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Nepal And The World News In Brief ( 11 - 17 November 2013)

  2 min 2 sec to read

Gold Falls to 1 Month Low
Gold dropped 1.7 percent on Friday, notching its biggest one-day fall in more than a month, as surprisingly strong US jobs data raised the prospect of Federal Reserve’s tapering of the quantitative easing (QE) . Spot gold was down 1.7 percent at $1,285.06 an ounce. US Comex gold futures for December settled down $23.90 at $1,284.60 an ounce. 
 
France’s Credit Rating Downgraded
Ratings agency Standard and Poor’s cut France’s sovereign credit rating to AA from AA+ on Friday, citing lack of progress in government reforms of the country’s economy. The agency revised the country’s sovereign credit outlook up to stable from negative, however.
 
Growth Pick Up in US Economy
The US economy grew at an annual pace of 2.8% in the third quarter of the year, latest figures have shown.The growth rate was faster than expected, and was an improvement on the 2.5% pace seen in the previous quarter. Growth was lifted by rising exports, businesses restocking shelves and a pick-up in home construction.
 
India Eases Rules for Foreign Banks
India’s central bank has unveiled new rules that will allow foreign banks to expand their presence in the country. Foreign banks will now be allowed to set up “wholly owned subsidiaries” in India, which will enable them to open branches anywhere in the country. The subsidiaries will need a minimum capital of 5bn rupees ($80m). The changes are a part of the push by the central bank’s new governor, Raghuram Rajan, to liberalise the sector as he looks to boost growth.
 
Financial Crisis Hits Happiness Levels
Countries worst hit by the global financial crisis saw their happiness levels fall as a result, a survey has suggested. According to the Organisation for Economic Co-operation and Development (OECD), levels of “life satisfaction” fell sharply between 2007 and 2012 in countries like Greece and Spain. Trust in governments also deteriorated over that time. The OECD said the findings showed the far-reaching impact of the crisis.

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