Tag: yahoo finance

US federal budget crosses grim milestone as interest payments overtake defense spendingUS federal budget crosses grim milestone as interest payments overtake defense spending

The United States has long had the world’s biggest defense budget, with spending this year set to approach $900 billion. Yet this spending is rapidly being eclipsed by the fastest-growing portion of federal outflows: interest payments on the national debt. For the first seven months of fiscal year 2024, which began last October, net interest payments totaled $514 billion, outpacing defense by $20 billion. Budget analysts think that trend will continue, making 2024 the first year ever that the United States will spend more on interest payments than on national defense. Just two years ago, interest payments were the seventh-largest…

Finance Ministry asks SBI to form committee to tackle co-lending issues | Finance NewsFinance Ministry asks SBI to form committee to tackle co-lending issues | Finance News

4 min read Last Updated : May 16 2024 | 11:30 PM IST The Finance Ministry has asked the State Bank of India (SBI) to set up a committee to address issues related to the co-lending business model, said a senior government official who does not wish to be named. The Reserve Bank of India had allowed banks to co-lend or co-originate loans with non-banking finance companies, including housing finance companies, to enhance the flow of credit to the unserved and underserved sections of the economy. Non-banking finance companies can take a maximum of 20 per cent, according to the…

MAS, China’s central bank plans further collaboration in green financeMAS, China’s central bank plans further collaboration in green finance

SINGAPORE – The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBOC) are planning to advance cooperation in green and transition finance between China and Singapore. The central banks discussed initiatives, including the alignment of taxonomies, facilitation of green finance flows and the development of a decarbonisation rating platform, at the second China-Singapore Green Finance Taskforce (GFTF) meeting held on May 20. MAS and PBOC will complete the mapping of the Singapore Asia Taxonomy to the Common Ground Taxonomy (CGT) of the International Platform on Sustainable Finance by the end of 2024. “This will facilitate the cross-border…