Gold at highest since May 1 on political uncertainty, dollar

By Eric Onstad

LONDON - Gold hit its highest in nearly four weeks on Friday as political uncertainty led investors to shun riskier assets in favour of bullion.

"We have had the political noise coming from Trump and the U.S. administration and there is a certain element of uncertainty in the markets in general, which is supporting gold. Equities are also

26/05/2017 11:30:07 AM | Posted in Commodity Top News read full news
Auto sector projected to contribute 12% to GDP over next decade

The central government on Thursday said the Indian automobile sector is projected to contribute 12 per cent to the country's GDP (gross domestic product) over the next decade.

This was stated by Girish Shankar, Secretary, Ministry of Heavy Industries and Public Enterprises, at the Confederation of Indian Industry's (CII) 'International Automotive Supply Chain Conclave

GST regime to add 40 bps to GDP: HSBC

A HSBC report has said that the GST rollout will add 40 bps to GDP, lower than earlier estimates as multiple tax rates and exemptions announced under it are far from an 'ideal' structure and could blunt the growth impact of the reform process.

The report further said that the Goods and Services Tax will not have an upward impact on inflation. Commenting on the issue, a HSBC Of

Climate action will boost economic output: OECD

Tagging the growth and climate agenda together, rather than treating climate as a separate issue, could lift 2050 economic output by up to 2.8 percent, the Organisation for Economic Cooperation and Development (OECD) said on Tuesday.

If the economic benefits of avoiding climate change impacts -- such as flooding or storms -- are factored in, the net increase to the 2050 GDP would

China's second-quarter GDP growth seen at around 6.8 percent - official think tank

SHANGHAI   China's economy will likely expand around 6.8 percent in the second quarter of 2017, the State Information Center said in an article published in the state-owned China Securities Journal on Saturday.

The State Information Center is an official think tank affiliated with the National Development and Reform Commission, the country's top econ

Preview - Singapore Q1 GDP likely to be revised higher on manufacturing boost

SINGAPORE   Singapore's economy likely performed better than initially expected in the first quarter thanks to a surge in factory output, although the outlook is clouded by slowing exports to China, according to analysts syurveyed by Reuters.

The median estimate by the 11 economists polled put gross domestic product (GDP) growth at 2.7 percent in the Jan

GDP numbers may be revised upwards for FY-2016-17: Nomura

A Nomura report has said that the new series for industrial production and wholesale prices suggest that the GDP numbers for financial year 2016-17 could be revised up from 6.7 per cent to 7.4 per cent. As per reports, the Central Statistical Office (CSO) revised India's wholesale price index (WPI) and industrial production (IP) series last week, changing the base year to 2011-12 (from 2004

Auto sector likely to contribute 12% to GDP over next decade: Anant Geete

The central government on Thursday said the Indian automobile sector is likely to contribute 12 per cent to the country's GDP (gross domestic product) over the next decade.

This was stated by Union Heavy Industries and Public Enterprises Minister Anant G. Geete, who inaugurated the test track facility develop by global automotive research centre (GARC) at Oragadam, Chennai.&n

`Auto sector may contribute 12% to India's GDP in next decade`

India's automobile industry is likely to contribute 12 per cent to the country's GDP over the coming decade, from 7.1 per cent at present, Union Minister Anant Geete said according to the PTI report. The minister was here to inaugurate a test track facility developed by Global Automotive Research Centre.

The commissioning of the facility is expected to invite greater investmen

Government modifying '2011 vintage' national manufacturing policy

The "2011 vintage" manufacturing policy is being modified to align it with initiatives like 'Make in India' as also Industrial Revolution 4.0, which refers to high end automation, Industry Minister Nirmala Sitharaman has said. The national manufacturing policy (NMP) "is of 2011 vintage", which envisaged that manufacturing should contribute 25 per cent in India's

Philippine Q1 GDP growth weakest in a year, but rate rise on cards

By Neil Jerome Morales

MANILA  The Philippine economy grew at its slowest pace in more than a year in the first quarter on weaker government spending, but strong exports and domestic consumption suggest the Southeast Asian country remains poised to raise rates this year.

It was the slowest economic expansion since firebrand President Rodrigo Duterte too

Higher capex propels states' deficits to 12-yr high to 3.6% in FY16: Ind-Ra

The states’ fiscal deficit in FY16 (revised estimate) as a percent of gross domestic product (GDP) rose to the highest since FY04 to 3.6 per cent, mainly on account of capital expenditure, which is a long-term credit positive for states, says India Ratings and Research (Ind-Ra).

According to Ind-Ra, for FY16 the consolidated fiscal deficit to GDP would have been 0.7 per cent low

India's GDP growth to rise to 7.9% by Dec 2017: Report

The Indian economy is entering a "productive growth phase" and real GDP growth is likely to rise to 7.9 per cent by December driven by favourable external demand, improving corporate balance sheets and private capex recovery, says a report. Productive growth phase is characterised as a period of improving growth while macro stability remains in check and typically sets the stage for a

India`s GDP growth to be around 7.4% in 2017-18: FICCI survey

 In a survey conducted during March and April 2017, industry chamber Federation of Indian Chambers of Commerce and Industry (FICCI) predicted India's gross domestic product (GDP) growth will be around 7.4 per cent for fiscal 2017-18, with a minimum and maximum level of 7 per cent and 7.6 per cent respectively.

Reasoning out the growth, FICCI's Economic Outlook Survey

India will clock over 7.5% growth in 2017-18: Fin Secy Ashok

India can clock a GDP growth of over 7.5 per cent in the fiscal 2017-18 and the countrys macro-economic fundamentals, including fiscal deficit and inflation, are all "very sound", according to Finance Secretary Ashok Lavasa

. Lavasa, who is visiting the US to attend a global investors conference, said that while there has been a general climate of economic slowdown in the la

U.S. Commerce's Ross says 3 pct GDP growth not achievable this year

By David Lawder and Jennifer Ablan

WASHINGTON  The U.S. economy will fall short of the Trump administration's goal of 3 percent growth this year and will only achieve that when its regulatory, tax, trade and energy policies are fully in place, Commerce Secretary Wilbur Ross said on Tuesday.

The GDP target "is certainly not achievable this year,

China`s GDP decelerates amid transition to consumption-based economy

China's GDP continues to decelerate, with a growth forecast of 6.6 per cent for 2017, as it transitions from an export and investment based economy to one based on domestic consumption, the International Monetary Fund (IMF) said on Tuesday.

In its latest report on the Asia-Pacific, the IMF said that despite its own growth slowing amid economic transition, China continues to drive

India can achieve GDP growth of 10% by FY-2019-20: CII

Confederation of Indian Industry has said that India can achieve a gross domestic product (GDP) growth of 10 per cent by fiscal year 2019-20 on the back of wonderful opportunities available in the economy. Commenting on the issue, Confederation of Indian Industry (CII) President Shobana Kamineni told the media, "We strongly believe that India can build up to a 10 per cent GDP growth in the

GDP to grow 7.4% in FY18; GST, bankruptcy law big positives: Asian Development Bank

The Indian economy will grow 7.4 per cent this fiscal and 7.6 per cent in the next as the bankruptcy and GST laws will help create a better business friendly environment, the Asian Development Bank (ADB) said.

Ahead of its 50th annual meeting to be attended by finance minister and central bank governors of member nations, the multilateral agency's Chief Economist Yasuyuki Sawada s

Euro zone economy outperforms U.S. with robust start to year

BRUSSELS - The euro zone economy started the year with robust growth that far outstripped that of the United States, preliminary estimates from the European statistics agency showed on Wednesday.

Eurostat said the gross domestic product (GDP) of the 19-country euro zone bloc in the first three months of the year grew by 0.5 percent on the quarter and by 1.7 percent on

India to launch new IIP series with 2011-12 base year on May 9

India will unveil a new series of Index of Industrial Production with a base year 2011-12 on May 9 with an aim to map economic activities more accurately, reported PTI. The new series for Index of Industrial Production (IIP), which captures industrial activities on monthly basis, will be launched by Chief Statistician and MOSPI Secretary T C A Anant, an official said.

A high-level pan

Fitch affirms India's rating at 'BBB-', outlook stable

Global ratings agency Fitch on Tuesday affirmed India's long-term foreign and local currency ratings at 'BBB-', the lowest investment grade, but said the outlook is "stable".

Further, the rating agency said it expected India's real Gross Domestic Product to grow at 7.7 per cent during 2017-18. 

"India's positive GDP growth outlook stan

Asian equities edge up as Japan outperforms, dollar regains traction

TOKYO - Asian stocks shook off a sluggish start and edged up on Monday, with Japan outperforming on upbeat earnings, while the dollar regained traction as the U.S. government looked likely to avoid a shutdown.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 percent. Japan's Nikkei climbed 0.4 percent, with high-tech blue chips gaining on s

UK economy grows by only 0.3%

The UK economy grew by just 0.3 per cent at the start of this year, the slowest growth rate since the first three months of 2016, according to official figures released on Friday.

The Office for National Statistics (ONS) said that the slower pace in the January-March period was mainly due to the service sector, which also grew by 0.3 per cent against 0.8 per cent at the end of 2016, t

Niti pegs GDP to grow 8%; bats for agri, tax reforms

Niti Aaytog has exuded confidence that India will get back to over 8 per cent growth as it proposed a host of reforms, including reduction in corporate tax to 25 per cent and uniform import duty at 7 per cent, reported PTI. The three-year draft action agenda released by the Aayog today stressed on reforms in taxation, agriculture and governance, among others with a view to accelerate the all- r