Thursday, December 26

Tag: economy

U.S. Treasury chief Janet Yellen pushes China over “punitive actions” against American businesses
9Jul By adminNo Comments
Money

U.S. Treasury chief Janet Yellen pushes China over “punitive actions” against American businesses

Beijing — U.S. Treasury Secretary Janet Yellen, in Beijing for meetings with top Chinese officials and American companies that do business in the country, said the U.S. welcomes healthy economic competition with China, but only if it's fair. Yellen also said she was concerned about new export controls announced by China on two critical minerals used in technologies like semiconductors."We are still evaluating the impact of these actions," she said, "but they remind us of the importance of diversified supply chains."Her message to company representatives, including from corporate giants such as Boeing and Bank of America that have significant operations in China, was that the U.S. government understands it's not been an easy time. "I've been part...
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Hiring cools in June as employers added 209,000 jobs
7Jul By adminNo Comments
Money

Hiring cools in June as employers added 209,000 jobs

Hiring cooled in June as employers put the brakes on hiring amid economic headwinds such as surging borrowing costs. The U.S. added 209,000 jobs last month, the Labor Department reported Friday. Economists had expected about 205,000 new jobs in June, according to a poll of economists by FactSet. By comparison, employers added 339,000 new jobs in May. The Federal Reserve has sharply boosted interest rates over the past year, making it more expensive for businesses to expand. The central bank wants to tamp economic growth to slow inflation, which hit a 40-year high last year."The U.S. labor market moderated in June, as new job creation edged down — a step toward the much sought-after soft landing in the economy," noted ...
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Yellen lands in Beijing for high-stakes meetings with top Chinese officials
6Jul By adminNo Comments
Money

Yellen lands in Beijing for high-stakes meetings with top Chinese officials

Treasury Secretary Janet Yellen arrived in Beijing on Thursday for high-stakes meetings with senior Chinese officials. It's her first visit to China as treasury secretary and comes as the U.S. and China have seen escalating tensions over national security and technology. "I am glad to be in Beijing to meet with Chinese officials and business leaders," Yellen tweeted after arriving in Beijing. "We seek a healthy economic competition that benefits American workers and firms and to collaborate on global challenges. We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding."Yellen is the second top-ranking Biden administration official to head to China in recent weeks. Secretary...
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Amid tepid utilisation of funds, govt to review PLI scheme on Tuesday
26Jun By adminNo Comments
Business

Amid tepid utilisation of funds, govt to review PLI scheme on Tuesday

The Centre on Tuesday will review its ambitious production-linked incentive (PLI) scheme to sort out teething issues faced by beneficiaries of the scheme, and the focus will mainly be on sectors where the progress has been slower-than-expected. Commerce and industry minister Piyush Goyal will hold the first-of-its kind review meeting that will see officials from all the ministries responsible for rolling out the PLI scheme. The meeting will also see participation from the beneficiaries or the companies participating in the scheme. The Centre has allocated Rs 1.97 trillion towards PLI schemes for 14 key sectors, including telecom, textiles, automobiles, white goods and pharmaceutical drugs, among others. This scheme not only aims to boost domestic manufacturing, but al...
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Govt reform measures helping Indian economy to grow at faster pace: Goyal
18Jun By adminNo Comments
Business

Govt reform measures helping Indian economy to grow at faster pace: Goyal

Reform measures taken by the government are helping the economy to grow at a faster pace and the world is now looking at India as a major investment destination, Union Minister Piyush Goyal said on Sunday. He said that central schemes like Ujwala and Jal Jeevan Mission are being implemented in every nook and corner of the country, without any discrimination.   The commerce and industry minister also said that the government has managed the rate of inflation in single digits.   “The government measures are helping to push economic growth and create jobs for youth in the country. We have now become the fifth largest economy of the world, which was earlier a fragile-five economy during the Congress regime," he told repeaters here.   Goyal added that the world is loo...
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