16 October 2019 top news of the day

Breaking news by Political Thought
US –China trade war to drag down global growth: IMF

The trade war between the United States and china will drag the global economy down with the gloomiest growth forecast for 2019 and 2020 since the financial crisis, warned the International Monetary Fund.

Prediction estimated the world economy will grow by only 3 percent in 2019 picking up to 3.4%  by 2020, a considerable from 2017’s 3.8% growth.

“The subdued growth is a consequence of rising trade barriers, elevated uncertainty surrounding trade and geopolitics, idiosyncratic factors causing macroeconomics starin in several emerging market economies, and structural factors, such as low productivity growth Gita Gopinath, said while presenting the Global Economic Outlook report on Tuesday, Efe news reported.

Read full report US –China trade war to drag down global growth: IMF

US dollar declines against British pounds amid Brexit optimism

The US dollar declined against the British pound after news reports showed Britain and European Union (EU) negotiators are closing in on a draft Brexit deal.

EU officials were cited by Bloomberg as saying that there could be a breakthrough before the end of Tuesday, Xinhua news reported.

The dollar index, which measure the greenback against six major peers, decreased 0.16% at 98.2867 in last trading.

In the New York trading, the euro was up to US $1.1034 from US $1.1031 in the previous session, and the British pound increased to US $ 1.2781 from US $1.2576 in the session.

ED official reach Tihar Jail to meet Chidambaram

Enforcement Directorate (ED) officials reach Tihar Jail to interrogate Congress leader P Chidambaram.

Yesterday, a special court had allowed 3 ED officials to interrogate P Chidambaram in INX media money laundering case. Currently, he is in judicial custody in INX CBI case.

India Halved its Poverty rate since 1990s: World Bank

India has halved its poverty rate since the 1990s and achieved a seven-plus growth rate over the last 15 years, the World Bank said on Tuesday . India is both critical to the success of global development efforts. Including eliminating extreme poverty, and as an influential leader for global goods such as addressing climate change, the bank said ahead of the annual meeting between it and the International Monetary Fund.

The country has achieved annual growth exceeding 7%  over  the last 15 years, halved its poverty rate since 1990s, and enjoyed strong improvements in most human development outcomes, the World Bank said.

Noting that India’s growth is expected to continue and elimination of extreme poverty in the decade is within reach, it said at the same time, the country’s development trajectory nonetheless faces considerable challenges.

Government makes amendment in import policy of national flag

Government of India makes amendment in the import policy of Indian National Flag, Prohibits the import of national flag not adhering to the specification prescribed in the Flag Code of India, 2002.

Indian Army inducts American artillery ammunition in its inventory

Indian Army inducted American precision-guided Excalibur artillery ammunition in its inventory, it can hit targets at extended ranges. Ammunition was acquires under fast track procedures by Army. Army commander’s conference was briefed about ammunition’s induction.      Read more..

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