09292016Thu
Last update: Thu, 29 Sep 2016 03am

South Asia

World - South Asia

India not ready to privatise public sector banks: Jaitley NEW DELHI: India has not reached the point where it can consider selling majority stakes in the public sector banks that control seven tenths of assets in the financial system, Finance Minister Arun Jaitley said on Wednesday."I don't think that public or political opinion has converged to the point where we can think of privatisation in the banking sector," Jaitley told the Economist India Summit in New Delhi.The government is consolidating some of the public sector banks to strengthen them, but does not plan to reduce the state's share below a threshold of 52 percent, Jaitley said in a podium interview.Copyright Reuters, 2016 ...

World - South Asia

India to focus reforms on tax, banks, infrastructure: FinMin NEW DELHI: India will press ahead with tax reforms, repairing the banking system and getting stalled infrastructure projects moving to drive growth, Finance Minister Arun Jaitley said on Wednesday, but it is not yet ready to sell off its state banks.Asked what his top economic policy priorities were, Jaitley told a conference he was determined to stick to a "very stiff" schedule that foresees passing critical enabling legislation for a new goods and services tax ...

World - South Asia

G20 agrees refugees a global issue: statement HANGZHOU: The G20 group agreed at their summit in China that refugees are a global issue and the burden must be shared, the leaders declared in a joint communique Monday."Worldwide massive forced displacement of people, unprecedented since the Second World War, especially those generated from violent conflicts, is a global concern," they said at the end of their two-day gathering in the scenic eastern Chinese city of Hangzhou.The Group of 20 -- which together account ...

World - South Asia

Obama meets Putin on G20 sidelines: White House HANGZHOU: Presidents Barack Obama and Vladimir Putin met Monday on the margins of the G20 summit in China, the White House said, hours after their diplomats failed to reach a deal on Syria."The President is taking part in a pull-aside with President Putin of Russia," said National Security Council spokesman Ned Price. "We expect to provide additional details of their discussion later today."Copyright AFP (Agence France-Presse), 2016 ...

World - South Asia

China's Xi says hopes for fair Australia investment policy HANGZHOU: China hopes Australia can provide a fair and transparent environment for foreign investors, President Xi Jinping said on Sunday, as he met Australian Prime Minister Malcolm Turnbull for the first time since Canberra blocked a major deal.Australia angered China last month after Turnbull's government stopped the A$10 billion ($7.57 billion) sale of the country's biggest energy grid to Chinese bidders after they failed to overcome security concerns.After a meeting on the sidelines of a ...

World - South Asia

India gives Vietnam $500mn for defence spending HANOI: India said Saturday it is giving Vietnam half a billion dollars in credit to boost defence ties.Indian Prime Minister Narendra Modi made the announcement during a visit to Hanoi."I am also happy to announce a new defence credit for Vietnam of $500 million for facilitating deeper defence cooperation," Modi told reporters after officials signed a raft of agreements, including in technology, cybersecurity and health.He did not specify details of the arrangement, but traditionally such ...

World - South Asia

China must rely on reforms to keep fast economic growth: Xi HANGZHOU: China must rely on reforms to help maintain a medium-to-high rate of economic growth over the long term, Chinese President Xi Jinping said on Saturday, as the country undergoes structural changes, including reductions in excess factory capacity.Speaking to a business forum on the eve of a summit of leaders of the world's 20 biggest economies in Hangzhou, Xi said the G20 should combine monetary and fiscal policies with structural reforms to promote growth, and ...