The world economy may have turned around from one of the worst economic recessions that left it scarred in 2009 but things still look far from being radiant as global unemployment remains at a record high for the third consecutive year. If Global Employment Trends 2011, published by International Labour Organisation, is anything to go by, then low job creation remains a major stumbling block in the global economic recovery....
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IMF warns of terror finance
The International Monetary Fund has warned that India faces a range of “money laundering and terrorist financing risks” and remains a “significant” target of militant groups. In a report, the IMF appreciated New Delhi’s efforts to tackle the twin problems but raised concerns over the absence of convictions for money laundering. The report drawn on July 2010 was released on Monday. “As a leader among the emerging economies in Asia with a strongly...
More »Global Food Prices in 2011 Face Perilous Rise by John Foley
Food prices globally are rising to dangerous levels. There is talk of a coming crisis, like the ones that produced riots around the world in 2008 and 1974. Many of the ingredients of a disaster are present, but governments can stop the problem before it causes too much damage. A warning sign is the price of traded staples like wheat, corn and rice. Prices shot up in 2010, soaring 26...
More »Illegal financial flows: the great drain robbery by P Sainath
India has lost nearly a half-trillion dollars in illegal financial flows out of the country, says a new study by Global Financial Integrity. India is losing nearly Rs.240 crore every 24 hours, on average, in illegal financial flows out of the country. The nation lost $213 billion (roughly Rs.9.7 lakh crore) in illegal capital flight between 1948 and 2008. However, over $125 billion (Rs.5.7 lakh crore) of that was lost in...
More »Economist Arjun Sengupta cremated
The body of Arjun K. Sengupta, a developmental economist of repute and Rajya Sabha member from West Bengal, was cremated at the Lodhi Crematorium here on Monday. He was 73. Dr. Sengupta, who died on Sunday evening at the All-India Institute of Medical Sciences after a brief illness, is survived by his wife Jayshree and daughter Madhura. Born in Kolkata on June 10, 1937, Dr. Sengupta finished high school at the Mitra...
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