267

International Monetary Fund Chief Christine Lagarde Defended Central Bank Rate Hikes

New Delhi: Indian Monetary Fund (IMF) chief Christine Lagarde defended central bank rate hikes in a veiled rebuke to Donald Trump after the US president blamed “crazy” Fed policies for contributing to financial market turmoil.

Lagarde’s comments came as a global market sell-off rolled on following Trump’s comments, underscoring rising financial volatility that the IMF will address at its annual meetings this week in Bali.

Lagarde said central bank rate increases such as those by the policy-setting US Federal Reserve were justified by fundamentals.

243

September Payments Of Crisis-Hit Jet Airways To Be Delayed; August Salaries Cleared

New Delhi: Crisis-hit Jet Airways said that September payments would be delayed while clearing the dues and balance amount of salaries for the month of August to its pilots, engineers and senior management.

As part of a staggered payment plan, the full service carrier was to clear the remaining 50 per cent of the August salary to these personnel on September 26.

On the scheduled date, the airline could pay only half of that amount due to paucity of funds. The remaining money was to be paid on October 9, which the airline did.

215

Facebook Says, It Aims To Boost Its Efforts To Expand Start Up Ecosystem In India

New Delhi: Facebook has said it aims to boost its efforts to expand the start up ecosystem in India. It reiterated its commitment to widen its support to include technology entrepreneurs in different cities.

“We are committed to paving the way for the success of the new generation of start-ups in India and understand that access to resources, people and networks can be a powerful catalyst for their growth,” said Facebook’s Satyajeet Singh, the head of Platform Partnerships for India and South Asia.

India is the world’s third largest startup hub and has one of the fastest growing base of software developers.

145

SC Directs RBI To Communicate Its Decision over Passing On Benefit Of Lower Interest Rates

New Delhi: The Supreme Court of India directed Reserve Bank of India (RBI) to communicate its decision on the representation over banks delaying passing on the benefit of lower interest rates to those who have taken loans at floating interest rates.

A bench of chief justice Ranjan Gogoi and justices S K Kaul and K M Joseph asked RBI to communicate within six weeks its decision to public trust ‘Moneylife Foundation’ which has filed the representation alleging that banks and FIs take tardy approach in lowering interest rates despite the central bank’s decision on the repo and reverse repo rates.

121

Arun Jaitley Promises, Government To Take More Steps To Stabilise Rupee And Narrow CAD

New Delhi: Union finance minister Arun Jaitley promised many more steps to stabilise the rupee and narrow the current account deficit (CAD). He has assured businesses that the government would be agile in its response to global trends shaping the economy, whic, was underpinned by solid fundamentals supporting annual growth of around 7.5 per cent.

The finance minister said the depreciation in the rupee and the high CAD were transient factors that had indeed affected India, but that these fell short of impacting capital flows of a long-term nature such as foreign direct investment (FDI).