Page 3 - Financial Crisis

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

Amid financial crisis, Pakistani rupee set to see worst month in 2 years

The Pakistani rupee has declined about 7% in May, the steepest drop since March 2020, as the country negotiates a bailout package with the IMF and other nations to keep its economy afloat

A nation in default: Is the great Sri Lanka fire sale about to begin?

PM Wickremesinghe wasted no time in announcing the government would privatize Sri Lankan Airlines, which prior to the pandemic had flown to 126 destinations in more than 60 countries

Sri Lanka PM proposes to make president, cabinet answerable to parliament

Sri Lanka has been rocked by protests due to an unprecedented financial crisis, which culminated in the resignation of former Prime Minister Mahinda Rajapaksa and his cabinet this month

Greece gets $3.9 billion from European pandemic recovery fund

The European recovery and resilience fund provides vital relief for Greece, which had barely emerged from a deep, decade-long financial crisis when the coronavirus pandemic hit

FPI outflows exceed 2008 global financial crisis as Fed policy move nears

Selling accelerated after Russia attacked Ukraine in February and caused a spike in global commodity prices

IMF urges Sri Lanka to focus on monetary policy to tackle inflation rise

IMF said Sri Lanka needs to tighten its monetary policy to contain rising inflation, put its high debt repayments on track and reverse one of the worst financial crises the country has faced in years