PM Modi may order cut in spending again

India`s bloated public sector is a legacy of its Soviet-style planned economy but, despite Modi`s pro-business platform, it avoids even using the word "privatisation".

Austerity drive, spending cuts risk fickle growth: Nomura

"On our estimates this would amount to a saving of Rs 35,000 to Rs 40,000 crore or 0.3 per cent of the GDP," it said in a note issued here on Thursday.

Italy Cabinet moves to trim perks, help low earners

Italian Prime Minister Matteo Renzi on Friday hailed a "structural revolution" after his cabinet approved a round of tax and spending cuts including a limit of five chauffeured cars per government ministry.

Japan Cabinet Oks blueprint for spending cuts

Japan`s Cabinet has approved a blueprint for cuts to welfare and public works spending intended to repair the nation`s overstretched finances on Thursday.

US House OKs bill to avoid government shutdown

The US House of Representatives has approved legislation to prevent a government shutdown at the end of the month.

Obama mixes Star Wars and Star Trek metaphors

Obama mixed Star Wars and Star Trek metaphors as he explained why he could not force the Republicans and Democrats to a deal to replace the forced spending cuts that kicked in.

Bobby Jindal slams Barack Obama for wasteful spending

Louisiana Governor Bobby Jindal has criticised US President Barack Obama, saying his administration would go down in history for propagating government greed.

Spending cuts to hit US economy, weaken global economy: Obama

US President Barack Obama has cautioned that the looming automatic spending cuts or sequestration beginning March 1 will badly hit the country's economy and weaken the global economy.

`Obama encouraged by progress made on immigration reform`

US President Barack Obama is encouraged by the progress made in the US Congress on comprehensive immigration reform.

Barack Obama clears $633 bn defence spending

US President Barack Obama has signed into law a whopping USD 633 billion defence bill that authorises spending on the war in Afghanistan.

Obama uses autopen to sign the fiscal cliff bill

US President Barack Obama on Wednesday signed into law the fiscal cliff bill that extends lower tax rates permanently on annual household income under USD 4,50,000 and postpones automatic spending cuts for two months.

US general who led Operation Desert Storm dies

Gen (Rtd) H Norman Schwarzkopf died in Tampa near Florida where he was living after retirement.

Italian Prime Minister Mario Monti resigns

Italian Prime Minister Mario Monti tendered his resignation to President Giorgio Napolitano, shortly after Parliament approved his government`s 2013 budget.

Government may announce spending cuts today

Manmohan Singh will discuss India's five-year economic strategy and look at trimming expenditure in the light of an economic slowdown.

Impossible to stop offensive content: White House

White House Press Secretary Jay Carney acknowledged that it was puzzling to some around the world that offensive speech is permitted in the US.

Italy delivers tough austerity measures

Italian Prime Minister Silvio Berlusconi announced a painful mix of tax hikes and spending cuts on Friday to meet European Central Bank demands for action on shoring up Italy's strained public finances.

US avoids default but fails to dispel economy fears

The United States stepped back from the brink of default on Tuesday but congressional approval of a last-gasp deficit-cutting plan failed to dispel fears of a credit downgrade and future tax and spending feuds.

Dutch government cutting 12,000 military jobs

This move is a part of spending cuts aimed at balancing the budget by 2015.

UK budget cuts affect the Queen too

The Queen has agreed to a 14% drop in royal household spending 2012-2013.

UK defense chief plans cuts, major changes

Britain`s defense secretary said that senior military posts could be axed as he prepares major spending cuts.