NEW DELHI - India's new government pledged on Friday to pursue a low, stable and simple tax regime as it looks to win back investor confidence and spur economic activity, both of which have nosedived due to mounting tax disputes.
GENEVA - India blocked an agreement on new global customs rules on Thursday, angering fellow members of the World Trade Organization who say Delhi's veto could be costly, economically and politically.
RIO DE JANEIRO/BRASILIA - Brazil's central bank on Friday announced measures to inject as much as 45 billion reais ($20 billion) in credit into the country's ailing economy, which is weighed down by the highest borrowing costs in nearly three years.
NEW YORK/BUENOS AIRES - Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors on Friday in talks that lasted just an hour, suggesting a settlement to avoid a default next week remains elusive.
WASHINGTON/MEXICO CITY - The International Monetary Fund on Thursday chopped its 2014 forecast for global economic growth to take into account weakness early in the year in the United States and China, the world's two biggest economies.
- India's foreign exchange reserves rose to $317.85 billion as of July 18, compared with $317.04 billion in the week earlier, the Reserve Bank of India said on Friday.
NEW DELHI - Software engineer Sanjay Bhatnagar used to watch a new Bollywood movie every week with his family, but now goes to the cinema once a month as spiralling costs of food and other staples eat into his budget for non-essentials.
- China's factory activity expanded at its fastest in 18 months in July as new orders surged while the euro zone's private sector also perked up, suggesting the global economy started the second half of 2014 on a solid footing.
WASHINGTON - The number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 8-1/2 years last week, suggesting the labor market recovery was gaining traction.
BANGALORE - The outlook for emerging Asia has dimmed further this year on weak demand for exports, although growth in India is expected to accelerate into 2015 even as China is held back in part by a slowing property market, Reuters polls showed.
NEW DELHI/GENEVA - India threatened on Friday to block a worldwide reform of custom rules, which some estimates say could add $1 trillion to the global economy and create 21 million jobs, prompting a U.S. warning that its demands could kill global trade reform efforts.
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