IMF chief sees limits to free market

AFP, WASHINGTON, April 4: The liberal theories that have guided the global economy for the last 30 years need to be overhauled, according to the head of the IMF—an institution long seen as their chief cheerleader. The International Monetary Fund's Dominique Strauss-Kahn, in a speech on Monday said the 'Washington Consensus'—a set of liberal theories that stress the efficiency of the free market—were antiquated. 'The Washington consensus is now behind us,' Strauss-Kahn...

Bank of England set to freeze interest rates

AFP, LONDON, April 5: The Bank of England is forecast to maintain its key interest rate at a record-low 0.50 per cent in a vote Thursday, when the ECB is widely expected to announce its first hike in almost two years. The European Central Bank is expected to announce its first interest rate hike since July 2008 -- from an all-time low of 1.0 per cent—to combat high inflation across the eurozone. Inflation is even higher in Britain but because its recovery from recession...

Merkel stops India-Bundesbank Iran deal

AFP, Berlin, April 5: Chancellor Angela Merkel has put a stop to plans that have irked Washington and Israel for India to channel oil payments to Iran through the German central bank, a press report said Tuesday. According to the Handelsblatt business daily, India, under US pressure to break direct commercial links with the Islamic republic, intended to place money for its Iranian oil imports in an account with the Bundesbank. The Bundesbank would then transfer the...

EU launches debate on quotas for women in boardrooms

AFP, Brussels, April 5: The European Commission, seeking more diversity in Europe's boardrooms, launches a debate Tuesday on whether to impose quotas to help more women break the glass ceiling. The public consultation will collect ideas on how to shake-up boards of directors to bring people of different nationalities and profiles to companies in the 27-nation European Union. An EU source said the option of imposing quotas to help more women get seats on the board...

Bankers to succeed officals at Russia company boards

AFP, Moscow, April 5: Russia plans to pick investment bankers and professional directors to replace government officials at state company boards in line with President Dmitry Medvedev's orders, a report said on Tuesday. Kommersant business daily published a list of candidates who could replace deputy prime ministers and ministers on the boards of the top 19 companies which accounted for 15 per cent of the country's gross domestic product in 2009. Last week, Medvedev...

Bankers to succeed officials at Russia company boards

AFP, Moscow, April 5: Russia plans to pick investment bankers and professional directors to replace government officials at state company boards in line with President Dmitry Medvedev's orders, a report said on Tuesday. Kommersant business daily published a list of candidates who could replace deputy prime ministers and ministers on the boards of the top 19 companies which accounted for 15 per cent of the country's gross domestic product in 2009. Last week, Medvedev...

Philippines to curb worst forms of child labour

AFP, Manila, April 5: The Philippines has vowed to crackdown on the worst forms of child labour under a new programme for its estimated 2.4 million underage workers, officials said Tuesday. The scheme aims to halve the number of children working in dangerous areas such as the sex trade, mining, as child soldiers or in factories making home-made firecrackers by 2016, Labour Undersecretary Lourdes Trasmonte said. 'We hope to rescue children from the worst forms of child...

Eurozone economic activity survey gives mixed signals

AFP, Brussels, April 5: A closely-watched survey indicating the pace of growth across the eurozone logged a 43-month high for the services sector in March, upwardly-revised EU data showed on Tuesday. The composite eurozone index for manufacturing and services output compiled by the London-based Markit research firm fell 0.6 points from February to 57.6 points in March, a slight improvement from a previous estimate of 57.5 points. Any reading above 50 indicates activity...