A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU and China will see their economies slow down.
Kristalina Georgieva, the chief of the International Monetary Fund (IMF), made these grim assertions on Sunday during a CBS news programme "Face the Nation."
It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant.
"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.
The year 2023 will be tougher than last year because the economies of the US, the EU and China will slow down, she said.
"Even in countries that are not in recession, it would feel like a.....
Prasar Bharati is “evaluating” the possibility of coming up with an OTT platform months after it signed an agreement with YuppTV to expand the global reach of Doordarshan’s DD India channel, a senior official said on Friday.
“That is something we are working upon, evaluating,” the Prasar Bharati official said during an informal interaction with reporters while replying to a question when will the broadcaster come up with an over-the-top (OTT) platform.
Prasar Bharati had signed a memorandum of understanding (MoU) with YuppTV, an OTT platform, in March last year to make DD India available in various countries including the US, the UK, Singapore, Australia and New Zealand, besides Europe and the Middle East.
With the Union Cabinet earlier this week approving a scheme worth more than Rs 2,500 crore for modernization, upgrade and expansion of All India Radio (AIR) and Door.....
The Biden Administration is aware of the long delays in visa appointments in India and is working to respond to the ”significant demand of these visa services”, the White House said Thursday as responding to a question on the agonizing long visa appointment period at the US missions in India, which currently runs into more than 1,000 days.
“I can say that the Biden administration is aware of the issues,” White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference.
“While we have made great strides, as you know, because you cover this very closely, in recovering from the pandemic related closures and staffing challenges, we are still working to respond to the significant demand of these visa services,” Jean-Pierre said.
“That is something that we will continue to do. We are successfully lowering visa interview wait times, that’s arou.....
After the draft data protection bill, the government is now all set to bring another key legislation — Digital India Bill — that will be made available for public consultation by the month-end, Minister of State for IT Rajeev Chandrasekhar said on Thursday.
The Digital India Bill, which will replace the 22-year-old Information Technology (IT) Act, will be contemporary and a modern piece of legislation, the Minister promised.
The proposed bill, alongside the Digital Personal Data Protection (DPDP) Bill whose draft was released recently, will contribute to the evolving framework which is light on regulation, safeguards consumer rights and catalyses innovation, the minister said while speaking at CII Global Economic Policy Summit 2022.
Chandrasekhar further informed that Production Linked Incentive (PLI) scheme for ‘wearables’ is in the offing. He termed wearables as among .....
The Australian and Victorian Governments have announced an $877 million Recovery Support package, supporting businesses, farmers, and not-for-profits to rebuild and return to trade as quickly as possible, following the recent devastating floods.
Grants of up to $50,000 are available to eligible businesses and not-for-profit organisations to support recovery efforts including rebuilding damaged infrastructure and replacing damaged assets.
To help businesses navigate through the recovery period, more than $22 million has been made available for support services to facilitate the development of recovery plans, provide mental health support and assist in grant applications.
In addition, Business Chamber and Trader Groups Programs will be established to enable locally led solutions for business activation.
Recovery grants of up to $200,000 will also be available for medium and la.....
With no new individual tax measures announced, the focus of this Budget is on providing support to working parents and continued monitoring of individual tax compliance.
Personal income tax rates
Despite some conjecture in recent weeks, this Budget has not sought to defer 'Stage 3' tax cuts, originally announced in 2018. From 1 July 2024, the 37 percent bracket will be removed entirely, and the 32.5 percent bracket will be reduced to 30 percent. In addition, the threshold above which the top marginal rate of 45 percent applies will increase from $180,000 to $200,000.
Taxable income Current tax rates
Up to $18,200 0
$18,201 - $45,000 19 percent
$45,001 - $120,000 32.5 percent
$120,001 - $180,000 37 percent
From $180,001 45 percent.....
The Albanese Government announces the National Housing Accord, a landmark agreement to address one of our nation’s biggest economic challenges: the supply and affordability of housing.
It will align for the first time the efforts of all levels of government, institutional investors and the construction sector to help tackle the nation’s housing problem.
Our shared ambition is to build one million new well-located homes over five years from 2024.
The Accord recognises most of this supply needs to come from the market with government playing a key role in enabling and kick-starting investment.
We want more Australians to know the security of decent housing and more Australians realising the aspiration of home ownership.
It’s more important than ever that we work together to ensure there is an adequate supply of affordable housing where it is needed – close to jobs, t.....
Rishi Sunak, who is set to be Britain's first Indian-origin prime minister, recently said that he wants to change the UK-India relationship to make it a more two-way exchange that opens up easy access to UK students and companies in India.
Addressing a gathering of British Indian Conservative Party members in August, the 42-year-old UK-born Indian-origin Tory MP for Richmond in Yorkshire vowed to get the country through the “difficult times” of inflation and build a better, safer Britain.
A majority in the cheering crowd were categorical that Mr Sunak's Indian heritage and ethnic minority background had no part to play in the contest to become British Prime Minister.
During an event hosted by the Conservative Friends of India (CFIN) diaspora organisation in north London, the former Chancellor greeted the gathering with a mix of traditional greetings such as “namaste, sal.....
US President Joe Biden and First Lady Dr Jill Biden on Monday hosted a Diwali reception at the White House in what they called the largest since the People's House started celebrating the festival during the George Bush administration.
More than 200 eminent Indian Americans attended the reception at the East Room, a venue that has witnessed some of the landmark events related to the India-US relationship, including the signing of the nuclear deal and the joint press conference by then US President Barack Obama and Indian Prime Minister Manmohan Singh in November 2008.
The reception saw some enthralling cultural events, including performances by sitarist Rishab Sharma and dance troupe The Sa Dance Company. The guests, dressed in traditional Indian attires such as saree, lehenga and sherwani, relished some mouthwatering Indian delicacies.
The room is full at the East state dinin.....
The October Budget will deliver on the Albanese Labor Government pledge to jointly fund a world-class Aboriginal Cultural Centre for Western Australia.
The Commonwealth is partnering with and matching the McGowan Labor Government’s commitment to this important project with each Government contributing $50 million after jointly funding the feasibility study.
A Terrace Road site as the preferred location has been chosen primarily for its connection to the Swan River (Derbarl Yerrigan), Heirisson Island (Matta Gerup) and Kings Park (Katta Koomba), all places of cultural significance to the Noongar people.
Planning for the project with extensive engagement is underway with Aboriginal people and communities across WA, under a Cultural Authority Framework.
This Framework is embedding Aboriginal-led community engagement and cultural decision-making processes in the development and.....
The Albanese Government’s Rewiring the Nation plan will fast-track Victorian Renewable Energy Zones (REZ) and offshore wind development to create new energy jobs across Victoria, Tasmanian projects to unlock cleaner, cheaper and more secure energy and put downward pressure on prices.
The Commonwealth and Victoria have today signed an agreement to jointly fund Victorian offshore wind projects, REZs, and the Victoria-New South Wales Interconnector (VNI West) KerangLink. The Commonwealth, Victoria and Tasmania have also signed agreements on the Marinus Link interconnector.
The agreement between Victoria and the Commonwealth sets out:
$1.5 billion of concessional financing from Rewiring the Nation available for REZ projects in Victoria, including offshore wind projects;
A commitment to coordinate Victorian and Commonwealth regulatory processes to support the rapid development.....
Australia and Singapore have signed a first-of-its-kind Green Economy Agreement (GEA).
The landmark bilateral agreement between Australia and Singapore—our largest two-way trading partner in Southeast Asia—will support Australian businesses to seize economic opportunities presented by the global clean energy transformation.
The GEA builds on existing cooperation between Australia and Singapore to take action on climate change and strengthen trade and investment in clean energy across our region.
“This world-first agreement establishes a framework under which our countries can advance work on the clean energy transformation and support businesses and industry," said Prime Minister Albanese. “This is a model that will support both Australia and Singapore, and partners in our region to seize the economic opportunities of the global transition to net zero,” he further add.....