The Opposition has slammed the government over the Copenhagen Accord, saying the document betrays developing nations, and has  compromised India's interests. In a lengthy speech in Parliament this morning, the BJP's Arun Jaitley said the Copenhagen Accord helps developed countries avoid the commitments they made under the Kyoto Protocol. Jaitley also said the  Copenhagen Accord permits international scrutiny of India's actions to deal with global warming, something that the government had...

Borrowing was both the shaky foundation of global growth and the cause of its collapse. It started with a bust and it ended with an even bigger bust. In between was sandwiched an unsustainable boom. Banks have been humbled. Economists have been found wanting. Geopolitical power began to shift from west to east. That was the noughties that was. It barely seems five minutes ago that policymakers were fretting about the...

THIRUVANANTHAPURAM: The State government is gearing up to launch its own urban employment guarantee programme to provide 100 days of work a year to every poor family living in the Corporation and municipal areas. The thrust of the programme, to be implemented through the local self-government institutions, will be on the services sector and infrastructure development. Official sources told The Hindu here that flexibility would be the hallmark of the programme, which...

The recession was less calamitous than many feared. Its aftermath will be more dangerous than many expect IT HAS become known as the “Great Recession”, the year in which the global economy suffered its deepest slump since the second world war. But an equally apt name would be the “Great Stabilisation”. For 2009 was extraordinary not just for how output fell, but for how a catastrophe was averted. Twelve months ago,...

Government and regulators need to focus on the systemic risk engendered by excessive compensation. As calendar year 2009 draws to a close, it is bonus season for the financial sector in the West. In the last several months, the need to cap bonuses and compensation packages has been extensively discussed in the context of limiting the future impact of the next financial sector breakdown. On December 9, 2009, the UK was...