Moody's may reduce the Credit Rating of France-Affirmed on Monday

After Standards and Poors (S&P), now Moody’s is getting a pressure to reduce the Credit Ratings of France. Similar to S&P, it has kept France in the top most category of AAA rating but recently S&P decreased its Credit Rating to AA+ which is creating an extra pressure on Moody's to do the same.

 It has kept the ratings unchanged on Monday but made a strong statement that it will look back to their Economic Growth Rate later this Quarter. According to the agency, France has got limited options to cut down its expenses and pay back the National fund loss and loans.


Now, it depends upon the success of Government measures, taken in order to improve the Economical conditions that, whether the Credit rating of France will remain unchanged or will be decreased. France’s fiscal deficit is projected to fall to 4.8% of GDP and its economy will expand 0.6% this year.



“The AAA rating of the French government may come under pressure if general government debt in relation to nominal GDP continues to accumulate without signs of stabilizing at a highly affordable level,” Moody’s said.

Maruti Sellings falling badly

India's biggest Car Manufacturer Maruti Suzuki India Limited has noticed heavy fall in the sell of cars due to the strike of laborers in the Manesar Plant in the month of October. The company suffered a downfall of 52 % in the sells of the cars this year as compared to last year. Company managed to sell 107555 cars last year in October while it limited to 51458 this year.

In the statement issued by Company today, it was mentioned that the production of cars were heavily effected by the strike at Manesar and Gudgaon plants. 40,000 less cars were manufactured due to that. An average of 1200 A-Star, Swift and SX4 model cars were manufactured daily by the company which is gradually falling after the first labor strike in June 2011.

Company's trademark Maruti 800, Alto, A-Star & WagonR noticed a decline of 54.9 % in selling. In the duration of April-October last year 308398 cars were sold while it limited to 259909 this year.

Petrol prices to hike again by Rs.2 / liter

Government Oil Companies are all set to hit the pockets of common people. They may increase the petrol prices upto Rs. 1.82 per liter and the reason remains the same; global increase in price of crude oil & the decreasing value of Rupees against Dollar.

It has not been so long, when the companies hiked Petrol Prices by 5% in September this year. B. Mukherjee, Director of Hindustan Petroleum Corporation Limited told that, the companies are suffering from a loss of Rs. 1.5/ liter again.

Cement also goes costlier:-
Cement manufacturers have also increased the price by Rs. 15 per Bag, i.e. the cost has now moved up to Rs 275/- which earlier worth 260/-. Further hike is expected to be introduced in 10 days. The prices have dramatically increased by Rs. 70/- within 1 and half months. according to sources, manufacturers have called the traders and told them to increase the prices by Rs. 10 per bag.

Heavy losses due to Bank Strike

Strike in Public sector banks yesterday leaded to great problems and heavy loses to economy. Common people faced great problem due to the strike. ATM's of may banks got emptied and checks of crores failed to get cleared. An estimated number of 10 Lakhs employees and Officers took part in the strike. Private banks also joined the strike along with 26 Public Sector Banks. 

This was a unique strike which was against the banking sector reforms instead of increase in their payments and perks. Many Private banks including ICICI, HDFC, Yes and Kotak Mahindra did not supported the strike. United Forum of Bank Unions (UFBU) called on this strike and has been supported by 4 unions of officers and 5 unions of employees. 

UFBU said that, they have given an optimum time to the Central Government to think about their demands but they did not took it seriously. Future prospects will be finalized in a meeting on 10th of August in Bangalore.

Demands of Bank Employees and Officers:-

• Compassionate appointment
• Appointments through BSRB only in Government Banks
• A guideline of interest for employees
• Five days working in bank
• Time period of Officers should be fixed
• Cancellation of recommendations of Khandelwaal committee