France says Namaste to India — French style. In an effort to bring French culture to more than 18 cities in India, the Embassy of France in India and Culturefrance, have announced the launch of ‘Bonjour India — Festival of France in India’.
The Bangalore chapter of the celebrations was launched in Alliance Francaise, Vasanthnagar by Jerome Bonnafont, the French ambassador to India on Thursday. “The French President and the Prime Minister of India have agreed on a unique partnership between India and France on the issue of global warming and sustainable development. We support it with ‘Bonjour India’ by giving the people an experience of the young, multi-coloured, creative and dynamic France,” said the Ambassador.
The mega festival is an initiative to celebrate Indo-French relationship through a series of exhibitions, music concerts, book launches, film festivals, literary meetings and debates, food festivals, scientific exchanges and other cultural events over a period of three months from December 2009 to February 2010.
The festival is planned in a grand manner in Bangalore, which is identified as a melting pot of world cultures. The Bangalore chapter will be inaugurated officially on December 5 across the city.
The ambassador emphasized the French government’s efforts to encourage Indian students in France by reforming the visa and work system in favour of students. He also said that Bonjour India will help further the process by giving students in India a taste of France.
TRADE IN FRANCE
Throwing light on Indo-French trade possibilities, the French ambassador emphasized that France is keen on building trade relations in India. “We are one of the largest European nations to invest in the IT sector in India. The French company Capgemini that specialises in IT, management consulting, outsourcing and professional services, currently employs around 20,000 people in India,” said Bonnafont.
“France is also looking at investing in other consumer products such as tyre manufacturing by setting up Michelin’s Rs 4,000 crore production facility in Chennai that would provide employment to about 1,500 people. The other key areas that we are looking at are furniture, clothes and apparel that cater to the growing middle-class milieu, who look to have a better lifestyle at competitive pricing. However, heavy duty taxes add to the challenges of growth in these sections,” he added.
Times of India
Showing posts with label France. Show all posts
Showing posts with label France. Show all posts
Friday, November 20, 2009
Thursday, October 1, 2009
Jobless rate in Europe touches 10 years high
The unemployment rate in the 16-nation euro zone soared to a ten-year high of 9.6 per cent in August, as the region continued to feel the tremors of the financial turmoil.
Euro zone -- a group of 16 nations that share the common currency euro -- has seen the jobless pace jump to 9.6 per cent in August, little higher than 9.5 per cent in July.
In August last year, the rate stood at 7.6 per cent. Eurostat, the official statistical agency for the European community, today said the unemployment rate is the highest since March 1999.
A staggering 15.165 million people were jobless in the region in August.
In the European Union region, the unemployment rate in August was at 9.1 per cent, the highest since March 2004. The same stood at nine per cent in July.
As many as 21.872 million people were without a job in the 27-nation European Union in August.
"Compared with August 2008, unemployment went up by 5.008 million in the EU and by 3.224 million in the euro area," Eurostat said in the statement.
Among the countries, the unemployment rate was the highest in Spain at 18.9 per cent and Latvia (18.3 per cent), while the lowest was seen in the Netherlands at 3.5 per cent.
Meanwhile, many of the major economies including France and Germany have exited recession and the region as a whole is slowly seeing signs of stabilisation.
Agencies
Euro zone -- a group of 16 nations that share the common currency euro -- has seen the jobless pace jump to 9.6 per cent in August, little higher than 9.5 per cent in July.
In August last year, the rate stood at 7.6 per cent. Eurostat, the official statistical agency for the European community, today said the unemployment rate is the highest since March 1999.
A staggering 15.165 million people were jobless in the region in August.
In the European Union region, the unemployment rate in August was at 9.1 per cent, the highest since March 2004. The same stood at nine per cent in July.
As many as 21.872 million people were without a job in the 27-nation European Union in August.
"Compared with August 2008, unemployment went up by 5.008 million in the EU and by 3.224 million in the euro area," Eurostat said in the statement.
Among the countries, the unemployment rate was the highest in Spain at 18.9 per cent and Latvia (18.3 per cent), while the lowest was seen in the Netherlands at 3.5 per cent.
Meanwhile, many of the major economies including France and Germany have exited recession and the region as a whole is slowly seeing signs of stabilisation.
Agencies
Saturday, September 19, 2009
$2 tn in revenues for green businesses by 2020
Global revenues from climate-related businesses such as energy efficiency rose by 75% in 2008 to $530 billion and could exceed $2 trillion by 2020, HSBC Global Research estimated.
In the 2006 Stern Review on the economics of climate change, climate-related revenues were forecast to climb to $500 billion by 2050. “We can see that this seemingly huge figure has already been surpassed well ahead of time as more and more businesses adapt their business model,” said Joaquim de Lima, global head of quant research for equities at HSBC.
The climate sector has surpassed the size of the global aerospace or defence industry, with the United States, Japan, France, Germany and Spain accounting for 76% of global climate revenues, the report found. For revenues to rise to $2 trillion, the way energy is generated and used needs to change and continued government support is needed.
The four core investment pillars will be low-carbon energy production, energy efficiency, control of water, waste and pollution and climate finance, the report said. Energy efficiency recorded the highest investment returns in the year to date at 30%.
“This is a very significant trend given the substantial share of climate stimulus funds that have been directed at energy efficiency and energy management by governments across the globe,” HSBC analysts said.
Agencies
In the 2006 Stern Review on the economics of climate change, climate-related revenues were forecast to climb to $500 billion by 2050. “We can see that this seemingly huge figure has already been surpassed well ahead of time as more and more businesses adapt their business model,” said Joaquim de Lima, global head of quant research for equities at HSBC.
The climate sector has surpassed the size of the global aerospace or defence industry, with the United States, Japan, France, Germany and Spain accounting for 76% of global climate revenues, the report found. For revenues to rise to $2 trillion, the way energy is generated and used needs to change and continued government support is needed.
The four core investment pillars will be low-carbon energy production, energy efficiency, control of water, waste and pollution and climate finance, the report said. Energy efficiency recorded the highest investment returns in the year to date at 30%.
“This is a very significant trend given the substantial share of climate stimulus funds that have been directed at energy efficiency and energy management by governments across the globe,” HSBC analysts said.
Agencies
Sunday, September 13, 2009
Motorola unveils Cliq smartphones
Motorola introduced its first smartphone based on Google's Android software, in a move that's key to the company's goal of regaining its place among the world's top cellphone manufacturers.
The device, dubbed the Cliq, will first be made available later this year in the US through T-Mobile. The touch-screen phone will run a new service from Motorola called MotoBlur, which synchronises all user messages and contacts, Motorola chief executive Sanjay Jha said at the Mobilize conference in San Francisco.
"MotoBlur makes text, e-mail, Facebook, Twitter feeds and photos from sources like MySpace, Gmail, Yahoo and corporate e-mail appear in a single stream and sync them together with no different logins," Jha said. "This means you can focus on what people have said instead of how and where they said it."
The Cliq will feature a full, slide-out keyboard, a 5-megapixel camera and access to all the Google programmes and applications available for the company's Android platform.
The phone will be called the Dext in markets outside the U.S. and will launch in France, Britain and Latin America later in the year, Jha said. No pricing was available for the device.
Analysts said the integration of social networking into phones could give Motorola and other manufacturers a foot in the door in their battle to challenge the iPhone as the world's dominant smartphone.
Motorola has been especially hard hit by the move to smartphones, selling just 18.8 million handsets in the most recent quarter, down from 28.1 million a year ago. Earlier this decade, the company's Razr was the world's most popular cellphone.
Jha said that Motorola was now refocused on producing cutting-edge mobile devices. He said the Cliq was crucial to the company's recovery.
"It's a very important starting point for us," Jha said. "I see smartphones as the future of computing. If it doesn't fit in your pocket, I don't think it's going to be a relevant device."
Agencies
The device, dubbed the Cliq, will first be made available later this year in the US through T-Mobile. The touch-screen phone will run a new service from Motorola called MotoBlur, which synchronises all user messages and contacts, Motorola chief executive Sanjay Jha said at the Mobilize conference in San Francisco.
"MotoBlur makes text, e-mail, Facebook, Twitter feeds and photos from sources like MySpace, Gmail, Yahoo and corporate e-mail appear in a single stream and sync them together with no different logins," Jha said. "This means you can focus on what people have said instead of how and where they said it."
The Cliq will feature a full, slide-out keyboard, a 5-megapixel camera and access to all the Google programmes and applications available for the company's Android platform.
The phone will be called the Dext in markets outside the U.S. and will launch in France, Britain and Latin America later in the year, Jha said. No pricing was available for the device.
Analysts said the integration of social networking into phones could give Motorola and other manufacturers a foot in the door in their battle to challenge the iPhone as the world's dominant smartphone.
Motorola has been especially hard hit by the move to smartphones, selling just 18.8 million handsets in the most recent quarter, down from 28.1 million a year ago. Earlier this decade, the company's Razr was the world's most popular cellphone.
Jha said that Motorola was now refocused on producing cutting-edge mobile devices. He said the Cliq was crucial to the company's recovery.
"It's a very important starting point for us," Jha said. "I see smartphones as the future of computing. If it doesn't fit in your pocket, I don't think it's going to be a relevant device."
Agencies
Tuesday, September 8, 2009
Check out the 'World's 50 safest banks' list
Not a single Indian bank has made it to the 'World's 50 safest banks' list. This is despite the fact that during recession, when banks in the U.S. and Europe needed government support for survival, banks in India were strong enough to sustain on their own.
New York based Global Finance ranks the banks worldwide annually through a comparison of long-term credit ratings and total assets of the 500 largest banks around the world. Germany's KfW Bankengruppe tops the list, followed by France's Caisse des Depots et Consignations (CDC) and Netherlands' Bank Nederlands Gemeenten (BNG). Credit ratings from Moody's, Standard and Poor's and Fitch have been used for this compilation.
A mid-year update was published by the magazine for the first time in March this year, due to the global financial crisis. All the major banks of Canada earned a spot on the list. Among them the Royal Bank of Canada earned the highest safety score, taking 10th place among the international banks. The only major Canadian bank not present in the list was the National Bank of Canada.
According to the magazine, after two tumultuous years that saw many of the world's most respected banks drop out of the top 50 safest banks list, the dust appears to be settling. Those banks that kept an alert before the financial crisis began have consistently topped the table and maintain their standing among the top echelon in this year's ranking. At the same time, the big name banks that lost their safest bank ranking during the credit crunch are still absent from the list as they struggle to rebuild their credit standing. Also, more than ever customers all around the world are viewing long-term creditworthiness as the key feature of the banks with which they do business.
Agencies
New York based Global Finance ranks the banks worldwide annually through a comparison of long-term credit ratings and total assets of the 500 largest banks around the world. Germany's KfW Bankengruppe tops the list, followed by France's Caisse des Depots et Consignations (CDC) and Netherlands' Bank Nederlands Gemeenten (BNG). Credit ratings from Moody's, Standard and Poor's and Fitch have been used for this compilation.
A mid-year update was published by the magazine for the first time in March this year, due to the global financial crisis. All the major banks of Canada earned a spot on the list. Among them the Royal Bank of Canada earned the highest safety score, taking 10th place among the international banks. The only major Canadian bank not present in the list was the National Bank of Canada.
According to the magazine, after two tumultuous years that saw many of the world's most respected banks drop out of the top 50 safest banks list, the dust appears to be settling. Those banks that kept an alert before the financial crisis began have consistently topped the table and maintain their standing among the top echelon in this year's ranking. At the same time, the big name banks that lost their safest bank ranking during the credit crunch are still absent from the list as they struggle to rebuild their credit standing. Also, more than ever customers all around the world are viewing long-term creditworthiness as the key feature of the banks with which they do business.
Agencies
Thursday, March 19, 2009
Can an iPod be a poor man's iPhone?
I try to keep a stiff upper lip about not having an iPhone. Just couldn't afford it — not with the $75 a month or so AT&T charges for service on top of the $199 upfront cost for the device.
I could, however, afford the $229 iPod Touch — and got it as a gift, as it happened. It has most of the same goodies: a Web browser, e-mail, YouTube. And it stores way more music than the iPhone. (Ha!) Plus, the other day I used it to call China.
Yup, a call around the world — on a device that doesn't have a phone. A handful of applications on Apple Inc.'s iTunes store will let you do this, as long as you're in a Wi-Fi hot spot.
My iPhone complex hasn't disappeared, but at least now I have a device that looks just like it, has no monthly service fees, and lets me make free or cheap phone calls.
The best part of these applications — which require the second-generation iPod Touch that came out last year — is that they are free to download, and calls to other people using the same app won't cost you anything.
Two of the services I've tried, Truphone and Fring, will also let you make free calls to Google Talk users and type instant messages to friends online. Both automatically queue up a list of buddies from different services you might have, including Gmail chat, AIM and MSN Messenger, once you log in.
But it's Truphone's pay feature that puts it ahead of the others. TruPhone charges you to make calls to landlines or regular cell phones, but generally at better rates than most wireless carriers. And it's upfront about what you pay.
Your balance — which you can add to with a credit card, either on the device or on your computer browser — pops up with the dial screen. Calls in the U.S. are all 5 cents per minute (2 cents if you sign up to pay a $4 monthly fee).
Rates outside the U.S. vary wildly but you can check in the application before you dial. To call cell phones in China, for instance, is only 5 cents per minute, while France is 25 cents. Antarctica? A whopping $2.25.
You can make regular calls with Fring using a Skype account, but that's another layer to deal with.
The calls on these services sound pretty good, a little tinny but clearer than my regular cell phone connection. IPod Touch users will need Apple's $29 ear buds that have a tiny microphone on the back of the volume control along the cord.
The most serious drawback is the most obvious: While the iPhone uses AT&T's wireless network to provide Internet access anywhere, on the iPod Touch you'll need to stick to Wi-Fi hot spots. For rural or suburban dwellers who don't encounter lots of free Wi-Fi zones, that may very well mean limiting yourself to your house, or other places where there's a computer with the same Internet phone call capabilities anyway.
That means these apps probably won't replace your cell phone. But they can moderate your iPhone envy.
Agencies
I could, however, afford the $229 iPod Touch — and got it as a gift, as it happened. It has most of the same goodies: a Web browser, e-mail, YouTube. And it stores way more music than the iPhone. (Ha!) Plus, the other day I used it to call China.
Yup, a call around the world — on a device that doesn't have a phone. A handful of applications on Apple Inc.'s iTunes store will let you do this, as long as you're in a Wi-Fi hot spot.
My iPhone complex hasn't disappeared, but at least now I have a device that looks just like it, has no monthly service fees, and lets me make free or cheap phone calls.
The best part of these applications — which require the second-generation iPod Touch that came out last year — is that they are free to download, and calls to other people using the same app won't cost you anything.
Two of the services I've tried, Truphone and Fring, will also let you make free calls to Google Talk users and type instant messages to friends online. Both automatically queue up a list of buddies from different services you might have, including Gmail chat, AIM and MSN Messenger, once you log in.
But it's Truphone's pay feature that puts it ahead of the others. TruPhone charges you to make calls to landlines or regular cell phones, but generally at better rates than most wireless carriers. And it's upfront about what you pay.
Your balance — which you can add to with a credit card, either on the device or on your computer browser — pops up with the dial screen. Calls in the U.S. are all 5 cents per minute (2 cents if you sign up to pay a $4 monthly fee).
Rates outside the U.S. vary wildly but you can check in the application before you dial. To call cell phones in China, for instance, is only 5 cents per minute, while France is 25 cents. Antarctica? A whopping $2.25.
You can make regular calls with Fring using a Skype account, but that's another layer to deal with.
The calls on these services sound pretty good, a little tinny but clearer than my regular cell phone connection. IPod Touch users will need Apple's $29 ear buds that have a tiny microphone on the back of the volume control along the cord.
The most serious drawback is the most obvious: While the iPhone uses AT&T's wireless network to provide Internet access anywhere, on the iPod Touch you'll need to stick to Wi-Fi hot spots. For rural or suburban dwellers who don't encounter lots of free Wi-Fi zones, that may very well mean limiting yourself to your house, or other places where there's a computer with the same Internet phone call capabilities anyway.
That means these apps probably won't replace your cell phone. But they can moderate your iPhone envy.
Agencies
Sunday, February 15, 2009
Alcatel to cut 1,000 manager jobs
Franco-American telecoms gear maker Alcatel-Lucent said it plans to cut 1,000 managerial posts from its global workforce will see 198 positions in France eliminated.
Alcatel-Lucent managers in France told a works council meeting on Wednesday that 450 managerial posts would go in North America and 450 in Europe, of which 198 in France, the CFDT union said in a statement.
The company announced the decision to trim its executive ranks on Dec. 12 as part of a strategic plan aimed at cutting cut costs by 750 million euros by the fourth quarter of 2009, but did not say where the cuts would fall.
An Alcatel-Lucent spokeswoman said: "I can confirm the figures for France, but we are not making a statement on the other numbers."
According to the CFDT, 1,602 posts are classed as managerial in France, and while France makes up 10 percent of Alcatel-Lucent's workforce, it will bear 20 percent of the job cuts.
Alcatel-Lucent, the No. 3 player worldwide in terms of market share, behind Sweden's Ericsson (ERICb.ST) and Finnish-German joint venture Nokia Siemens Networks [NSN.UL], employs 77,000 worldwide and 11,000 in France.
The company, formed by the merger of Alcatel and Lucent in 2006, saw its share price fall 70 percent in 2008 after a string of profit warnings and last week posted a 5.2 billion euro loss for the year amid a record 4.7 billion euros in depreciations.
Since June, its share price has dropped more than 70 per cent.
Agencies
Alcatel-Lucent managers in France told a works council meeting on Wednesday that 450 managerial posts would go in North America and 450 in Europe, of which 198 in France, the CFDT union said in a statement.
The company announced the decision to trim its executive ranks on Dec. 12 as part of a strategic plan aimed at cutting cut costs by 750 million euros by the fourth quarter of 2009, but did not say where the cuts would fall.
An Alcatel-Lucent spokeswoman said: "I can confirm the figures for France, but we are not making a statement on the other numbers."
According to the CFDT, 1,602 posts are classed as managerial in France, and while France makes up 10 percent of Alcatel-Lucent's workforce, it will bear 20 percent of the job cuts.
Alcatel-Lucent, the No. 3 player worldwide in terms of market share, behind Sweden's Ericsson (ERICb.ST) and Finnish-German joint venture Nokia Siemens Networks [NSN.UL], employs 77,000 worldwide and 11,000 in France.
The company, formed by the merger of Alcatel and Lucent in 2006, saw its share price fall 70 percent in 2008 after a string of profit warnings and last week posted a 5.2 billion euro loss for the year amid a record 4.7 billion euros in depreciations.
Since June, its share price has dropped more than 70 per cent.
Agencies
Monday, December 8, 2008
Booster shots for global meltdown victims!
As the global economic slowdown spreads, countries after countries have announced rescue packages. The United States has so far committed $8.317 trillion to tackle the crisis. The United Kingdom, France, Russia, China and the European Union also have announced various stimulus packages.
Here’s a look at the specific fire-fighting measures announced by various countries.
United States
President-elect Barack Obama crafting $175 bn package to create 2.5 million jobs
President George Bush signed a $168 bn, 2-yr stimulus into law in early 2008
Package includes tax rebates of up to $600 per individual earning $75,000 gross income
Declared two stimulus packages worth $ 1.5 billion
Financial Package One
Bill to disburse $700 bn in stages
After the first $250 bn is authorised, President could request another $100 bn
Final $350 bn could be cleared by a further act of Congress
Financial Package Two
Fed will purchase up to $600 billion more in mortgage-related assets
Fed will lend up to $200 billion to the holders of securities backed by various types of consumer loans
Fed will buy up to $100 billion in direct obligations from mortgage giants
US Govt Measures
Up to about $1.8 trillion in Fed purchases of top-rated US dollar commercial paper under a facility launched in October
Up to about $1.9 trillion in new Federal Deposit Insurance Corp (FDIC) guarantees for banks
Up to $800 billion in Fed support for mortgage and consumer credit markets
Up to $600 billion in Fed purchases of US dollar commercial paper and certificates of deposit under a Money Market Investor Funding
Up to $900 billion in Fed Term Auction Facility loans was offered to meet financial institutions' cash needs
Unlimited commitments to lend through discount window to banks and broker dealers(totaled $296.82 billion as of Nov. 19)
$700 billion for the Treasury to buy equity stakes in financial institutions
Treasury, the FDIC and the Fed have agreed to shoulder up to $249.3 billion in losses from a Citigroup portfolio
Unlimited temporary Fed currency swap lines with the Central banks, Fed maintains $165 billion in swap lines with other banks
Up to $50 billion from the Great Depression-era Exchange Stabilisation Fund
At least $26.57 billion in Treasury direct purchases of mortgage-backed securities since September
$200 billion to backstop Fannie Mae and Freddie Mac
Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac
AIG will get up to $152.5 billion in support from Treasury equity purchases
$300 billion for the Federal Housing Administration to refinance failing mortgages
$4 billion in grants to local communities to help them buy and repair homes
$29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns & Co in March.
France
President Sarkozy unveiled a $32.9 billion stimulus plan
Targeting investment projects rather than directly aiding consumer
Measure to boost GDP by 0.6% by 2009
French package will cost 1.3% of GDP, will push budget deficit to 3.9%
Budget deficit will be above the European Union’s 3% limit
EU allowed the exceed budget limits in 2009
United Kingdom
Prepared a $29.06 bn package centering around consumer tax cut
Announced a range of tax cuts and govt spending over 18 months
Package includes 2.5% cut in VAT to 15%, postponement of corporate increase
Package will increase public borrowing to $178.6 bn next year, nearly 8% of Britain’s GDP
Germany
Unveiled plans worth 31 billion euros or 1.25% of GDP
Govt refusing to deliver tax cuts to help stimulate economic growth
Package will generate investments and new contracts worth over 50 billion euros over 2 years
New lending of up to 15 billion euros will be introduced, strengthen its lending activities
Russia
Unveiled $20 billion economic stimulus package
Package includes cut in profit tax to 24% from 20%
Govt sanctioned state-run banks to support industry with billions of dollars of soft lending
European Union
Fiscal boost amounting to 200 billion euros($260 bn), nearly 1.5% of EU’s GDP
EU commission urges member-states to commit 170 billion euros to their own rescue package
Considering system of guarantees and loan subsidies where credit is tight
Aid to SMEs increased to 30 billion euros from 10 billion Euros
China
Introduced stimulus package worth 4 trillion yuan ($586 bn)
Package mainly for govt spending on infra projects and earthquake-related relief work
Stimulus package to boost domestic demand through 2010
VAT rule changes allows companies to deduct the cost of core investment expenses
Govt increased export tax rebates for wide range of products
Australia
More than $ 12 bn for auto industry, family benefit and domestic residential backed mortgage market
Japan
$51 billion package for new govt spending
Package includes payout to families, tax break on mortgages
South Korea
$25 billion announced till date to ease financial crisis
Taiwan
$30 billion for domestic investment and consumption
Shopping voucher handout about Taiwan dollar 3,600 per citizen
Argentina
President announced $3.7 billion plan to deal with spreading financial crisis.
Source: Agencies
Here’s a look at the specific fire-fighting measures announced by various countries.
United States
President-elect Barack Obama crafting $175 bn package to create 2.5 million jobs
President George Bush signed a $168 bn, 2-yr stimulus into law in early 2008
Package includes tax rebates of up to $600 per individual earning $75,000 gross income
Declared two stimulus packages worth $ 1.5 billion
Financial Package One
Bill to disburse $700 bn in stages
After the first $250 bn is authorised, President could request another $100 bn
Final $350 bn could be cleared by a further act of Congress
Financial Package Two
Fed will purchase up to $600 billion more in mortgage-related assets
Fed will lend up to $200 billion to the holders of securities backed by various types of consumer loans
Fed will buy up to $100 billion in direct obligations from mortgage giants
US Govt Measures
Up to about $1.8 trillion in Fed purchases of top-rated US dollar commercial paper under a facility launched in October
Up to about $1.9 trillion in new Federal Deposit Insurance Corp (FDIC) guarantees for banks
Up to $800 billion in Fed support for mortgage and consumer credit markets
Up to $600 billion in Fed purchases of US dollar commercial paper and certificates of deposit under a Money Market Investor Funding
Up to $900 billion in Fed Term Auction Facility loans was offered to meet financial institutions' cash needs
Unlimited commitments to lend through discount window to banks and broker dealers(totaled $296.82 billion as of Nov. 19)
$700 billion for the Treasury to buy equity stakes in financial institutions
Treasury, the FDIC and the Fed have agreed to shoulder up to $249.3 billion in losses from a Citigroup portfolio
Unlimited temporary Fed currency swap lines with the Central banks, Fed maintains $165 billion in swap lines with other banks
Up to $50 billion from the Great Depression-era Exchange Stabilisation Fund
At least $26.57 billion in Treasury direct purchases of mortgage-backed securities since September
$200 billion to backstop Fannie Mae and Freddie Mac
Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac
AIG will get up to $152.5 billion in support from Treasury equity purchases
$300 billion for the Federal Housing Administration to refinance failing mortgages
$4 billion in grants to local communities to help them buy and repair homes
$29 billion in financing for JPMorgan Chase's government-brokered buyout of Bear Stearns & Co in March.
France
President Sarkozy unveiled a $32.9 billion stimulus plan
Targeting investment projects rather than directly aiding consumer
Measure to boost GDP by 0.6% by 2009
French package will cost 1.3% of GDP, will push budget deficit to 3.9%
Budget deficit will be above the European Union’s 3% limit
EU allowed the exceed budget limits in 2009
United Kingdom
Prepared a $29.06 bn package centering around consumer tax cut
Announced a range of tax cuts and govt spending over 18 months
Package includes 2.5% cut in VAT to 15%, postponement of corporate increase
Package will increase public borrowing to $178.6 bn next year, nearly 8% of Britain’s GDP
Germany
Unveiled plans worth 31 billion euros or 1.25% of GDP
Govt refusing to deliver tax cuts to help stimulate economic growth
Package will generate investments and new contracts worth over 50 billion euros over 2 years
New lending of up to 15 billion euros will be introduced, strengthen its lending activities
Russia
Unveiled $20 billion economic stimulus package
Package includes cut in profit tax to 24% from 20%
Govt sanctioned state-run banks to support industry with billions of dollars of soft lending
European Union
Fiscal boost amounting to 200 billion euros($260 bn), nearly 1.5% of EU’s GDP
EU commission urges member-states to commit 170 billion euros to their own rescue package
Considering system of guarantees and loan subsidies where credit is tight
Aid to SMEs increased to 30 billion euros from 10 billion Euros
China
Introduced stimulus package worth 4 trillion yuan ($586 bn)
Package mainly for govt spending on infra projects and earthquake-related relief work
Stimulus package to boost domestic demand through 2010
VAT rule changes allows companies to deduct the cost of core investment expenses
Govt increased export tax rebates for wide range of products
Australia
More than $ 12 bn for auto industry, family benefit and domestic residential backed mortgage market
Japan
$51 billion package for new govt spending
Package includes payout to families, tax break on mortgages
South Korea
$25 billion announced till date to ease financial crisis
Taiwan
$30 billion for domestic investment and consumption
Shopping voucher handout about Taiwan dollar 3,600 per citizen
Argentina
President announced $3.7 billion plan to deal with spreading financial crisis.
Source: Agencies
Tuesday, December 2, 2008
India ranked fourth with 81 mn Net users
India has been ranked fourth among the top 10 nations in the world with 81 million Internet users. United States leads the chart with 220 million Internet users followed by China (210 million) and Japan (88.1 m).
Brazil comes next to India with 53.1 million users, UK 40.2 million, Germany 39.1 million, Republic of Korea 35.5 million, Italy 32 million and France 31.5 million.
The Internet Governance Forum has released these statistics on the eve of its third four-day global conference that begins at the Hyderabad International Convention Centre on December 3.
From about 70 million people (1.7% of the world population) who had access to the Internet at the end of 2007, the figure crossed 134.8 crore by 2007. Asia has the highest number of Internet users with an estimated 568.7 million people followed by the Americas with 377.9 million.
Europe ranks third in this list with 335.9 million users and Africa and Oceania close the rank with 51.8 million and 14 million users respectively, according to the IGF. India, however, does not find place among the top ten nations in terms of broadband connections where too the US stands first with 73.2 million connections.
China has 66.4 million, Japan 28.28 million, Germany 19.6 million, UK 15.6 million, France 15.5 million, Republic of Korea 14. 7 million, Italy 10.8 million, Canada 9 million and Spain 8 million broadband connections. While there were a total of 13.5 million Internet subscribers in India, representing 1.15 per 100 people, broadband subscribers accounted for five million among them.
However, the number of users, who have online access but do not themselves subscribe, is a whopping 81 million or 6.93 users per people.
Source: PTI
Brazil comes next to India with 53.1 million users, UK 40.2 million, Germany 39.1 million, Republic of Korea 35.5 million, Italy 32 million and France 31.5 million.
The Internet Governance Forum has released these statistics on the eve of its third four-day global conference that begins at the Hyderabad International Convention Centre on December 3.
From about 70 million people (1.7% of the world population) who had access to the Internet at the end of 2007, the figure crossed 134.8 crore by 2007. Asia has the highest number of Internet users with an estimated 568.7 million people followed by the Americas with 377.9 million.
Europe ranks third in this list with 335.9 million users and Africa and Oceania close the rank with 51.8 million and 14 million users respectively, according to the IGF. India, however, does not find place among the top ten nations in terms of broadband connections where too the US stands first with 73.2 million connections.
China has 66.4 million, Japan 28.28 million, Germany 19.6 million, UK 15.6 million, France 15.5 million, Republic of Korea 14. 7 million, Italy 10.8 million, Canada 9 million and Spain 8 million broadband connections. While there were a total of 13.5 million Internet subscribers in India, representing 1.15 per 100 people, broadband subscribers accounted for five million among them.
However, the number of users, who have online access but do not themselves subscribe, is a whopping 81 million or 6.93 users per people.
Source: PTI
Tuesday, November 25, 2008
'India will remain second-fastest growing economy'
India faces a difficult situation because of the global financial crisis and may even witness a slowdown, but its economy was nowhere near a recession, Finance Minister P. Chidambaram said .
'A recession is defined as two successive quarters of contraction of GDP (gross domestic product). I wish to emphasise that India is nowhere near a recession,' Chidambaram told the annual Economic Editor's Conference.
He said the financial crisis that has enveloped the world since 2007 had become worse with many rich nations like Germany, Japan, Britain and the Netherlands officially in recession, and many more, including the US and France, expected to join them soon.
'In our view, we may expect a moderation in growth rate in the current year to a level between 7 and 8 percent. But India would still be the second fastest growing, large economy in the world,' Chidambaram added.
India still faces a difficult situation, he said but promised every possible fiscal and monetary measure to contain the impact of the global crisis on the domestic economy.
According to the finance minister, sectors like manufacturing, communications, trade, agriculture and construction that have been the major drivers of the Indian economy in the past, were likely to see a moderation of growth.
As a result, India needed more investment and quicker implementation of projects covering roads, ports, airports, power, education, health and skill development to spur growth, he said.
'Increasing expenditure in the infrastructure sector is an important part of the counter cyclical measures that are being contemplated to address the impact of the global slowdown,' he said.
'On the whole, the general outlook continues to be one of cautious optimism.'
Chidambaram also said that while the previous National Democratic Alliance (NDA) government was claiming high economic growth rate during its regime, the reality was far removed.
'At best, the growth rate during that period was modest. In particular, 2002-03 recorded the lowest growth rate after the beginning of the reforms in 1991-92,' he said, while listing the growth rates since 1997-98.
'As a consequence, the growth rate in 2003-04 appears impressive. But what is important is the average for that period. The average was only 5.7 percent.'
The finance minister said India's external sector, too, continued to be robust and reflected the strengths of the economy in 2007-08. 'In the current fiscal, merchandise trade data is available for April-September 2008. Exports and imports have registered an impressive growth of 30.9 percent and 38.6 percent, respectively,' he said.
He said there was a deceleration, but that was being addressed by diversifying exports to other markets. 'For example, during the first quarter of this financial year there has been an increase in the share of India's exports to China, Singapore, the Netherlands and Saudi Arabia.'
Source: Agencies
'A recession is defined as two successive quarters of contraction of GDP (gross domestic product). I wish to emphasise that India is nowhere near a recession,' Chidambaram told the annual Economic Editor's Conference.
He said the financial crisis that has enveloped the world since 2007 had become worse with many rich nations like Germany, Japan, Britain and the Netherlands officially in recession, and many more, including the US and France, expected to join them soon.
'In our view, we may expect a moderation in growth rate in the current year to a level between 7 and 8 percent. But India would still be the second fastest growing, large economy in the world,' Chidambaram added.
India still faces a difficult situation, he said but promised every possible fiscal and monetary measure to contain the impact of the global crisis on the domestic economy.
According to the finance minister, sectors like manufacturing, communications, trade, agriculture and construction that have been the major drivers of the Indian economy in the past, were likely to see a moderation of growth.
As a result, India needed more investment and quicker implementation of projects covering roads, ports, airports, power, education, health and skill development to spur growth, he said.
'Increasing expenditure in the infrastructure sector is an important part of the counter cyclical measures that are being contemplated to address the impact of the global slowdown,' he said.
'On the whole, the general outlook continues to be one of cautious optimism.'
Chidambaram also said that while the previous National Democratic Alliance (NDA) government was claiming high economic growth rate during its regime, the reality was far removed.
'At best, the growth rate during that period was modest. In particular, 2002-03 recorded the lowest growth rate after the beginning of the reforms in 1991-92,' he said, while listing the growth rates since 1997-98.
'As a consequence, the growth rate in 2003-04 appears impressive. But what is important is the average for that period. The average was only 5.7 percent.'
The finance minister said India's external sector, too, continued to be robust and reflected the strengths of the economy in 2007-08. 'In the current fiscal, merchandise trade data is available for April-September 2008. Exports and imports have registered an impressive growth of 30.9 percent and 38.6 percent, respectively,' he said.
He said there was a deceleration, but that was being addressed by diversifying exports to other markets. 'For example, during the first quarter of this financial year there has been an increase in the share of India's exports to China, Singapore, the Netherlands and Saudi Arabia.'
Source: Agencies
Monday, November 17, 2008
Laurels for India on successful moon landing
France, chair of the 27-nation European Union has lauded India on the successful lunar exploration mission, which, it stressed, confirmed "India's eminent position among the world-class scientific and technological powers".
"France, on behalf of the European Union, warmly congratulates India for the successful landing of the Moon Impact Probe and the launch of the lunar exploration programme," the French embassy said in a statement here.
"This remarkable success of the Indian space vehicle confirms anew India's eminent position among the world-class scientific and technological powers," it said.
"France and the European Union look forward to the strengthening of the existing scientific cooperations with India in the field of space, which are particularly promiseful for the development of science and knowledge worldwide," the statement underlined.
In a milestone for the country's space programme, India planted its national colours on the moon Thursday as the foil-wrapped Moon Impact Probe landed in the Shakelton crater near the lunar South Pole.
The Moon Impact Probe, dropped from the larger, unmanned Chandrayaan-1 orbiter, sampled the thin lunar atmosphere during a half-hour free fall.
Chandrayaan-1, India's first unmanned lunar probe, was launched Oct 22. After the US, then USSR, and Japan, India is the fourth country to land a probe on moon.
"France, on behalf of the European Union, warmly congratulates India for the successful landing of the Moon Impact Probe and the launch of the lunar exploration programme," the French embassy said in a statement here.
"This remarkable success of the Indian space vehicle confirms anew India's eminent position among the world-class scientific and technological powers," it said.
"France and the European Union look forward to the strengthening of the existing scientific cooperations with India in the field of space, which are particularly promiseful for the development of science and knowledge worldwide," the statement underlined.
In a milestone for the country's space programme, India planted its national colours on the moon Thursday as the foil-wrapped Moon Impact Probe landed in the Shakelton crater near the lunar South Pole.
The Moon Impact Probe, dropped from the larger, unmanned Chandrayaan-1 orbiter, sampled the thin lunar atmosphere during a half-hour free fall.
Chandrayaan-1, India's first unmanned lunar probe, was launched Oct 22. After the US, then USSR, and Japan, India is the fourth country to land a probe on moon.
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