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IMF cuts India’s growth rate after demonetisation

The International Monetary Fund logo is seen inside its headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas

The International Monetary Fund (IMF) cuts India’s growth rate for the 2016-17 fiscal year to 6.6 per cent from its previous estimate of 7.6pc due to “temporary negative consumption shock” of demonetisation, days after the World Bank also decelerated India’s growth estimates. “In India, growth forecast for the present year (2016-17) and the next fiscal year were trimmed by one ...

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Sweden’s Central Bank Considers Digital Currency

Swedish Krona Currency At An Exchange Office...Swedish 1000 krona (SEK) notes are handled by a cashier in this arranged photograph inside a currency exchange in Malmo, Sweden, on Tuesday, May 14, 2013. Sweden's krona sank after a report showed consumer prices declined more than most economists had predicted. Photographer: Linus Hook/Bloomberg

The central bank of Sweden is considering issuing a digital currency in response to a drastic decline in the use of cash in the country. If the so-called e-krona is introduced, Sweden would be the first European country to have central bank-backed virtual money, just as it was the first to issue paper banknotes more than 300 years ago. Ecuador ...

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Carlyle to become largest shareholder in South Africa

A general view of the lobby outside of the Carlyle Group offices in Washington, U.S. May 3, 2012. REUTERS/Jonathan Ernst/File Photo

Carlyle Group (CG.O) is to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said, looking to broaden the pan-African ratings agency’s services. Carlyle is set to buy around half of the equity in GCR from its management founders and German development finance business DEG, which will remain invested in the company, Carlyle said. GCR ...

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CPEC and opportunities for foreign investors

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Aslam Mumtaz China Pakistan Economic Corridor (CPEC), a $46 billion mega economic project is moving forward to its heights. Since its beginning, CPEC has yet completed so many its inter-connected projects successfully. It has played a major role in attracting investors to Pakistan as there is a conducive environment which would help encourage foreign investment in diverse economic spheres. CPEC ...

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Website onCPEC projects launched in Islamabad WWW.CPEC.GOV.PK…………………………GAME CHANGER

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An event was held to inaugurate the website of China-Pakistan Economic Corridor in Islamabad, in which H.E Sun Weidong,ambassador of the Peoples Republic of Chinaparticipated. The Pakistan-China Institute (PCI) has developed the website of cpecinfo.com in collaboration with China Radio International (CRI) and it will be jointly organized by the two organizations. PCI Chairman Senator Mushahid Hussain Sayedaddressed the participants ...

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POSCO wins $900m deal to build hotel in Saudi Arabia

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POSCO Engineering & Construction Co., a construction arm of global steelmaker POSCO, said that its joint venture in Saudi Arabia has won a US$900 million project to build a hotel in the Middle Eastern country. The deal was signed by PECSA, a joint venture between POSCO E&C and Saudi’s Public Investment Fund. Under the deal, signed Oct. 9, the joint ...

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Countering Money Stockpiling: Assessing Practicality of India’s Strategy in Pakistan

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Khalid Taimur Akram In the recent business news, India has gained some significant attention as Prime Minister Modi decided to counter the black money, increased counterfeiting and corruption practices through demonetizing currency notes of Rs.500 and Rs.1000 and introduced new currency of a higher denomination of Rs.2000. The announcement was criticized as an abrupt decision by the leadership of the ...

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CPEC: An opportunity to lift growth for Pakistan

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With a profound investment of $46bn by the Peoples Republic of China, Pakistan is increasingly depending on the China-Pakistan Economic Corridor (CPEC) to drive its future growth in terms of more business opportunities and investment linkages between both the countries. The State Bank of Pakistan had termed the corridor as the best opportunity to lift growth for Pakistan as the ...

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CM Punjab terms CPEC a guarantor of prosperity for Pakistan

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Punjab Chief Minister Mian Shahbaz Sharif has recently shown his strong resolve by saying that the CPEC is a guarantee to progress and prosperity of Pakistan and its completion would change destiny of the country. The chief minister was speaking to National Assembly Speaker Ayaz Sadiq who called on him and discussed matters of mutual interest. He said that various ...

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