Buzz In Business

Timothy Geithner, US treasury secretary, made it very clear to the world that US consumers alone cannot support the world economy. He made this statement during his visit to Berlin. While in Berlin, he held talks with German finance minister Wolfgang Schaeuble.

 Greece, Portugal and Spain have seen a massive increase in their borrowing costs. Also other EU members have become cautious after seeing the condition of countries like Greece. Germany despite being Europe’s biggest economy is also following suit.

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The EU commissioner of Economic Affairs Olli Rehn said that the recession in Greece is much greater than expected. According to many, recession in Greece in the year 2010 will be 4% of GDP while in 2011 it will come down to 2.6% of the GDP. The commissioner mentioned that the recession be higher since Greece requires additional reforms worth 2.5% of GDP during the first 2 years of financial adjustment. It is expected that by 2012 end, the Greek economy will start to improve.

Olli Rehn also praised the EU and IMF program and stated that the program will help Greece to stabilize its economy.

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The advance estimate of the 2010 fiscal year growth for India’s economy is around 7.2% though it is believed that the actual number will be higher. Till now, no economist has thought of the growth to be lower than 7.2% and many actually felt it would be near 7.5%. On coming Monday, government will let the world know the growth rate of the fourth quarter which many economists believe to be around 8.7 to 9.3%. In the first 3 quarters, India has seen growth rate of 6.1%, 7.9% and 6% respectively.

Government’s support to the industry allowed the economy to grow at 7.9% in the second quarter. Growth decreased to 6% in third quarter due to the contraction of agriculture production by 2.8% and slipping of community, social and personal services by around 2.2%.

When you think about economic growth analytically, we realize that a country should be looking for balance between economic growth and development.

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In April, the amount lent out in home loans dropped to around £10.2bn, the lowest April figure in 10 years, according to the latest figures from the Council of Mortgage Lenders (CML), published last Friday (21st May).

In March, gross (i.e. regardless of how much people repaid) mortgage lending totalled £11.6bn, but this fell by 12% in April. The last time we saw a lower figure for April was back in 2000, when it stood at £9.3bn; even last year, gross lending reached £10.3bn.

The CML had expected a ‘slight seasonal decline’ because Easter fell in April – and it noted that gross lending still ‘remains broadly in line with our forecast for lending of £150bn for 2010 as a whole’.

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Refinance mortgage solutions are most sought out for financial products by the debtors. A typical refinance mortgage solution will aim at refinancing or renegotiating on the interest part or payment terms that are associated with a mortgaged solution. Most of the refinance mortgage solutions can be sought out from leading financial institutions and bankers in just about no time at all. Refinance mortgage initiatives are often pitched across aggressively in the financial markets so as to promote the lending in the economy and drive through finances. With a refinance mortgage solution, debtors can easily pay off their debt proceeds in a seamless manner without defaulting on the debt portion. One of the most appreciated aspects of refinance mortgage solutions has been its intrinsic ability to provide ample liquidity to one and all. In order to benefit more from a refinance mortgage solution one must be assured of risk factors and assumptions all the time.

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