President Barack Obama and Vice President Joe Biden makes a statement regarding the passage of the fiscal cliff bill in the Brady Press Briefing Room at the White House in Washington, Tuesday, Jan. 1, 2013. Photo: AP
President Barack Obama says an effort to change the nation's tax code that is too skewed toward the wealthy has been achieved with the "fiscal cliff" deal approved in Congress.
The president said in an appearance late on Tuesday in the White House that the House vote to prevent a mix of tax increases and spending cuts avoids a problem that could have sent the economy back into recession.
Obama says the deficit is "still too high" and warns that he will not negotiate with Congress over another increase in the nation's debt ceiling.
The House approved Senate-backed legislation preventing middle-class tax increases and spending cuts that technically took effect with the new year. It represented a triumph for Obama after he campaigned for re-election on higher taxes on the wealthy.
from
PTI
Asserting that Rupee is not in 'shambles', Finance Ministry today said the government, RBI and Sebi are alert to the situation and will take actions as warranted.
from PTI
Rupee hits new all-time low of 60
The rupee today plunged by a whopping 130 paise to hit life-time low of 60 against the US dollar in early trade on the Interbank Foreign Exchange on strong demand for the American currency from banks and importers.
from PTI
'India is hurting US jobs, economy'
A group of major American business organisations and advocacy groups on Tuesday launched a new alliance against what they allege as India's "discriminatory" economic policies, including intellectual property issues, which they claim hurt US jobs and economy.
from
IANS
IMF downgrades Russian economy outlook
IMF has lowered its forecast of Russian GDP growth in 2013 from 3.4 percent to 2.5 percent, head of the IMF mission said.
from
IANS
AirAsia appoints Ramadorai as chairman
Malaysian budget carrier AirAsia formally announced the appointment of Subramanian Ramadorai as its non-executive chairman of India operations.
from
IANS
More funds for B'lore in budget: K'taka CM
As India's tech hub and Bangalore will get more funds in the new budget for this fiscal (2013-14) to meet its infrastructure needs, Karnataka Chief Minister Siddaramaiah said Tuesday.
from
IANS
Higher food inflation upping overall inflation: RBI
Higher prices of foodstuff such as cereals and vegetables continue to put pressure on India's overall inflation rate, the Reserve Bank of India (RBI) said Monday.
