International Economy - Current Affairs for August, 2015

International Economy Current Affairs for August, 2015

Month wise coverage of International Economy Current Affairs helps you improve your general knowledge and prepare for all competitive exams like IBPS, Bank PO, SBI PO, RRB, RBI, LIC, Specialist Officer, Clerk, SSC, UPSC, Railway etc. This section is updated daily with the most important events.

Preparing International Economy Current Affairs August, 2015

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▼ US extends anti dumping duties on Indian preserved mushrooms   [08-2-15]

'Preserved mushrooms' refer to mushrooms that have been prepared or preserved by cleaning, blanching, and sometimes slicing and cutting. Mushrooms are very nutritious, rich in proteins, fibre and have folic acid content that is uncommon in vegetables and amino acids which are usually absent in cereals. An official in Delhi has confirmed that the US International Trade Commission has extended the restrictive duty on the Indian commodity for five years.

The move is likely to impact domestic exporters as the US is a major export destination for India. In 2014-15, India exported mushrooms worth 16.08 million dollars and during April-May this fiscal the exports aggregated at 1.63 million dollars.

▼ Mexicans the largest group to enter US   [08-2-15]

Mexicans still dominate the overall composition of immigrants in the US, accounting for more than a quarter of the foreign-born people. But of the 1.2 million newly arrived immigrants in the US, legally and illegally counted in the 2013 census, China led with one lakh and 47 thousand, followed by India with one lakh and 29 thousand and Mexico with 125,000.

Immigrants from China and India have overtaken Mexicans as the largest groups coming into the United States. The shift has been building for more than a decade and experts say it's bringing more highly skilled immigrants in the US.

▼ India, US sign agreement to facilitate tax compliance   [08-2-15]

In regard to this, RBI has asked all banks and financial institutions to be prepared for the implementation of Foreign Account Tax Compliance Act – FATCA. RBI has said that non-compliance of the rules can lead to huge penalties in addition to loss of reputation.

▼ US economy grows by 3.7% in April-June 2015   [08-2-15]

On 27th Aug’15 the Commerce Department revised sharply upward its estimate of economic growth in the second quarter to a healthy annual pace of 3.7 percent, from an initial estimate of 2.3 percent.

▼ Bilateral Investment Treaty Draft prepared   [08-1-15]

The Law Commission has also suggested inclusion of the most favoured nation in the model treaty. It further recommended that the government procurement should not be excluded from the treaty protection. The Commission also said it is not necessary to exclude taxation from the purview of the treaty as "power to tax is an integral part of the State's police powers in international law. This power exists independent of a treaty, unless the tax itself is arbitrarily imposed to destroy the State's regulatory freedom".

▼ Steps adopted by China to cope with economic downturn   [08-1-15]

China's central bank has cut interest rates and lowered the amount its reserve banks must hold. People's Bank of China cut its key lending rate by 0.25 percentage points to 4.6 percent, an effort to calm stock markets. It is the fifth interest rate cut since November and will come into effect from 26th Aug’15. This move has boosted global share prices further, however, US stocks ended in descent after initials gains. London's FTSE 100 jumped 3 per cent, while Germany's Dax gained 5 percent and the Paris Cac rose by 4.1 percent.

▼ BSE Sensex falls by steep margin   [08-1-15]

Global bourses crashed on 24th Aug’15 following weeks of reports regarding China’s low economic growth as its consumption story further faltered. This fall was the biggest since 21 January 2008 when the Sensex crashed by 2,062.2 points.

▼ Global oil prices sink to 6 year low in August 2015   [08-31-15]

The price of oil in the U.S. slipped below $40 a barrel for the first time since 2009 amid a growing consensus that cheap crude is here to stay.

▼ Argentina to return 4000 artifacts to Ecuador and Columbia   [08-31-15]

President Cristina Fernandez de Kirchner said the pieces had been stolen and should be returned to their rightful owners. Ms Fernandez urged other countries to follow the example. The announcement was made during a ceremony in Buenos Aires, in the presence of the Ecuadorean and Peruvian ambassadors.

▼ Seychelles and India sign tax agreement   [08-31-15]

The cabinet has approved the signing and ratification agreement between India and Seychelles for exchange of information with respect to taxes. The Agreement will stimulate the flow of exchange of information between India and Seychelles for tax purposes, which will help curb tax evasion and tax avoidance. The Union Cabinet also gave its approval for the signing of the revised Air Services Agreement (ASA) between India and Seychelles to modernize and update the existing ASA signed in 1978.

▼ Bangladesh India FICN agreement signed   [08-31-15]

The MoU was signed during a maiden meeting of the Joint Task Force on Fake Currency Notes (JTFFC) in Dhaka.

▼ China sends shockwaves through economy with yuan devaluation   [08-28-15]

The People’s Bank of China said the centre of the yuan’s trading band was reset 1.9% lower at 6.2298 per US dollar, its weakest point against the US dollar for almost three years.

▼ Egypt unveils expanded Suez canal   [08-27-15]

The project being carried out at a cost of 8.5 billion dollars extension of the waterway is funded entirely by Egypt without foreign aid. The extension involved digging and dredging along 72 kilometers of the 193 kilometer canal, making a parallel waterway at its middle that will facilitate two way traffic accommodating the world's largest ships.

▼ India and Mozambique sign agreement for energy cooperation   [08-27-15]

Mozambique is a large and proximate source of natural gas, coal and other minerals to meet India’s energy security. India and Mozambique share a history of profitable trade relations. Both nations' bilateral trade in 2014-15 values at 2.4 billion dollars. Trade between the two countries has multiplied five times in the last five years.

▼ China detains 127 banking officials for corruption   [08-27-15]

They were accused of bribery, embezzlement, illegal lending and other illicit acts. China's massive anti-corruption campaign has led to thousands of arrests and convictions on graft charges so far.