The United States is heading towards recession with major global slowdown amid financial crisis International Monetary Fund (IMF ) in its latest World Economic Outlook (WEO) predicts.
- World growth will slow amid most dangerous financial shock since 1930s
- No growth in many advanced economies until at least mid-2009
- Global economy expected to stage modest recovery later in 2009
Gasoline prices all over the world is soaring. On average, gasoline prices have increased more than 60 percent in the last two years.
However, the price of gas still remains low in some countries like Venezuela, which has the low gas price of 12.4¢.
High gasoline price can be linked to several things: Increased demand, Tensions with Iran , High demand in China and India.
Billionaire Mukesh Ambani’s Group firm Reliance Petroleum entered the coveted club of the top ten most valued firms in India , with a gain of over Rs 3,800 crore in its market capitalisation that stood at Rs 78,525 crore.
Top Ten most valued firms in India
Principal Scientific Advisor to Union Cabinet Dr R Chidambaram laid the foundation for India’s first power plant using the Integrated Gasification Combined Cycle (IGCC) at Vijayawada Thermal Power Station (VTPS) — which will be the India’s first power plant using IGCC.
India’s inflation rate accelerated to a 13-year high on a recent hike in retail fuel prices and because of an increase in non-food items.
India’s wholesale prices jumped 11.05 percent in the week to June 7, the highest since February 1995. The inflation rate was 8.75% in the previous week. India doesn’t calculate wholesale price inflation on a monthly basis.
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Throughout the 1960s and 1970s there occurred a “Green Revolution” in which scientists, through selective plant breeding, developed highyielding varieties of key food crops, especially wheat, rice, and corn. Relying substantially on these varieties, India for several years in the 1970s was able to feed its population of almost 1 billion, and still have grain left over for export.