FM expects Indian economy doing better in H2
Finance Minister P Chidambaram expects the Indian economy doing better in the second half of the fiscal year than in the first six months, says a report. Attending the platinum jubilee celebrations of Jammu & Kashmir Bank, FM said "I think it is fair to say that growth will pick up in the second half and, let's see, anything higher than 5% and closer to 5.5% should be considered very satisfactory. I'm sure that the second half will be better than the first half." reports FM. Growth in the first quarter of the current fiscal year was at 4.4%. The FM expressed confidence that India would comfortably meet the $70-bn current account deficit (CAD) target.
What Does the Federal Shutdown Mean for the Markets?
As investors watch the super-charged budget battle in D.C., veteran market expert and economist Elaine Garzarelli advises that the shutdown will essentially be a "non-event" for the markets. "This has happened so many times before that the shutdown will not have much of a bearing at all," says Dr. Garzarelli, who heads Garzarelli Capital, Inc., and has advised investors for 30 years, using a mathematical approach to market timing and sector analysis. "Over the last 20 years there have been 12 government shutdowns ranging from one day to 28 days, with the average being 9 days. The market has fallen prior to previous shutdowns, but then rallied for months thereafter." As creator of the proprietary "12 stock market indicator model," which has allowed her to predict not only market direction but which sectors would outperform the market, Dr. Garzarelli has been widely recognized for her correct predictions of all major market trends for 30 years. Her track record earned her first team in Quantitative Research in Institutional Investor magazine’s All-Star poll for 11 years. She works closely with other economists each month to evaluate the fundamentals of the industries she covers – including, among others, health care, information technology, industrials, and financials...Read More
US shutdown delays release of Sept jobs data
Muted Market Reaction to the Government Shutdown
US shutdown delays release of Sept jobs data
US shutdown: Thousands of federal employees loses job
US Shutdown may lead to loss of over $300mn a day
India services PMI lowest in last 4 years in September
Down from August’s 47.6 to 46.1 in September, the HSBC India Composite Output Index declined to its lowest mark in four-and-a-half years to signal a sharp deterioration in business activity across the country’s private sector. Whereas the fall in manufacturing production eased, service providers recorded an accelerated decline in output. The seasonally adjusted HSBC Services Business Activity Index dipped from 47.6 in August to 44.6 in September, with five of the six sectors covered by the survey posting lower output (except Post & Telecommunication). The latest reading was consistent with a sharp contraction in business activity and one that was the fastest since March 2009. Underlying the fall in private sector output was a third consecutive drop in new order levels. Incoming new work contracted sharply and at the quickest pace since February 2009, with panellists commenting on weaker demand and a difficult economic climate. While manufacturers posted a marginal and slower decline in new orders, service providers registered a sharp drop. Furthermore, for the first time in the survey history all six service sub-sectors recorded falling new business...Read More
Economy Probe: August 2013
India’s April-June Current-Account Deficit at $21.77bn
India Manufacturing PMI continues to shrink in September
Lalu Prasad Yadav gets 5 years imprisonment in fodder scam
Lalu Prasad Yadav, RJD Chief sentenced to five years jail and fined Rs 25 lakh for his role in the fodder scam. While Jagannath Mishra was sentenced to four years of jail. Special CBI judge Pravas Kumar Singh pronounced punishment through video conferencing, says report. About 45 fodder accused convicted in the case and the judge had delivered the sentence against eight of them on September 30 itself. Earlier On Tuesday, Prasad and 44 others charged with fraudulent withdrawal to the tune of Rs 37.7 crore on fake fodder bills from Chaibasa treasury in the 1990s in a case lodged by CBI, says report. Lalu Prasad was taken to the Birsa Munda Central Jail in Ranchi, after CBI designated court convicted him in the fodder scam case, says report.
Cabinet approves creation of a new State of Telangana
The Union Cabinet approved the creation of a new State of Telangana by bifurcating the existing State of Andhra Pradesh. The city of Hyderabad will function as the common capital for both the States for a period of ten years. The Union Cabinet has approved the setting up of a Group of Ministers(GoM) to work out the various legal and administrative measures to ensure the safety and security of the residents of all the regions of the State including the guarantee of the Fundamental Rights. The Union Cabinet further approved that the GoMwill go into the various issues which concern both the States and suggest appropriate measures to address them. The GoM will also work out the modalities for the provision of special financial disbursements required for the setting up of a new capital for the residuary State of Andhra Pradesh and to meet the special needs of the backward regions and districts of the two States.
Election Commission announces poll dates for five states
The Election Commission has announced schedule for assembly elections in five states of Delhi, Rajasthan, Madhya Pradesh, Chhattisgarh and Mizoram. While Chhattisgarh is the state which will have two-phase elections on 11th and 19th November. Both Delhi and Mizoram will have elections on 4th December, while Madhya Pradesh will have a single phase election on 25th November. Polls for Rajasthan will be held on 1st December. The counting of votes will take place simultaneously on 8th December.
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