Singapore named as the best place in the world to run business
According to the annual World Bank Report on today, Singapore has been named as the world’s best place to run business for the 8th consecutive year. Followed by Hong Kong and New Zealand at the second and third position respectively. United States and Denmark are at the fourth and fifth positions.
Some of the features which make places business oriented are:
- How business-friendly their regulatory environments are
- Ease of starting up a business there
- Paying taxes
- Registering property
- Cross border trading
RBI hikes repo rate
The Reserve Bank of India has hiked the repo rate (short term lending rate) by 0.25%. This decision comes in the wake of the continued inflation worries. The new RBI Governor unveiled the first full policy, hiking the repo rate to 7.75% and reducing the Marginal Standing Facility Rate to 8.75%.
- This step will make the consumer and corporate loans more expensive
- This will also strengthen the growth environment
- It will foster macro economic and financial stability
The growth forecast for the current fiscal has also been lowered to 5% from the earlier projection of 5.5%.
Longest power cable in the world now working
Linking Iceland to U.K.’s electricity is a £4.3-billion subsea electricity cable will be the world’s longest power cable in operation.
This large scale project will use hydro geothermal and wind power generation to draw energy and deliver 5 terawatt-hours per year to Britain. Most importantly, this electricity cost will be lower by 15 per cent than the offshore wind according to Iceland’s state-owned electricity firm Landsvirkjun.
Iceland has got special importance as it enjoys the power of abundant geothermal energy, wind and hydropower from glacial meltwater. So, the country has the cheapest electricity prices in Europe and is able to generate five times the demand, which is close to 12 gigawatt hours of electricity.