Biden’s choice for budget director hits US Senate roadblock

Longtime Democratic operative Neera Tanden drew bipartisan criticism for critical tweets in Trump era President Joe Biden’s nomination of Neera Tanden to head the White House Office of Management and Budget, a key domestic policy role, has run into trouble in the United States Senate. In the evenly divided 50-50 Senate, a combination of Republican […]

Minimum Wage Hike Would Help Poverty but Cost Jobs, Budget Office Says

WASHINGTON — Raising the federal minimum wage to $15 an hour — a proposal included in the package of relief measures being pushed by President Biden — would add $54 billion to the budget deficit over the next decade, the Congressional Budget Office concluded on Monday. Normally, a prediction of increased debt might harm the […]

US Democrats push forward on COVID relief with budget vote

The United States Senate has approved a budget resolution that is a key step towards the fast-track passage of President Joe Biden’s $1.9 trillion coronavirus relief plan without support from Republicans. Vice President Kamala Harris was in the chair early on Friday to cast the tie-breaking vote, her first. Democrats in the chamber applauded after […]

US Congressional Budget Office predicts 4.6% growth in 2021

The non-partisan budget office said its latest forecasts are based on laws passed by January 12 and do not include any executive actions or stimulus proposals from US President Joe Biden. The United States’ economy will grow 4.6 percent in 2021 after contracting 3.5 percent in 2020, powered by a resumption of business activity and […]

Hey big spender: What is the biggest surprise in India’s budget?

In its annual budget unveiled on Monday, India showed it is ready to spend big time to dig its economy out of the COVID-19-induced hole it has fallen into, even if it means racking up more debts to do it. Finance Minister Nirmala Sitharaman announced the government is boosting spending on healthcare, infrastructure and agriculture, […]

Hey big spender: What is the biggest surprise in India’s budget?

In its annual budget unveiled on Monday, India showed it is ready to spend big time to dig its economy out of the COVID-19-induced hole it has fallen into, even if it means racking up more debts to do it. Finance Minister Nirmala Sitharaman announced the government is boosting spending on healthcare, infrastructure and agriculture, […]

In annual budget, India vows to boost spending to revive economy

India to double healthcare spending, increase cap on foreign investment in insurance to boost the industry. India is proposing doubling healthcare spending in an annual budget unveiled on Monday and lifting caps on foreigners investing in its vast insurance market to help revive an economy that suffered its deepest-ever slump as a result of the […]

India budget 2021: Can the government help consumers spend more?

Anurag Katriar used to run a chain of 25 restaurants across India before COVID-19 struck last year. By mid-March 2020, he was forced to close all of them as the country went into one of the world’s strictest lockdowns to control the spread of the virus. Even after the lockdowns began to be eased in […]

Budget deficit fix? Oman readies third bond sale in three months

The largest oil exporter outside of OPEC is selling $3.25bn in debt in three parts. Oman is back in the debt market for the third time in less than three months, taking advantage of investors’ appetite for yield to help plug the Gulf Arab region’s widest budget deficit. The largest oil exporter outside of OPEC […]

Libya’s rival governments discuss unifying 2021 budget

Tripoli-based finance ministry says both sides will work on a final draft for the 2021 budget in the coming days. Officials from Libya’s rival governments met for talks aimed at unifying the national budget, another step forward in efforts to end the years-long conflict in the oil-rich North African nation. A statement by the Tripoli-based […]

Oman looks to borrow $4.2bn in 2021 to cover budget shortfall

Its economy battered by low oil prices and COVID, Oman plans to finance the majority of its budget shortfall in 2021 by borrowing. Oman’s government will finance most of its budget shortfall in 2021 by borrowing to plug a fiscal gap battered by a decline in oil prices and the coronavirus pandemic. The Persian Gulf […]

US government shutdown averted as Trump relents, signs massive budget bill

ISLAMABAD: Pakistan on Sunday said it was “concerned about some negative comments” from Afghanistan about its commitment to the peace process and accusations that it was hosting Taliban leaders on its soil. A video released on social media last week showed the deputy Taliban leader Mullah Abdul Ghani Baradar meeting with purported senior members of the […]

Malaysia PM holds on to power with budget win

COLOMBO: Sri Lanka has set a world record for the highest number of elephant deaths in the world after more than 400 died across the island nation this year. Experts have blamed the phenomenon on a “human-animal conflict” and “inadequate” conservation efforts. “Sri Lanka has recorded the highest number of elephants deaths in the world. This […]

In the red: US deficit up 25% in first two months of budget year

The United States Treasury reported that just two months into the new budget year, the deficit is already $429.3bn. The United States government’s deficit in the first two months of the budget year ran 25.1 percent higher than the same period a year ago as spending to deal with the COVID-19 pandemic soared while tax […]

EU seals deal on massive long-term budget and virus recovery fund

European Union leaders have sealed an agreement on a massive long-term budget and coronavirus recovery package, EU Council President Charles Michel said on Thursday after they overcame objections from Hungary and Poland about a move to tie the use of the bloc’s funds to upholding of the rule of law. The 1.82 trillion-euro ($2.21 trillion) […]

Budget line Ryanair orders 210 Boeing 737 Max jets for comeback

Betting on pent-up demand for travel post-pandemic, the Irish discount airline will use the 737 Max jets it bought to expand service across Europe. Ryanair Holdings Plc has a plan to thunder back from the air-travel slump, grabbing airport space while its weakened rivals are still in retreat. The Irish discount airline will use the […]