President Joe Biden’s bold budget proposals must raise serious questions about the country’s economic future. Not only do they raise immediate inflationary concerns. They also raise concerns about the country’s long-run debt sustainability.
In his first 100 days in office, Mr. Biden has come up with three very large budget proposals at an estimated total cost of a staggering $6 trillion or close to 30 percent of GDP. First, he rushed through Congress a $1.9 trillion American Rescue Plan stimulus package. Now he is proposing an American Jobs Plan aimed at improving the country’s infrastructure and an American Families Plan to address social issues each with price tags of close to $ 2 trillion.
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The bulls are back, and optimism is at record levels. 00:01
Inflation is seen as a bigger risk than the coronavirus by fund managers. Image: Michael Nagle, Bloomberg
The bulls are back and Covid is no longer the primary âtail riskâ risk facing investors, says Bank of Americaâs latest Global Fund Manager survey.
A record 89% of fund managers surveyed expect profits to improve over the next 12 months, surpassing the levels of optimism last seen in December 2009 and February 2002.
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Bharat Road Network Limited (BRNL) has signed an agreement with India Highway Concession Trust, an infrastructure investment trust set up by Caisse de dépôt et placement du Québec (CDPQ), a global investor, for the sale of a BOT (build-operate-transfer) road project in the state of Odisha. BRNL is the largest shareholder, with a 40 per cent stake in the project. The share purchase agreement provides for the complete transfer of ownership of Shree Jagannath Expressway Private Limited, the special purpose vehicle (SPV) for developing a 67-kilometre toll road project from Bhubaneswar to Chandikhole, in Odisha. Project operations started in December 2011, with an initial concession period of 26 years.
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