Saudi Arabia is the world’s leading petroleum exporter. Oil accounts for more than 90 percent of exports and nearly 75 percent of government revenues. Oil has provided Saudi Arabia with economic prosperity and a great deal of leverage in the international community.
On Tuesday June/24/2008 Reserve Bank of India (RBI) increased the repo rate to 8.75 per cent — a six-year high — from 8.25 per cent, and CRR to 8.75 per cent from 8.25 per cent.
The U.S. economy shed 80,000 jobs in March 2008, the U.S. Labor Department announced Friday — the unemployment rate rose to the highest level since September 2005, pointing to an economy that may already be in a recession.
The unemployment rate rose from 4.8 to 5.1 percent in March according to the Department of Labor reports.
Growth of Asia’s developing economies will slow in 2008 to the weakest level in five years, but it need to tackle inflationary pressures ,the Asian Development Bank said Wednesday in its annual economic outlook.
ADB annual economic outlook projected Indian economic growth to moderate 8 % this fiscal from 8.7 % in 2007-08 and economy will rebound to 8.5 % growth rate during 2009-10.
Indian entertainment and media (E&M) industry will touch $27 billion by 2011 at an annual growth rate of 16.7 %.
According to the report by Federation of Indian Chambers of Commerce and Industry of India (FICCI) and PricewaterhouseCoopers (PWC) Indian Entertainment industry will grow faster than its counterparts in Brazil, Russia and China (BRIC countries)
US stock markets recovered on Tuesday as the Federal Reserve slashed its main interest rate by 75 basis points – move made to reactivate the US economy.
Dow Jones Industrial Average rallied 420.41 points to close at 12,392.66, marking its biggest one-day point gain since July 2002.