Greenspan re-nominated as Fed Chairman
Washington DC: US President George Bush has re-nominated Alan Greenspan as chairman of the Federal Reserve. Greenspan was chairman of the Council of Economic Advisers under President Gerald Ford from 1974 to 1977 and was made Federal Reserve chairman by Ronald Reagan in 1987. He was re-nominated by Bush's father and twice by Bill Clinton. Greenspan, who has been chairman for 17 years, took over as Federal Reserve chairman in August 1987, succeeding Paul Volcker.
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USAID extends $20 million aid to three Indian states
New Delhi: The United States Agency for International Development (USAID) will extend $20 million aid to Uttaranchal, Jharkhand and Karnataka to improve their fiscal management systems. The five-year assistance would enable the three states to strengthen their fiscal management system. The area focus in three states include better budget preparation processes, updated information systems to guide financial decision-making, practices to track and manage state debt and use of appropriate global standards in public finance to inform and engage public decision-making.
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US and Australia sign free trade pact
Washington DC: The United States and Australia have signed a free trade agreement that will eliminate nearly all tariffs on manufactured goods. Trade officials said that the US Australia trade agreement would eliminate duties from more than 99 per cent of American manufacturing exports to Australia, and 97 per cent of manufactured goods Australia sells to the United States. Annual trade of the US with Australia is worth about 28 billion US dollars. The US has a nine billion dollar trade surplus with the country,which is its 13th largest export market.
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