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India saw 86 percent of its money disappear overnight, taking that into account, our economy is shockingly pliant. 
 India's <keyword id="6354971" type="PERSON" weightage="20" keywordseo="Gross-Domestic-Product">Gross Domestic Product</keyword> (GDP) developed at a rate of 7% in the October-December quarter of the fiscal year 2016-17 subsequent to calculating the note ban impact. <keyword id="44910" type="UNKNOWN" weightage="20" keywordseo="GDP-growth">GDP growth</keyword> was 7.3 percent in the previous quarter. 
 Chief Economic Adviser <keyword id="6355547" type="PERSON" weightage="20" keywordseo="Arvind-Subramanian">Arvind Subramanian</keyword> last month said the official GDP figures may not completely reflect the "real and significant hardships" experienced by the informal sector, in which an expected nine out of 10 Indian workers are employed. 
 
But the pain, according to Centre, will be short-lived. 
 Earlier, Paris-based think tank <keyword id="6356984" type="ORGANIZATION" weightage="20" keywordseo="OECD">OECD</keyword> today cut India's growth forecast to 7 per cent for 2016-17 in view of <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, but said the pace will accelerate to 7.3 per cent in the next fiscal. 
 
The Organisation for Economic Cooperation and Development (OECD) had in February last year projected the country's economy to expand at 7.4 per cent in 2016-17. "India has been a star performer in gloomy times. We do not have many cases of 7 per cent growth... It is a top reformer among all the G-20 countries," said OECD Secretary-General <keyword id="151705" type="PERSON" weightage="20" keywordseo="Angel-Gurria">Angel Gurria</keyword>. 
 
The association estimates the country's economic growth to rise further to 7.7 percent in 2018-19.

GDP growth outplays 'Demonetisation' worry, 7% growth in Q3

The global gross domestic product (<keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword>) will grow at 5.6 per cent this year if <keyword id="10901023" type="UNKNOWN" weightage="20" keywordseo="covid-19-vaccination-rollouts">Covid-19 vaccination rollouts</keyword> are fast and effective enough across the <keyword id="6354507" type="UNKNOWN" weightage="20" keywordseo="World">world</keyword>, the Paris-based Organization for Economic Cooperation and Development (OECD) said. World output is expected to reach pre-pandemic levels by mid-2021 and the global economy is expected to grow by 4 per cent in 2022 after seeing 5.6 per cent growth in 2021, the OECD said in its latest Interim Economic Outlook issued on Tuesday. The OECD projected the US economy to grow at 6.5 per cent in 2021 thanks to "<keyword id="10901022" type="UNKNOWN" weightage="20" keywordseo="significant-fiscal-stimulus">significant fiscal stimulus</keyword> along with faster vaccination", reporters said. It forecast that GDP will rise 3.9 per cent in the euro area, "where the level of fiscal stimulus is lower and vaccine rollout slower". Prospects are brighter in the Asia-Pacific region where several countries have effectively contained the virus and industrial activity has regained dynamism, the OECD said. "In China, the GDP growth is projected to be 7.8 per cent this year; in Japan 2.7 percent; in Korea 3.3 per cent; and in Australia 4.5 per cent. "The recovery is likely to be more moderate in the emerging market economies of Latin America and Africa amid a resurgence of the virus, slow vaccine deployment and limited scope for additional policy support," it added. "Speed is of the essence," said OECD Secretary-General Angel Gurria. "Vaccines must be deployed faster and globally. This will require better international co-operation and co-ordination than we have seen up to now." OECD Chief Economist Laurence Boone said vaccination programs and stimulus measures should work hand in hand. "Widespread vaccination of the adult population is the best economic policy available today to get our economies and employment growing again," she said. "If we don't get enough people vaccinated quickly enough to allow restrictions to be lifted, the recovery will be slower and we will undermine the benefits of fiscal stimulus." SEE ALSO: <a href="https://www.businessinsider.in/tech/news/checkout-review-of-oppo-fitness-band-related-to-design-performance-price-and-battery-life/articleshow/81423414.cms">Oppo Band Style review – getting the basics right with a twist of flair</a> <a href="https://www.businessinsider.in/international/news/narendra-modi-joe-biden-yoshihide-suga-and-scott-morrison-are-set-to-meet-for-the-first-ever-quad-leaders-summit-on-march-12/articleshow/81424117.cms">The first-ever leaders summit of the QUAD may be another signal that it's ready for something more formal</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-share-allotment-status-of-mtar-technologies-ipo/articleshow/81424102.cms">MTAR Technologies IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/tech/enterprise/news/tcs-cfo-explains-how-the-role-of-a-finance-head-has-been-changed-by-the-pandemic/articleshow/81423884.cms">EXCLUSIVE: TCS CFO explains how the role of a finance head has been changed by the pandemic</a>

World GDP to grow 5.6% if COVID-19 vaccine rollout fast and effective across the world, says OECD

<ul><li>Corporate debt volumes hit an all-time high in 2019, according to a report from the OECD.</li><li>That's as credit quality and investor protections deteriorated, the report says.</li><li>It's the latest set of data on a market where concern has already been percolating.</li><li><a href="https://markets.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Visit the Markets Insider homepage for more stories.</a></li></ul>There's more corporate debt in the economy than ever before, and its quality is deteriorated. That could spell risk for the global economy.Corporate debt hit a record $13.5 trillion at the end of 2019, the Organisation for Economic Co-operation and Development said in a Tuesday <a href="http://www.oecd.org/corporate/ca/Corporate-Bond-Market-Trends-Emerging-Risks-Monetary-Policy.pdf">report</a>. More of that debt is long-dated, with low credit quality, large payback requirements and few investor protections, the OECD said in a <a href="http://www.oecd.org/corporate/corporate-bond-debt-continues-to-pile-up.htm">statement</a>. "This may amplify the negative effects that an economic downturn would have on the non-financial corporate sector and the overall economy," the organization wrote.It's the latest sign of concern in a market where worry has already been percolating. In a survey released Tuesday, Bank of America found that global asset managers ranked a bond bubble pop as the second biggest tail risk facing markets, behind only the US presidential election. Forty-two percent of asset managers wanted companies to improve their balance sheets, the report found. Of the overall debt pile, $2.1 trillion was new debt that non-financial companies borrowed in 2019, the report found. Fifty-one percent of investment-grade issuances that year were rated BBB, the lowest possible investment-grade rating, according to the report. Meanwhile, a larger share of debt is being issued at junk-bond status: 25% of non-financial corporate issuances in 2019 were not investment grade - 20% or more of all debt issuances from 2010 onward have been junk bonds, according to the report.Junk bond issuances have not sustained levels like that since the 1980s, the OECD said.At the root of debt dynamics like these is the reintroduction of soft monetary policy at the start of 2019, the OECD said. European and American investors began 2019 widely expecting policy tightening, but both central banks reversed course that year to pursue looser monetary conditions instead, citing growth and inflation concerns, respectively.The result is that firms across every investment-grade rating are more levered than they were 10 years ago, the OECD said. But if interest rates turn back upward, or if economies dip down, the conditions that allowed corporate debt to continue as it is will be upended, and defaults could tick up, the OECD said. Repayment and refinancing rates have already notched up: By the end of last year, companies were locked in to repay or refinance 32.4% of the outstanding amount of corporate bonds, at a record price tag of $4.4 trillion of debt, within three years, according to the statement."The high levels of leverage in the corporate sector now make it essential to put in place reforms," OECD Secretary-General Angel Gurria said in the statement.

Companies are racked with loads of low-quality debt - and one economic coalition warns it will make the next meltdown even worse

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/">REUTERS/Murad Sezer</a>OECD Secretary General Angel Gurria.</div></div></div>A top official at the Organisation for Economic Cooperation and Development (OECD) says the effects of Britain leaving the EU would be akin to a "tax" on British citizens.<a href="http://www.oecd.org/economy/to-brexit-or-not-to-brexit-a-taxing-decision.htm">In a speech at the London School of Economics on Wednesday,</a> Secretary General Angel Gurria said: "Brexit would, rather like a tax, hit the wellbeing and the pockets of <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> citizens."Unlike most taxes, however, this one will not finance the provision of public services or close the fiscal gap. The "Brexit tax" would be a pure deadweight loss, a cost incurred with no economic benefit. And this tax would not be a one-off levy. Britons would be paying it for many years."The OECD is the latest in a growing line of major international institutions and figures putting their weight behind Britain remaining in the EU.Earlier this month, the IMF said that <a href="http://uk.businessinsider.com/international-monetary-fund-on-brexit-and-the-global-economy-2016-4">Brexit could cause </a><a href="http://uk.businessinsider.com/international-monetary-fund-on-brexit-and-the-global-economy-2016-4">"severe regional and global damage"</a> while last week, President Obama argued that the "UK is at its best when it's helping to lead a strong European Union. It leverages UK power to be part of the EU. I don't think the EU moderates British influence in the world, it magnifies it."Secretary General Gurria spoke alongside the launch of a <a href="http://www.oecd.org/economy/The-Economic-consequences-of-Brexit-27-april-2016.pdf">new OECD report, titled "The Economic Consequences of Brexit: A Taxing Decision"</a> - which looks into the effects that could come if Britain were to choose to vote to leave the EU.The report is a 35-page monster, filled with economic analysis and a whole heap of charts focusing on everything from trade impacts of Brexit, to how it would affect corporate bonds, and how GDP growth might react.Here are some of the most important charts from the OECD's report - showing, it says, the benefits of Britain being in the EU, and the risks of Brexit - as well as analysis from the OECD.

OECD: Brexit would be 'like a tax' on British people

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCIHRCDSU&amp;SMLS=1&amp;RW=1432&amp;RH=717#/SearchResult&amp;VBID=2C0FCIHRCDSU&amp;SMLS=1&amp;RW=1432&amp;RH=717&amp;PN=2&amp;POPUPPN=79&amp;POPUPIID=2C04080PSVYLN">REUTERS/Danish Siddiqui</a>Rolls-Royce is bailing out its Marine division.</div></div></div>The Organisation for Economic Cooperation and Development <a href="http://www.oecd.org/economy/outlook/">released its twice yearly Economic Outlook on Monday</a>, and it makes for pretty gloomy reading. Angel Gurria, <a href="http://www.oecd.org/about/secretary-general/launch-of-the-oecd-economic-outlook-november-2015.htm">the OECD's secretary general spoke in Paris on Monday morning</a>, and he reflected the OECD's generally pessimistic tone."The slowdown in global trade and the continuing weakness in investment are deeply concerning. Robust trade and investment and stronger global growth should go hand in hand," said Gurria. Alongside the Economic Outlook, the OECD releases a huge amount of information, <a href="http://www.oecd.org/eco/outlook/General-assessment-11-2015.pdf">including a boat load of charts and graphs</a>, some of which show just why the organisation thinks that the current economic situation is so worrying.

9 charts that show a big global slowdown is on its way

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Kai PfaffenbachThe OECD's outlook for the global economy looks pretty much like this.</div></div></div>The Organisation for Economic Cooperation and Development <a href="http://www.oecd.org/economy/outlook/">released its twice yearly Economic Outlook on Monday</a>, and it makes for pretty gloomy reading. Angel Gurria, <a href="http://www.oecd.org/about/secretary-general/launch-of-the-oecd-economic-outlook-november-2015.htm">the OECD's secretary general spoke in Paris on Monday morning</a>, and he reflected the OECD's generally pessimistic tone."The slowdown in global trade and the continuing weakness in investment are deeply concerning. Robust trade and investment and stronger global growth should go hand in hand," said Gurria. Alongside the Economic Outlook, the OECD releases a huge amount of information, <a href="http://www.oecd.org/eco/outlook/General-assessment-11-2015.pdf">including a boat load of charts and graphs</a>, some of which show just why the organisation thinks that the current economic situation is so worrying.

These charts show that a big global slowdown is coming

Global growth is pretty slow: but nothing is quite as slow as Europe.
That's the main <a href="http://www.oecd.org/eco/comprehensive-action-needed-to-shift-the-global-economy-into-higher-gear.htm">message from the Organisation for Economic C0-operation and Development (OECD)</a> Thursday morning. Its latest set of economic forecasts are out, and they're not pretty.
According to the Paris-based think tank, global growth will only reach 3.3% this year, 3.7% next year and 3.9% in 2016. That's a pretty meagre pace in comparison to the expansion before the crisis. But if you thought global growth was poor, check out the eurozone:
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="OECD" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/545b4e12dd08956c4e8b45cf-960/oecd-growth.jpg"></a>OECD</div></div></div>
France and Italy's growth projections for 2015 are only beaten by Russia. In 2016, the OECD suggests only ageing Japan will see slower growth than the two sluggish euro economies. Even a relatively optimistic 1.7% projection for GDP growth for the eurozone by 2016 is barely half the pace expected for the US.
So at this point the OECD are pleading with the ECB, who <a href="http://uk.businessinsider.com/facts-about-ecb-meeting-novemeber-2014-11">announce their latest policy decisions today</a>: please, please do QE. Buy something, buy anything!
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="OECD" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/545b4e12dd08956c4e8b45d0-960/screen shot 2014-11-06 at 10.08.31.png"></a>OECD</div></div></div>
Angel Gurria, secretary general of the OECD, summed it up: "There is an increasing risk of stagnation in the euro area. Countries must employ all monetary, fiscal and structural reform policies at their disposal to address these risks and support growth."

OECD: The World's Economy Is Stuck In The Mud And Europe Is Failing

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">JD Wetherspoon500,000 have been printed for Wetherspoon's 920 pubs.</div></div></div>JD Wetherspoon is launching a second anti-European Union beer mat ahead of Thursday's referendum on Britain's membership of the 28-nation bloc.The pub chain is printing 500,000 beer mats to be stocked in its 920 pubs across the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>. The beer mats carry a message addressed to Chancellor George Osborne attacking "cronyism."Here's the full text of the message:CRONYISM IS BAD FOR BRITAIN - a few questions for George Osborne.Dear Mr Osborne,You say that you won the economic argument. Many strongly disagree.Democracy leads to prosperity and freedom - and the EU is increasingly undemocratic, with awful results in Greece, Spain and Portugal and 15 years' stagnation in Italy.Our European friends are being dragged down by Brussels' bureaucracy.I think that you are relying too much on cronies, whose organisations did not predict the last downturn and who don't realise what they don't know.You rely on the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), HM Treasury and the Bank of England to support the 'Remain' case, yet:1. You officially nominated your friend (in January) Christine Lagarde, as head of the IMF.2. The OECD is funded by the EU, and you are a friend of its head - Jose Angel Gurria.3. You, George Osborne, are the boss of HM Treasury.4. You employed Mark Carney, Governor of the Bank of England.Does the nation not deserve more independent advice?Wetherspoon founder Tim Martin says in a press release accompanying the launch: "Mr Cameron and Mr Osborne have tried to fool the public using scare stories from cronies or subordinates. Their main economic case relies on these people and their views are not independent or believable."<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">JD Wetherspoon The new Wetherspoon's beer mats, front and back. </div></div></div>All of the bodies named in Wetherspoon's message have warned of the negative effects of a so-called Brexit - Britain's exit from the EU.The IMF has said it could cause <a href="http://uk.businessinsider.com/international-monetary-fund-on-brexit-and-the-global-economy-2016-4">"severe regional and global damage"</a>; the OECD estimates <a href="http://uk.businessinsider.com/brexit-destroy-uk-economy-hurt-world-oecd-2016-6">Britain's GDP would be 5% lower than it would be otherwise by 2030</a> if we opt to leave; the Treasury believes the <a href="http://uk.businessinsider.com/eu-referendum-macquarie-chart-shows-all-economic-forecasts-for-a-brexit-2016-6">GDP damage could be as bad as 7.5%</a>; and the Bank of England Governor Mark Carney has warned <a href="http://uk.businessinsider.com/bank-of-england-meeting-inflation-report-may-2016-5">a Brexit could tip the UK into recession.</a><a href="http://uk.businessinsider.com/jd-wetherspoon-interview-tim-martin-eu-referendum-democracy-brexit-imf-bee-mats-2016-6">Tim Martin is a vocal opponent of the EU</a> and it is the second time JD Wetherspoon has used beer mats to try and sway the vote in favour of "Leave." Last month the pub chain <a href="http://uk.businessinsider.com/eu-referendum-jd-wetherspoon-prints-anti-eu-beer-mats-attacking-imf-2016-5">printed 200,000 mats for its pubs attacking IMF chief Christine Lagarde</a> and urging drinkers to vote out of the European Union.In an interview with Business Insider at the beginning of June, <a href="http://uk.businessinsider.com/jd-wetherspoon-interview-tim-martin-eu-referendum-democracy-brexit-imf-bee-mats-2016-6">Martin told us that his opposition to the EU is because it is undemocratic</a>.With just days until the referendum on June 23, the polls appear to be moving in favour of the Remain camp. A poll for the Mail on Sunday by Survation gave the <a href="http://uk.businessinsider.com/r-uks-in-camp-takes-3-point-lead-after-lawmaker-killed-poll-2016-6">In campaign 45% of the vote against 42% for Out.</a> A separate poll for the Sunday Times by YouGov had Remain at <a href="http://www.thetimes.co.uk/past-six-days/2016-06-19/news/no-turning-back-warns-cameron-pptvdnvxj">44% to Leave's 43%</a>, and an <a href="http://www.theguardian.com/politics/2016/jun/18/eu-referendum-britain-voting-campaign-jo-cox">Opinium poll for the Observer put the two sides neck and neck at 44%.</a>The results are a stark contrast to multiple polls last week that <a href="http://uk.businessinsider.com/ipsos-mori-leave-takes-6-point-lead-eu-referendum-2016-6">gave the Leave camp as much as a 6 point lead</a>, leading to fears that Britain was hurtling towards a "Brexit" - a British exit from the European Union. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hugh-hefner-son-cooper-playboy-mansion-sale-2016-6">Hugh Hefner's son reacts to the sale of the Playboy Mansion</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

PICTURES: JD Wetherspoon is printing 500,000 new anti-EU beer mats, this time attacking George Osborne

<div class="image-container float_right" style="width:400px"><div class="image"></div>Harold Cunningham / Getty Images</div>Morgan Stanley bank analyst Huw Van Steenis attended the World Economic Forum in <keyword id="100810" type="COMPANY" weightage="60" keywordseo="Davos">Davos</keyword> last week, and there was one concern he said kept coming up over and over in meetings with investors.
The dreaded "1994 scenario."
In 1994, against the backdrop of a strengthening U.S. economy, the Federal Reserve surprised investors by hiking interest rates, causing a bloodbath in the <keyword id="6368265" type="UNKNOWN" weightage="60" keywordseo="bond-market">bond market</keyword>. The Fed was trying to ward off inflation – even though no real sign of rising prices had yet emerged.
Van Steenis says this concern was voiced by "every single long-term asset owner" that he met.
In a note to clients today titled "What I Learned at Davos," Van Steenis writes:
<div class="column">
The consensus of much of the official sector and investors at Davos was that central banks have maxed out and should be soon start focusing on exit, given the unprecedented size of this experiment and its impact on asset prices. 
Every single long-term asset owner I met, and numerous longer-term investors, voiced concern about asset prices and the risks from a huge knock from rates backing up (a super-sized version of 1994). While so far one can argue that the monetary injection was vital to offset massive deleveraging, it is clear that the risks for debasement of currencies remain high.
However, the vibes Van Steenis picked up from policymakers painted a decidedly different picture.
Van Steenis continues (emphasis added):
One of the most debated topics in the corridors of Davos was the dramatic changes in Japan, with the new government keen to jumpstart the economy with a new 2% inflation target which has led to a material depreciation in the Yen. 
And yet several central bankers argued there is more they can do. In one public debate, Angel Gurria of the OECD argued that the world had probably reached the limits of monetary policy. But Mark Carney contradicted Mr. Gurria saying “There continues to be monetary policy options in all major economies and they have to be framed in the context of the [monetary policy] mandate.” This flexibility should be used until their economies reach “escape velocity”. 
While Mr. Carney was speaking at a generic level for all central banks, I came away from this debate and other meetings with central bankers that that this quantitative experiment is far from over. Not only in Japan are we seeing a bold new experiment but that the new Bank of England governor is likely to give it an extra nudge with a de facto or de jure change in mandate. My colleague Charles Goodhart wrote about options on this early in January. What does it mean for UK banks – in the longer term a stronger economic recovery is a clear positive; however, the market may underestimate that the normalisation in rates and margins may take longer to come through.
In other words, though it's the biggest fear on everyone's mind right now, a "1994 moment" may be kept at bay longer than most expect as central bankers continue to experiment with monetary policy in a bid to spur growth.
Of course, that doesn't mean that those experiments can't backfire – but so far, at least with regard to interest rates, they haven't.
READ MORE: <a href="http://www.businessinsider.com/1994-federal-reserve-tightening-story-2013-1">The '1994 Moment' Is Keeping More And More Bond Traders Awake At Night &gt;</a>
</div>

MORGAN STANLEY ANALYST: Every Investor I Met At Davos Was Worried About The Same Fed Scenario

<div class="KonaFilter image-container display-table"><div><div class="image">REUTERS/Saul LoebU.S. Secretary of State John Kerry kicks a soccer ball around during an airplane refuelling stop at Sal Island, Cape Verde, enroute to Washington, DC, May 5, 2014. </div></div></div>Good morning! Here's what you need to know.
Global growth forecast cut. The Organization for Economic Cooperation and Development (OECD) slashed its forecast for <a href="http://www.oecd.org/newsroom/global-economy-strengthening-but-significant-risks-remain.htm">global GDP growth in 2014 to 3.4%</a> from its previous forecast of 3.6%. "[W]ith the world still facing persistently high unemployment, countries must do more to enhance resilience, boost inclusiveness and strengthen job creation," said OECD Secretary-General Angel Gurria. "The time for reforms is now: we need policies that spur growth but at the same time create opportunities for all, ensuring that the benefits of economic activity are broadly shared."
UK looking strong. The OECD raised its 2014 forecast for UK GDP growth to 3.2% from an earlier estimate of 2.4%. Meanwhile, <a href="http://www.businessinsider.com/services-pmi-2014-5">UK's services PMI index</a> jumped to 58.7 in April from 57.6 in March. "The UK economic recovery shows no signs of running out of steam, and growth could even accelerate further in the second quarter," said Markit's Chris Williamsom.
Another Pharma Mega-Deal. In the latest in a series of pharmaceutical industry mega-deals, Merck said it would be selling its consumer care business to Germany's Bayer for a whopping $14.2 billion. "Merck Consumer Care is a strong business with a portfolio of well-established product brands, such as Claritin, Afrin and Coppertone, that are leaders in their respective categories," <a href="http://www.businessinsider.com/r-merck-to-sell-consumer-care-business-to-bayer-for-14-billion-2014-06">said Bayer Chairman Dr. Marijn Dekkers</a>. "The combination of Merck Consumer Care's complementary portfolio of products and geographic reach with Bayer's will create a global consumer care business better positioned to serve consumers around the world."
Swiss Bank Tax Evasion Deal In The Works. The <a href="http://online.wsj.com/news/articles/SB10001424052702303417104579544090459314638">WSJ's Devlin Barrett and John Revill</a> report that Credit Suisse is close to resolving a U.S. probe into allegations that the bank helped Americans dodge taxes. The deal would include a guilty plea and a settlement of more than $1 billion.
French Energy Mega-Takeover Could Be Bigger. "The bid is not good enough," <a href="http://www.businessinsider.com/r-frances-hollande-says-ge-must-improve-alstom-bid-2014-06">said French President Francois Hollande</a> of General Electric's $16.9 billion bid for the energy arm of France's Alstom. France's owns about 1% of the company, reports Reuters. "For now I would prefer to get better offers."
British bank earnings fall. British banking giant Barclays said its<a href="http://www.businessinsider.com/r-barclays-investment-bank-hits-profits-again-2014-06"> Q1 pretax profit fell </a>5% to 1.69 billion pounds, missing analysts estimate of 1.82 billion pounds. "A continued strong momentum across our retail, cards and corporate banking franchises, all of which generated higher returns year on year, offset by a significant decline in FICC income within the Investment Bank," <a href="http://group.barclays.com/Satellite?blobcol=urldata&amp;blobheader=application%2Fpdf&amp;blobheadername1=Content-Disposition&amp;blobheadername2=MDT-Type&amp;blobheadervalue1=inline%3B+filename%3DQ1-2014-Interim-Management-Statement-PDF-116MB.pdf&amp;blobheadervalue2=abinary%3B+charset%3DUTF-8&amp;blobkey=id&amp;blobtable=MungoBlobs&amp;blobwhere=1330709044292&amp;ssbinary=true">said CEO Antony Jenkins</a>.
Ford Paralyzed In Venezuela. <a href="http://www.businessinsider.com/r-ford-suspends-vehicle-assembly-in-venezuela-2014-05">Reuters' Eyanir Chinea</a> reports that For has "halted operations in Venezuela on Monday due to a lack of foreign currency to import parts for assembly." Multi-national corporations operating in the country have been <a href="http://www.businessinsider.com/venezuela-devaluation-and-coca-cola-2014-4">slammed by currency volatility</a>, including the <a href="http://www.businessinsider.com/church-and-dwight-venezuela-map-2014-5">stunning devaluation</a> of the Venezuelan bolivar in February.
Market Update. Markets in Europe are basically flat with Britain's FTSE down 0.1%, Germany's DAX flat, and Spain's IBEX up 0.3%. Dow futures are up 10 points.
Trade Balance. At 8:30 a.m. ET, we'll get our latest report on U.S. trade. Economists estimate the trade deficit tightened to $40.0 billion in March from $42.3 billion in February. "The trade deficit likely narrowed sharply in March, settling back to the yearend range," <a href="http://www.businessinsider.com/monday-scouting-report-may-2-2014-2014-5">said Citi's Peter D'Antonio</a>. "The February deficit widened out for two temporary reasons: a drop in exports that may have been related to weather and a spike in imports of services due to payments for the Olympics."
Famed Investor's Contrarian Bet. "Gazprom is by acclimation the world's worst company managed by the worst kleptocrats ever assembled on one continent," said <a href="http://www.businessinsider.com/jim-grant-makes-bull-case-for-gazprom-2014-5">Jim Grant to Bloomberg TV's Stephanie Ruhle</a>. Grant thinks the Russian energy behemoth is an attractive buy for investors with no time horizon constraints. "[T]he beginning, middle and end of the bull case on Gazprom is that good things happen to cheap stocks."

You Searched For "Angel Gurria" and got 11 results

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