Government increases states’ borrowing limit

NEW DELHI - The borrowing limit of state governments will be increased and their fiscal deficit targets relaxed to allow them raise funds for capital expenditure for 2008-09, the government said Thursday.

Spaniards dominate French, Williams denies Russia

MELBOURNE - Rafael Nadal and Fernando Verdasco stopped French opposition Wednesday to send a pair of Spaniards into a showdown semi-final at the Australian Open.

Canada’s first deficit budget in 12 yrs to stimulate economy

TORONTO - Taking a cue from American President Barack Obama, Canada Tuesday launched ‘one of the largest building projects’ in its history to stimulate the recession-hit economy.

India’s central bank holds key rates, cuts growth target

MUMBAI - India’s central bank Tuesday left all key interest rates unchanged and lowered the country’s growth target to 7 percent for this fiscal even as it promised to act ’swiftly’ as and when the situation demanded.

PM’s council lowers India’s growth forecast

NEW DELHI - The Prime Minister’s Economic Advisory Council Friday lowered India’s growth forecast for the current fiscal to 7.1 percent due to the impact of global meltdown and warned that the fiscal deficit was well above the comfort zone.

India’s economic woes will continue next fiscal: PM

MUMBAI - Prime Minister Manmohan Singh Saturday said India’s woes due to the global meltdown will continue during the next fiscal, and predicted a lower growth of 6.5-7 percent for the country’s economy this year.

‘No stimulus package can stop recession in US, Canada’

TORONTO - No fiscal stimulus by governments in the US and Canada will stop their economies from recession in 2009, said an independent Canadian think- tank Wednesday.

Budget planning big challenge for Kashmir finance minister

JAMMU - Budget planning for debt-ridden Jammu and Kashmir is going to be a ‘Himalayan task’ for the National Conference-Congress coalition government, according to state Finance Minister Abdul Rahim Rather.

Obama faces stormy waters as 44th US president

WASHINGTON - No US president in recent memory has entered office facing such huge crises or such enormous expectations as Barack Obama.

Better global governance needed in 2009: WEF

LONDON - China will experience a hard landing, rich and poor nations will fight over climate change and gaps will open up in global governance in 2009, the World Economic Forum warned in a gloomy report released Tuesday.

‘Russian billionaire in bid to buy British paper’

LONDON - A Russian billionaire and former KGB agent’s approach to buy the Evening Standard, London’s traditional daily, has been rebuffed by its owners, according to media reports Friday.

India’s exports decline for second straight month

NEW DELHI - The New Year started with some disheartening news for India’s exporting community with the latest trade data showing a 9.9-percent drop in outbound merchandise shipments in November - the second straight month of decline.

World energy leader Toronto market gains on oil prices

TORONTO - As the Israeli strikes on Hamas pushed oil prices slightly higher Monday, the Toronto Stock Exchange (TSX) - which is the world’s largest energy market - gained more than four percent.