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.

---

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.

---

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.

---

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%.

---

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.

---

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.

---

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

---

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.

---

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.

---

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).