22
Friday
November 2019
3:12 PM IST
News Headlines
Assembly Speaker censures four Congress MLAs for climbing on dais        Students, parents stage protest over death of girl due to snakebite in classroom        Mahinda Rajapaksa takes PM office for third time        Israel''s Netanyahu charged in corruption cases        All eyes on Shami as India in throes of making yet another cricketing history with pink ball D/N Test against Bangladesh        India Women claim 5-0 T20 series sweep over West Indies        Three Rafale jets handed over to IAF by France: Govt        Normalcy has been restored in J&K: Shah        Cabinet approves strategic disinvestment of CPSEs        Lankan Prez names elder brother Mahinda as PM after Wickremesinghe resigns        Nawaz Sharif meets medical experts for check-up in London        Germany crush Northern Ireland 6-1 in Euro 2020 qualifiers        Bring Ashwin back in limited overs cricket: Harbhajan        T''gana techie among 2 Indians arrested in Pak; missing since 2017, says family        Rajini, Haasan hint at joining hands for TN''s welfare        Opposition leader visits injured MLA at Medical College Hospital in Kerala        Helmets must for two-wheeler riders, pillions from Dec 1 : HC        Ailing former Pak PM Nawaz Sharif leaves for London for treatment        Swedish prosecutor drops Assange rape probe        Newly-elected Lankan President to visit India on Nov 29        
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Business News
New IMF chief says trade tensions could cut global GDP by 700 bln USD
 
Washington: Trade disputes are taking a toll on global economy, substantially weakening manufacturing activity and investment and holding back economic potential, Kristalina Georgieva, the new chief of the International Monetary Fund (IMF), said on Tuesday. "For the global economy, the cumulative effect of trade conflicts could mean a loss of around 700 billion U.S. dollars by 2020, or about 0.8 percent of GDP," the IMF managing director said at an event at the global lender''s headquarters ahead of the annual meetings of the IMF and the World Bank next week.

"As a reference, this is approximately the size of Switzerland''s entire economy," said the Bulgarian economist, who succeeded France''s Christine Lagarde and took office on Oct. 1. The U.S.-China trade conflict has not only increased direct costs on businesses and consumers, but also caused secondary effects, such as the loss of confidence and market reactions, said Georgieva, who is the former chief executive officer of the World Bank. "The results are clear. Everyone loses in a trade war," said Georgieva.

"So we need to work together, now, and find a lasting solution on trade." Noting that the global economy is in a "synchronized slowdown," the new IMF chief called for a "synchronized policy action" to accelerate growth and build more resilient economies. Policy priorities, she said, include using monetary policy wisely and enhancing financial stability, deploying fiscal tools to meet current challenges, implementing structural reforms for future growth, and embracing international cooperation. Georgieva, who has been a champion in the global fight against climate change, also said one of the priorities of the IMF is to assist countries as they reduce carbon emissions and become more climate resilient, urging countries to adopt "a significantly higher carbon price."

New research at the IMF confirms that carbon taxes can be one of the most powerful and efficient tools, Georgieva said. "But the key here is to change tax systems, not simply add a new tax," she added. "I am confident that if we cooperate -- mindful of each other''s challenges and interests -- we can deliver a better future for all," she said.


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Sensex skids from record high as Moody's cuts India credit outlook
KERALA NEWS
Assembly Speaker censures four Congress MLAs for climbing on dais
 Thiruvananthapuram: Kerala Assembly Speaker P Sreeramakrishnan on Thursday censured four Opposition  
Opposition leader visits injured MLA at Medical College Hospital in Kerala
Sabarimala temple opens for 2-month long pilgrimage season
Kerala: Mixed response to SC Sabarimala verdict
INTERNATIONAL NEWS
Mahinda Rajapaksa takes PM office for third time
 Colombo: Former president Mahinda Rajapaksa assumed the office of prime minister for the third time
Israel''s Netanyahu charged in corruption cases
Lankan Prez names elder brother Mahinda as PM after Wickremesinghe resigns
Nawaz Sharif meets medical experts for check-up in London
NATIONAL NEWS
Normalcy has been restored in J&K: Shah
 New Delhi: Asserting that the normalcy has been restored in Jammu and Kashmir, Home Minister Amit Sh
Cabinet approves strategic disinvestment of CPSEs
T''gana techie among 2 Indians arrested in Pak; missing since 2017, says family
Rajini, Haasan hint at joining hands for TN''s welfare
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