Today : Sunday - Sep 21, 2014, 01:28am (GMT+5.5)
All News  
Top News
National News
International News
Business News
Sports News
   » Cricket
   » Football
Entertainment News
Sci - Tech
Politics News
Health & Fitness
Gulf News
::| Latest News
News in Pictures

Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

Huge capital inflows from West hurting us: BRICS

Thursday - Mar 29, 2012, 07:05pm (GMT+5.5)
[+] Text [-]

New Delhi - The world's leading emerging economies Thursday asked for increased global cooperation to stem excessive capital inflows into their respective countries as it could play havoc with commodity prices among other things and affect growth.

"Excessive liquidity from the aggressive policy actions taken by central banks to stabilize their domestic economies have been spilling over into emerging market economies, fostering excessive volatility in capital flows and commodity prices," Brazil, Russia, India, China and South Africa said in a joint declaration after their one-day summit here.

The BRICS countries said the developed economies should look at making structural reforms to raise growth rather than adopt aggressive monetary policies and put global economic stability in jeopardy.

"We believe that it is critical for advanced economies to adopt responsible macroeconomic and financial policies, avoid creating excessive global liquidity and undertake structural reforms to lift growth that create jobs," said the declaration.

The call to restrain huge capital fund flows from western countries came a day after President Dilma Rousseff of Brazil held developed economies responsible for a "monetary tsunami" which was threatening to derail growth of his and other emerging countries.

"We draw attention to the risks of large and volatile cross-border capital flows being faced by the emerging economies," the joint declaration said.

"We call for further international financial regulatory oversight and reform, strengthening policy coordination and financial regulation and supervision cooperation, and promoting the sound development of global financial markets and banking systems."


Rating (Votes: )   

blog comments powered by Disqus

Other Articles:
Leela Charan Dutta, a rising to young Assames entrepreneur (29th Mar, 2012)
Uttarakhand's Chhoti Haldwani region promotes rural tourism through Corbett village body (29th Mar, 2012)
Bathinda refinery to be inaugurated in April (29th Mar, 2012)
Gujarat sugarcane mill owners anticipate bumper production (29th Mar, 2012)
Chinese Vice-Premier Li Keqiang guarantees IPR protection to Apple CEO (29th Mar, 2012)
England lose, Spain held in U-17 Euro qualifiers (29th Mar, 2012)
Facebook IPO set for May: WSJ (29th Mar, 2012)
Dunlop India appeals against liquidator's appointment (29th Mar, 2012)
Sensex languishes in afternoon trade (29th Mar, 2012)
Himachal taps 7,923 MW of hydropower (29th Mar, 2012)
Core industries' growth rises by 6.8 percent (29th Mar, 2012)
GVK bags Asia Deal of the Year award (29th Mar, 2012)
Panacea Biotec commissions anti-cancer unit in Himachal (29th Mar, 2012)
Indian tourism upbeat despite tight budget (29th Mar, 2012)
Goa, where petrol price goes south! (29th Mar, 2012)
China important for US farmers: official (29th Mar, 2012)
US stocks fall (29th Mar, 2012)
Half of US homes own Apple products (29th Mar, 2012)
IITan trio streamline transportation business (29th Mar, 2012)
Goa gold dealers, jewellers call three-day shutdown (29th Mar, 2012)
Record discharge of cargo at Odisha's Dhamra Port (29th Mar, 2012)
Rajasthan's single window law facilitates investment: Minister (29th Mar, 2012)
Srikon announces home-based primary care (29th Mar, 2012)
Conciliation meeting between Ford union, management Thursday (29th Mar, 2012)
BRICS targets $500 bn intra-group trade by 2015 (29th Mar, 2012)

Contact Us | Advertise with Us | Privacy Policy | Disclaimer | Terms of Use