Current account deficit soars

According to The Reserve Bank of India (RBI), the Current Account Deficit (CAD) rose to $78.2 billion (4.2 per cent of gross domestic product (GDP)) in 2011-12 from $ 46 billion (2.7 per cent of GDP) in 2010-11, “largely reflecting higher trade deficit on account of subdued external demand and relatively inelastic imports of oil and gold and silver”.
It also said that foreign exchange reserves declined by $12.8 billion for the year ended March 31, 2012, against an increase of $13.1 billion during the previous year.
“The stress witnessed in India’s Balance of Payments (BoP) in the third quarter continued during the fourth quarter of 2011-12 as well due to large increase in imports,” the RBI said.

Paraguay’s President removed through impeachment

Paraguay’s Senate removed President Fernando Lugo from office in a rapid impeachment trial on Friday, and the leftist former priest said he was stepping aside even though he considered his ouster a blow to democracy.

Vice-President Federico Franco was promptly sworn in as President after tense hours during which Mr. Lugo’s supporters massed in the streets facing off with riot police. The outgoing President, who was elected on pledges of helping the poor, averted the potential for a bigger conflict by appearing on television and saying he would comply with the Senate’s vote.

Raja Parvez Ashraf: New Pak PM

Raja Parvez Ashraf, a Pakistan Peoples Party (PPP) loyalist elected new PM with 211 votes in the National Assembly, well above the halfway mark of 172.  Raja Parvez Ashraf, enters the office with a corruption case, already in the Supreme Court, that earned him the nickname ‘Raja Rental’.