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Former Salesforce co-CEO Bret Taylor will serve as the chair of the new board. Other members include Larry Summers, former Secretary of the Treasury, and Adam D'Angelo, co-founder and CEO of Quora
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Speaking at a session organised by the Ministry of Finance's Department of Economic Affairs and the Confederation of Indian Industry in New Delhi, the former US Treasury Secretary also said India has the potential to grow at 8 percent per year until 2050
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The focus of investors is now going to shift towards the federal reserve’s policy decision on the most recent rate hike and the commentary of the chairman Jerome Powell on the way forward for the US economy.
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The Fed’s former Treasury chief cited ISM surveys and drop in job openings when making his prediction. He also called on the Fed to rethink models and the future of finance
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“I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters Monday at Rehoboth Beach, Delaware. “I think we’re going to be able to get a change in Medicare and a reduction in the cost of insulin.”
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Summers said the process of easing restrictions currently in place could begin around two to three weeks after a decline in the number of cases has been firmly established.
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Central banks have been purchasing fixed-income assets in secondary bond markets since the global financial crisis of 2008. The aim is to boost liquidity in the banking sector and thus encourage banks to lend to the wider economy.
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By continuing the practice of compensating for a somewhat softer short-term outlook with upward adjustments thereafter, the FOMC is sidestepping what's being called "secular stagnation" and what Pimco in 2009 labeled the "new normal"—namely, a prolonged period of low growth and persistently slow job creation.
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The San Francisco-based Minerva Project, an ambitious effort to remake the higher education model, announced its tuition plan on Tuesday in hopes of attracting some of the world's most talented and academically competitive students for the class that will enroll in the fall of 2014.
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If the Fed reduces bond buying by USD 5 billion per month then over 17 months it would get them to zero net purchases, says Wilbur Ross. He feels appointment of Janet Yellen or Donald Kohn as Fed chairman would be stable influence on the market.
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Post-election cheer has seen Australian stocks rally 1.7 percent since the federal elections were called on September 9, while the Australian dollar has risen 1.6 percent.
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Summers was expected to face a difficult, if not impossible confirmation process. Stocks rallied Monday, as traders assumed Fed Vice Chair Janet Yellen would now be named to replace Fed Chairman Ben Bernanke when he leaves at year end.
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If nominated and confirmed, Yellen would replace Federal Reserve Chairman Ben Bernanke, whose second term expires in January.
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This global liquidity phenomenon, which is playing out can lead to more aggressive pricing of emerging market assets and currencies in the days to come even if it is not fundamentally warranted, says Udayan Mukherjee of CNBC-TV18.
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US markets ended the week near session highs ahead of the Federal Reserve's policy meeting starting tomorrow. European markets closed flat.
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It is pretty obvious that the White House wants Larry Summers, White House staff former Robert Rubin disciples want him and the President wants to go with someone they are comfortable with, but Janet Yellen is more experienced, says M Cary Leahey, Senior Advisor, Decision Economics.
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Analysts fear that if Larry Summers is appointed as the next US central bank chief, any scaling back in the central bank's asset-purchase programme will be ramped up by Summers and deal a further blow to the battered emerging markets (EMs).
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Wall Street overwhelmingly believes President Obama will and should pick Janet Yellen to be the next chairman of the Federal Reserve, according to a survey.
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Former White House aide Larry Summers on Sunday urged expanded tax cuts on US workers' wages, warning that America's economy was at risk of years of Japan-style stagnation without a further boost.
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Everyone agreed that the world still has to face some tough challenges. ECB's Trichet says the Eurozone crisis is "work in progress" Stanchart's Peter Sands and Blackstone's Steve Schwartzman say a lot of work needs to be done.
