India’s Finance Minister Vows Not To Overspend
That hasnt stopped him gaining experience around the world. Giving Praise A four-year spell as finance head of Siemenss San Jose, California-based microelectronics unit helped Kaeser cultivate an interest in American football and cemented his preference for the nickname Joe over the Josef on his birth certificate. Kaeser, who also spent some time in Asia, became chief strategy officer in 2004 before being promoted to the top finance job in 2006. Kaeser, who was born in Arnbruck, nestled in the Bavarian forest on the border with the Czech Republic, and still has his family home there, has sought to motivate employees and aides with personal gestures. After Siemens sold a majority stake in its Siemens Enterprise Communications after a stressful set of negotiations in 2008, Kaeser personally thanked everybody involved, said a person familiar with the matter.
Here are some morning links, along with a few notes, quotes and anecdotes. The campaign to install Larry Summers as Fed chairman is looking shakier by the day Hes a Rubinite and a Citigroup consultant with a history of protecting Wall Street. (Whats there not to like!) Richard Durbin of Illinois, the Senates second-ranking Democrat, says in an interview with Bloomberg News that he would have a lot of questions if President Barack Obama picks Summers to replace Ben Bernanke as Federal Reserve chairman. Durbin is among the 19 Democrats and one independent who signed a letter urging Obama to choose Fed Vice Chairman Janet Yellen for the post.
Finance moots 49% multi-brand retail FDI by automatic route
The DIPP has declined to tweak the cabinet proposal saying this was not on the agenda of the July 16 meeting chaired by the Prime Minister, at which fresh FDI limits were decided. It was also not part of the suggestions put forward by the Arvind Mayaram committee. Sources, however, said the panel headed by Economic Affairs Secretary Mayaram had recommended that the FDI limit be raised to 49 per cent in almost all sectors through the automatic route, with 74 per cent FDI in multi-brand retail trading by the government approval route. The finance minstrys proposal could get support from the Planning Commission, an official said.
Weil’s Views on Finance
India has $279 billion in foreign reserves as of July 19, according to the Reserve Bank of India. Emerging market countries often use reserves to fend off speculative attacks against its currency, and to provide a cushion against external debt service. The FinMin said that Indias target for this years fiscal deficit was still 4.8%. It is a red line and it will not be breached, he said on a day that economic data out of the country showed the government had run up a fiscal deficit of nearly half the budgeted amount in the first quarter.