Monday, March 24, 2008

China’s GDP Growth Slowed By Sinking Export Rates

by Elisha Sanders

A paper from a noted Chinese university has stated that China can expect the current deceleration in exports to reduce their GDP growth to 10.5%, which is still above the target outlined by the government of 8%.
According to the paper, from the Economic Research Institute of Renmin University, this decline, from the current 11.4%, is [...]

PM’s EAC retains GDP growth projection for next fiscal at 8.5%

by Jo Black

The Prime Minister’s Economic Advisory Council has retained its projection for economic growth at 8.5 per cent for the next fiscal, despite a slowdown in the industrial sector, rising inflation rate and global uncertainty.
“I think that (GDP growth of 8.5 per cent in 2008-09) should still hold,” Council Chairman C Rangarajan told reporters.
Earlier, [...]

BOA for SEZS grants 5 formal and 1 in-principle approvals

by Jo Black

The 23rd meeting of the Board of Approval for Special Economic Zones (SEZs) was held on 20th March, 2008 to consider proposals for setting up of Special Economic Zones and also approve other miscellaneous requests pertaining to SEZs.
Chairman informed the members of the Board that so far formal approvals have been granted for setting [...]

Africa wants India to take shareholder interest in Africa’s development

by Jo Black

India should be a shareholder and not just a stakeholder in Africa s developmental process, and be willing to share the risks, was the leading message that came through the Dialouge of Ministers held at the 4th CII-Exim Bank Conclave on India Africa Project Partnership 2008 in New Delhi.
Highlighting this aspect of [...]

Friday, March 21, 2008

IPOs worth $9.2 billion may be under deferral mode: Assocham - Prime

by Jo Black

Crash, and the subsequent volatility in the stock market, has adversely hit IPO plans of India Inc. As many as 20 companies, which were planning to collectively raise Rs.37.18 billion ($0.97 billion) have already deferred their IPOs. These companies are already holding approval from SEBI and are now waiting for better times to enter [...]

Exim Bank of India signs MoU with Afreximbank for $30 million LOC

by Jo Black

Exim Bank of India has signed a memorandum of understanding (MoU) with African Export-Import Bank (Afreximbank) to extend a US$30 million line of credit (LOC) to finance Indian exports to Africa, during a session on finance at the 4th CII- EXIM BANK Conclave on India Africa Project Partnership 2008 being held in New Delhi. The [...]

Indian government reduces import duty on edible oils

by Jo Black

Indian federal government has been keeping a close watch on the domestic and international prices of essential commodities, particularly food items such as wheat, rice, pulses, and edible oils so as to keep inflation under check. It has also taken appropriate fiscal measures from time to time to achieve this objective. Full exemption from customs [...]

Thursday, March 20, 2008

Commodities Hit Hard In Asian Stock Decline

by Rohan Parker

The Asian stock market took a hard hit today, after fears of a U.S. recession sent commodity prices spiraling downward. Oil, Gold, and Copper prices were hit hardest, as the market is apprehensive that if the U.S. does go into a recession, the demand for raw materials will soon reduce dramatically.
The largest mining company [...]

Accelerated Inflation In Hong Kong

by Rohan Parker

The inflation rate in Hong Kong has risen dramatically since snowstorms led China to up the price of importing food from the mainland.
Prices for consumers have gone up by 6.3% in February, after an increase of 3.2% in January. This is the highest rate of inflation in the country since July 1997, and [...]

India needs to diversity import basket from Africa, says Kamal Nath

by Jo Black

Africa’s growth and development is integral to global prosperity. Stating this, Mr Kamal Nath, Indian Minister of Commerce & Industry, in his keynote address at the inaugural session of the 4th CII-Exim Bank Conclave on India Africa Project Partnership 2008 in New Delhi, said India needs to diversify the import basket from Africa. He added [...]

India, Turkey to initiate talks on FTA

by Jo Black

Turkey and India have expressed their desire to give a major fillip to their bilateral trade with the Turkish Minister of State for Foreign Trade & Foreign Contracting Services, Mr. Kursad Tuzman and India’s Minister of State for Industry, Dr. Aswani Kumar, calling for the initiation of a Free Trade Agreement (FTA).
Addressing the India-Turkey [...]

Extend STPI benefits to SMEs in IT sector : ASSOCHAM

by Jo Black

National Association of Small and Medium IT Companies (NASMEIT) and ASSOCHAM have called for extension of tax incentives under Software Technology Park of India (STPI) for IT industry, especially its SME segment from March 2009 onwards otherwise majority of 4500 small and medium size units will be forced to put their shutters down threatening [...]

Wednesday, March 19, 2008

Record High For Yuan Against U.S. Dollar

by Elisha Sanders

Last Wednesday saw the Yuan rise dramatically against the U.S. dollar, following the Federal Reserve announcing their cut of funds rates by .75% in a bid to stabilize the economy.
According to the China Foreign Exchange Trading System, the Renminbi (RMB) hiked up by 222 basis points to reach 7.0648 yuan for one US dollar.
After [...]

First Jumbo Jet Company For China

by Elisha Sanders

The first ever jumbo jet passenger carrying flight company from China has just been registered in Shanghai with a capital of 20 billion yuan, or $2.82 billion.
Set up is to begin sometime between next week and May, as the sometimes lengthy process of registration needs to be finalized before production can begin.
The first [...]

Stocks Up In Spite Of Rate Cut

by Rohan Parker

Stocks in Asia rose higher last month than any other increase in a month seen this year. This comes on the back of the Federal Reserve cutting interest rates and China Mobile Ltd. bringing in more than they had forecasted. Good news like this helps to alleviate growing concerns over the global market becoming more [...]

Quality and Innovation essential for MSMEs to drive Indian economy

by Jo Black

Transforming micro, small and medium enterprises (MSMEs) into world class entities was the theme of the fifth India Global Summit on MSMEs 2008, held in New Delhi from 18-19 March 2008. The Summit was organized by the Confederation of Indian Industry (CII), the Ministry of Micro, Small and Medium Enterprises, Government of India, in [...]

Indian commerce minister invites Turkish companies

by Jo Black

Indian Minister of Commerce and Industry, Mr. Kama Nath has invited the Turkish Companies to explore the Indian markets and make investments, especially in the infrastructure sector as it has the promise of sustained high levels of returns, and added that Indian companies are also committed to make investments in Turkey.
The minister said during [...]

Indian government bans all edible oil exports for a year

by Jo Black

Indian federal government has with immediate effect prohibited export of all edible oils. It may be recalled that before the ban imposed, export of edible oils was free. But with the Notification No. 85 dated 17.3.2008 export of all edible oils has been prohibited with immediate effect.
The ban imposed will be applicable for a [...]

Tuesday, March 18, 2008

Exports to rise by 20% in 2007-08 despite global slowdown, says kamal nath

by Jo Black

India’s exports in the in 2007-08 are expected to reach about US$ 155 billion, a 20% increase over the previous year, despite signs of a global economic slowdown, Mr. Kamal Nath, Indian Commerce and Industry Minister, has said.
Speaking to media persons on the sidelines of the 77th AGM of the International Chamber of Commerce (ICC), [...]

FICCI concerned over slowdown in manufacturing sector

by Jo Black

Expressing concern over the continuous slowdown in the manufacturing sector, FICCI said that the adverse impact of high interest rate has brought down the growth of consumer durables sector which has restricted the manufacturing sector’s growth. Unless strong measures are taken to make the bank credit for consumer durables more affordable the slowdown in manufacturing [...]

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