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EU Commission sticks to US economist pick for senior antitrust job
The European Commission stuck to its guns on Friday, saying it was not reconsidering EU antitrust chief Margrethe Vestager's pick of a U.S. economist to a senior job helping to oversee Big Tech despite criticism from French ministers and EU lawmakers. Key Points
ReutersFrench ministers urge EU's Vestager to reconsider US pick for antitrust post
France's foreign minister and government minister have called EU antitrust chief Margrethe Vestager to reconsider her appointment of a U.S. economist and former antitrust official to a senior job at the European Commission overseeing Big Tech. Key Points
ReutersFestive wave may lift India's industrial growth in coming months
Industrial growth hit a three-month high of 5.7% in July from 3.8% in June. You can't get a better time for manufacturing than now; festival season is followed by elections, with rabi and marriage season, said Madan Sabnavis, chief economist at Bank of Baroda. Key Points
Economic TimesRaghuram Rajan has become a politician, doing 'shadow-boxing on someone's behalf': Ashwini Vaishnaw
Former RBI governor Rajan had accompanied Congress leader Rahul Gandhi briefly in Rajasthan during the nationwide Bharat Jodo Yatra that stretched from Kanyakumari to Kashmir. In between the country-wide march, Gandhi had also interviewed the senior economist. Key Points
Economic TimesManufacturing activity still lower than pre-pandemic levels: Experts
An ET analysis found that 12 of the 22 manufacturing firms captured in the index of industrial production were still operating at lower levels than during the pre-pandemic period. “It is becoming progressively clear that notwithstanding some high volatile growth numbers, it is not broad-based. Deficiency in spending is manifest here,” said Madan Sabnavis, chief economist, Bank of Baroda. Key Points
Economic Times
RBI's rate cut timeline may be pushed to FY25: DBS
Our own expectation is that they aren't going to change anything on the rates front for the rest of this fiscal year, said Radhika Rao, economist at DBS in Singapore. Cuts will mostly take place in March 2024, which will be preceded by a change in stance, and a much more cautious commentary on growth. Key Points
Economic TimesAnalysis: French backlash scuppers appointment of US economist for EU Big Tech regulation
A French-led backlash led to a U.S. economist withdrawing from a top European Union antitrust job on Wednesday, a move some economists said risks undermining competition policy-making. Key Points
ReutersIndia’s economy seen losing speed as rising rates hurt demand
Gross domestic product probably rose 4.7% last quarter from a year ago, according to a median estimate of economists in a Bloomberg survey ahead of data due Tuesday at 5:30 p.m. local time. That will be the slowest quarterly performance since the 4.09% expansion in the three months ended March last year. Key Points
Economic TimesMPC to opt for pause
At its meeting on June 8, the Reserve Bank of India's (RBI) monetary policy committee (MPC) will likely vote to keep its benchmark repo rate unchanged at 6.50%, 14 economists polled by FE said. Key Points
FinancialexpressIndia's low-cost digital platforms project its technological dominance on global front
'DPI' involves a triad of identity, payments and data management. It started with the aptly named Aadhaar, or 'foundation', a biometric digital-identity system rolled out under the former Congress-led government in 2010, which now covers nearly all of India's 1.4 billion people. Key Points
Economic Times
Two top officials explain the 'divergence' behind India's stunning growth numbers
GVA, which is a measure of the total value of goods and services produced in the economy and excludes indirect taxes and subsidies, grew 6.5%, prompting economists to say that GDP data overstated growth trends. Key Points
Business TodayFed to hold interest rates steady but start considering cuts
The Federal Open Market Committee is poised to keep rates in a range of 5.25% to 5.5% at its two-day policy meeting ending Wednesday, a 22-year high first reached in July. The rate decision and accompanying statement will be released at 2 p.m. in Washington. Chair Jerome Powell will hold a press conference 30 minutes later. Key Points
Economic Times'I'm a conservative investor': Ex-RBI Governor Raghuram Rajan reveals what he holds in his portfolio
Raghuram Rajan is currently in India to promote his latest book 'Breaking The Mould'. He has co-authored the book with Rohit Lamba, an economist at Pennsylvania State University. Key Points
Business Today'Baba is totally fine': Amartya Sen's daughter denies reports of her Nobel-winning father's death
Earlier, a fake account of American historian Claudia Goldin announced that Sen had died at the age of 89. However, Sen's daughter said that the economist was fine. Key Points
Business TodayFrance's Macron slams hire of US economist for EU antitrust role
French President Emmanuel Macron on Tuesday criticised EU antitrust chief Margrethe Vestager's decision to hire a U.S. economist over a European to help oversee Big Tech, adding her previous work could lead to conflicts of interest. Key Points
Reuters
Some money may now flow into gold, realty and high-value white goods
Elections to 5 states are scheduled for the end of 2023. There could be some adverse impact on small businesses, which hold high-denomination notes for managing daily transactions, according to Nomura's India Economist, Aurodeep Nandi. Key Points
Economic TimesLand grab issue | Visva-Bharati asks Amartya Sen to show cause why he should not be evicted
The central university has claimed that Mr. Sen is in possession of 1.38 acres of land which is in excess of the entitlement of 1.25 acres. The economist has repeatedly denied the charge. Key Points
The Hindu