Tuesday, March 18, 2008

Basel II norms overlooked by high NPA ridden banking sector: ASSOCHAM

by Jo Black

Most of the Indian banks have improved on their capital adequacy ratio in line with the global Basel II norms but need to do more on international risk management practices in the wake of increasing pressure of non-performing assets, according to an ASSOCHAM Eco Pulse (AEP) Study.
According to AEP on “Indian Banks and Basel [...]

Monday, March 17, 2008

Fed Reserve Cuts Spark No Actions

by Rohan Parker

Over the weekend, the U.S. Federal Reserve held an emergency meeting in which they have decided to cut the rates of direct loans to commercial banks. Financial officials from across Asia, as well at the Central bank, have stated that they will take no action in response, at this time.
Bank of Korea Deputy Governor, Rhee [...]

Decline in IIP During Apr-Jan 2007-08 a cause for concern: CII

by Jo Black

The further decline in Index of Industrial Production (IIP) for the Month of January is a cause for concern, said CII. The IIP growth during April - January 2007-08 has declined to 8.7% when compared to 11.2% IIP growth during 2006-7. Tight monetary policy resulting in high interest rates have been the major factor contributing [...]

Latin America and the Caribbean: An Emerging Market on India’s Trade

by Jo Black

In a unique seminar, 10 heads of missions and top officials from the Latin American and Caribbean Countries represented in India, made presentations on opportunities in doing business with their countries, in a day-long seminar organized by the Confederation of Indian Industry (CII). These included, H.E. Mr Ernesto Carlos Alvarez, Ambassador, Republic of Argentina; Ms [...]

Merrill Lynch Global Research introduces Frontier Index

by Jo Black

Merrill Lynch Global Research has introduced a new frontier equity index, which is designed to identify the largest and most liquid stocks in frontier markets. A “frontier market” is a developing economy with an undeveloped equity market.
The Merrill Lynch Frontier Index is composed of 50 stocks in the frontier markets of Europe, the Middle East, [...]

Friday, March 14, 2008

100,000 Indian companies lose registration for failing to file annual returns

by Jo Black

Indian federal government has cancelled the registration of over 100,000 companies for failing to file annual returns, Indian Parliament was informed on Friday.
There were about 7,43,628 companies registered under the Companies Act till March 2007. However, only 3,22,943 companies filed their annual returns till February this year, Minister of Corporate Affairs Prem Chand Gupta [...]

Toyota and Nomura Stocks Down Second Week In A Row

by Rohan Parker

For the second week in a row, Asian stocks declined, which has raised concerns anew over losses increasing in the credit market turmoil and the increased instability of the dollar.
As the dollar traded against the yen at a 12-year low, Toyota Motor Corp. was stung in the market, as they gain 37% of sales from [...]

Thursday, March 13, 2008

Asian investors sees commodities as safe haven against the U.S. dollar

by Jo Black

Oil prices on March 13,200 rose to a fresh record high record above $110 a barrel even as Asian investors looks commodities as a safe haven.
It is learnt that Asian investor are more interested to invest in commodities against the US dollar, as a result the US dollar, in Asian continent has been recorded to [...]

Hartcourt forms strategic advisory committee

by Jo Black

China based Hartcourt Companies, Inc. has formed the Strategic Advisory Committee. Six members have been appointed to the Advisory Committee. These members are Xiping Tao, Senior Education Expert; Min Tang, Deputy Chief Representative and Chief Economist, Asian Development Bank, Beijing Office; Gary Locke, Partner and Co-Chair of China Practice Group, Davis Wright Tremaine LLP; [...]

Renminbi Deposits Increase In February

by Elisha Sanders

The People’s Bank of China reported last Wednesday, that individual deposits of Renminbi have raised, and loan growth in the country was stable.
China’s financial institutions have made such impressive deposits that so far they are up to 40.49 trillion yuan ($5.70 trillion) for this year alone. That is an increase of 17.22% from this time [...]

China Aware Of Global Economy: Will Not Alter CPI

by Elisha Sanders

According to China’s Commerce Minister, Chen Deming, China will not be altering the consumer price index (CPI) if it will in any way adversely effect the global market.
During a speech at a press conference, Chen stated that due to the size of population within China, every move they make has broad-scale ramifications on the global [...]

Snowstorms Hold Up Chinese Investment Growth

by Rohan Parker

The fiercest snowstorms seen in the past 50 years have dramatically slowed growth in factory and property spending in the central provinces.
Bloomberg surveyed 21 economists and found that, using the median, fixed-asset investment in urban areas saw an increase of 24% in the first two months of this year. The increase in the same sort [...]

Bush Explains Descent of Dollar As ‘Adjusting’

by Rohan Parker

U.S. President George W. Bush has tried to explain away the current downward spiral of the U.S. dollar - which is at it’s lowest point against the Japanese Yen since 1995 - as the dollar just ‘adjusting’.
Bush also stated that the current record low against the euro was not ‘good tidings’ for champions of a [...]

Wednesday, March 12, 2008

Chevron to Have Jumbo Gas Units in Asia

by Michelle Roberts

The giant US oil company Chevron has plans to build two gas projects in Asia and it will be a multi-billion dollar project. The move by the company came in the wake of estimates that stated that there will be greater demand for gas and prices will increase. Chevron is the second biggest oil and [...]

Chinese CPI Jumps to 11 Year Record with 8.7% in February

by Richard York

According to figures by the China’s National Bureau of Statistics, the inflation jumped to an 8.7% which is the fastest pace of inflation in a month in over ten years for the world’s fastest growing economy. As per the Chinese analysts, the rapid price hike is mainly because of high increase in food prices has [...]

Andhra Pradesh’s Share in the Unpaid Farm Loans of India Amounts to 13%

by Phillip Horton

The historic loan waiver announced by the finance minister of India for farmers in the budget this year has triggered a debate in the country as to how the farm loan waivers will impact the banks of the India. The historic loan waiver to debt ridden farmers of India will give them a second chance [...]

Friday, March 7, 2008

Japanese Foreign Reserves Hit Record High at $1 Trillion

by Michelle Roberts

The foreign reserves of Japan climbed to more than $1 trillion because of the longest rally of its biggest possession of the US Treasury Notes. The Ministry of Finance of Japan declared in Tokyo that the official currency holdings of the country rose to a record high of $1.01 trillion at the end of February [...]

Subprime Debt Risk Limited for Chinese Banks- Zhou Xiaochuan

by Richard York

The threat of the subprime mortgage crisis looms large over the global economy and every nation is striving to do its best to avert the possible effects of a possible US recession. According to Central Bank Governor of China, Zhou Xiaochuan there will be a limited blow to the Chinese banks of the US led [...]

Heavy Debts Affect Credit Rating of Corporate India

by Phillip Horton

Many Indian companies have been acquiring companies much bigger than their sizes and for this these companies have to borrow heavy loans. The heavy borrowings by the Indian companies for acquiring new companies have led to a drop in their credit rating or credit worthiness. The fall out of the drop in the company’s credit [...]

Thursday, March 6, 2008

Citigroup CEO Vikram Pandit on Asia Tour as Writedowns Grow

by Michelle Roberts

The newly appointed Chief Executive Officer of Citigroup Vikram Pandit is on his first visit to Asia after taking the charge of the biggest US bank. Speculation has it that Citigroup is likely to suffer from more mortgage write-downs. On Monday and Tuesday the CEO was in Beijing and Shanghai and was in Hong Kong [...]

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