Page 2 - Financial Crisis

90% pledges by international community in form of 'loans': Pak minister

Pak's finance minister said that almost 90 per cent of pledges made by the international community for the flood-hit country were project loans that will be rolled out over the next three years

Cash-strapped Mizoram gets Bangla refugee influx; border talks with Assam

Already overburdened with Kuki-Chin refugees from strife-torn Myanmar, Mizoram, which is reeling under a financial crisis, received a fresh stream of displaced people from the Chittagong Hill Tracts of Bangladesh this year. More than 300 Kuki-Chin refugees from CHT took shelter in the northeastern state following armed clashes between Bangladesh Army and insurgents belonging to the Kuki-Chin National Army (KNA). The state now hosts a total of 40,000 refugees from Myanmar and Bangladesh. Mizos share ethnic ties with the Kuki-Chin people. The Zoramthanga administration is reeling under a severe financial crunch due to the COVID-19 pandemic and delay by the Centre in releasing the state's share of taxes and grants. The crisis has resulted in delays in timely payment of salaries to government employees, and pensions to retirees, besides clearance of bills. However, the state government hopes that the crisis will be resolved in 2023 with the release of more funds from the ...

For tech industry, 2022 was a year of mass layoffs; 2023 likely to be worse

The tech layoffs this year have exceeded the job cuts the sector faced globally during the financial crisis of 2008-2009 triggered by the Lehman Brothers' collapse

Costs and benefits

Cryptos are speculative but underlying tech has merits

Next financial crisis will come from crypto: RBI Guv Das at BFSI summit

Business Standard BFSI Insight Summit 2022: Das said that these currencies have "no underlying whatsoever" and pose a threat to macroeconomic stability

Kerala facing 'unprecedented financial crisis', says finance minister

Kerala Finance Minister K N Balagopal on Tuesday said the state is reeling under unprecedented financial crisis and attributed the "distorted" financial policies of the Centre, the outbreak of COVID-19 pandemic and recurring natural disasters as reason for the poor economic condition. The minister, however, made it clear that the Left government was moving ahead with a "clear road map" and financial discipline to overcome the crisis and resolve the issues. He was replying to a question during the Question Hour session in the state Assembly. "It is true that the state is facing an unprecedented financial crisis. However, the reasons contributing to the crisis are beyond the control of the state...that is the fact," Balagopal said. Compared to the previous financial year, there was a dip of Rs 6716 crore in the revenue deficit grant (released to the state by the Centre) during the ongoing financial year, he informed the House. However, the minister replied in negative to a question

Sri Lanka's Budget for 2023 aims a way out of current economic crisis

In September, Sri Lanka clinched a deal with the IMF for a 4-year $2.9 billion

Best of BS Opinion: Strengthening governance, masked power play & more

Here is the best of Business Standard's opinion pieces for today

Global banking is a bright spot

The world's financial system faces an intimidating set of challenges, but the lessons of the global financial crisis are holding banks in good stead

69% Indian households struggle with financial insecurity, says survey

Despite robust growth in financial inclusion and the burgeoning financial services industry, almost 69 per cent of Indian households struggle with financial insecurity and vulnerability, according to a personal finance survey conducted by Money9. India's Personal Finance Pulse maps Indian households' income, savings, investment and spending, said a statement issued by Money9, promoted by TV9 Network. Providing insights into how India earns, spends and saves, the survey has also unveiled the country's first-ever state ranking of citizen financial security -- the Money9 Financial Security Index. "The survey finds that the average income of an Indian family of 4.2 persons is Rs 23,000 per month. Over 46 per cent of Indian families have an income of less than Rs 15,000 per month i.e.belong to the aspiring or lowest-income cohort," it said. "Only 3 per cent of Indian households have a luxury standard of living and most of them belong to higher income cohorts (High- Middle and Rich)." Al

Global financial crisis not to hit India's logistics sector: TVS SCS

Firm's CEO K Sukumar indicates that the rise in domestic consumption and growth in end-user industries has insulated the sector from the meltdown

TN taking steps to withstand possible recession: State finance minister

"Governance is akin to playing a game of chess, where you have to plan at least two-three moves ahead. We plan things ahead for next six months as well as two years ahead," he said.

Former US Fed chair Bernanke, two others win Nobel Prize in Economics

The trio was awarded for research into banking and financial crises

Kerala says Centre obstructing development in state, ruining it financially

The Centre is attempting to obstruct development activities in Kerala and push it into financial ruin by their fiscal policies, which limit the borrowing capacity of the state and through the Enforcement Directorate (ED) probe into the financial dealings of KIIFB, the LDF government claimed in the assembly on Wednesday. Kerala Chief Minister Pinarayi Vijayan said that while borrowings by government-run entities like Kerala Infrastructure Investment Fund Board (KIIFB) were being included in the debt of the state to limit the loans that it can avail from the open market, the Centre at the same time was not disclosing all the loans availed by PSUs like NHAI, Air India Holdings and Indian Railways Finance Corporation. This "discriminatory" stand of the Centre was evident from a recent report of the Comptroller and Auditor General (CAG) which said that the central government has not fully disclosed the huge loans availed by the NHAI, Air India Holdings Ltd and the Indian Railways Finance

Bumper GST collections could lead to compensation windfall for states

Extending compensation is a topic that has remained a sticking point in India's federal structure, with not only opposition states but also BJP-governed states speaking about it

Go First likely to raise money via IPO to manage financial crisis: Report

As per latest available financials, the airline reported a loss of Rs 923 crore during April-September 2021 though its total revenue rose by 105 per cent to Rs 1,202.90 crore during the same period.

IndiGo airlines: Financial headwinds make aviation leader's flight wobbly

For the quarter ended March 2022, which was impacted by the 'Omicron' wave, IndiGo reported a net loss of Rs 16,818 million.

Pakistan's trade deficit hits record-high of $48.66 bn as imports soar

Cash-strapped Pakistan's trade deficit has surged to an all-time high of USD 48.66 billion in the outgoing fiscal year, up from USD 30.96 billion a year ago, a significant 57 per cent jump

'Cutting chai': Pak minister urges people to reduce tea consumption

Cash-strapped Pakistan has urged its countrymen to cut down the consumption of tea to help reduce the import bill eating into the country's depleting foreign exchange reserves

Growth optimism sinks to a record low, says Bank of America survey

Global profit expectations also dropped to 2008 levels