2. Asian growth led by India and Chinato aid global recovery: IMF The International Monetary Fund (IMF) said it expects economic growth in Asia, led by India and China, to continue pushing the global recovery. The IMF Director for Asia and Pacific, Anoop Singh told that they expect Asia to continue leading the global recovery and to grow by eight percent in 2010, before moderating to a more sustainable rate of about 7 percent in 2011. Singh said that for sustaining robust growth over the medium term, Asia will require continuous progress in re-balancing growth toward domestic demand. Source: www.economicstimes.indiatimes.com
3. EU fines ArcelorMittal, 16 others for cartelisation The European Commission has slapped a fine of over 458 million Euros on the world's largest steelmaker ArcelorMittal and 16 others for operating a price-fixing cartel for nearly two decades. ArcelorMittal was imposed the largest individual fine -- over 230 million euro. Besides, the Commission increased the fines for ArcelorMittal Fontaine and ArcelorMittal Wire France by 60 per cent because they had already been fined twice for cartels in the steel sector.
4. IMF head takes currency war threat 'very seriously': report International Monetary Fund head Dominique Strauss-Kahn said on Thursday that he took the threat of a currency war "very seriously" and would do all he could to prevent one, in an interview with Le Monde newspaper. "I take very seriously the threat of a currency war, even if it just a latent (threat)," Strauss-Kahn told the daily just ahead of the annual IMF meeting in Washington which opens on Friday. "We have to prevent it; the IMF will put forward proposals to that end," he added A competitive series of undercutting devaluations could mean a repeat of the 'beggar-thy-neighbour' policies of the 1930s which made the Great Depression so devastating. A key bone of contention is China, which the United States and Europe say keeps its currency deliberately undervalued to bolster its exports at their expense. Source: www.economicstimes.indiatimes.com
