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World Bank cuts 2016 global growth forecast
Washington : The World Bank has cut the global growth forecast for 2016 to 2.9 percent, saying that weak growth among major emerging markets will weigh on the global scenario during the year.
 
In its Global Economic Prospects Report issued on Wednesday, the Washington-based institution expected the world economy to grow 2.9 percent in 2016, 0.4 percentage points lower than the bank's forecast in June 2015, but higher than the estimated 2.4 percent growth in 2015, Xinhua news agency reported.
 
Developing economies are forecast to expand by 4.8 percent in 2016, less than expected earlier but up from a post-crisis low of 4.3 percent in the year just ended; advanced economies are expected to grow 2.1 percent this year, also lower than its June forest but up from the estimated 1.6 percent increase in 2015.
 
"The January Global Economic Prospects tells us that if 2015 was a disappointing year for the world economy, 2016 is the risky year," said Kaushik Basu, World Bank Group vice president and chief economist, at a media briefing. 
 
"The global economy, in particular the emerging economies could hit a road bump."
 
Downside risks, including slower growth, financial stress around the US Federal Reserve tightening cycle, weak commodities prices, and heightened geopolitical tensions, have become increasingly centred on emerging and developing countries, said the report.
 
The emerging economies seem to be coming apart, with Brazil and Russia expected to remain in recession in 2016, while China and India forecasted to grow around 7 percent. 
 
China is forecasted to grow 6.7 percent in 2016 and 6.5 percent in 2017, lower than the estimated 6.9 percent growth in 2015.
 
In 2016, the global growth, the emerging market growth in particular, will depend on continued momentum in high income countries, the stabilisation of commodity prices, and China's gradual transition toward a more consumption and services-based growth model. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Call drops due to telecos' lack of investment in network infrastructure: TRAI
New Delhi : The Telecom Regulatory Authority of India (TRAI) on Wednesday told the Delhi High Court that call drops are a likely result of "lack of investment" by telecom companies in network infrastructure like mobile towers.
 
A division bench of Chief Justice G. Rohini and Justice Jayant Nath was told that the petitioners (telecom firms) "have failed to keep the investments commensurate with the pace of increase in usage and the growth in number of subscribers being added by them"
 
The court was hearing a plea of telecom operators for a stay on TRAI's compensation policy for call drops, under which a rupee will be credited to the mobile users' account for every call drop (restricted to three per day) starting January 1, 2016.
 
Companies had termed TRAI's October 16 order as contradictory and destructive and sought its quashing.
 
TRAI refuted the claim of the telecom firms that they would incur huge losses if the compensation rule was implemented
 
"The total financial implication on service providers was likely to be not more than Rs.800 crore per annum" which would be 0.75 per cent of their Adjusted Gross Revenue of Rs.1,38,566 crores for the year 2014-15, it said.
 
"The investment made in the infrastructure (other than radio spectrum) in wireless access service segment rose by only 4.6 percent from Rs.2,02,399 crore in the financial year 2012-2013 to Rs.2,11,691 crore in the financial y ear 2013-2014," the affidavit said.
 
"During this period the minutes of usage (MOU) grew by 6.8 percent and the data usage grew by more than 100 percent. Clearly, the investment has not kept pace with the usage," it added.
 
TRAI said it cannot permit telecom firms to "ignore the quality of service of voice calls, which continues to be the primary service for the telecom consumers".
 
It also said in its affidavit that the telcos have to compensate a consumer only when the call originates from its network and is dropped within its network.
 
The court would hear the case on January 7.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Mufti Muhammad Sayeed, J&K CM, is dead
New Delhi/Srinagar : Jammu and Kashmir Chief Minister Mufti Muhammad Sayeed passed away here on Thursday, 14 days after he was hospitalised, hospital and family sources said.
 
The All India Institute of Medical Sciences (AIIMS) said he breathed his last at 9.10 a.m. 
 
"We tried to revive him but failed to," an AIIMS spokesperson told IANS.
 
Family sources in Srinagar toLd IANS that the death occurred due to multiple organ failure.
 
"Unfortunately, Mufti saab has expired," a close aid, Waheed-Ur-Rehman Parra, told IANS in New Delhi.
 
A family member added that the doctors' best efforts could not save Sayeed, who was brought to AIIMS on December 24 and put on ventilator three days back.
 
Sayeed, who first served as Jammu and Kashmir chief minister in 2002-05, took oath of office in alliance with the BJP this time on March 1 last year.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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