK conference that the lowest paid workers must be protected. Mr Gray said he would also restrict high salaries in the public sector. All the Scottish parties are on an election footing in the run up to next May's Holyrood election. Mr Gray told delegates in Manchester of his manifesto commitment to establish a "Scottish living wage", which the private sector will also be encouraged to take up. The policy is similar to the one announced last year by the then leader of Glasgow City Council, Steven Purcell. The national minimum wage currently sits at £5.80 an hour for those above the age of 22.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Japan 'ready' for more yen action

The governor of Japan's central bank has not ruled out further interventions in the currency markets in its fight to control the rising value of the yen. Speaking at a conference in Kobe, Masaaki Shirakawa said the Bank of Japan (BOJ) was "ready to implement appropriate action" if required. The BOJ intervened in the currency markets for the first time in six years earlier this month. Its decision to sell large amounts of yen helped drive down the currency. Previously the yen had reached a 15-year high against the dollar - a concern for Japan's exporters who are seeing their profits squeezed by the poor exchange rate. The comments came two days after the central bank was suspected of intervening in the markets for a second time, leading to a sharp fall of more than 1% in the value of the yen against the dollar.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Gold price touches $1,300 record high

The price of gold has risen above $1,300 an ounce for the first time. The price of the precious metal reached $1,300.07 during trading at the London bullion market, before dipping back. The latest rise has been spurred by caution over the global economy, as well as weakness in the US dollar - the currency used to value gold - which fell 1% against the euro. The gold price has increased five-fold in the last 10 years, up from a low of $258 in 2000. One of the factors spurring investors is gold's traditional role as a so-called "safe-haven" investment at times of economic uncertainty. Another driver is more technical - gold is priced in dollars, and any fall in the dollar makes it cheaper to buyers using other currencies. The World Gold Council's last report on the gold market predicted that continuing strong demand from jewellery buyers in the two fast-developing markets of India and China would help to keep the price high.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Air traffic growth slips to single digit in Aug

Domestic air traffic growth slipped to single-digit in August mainly due to lean season. Domestic carriers such as Air India, Jet Airways and IndiGo together flew 40.38 lakh passengers during this period, registering a growth of 9.8% over the corresponding month last year, the Directorate General of Civil Aviation (DGCA) data released on Thursday showed. The traffic grew 19% to 284.24 lakh in January-August period with most of the airlines reporting increased flight occupancy on the back of strong economy and market sentiment.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

India trade deficit seen at all-time high

With imports rising at a scorching over 33 per cent but exports losing steam in April-August, India seems to be heading for an all-time high trade gap of USD 135 billion this fiscal. India's trade deficit--difference between imports and exports--in April-August of 2010-11 is USD 56.6 billion. (This) comes to roughly a trade deficit of USD 11.2 billion per month and that comes to USD 135 billion (for the fiscal). Now that will be very very large, Commerce Secretary Rahul Khullar told reporters here. The estimated trade gap in 2009-10 was USD 102 billion and for 2008-09 at USD 118 billion.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

New EU finance watchdogs ratified

The European Parliament has ratified a law creating new financial oversight institutions, designed to help prevent future banking crises. New watchdogs for the banking, financial markets, insurance and pensions sectors will be set up, in addition to a European board to oversee the health of Europe's economy. They will become active at the beginning of next year. European Union member states had already backed the plan. The new framework for financial supervision was drawn up by EU finance ministers and the European Parliament earlier this month.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Federal Reserve hints may act on US economy

The US central bank has decided to not take further action to rejuvenate the country's economy for now - but hinted it may do more later if needed. The Federal Reserve kept interest rates steady and made no change to monetary policy after its one-day meeting. But it expressed greater concern than previously about the sluggish pace of economic growth and low inflation. The economy - with unemployment close to 10% - is set to dominate November's mid-term elections. The US recession ended in June 2009, but recovery has lost momentum this year with growth at an annualised rate of 1.6% in the second three months of 2010.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

National Audit Office to get access to BBC books

Spending watchdog the National Audit Office will be able to fully examine the BBC's finances for the first time. It will have access to "BBC management information and confidential BBC contracts with third parties", but will not include "commercially sensitive" details in its reports. A spokesman for the NAO said it was "a step towards full accountability". The BBC said the move did "not threaten the BBC's independence from government or Parliament". The NAO scrutinises the finances of government departments and other public sector bodies to ensure good governance has being carried out and value for money has been achieved.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Oil body concern at non-EU migration cap

The UK offshore energy industry has joined criticism of a cap on non-EU migrant workers. Oil & Gas UK warned of its "extreme concern" that the limit could harm investment, employment and the nation's energy security. Firms must be allowed to move and hire skilled workers when needed, it added. Last week Downing Street denied claims by Business Secretary Vince Cable that an interim immigration cap was doing "huge damage" to business. The cap on non-EU immigration was a Conservative Party manifesto commitment but was opposed by the Liberal Democrats before the coalition government was formed.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Bank of England member votes again for rate rise

A member of the Bank of England's Monetary Policy Committee (MPC) has voted again for a rise in interest rates. Minutes from the MPC's August meeting show Andrew Sentance voted to raise the Bank rate to 0.75% from the record low of 0.5%, citing high inflation. It is the third month in a row that Mr Sentance has called for a rate rise. The other MPC members at the meeting all voted for rates to be held at 0.5% for the 17th month in a row.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

UK inflation rate slows again in July

UK inflation eased to 3.1% in July from 3.2% in June, the third month in a row that prices have risen more slowly. However, the Consumer Prices Index (CPI) is still well above the Bank of England's 2% target rate. The Retail Prices Index (RPI) slowed to 4.8% from 5% in June, the Office for National Statistics (ONS) said. The governor of the Bank of England has written to the chancellor of the exchequer explaining why inflation is still above target. In his letter, Mervyn King said that although the Bank's Monetary Policy Committee (MPC) had been "surprised" by the recent strength of inflation, this was largely due to "temporary" factors. These included the return of VAT in January to 17.5% following the reduction to 15% during the recession, past rises in oil prices and higher import prices as a result of the depreciation in the pound since the middle of 2007.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Pakistan floods: World Bank to lend $900m for recovery

The World Bank is to loan $900m (£574m) to Pakistan to help it recover from its worst ever flooding. The devastating floods have affected up to 20 million people and left some 2,000 dead, say officials. But the UN says international aid has been slow and that it has raised only a third of the $460m (£294m) needed for emergency relief. Pakistan's High Commissioner to Britain said it could take five years and $15bn (£9.6bn) for the country to recover. The World Bank funds will come through the reprogramming of planned projects and the reallocation of money, a World Bank spokesman said. We are reprioritising to make the funds immediately available," he told Reuters news agency.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Japan GDP figures show sharp slowing of economic growth

Japan relies on exports for growth but the strong yen is making that more difficult Economic growth in Japan weakened significantly in the last financial quarter, official figures show. Between April and June this year gross domestic product - the sum of the nation's goods and services - grew by 0.1%, much lower than expected. Analysts say the country's export-led recovery appears to be faltering as the value of the yen appreciates. Japan's close rivals, Germany and the US, recently reported far superior GDP figures for the same period. Germany registered a 2.2% rise, while the US economy grew at an annualised rate of 2.4%. The BBC's Roland Buerk in Tokyo says Japan remains one of the wealthiest and most prosperous countries in the world, but the trajectory of its economy has been clear for years. World Bank figures show that in the first eight years of this century Japan's economy expanded by just 5% while China's grew by 261%.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

France urged to repay Haiti's huge 'independence debt'

A group of intellectuals and politicians has called on France to repay 17bn euros (£14bn) "extorted" from Haiti in the 19th Century. The money, they say, would help impoverished Haiti rebuild after January's devastating earthquake, which killed more than 250,000 people. In 1825 France demanded 150m gold francs in compensation after Haiti gained independence in a slave revolt. Campaigners say that demand was illegitimate and illegal. The 'independence debt', which is today valued at over 17bn euros illegitimately forced a people who had won their independence in a successful slave revolt, to pay again for the freedom," said the appeal to President Nicolas Sarkozy, published in the French newspaper Liberation. The signatories included American linguist Noam Chomsky, French philosopher Etienne Balibar, and the Euro MPs Daniel Cohn-Bendit and Eva Joly.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

NTPC preparing to meet rise in coal, gas demand

State-run NTPC, on a massive capacity addition programme, says it would need 270-280 million tonnes (mt) of coal annually by the end of the 12th Plan (2017). It used 150 mt last year. Around 70 per cent would be met from domestic sources, another 20 per cent through its mines and the remaining 10 per cent through imports. It would rely on domestic sources, long-term and fallback arrangements for regassified liquefied natural gas (RLNG) and spot RLNG. NTPC requires around 17.35 million metric standard cubic metres per day (mscmd) of gas for running plants of 3,650 Mw capacity at a load factor of 90 per cent. It has tied up for supply of 15 mscmd and was meeting the gap through spot RLNG.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

FinMin examines FDI loopholes in case of Japan Tobacco

In what is becoming a key issue for the government’s foreign direct investment (FDI) policy, the finance ministry has asked the Reserve Bank of India (RBI) to again look into the details of the controversial infusion of Rs 293 crore by Japan Tobacco Inc (JT) in its Indian joint venture, which it did without increasing its equity stake and bypassing the Foreign Investment Promotion Board, or FIPB

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

UK industrial production hit by oil work

A big fall in oil and gas extraction contributed to a surprise fall in UK industrial output in June. The decline in oil and gas extraction was due to maintenance work being carried out in June, rather than in August when it is normally done. Industrial production fell 0.5% from May, the Office for National Statistics said, but was up 1.3% on the year. Manufacturing output, which excludes mining, oil, gas and utilities, rose 0.3% on the month and 4.1% on the year. George Buckley, chief UK economist at Deutsche Bank, said the monthly figures were volatile. I don't think this will have much market-moving impact... because it looks pretty bad relative to consensus, but look at manufacturing production - the underlying message is still that things are expanding, and they are very volatile these figures.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

German exports rise again in June

Germany's exports rose faster than expected in June, a further sign of recovery in Europe's biggest economy. Exports were up 3.8% compared with a month earlier, and up 29% on the year, according to Germany's federal statistics office. Investors hope the strong figures mean Germany's economy grew faster in the second quarter of the year. Exporters' profits have been boosted recently by strong demand from Asia and other emerging economies. Exports to countries outside the eurozone grew by 37% compared with a year ago, the figures showed, while exports to the eurozone were up 22%. The growth has widened Germany's trade surplus, with the value of exports now 12.3bn euros ($16.3bn; £10.2bn) greater than the value of imports. Imports also rose in June, by 1.9% compared with May.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

India car sales rise 38%

Car sales in India have risen 38% over the past year, figures from Society of Indian Automobile Manufacturers have shown. Sales for July were 158,764, the trade body said. Commercial vehicle sales were also up 37% compared with the same month last year, with 51,481 vehicles sold. Analysts said relatively low vehicle sales this time last year, plus India's continued economic growth, have helped the car industry. Orders for vehicles are expected to surge later this year - especially when India's festive season peaks in early November. There are concerns this could lead to bottle necks as suppliers struggle to meet demand. Higher interest rates and the availability of finance could hold also back growth in the sector, some analysts have warned.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

New car sales see first drop for a year

New car sales fell in July, the first drop in a year, the Society of Motor Manufacturers and Traders has said. New car registrations were 136,446 last month, down 13.2% from a year ago, the trade body said, with the end of the car scrappage scheme and the fragility in the economy blamed. However, so far this year, new car sales remain 15% higher on the same period last year. The SMMT said it expected more than two million new cars to be sold in 2010. Paul Everitt, the SMMT's chief executive, said July's fall was not a surprise.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Eurozone interest rates kept on hold by ECB

The European Central Bank (ECB) has kept eurozone interest rates on hold at 1%, as had been expected. It is the 15th month running that rates have stayed at this record low, as the ECB continues to seek to help economies recover from last year's recession. ECB president Jean-Claude Trichet said that while the eurozone economy was growing, uncertainty remained. We continue to expect the euro area economy to grow at a moderate and still uneven rate, he added. Mr Trichet also said that inflation would remain low into the medium and longer term. Analysts say eurozone rates need to remain at the current level because governments are cutting back on public spending, which is weakening economic growth.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Railways to axe IRCTC ticket monopoly

Indian Railways are mulling the sale of e-tickets on its portal which will end IRCTC's monopoly in e-ticketing business and provide multiple booking avenues to rail passengers. Highly placed sources in the Railway Ministry said the new facility will be one of the several passenger-friendly features planned to be rolled out before the Dussehra festival this year that falls towards September end. The decision, if materialises, could be yet another setback for IRCTC, thanks to the new catering policy unveiled recently which stripped the Railway PSU of its catering responsibility that formed its core business

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Indian economy moving fast towards $2 trn mark

The Indian economy would grow to $1.72 trillion in 2011-12, moving closer towards the $2 trillion mark, according to an assessment by the Prime Minister's Economic Advisory Council (PMEAC). The country's gross domestic product (GDP) at the market and current prices was measured at $1.31 trillion in 2009-10 and is estimated to be $1.52 trillion in the current fiscal, the PMEAC said in its latest economic outlook. Pegging the GDP growth at nine per cent, the economy would reach a level of $1.72 trillion in 2011-12, it said. If the 9 per cent growth trend is maintained, India would become $2 trillion economy in 2013-14 fiscal.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Oil nears 12-week highs; investors upbeat on commodities

Oil rose towards 12-week highs above $79 on Monday, driven by investor appetite for commodities and energy risk, with macroeconomic indicators in top consumers the United States and China showing slower but sustained growth. US September crude rose as much as 40 cents to $79.35 a barrel and was up 19 cents at $79.14 by 0415 GMT, having reached a 12-week high of $79.69 last week and climbed 4.35 per cent last month. ICE Brent gained 13 cents to $78.31.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Manufacturing 'in recovery' says trade body EEF

The UK's manufacturing sector performed better than expected in the first half of the year, and growth is expected to outstrip the rest of the economy, according to the EEF. The industry trade body said it forecast growth in manufacturing of 3.8% this year. That compares with 1.1% growth forecast for the economy as a whole. But the EEF warned that spending cuts in the UK and abroad could hurt manufacturers in the long term. "Manufacturing has exceeded expectations so far this year with a broad-based recovery, supported by growth in world trade, a weak pound and restocking," said Lee Hopley, EEF chief economist.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US economic growth slows to 2.4%

US economic growth slowed between April and June, with GDP growing by an annualised rate of 2.4%, the US Commerce Department has said. This compares with an annual rate of 3.7% in the previous quarter. The second quarter figure is a first estimate, and could be revised either up or down in the coming months. There are growing fears about the strength of the US economic recovery, particularly concerning the country's high unemployment rate of 9.5%. Despite the slower rate of growth, economic adviser to the White House Christine Romer said: "This solid rate of growth indicates that the process of steady recovery from the recession continues.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

California 'fiscal emergency' declared

California governor Arnold Schwarzenegger has declared a fiscal state of emergency, putting pressure on lawmakers to pass a state budget that is now more than a month overdue. California's economy, which is the eighth largest in the world, faces a budget deficit of $19bn (£12bn). Mr Schwarzenegger said that without a budget in place the state's government would run out of cash by October. He also ordered most state employees to take three days unpaid leave a month. Earlier this month, the governor ordered 200,000 state workers to be paid the minimum wage because no budget had been passed.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

China allows release of IMF report

China has allowed the publication of an International Monetary Fund (IMF) staff report for the first time since 2006. China had previously blocked the annual report's release because it objected to the IMF's view that its currency, the yuan, needed to be a lot stronger. The report contained some criticism, saying "several directors agreed that the exchange rate is undervalued", but added that others disagreed. However, it has been suggested that the report has been toned down.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

E-tax must if earning Rs 10L+

Professionals, including doctors, lawyers and chartered accountants, earning over Rs 10 lakh annually will be required to file income tax returns electronically, the finance ministry said. Besides, all business entities and Hindu undivided families (HUFs) with a business income of over Rs 40 lakh per annum will also be required to mandatorily file income tax returns in the electronic format, the ministry said.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Railways post 7 pct growth in earnings

Railways have posted over 7 per cent growth in earnings during the first three months of this fiscal. During the period between April 1 to June 30, it earned Rs 22061.13 crore as compared to Rs. 20610.63 crore during the same period last year, registering an increase of 7.04 per cent. While the total goods earnings went up from Rs 13927.05 crore during this period last year to Rs 14930.11 this year, the total passenger revenue earnings also went up to Rs 6190.70, said an official statement. Earnings from other departments stood at Rs. 626.01 crore during this period.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

House prices: Surveyors expect property prices to fall

Surveyors are expecting house prices to fall in the coming months owing to more home sales and economic uncertainty. The rise in supply means more are expecting property values to fall than rise - a shift in sentiment from a similar poll a month ago. The survey, from the Royal Institution of Chartered Surveyors (Rics), said that the number of enquiries from new buyers dipped in July. This was only the second fall since the latter part of 2008. A separate forecast by accountants Pricewaterhouse Cooopers has suggested that house prices might not reach the levels seen at the peak of the market in 2007 for another decade.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

IMF raises global economic growth forecast

The International Monetary Fund (IMF) has raised its forecast for global growth this year, from 4.2% to 4.6%.It said the world economy grew strongly in the first part of this year, mainly thanks to robust growth in Asia. However, the UK was almost unique in having its 2010 growth forecast revised slightly down, while its 2011 forecast was cut by the IMF from 2.5% to 2.1%. The IMF also warned risks had increased and there had been a setback in progress towards financial stability.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

UK interest rates maintained at record low of 0.5%

The Bank of England has kept UK interest rates on hold at a record low of 0.5% for the 16th consecutive month. The Bank's Monetary Policy Committee (MPC) also decided not to inject any more money into the economy under its policy of quantitative easing (QE).The decision had been expected but calls have been growing for an increase in rates to curb inflation. Separately, a leading think tank warned that the UK recovery faced "headwinds" in the wake of last month's Budget. The National Institute of Economic and Social Research (Niesr) estimated that the economy grew by 0.7% in the three months to the end of June, marking a slowdown from the 0.9% expansion seen in the three months to May.Official gross domestic product (GDP) figures for the second quarter will be released on 23 July.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Market rally spurred by bank stress test hopes

Stock markets, oil prices and the euro have gained ground for a third day, spurred on by hopes that European banks will pass EU stress tests. The Dow Jones rose 0.5% in early trading, while European markets were up between 1% and 1.5% by mid-afternoon. The optimism also helped the euro add to a month-long rally, nearing $1.27. And US light crude oil rose above $75 a barrel, on hopes that the US and Europe would avoid a relapse into recession, though later slipped back. London Brent crude also rose towards $75 a barrel.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

UK manufacturing sees strongest growth in 15 years

UK manufacturing in May grew at its fastest pace in more than 15 years, official data has shown. Manufacturing output rose by 4.3% on the same month a year ago, the highest rate since December 1994, the Office for National Statistics (ONS) said. The increase was driven by the machinery and equipment industries, as well as basic metals and metal products, the ONS said. Month-on-month, manufacturing output was 0.3% higher. "The new figures leave manufacturing firmly in positive territory when compared with a year ago, and they reinforce expectations that GDP will record stronger growth in the second quarter of 2010," commented David Kern, chief economist at the British Chambers of Commerce.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

EU calls for joint action to withdraw economic support

The European Union (EU) has urged the G20 club of nations to agree when to scrap their economic support packages. The EU said a coordinated exit from stimulus measures would help restore confidence and reduce the risk that some countries would be disadvantaged. EU leaders made the call in an open letter ahead of this weekend's G20 summit in Canada. The EU also said the G20 should reconsider the introduction of a global transaction tax on banks. During the global financial meltdown, countries introduced a variety of support mechanisms, from loan guarantees to emergency tax breaks, to maintain growth.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US home sales in unexpected fall

Sales of previously-owned US homes fell unexpectedly in May despite tax credits designed to encourage homebuyers, figures suggest. Sales fell 2.2% to 5.66 million after a surge in sales in April, the National Association of Realtors (NAR) said. Analysts had expected sales to rise. However, the NAR said sales were still strong and 19% higher than a year ago. The group's chief economist, Lawrence Yun, said tax credits would continue to boost sales next month. We are witnessing the ongoing effects of the home buyer tax credit, which we'll also see in June real estate closings, he said. But the number of home sales this month may be affected by delays in mortgage deals, he explained.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US economy still in difficulty, says Geithner

US Treasury Secretary Timothy Geithner has warned that the country's economy "is still going through an incredibly difficult period". He told a congressional hearing the downturn's impact would be lasting. Mr Geithner also revealed that the US government had recovered more than half the money it had spent on the Troubled Asset Relief Program (Tarp). He added that Tarp investments had generated $24bn (£16bn) in additional revenue for taxpayers. Mr Geithner said "millions of Americans are still looking for work and are suffering from the damage of a deep recession. The impact of this crisis will be lasting. But he told the Congressional Oversight Panel the US government's actions to boost the economy during the crisis had cost less than expected.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US Senate begins debate on new Wall Street regulations

The Senate has begun debating proposals for the most significant reforms to financial regulations since the 1930s. After days of deadlock, Republicans and Democrats began arguing over a bill aimed at bringing accountability to Wall Street and avoiding another financial meltdown. Republicans had blocked debate on the bill for three consecutive days, but eventually relented on Wednesday. But they also promised a hard fight to make changes to the reform bill.

The key battlegrounds of the debates will be measures to restrict trades in complex financial instruments, called derivatives, and the powers proposed for a new agency to protect consumers. Despite agreeing to a debate, Republican Senator Richard Shelby, who led the blocking campaign, appeared in no mood to compromise on his opposition to the consumer protection agency.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

World stocks advance on Wednesday

After Greece, the world markets worried about Spain, but that country has been a bit quicker in addressing the issue. World stock markets advanced Wednesday after Spain unveiled new spending cuts that helped ease worries about the continent's debt crisis. Britain's financial markets meanwhile gave a lukewarm response to the establishment of the country's first coalition government since World War II. Solid German economic growth figures - Europe's biggest economy expanded by a modestly higher than expected 0.2 percent in the first three months of the year - also helped fuel the rally, particularly in Frankfurt, where the DAX closed up 145.78 points, or 2.4 percent, at 6,183.49.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

SEBI bars 9 people from market for public issue fraud

Market regulator SEBI has barred nine people from trading in the securities market for a year for allegedly colluding to make a failed public issue appear as successful, thereby denying refund to retail investors. They created circumstances in which the retail investors got trapped. Had the issue failed, the innocent retail investors at least would have got the refund of their subscription, SEBI said in an order. It said these nine people bought 53 per cent of the shares issued by Consortex Karl Doelitzsch (India) Ltd, earlier known as Andhra Pradesh Power Tools Ltd. The issue opened for subscription on January 22, 1996 and closed on February 1, 1996.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

SEBI challenges SAT order on Takeover Code

The market watchdog SEBI on Wednesday moved the Supreme Court challenging the decision of the appellate tribunal SAT that held that financial investors like PEs and VCs do not acquire controlling stake in a company by just picking up more equity. The Securities Appellate Tribunal (SAT) had in January this year set aside a SEBI direction that held that the veto rights acquired by a financial investor in a target company cannot be construed as a controlling stake. An apex court bench comprising the new chief justice SH Kapadia and justices KS Radhakrishnan and Swatanter Kumar directed both the parties to file their written submissions.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Greece debt fears push euro to 13-month low

The euro has continued its slide against the dollar, reflecting the continued loss of investor confidence in some European economies. The euro has fallen to $1.2954 - its lowest level for more than a year. Share markets in Asia also dropped after heavy falls in Europe on Tuesday.

The Singapore market was down 1.5% and Hong Kong's Hang Seng index fell 2.1%. Investors remain concerned over the debt crisis in Greece, and the fear that it may spread to other economies. On Tuesday, the Spanish Prime Minister Luis Rodriguez Zapatero was forced to deny rumours that Spain would be next to seek financial rescue, following the agreement of a 110bn-euro ($143bn; £95bn) bail-out package for Greece over the weekend.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Greece debt fears push euro to 13-month low

The euro has continued its slide against the dollar, reflecting the continued loss of investor confidence in some European economies. The euro has fallen to $1.2954 - its lowest level for more than a year. Share markets in Asia also dropped after heavy falls in Europe on Tuesday. The Singapore market was down 1.5% and Hong Kong's Hang Seng index fell 2.1%. Investors remain concerned over the debt crisis in Greece, and the fear that it may spread to other economies. On Tuesday, the Spanish Prime Minister Luis Rodriguez Zapatero was forced to deny rumours that Spain would be next to seek financial rescue, following the agreement of a 110bn-euro ($143bn; £95bn) bail-out package for Greece over the weekend

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Singapore dollar allowed to appreciate as economy booms

Singapore has allowed its currency to rise against the dollar in an effort to tackle worsening inflation and control economic growth. The Singapore dollar immediately jumped 1.25% to 1.347 to the US dollar. The central bank raised its inflation forecast to 2.5%-3.5%, and said first quarter annualised growth jumped to 32.1% from -2.8% the previous quarter. The decision comes amid speculation that China will revalue its currency, the yuan, this year. Other currencies across the region also jumped on the news, as markets speculated that Singapore's decision could pave the way for higher interest rates in the other big exporting nations. The Malaysian ringgit appreciated 1.05%, while the Korean won was up 0.85%.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

US Senate begins debate on new Wall Street regulation

The Senate has begun debating proposals for the most significant reforms to financial regulations since the 1930s. After days of deadlock, Republicans and Democrats began arguing over a bill aimed at bringing accountability to Wall Street and avoiding another financial meltdown. Republicans had blocked debate on the bill for three consecutive days, but eventually relented on Wednesday. But they also promised a hard fight to make changes to the reform bill.

The key battlegrounds of the debates will be measures to restrict trades in complex financial instruments, called derivatives, and the powers proposed for a new agency to protect consumers. Despite agreeing to a debate, Republican Senator Richard Shelby, who led the blocking campaign, appeared in no mood to compromise on his opposition to the consumer protection agency.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

European stocks soar 7.4% on massive bailout plan

European shares posted their biggest daily rise in more than 17 months on Monday after European central banks started to buy eurozone government bonds under a $1 trillion rescue package. The pan-European FTSEurofirst 300 index of top shares surged 7.4% to close at 1,038.91 points --the index’s biggest one-day percentage gain since 24 November 2008 -- while volumes were more than two and a half times the index’s 90-day average volume.

Stocks bounced back after tumbling 8.9% last week on worries that Greece’s debt crisis would spread to other eurozone countries. Financial stocks were the most spectacular risers, with the STOXX Europe 600 banking index jumping 14% following a 14% drop last week. BNP Paribas, Banco Santander, BBVA, Societe Generale and UniCredit rose between 20.9 and 23.9%

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

New regulations likely as US probes big stock dive

President Barack Obama has said that regulators would look for ways to prevent a repeat of Thursday’s mysterious stock market meltdown, adding to expectations the US government will make new regulations to curb runaway computer trading.

More than a day after a nearly 1,000-point drop in the Dow, the government had not publicly pinpointed the reasons. Growing concern about the Greek debt crisis, exacerbated by a spike in the Japanese yen, may have caused computerized trading programs to dump US stocks. Initial theories had focused on an individual trader erroneously entering an order, known as “fat finger” on Wall Street.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Eurozone economies post weak growth for start of 2010

The eurozone economies made a weak start to 2010, posting only modest growth that was lifted by better figures from Italy. Growth to between January and March was 0.2%, after being flat in the previous three months. Compared with the same quarter in 2009, the combined economies of the 16 countries that use the euro grew 0.5%.

Throughout the 27-nation EU as a whole, which includes the UK, the first quarter also showed 0.2% growth. The figures, from the European Union's statistics office, Eurostat, showed that Greece's economy shrank by 0.8% in first quarter of 2010. Italy reported the fastest growth, of 0.5%, making up for a 0.1% drop over the previous quarter.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Standard Life sells healthcare division

Edinburgh-based finance firm Standard Life is to sell its private medical insurance arm for £138m to the South African group Discovery Holdings. Standard Life said its healthcare arm was not core to its UK strategy and it would focus on the long-term savings and investments market.

A total of 562 employees will transfer to the new company as part of the transaction. The deal needs regulatory approval but should go ahead by 31 July. Standard Life Healthcare is the fourth largest provider of private medical insurance (PMI) in the UK and last year made a profit before tax of £9.4m.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Estonia 'can adopt euro' in 2011 - EU Commission

The Baltic republic of Estonia, a country of 1.3 million people, is on course to adopt the euro in January 2011, the European Commission says. The recommendation still requires the approval of all 27 EU member states, 16 of which are in the eurozone. The Commission assessed the potential of nine EU countries to adopt the euro, and found that "Estonia stands out... fulfilling the criteria clearly". Crucially, Estonia's public finances were found to be in a healthy state. The other eight countries included much bigger ex-communist neighbours in Eastern Europe, such as Poland and Hungary.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Universities say students may face earlier loan payback

Graduates may have to start paying back their student loans earlier and at a higher rate of interest, a group of leading universities has suggested. The Russell Group says this would be one way to tackle a predicted £1.1bn deficit in its funding by 2013.

The group says the financial sustainability of the UK's top universities is "severely at risk". The claims come in the group's submission to England's official review of student finance and fees. The review will make recommendations to the government later this year. The Russell Group represents the 20 most research-intensive universities in the UK.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Global recovery moving faster than expected, says G20

The global economy is emerging faster than expected from the deep recession, finance ministers from the world's leading economies, the G20, have said. After talks in Washington, they said the pace of the recovery was largely due to the huge amounts of government money pumped into national economies.

US Treasury Secretary Timothy Geithner said he welcomed the greater sense of urgency being shown over Greece. The country has asked for an EU-IMF bailout of its debt-ridden economy. Greece's finance minister is due to take part in IMF talks on Saturday. Earlier this month, a deal was agreed under which eurozone nations would make available to Greece emergency loans of up to 30bn euros ($40bn; £26bn) in the first year, with a further 10bn euros coming from the IMF (International Monetary Fund).

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

EU wants member countries to co-ordinate budgets

The European Commission wants EU countries to co-ordinate plans for national budgets in a move to strengthen financial co-operation. It would involve submitting budgets to the EU for a "peer review", possibly before they go to national parliaments.

Some reports suggested the proposal would involve just the 16 countries using the euro currency, though this has not been made clear. The Commission said its aim was to help prevent another EU financial crisis. But the move, controversial as it would mean encroaching on sovereign territory, was immediately criticized by Sweden's prime minister.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Japan keeps interest rates on hold

Japan's central bank has kept interest rates on hold as it continues its efforts to boost the country's economic recovery. As widely expected, the bank's rate-setting committee voted unanimously to keep rates at 0.1%. It said keeping rates low was essential in the country's fight against falling prices, which are undermining the economy's recovery.

Japan enjoyed economic growth of 0.9% in the last three months of 2009. Such modest growth means that booming China is now vying with Japan to become the world's second largest economy. Japan's economy faces the critical challenge of overcoming deflation and returning to a sustainable growth path with price stability, the bank said.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Former P&G chairman named as advisor to Chirayu Amin

Former Proctor & Gamble chairman Bharat Patel will join the Indian Premier League as an advisor to interim chairman Chirayu Amin, the Cricket Board said today. Bharat Patel, former Chairman of Proctor and Gamble is being appointed as the Honorary Advisor to the Interim Chairman of IPL, Chirayu Amin," BCCI secretary N Srinivasan said in a statement.

Incidentally, Patel was associated in setting up of the IPL in 2008 in an advisory capacity to the then chairman Lalit Modi, who has been suspended from the post on charges of financial irregularities. This new appointment will have to be ratified in next month's IPL Governing Council meeting and it is learnt that Amin proposed Patel's name for the job.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Cognizant buys project management consultant PIPC

IT services company, Cognizant, has acquired global program management consultancy, PIPC Group, to expand its project management skills base. PIPC has some 200 professionals worldwide, mainly in the UK, Australia and New Zealand. Cognizant president and CEO, Francisco D’Souza, said PIPC’s program management experts will be a welcome addition to Cognizant.

PIPC’s strategic program management offerings will strengthen our ability to manage increasingly complex global projects while expanding our geographic footprint, particularly in Australia, New Zealand and the UK, D’Souza said. Formed as the technology arm of the Dun & Bradstreet Corporation in 1994, Cognizant offers outsourcing to India and other geographies. The company has more than 50 global delivery centres and about 85,500 employees.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

SAP to buy Sybase in $5.8bn deal

SAP, the world’s largest enterprise software maker, has agreed to buy US rival Sybase in a deal worth $5.8bn, its biggest acquisition in almost three years. The German software group will pay $65 per share in cash for Sybase, SAP said in a statement on Wednesday evening.

That represents a 44 per cent premium to the three-month average stock price of the fourth-largest provider of database software. The move extends the rivalry between SAP and US rival Oracle, where Oracle has been the leading database company but is number two to SAP in business management software. Bill McDermott, SAP’s co-chief executive, said the company would benefit hugely from Sybase’s database and mobile application technology.

We see a great potential in combining the leader in enterprise software with the leader in mobility, Mr McDermott said. The deal marks a fast foray into dealmaking by Mr McDermott and Jim Hagemann Snabe, SAP’s co-chief executives.

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).

Barclays' first quarter profit fails to impress

Shares in High Street banking giant Barclays have fallen 6.4% despite a big rise in pre-tax profits for the first three months of 2010. Barclays' profit for the first quarter was £1.82bn, up 47% on a year earlier, with most of it coming from investment banking arm Barclays Capital. However, analysts said that the amount of money made by that division was less than expected.

Barclays was the biggest faller on the FTSE 100 index, down 23p to 338.25p. The bank's strengthened investment banking division reported profit before tax of £1.47bn during the first three months of the year, up 47% on the same period a year ago. It is not a bad quarter, it's just not the blow-out numbers shown by some of the other banks, said Colin Morton, fund manager at Rensburg Fund Management. It has gone into the numbers with very high expectations, and BarCap has come in a bit light in terms of income, he said.
2nd May 2010, www.bbc.co.uk

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The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).