Janet Yellen visited Wall Street for a paid appearance two months after stepping down as Fed chair, discussing the economy and interest rates at an event hosted by investment bank Jefferies that included a sit-down dinner for forty.&nbsp

In a short telephone interview, Yellen, who ran the US Federal Reserve the last four years until early February, said she revealed no confidential information at Monday's gathering, put on by Jefferies CEO Richard Handler.&nbsp

One source familiar with the event told it was her first such engagement since leaving the Fed.&nbsp

"I talked about the economy and general perspectives on monetary policy," Yellen said late on Wednesday. She said she was paid but declined to say how much, and did not provide details.&nbsp

The program included a question-and-answer session with more than 100 Jefferies clients, where according to the source she stuck close to the gradual rate-hike message that her successor, Jerome Powell, has also delivered since taking charge.&nbsp

Later, over dinner at the Manhattan penthouse of Jefferies' chief executive, Yellen told executives from hedge funds, private equity firms and other companies that she considered inflation to be in check and unlikely to spike, so rates would stay relatively low, according to a second person familiar with the discussion.&nbsp

Cashing in after years in public service is a well-trodden path for policymakers and regulators, highlighting the demand among investors for any exclusive insights they can offer.&nbsp

In the case of former Fed chiefs, who can earn an annual salary in one night and have no constraints on expressing their views provided they do not broach confidential matters, those insights could potentially move markets.&nbsp

Yellen's predecessor Ben Bernanke waited just over a month after leaving the Fed in 2014 before earning some $250,000 for a private talk in Abu Dhabi. He followed that up with similarly-priced private dinners with investors in New York, at which he predicted rates would remain low for a long time.&nbsp

Former Fed Chair Alan Greenspan waited only a week after stepping down before addressing a private dinner in 2006 hosted by Lehman Brothers, the investment bank whose collapse two years later sent the global financial crisis into high gear.&nbsp

Under Yellen, who earned just more than $200,000 per year as chair, the Fed finally turned the corner from its crisis-era policies of near-zero interest rates and trillions of dollars of bond-buying.

At Monday's larger forum for Jefferies clients, she expressed the view that three or four rate rises were likely this year, and that recent US tax cuts and a boost in government spending posed at least some risk of running the economy hot, according to the first source, who requested anonymity.&nbsp

Reuters was not able to reach David Zervos, the Jefferies Group LLC chief strategist who conducted the forum and who later tweeted a link to a photograph of him with a smiling Yellen on Instagram.&nbsp

"An amazing evening last night hosting Janet Yellen for our clients in NY," read the tweet, posted Tuesday.&nbsp

The Fed raised rates last month at its first meeting under Powell, and forecasts showed policymakers were split between three or four total hikes this year as economic growth and inflation were seen rising.&nbsp

Yellen joined the Brookings Institution think tank immediately after stepping down and spoke publicly there in February about the economy. Last month she discussed her Fed tenure at the University of Pennsylvania.&nbsp

In recent months she was listed as a speaker-for-hire by the Washington Speakers Bureau, which did not immediately respond to a request for comment. 
&nbsp 
Her profile page, alongside that of Bernanke and Greenspan, says she travels from Washington and fees vary based on event location.&nbsp

One source familiar with the event told it was her first such engagement since leaving the Fed

Janet Yellen visited Wall Street for a paid appearance two months after stepping down as Fed chair, discussing the economy and interest rates at an event hosted by investment bank Jefferies that included a sit-down dinner for forty. In a short telephone interview, Yellen, who ran the US Federal Reserve the last four years until early February, said she revealed no confidential information at Monday's gathering, put on by Jefferies CEO Richard Handler. One source familiar with the event told it was her first such engagement since leaving the Fed. "I talked about the economy and general perspectives on monetary policy," Yellen said late on Wednesday. She said she was paid but declined to say how much, and did not provide details. The program included a question-and-answer session with more than 100 Jefferies clients, where according to the source she stuck close to the gradual rate-hike message that her successor, Jerome Powell, has also delivered since taking charge. Later, over dinner at the Manhattan penthouse of Jefferies' chief executive, Yellen told executives from hedge funds, private equity firms and other companies that she considered inflation to be in check and unlikely to spike, so rates would stay relatively low, according to a second person familiar with the discussion. Cashing in after years in public service is a well-trodden path for policymakers and regulators, highlighting the demand among investors for any exclusive insights they can offer. In the case of former Fed chiefs, who can earn an annual salary in one night and have no constraints on expressing their views provided they do not broach confidential matters, those insights could potentially move markets. Yellen's predecessor Ben Bernanke waited just over a month after leaving the Fed in 2014 before earning some $250,000 for a private talk in Abu Dhabi. He followed that up with similarly-priced private dinners with investors in New York, at which he predicted rates would remain low for a long time. Former Fed Chair Alan Greenspan waited only a week after stepping down before addressing a private dinner in 2006 hosted by Lehman Brothers, the investment bank whose collapse two years later sent the global financial crisis into high gear. Under Yellen, who earned just more than $200,000 per year as chair, the Fed finally turned the corner from its crisis-era policies of near-zero interest rates and trillions of dollars of bond-buying. At Monday's larger forum for Jefferies clients, she expressed the view that three or four rate rises were likely this year, and that recent US tax cuts and a boost in government spending posed at least some risk of running the economy hot, according to the first source, who requested anonymity. Reuters was not able to reach David Zervos, the Jefferies Group LLC chief strategist who conducted the forum and who later tweeted a link to a photograph of him with a smiling Yellen on Instagram. "An amazing evening last night hosting Janet Yellen for our clients in NY," read the tweet, posted Tuesday. The Fed raised rates last month at its first meeting under Powell, and forecasts showed policymakers were split between three or four total hikes this year as economic growth and inflation were seen rising. Yellen joined the Brookings Institution think tank immediately after stepping down and spoke publicly there in February about the economy. Last month she discussed her Fed tenure at the University of Pennsylvania. In recent months she was listed as a speaker-for-hire by the Washington Speakers Bureau, which did not immediately respond to a request for comment. Her profile page, alongside that of Bernanke and Greenspan, says she travels from Washington and fees vary based on event location.

Yellen gets post-Fed payday in private meetings with Wall Street elite

The government of Aung San Suu Kyi is opening the economy and growth is rebounding in Myanmar, though the possibility of broader Western sanctions over the Rohingya refugee crisis is nevertheless giving some foreign investors pause, according to a senior IMF official.

Shanaka Jay Peiris, the International Monetary Fund`s (IMF) mission chief to Myanmar, said in a recent interview that initial data reviewed by the IMF indicated that some foreign investors were delaying final approval of projects until there was clarity about how the situation may unfold.

"The numbers we have for FDI (foreign direct investment) aren't showing it yet ... but foreign investment approvals are slowing down, so there is some indicator that going forward FDI may be weaker," Peiris told Reuters following the publication last week of the IMF's latest review of Myanmar's economy.

"Since August, investors are taking a pause. It isn't a surprise," he said. He said it was unclear which projects were being delayed and added that more data was necessary to better understand whether the "pause" was temporary or not.

However, leading indicators such as FDI project amounts approved by Myanmar's government for the first 10 months of fiscal 2017/18 from April show "a marked slowdown" since September 2017, according to the IMF.

For now, FDI inflows for 2017/18 still look to be a "solid number," Peiris added.

While it is too soon to know what it could mean for the overall economy, Peiris said: "We have to see whether project approvals were temporarily lower or will be a trend, as well as whether actual FDI inflows will fall by much. The magnitude would also matter."

"We are not operating under the assumption that there are going to be broad economic sanctions," he added, downplaying the risk of a decline.

Myanmar government spokesman Zaw Htay said, "Especially in Myanmar, because of the Rakhine issue, tourism has come down, investments and FDI have come down too," adding that the authorities were working hard to ensure macroeconomic stability.

The report by the IMF, which follows annual consultations with the government, followed a November visit to Myanmar, the first since nearly 700,000 Rohingya fled to Bangladesh after a military crackdown condemned by the international community.

The World Bank announced on Oct. 13 it was delaying the release of $200 million in budget support for Myanmar in response to the "forced displacement of the Rohingya."

Both the United States and Canada imposed sanctions against a general in Myanmar's military for his role in the crackdown against the Muslim Rohingya. The European Union said in February it was preparing sanctions against military leaders to hold them accountable for their role in the crisis.

The Trump administration's aid chief, Mark Green, said last month he will visit Myanmar soon for talks with the government and see for himself conditions of the Rohingya refugees.

Targeted sanctions&nbsp;

Peiris said the IMF believed that any more Western sanctions would likely target individuals in the military and not the economy.&nbsp;

"If the sanctions are limited to the military personnel, which has been the case to now, we believe it will be less of an impact" on the economy," Peiris said. "If it is broader, it would be more worrying."

Overall, the IMF sees economic growth picking up toward an estimated potential rate of about 7-7.5 per cent after lower-than-expected growth of 5.9 per cent in 2016/17.

The United States remains concerned about the plight of the Rohingya, a Treasury official told Reuters, declining to comment on the status of sanctions investigations. Another US&nbsp;official said the Trump administration was reviewing all options on Myanmar.

When asked by Reuters how concerned the government was about more sanctions, the Myanmar spokesman said such actions would affect "the whole country" because Myanmar was no longer a military dictatorship but instead run by "a democratic government elected by the people."

"They shouldn't do the economic sanctions," the government spokesman said. "If the investments are affected, then it affects the people."&nbsp;

Opening up

The IMF visit came shortly before Myanmar introduced regulations to bring the country's banks closer to international standards and force them to recover mostly open-ended "overdraft loans" that make up the bulk of their lending.

Myanmar's central bank deputy governor, Soe Thein, told Reuters in November that private banks had been given more time to clear most of their loan books.

Private banks account for more than half of banking system assets and the largest six private banks hold around 80 per cent of private bank assets, according to the IMF.

The new rules compel banks to open their books to the central bank, and Peiris said initial data raised concerns about the need for more bank capital.

"It is more fragile than what has been published, so banks will have to raise capital and recognize losses," he said.

"The question is whether owners are willing to put up the money and if they can't, will they try to find partners? How that will evolve is hard to tell but they will need more capital," he said. The Fund would have a better perspective of the situation during its next visit later this year, he said.

"We and the central bank do have a sense that it is a significant issue," he added.

Asked whether the government agreed with the IMF assessment on the banks, the Myanmar government spokesman said reforms were important to building economic stability.

"It is necessary to be careful," he said, "We cannot afford to make any mistakes." 
&nbsp;

Overall, the IMF sees economic growth picking up toward an estimated potential rate of about 7-7.5 per cent

The government of Aung San Suu Kyi is opening the economy and growth is rebounding in Myanmar, though the possibility of broader Western sanctions over the Rohingya refugee crisis is nevertheless giving some foreign investors pause, according to a senior IMF official. Shanaka Jay Peiris, the International Monetary Fund`s (IMF) mission chief to Myanmar, said in a recent interview that initial data reviewed by the IMF indicated that some foreign investors were delaying final approval of projects until there was clarity about how the situation may unfold. "The numbers we have for FDI (foreign direct investment) aren't showing it yet ... but foreign investment approvals are slowing down, so there is some indicator that going forward FDI may be weaker," Peiris told Reuters following the publication last week of the IMF's latest review of Myanmar's economy. "Since August, investors are taking a pause. It isn't a surprise," he said. He said it was unclear which projects were being delayed and added that more data was necessary to better understand whether the "pause" was temporary or not. However, leading indicators such as FDI project amounts approved by Myanmar's government for the first 10 months of fiscal 2017/18 from April show "a marked slowdown" since September 2017, according to the IMF. For now, FDI inflows for 2017/18 still look to be a "solid number," Peiris added. While it is too soon to know what it could mean for the overall economy, Peiris said: "We have to see whether project approvals were temporarily lower or will be a trend, as well as whether actual FDI inflows will fall by much. The magnitude would also matter." "We are not operating under the assumption that there are going to be broad economic sanctions," he added, downplaying the risk of a decline. Myanmar government spokesman Zaw Htay said, "Especially in Myanmar, because of the Rakhine issue, tourism has come down, investments and FDI have come down too," adding that the authorities were working hard to ensure macroeconomic stability. The report by the IMF, which follows annual consultations with the government, followed a November visit to Myanmar, the first since nearly 700,000 Rohingya fled to Bangladesh after a military crackdown condemned by the international community. The World Bank announced on Oct. 13 it was delaying the release of $200 million in budget support for Myanmar in response to the "forced displacement of the Rohingya." Both the United States and Canada imposed sanctions against a general in Myanmar's military for his role in the crackdown against the Muslim Rohingya. The European Union said in February it was preparing sanctions against military leaders to hold them accountable for their role in the crisis. The Trump administration's aid chief, Mark Green, said last month he will visit Myanmar soon for talks with the government and see for himself conditions of the Rohingya refugees. Targeted sanctions Peiris said the IMF believed that any more Western sanctions would likely target individuals in the military and not the economy. "If the sanctions are limited to the military personnel, which has been the case to now, we believe it will be less of an impact" on the economy," Peiris said. "If it is broader, it would be more worrying." Overall, the IMF sees economic growth picking up toward an estimated potential rate of about 7-7.5 per cent after lower-than-expected growth of 5.9 per cent in 2016/17. The United States remains concerned about the plight of the Rohingya, a Treasury official told Reuters, declining to comment on the status of sanctions investigations. Another US official said the Trump administration was reviewing all options on Myanmar. When asked by Reuters how concerned the government was about more sanctions, the Myanmar spokesman said such actions would affect "the whole country" because Myanmar was no longer a military dictatorship but instead run by "a democratic government elected by the people." "They shouldn't do the economic sanctions," the government spokesman said. "If the investments are affected, then it affects the people." Opening up The IMF visit came shortly before Myanmar introduced regulations to bring the country's banks closer to international standards and force them to recover mostly open-ended "overdraft loans" that make up the bulk of their lending. Myanmar's central bank deputy governor, Soe Thein, told Reuters in November that private banks had been given more time to clear most of their loan books. Private banks account for more than half of banking system assets and the largest six private banks hold around 80 per cent of private bank assets, according to the IMF. The new rules compel banks to open their books to the central bank, and Peiris said initial data raised concerns about the need for more bank capital. "It is more fragile than what has been published, so banks will have to raise capital and recognize losses," he said. "The question is whether owners are willing to put up the money and if they can't, will they try to find partners? How that will evolve is hard to tell but they will need more capital," he said. The Fund would have a better perspective of the situation during its next visit later this year, he said. "We and the central bank do have a sense that it is a significant issue," he added. Asked whether the government agreed with the IMF assessment on the banks, the Myanmar government spokesman said reforms were important to building economic stability. "It is necessary to be careful," he said, "We cannot afford to make any mistakes."

Despite Myanmar economy rebound, investors wary of Rohingya sanctions risk: IMF

The domestic stock market started the new fiscal on a positive note today, with the flagship Sensex rising about 287 points to end above the key 33,000-level as index heavyweights RIL, Tata Motors and Maruti led the rally.

Similarly, the broader NSE Nifty also managed to close above the 10,200-mark.

The bourses reopened today after a long weekend following holidays for Mahavir Jayanti and Good Friday on last Thursday and Friday, respectively.

Besides, a positive start in the April derivative series boosted investor sentiments as they indulged in creating fresh positions, brokers said.

Sentiments also got a boost after several automakers posted better-than-expected sales data for March month, they said.

However, other Asian markets turned weak after initial firmness due to profit-taking in late trade and any absence of cues from European markets that were closed for Easter.

The Sensex after a gap-up opening to regain the 33,000-mark advanced to hit a high of 33,289.34 before terminating at 33,255.36, showing a hefty gain of 286.68 points, or 0.87 per cent.&nbsp;

The gauge had lost 205.71 points in the last session of FY18 on Wednesday.

The NSE 50-share Nifty also spurted by 98.10 points, or 0.97 per cent, to end at 10,211.80 after moving in a range of 10,220.10 and 10,127.75.

Sensex rises about 287 points, NSE Nifty also managed to close above the 10,200-mark

The domestic stock market started the new fiscal on a positive note today, with the flagship Sensex rising about 287 points to end above the key 33,000-level as index heavyweights RIL, Tata Motors and Maruti led the rally. Similarly, the broader NSE Nifty also managed to close above the 10,200-mark. The bourses reopened today after a long weekend following holidays for Mahavir Jayanti and Good Friday on last Thursday and Friday, respectively. Besides, a positive start in the April derivative series boosted investor sentiments as they indulged in creating fresh positions, brokers said. Sentiments also got a boost after several automakers posted better-than-expected sales data for March month, they said. However, other Asian markets turned weak after initial firmness due to profit-taking in late trade and any absence of cues from European markets that were closed for Easter. The Sensex after a gap-up opening to regain the 33,000-mark advanced to hit a high of 33,289.34 before terminating at 33,255.36, showing a hefty gain of 286.68 points, or 0.87 per cent. The gauge had lost 205.71 points in the last session of FY18 on Wednesday. The NSE 50-share Nifty also spurted by 98.10 points, or 0.97 per cent, to end at 10,211.80 after moving in a range of 10,220.10 and 10,127.75.

Market kicks off new fiscal on high note; auto stocks rally

Congress President Rahul Gandhi on Thursday met Indian-origin CEOs of various companies in Singapore and discussed issues such as jobs, investments, and the prevalent economic condition in India.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/hrVZgdS7xhM" width="560"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&nbsp;

&quot;We are seeing the biggest migration of rural people in India. We have challenges. Broadly our view is we want a peaceful transition that carries everybody together,&quot; Congress twitter handle quoted Gandhi as saying.

The Congress President will also address Lee Kuan Yew School of Public Policy, the National University of Singapore, another tweet said.

Gandhi is on a three-day visit to Singapore and Malaysia from March 8 to 10. 
&nbsp;

Gandhi is on a three-day visit to Singapore and Malaysia from March 8 to 10

Congress President Rahul Gandhi on Thursday met Indian-origin CEOs of various companies in Singapore and discussed issues such as jobs, investments, and the prevalent economic condition in India. × "We are seeing the biggest migration of rural people in India. We have challenges. Broadly our view is we want a peaceful transition that carries everybody together," Congress twitter handle quoted Gandhi as saying. The Congress President will also address Lee Kuan Yew School of Public Policy, the National University of Singapore, another tweet said. Gandhi is on a three-day visit to Singapore and Malaysia from March 8 to 10.

Rahul Gandhi discusses jobs, economy in Singapore

India&#39;s infrastructure output grew 6.7 percent in January from a year ago, government data showed on Wednesday.

The growth in output compares with an upwardly revised 4.2 percent year-on-year growth in December.

During April-January, the annual output growth was 4.3 percent, data showed.

Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40 percent of India`s industrial output.

During April-January, the annual output growth was 4.3 percent, data showed

India's infrastructure output grew 6.7 percent in January from a year ago, government data showed on Wednesday. The growth in output compares with an upwardly revised 4.2 percent year-on-year growth in December. During April-January, the annual output growth was 4.3 percent, data showed. Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40 percent of India`s industrial output.

Infrastructure output grows 6.7% in January

US President Donald Trump is aiming to be the &quot;best salesperson&quot; for American economic interests when he goes to Davos later this week, the White House said Tuesday.

Trump is set to speak Friday at the World Economic Forum, an annual gathering of the global pro-trade elite at the Swiss ski resort, in a move that has raised eyebrows because of his protectionist &quot;America First&quot; policies.

&quot;We&#39;re going to the World Economic Forum to share President Trump&#39;s economic story and to tell the world that America is open for business,&quot; said Trump&#39;s chief economic adviser Gary Cohn.

&quot;We want the world to invest in America and to create jobs for hardworking Americans,&quot; he continued, adding that Trump&#39;s economic agenda -- focused on aggressive deregulation and corporate tax cuts -- had &quot;unleashed the US economy.&quot;

The former real estate tycoon is &quot;firmly committed to being the best salesperson the US has to drive economic growth and drive prosperity and drive a better quality of life for American citizens,&quot; Cohn said.

He continued: &quot;America First is not America alone. I said in my remarks when we grow, the world grows. When the world grows, we grow.&quot;

The Trump administration has repeatedly lashed out at allegedly unfair trade agreements and practices, slapping additional import duties on products from across the world, claiming they benefited from unfair state subsidies.

Soon after he took office, Trump announced the US was pulling out of the Trans-Pacific Partnership (TPP) signed in 2015 by a dozen nations that accounted for 40 percent of the global economy.

The remaining 11 countries announced Tuesday they would move forward with the deal without Washington.

He has also repeatedly threatened to pull out of the North American Free Trade Agreement (NAFTA), which is currently being renegotiated between its three participants -- Canada, Mexico and the US.

Cohn suggested, however, that the US was working on new bilateral agreements, without providing further details.

&quot;The US is pulling back from nothing,&quot; he said.&nbsp;

&quot;When the president was in Asia he talked about trade agreements and his willingness to have bilateral trade agreements with many of the countries he visited in Asia. We are more than willing to have bilateral trade agreements.&quot;

Trump is set to speak Friday at the World Economic Forum

US President Donald Trump is aiming to be the "best salesperson" for American economic interests when he goes to Davos later this week, the White House said Tuesday. Trump is set to speak Friday at the World Economic Forum, an annual gathering of the global pro-trade elite at the Swiss ski resort, in a move that has raised eyebrows because of his protectionist "America First" policies. "We're going to the World Economic Forum to share President Trump's economic story and to tell the world that America is open for business," said Trump's chief economic adviser Gary Cohn. "We want the world to invest in America and to create jobs for hardworking Americans," he continued, adding that Trump's economic agenda -- focused on aggressive deregulation and corporate tax cuts -- had "unleashed the US economy." The former real estate tycoon is "firmly committed to being the best salesperson the US has to drive economic growth and drive prosperity and drive a better quality of life for American citizens," Cohn said. He continued: "America First is not America alone. I said in my remarks when we grow, the world grows. When the world grows, we grow." The Trump administration has repeatedly lashed out at allegedly unfair trade agreements and practices, slapping additional import duties on products from across the world, claiming they benefited from unfair state subsidies. Soon after he took office, Trump announced the US was pulling out of the Trans-Pacific Partnership (TPP) signed in 2015 by a dozen nations that accounted for 40 percent of the global economy. The remaining 11 countries announced Tuesday they would move forward with the deal without Washington. He has also repeatedly threatened to pull out of the North American Free Trade Agreement (NAFTA), which is currently being renegotiated between its three participants -- Canada, Mexico and the US. Cohn suggested, however, that the US was working on new bilateral agreements, without providing further details. "The US is pulling back from nothing," he said. "When the president was in Asia he talked about trade agreements and his willingness to have bilateral trade agreements with many of the countries he visited in Asia. We are more than willing to have bilateral trade agreements."

Trump will be 'best salesperson' for US economy at Davos: White House

Vice President M. Venkaiah Naidu noticed the significance of Goods and Service Tax on Tuesday.

Naidu noted that the tax is in place to strengthen the economy.

While speaking at the inaugural session on a seminar on &#39;Contemporary issues and challenges in Finance, Marketing and Taxation&#39; in Hyderabad, the vice president noted that the tax &quot;reveals the cost to the manufacturer and benefits the consumer by the reduction in price.&quot;&nbsp;

He noted that it is not only the producers who benefit from GST, the retailers will also reap benefits as no sales without a bill eliminates corruption.&nbsp;

&quot;5.9 million people have registered to file GST and 20.2 million people pay taxes. Microfinance, cashless payments are increasing and strengthening the economy. Everybody is responsible for making the change and we should take everyone&#39;s opinion,&quot; he added.

&quot;Even after 70 years of independence there prevails discrimination in our country. In spite of the development of technology, we have to remember our guru. Google cannot replace guru. We should not forget our originality although we learn many other languages. We should love our mother tongue,&quot; added Naidu.&nbsp;

(With inputs from PTI)

Vice President M. Venkaiah Naidu noticed the significance of Goods and Service Tax on Tuesday

Vice President M. Venkaiah Naidu noticed the significance of Goods and Service Tax on Tuesday. Naidu noted that the tax is in place to strengthen the economy. While speaking at the inaugural session on a seminar on 'Contemporary issues and challenges in Finance, Marketing and Taxation' in Hyderabad, the vice president noted that the tax "reveals the cost to the manufacturer and benefits the consumer by the reduction in price." He noted that it is not only the producers who benefit from GST, the retailers will also reap benefits as no sales without a bill eliminates corruption. "5.9 million people have registered to file GST and 20.2 million people pay taxes. Microfinance, cashless payments are increasing and strengthening the economy. Everybody is responsible for making the change and we should take everyone's opinion," he added. "Even after 70 years of independence there prevails discrimination in our country. In spite of the development of technology, we have to remember our guru. Google cannot replace guru. We should not forget our originality although we learn many other languages. We should love our mother tongue," added Naidu. (With inputs from PTI)

'GST is in place to strengthen the economy,' says Vice President Venkaiah Naidu

Finance Minister Arun Jaitley today said the Goods and Service Tax (GST) has stabilised in a very short time that provides an opportunity to widen its base and further rationalise the rates in the future.

Also, he said the GST has brought about an entire change in the indirect tax system in the country.

Jaitley further said the GST has &quot;stabilised in a very short time in India&quot; as compared to various other countries.

&quot;Therefore, it gives us an opportunity in the times to come to increase its base and rationalise the structure as it continues to evolve,&quot; he said at an event to mark the International Customs Day.

At present, the GST has four rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent.

It is to be noted that the GST Council in the November meeting had decided to keep only sin goods and white goods under the 28 per cent tax bracket and moved 178 items from the highest tax bracket to 18 per cent.

Thirteen items were moved from 18 per cent to 12 per cent bracket; 8 items from 12 per cent to 5 per cent; 6 items from 18 per cent to 5 per cent, while 6 other items moved from 5 per cent to zero per cent slab.

Following the reduction on more than 200 items, the GST collections hit lowest in November from Rs 80,808 crore in the previous month.

However, halting two months of decline, the collections gathered momentum in December, rising to Rs 86,703 crore.

Total GST collections in October were over Rs 83,000 crore. In September, the GST mop-up was over Rs 92,150 crore.

He said the GST has brought about an entire change in the indirect tax system in the country

Finance Minister Arun Jaitley today said the Goods and Service Tax (GST) has stabilised in a very short time that provides an opportunity to widen its base and further rationalise the rates in the future. Also, he said the GST has brought about an entire change in the indirect tax system in the country. Jaitley further said the GST has "stabilised in a very short time in India" as compared to various other countries. "Therefore, it gives us an opportunity in the times to come to increase its base and rationalise the structure as it continues to evolve," he said at an event to mark the International Customs Day. At present, the GST has four rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent. It is to be noted that the GST Council in the November meeting had decided to keep only sin goods and white goods under the 28 per cent tax bracket and moved 178 items from the highest tax bracket to 18 per cent. Thirteen items were moved from 18 per cent to 12 per cent bracket; 8 items from 12 per cent to 5 per cent; 6 items from 18 per cent to 5 per cent, while 6 other items moved from 5 per cent to zero per cent slab. Following the reduction on more than 200 items, the GST collections hit lowest in November from Rs 80,808 crore in the previous month. However, halting two months of decline, the collections gathered momentum in December, rising to Rs 86,703 crore. Total GST collections in October were over Rs 83,000 crore. In September, the GST mop-up was over Rs 92,150 crore.

Arun Jaitley says GST stabilised in short time, hints at further rejig

India&#39;s retail inflation slightly eased in January from a 17-month high in December but remained above the 4 percent medium-term target of the Reserve Bank of India (RBI) for the third straight month.&nbsp;

India&#39;s measure of consumer price inflation, the CPI index, rose 5.07 percent in January from a year earlier, data released by the Ministry of Statistics showed on Monday.&nbsp;

Last week, the RBI held its main repo rate unchanged, for the third straight meeting. The central bank warned that it would closely monitor inflation but also said economic growth needed to be &quot;carefully nurtured&quot;.

The central bank&#39;s statement was less hawkish than many expected and prompted some economists to change their predictions of a rate increase in the next few months.

&quot;I do not expect a rate hike for the next five to six months,&quot; said Raghvendra Nath, managing director of Ladderup Wealth Management.

He said apart from oil prices, the monsoon rains would be the key factor for inflation.

Consumer food prices rose 4.70 percent in January, compared with 4.96 percent in December, as prices of pulses fell 20.19 percent from a year earlier. Food prices have softened, reflecting eased vegetable costs following stepped-up arrivals in markets of fresh crops.

Fuel and light inflation stood at 7.58 percent compared with 7.90 percent in December, while housing inflation stood at 8.33 percent from 8.25 percent in the previous month.

The central bank has raised its inflation forecast to 5.1 percent for the January-March quarter, compared with 4.6 percent for October-December, citing price pressures from higher import taxes announced in the budget on Feb. 1, pushing up food and fuel prices.

Rising prices&nbsp;

India&#39;s retail inflation is seen accelerating, especially after a budget increase in some import taxes and the widening of the fiscal deficit for the year beginning April 1 to finance a sharp rise in spending on rural areas and health-care.

The central bank expects retail inflation to pick up to 5.1-5.6 percent in April-September before easing, assuming normal rainfall.

It will next review policy on April 5.

Separately, India&#39;s annual industrial output grew 7.1 percent in December, data released on Monday showed, compared with 6.2 percent forecast in a Reuters poll.

The world&#39;s seventh largest economy is expected to grow 6.5 percent in the fiscal year ending in March, while the International Monetary Fund expects growth will pick up to 7.4 percent in 2018, and 7.8 percent in 2019 - driven by a pickup in domestic and global demand. 
&nbsp;

India's retail inflation was at a 17-month high of 5.21% in December

India's retail inflation slightly eased in January from a 17-month high in December but remained above the 4 percent medium-term target of the Reserve Bank of India (RBI) for the third straight month. India's measure of consumer price inflation, the CPI index, rose 5.07 percent in January from a year earlier, data released by the Ministry of Statistics showed on Monday. Last week, the RBI held its main repo rate unchanged, for the third straight meeting. The central bank warned that it would closely monitor inflation but also said economic growth needed to be "carefully nurtured". The central bank's statement was less hawkish than many expected and prompted some economists to change their predictions of a rate increase in the next few months. "I do not expect a rate hike for the next five to six months," said Raghvendra Nath, managing director of Ladderup Wealth Management. He said apart from oil prices, the monsoon rains would be the key factor for inflation. Consumer food prices rose 4.70 percent in January, compared with 4.96 percent in December, as prices of pulses fell 20.19 percent from a year earlier. Food prices have softened, reflecting eased vegetable costs following stepped-up arrivals in markets of fresh crops. Fuel and light inflation stood at 7.58 percent compared with 7.90 percent in December, while housing inflation stood at 8.33 percent from 8.25 percent in the previous month. The central bank has raised its inflation forecast to 5.1 percent for the January-March quarter, compared with 4.6 percent for October-December, citing price pressures from higher import taxes announced in the budget on Feb. 1, pushing up food and fuel prices. Rising prices India's retail inflation is seen accelerating, especially after a budget increase in some import taxes and the widening of the fiscal deficit for the year beginning April 1 to finance a sharp rise in spending on rural areas and health-care. The central bank expects retail inflation to pick up to 5.1-5.6 percent in April-September before easing, assuming normal rainfall. It will next review policy on April 5. Separately, India's annual industrial output grew 7.1 percent in December, data released on Monday showed, compared with 6.2 percent forecast in a Reuters poll. The world's seventh largest economy is expected to grow 6.5 percent in the fiscal year ending in March, while the International Monetary Fund expects growth will pick up to 7.4 percent in 2018, and 7.8 percent in 2019 - driven by a pickup in domestic and global demand.

Inflation at 5.07% in January, factory output at 7.1%

US President Donald Trump on Wednesday delivered his first State of the Union address and provided his assessment of his first year in office with a look ahead at his agenda as he continues to work towards fulfilling his campaign promise to &quot;make America great again.&quot;

In the hour-long address, Donald Trump spoke about the American economy and the tax cuts undertaken by his government. He also talked about &quot;decades of unfair trade deals&quot;, &quot;immigration policies that focus on the best interests of American Workers and American Families&quot;, &quot;what kind of nation&quot; America will be, and America&#39;s &quot;fight until ISIS is defeated&quot; among others.

Also read: <a href="http://www.wionews.com/world/donald-trumps-state-of-the-union-speech-full-text-31279" target="_blank">Full text of Donald Trump&#39;s State of the Union speech</a>

The State of the Union Address is an annual message presented by President of United States to a joint session of the United States Congress after the president completes one year of his term.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
US President Trump said that &quot;together, we are building a safe, strong and proud America. The state of our union is strong, because our people are strong.&quot; <a href="https://twitter.com/hashtag/SOTU?src=hash&amp;ref_src=twsrc%5Etfw">#SOTU</a> <a href="https://t.co/FOEqVUyHho">pic.twitter.com/FOEqVUyHho</a>
&mdash; AFP news agency (@AFP) <a href="https://twitter.com/AFP/status/958533775742328832?ref_src=twsrc%5Etfw">January 31, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
&quot;So let us begin tonight by recognizing that the state of our Union is strong because our people are strong.&quot; <a href="https://twitter.com/hashtag/SOTU?src=hash&amp;ref_src=twsrc%5Etfw">#SOTU</a>: <a href="https://t.co/Njo52YOlc2">https://t.co/Njo52YOlc2</a>
&mdash; The White House (@WhiteHouse) <a href="https://twitter.com/WhiteHouse/status/958524829233184768?ref_src=twsrc%5Etfw">January 31, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Broadcast live across the country, the address serves as a platform for the President to directly communicate to the people of America.&nbsp;

As Trump took the stage, amid cheer and jubilation, he talked about issues of prime importance and utmost significance to the country, its prosperity and its ties with allies. Here is a quick look at some of the key points from Trump&#39;s first State of the Union address.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/world/what-is-state-of-the-union-address-31215">What is the State of the Union Address?</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/SOTU?src=hash&amp;ref_src=twsrc%5Etfw">#SOTU</a>: <a href="https://t.co/nJF9j414YL">https://t.co/nJF9j414YL</a> <a href="https://t.co/9akH7raQta">pic.twitter.com/9akH7raQta</a>
&mdash; The White House (@WhiteHouse) <a href="https://twitter.com/WhiteHouse/status/958523660683415554?ref_src=twsrc%5Etfw">January 31, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

United America&nbsp;

&quot;Tonight, I want to talk about what kind of future we are going to have, and what kind of nation we are going to be. All of us, together, as one team, one people, and one American family.&quot;

Trump emphasised the importance of a &quot;united America&quot;.&nbsp;

&quot;As we rebuild America&rsquo;s strength and confidence at home, we are also restoring our strength and standing abroad,&quot; Trump noted.&nbsp;

A staunch believer and propagator of the idea of the &quot;American dream&quot;, Trump further added, &quot;This is our New American Moment. There has never been a better time to start living the American dream.&quot;

Trump noted that the citizens of America love their country and deserve a government that shows them the same love and loyalty in return.&nbsp;

&quot;Tonight I am extending an open hand to work with members of both parties, Democrats and Republicans, to protect our citizens, of every background, color, and creed,&quot; Trump said.&nbsp;

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="videos-block">
<div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/pVDh0U3IGn4"></iframe></div>
</div>

<div class="media-description">
Broadcast live across the country, the address serves as a platform for the President to directly communicate to the people of America. (WION)
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Fight until ISIS is defeated

Reinstating America&#39;s zero tolerance on terrorism, the US President noted that as he assumed office last year, he had pledged to work with allies to extinguish ISIS from the face of the earth.

&quot;One year later, I&rsquo;m proud to report that the coalition to defeat ISIS has liberated almost 100 percent of the territory once held by these killers in Iraq and Syria. But there is much more work to be done,&quot; he shared.

&quot;We will continue our fight until ISIS is defeated,&quot; Trump exclaimed.&nbsp;

Economically strong America

&quot;We want every American to know the dignity of a hard day&rsquo;s work; we want every child to be safe in their home at night, and we want every citizen to be proud of this land that we love,&quot; said Trump noting that the key to a stronger nation is closely tied to economic growth and prosperity.&nbsp;

&quot;I am asking both parties to come together to give us the safe, fast, reliable, and modern infrastructure our economy needs and our people deserve,&quot; he noted.&nbsp;

Trump furthered his statement by talking about tax relief provided to the US citizens.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/SOTU?src=hash&amp;ref_src=twsrc%5Etfw">#SOTU</a>: <a href="https://t.co/nT5Y9ywiwb">https://t.co/nT5Y9ywiwb</a> <a href="https://t.co/Ppd1dRB6Hm">pic.twitter.com/Ppd1dRB6Hm</a>
&mdash; The White House (@WhiteHouse) <a href="https://twitter.com/WhiteHouse/status/958525971765907456?ref_src=twsrc%5Etfw">January 31, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&quot;Just as I promised the American People from this podium 11 months ago, we enacted the biggest tax cuts and reform in American history.&quot;

He shared that since the tax cuts were passed, roughly 3 million workers have received tax cut bonuses &ndash; thousands of dollars per worker for many.

&quot;&Uuml;nemployment has hit a 45-year low,&quot; Trump shared.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Unemployment claims have hit a 45-year low.<a href="https://twitter.com/hashtag/SOTU?src=hash&amp;ref_src=twsrc%5Etfw">#SOTU</a>: <a href="https://t.co/nT5Y9ywiwb">https://t.co/nT5Y9ywiwb</a> <a href="https://t.co/lZeqog5Zd3">pic.twitter.com/lZeqog5Zd3</a>
&mdash; The White House (@WhiteHouse) <a href="https://twitter.com/WhiteHouse/status/958525610141343744?ref_src=twsrc%5Etfw">January 31, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Trump also touched upon issues like the immigration policy and trade practices, among others.&nbsp;

&quot;America has also finally turned the page on decades of unfair trade deals that sacrificed our prosperity and shipped away our companies, our jobs and our nation&rsquo;s wealth,&quot; Trump shared.&nbsp;

Broadcast live across the country, the address serves as a platform for the President to directly communicate to the people of America

US President Donald Trump on Wednesday delivered his first State of the Union address and provided his assessment of his first year in office with a look ahead at his agenda as he continues to work towards fulfilling his campaign promise to "make America great again." In the hour-long address, Donald Trump spoke about the American economy and the tax cuts undertaken by his government. He also talked about "decades of unfair trade deals", "immigration policies that focus on the best interests of American Workers and American Families", "what kind of nation" America will be, and America's "fight until ISIS is defeated" among others. Also read: Full text of Donald Trump's State of the Union speech The State of the Union Address is an annual message presented by President of United States to a joint session of the United States Congress after the president completes one year of his term. US President Trump said that "together, we are building a safe, strong and proud America. The state of our union is strong, because our people are strong." #SOTU pic.twitter.com/FOEqVUyHho — AFP news agency (@AFP) January 31, 2018 × "So let us begin tonight by recognizing that the state of our Union is strong because our people are strong." #SOTU: https://t.co/Njo52YOlc2 — The White House (@WhiteHouse) January 31, 2018 × Broadcast live across the country, the address serves as a platform for the President to directly communicate to the people of America. As Trump took the stage, amid cheer and jubilation, he talked about issues of prime importance and utmost significance to the country, its prosperity and its ties with allies. Here is a quick look at some of the key points from Trump's first State of the Union address. Also read: What is the State of the Union Address? #SOTU: https://t.co/nJF9j414YL pic.twitter.com/9akH7raQta — The White House (@WhiteHouse) January 31, 2018 × United America "Tonight, I want to talk about what kind of future we are going to have, and what kind of nation we are going to be. All of us, together, as one team, one people, and one American family." Trump emphasised the importance of a "united America". "As we rebuild America’s strength and confidence at home, we are also restoring our strength and standing abroad," Trump noted. A staunch believer and propagator of the idea of the "American dream", Trump further added, "This is our New American Moment. There has never been a better time to start living the American dream." Trump noted that the citizens of America love their country and deserve a government that shows them the same love and loyalty in return. "Tonight I am extending an open hand to work with members of both parties, Democrats and Republicans, to protect our citizens, of every background, color, and creed," Trump said. Broadcast live across the country, the address serves as a platform for the President to directly communicate to the people of America. (WION) × Fight until ISIS is defeated Reinstating America's zero tolerance on terrorism, the US President noted that as he assumed office last year, he had pledged to work with allies to extinguish ISIS from the face of the earth. "One year later, I’m proud to report that the coalition to defeat ISIS has liberated almost 100 percent of the territory once held by these killers in Iraq and Syria. But there is much more work to be done," he shared. "We will continue our fight until ISIS is defeated," Trump exclaimed. Economically strong America "We want every American to know the dignity of a hard day’s work; we want every child to be safe in their home at night, and we want every citizen to be proud of this land that we love," said Trump noting that the key to a stronger nation is closely tied to economic growth and prosperity. "I am asking both parties to come together to give us the safe, fast, reliable, and modern infrastructure our economy needs and our people deserve," he noted. Trump furthered his statement by talking about tax relief provided to the US citizens. #SOTU: https://t.co/nT5Y9ywiwb pic.twitter.com/Ppd1dRB6Hm — The White House (@WhiteHouse) January 31, 2018 × "Just as I promised the American People from this podium 11 months ago, we enacted the biggest tax cuts and reform in American history." He shared that since the tax cuts were passed, roughly 3 million workers have received tax cut bonuses – thousands of dollars per worker for many. "Ünemployment has hit a 45-year low," Trump shared. Unemployment claims have hit a 45-year low.#SOTU: https://t.co/nT5Y9ywiwb pic.twitter.com/lZeqog5Zd3 — The White House (@WhiteHouse) January 31, 2018 × Trump also touched upon issues like the immigration policy and trade practices, among others. "America has also finally turned the page on decades of unfair trade deals that sacrificed our prosperity and shipped away our companies, our jobs and our nation’s wealth," Trump shared.

Never been a better time to start living the American dream, says US President Donald Trump

US President Donald Trump on Wednesday urged the Congress to pass a legislation that promotes merit-based immigration, a move that would benefit hundreds of thousands of Indian professionals.

<a href="http://www.wionews.com/world/donald-trumps-state-of-the-union-speech-full-text-31279" target="_blank">Full text of Donald Trump&#39;s State of the Union Speech</a>

He proposed a pathway to citizenship for almost 1.8 million illegal immigrants who were brought in the US by their parents at a young age.

&quot;It is time to begin moving towards a merit-based immigration system -- one that admits people who are skilled, who want to work, who will contribute to our society, and who will love and respect our country,&quot; Trump said in his first State of the Union address.

Also read: <a href="http://www.wionews.com/world/state-of-the-union-address-us-president-donald-trump-bids-for-safe-strong-and-united-america-31271" target="_blank">US President Donald Trump bids for &#39;safe strong and united America</a>

The State of the Union address is a traditional annual speech of the US president to a joint session of the Congress where he gives an account of the situation in the country.

He proposed four pillars of his immigration reform.

This includes building a wall, and ending chain migration and diversity visa.

Trump said that his proposal should be supported by both parties (Republican and Democratic) as a fair compromise -- one where nobody gets everything they want, but where the country gets the critical reforms it needs.

&quot;The first pillar of our framework generously offers a path to citizenship for 1.8 million illegal immigrants who were brought here by their parents at a young age -- that covers almost three times more people than the previous administration.

&quot;Under our plan, those who meet education and work requirements, and show good moral character, will be able to become full citizens of the United States,&quot; Trump said.

The second pillar fully secures the border, that means building a wall on the Southern border, and it means hiring more people to keep the communities safe.

&quot;Crucially, our plan closes the terrible loopholes exploited by criminals and terrorists to enter our country -- and it finally ends the dangerous practice of &#39;catch and release&#39;,&quot; Trump said.

Trump said the third pillar ends the visa lottery -- a programme that randomly hands out green cards without any regard for skill, merit, or the safety of Americans.

The fourth and final pillar protects the nuclear family by ending chain migration, he said, ruing that under the current broken system, a single immigrant can bring in virtually unlimited numbers of distant relatives.

&quot;Under our plan, we focus on the immediate family by limiting sponsorships to spouses and minor children. This vital reform is necessary, not just for our economy, but for our security, and our future,&quot; he said.

Trump said in recent weeks, two terrorist attacks in New York were made possible by the visa lottery and chain migration.

In the age of terrorism, these programmes present risks we can no longer afford.

&quot;It is time to reform these outdated immigration rules, and finally bring our immigration system into the 21st century,&quot; Trump said.

&quot;These four pillars represent a down-the-middle compromise, and one that will create a safe, modern, and lawful immigration system. For over 30 years, Washington has tried and failed to solve this problem. This Congress can be the one that finally makes it happen.

&quot;Most importantly, these four pillars will produce legislation that fulfils my ironclad pledge to only sign a bill that puts America first. So let us come together, set politics aside, and finally get the job done,&quot; Trump urged the lawmakers.

Trump proposed four pillars of his immigration reform

US President Donald Trump on Wednesday urged the Congress to pass a legislation that promotes merit-based immigration, a move that would benefit hundreds of thousands of Indian professionals. Full text of Donald Trump's State of the Union Speech He proposed a pathway to citizenship for almost 1.8 million illegal immigrants who were brought in the US by their parents at a young age. "It is time to begin moving towards a merit-based immigration system -- one that admits people who are skilled, who want to work, who will contribute to our society, and who will love and respect our country," Trump said in his first State of the Union address. Also read: US President Donald Trump bids for 'safe strong and united America The State of the Union address is a traditional annual speech of the US president to a joint session of the Congress where he gives an account of the situation in the country. He proposed four pillars of his immigration reform. This includes building a wall, and ending chain migration and diversity visa. Trump said that his proposal should be supported by both parties (Republican and Democratic) as a fair compromise -- one where nobody gets everything they want, but where the country gets the critical reforms it needs. "The first pillar of our framework generously offers a path to citizenship for 1.8 million illegal immigrants who were brought here by their parents at a young age -- that covers almost three times more people than the previous administration. "Under our plan, those who meet education and work requirements, and show good moral character, will be able to become full citizens of the United States," Trump said. The second pillar fully secures the border, that means building a wall on the Southern border, and it means hiring more people to keep the communities safe. "Crucially, our plan closes the terrible loopholes exploited by criminals and terrorists to enter our country -- and it finally ends the dangerous practice of 'catch and release'," Trump said. Trump said the third pillar ends the visa lottery -- a programme that randomly hands out green cards without any regard for skill, merit, or the safety of Americans. The fourth and final pillar protects the nuclear family by ending chain migration, he said, ruing that under the current broken system, a single immigrant can bring in virtually unlimited numbers of distant relatives. "Under our plan, we focus on the immediate family by limiting sponsorships to spouses and minor children. This vital reform is necessary, not just for our economy, but for our security, and our future," he said. Trump said in recent weeks, two terrorist attacks in New York were made possible by the visa lottery and chain migration. In the age of terrorism, these programmes present risks we can no longer afford. "It is time to reform these outdated immigration rules, and finally bring our immigration system into the 21st century," Trump said. "These four pillars represent a down-the-middle compromise, and one that will create a safe, modern, and lawful immigration system. For over 30 years, Washington has tried and failed to solve this problem. This Congress can be the one that finally makes it happen. "Most importantly, these four pillars will produce legislation that fulfils my ironclad pledge to only sign a bill that puts America first. So let us come together, set politics aside, and finally get the job done," Trump urged the lawmakers.

Donald Trump for legislation that promotes merit-based immigration, move to affect Indians

President Donald Trump declared Tuesday in his State of the Union address to Congress that what he calls America&#39;s &quot;open borders&quot; had allowed drug gangs to pour into US communities.

Pointing out a guest &mdash; a mother who lost two daughters to murder &mdash; Trump urged Congress to come together to &quot;close the loopholes&quot; that he said allow in groups like El Salvador&#39;s MS-13.

&quot;Many of these gang members took advantage of glaring loopholes and our laws to enter the country as illegal, unaccompanied, alien minors,&quot; Trump claimed, laying out his immigration plan.

If the president wins congressional backing for his immigration plans they will include four pillars tightening what he and his populist supporters see as weak links in current law.

The first pillar, and one that might not find immediate support with the most vocal members of Trump&#39;s anti-immigrant base, is a &quot;path to citizenship&quot; for undocumented migrants who arrived at a young age.

The second pillar, Trump said, &quot;fully secures the border&quot; by building a huge wall on the Mexican frontier and hiring more immigration agents.

The third pillar would end America&#39;s Green Card lottery, and replace it with a so-called merit-based system for migrants with skills needed by US businesses.

And the fourth pillar &mdash; an idea that drew protests from Democrat lawmakers during the speech, would end &quot;chain migration&quot; policies that allow migrants to bring in family members.

Trump urged Congress to come together to "close the loopholes" that he said allow in groups like El Salvador's MS-13

President Donald Trump declared Tuesday in his State of the Union address to Congress that what he calls America's "open borders" had allowed drug gangs to pour into US communities. Pointing out a guest — a mother who lost two daughters to murder — Trump urged Congress to come together to "close the loopholes" that he said allow in groups like El Salvador's MS-13. "Many of these gang members took advantage of glaring loopholes and our laws to enter the country as illegal, unaccompanied, alien minors," Trump claimed, laying out his immigration plan. If the president wins congressional backing for his immigration plans they will include four pillars tightening what he and his populist supporters see as weak links in current law. The first pillar, and one that might not find immediate support with the most vocal members of Trump's anti-immigrant base, is a "path to citizenship" for undocumented migrants who arrived at a young age. The second pillar, Trump said, "fully secures the border" by building a huge wall on the Mexican frontier and hiring more immigration agents. The third pillar would end America's Green Card lottery, and replace it with a so-called merit-based system for migrants with skills needed by US businesses. And the fourth pillar — an idea that drew protests from Democrat lawmakers during the speech, would end "chain migration" policies that allow migrants to bring in family members.

'Open borders' promote guns, gangs and cost lives: Donald Trump

Each test has forged new American heroes to remind us who we are, and show us what we can be

Donald Trump's State of the Union Speech: Full text

US President Donald Trump on Tuesday urged Americans to move beyond the angry partisan divide between Democrats and Republicans in his State of the Union address to Congress.

&quot;Tonight, I call upon all of us to set aside our differences, to seek out common ground, and to summon the unity we need to deliver for the people we were elected to serve,&quot; he said.

The speech marked Trump&#39;s first year in office and came as his opinion poll approval numbers touched new lows, despite promising economic data and the president&#39;s frequent boasts of historic victories.

&quot;So let us begin tonight by recognizing that the state of our union is strong because our people are strong,&quot; Trump said.

&quot;And together, we are building a safe, strong and proud America. The state of our union is strong, because our people are strong.&quot;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
&quot;I am asking both parties to come together to give us safe, fast, reliable, and modern infrastructure our economy needs and our people deserve.&quot; <a href="https://twitter.com/hashtag/SOTU?src=hash&amp;ref_src=twsrc%5Etfw">#SOTU</a>: <a href="https://t.co/Njo52YOlc2">https://t.co/Njo52YOlc2</a>
&mdash; The White House (@WhiteHouse) <a href="https://twitter.com/WhiteHouse/status/958531462126546946?ref_src=twsrc%5Etfw">January 31, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&nbsp;

President Donald Trump gives his first official State of the Union Address from the United States Capitol in front of a joint session of Congress

US President Donald Trump on Tuesday urged Americans to move beyond the angry partisan divide between Democrats and Republicans in his State of the Union address to Congress. "Tonight, I call upon all of us to set aside our differences, to seek out common ground, and to summon the unity we need to deliver for the people we were elected to serve," he said. The speech marked Trump's first year in office and came as his opinion poll approval numbers touched new lows, despite promising economic data and the president's frequent boasts of historic victories. "So let us begin tonight by recognizing that the state of our union is strong because our people are strong," Trump said. "And together, we are building a safe, strong and proud America. The state of our union is strong, because our people are strong." "I am asking both parties to come together to give us safe, fast, reliable, and modern infrastructure our economy needs and our people deserve." #SOTU: https://t.co/Njo52YOlc2 — The White House (@WhiteHouse) January 31, 2018 ×

President Donald Trump urges US parties set aside differences

President Donald Trump, battling a probe into his campaign&rsquo;s alleged ties with Russia and struggling to sell Americans on his leadership abilities, will take credit for US economic gains in the past year in an address to Congress on Tuesday night.

Facing a deadline on an immigration controversy and strong Democratic opposition, Trump will also call for a bipartisan compromise of the type that has eluded him during the first year in office marked by heated political battles.

Trump will visit Capitol Hill to deliver his first State of the Union speech at 9:10 pm&nbsp;(0210 GMT on Wednesday).

In preparing for the event, Trump told US television network anchors that he would offer a message of unity, in what would be a rarity for the politically polarizing president.

Also read:&nbsp;<a href="http://www.wionews.com/world/what-is-state-of-the-union-address-31215">What is the State of the Union Address?</a>

&ldquo;I would consider it a great achievement if we could make our country united,&rdquo; he told the anchors during a lunch, according to comments released by the White House.

Aides said the Republican president would use the televised speech to tout the benefits of a tax overhaul approved by the Republican-controlled Congress in December that was his first major legislative victory.

&ldquo;The economy will be front and centre,&rdquo; White House spokeswoman Sarah Sanders told NBC News on Tuesday.

The atmosphere in the House of Representatives chamber where Trump will speak could be tense. Several Democratic lawmakers have said they will boycott the event. Some Democratic women who will attend plan to wear black in support of the #MeToo movement against sexual harassment.

Ahead of Trump&rsquo;s speech, Republicans and Democrats were deeply divided over immigration, which has been linked to congressional efforts to pass a spending bill. Lawmakers face a Feb. 8 deadline to reach a compromise on the issue and pass a new budget measure to avoid a second government shutdown after a brief closure earlier this month.

To attract Democratic votes for an immigration deal, Trump has said he is open to letting &ldquo;Dreamers,&rdquo; a group of immigrants brought into the country illegally as children, stay in the United States.

In return, he has demanded to fund for his long-proposed wall along the border with Mexico and measures to curb family sponsorship of immigrants, proposals that have failed to gain traction with Democrats in the past.

US Senator Dick Durbin, the No. 2 Democrat in the Senate, said the two sides had made little progress so far in bridging differences on immigration.

&ldquo;We didn&rsquo;t agree on anything,&rdquo; Durbin said after a meeting with Republican lawmakers on Capitol Hill on Monday.

Also read:&nbsp;<a href="http://www.wionews.com/world/what-to-expect-from-trumps-first-state-of-the-union-speech-31225">Immigration, jobs, trade: What to expect from Trump&#39;s first State of the Union address</a>

Russia probe

Trump will also promote a $1.7 trillion plan to rebuild America&rsquo;s ageing roads and other infrastructure, but he is not expected to offer many details.

Trump is expected to address the various global issues that have preoccupied his administration, such as the challenge posed by North Korea&rsquo;s nuclear and weapons programs, and Iran&rsquo;s clout in the Middle East.

The speech comes as the president is buffeted by a series of headlines about US Special Counsel Robert Mueller&rsquo;s investigation into whether Trump or his aides colluded with Russia during the 2016 presidential election.

US intelligence agencies have concluded that Russia interfered in the campaign using hacking and propaganda to attempt to tilt the race in Trump&rsquo;s favor. Russia has denied meddling. Trump, who has called Mueller&rsquo;s probe a &ldquo;witch hunt,&rdquo; has denied any collusion with Russia or that he has obstructed justice in his actions related to the federal investigation.

Americans, at the same time, are voicing concerns about Trump&rsquo;s fitness for office. Opinion polls show his job approval ratings are about 40 percent, a number that is alarming to Republicans as they seek to maintain control of the US Congress in midterm elections in November.

Also read:&nbsp;<a href="http://www.wionews.com/world/trump-to-deliver-first-state-of-the-union-address-tomorrow-indian-techies-widow-among-guests-31233">In Trump&#39;s first State of the Union address, Indian techie&#39;s widow will be among guests</a>

Leaders of the two parties had sharply different expectations for the speech. Republican House Speaker Paul Ryan said he was &ldquo;excited&rdquo; to hear a State of the Union speech when things were so promising.

&ldquo;It&rsquo;s really encouraging to be able to come and hear an upbeat tone at a State of the Union,&rdquo; Ryan told reporters. &ldquo;Economic confidence is coming back to America.&rdquo;

Representative Steny Hoyer, the No. 2 House Democrat, said Trump&rsquo;s theme of a &ldquo;safe, strong and proud America&rdquo; did not reflect reality.

&ldquo;That may be the theme, but that&rsquo;s not what has happened over the last year,&rdquo; he said, adding that Trump had alienated US allies, hollowed out the diplomatic corps and increased the national debt with tax legislation.

Senate Democratic leader Chuck Schumer said Trump should thank his Democratic predecessor, Barack Obama, for the strong economic outlook. &ldquo;Like many things in life, he inherited the healthy economy,&rdquo; Schumer said of Trump.

Trump told US television network anchors that he would offer a message of unity, in what would be a rarity for the politically polarizing president

President Donald Trump, battling a probe into his campaign’s alleged ties with Russia and struggling to sell Americans on his leadership abilities, will take credit for US economic gains in the past year in an address to Congress on Tuesday night. Facing a deadline on an immigration controversy and strong Democratic opposition, Trump will also call for a bipartisan compromise of the type that has eluded him during the first year in office marked by heated political battles. Trump will visit Capitol Hill to deliver his first State of the Union speech at 9:10 pm (0210 GMT on Wednesday). In preparing for the event, Trump told US television network anchors that he would offer a message of unity, in what would be a rarity for the politically polarizing president. Also read: What is the State of the Union Address? “I would consider it a great achievement if we could make our country united,” he told the anchors during a lunch, according to comments released by the White House. Aides said the Republican president would use the televised speech to tout the benefits of a tax overhaul approved by the Republican-controlled Congress in December that was his first major legislative victory. “The economy will be front and centre,” White House spokeswoman Sarah Sanders told NBC News on Tuesday. The atmosphere in the House of Representatives chamber where Trump will speak could be tense. Several Democratic lawmakers have said they will boycott the event. Some Democratic women who will attend plan to wear black in support of the #MeToo movement against sexual harassment. Ahead of Trump’s speech, Republicans and Democrats were deeply divided over immigration, which has been linked to congressional efforts to pass a spending bill. Lawmakers face a Feb. 8 deadline to reach a compromise on the issue and pass a new budget measure to avoid a second government shutdown after a brief closure earlier this month. To attract Democratic votes for an immigration deal, Trump has said he is open to letting “Dreamers,” a group of immigrants brought into the country illegally as children, stay in the United States. In return, he has demanded to fund for his long-proposed wall along the border with Mexico and measures to curb family sponsorship of immigrants, proposals that have failed to gain traction with Democrats in the past. US Senator Dick Durbin, the No. 2 Democrat in the Senate, said the two sides had made little progress so far in bridging differences on immigration. “We didn’t agree on anything,” Durbin said after a meeting with Republican lawmakers on Capitol Hill on Monday. Also read: Immigration, jobs, trade: What to expect from Trump's first State of the Union address Russia probe Trump will also promote a $1.7 trillion plan to rebuild America’s ageing roads and other infrastructure, but he is not expected to offer many details. Trump is expected to address the various global issues that have preoccupied his administration, such as the challenge posed by North Korea’s nuclear and weapons programs, and Iran’s clout in the Middle East. The speech comes as the president is buffeted by a series of headlines about US Special Counsel Robert Mueller’s investigation into whether Trump or his aides colluded with Russia during the 2016 presidential election. US intelligence agencies have concluded that Russia interfered in the campaign using hacking and propaganda to attempt to tilt the race in Trump’s favor. Russia has denied meddling. Trump, who has called Mueller’s probe a “witch hunt,” has denied any collusion with Russia or that he has obstructed justice in his actions related to the federal investigation. Americans, at the same time, are voicing concerns about Trump’s fitness for office. Opinion polls show his job approval ratings are about 40 percent, a number that is alarming to Republicans as they seek to maintain control of the US Congress in midterm elections in November. Also read: In Trump's first State of the Union address, Indian techie's widow will be among guests Leaders of the two parties had sharply different expectations for the speech. Republican House Speaker Paul Ryan said he was “excited” to hear a State of the Union speech when things were so promising. “It’s really encouraging to be able to come and hear an upbeat tone at a State of the Union,” Ryan told reporters. “Economic confidence is coming back to America.” Representative Steny Hoyer, the No. 2 House Democrat, said Trump’s theme of a “safe, strong and proud America” did not reflect reality. “That may be the theme, but that’s not what has happened over the last year,” he said, adding that Trump had alienated US allies, hollowed out the diplomatic corps and increased the national debt with tax legislation. Senate Democratic leader Chuck Schumer said Trump should thank his Democratic predecessor, Barack Obama, for the strong economic outlook. “Like many things in life, he inherited the healthy economy,” Schumer said of Trump.

After turbulent year, Trump to tout strong economy in speech to Congress

US president Donald Trump is all set to deliver his State of the Union address on Tuesday, an hour-long speech to Congress and the nation.&nbsp;

The speech marks the ceremonial kickoff of Trump&rsquo;s second year in office and is traditionally a president&rsquo;s biggest platform to speak to the nation.&nbsp;

The State of the Union speech is expected to focus on &ldquo;building a safe, strong, and proud America,&rdquo; and will touch&nbsp;on topics such as the economy, infrastructure, immigration, and trade. &ldquo;The tone will be one of bipartisanship. It will be very forward-looking,&rdquo; officials say.

What will be a surprise is if Trump talks at all about Robert Mueller&rsquo;s Russia investigation and, in turn, congressional Republican efforts to respond with their own probe of the government &ldquo;deep state.&rdquo;&nbsp;

Here is what Trump is expected to talk about in his first State of the Union speech:&nbsp;

<ins>Trade and Infrastructure&nbsp;</ins>

President Trump will likely urge Democrats for their support on an infrastructure bill to rebuild the nation&#39;s crumbling roads, bridges and airports. White House aides have said they will propose $200 billion in federal spending, but they haven&#39;t said where the money will come from.&nbsp;

Trump has pledged to rebuild the nation&rsquo;s ageing infrastructure but has provided few details on his $1.7 trillion plan, but most of that would be state and local spending, not federal dollars, reports said.&nbsp;

Trump also said that his speech will cover his efforts to lower trade barriers around the world for American exports. &ldquo;We have to have reciprocal trade. It&rsquo;s not a one-way deal anymore,&rdquo; an official&nbsp;said.

He is also likely to discuss the US trade imbalance with China during his State of the Union speech and may&nbsp;consider&nbsp;retaliation over intellectual property issues.&nbsp;

<ins>Immigration&nbsp;</ins>

The most controversial part of his speech is likely to be when he talks about immigration.&nbsp;

President Donald Trump said on Monday he will address his proposed immigration overhaul in his State of the Union speech on Tuesday and will seek Democratic support for it.

Trump said his immigration overhaul will have to be bipartisan &ldquo;because the Republicans don&rsquo;t really have the votes to get it done in any other way.&rdquo;

Republicans and Democrats have been long arguing over the future of some 1.8 million immigrants living in the United States illegally.&nbsp;

Trump has vowed to protect the so-called &quot;Dreamers&quot; (a group of immigrants brought into the country illegally as children, stay in the United States) from deportation but is also calling for changes to legal immigration that are controversial with both parties - &nbsp;in return for $25 billion to build a wall on the US-Mexico border and other tougher border security measures as well.

He will also insist lawmakers to agree to curb immigrants&rsquo; ability to sponsor family members.&nbsp;

Some Democratic lawmakers have invited &ldquo;Dreamers&rdquo; as guests to hear the speech in person.

<ins>Jobs&nbsp;</ins>

The path towards&nbsp;lower unemployment and higher growth began during Trump&#39;s administration. Trump argues that the tax overhaul he signed late last year has boosted business confidence and will lead companies to reinvest in the United States.

With unemployment for African Americans, Hispanics and women at record lows, in his speech on Tuesday, Trump will &ldquo;make clear that all groups are benefiting under this presidency,&rdquo; officials said.

He may also talk about some of first lady Melania Trump&rsquo;s guests for the speech, who are expected to include people who have benefited from the tax cuts.

<ins>Mid-Term polls&nbsp;</ins>

Republicans might want to check in on the state of its own party as we inch closer to the fall midterm elections. On paper, the GOP remains in the strongest position, it&rsquo;s been ahead of the elections since before the Obama administration. There are more than two times as many Republican governors as Democrats this time around.

But there are warning signs that the party&rsquo;s time may be coming to an end ahead of the midterm elections in November.

While Republicans in Congress are eyeing the exits, a growing number of Democrats are looking for a way in.&nbsp;

<ins>Unfiltered Moments&nbsp;</ins>

This could be an opportunity for the audience to see the unfiltered Trump for 60 minutes, and an opportunity for Trump to try to boost his approval ratings which have sagged in the mid- to upper- 30s.

The White House often struggles to maintain momentum on policy when Trump&rsquo;s tweets and off-the-cuff remarks upstage his scripted speeches.&nbsp;

He can be captivating at a campaign rally when his speech is an unpredictable stream of consciousness. He can be straight and authentic on Twitter, the unfiltered mode of communication that he says is &quot;MODERN DAY PRESIDENTIAL.&quot;

 
<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/SH1KZ7nw_L8" width="560"></iframe> 
&nbsp;

&nbsp;

The theme of the speech will be: 'Building a safe, strong and proud America'

US president Donald Trump is all set to deliver his State of the Union address on Tuesday, an hour-long speech to Congress and the nation. The speech marks the ceremonial kickoff of Trump’s second year in office and is traditionally a president’s biggest platform to speak to the nation. The State of the Union speech is expected to focus on “building a safe, strong, and proud America,” and will touch on topics such as the economy, infrastructure, immigration, and trade. “The tone will be one of bipartisanship. It will be very forward-looking,” officials say. What will be a surprise is if Trump talks at all about Robert Mueller’s Russia investigation and, in turn, congressional Republican efforts to respond with their own probe of the government “deep state.” Here is what Trump is expected to talk about in his first State of the Union speech: Trade and Infrastructure President Trump will likely urge Democrats for their support on an infrastructure bill to rebuild the nation's crumbling roads, bridges and airports. White House aides have said they will propose $200 billion in federal spending, but they haven't said where the money will come from. Trump has pledged to rebuild the nation’s ageing infrastructure but has provided few details on his $1.7 trillion plan, but most of that would be state and local spending, not federal dollars, reports said. Trump also said that his speech will cover his efforts to lower trade barriers around the world for American exports. “We have to have reciprocal trade. It’s not a one-way deal anymore,” an official said. He is also likely to discuss the US trade imbalance with China during his State of the Union speech and may consider retaliation over intellectual property issues. Immigration The most controversial part of his speech is likely to be when he talks about immigration. President Donald Trump said on Monday he will address his proposed immigration overhaul in his State of the Union speech on Tuesday and will seek Democratic support for it. Trump said his immigration overhaul will have to be bipartisan “because the Republicans don’t really have the votes to get it done in any other way.” Republicans and Democrats have been long arguing over the future of some 1.8 million immigrants living in the United States illegally. Trump has vowed to protect the so-called "Dreamers" (a group of immigrants brought into the country illegally as children, stay in the United States) from deportation but is also calling for changes to legal immigration that are controversial with both parties - in return for $25 billion to build a wall on the US-Mexico border and other tougher border security measures as well. He will also insist lawmakers to agree to curb immigrants’ ability to sponsor family members. Some Democratic lawmakers have invited “Dreamers” as guests to hear the speech in person. Jobs The path towards lower unemployment and higher growth began during Trump's administration. Trump argues that the tax overhaul he signed late last year has boosted business confidence and will lead companies to reinvest in the United States. With unemployment for African Americans, Hispanics and women at record lows, in his speech on Tuesday, Trump will “make clear that all groups are benefiting under this presidency,” officials said. He may also talk about some of first lady Melania Trump’s guests for the speech, who are expected to include people who have benefited from the tax cuts. Mid-Term polls Republicans might want to check in on the state of its own party as we inch closer to the fall midterm elections. On paper, the GOP remains in the strongest position, it’s been ahead of the elections since before the Obama administration. There are more than two times as many Republican governors as Democrats this time around. But there are warning signs that the party’s time may be coming to an end ahead of the midterm elections in November. While Republicans in Congress are eyeing the exits, a growing number of Democrats are looking for a way in. Unfiltered Moments This could be an opportunity for the audience to see the unfiltered Trump for 60 minutes, and an opportunity for Trump to try to boost his approval ratings which have sagged in the mid- to upper- 30s. The White House often struggles to maintain momentum on policy when Trump’s tweets and off-the-cuff remarks upstage his scripted speeches. He can be captivating at a campaign rally when his speech is an unpredictable stream of consciousness. He can be straight and authentic on Twitter, the unfiltered mode of communication that he says is "MODERN DAY PRESIDENTIAL."

Immigration, jobs, trade: What to expect from Trump's first State of the Union address

China&#39;s economy grew a forecast-beating 6.9 percent in 2017, picking up steam for the first time since 2010 despite its battles against a massive debt and polluting factories, official data showed Thursday.

The world&#39;s number two economy eclipsed the official target of about 6.5 percent and picked up pace from the 6.7 percent growth seen in 2016, which was the slowest for more than a quarter of a century.

The robust economic expansion indicated stability after slowing down since China last posted double-digit growth in 2010.

&quot;The national economy has maintained the momentum of stable and sound development and exceeded the expectation with the economic vitality, impetus and potential released,&quot; National Statistics Bureau head Ning Jizhe said in a report.

&quot;We should also be aware that there are still difficulties and challenges confronting the economy and the improvement of quality and efficiency remains a daunting task,&quot; Ning said.

Also read: <a href="http://www.wionews.com/world/china-gets-richer-but-inequality-grows-29036" target="_blank">China gets richer, but inequality grows</a>

Also read: <a href="http://www.wionews.com/south-asia/will-chinas-economic-might-take-nepal-away-from-india-19041" target="_blank">Will China&#39;s economic might take Nepal away from India?</a>

The reading -- which beat the 6.8 percent predicted by analysts surveyed by AFP -- comes as China kicks its war on pollution into gear, halving industrial production for some steel smelters and mills this winter.&nbsp;

The battle has brought unusual blue skies to Beijing, with the density of dangerous pollution -- particulate PM2.5 -- dropping by more than 50 percent in the final quarter of 2017.

But the latest data showed the economy expanding 6.8 percent in the last quarter of 2017, matching the third quarter figure though it was below the 6.9 percent from the first half of the year.

Ning dismissed questions on the reliability of China&#39;s statistics raised after the coastal city of Tianjin and the autonomous region of Inner Mongolia admitted to inflating certain 2016 data.

&quot;The system for calculating China&#39;s statistics data is not affected by a small number of places, or some places, or some companies&quot; having accuracy issues with their data, he said.

The GDP reading follows strong trade data last week, which showed the humming global economy had propelled China&#39;s export machine.&nbsp;

&quot;This momentum, especially the part fuelled by external demand, may carry on well into 2018,&quot; said Wei Yao, chief China economist at Societe Generale.

Debt fears 
The country is also facing pressure to prevent a credit crisis, with local government debt growing 7.5 percent last year to $2.56 trillion, according to figures released Wednesday.

China has largely relied on debt-fuelled investment and exports to drive its tremendous economic growth of the past four decades but it is now seeking to move its economy to more sustainable consumption-based growth.&nbsp;

The latest figures show the services industry grew eight percent for the year with retail sales spiking 10.2 percent, good news for the transition.&nbsp;

The International Monetary Fund has repeatedly warned of risks stemming from China&#39;s ballooning debt, saying last year that each extra dollar of debt is producing diminishing returns for China&#39;s economy.

China&#39;s leaders appeared to wipe away some of those concerns at a critical planning meeting in December.&nbsp;

While vowing a crackdown on financial risk and local government debt, leaders called for a reasonable credit expansion this year.

That flew in the face of IMF and other economists warnings that China must deleverage.

Last year China brought down the pace of debt accumulation but allowed overall credit growth, analysts say.&nbsp;

Potential headwinds 
&quot;The bulls and the bears have never been so much in agreement since the financial crisis,&quot; said Larry Hu, head of China economics at Macquarie Group.

&quot;Most economists expect around 6.5 percent GDP growth in 2018,&quot; Hu said, though one of China&#39;s top state-affiliated think tanks last month forecast growth ticking slightly downwards to 6.7 this year.

But potential headwinds and risks for China&#39;s economy are brewing.

US President Donald Trump is determined to change the balance of trade between the two large trading partners. &nbsp;

China&#39;s trade surplus with the US swelled 10 percent to $275.8 billion last year, a record high.

In a telephone call with President Xi Jinping this week, Trump &quot;expressed disappointment that the United States&#39; trade deficit with China has continued to grow&quot;, the White House said.

&quot;President Trump made clear that the situation is not sustainable.&quot;

Trump has repeatedly insisted he will fight for more equitable trade with China.

The US is expected to release the results of a major investigation into China&#39;s intellectual property practices this year.

The world's number two economy eclipsed the official target of about 6.5 per cent

China's economy grew a forecast-beating 6.9 percent in 2017, picking up steam for the first time since 2010 despite its battles against a massive debt and polluting factories, official data showed Thursday. The world's number two economy eclipsed the official target of about 6.5 percent and picked up pace from the 6.7 percent growth seen in 2016, which was the slowest for more than a quarter of a century. The robust economic expansion indicated stability after slowing down since China last posted double-digit growth in 2010. "The national economy has maintained the momentum of stable and sound development and exceeded the expectation with the economic vitality, impetus and potential released," National Statistics Bureau head Ning Jizhe said in a report. "We should also be aware that there are still difficulties and challenges confronting the economy and the improvement of quality and efficiency remains a daunting task," Ning said. Also read: China gets richer, but inequality grows Also read: Will China's economic might take Nepal away from India? The reading -- which beat the 6.8 percent predicted by analysts surveyed by AFP -- comes as China kicks its war on pollution into gear, halving industrial production for some steel smelters and mills this winter. The battle has brought unusual blue skies to Beijing, with the density of dangerous pollution -- particulate PM2.5 -- dropping by more than 50 percent in the final quarter of 2017. But the latest data showed the economy expanding 6.8 percent in the last quarter of 2017, matching the third quarter figure though it was below the 6.9 percent from the first half of the year. Ning dismissed questions on the reliability of China's statistics raised after the coastal city of Tianjin and the autonomous region of Inner Mongolia admitted to inflating certain 2016 data. "The system for calculating China's statistics data is not affected by a small number of places, or some places, or some companies" having accuracy issues with their data, he said. The GDP reading follows strong trade data last week, which showed the humming global economy had propelled China's export machine. "This momentum, especially the part fuelled by external demand, may carry on well into 2018," said Wei Yao, chief China economist at Societe Generale. Debt fears The country is also facing pressure to prevent a credit crisis, with local government debt growing 7.5 percent last year to $2.56 trillion, according to figures released Wednesday. China has largely relied on debt-fuelled investment and exports to drive its tremendous economic growth of the past four decades but it is now seeking to move its economy to more sustainable consumption-based growth. The latest figures show the services industry grew eight percent for the year with retail sales spiking 10.2 percent, good news for the transition. The International Monetary Fund has repeatedly warned of risks stemming from China's ballooning debt, saying last year that each extra dollar of debt is producing diminishing returns for China's economy. China's leaders appeared to wipe away some of those concerns at a critical planning meeting in December. While vowing a crackdown on financial risk and local government debt, leaders called for a reasonable credit expansion this year. That flew in the face of IMF and other economists warnings that China must deleverage. Last year China brought down the pace of debt accumulation but allowed overall credit growth, analysts say. Potential headwinds "The bulls and the bears have never been so much in agreement since the financial crisis," said Larry Hu, head of China economics at Macquarie Group. "Most economists expect around 6.5 percent GDP growth in 2018," Hu said, though one of China's top state-affiliated think tanks last month forecast growth ticking slightly downwards to 6.7 this year. But potential headwinds and risks for China's economy are brewing. US President Donald Trump is determined to change the balance of trade between the two large trading partners. China's trade surplus with the US swelled 10 percent to $275.8 billion last year, a record high. In a telephone call with President Xi Jinping this week, Trump "expressed disappointment that the United States' trade deficit with China has continued to grow", the White House said. "President Trump made clear that the situation is not sustainable." Trump has repeatedly insisted he will fight for more equitable trade with China. The US is expected to release the results of a major investigation into China's intellectual property practices this year.

China grew at 6.9% in 2017

The BSE Sensex hit new life-time intra day high of 34,565.63 in opening session today, extending its record-setting spree for a fourth session on buying by domestic investors ahead of quarterly results by bluechips.

The 30-share index rose by 122.44 points, or 0.35 per cent, to hit a new peak of 34,565.63, surpassing its previous record (intra-session) of 34,488.03 points hit yesterday.

The gauge had gained almost 650 points in previous four sessions to close at a record high at 34,443.19 in yesterday&#39;s session.

Sectoral indices, led by healthcare, realty, teck, oil &amp; gas, IT and infrastrcuture, were leading the gains.

The 50-share NSE Nifty gained 18.50 points, or 0.17 per cent, to quote at 10,655.50.

The gauge touched an intra-day high of 10,659.15 and closed at record high of 10,637 yesterday.

Major gainers were ONGC, Coal India, Bharti Airtel, Sun Pharma, Adani Ports, Reliance Industries, Power Grid, ITC Ltd, Dr Reddy&#39;s, SBI, Infosys, NTPC and TCS, rising by up to 1.40 per cent.

Brokers said fresh buying by domestic institutional investors (DIIs) and retail investors ahead of third quarterly earnings by bluechip companies lifted the flagship Sensex to new highs.

Besides, a firm trend in global markets also boosted sentiments, they said.

Among other Asian markets, Hong Kong&#39;s Hang Seng gained 0.21 per cent, while Shanghai Composite Index rose 0.24 per cent in early trade today. Japan&#39;s Nikkei, however, fell 0.22 per cent.

The US Dow Jones Industrial Average closed at new records ahead of key earnings reports.&nbsp;

The 30-share index rose by 122.44 points, or 0.35 per cent, to hit a new peak of 34,565.63, surpassing its previous record (intra-session) of 34,488.03 points hit yesterday

The BSE Sensex hit new life-time intra day high of 34,565.63 in opening session today, extending its record-setting spree for a fourth session on buying by domestic investors ahead of quarterly results by bluechips. The 30-share index rose by 122.44 points, or 0.35 per cent, to hit a new peak of 34,565.63, surpassing its previous record (intra-session) of 34,488.03 points hit yesterday. The gauge had gained almost 650 points in previous four sessions to close at a record high at 34,443.19 in yesterday's session. Sectoral indices, led by healthcare, realty, teck, oil & gas, IT and infrastrcuture, were leading the gains. The 50-share NSE Nifty gained 18.50 points, or 0.17 per cent, to quote at 10,655.50. The gauge touched an intra-day high of 10,659.15 and closed at record high of 10,637 yesterday. Major gainers were ONGC, Coal India, Bharti Airtel, Sun Pharma, Adani Ports, Reliance Industries, Power Grid, ITC Ltd, Dr Reddy's, SBI, Infosys, NTPC and TCS, rising by up to 1.40 per cent. Brokers said fresh buying by domestic institutional investors (DIIs) and retail investors ahead of third quarterly earnings by bluechip companies lifted the flagship Sensex to new highs. Besides, a firm trend in global markets also boosted sentiments, they said. Among other Asian markets, Hong Kong's Hang Seng gained 0.21 per cent, while Shanghai Composite Index rose 0.24 per cent in early trade today. Japan's Nikkei, however, fell 0.22 per cent. The US Dow Jones Industrial Average closed at new records ahead of key earnings reports.

Sensex, Nifty hit new record high in opening trade

Dalal Street rejoiced as Nifty hits 10,500 for the first time. Sensex also rallied up over 200 points today.&nbsp;

Earlier today, S&amp;P BSE Sensex was shy of 46 points from hitting 34,000.

NSE Nifty was just 8 points away from the 10,500 mark for the first time.&nbsp;

Sensex smashed its Wednesday&#39;s record by touching 33,959.46 points today.

While Sensex opened at 33,768.47 points, it continued trading at 33,919.51 points.

Some of the top BSE gainers from the surge included Tata Consultancy Services, Oil and Natural Gas Corporation, State Bank of India and Wipro among others.

Infosys, India&#39;s second largest IT company, witnessed a 52-week high in its share value, rising over 2%.

 
&nbsp;

Earlier today, S&P BSE Sensex was shy of 46 points from hitting 34,000

Dalal Street rejoiced as Nifty hits 10,500 for the first time. Sensex also rallied up over 200 points today. Earlier today, S&P BSE Sensex was shy of 46 points from hitting 34,000. NSE Nifty was just 8 points away from the 10,500 mark for the first time. Sensex smashed its Wednesday's record by touching 33,959.46 points today. While Sensex opened at 33,768.47 points, it continued trading at 33,919.51 points. Some of the top BSE gainers from the surge included Tata Consultancy Services, Oil and Natural Gas Corporation, State Bank of India and Wipro among others. Infosys, India's second largest IT company, witnessed a 52-week high in its share value, rising over 2%.

Nifty hits 10,500 for first time, Sensex ends week on high note

India&rsquo;s developmental goals and the trajectory of expanding economy largely depend on our ability to source energy. Shifting the focus of our economy towards manufacturing sector with &lsquo;Make in India&rsquo; campaign, coupled with the developmental goal of &lsquo;Power for All&rsquo; will be the key drivers of energy demand.

For the nation, which imports around 70 per cent of its primary energy demand, ensuring the security of supply always takes the precedence for policymakers; and the reason why energy policy discourse in India often revolves around &lsquo;Energy Security&rsquo;. In November 2015 Prime Minister Modi announced an idea establishing the &lsquo;International Solar Alliance&rsquo; (ISA), during his speech at 21st Conference of Parties in Paris, a part of the larger narrative, convincing the world of India&rsquo;s commitment towards combating climate change.

The idea was floated earlier during Third India Africa Forum Summit in October to &ldquo;provide a dedicated platform for cooperation among solar rich countries...&rdquo;; and has received encouraging response from across the world &ndash; from tiny African developing nations to developed economies including France and Australia. New Delhi&rsquo;s initiative proved successful in bringing international community closer, but the challenge remains in meeting the stated objective of harnessing solar energy for sustainable development &ndash; and not becoming just another multilateral forum that is high on rhetoric and low on action.

Amidst the price and supply uncertainties for conventional forms of energy coupled with associated geopolitical risks, renewable energy remains the key hope for our future supply of energy. India pledged 175 GW of power from renewable sources by 2022 including 100 GW of solar power, achieving this target largely depends on the availability of funding and ease of technology transfer; with ISA, India has launched a platform where &lsquo;solar rich&rsquo; countries can share their experiences, learn from global best practices, secure funding and access technology.

ISA is an impressive concept theoretically but its success depends on global cooperation and thus diplomacy is essential for development. As of December 2017, ISA framework has 45 signatories, and 15 nations ratifying the framework; a recent public announcement from Beijing, describing its plan to join the solar alliance is a positive development&nbsp;since China is one of the largest manufacturers of renewable energy devices and equipment including photo-voltaic cells.

While ISA aims to achieve 1000 GW power from solar by 2030, the key challenge is about securing finance. ISA is primarily an organisation with the majority of members from developing world, and thus its ability to deal with global north will determine the success of the alliance. It is worth noting that while the US has pulled out of Paris Climate accord, President Trump accused India and China of getting &lsquo;undue advantage&rsquo;; the narrative of this &lsquo;undue advantage&rsquo; could prove to be a challenge for ISA in securing &lsquo;clean energy finance&rsquo; from advanced economies; we know that the US is currently the first and alone in building up such a narrative, it is difficult to predict that nobody else would join this bandwagon in future.

India has its fair share of achievements in harnessing solar energy &ndash; be it one of the largest single location solar power plants (648 MW) in Tamilnadu&rsquo;s Kamuthi or the first airport to run completely on solar power in Kerala&rsquo;s Cochin; these achievements have boosted the credibility of New Delhi&rsquo;s leadership for the alliance. However, the primary challenge for the newly formed alliance will be to prioritise small-scale but inclusive and accessible renewable projects over large-scale &lsquo;demonstrative&rsquo; and &lsquo;headline-making&rsquo; projects, given the global obsession with adjectives such as &lsquo;first&rsquo;, &lsquo;biggest&rsquo; or &lsquo;largest&rsquo;.

New Delhi has been a voice of the global south for long &ndash; from its prominent role in Non-Aligned Movement to representing and empowering voices of developing nations in international organisations and multilateral forums; and thus stakes are high, as India begins to lead the global discourse on renewables through ISA. The success of alliance in promoting and enhancing &lsquo;clean energy&rsquo; supply will also drive India&rsquo;s ambitions to be recognised as an &lsquo;exemplary&rsquo; power.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL).

Shifting the focus of our economy towards manufacturing sector with ?Make in India? campaign, coupled with the developmental goal of ?Power for All? will be the key drivers of energy demand.

India’s developmental goals and the trajectory of expanding economy largely depend on our ability to source energy. Shifting the focus of our economy towards manufacturing sector with ‘Make in India’ campaign, coupled with the developmental goal of ‘Power for All’ will be the key drivers of energy demand. For the nation, which imports around 70 per cent of its primary energy demand, ensuring the security of supply always takes the precedence for policymakers; and the reason why energy policy discourse in India often revolves around ‘Energy Security’. In November 2015 Prime Minister Modi announced an idea establishing the ‘International Solar Alliance’ (ISA), during his speech at 21st Conference of Parties in Paris, a part of the larger narrative, convincing the world of India’s commitment towards combating climate change. The idea was floated earlier during Third India Africa Forum Summit in October to “provide a dedicated platform for cooperation among solar rich countries...”; and has received encouraging response from across the world – from tiny African developing nations to developed economies including France and Australia. New Delhi’s initiative proved successful in bringing international community closer, but the challenge remains in meeting the stated objective of harnessing solar energy for sustainable development – and not becoming just another multilateral forum that is high on rhetoric and low on action. Amidst the price and supply uncertainties for conventional forms of energy coupled with associated geopolitical risks, renewable energy remains the key hope for our future supply of energy. India pledged 175 GW of power from renewable sources by 2022 including 100 GW of solar power, achieving this target largely depends on the availability of funding and ease of technology transfer; with ISA, India has launched a platform where ‘solar rich’ countries can share their experiences, learn from global best practices, secure funding and access technology. ISA is an impressive concept theoretically but its success depends on global cooperation and thus diplomacy is essential for development. As of December 2017, ISA framework has 45 signatories, and 15 nations ratifying the framework; a recent public announcement from Beijing, describing its plan to join the solar alliance is a positive development since China is one of the largest manufacturers of renewable energy devices and equipment including photo-voltaic cells. While ISA aims to achieve 1000 GW power from solar by 2030, the key challenge is about securing finance. ISA is primarily an organisation with the majority of members from developing world, and thus its ability to deal with global north will determine the success of the alliance. It is worth noting that while the US has pulled out of Paris Climate accord, President Trump accused India and China of getting ‘undue advantage’; the narrative of this ‘undue advantage’ could prove to be a challenge for ISA in securing ‘clean energy finance’ from advanced economies; we know that the US is currently the first and alone in building up such a narrative, it is difficult to predict that nobody else would join this bandwagon in future. India has its fair share of achievements in harnessing solar energy – be it one of the largest single location solar power plants (648 MW) in Tamilnadu’s Kamuthi or the first airport to run completely on solar power in Kerala’s Cochin; these achievements have boosted the credibility of New Delhi’s leadership for the alliance. However, the primary challenge for the newly formed alliance will be to prioritise small-scale but inclusive and accessible renewable projects over large-scale ‘demonstrative’ and ‘headline-making’ projects, given the global obsession with adjectives such as ‘first’, ‘biggest’ or ‘largest’. New Delhi has been a voice of the global south for long – from its prominent role in Non-Aligned Movement to representing and empowering voices of developing nations in international organisations and multilateral forums; and thus stakes are high, as India begins to lead the global discourse on renewables through ISA. The success of alliance in promoting and enhancing ‘clean energy’ supply will also drive India’s ambitions to be recognised as an ‘exemplary’ power. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL).

Opinion: 'Development' and 'diplomacy' are driving India's energy discourse

A Japanese company will start paying part of its employees` salaries in <a href="http://www.wionews.com/business-economy/i-t-dept-conducts-surveys-at-bitcoin-exchanges-country-wide-26625" target="_blank">Bitcoin</a>, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday.

GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year.

&quot;Employees can receive salaries by Bitcoin if they want to,&quot; company spokeswoman Harumi Ishii told AFP.

&quot;We hope to improve our own literacy of virtual currency by actually using it,&quot; she said.

The offer will be open to around 4,000 employees of the GMO group in Japan, she said.

The company started a <a href="http://www.wionews.com/world/opinion-bitcoin-is-a-highly-speculative-investment-why-caution-is-required-26092" target="_blank">Bitcoin</a> trading and exchange business in May.

And next month, it will join the so-called &quot;Bitcoin mining&quot; business -- gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions.

World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.

World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week

A Japanese company will start paying part of its employees` salaries in Bitcoin, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday. GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year. "Employees can receive salaries by Bitcoin if they want to," company spokeswoman Harumi Ishii told AFP. "We hope to improve our own literacy of virtual currency by actually using it," she said. The offer will be open to around 4,000 employees of the GMO group in Japan, she said. The company started a Bitcoin trading and exchange business in May. And next month, it will join the so-called "Bitcoin mining" business -- gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions. World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.

Japan firm says it will pay part of salaries in Bitcoin

India&#39;s wholesale price based inflation rose&nbsp;to 3.93 per cent in&nbsp;November, as against 3.59 per cent in October.

&nbsp;The annual wholesale price inflation accelerated in November to an eight-month high, driven by faster rises in prices of food and fuel products, government data showed.&nbsp;

Inflation, based on the Wholesale Price Index (WPI), had risen to a six-month high in October due to increase in prices of food, onions and vegetables.

The government data had shown&nbsp;inflation in food articles more than doubled to 4.30 per cent in October.

In April, India&#39;s inflation stood at 3.85 per cent.

Last month, the Reserve Bank of India(RBI) had kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7 per cent for the current fiscal.

RBI also raised its inflation forecast to the 4.2-4.6 per cent range for the rest of the current fiscal as against 4-4.5 per cent previously.&nbsp; 
&nbsp;

The government data had shown?inflation in food articles more than doubled to 4.30 per cent in October.

India's wholesale price based inflation rose to 3.93 per cent in November, as against 3.59 per cent in October. The annual wholesale price inflation accelerated in November to an eight-month high, driven by faster rises in prices of food and fuel products, government data showed. Inflation, based on the Wholesale Price Index (WPI), had risen to a six-month high in October due to increase in prices of food, onions and vegetables. The government data had shown inflation in food articles more than doubled to 4.30 per cent in October. In April, India's inflation stood at 3.85 per cent. Last month, the Reserve Bank of India(RBI) had kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7 per cent for the current fiscal. RBI also raised its inflation forecast to the 4.2-4.6 per cent range for the rest of the current fiscal as against 4-4.5 per cent previously.

India's wholesale inflation rises to eight-month high in November

India&#39;s economy is projected to grow at 7.2 per cent in 2018 and 7.4 per cent in 2019, despite a slowdown observed this year and the lingering effects from the demonetisation, the UN has said.

The outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms, despite the slowdown observed in early 2017 and the lingering effects from the demonetisation policy, the United Nations said.

&quot;GDP growth for India is projected to accelerate from 6.7 per cent in 2017 to 7.2 per cent in 2018 and 7.4 per cent in 2019,&quot; the UN said in its report &#39;World Economic Situation Prospects&#39; (WESP 2018), released at the UN headquarters in New York yesterday.

At the same time, the report said, the performance of private investment remains a key macroeconomic concern.

&quot;Gross fixed capital formation as a share of GDP has declined from about 40 per cent in 2010 to less than 30 per cent in 2017, amid subdued credit growth, low capacity utilisation in some industrial sectors and balance sheet problems in the banking and corporate sectors.

&quot;In this environment, vigorous public investment in infrastructure has been critical in propping up overall investment growth,&quot; it said. 
According to the report, there exists some degree of uncertainty over the monetary policy stance in India.

&quot;Subdued inflation, coupled with a good monsoon season, offers scope for additional monetary easing,&quot; it said.

Fiscal deficit in India has declined visibly, and it is expected to narrow further to 3.2 per cent of GDP in 2018, it added. 
An upturn in the global economy - now growing by about three per cent - paves the way to reorient policy towards longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development, according to the WESP report.

&quot;The World Economic Situation and Prospects 2018 demonstrates that current macroeconomic conditions offer policy-makers greater scope to address some of the deep-rooted issues that continue to hamper progress towards the Sustainable Development Goals,&quot; said UN Secretary-General Antonio Guterres in the foreword of the report.&nbsp;

The UN added that India would grow at 7.4% in 2019

India's economy is projected to grow at 7.2 per cent in 2018 and 7.4 per cent in 2019, despite a slowdown observed this year and the lingering effects from the demonetisation, the UN has said. The outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms, despite the slowdown observed in early 2017 and the lingering effects from the demonetisation policy, the United Nations said. "GDP growth for India is projected to accelerate from 6.7 per cent in 2017 to 7.2 per cent in 2018 and 7.4 per cent in 2019," the UN said in its report 'World Economic Situation Prospects' (WESP 2018), released at the UN headquarters in New York yesterday. At the same time, the report said, the performance of private investment remains a key macroeconomic concern. "Gross fixed capital formation as a share of GDP has declined from about 40 per cent in 2010 to less than 30 per cent in 2017, amid subdued credit growth, low capacity utilisation in some industrial sectors and balance sheet problems in the banking and corporate sectors. "In this environment, vigorous public investment in infrastructure has been critical in propping up overall investment growth," it said. According to the report, there exists some degree of uncertainty over the monetary policy stance in India. "Subdued inflation, coupled with a good monsoon season, offers scope for additional monetary easing," it said. Fiscal deficit in India has declined visibly, and it is expected to narrow further to 3.2 per cent of GDP in 2018, it added. An upturn in the global economy - now growing by about three per cent - paves the way to reorient policy towards longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development, according to the WESP report. "The World Economic Situation and Prospects 2018 demonstrates that current macroeconomic conditions offer policy-makers greater scope to address some of the deep-rooted issues that continue to hamper progress towards the Sustainable Development Goals," said UN Secretary-General Antonio Guterres in the foreword of the report.

India's economy to grow at 7.2% in 2018: UN

German exports fell unexpectedly in October while vibrant domestic demand pushed up imports, narrowing its trade surplus and adding to evidence that Europe&#39;s biggest economy started the fourth quarter on a weak footing, data showed on Friday.

The German economy, which is expected to grow by more than 2 percent this year, is enjoying a consumer-led upswing, propelled by record-high employment, rising real wages, moderate inflation, and ultra-low borrowing costs.&nbsp;

Seasonally adjusted exports edged down by 0.4 per cent on the month while imports jumped by 1.8 per cent, data from the Federal Statistics Office showed. The exports figure confounded expectations for a 1.0 per cent rise while imports beat a forecast for a 1.1 per cent increase.

&quot;German industry has gone through a small roller coaster ride since the start of the summer&quot;, ING economist Carsten Brzeski said, adding that disappointing numbers had been followed by impressive rebounds.&nbsp;

&quot;Behind the vacation and weather-driven white noise of monthly data, however, there is a clear upward trend. The export sector has once more become an important growth driver in 2017&quot;, Brzeski&nbsp;continued.

A breakdown of unadjusted figures showed that German imports from other European Union countries surged by 10.1 per cent while those from countries outside the bloc rose by 4.8 per cent.&nbsp;The seasonally adjusted trade surplus narrowed to 19.9 billion euros from an upwardly revised 21.9 billion euros in September. The October reading was lower than the Reuters consensus forecast for 21.8 billion euros.

Germany&#39;s wider current account surplus, which measures the flow of goods, services, and investments, fell to 18.1 billion euros after an upwardly revised reading of 25.8 billion euros in September, unadjusted data showed.&nbsp;

The trade figures followed economic data released on Thursday that showed industrial output fell unexpectedly in October - a drop economists linked to public holidays that let workers take long weekends.

The weak figures came after data on Wednesday showed that industrial orders had risen unexpectedly in October, suggesting that output could bounce back in the coming months.&nbsp;Rising exports and business investment in equipment helped the German economy to shift into a higher gear in the third quarter - it expanded by 0.8 per cent on the quarter, up from 0.6 per cent in the previous three months.

&quot;This week&#39;s industrial data show that even the German economy can have weaker moments&quot;, Brzeski said, adding that the fourth quarter could bring a slowdown in overall growth.&nbsp;For 2017 as a whole, the Ifo Institute for Economic Research predicts economic growth of 2.3 per cent which would translate into a calendar-adjusted expansion rate of 2.6 per cent - the fastest pace in six years.

Europe's second-biggest economy - Germany - takes a hit as it sees an unexpected decline in exports sector

German exports fell unexpectedly in October while vibrant domestic demand pushed up imports, narrowing its trade surplus and adding to evidence that Europe's biggest economy started the fourth quarter on a weak footing, data showed on Friday. The German economy, which is expected to grow by more than 2 percent this year, is enjoying a consumer-led upswing, propelled by record-high employment, rising real wages, moderate inflation, and ultra-low borrowing costs. Seasonally adjusted exports edged down by 0.4 per cent on the month while imports jumped by 1.8 per cent, data from the Federal Statistics Office showed. The exports figure confounded expectations for a 1.0 per cent rise while imports beat a forecast for a 1.1 per cent increase. "German industry has gone through a small roller coaster ride since the start of the summer", ING economist Carsten Brzeski said, adding that disappointing numbers had been followed by impressive rebounds. "Behind the vacation and weather-driven white noise of monthly data, however, there is a clear upward trend. The export sector has once more become an important growth driver in 2017", Brzeski continued. A breakdown of unadjusted figures showed that German imports from other European Union countries surged by 10.1 per cent while those from countries outside the bloc rose by 4.8 per cent. The seasonally adjusted trade surplus narrowed to 19.9 billion euros from an upwardly revised 21.9 billion euros in September. The October reading was lower than the Reuters consensus forecast for 21.8 billion euros. Germany's wider current account surplus, which measures the flow of goods, services, and investments, fell to 18.1 billion euros after an upwardly revised reading of 25.8 billion euros in September, unadjusted data showed. The trade figures followed economic data released on Thursday that showed industrial output fell unexpectedly in October - a drop economists linked to public holidays that let workers take long weekends. The weak figures came after data on Wednesday showed that industrial orders had risen unexpectedly in October, suggesting that output could bounce back in the coming months. Rising exports and business investment in equipment helped the German economy to shift into a higher gear in the third quarter - it expanded by 0.8 per cent on the quarter, up from 0.6 per cent in the previous three months. "This week's industrial data show that even the German economy can have weaker moments", Brzeski said, adding that the fourth quarter could bring a slowdown in overall growth. For 2017 as a whole, the Ifo Institute for Economic Research predicts economic growth of 2.3 per cent which would translate into a calendar-adjusted expansion rate of 2.6 per cent - the fastest pace in six years.

Unexpected decline in German exports narrows trade surplus

Former prime minister and Congress leader Manmohan Singh on Thursday hit out at Modi government&#39;s economic policies and said that to equal the UPA&#39;s ten year average, the economy will have to grow at 10.6 per cent in the fifth year.&nbsp;

&#39;&#39;To equal the UPA&#39;s ten year average, the economy will have to grow at 10.6 per cent in the fifth year, I would be happy if it were to happen but I frankly do not think it will,&#39;&#39; he said in Rajkot.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Whoever faced corruption allegations during UPA was dealt with strictly, but the same cannot be said about BJP, they have not acted on corruption in their rule: Dr.Manmohan Singh <a href="https://t.co/H1KXMekAgA">pic.twitter.com/H1KXMekAgA</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/938674545283579905?ref_src=twsrc%5Etfw">December 7, 2017</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Accusing the BJP led NDA government at the centre of corruption, he said whoever faced corruption allegations during UPA was dealt with strictly, but the same cannot be said about BJP, they have not acted on corruption in their rule.&nbsp;

Criticising Modi&#39;s foreign policy, Manmohan said &#39;&#39;Our national security has been hurt by the inconsistent foreign policies of the Government. Some steps taken by Modi Govt were not in the best interest of the country, he added.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
To equal the UPA&#39;s ten year average, the economy will have to grow at 10.6% in the fifth year, I would be happy if it were to happen but I frankly do not think it will: Dr.Manmohan Singh in Rajkot <a href="https://twitter.com/hashtag/GujaratElection2017?src=hash&amp;ref_src=twsrc%5Etfw">#GujaratElection2017</a> <a href="https://t.co/kFEq1MPIHa">pic.twitter.com/kFEq1MPIHa</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/938672014037958656?ref_src=twsrc%5Etfw">December 7, 2017</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&#39;&#39;Modiji says he took up Narmada issue with me but I don&#39;t remember him talking to me about this issue, though whenever he wanted to meet me I never refused,was always ready as being PM it was my responsibility to meet all CMs,&#39;&#39; the former PM said.&nbsp; 
&nbsp;

National security has been hurt by the inconsistent foreign policies of the Government. Some steps taken by Modi Govt were not in the best interest of the country, he said

Former prime minister and Congress leader Manmohan Singh on Thursday hit out at Modi government's economic policies and said that to equal the UPA's ten year average, the economy will have to grow at 10.6 per cent in the fifth year. ''To equal the UPA's ten year average, the economy will have to grow at 10.6 per cent in the fifth year, I would be happy if it were to happen but I frankly do not think it will,'' he said in Rajkot. Whoever faced corruption allegations during UPA was dealt with strictly, but the same cannot be said about BJP, they have not acted on corruption in their rule: Dr.Manmohan Singh pic.twitter.com/H1KXMekAgA — ANI (@ANI) December 7, 2017 × Accusing the BJP led NDA government at the centre of corruption, he said whoever faced corruption allegations during UPA was dealt with strictly, but the same cannot be said about BJP, they have not acted on corruption in their rule. Criticising Modi's foreign policy, Manmohan said ''Our national security has been hurt by the inconsistent foreign policies of the Government. Some steps taken by Modi Govt were not in the best interest of the country, he added. To equal the UPA's ten year average, the economy will have to grow at 10.6% in the fifth year, I would be happy if it were to happen but I frankly do not think it will: Dr.Manmohan Singh in Rajkot #GujaratElection2017 pic.twitter.com/kFEq1MPIHa — ANI (@ANI) December 7, 2017 × ''Modiji says he took up Narmada issue with me but I don't remember him talking to me about this issue, though whenever he wanted to meet me I never refused,was always ready as being PM it was my responsibility to meet all CMs,'' the former PM said.

To equal the UPA's 10-year average, economy will have to grow at 10.6%: Manmohan

<a href="http://www.wionews.com/business-economy/bitcoin-surge-past-14485-in-asian-trade-26123" target="_blank">Bitcoin surge</a> hit another milestone when it rocketed above $15,000 for the first time on Thursday.

In under 12 hours, the cryptocurrency&nbsp;recorded more than&nbsp;$2,000 in its price to see more than a fifteenfold surge in its value since the start of the year.

Bitcoin&#39;s value soared to $15,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT when it had traded just above $13,000 12 hours earlier.

The surge accounted for a 12% hike in its value recorded on a day. The value of all cryptocurrencies now stands at around $415 billion, according to Coinmarketcap.&nbsp;

&quot;Futures trading will mean more demand...and is a form of ratification of the underlying tech - bitcoin and cryptocurrencies in general. They are now on the main stage,&quot; said Charles Hayter, founder of cryptocurrency data analysis firm Cryptocompare.

The ongoing surge of Bitcoin is now been attributed to the launch of bitcoin futures by CBOE, one of the world`s biggest derivatives exchanges.

Market-watchers and experts believe it to give a helping hand in driving up the price on expectations it would draw more investors to the market.&nbsp;

&quot;Aggressive traders, such as hedge funds and algorithm-driven funds, (will be able) to use this futures market to enter bitcoin trading with high levels of liquidity for aggressive short-selling and knock the prices really low,&quot; said Think Markets analyst Naeem Aslam.

<div class="ui-state-default" contenteditable="false">
<div class="videos-block">
<div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/dDXhzy67nhQ"></iframe></div>
</div>

<div class="media-description">
With crypto-currencies on the rise around the world, there are concerns being raised about the technology being used by terrorists and criminals to evade digital tracking. WION&#39;s Archit Sinha brings you this report. (WION)
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Bitcoin has more than tripled in price since the start of October, putting it on track for its best quarter since the end of 2013, when it surged above $1,000 for the first time. It slumped in 2014, after Mt Gox, then the world&#39;s biggest bitcoin exchange, collapsed, saying it had been hacked and had 650,000 bitcoins stolen.&nbsp;

But some are warning that the launch of bitcoin futures, which will allow investors to take speculative &quot;short&quot; positions on the cryptocurrency, as well as &quot;long&quot; positions, could cause even greater volatility.&nbsp;

The latest surge brought bitcoin`s &quot;market cap&quot; - its price multiplied by the total number of bitcoins in circulation - to more than $260 billion, according to Coinmarketcap, a trade website.

That, in theory, makes its market value higher than that of Visa.

In India, the <a href="http://www.wionews.com/business-economy/rbi-warns-users-against-the-risks-of-virtual-currencies-like-bitcoin-25981" target="_blank">Reserve Bank of India</a>, on Tuesday, warned investors against the <a href="http://www.wionews.com/india-news/bubble-or-not-bitcoin-triggering-terror-finance-and-fraud-25623" target="_blank">risks linked to Bitcoin</a>.

The RBI stated rapid growth in Initial Coin Offerings (ICOs) as a cause for concern which also makes virtual currencies highly volatile and risk-involving tools of investment.

The ongoing surge of Bitcoin is now been attributed to the launch of bitcoin futures by CBOE

Bitcoin surge hit another milestone when it rocketed above $15,000 for the first time on Thursday. In under 12 hours, the cryptocurrency recorded more than $2,000 in its price to see more than a fifteenfold surge in its value since the start of the year. Bitcoin's value soared to $15,344 on the Luxembourg-based Bitstamp exchange around 1420 GMT when it had traded just above $13,000 12 hours earlier. The surge accounted for a 12% hike in its value recorded on a day. The value of all cryptocurrencies now stands at around $415 billion, according to Coinmarketcap. "Futures trading will mean more demand...and is a form of ratification of the underlying tech - bitcoin and cryptocurrencies in general. They are now on the main stage," said Charles Hayter, founder of cryptocurrency data analysis firm Cryptocompare. The ongoing surge of Bitcoin is now been attributed to the launch of bitcoin futures by CBOE, one of the world`s biggest derivatives exchanges. Market-watchers and experts believe it to give a helping hand in driving up the price on expectations it would draw more investors to the market. "Aggressive traders, such as hedge funds and algorithm-driven funds, (will be able) to use this futures market to enter bitcoin trading with high levels of liquidity for aggressive short-selling and knock the prices really low," said Think Markets analyst Naeem Aslam. With crypto-currencies on the rise around the world, there are concerns being raised about the technology being used by terrorists and criminals to evade digital tracking. WION's Archit Sinha brings you this report. (WION) × Bitcoin has more than tripled in price since the start of October, putting it on track for its best quarter since the end of 2013, when it surged above $1,000 for the first time. It slumped in 2014, after Mt Gox, then the world's biggest bitcoin exchange, collapsed, saying it had been hacked and had 650,000 bitcoins stolen. But some are warning that the launch of bitcoin futures, which will allow investors to take speculative "short" positions on the cryptocurrency, as well as "long" positions, could cause even greater volatility. The latest surge brought bitcoin`s "market cap" - its price multiplied by the total number of bitcoins in circulation - to more than $260 billion, according to Coinmarketcap, a trade website. That, in theory, makes its market value higher than that of Visa. In India, the Reserve Bank of India, on Tuesday, warned investors against the risks linked to Bitcoin. The RBI stated rapid growth in Initial Coin Offerings (ICOs) as a cause for concern which also makes virtual currencies highly volatile and risk-involving tools of investment.

Bitcoin soars beyond $15,000, climbs $2,000 in under 12 hours

The Reserve Bank of India(RBI) today kept the policy rate unchanged at six per cent, deciding to keep the rate &#39;neutral&#39;.

The RBI also kept the reverse repo rate unchanged at 5.75 per cent.

Experts had predicted the RBI would keep the rates unchanged due to high inflation and a strong economic growth which did not require monetary stimulus.

The rate is lowest since November 2010, reports said a five-member committee voted to keep it unchanged with one member voting against it.

The Sensex had slipped during the day ahead of the repo rate announcement as the market expected the Reserve Bank to keep rates at neutral.

The Finance ministry had announced recently India&#39;s growth in the second quarter had risen 6.3 percent in July-Sept period signaling an uptake in economic activity which was one of&nbsp;the reason for RBI to keep the policy rate at six per cent.

The RBI also kept the reverse repo rate unchanged at 5.75 per cent.

The Reserve Bank of India(RBI) today kept the policy rate unchanged at six per cent, deciding to keep the rate 'neutral'. The RBI also kept the reverse repo rate unchanged at 5.75 per cent. Experts had predicted the RBI would keep the rates unchanged due to high inflation and a strong economic growth which did not require monetary stimulus. The rate is lowest since November 2010, reports said a five-member committee voted to keep it unchanged with one member voting against it. The Sensex had slipped during the day ahead of the repo rate announcement as the market expected the Reserve Bank to keep rates at neutral. The Finance ministry had announced recently India's growth in the second quarter had risen 6.3 percent in July-Sept period signaling an uptake in economic activity which was one of the reason for RBI to keep the policy rate at six per cent.

RBI keeps repo rate unchanged at 6 per cent

The Reserve Bank on Tuesday warned the public against the risks of virtual currencies (VCs) after the recent spurt in the valuation of <a href="http://www.wionews.com/india-news/bubble-or-not-bitcoin-triggering-terror-finance-and-fraud-25623" target="_blank">Bitcoin</a>. Rapid growth in Initial Coin Offerings (ICOs) is a cause for concern, making VCs highly volatile and risk-involving tools of investment.

&quot;There is no underlying or backing of any asset for VCs. As such, their value seems to be a matter of speculation. Huge volatility in the value of VCs has been noticed in the recent past. Thus, the users are exposed to potential losses on account of such volatility in value,&quot; the central bank had said in a statement issued on December 24, 2013.&nbsp;

Simply put, Bitcoin is a cryptocurrency or currency in the digital form similar to Paytm or BHIM. A cryptocurrency is not issued by any bank, financial institution or a central authority. It isn&#39;t tangible and floats in and through digital wallets, making it an entity that is difficult to control, regulated or manipulated by international financial authorities, governments or institutions.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="videos-block">
<div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/bqFXF2nJ-Z8"></iframe></div>
</div>

<div class="media-description">
With fin-tech on the rise around the world there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION)
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

The price of a single Bitcoin skyrocketed to up to US&nbsp;$11,000 last week in a rally which puzzled watchers. The apex bank had previously noted having studied the sector but emphatically clarified that it is uncomfortable with &quot;non-fiat&quot; cryptocurrencies. The RBI had also said that the exchange platforms on which Bitcoins are traded are set up in various jurisdictions whose legal status is also unclear.

&quot;The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities,&quot; the RBI had said in its first comments in September 2013.

Reportedly, the ministry of finance has been mulling over launching a cryptocurrency called &quot;Lakshmi&quot; and has set up a committee for the same.

(With inputs from PTI)

Bitcoin is a cryptocurrency or currency in the digital form similar to Paytm or BHIM

The Reserve Bank on Tuesday warned the public against the risks of virtual currencies (VCs) after the recent spurt in the valuation of Bitcoin. Rapid growth in Initial Coin Offerings (ICOs) is a cause for concern, making VCs highly volatile and risk-involving tools of investment. "There is no underlying or backing of any asset for VCs. As such, their value seems to be a matter of speculation. Huge volatility in the value of VCs has been noticed in the recent past. Thus, the users are exposed to potential losses on account of such volatility in value," the central bank had said in a statement issued on December 24, 2013. Simply put, Bitcoin is a cryptocurrency or currency in the digital form similar to Paytm or BHIM. A cryptocurrency is not issued by any bank, financial institution or a central authority. It isn't tangible and floats in and through digital wallets, making it an entity that is difficult to control, regulated or manipulated by international financial authorities, governments or institutions. With fin-tech on the rise around the world there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION) × The price of a single Bitcoin skyrocketed to up to US $11,000 last week in a rally which puzzled watchers. The apex bank had previously noted having studied the sector but emphatically clarified that it is uncomfortable with "non-fiat" cryptocurrencies. The RBI had also said that the exchange platforms on which Bitcoins are traded are set up in various jurisdictions whose legal status is also unclear. "The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities," the RBI had said in its first comments in September 2013. Reportedly, the ministry of finance has been mulling over launching a cryptocurrency called "Lakshmi" and has set up a committee for the same. (With inputs from PTI)

RBI warns users against the risks of virtual currencies like Bitcoin

The benchmark BSE Sensex fell over 108 points in opening trade following a cautious stance adopted by participants ahead of the RBI policy review amid weak Asian cues.

The 30-share index fell by 108.10 points, or 0.32 percent, to 32,761.62 as power, metal, infrastructure, capital goods, IT, tech, banking and auto stocks declined. 
 
The gauge had gained 36.78 points in the previous volatile session.

The NSE Nifty too was quoting 28.30 points, or 0.27 per cent, down at 10,099.45.

The RBI&#39;s two-day monetary policy review kicks off today and the decision is due tomorrow. This has led to selling by investors, which added to the negative mood. 
 
Weak Asian cues as technology stocks tracked a sell-off in their US counterparts that saw the Nasdaq tumbling over 1 per cent overnight, weighed on the sentiments, brokers said.

Major losers that dragged down the key indices include Adani Ports, NTPC, Tata Steel, Power Grid, Bajaj Auto, Wipro, Coal India, Hero MotoCorp, HDFC Bank, ONGC, L&amp;T, Dr Reddy&#39;s and SBI.

Among other Asian markets, Hong Kong&#39;s Hang Seng was down 0.39 percent while Japan&#39;s Nikkei shed 0.42 per cent in early session today. Shanghai Composite Index too shed 0.02 per cent. PTI

The NSE Nifty too was quoting 28.30 points, or 0.27%, down at 10,099.45

The benchmark BSE Sensex fell over 108 points in opening trade following a cautious stance adopted by participants ahead of the RBI policy review amid weak Asian cues. The 30-share index fell by 108.10 points, or 0.32 percent, to 32,761.62 as power, metal, infrastructure, capital goods, IT, tech, banking and auto stocks declined. The gauge had gained 36.78 points in the previous volatile session. The NSE Nifty too was quoting 28.30 points, or 0.27 per cent, down at 10,099.45. The RBI's two-day monetary policy review kicks off today and the decision is due tomorrow. This has led to selling by investors, which added to the negative mood. Weak Asian cues as technology stocks tracked a sell-off in their US counterparts that saw the Nasdaq tumbling over 1 per cent overnight, weighed on the sentiments, brokers said. Major losers that dragged down the key indices include Adani Ports, NTPC, Tata Steel, Power Grid, Bajaj Auto, Wipro, Coal India, Hero MotoCorp, HDFC Bank, ONGC, L&T, Dr Reddy's and SBI. Among other Asian markets, Hong Kong's Hang Seng was down 0.39 percent while Japan's Nikkei shed 0.42 per cent in early session today. Shanghai Composite Index too shed 0.02 per cent. PTI

Sensex slips 108 points ahead of RBI meet, on Asian cues

<a href="http://www.wionews.com/world/bubble-or-brave-new-world-bitcoin-breaks-usd-10000-barrier-25407" target="_blank">Bitcoin made headlines</a> again as it went up to a record high, soaring beyond $11,000 on Wednesday, nearly for a week. While the cryptocurrency -- that was founded in the year 2009 -- has seen a massive boost with people across the world using it as an investment tool, financial experts across the globe now raise concerns over its possibilities to promote mass-scale financial frauds.

Simply put, <a href="http://www.wionews.com/photos/a-little-bit-of-coins-bitcoins-explained-via-a-comic-strip-45" target="_blank">Bitcoin is a cryptocurrency</a> or currency in digital form which is not tangible and floats in and through digital wallets, what can be perceived as something similar to Paytm or BHIM. A cryptocurrency is not issued by any bank, financial institution or a central authority, the very reason why governments can&#39;t have any control over its regulation or usage.&nbsp;

One of the key features of Bitcoin is the anonymity associated with the identity of a person who owns it, invests in it or make transactions using it, not only this, there is absolutely no way to trace a transaction back to the parties involved -- the very reason why it is seen a tool that could actively promote financial frauds and illicit activities like tax evasion and money laundering.&nbsp;

&nbsp;Also read: <a href="http://www.wionews.com/photos/a-little-bit-of-coins-bitcoins-explained-via-a-comic-strip-45#photo-6142">A little Bit of Coins: Bitcoins explained via a comic strip</a>

<div class="ui-state-default" contenteditable="false">
<div class="videos-block">
<div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/SsAxBQ6kwkM"></iframe></div>
</div>

<div class="media-description">
While the cryptocurrencies are on the rise in the world, there has been no regulations regarding them in India. The bitcoin mining facilities are on the rise here but is India ready for cryptocurrencies (WION)
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

According to a Reuters report, &quot;more than 980,000 bitcoins have been stolen from exchanges, either by hackers or insiders. That&#39;s a total of more than $10 billion at current exchange rates. Few have been recovered,&quot;

&quot;Bitcoin has performed better than every central-bank-issued currency in every year since 2011 except for 2014 when it performed worse than any traditional currency. So far in 2017, it is up around 1000 percent. If you had bought $1,000 of bitcoin at the start of 2013 and had never sold any of it, you would now be sitting on $80 million,&quot; reports Reuters.&nbsp;

Newer cryptocurrencies like Zcash and Monero are designed to conceal the information that various regulatory authorities and others could use to follow the money flow, this could further enable savvy criminals to easily migrate to these untraceable systems.&nbsp;

Also read: <a href="http://www.wionews.com/world/bubble-or-brave-new-world-bitcoin-breaks-usd-10000-barrier-25407">Bubble or brave new world? Bitcoin breaks US $10,000 barrier</a>

<div class="ui-state-default" contenteditable="false">
<div class="videos-block">
<div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/bqFXF2nJ-Z8"></iframe></div>
</div>

<div class="media-description">
With fin-tech on the rise around the world there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION)
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Also read:<a href="http://www.wionews.com/videos/dawood-ibrahim-is-trading-in-bitcoins-to-fly-under-radar-7064"> Dawood Ibrahim is trading in Bitcoins to fly under radar</a>

Should you invest in Bitcoin?

Another Reuters report talked about countries like China and South Korea banning digital coin sales this year. Regulators in the United States, Malaysia, Dubai, United Kingdom and Germany have already warned investors of expected risks of theft, fraud or hacking.&nbsp;

National regulatory bodies and watchdogs have little control over regulating digital coin sales, it is rather a challenge, to begin with.

&quot;The United Kingdom&#39;s Financial Conduct Authority and Securities Commission Malaysia reiterated their stance that digital coin sales are high-risk, speculative investments and that retail investors should be aware of that. The Dubai regulator pointed out that seeking out friendly jurisdictions was not unusual, but regulators still needed to warn about the inherent risks in digital coin sales,&quot; reports Reuters.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="videos-block">
<div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/dDXhzy67nhQ"></iframe></div>
</div>

<div class="media-description">
With crypto-currencies on the rise around the world, there are concerns being raised about the technology being used by terrorists and criminals to evade digital tracking. WION&#39;s Archit Sinha brings you this report. (WION)
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

As of now, <a href="http://www.wionews.com/videos/dawood-ibrahim-is-trading-in-bitcoins-to-fly-under-radar-7064" target="_blank">Bitcoin</a> remains an unchartered territory, a haven for some, also exposing many to the unforeseen perils associated with it. Different jurisdictions have varying approaches concerning its regulation or manipulation, reaching a global consensus, therefore, looks like a distant and difficult task to achieve.&nbsp;

(With inputs from Reuters) 
&nbsp;

Bitcoin made headlines again as it went up to a record high, soaring beyond $11,000 nearly for a week on Wednesday.

Bitcoin made headlines again as it went up to a record high, soaring beyond $11,000 on Wednesday, nearly for a week. While the cryptocurrency -- that was founded in the year 2009 -- has seen a massive boost with people across the world using it as an investment tool, financial experts across the globe now raise concerns over its possibilities to promote mass-scale financial frauds. Simply put, Bitcoin is a cryptocurrency or currency in digital form which is not tangible and floats in and through digital wallets, what can be perceived as something similar to Paytm or BHIM. A cryptocurrency is not issued by any bank, financial institution or a central authority, the very reason why governments can't have any control over its regulation or usage. One of the key features of Bitcoin is the anonymity associated with the identity of a person who owns it, invests in it or make transactions using it, not only this, there is absolutely no way to trace a transaction back to the parties involved -- the very reason why it is seen a tool that could actively promote financial frauds and illicit activities like tax evasion and money laundering. Also read: A little Bit of Coins: Bitcoins explained via a comic strip While the cryptocurrencies are on the rise in the world, there has been no regulations regarding them in India. The bitcoin mining facilities are on the rise here but is India ready for cryptocurrencies (WION) × According to a Reuters report, "more than 980,000 bitcoins have been stolen from exchanges, either by hackers or insiders. That's a total of more than $10 billion at current exchange rates. Few have been recovered," "Bitcoin has performed better than every central-bank-issued currency in every year since 2011 except for 2014 when it performed worse than any traditional currency. So far in 2017, it is up around 1000 percent. If you had bought $1,000 of bitcoin at the start of 2013 and had never sold any of it, you would now be sitting on $80 million," reports Reuters. Newer cryptocurrencies like Zcash and Monero are designed to conceal the information that various regulatory authorities and others could use to follow the money flow, this could further enable savvy criminals to easily migrate to these untraceable systems. Also read: Bubble or brave new world? Bitcoin breaks US $10,000 barrier With fin-tech on the rise around the world there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed? (WION) × Also read: Dawood Ibrahim is trading in Bitcoins to fly under radar Should you invest in Bitcoin? Another Reuters report talked about countries like China and South Korea banning digital coin sales this year. Regulators in the United States, Malaysia, Dubai, United Kingdom and Germany have already warned investors of expected risks of theft, fraud or hacking. National regulatory bodies and watchdogs have little control over regulating digital coin sales, it is rather a challenge, to begin with. "The United Kingdom's Financial Conduct Authority and Securities Commission Malaysia reiterated their stance that digital coin sales are high-risk, speculative investments and that retail investors should be aware of that. The Dubai regulator pointed out that seeking out friendly jurisdictions was not unusual, but regulators still needed to warn about the inherent risks in digital coin sales," reports Reuters. With crypto-currencies on the rise around the world, there are concerns being raised about the technology being used by terrorists and criminals to evade digital tracking. WION's Archit Sinha brings you this report. (WION) × As of now, Bitcoin remains an unchartered territory, a haven for some, also exposing many to the unforeseen perils associated with it. Different jurisdictions have varying approaches concerning its regulation or manipulation, reaching a global consensus, therefore, looks like a distant and difficult task to achieve. (With inputs from Reuters)

Should you invest in Bitcoin? UK, US warn investors of fraud, theft

The International Monetary Fund (IMF) today said it will update its growth rate forecast for India in January. Recently, the US-based Moody&#39;s upgraded India&#39;s sovereign rating after a gap of 13 years to Baa2, with &#39;stable&#39; outlook, from Baa3 earlier, citing improved growth prospects driven by economic and institutional reforms.

This was followed by S&amp;P Global Rating, which kept India&#39;s sovereign rating unchanged at BBB- with stable outlook saying vulnerabilities stemming from low per capita income and high government debt balances strong GDP growth.

&quot;We will be updating the forecast for India, including the growth rate, and that will be coming in January with the update of our World Economic Outlook,&quot; IMF spokesman Gerry Rice told reporters at a news conference held at its headquarters here.

The IMF statement came as the latest figures showed that India grew at 6.3 per cent in the September quarter compared to 5.7 per cent in the June quarter, reflecting an improvement in the Indian economy. In its news dispatch from New Delhi, The Wall Street Journal said India&#39;s economic expansion accelerated in the latest quarter, ending a five-quarter slowdown and sparking optimism that the negative effects of recent economic policies may now be behind Asia&#39;s third-largest economy.

CNN reported that India&#39;s economy has bounced back from a year-long slowdown, but it was not enough to regain the global growth crown from China.

Recently, the US-based Moody's upgraded India's sovereign rating after a gap of 13 years to Baa2, with 'stable' outlook

The International Monetary Fund (IMF) today said it will update its growth rate forecast for India in January. Recently, the US-based Moody's upgraded India's sovereign rating after a gap of 13 years to Baa2, with 'stable' outlook, from Baa3 earlier, citing improved growth prospects driven by economic and institutional reforms. This was followed by S&P Global Rating, which kept India's sovereign rating unchanged at BBB- with stable outlook saying vulnerabilities stemming from low per capita income and high government debt balances strong GDP growth. "We will be updating the forecast for India, including the growth rate, and that will be coming in January with the update of our World Economic Outlook," IMF spokesman Gerry Rice told reporters at a news conference held at its headquarters here. The IMF statement came as the latest figures showed that India grew at 6.3 per cent in the September quarter compared to 5.7 per cent in the June quarter, reflecting an improvement in the Indian economy. In its news dispatch from New Delhi, The Wall Street Journal said India's economic expansion accelerated in the latest quarter, ending a five-quarter slowdown and sparking optimism that the negative effects of recent economic policies may now be behind Asia's third-largest economy. CNN reported that India's economy has bounced back from a year-long slowdown, but it was not enough to regain the global growth crown from China.

IMF to update India's growth rate forecast in January

economy-0

Economy, News on Economy, stories on Economy, articles on Economy, Economy stories at Wion, Economy news, Economy latest news

economy 0