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Indian Economy in 2018: After a year of disruption, will 2018 bring consolidation?

Recent indicators of exports, core sector data and the Manufacturing PMI, indicate an economic recovery is underway. Photo: Mint The lingering impact of demonetisation and implementation of the goods and services tax (GST) defined economic discourse in India in 2017. A 30-notch jump up the World Bank’s Ease of Doing Business ranking to 100 among 190 countries and a much-awaited sovereign credit rating upgrade by Moody’s Investors Service confirmed the reform credentials of the Narendra Modi government like nothing else…

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Budget 2018: Fiscal prudence must

Quick-fixes may provide temporary relief, but cannot resolve underlying structural problems in several sectors. By Barendra Kumar Bhoi The adverse effects of two consecutive shocks—demonetisation and goods and services tax (GST)—have receded. The real economy is poised for a convincing recovery from the third quarter of FY18. Nevertheless, headwinds are clearly visible on several fronts. International prices of crude oil continue to remain elevated, around $65 per barrel, which is the biggest risk to India’s balance of payments as well as…

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Running Tight Fiscal Ships

Alexandria — Recently released Comprehensive Annual Financial Reports (CAFRs) show that the city government and public school system maintained their long-term trend of fiscal soundness in FY17. The city’s CAFR explains that it serves “to present fairly the [reporting entity’s] financial position,” adhering “to the principle of full disclosure so that the reader may gain the maximum understanding of the [reporting entity’s] financial affairs.” It serves as a kind of counterpart to the budget; whereas the budget looks to the…

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Credit rating agencies under Securities and Exchange Commission oversight show improved compliance

(HedgeCo.Net) Credit rating agencies under Securities and Exchange Commission oversight show improved compliance, increased information technology resources, and continued competition, according to two SEC staff reports released today on nationally recognized statistical rating organizations (NRSROs). “NRSROs are continuing to display a greater awareness of their obligations as regulated entities,” said Jessica S. Kane, Acting Director of the SEC’s Office of Credit Ratings. “The staff will continue to engage with the firms and monitor potential risks to promote compliance, strengthen governance,…

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UPDATE 1-Ireland kick off 2018 euro funding with 10-year bond – Macroeconomic News

* Indications of interest from investors top 10 bln euros * Price guidance implies yield of 0.962 percent (Adds guidance, indications of interest) DUBLIN, Jan 3 (Reuters/IFR) – Ireland moved on Wednesday to kick off its annual funding drive with a new 10-year bond in a syndicated sale a source said would likely raise between 3 and 4 billion euros, covering around a quarter of its issuance target for 2018. The first euro zone sovereign out of the traps this…

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Springfield aldermen set minimum fund balance – News – The State Journal-Register

Crystal Thomas Staff Writer @crystalclear224 The Springfield City Council voted 6-3 Tuesday to set a minimum amount for the city’s fund balance in hopes that a credit-rating agency would look kindly on the act. Last year, Moody’s Investors Service knocked down the city’s general fund credit rating two notches, though it is still four notches higher than “junk bond” status. Mayor Jim Langfelder informed aldermen the city had its annual surveillance call from Moody’s Tuesday and would most likely get…

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Blackstone Grossly Undervalued, But It’s Been For A While – The Blackstone Group L.P. (NYSE:BX)

Blackstone has continued to dramatically increase its profitability across a variety of asset management and credit products as well as real estate and private equity investments in the recent year. Despite this, Blackstone’s valuation has remained sunken ever its collapse from its extraordinary high in mid-2015 and then almost immediate collapse. Despite a roaring bull market and growing value across a broad range of alternative investment asset classes that has bolstered many other asset management and private equity companies, it…

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Crisis at Steinhoff deepens as accounting probe extends

The South African owner of Poundland has said that it may have to restate more historic accounts as an accounting scandal at the company deepens. Steinhoff, which also owns Harvey’s and Bensons for Beds, was plunged into crisis last month after revelations of accounting irregularities linked to its 2016 accounts. Yesterday the firm said although an internal investigation is ongoing, the restatement of the financial statements “for years prior to 2015 is likely to be required”, adding that the 2016…

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Oman 2018 state budget lifts spending

DUBAI: Oman’s state budget for 2018, approved by ruler Sultan Qaboos on Monday, boosts spending at the expense of running a large deficit, despite increasing concern among credit rating agencies about the health of the country’s finances.The budget projects spending of 12.5 billion rials ($32.5 billion) this year, up from 11.7 billion in the original budget for 2017, local media quoted a Finance Ministry statement as saying.Revenue is projected at 9.5 billion rials, up from 8.7 billion in the 2017…

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Ireland up in global economic table – but Asia on the rise

China – aided by cities such as Hong Kong, pictured – is likely to overtake the United States as the world’s top economy in 2032 Ireland up in global economic table – but Asia on the rise Ireland has risen two places in a global economic ranking, but is expected to fall over the next decade as Asian economies leapfrog those in the west. Email Ireland has risen two places in a global economic ranking, but is…

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St. Paul’s XL Feet has found traction selling large-sized footwear

Adrian Coulter, owner of XL Feet of St. Paul, has trod fresh ground to provide shoes for men with big feet. Coulter, 34, has survived the precarious first several years in which most small businesses fail. The entrepreneur is one of the thousands of minority business owners who are putting out a shingle at a much faster rate than the overall market. But minority-owned businesses also have a high failure rate, due to low capital, difficulty securing credit, limited business…

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Why Enbridge Inc Is a Retiree’s Dream Stock | Business Markets and Stocks News

Retirement is when most of us hope to realize our dreams. Maybe that’s a trip around the world or spending more time with a favorite hobby or the grandkids. No matter the retirement dream, it’s easier to make it a reality by having a steady income stream. One of the ways to have that financial freedom in retirement is by owning a portfolio of solid dividend-paying stocks. While plenty of stocks fit the bill, an excellent one to consider owning…

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Parish president touts association with the APC | Local News Stories

Iberia Parish President M. Larry Richard said Iberia Parish Government’s participation in the Acadiana Planning Commission is paying off in much-needed infrastructure projects.  “We are faced with some tough economic times, but we are making progress,” Richard said. “One example of progress is the Lewis Street/Admiral Doyle Intersection Project. This project, which has a $2.2 million price tag with a 20 percent total match, will cost the parish approximately $440,000.” The majority of the project is slated to be funded…

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What the Indian economy in 2017 can tell us about the year ahead

Image copyright Getty Images Image caption Narendra Modi came to power in 2014 Indian prime minister Narendra Modi faced his toughest year on the economic front in 2017. The BBC’s Sameer Hashmi looks back at the year’s key economic moments to predict what 2018 might look like. Only a year ago it seemed like India was on track to become an important engine of growth for the global economy. It was the fastest growing economy in the world in 2016,…

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USA Today names Minnesota best-run state | Business

Minnesota is the best-run state in the nation, according to a new study from USA Today. The study cites Minnesota’s strong fiscal management, low unemployment and poverty rates, above-average median household income, and the state’s nearly perfect credit rating. Since ranking 10th in 2012, Minnesota has consistently climbed in the rankings under the same study, including ranking second last year. “This Administration has worked hard to make state government work better for the people of Minnesota, and we are not…

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