Hot News
On the following pages you will find news and information about various countries/developments that we believe to be relevant to anybody who is thinking of investing in property.
On this page you will find this months news. You can also follow the links below to see articles from previous months.
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Latest News
India economic zones get go-ahead
By Sunil Raman
BBC News, Delhi
The Indian government has given final approval for 24 Special Economic Zones (SEZs) to be created in the country.
Big companies, including Reliance Industries and Wipro, are among those to have their plans given the go-ahead.
The Commerce Ministry decision comes after a two-month freeze on approving SEZs, which have attracted protests from threatened farmers and landowners.
Inspired by similar zones established in China, the tax-free enclaves are seen as a way to promote trade.
Proposals for another nine SEZs were approved pending scrutiny by state government departments, while a further 13 applications were deferred. (Read full article here)
Reliance Power IPO raises $3 bln in a minute
Billionaire Anil Ambani's Reliance Power raised $3 billion within a minute on Tuesday when India's biggest initial public offering was fully subscribed as investors flock to new issues in the booming economy.
The issue was covered 10.5 times at the end of the first day of the issue, which closes on Friday, National Stock Exchange data showed, and the strong demand means the 10.1 percent stake in Reliance Power should be sold at 450 rupees ($11.5) per share, the top end of the IPO's price band.(read full article here)
IN THE NEWS...
India Digest 1st May, 2007, Publication from High Commission of India, London
Per Capita Income
Goldman Sachs, a global investment and banking firm, has said the per capita income of India is expected to increase four-fold by 2020. The consumption of cars is expected to go up five times, crude oil by three times and the Housing, Real Estate and Urban Infrastructure expected to multiply manifold. The combined demand of Brazil, Russia, India and China (Bric) will increase four-fold by 2010. The annual increase in GDP of BRIC countries will reach $521 billion by 2010 as compared with the G-6 countries annual increase of $471 billion. (read full article here)
India#s GDP crosses $1Trillion
India has joined the elite club of 12 countries with a trillion dollar economy, thanks to the continuing rally in rupee against the U.S. dollar. The country’s GDP crossed the trillion dollar mark for the first time in history when the rupee appreciated to below 41-level against the U.S. greenback on April 26. Swiss investment bank Credit Suisse said in a report published on April 26. The Bank put the country’s GDP at around Rs. 41,000 billion, which translates to slightly more than one trillion dollar at the current currency level of Rs. 40.76 per dollar. Besides, the country’s stock market capitalization rose to $944 billion, which is also closing fast on the trillion dollar level. The rupee has gained close to 13 percent since moving past 47 a dollar in July-August last year. Continuing its uptrend for the fifth day in a row, the Indian currency today rose to as high as 40.72 to a dollar after breaching the 41-level on April 25 to its highest level since May 1998. Around one month back, the rupee was hovering at 45 to a dollar, and the country’s GDP was estimated at around $900 billion. India becoming a trillion dollar economy also augurs well for the country’s stock market, as Credit Suisse report said that stock markets in eight out of 10 countries had risen I the one year after their economies first cross this mark.
India to grow at 9 percent in 2007-05-06
India’s economy is expected to grow by 9 percent in 2007 as against 9.2 percent in the previous year despite concerns of overheating, rising rupee and slowdown in the U.S., according to a UN report.
Aiding India’s growth will be low oil procies, control on inflation and lesser reliance of its economy on exports, the UN Economic and Social Survey of Asia and the Pacific said. Presenting the findings of the report, UN Under Secretary General Kim Hak-Su said services and industrial production would be the key growth drivers.
Despite the prospects of good growth, the Indian economy is overheating a little bit and the surplus in Balance of Payments was not there to provide cushion from external shocks, he said. He said while oil prices were expected to be $60 dollars per barrel as against 65$ per barrel in 2006, inflation in India would come down to 5 percent this year from 6 percent. India’s growth is considered to be domestic market driven.
India top offshoring destination
An unbeatable mix of low costs, deep technical and language skills, mature vendors and supportive government policies have taken India to the top among global destinations for offshoring services. And this is despite all the recent concerns expressed about overheating, wage inflation and service levels, a recent survey by AT Kearney said. India is followed by China, Malaysia, Thailand and Brazil, the survey, christened Global Services Location Index 2007 said. To arrive at the final ranking, AT Kearney surveyed over 50 countries for different aspects related to offshoring, like people's skills, financial attractiveness and business environment
Cobra Beer to set up $10 million plant in North India
The U.K.-based Cobra Beer would set up a Greenfield plant in north India with an investment of $10 million to enhance production capacity along with strengthening its foothold in India. “A greenfield plant with a capacity of 5 million cases per annum will be set up in North India with an investment of $10 million and the production will start in next one year,” promoter and CEO of Cobra Beer Karan Bilimoria said. The new plant would become operational before the greenfield project in Hyderabad, which the company had earlier announced. The company has not revealed the location of the new unit. “The location is close to being secured but the place cannot be disclosed at the moment,” Bilimoria said.
April 2007 India Digest , A Publication of the Indian High Commission of India, London
IMF forecasts impressive economic growth for 2007
The International Monetary Fund (IMF) has forecast continued impressive growth in emerging markets and developing countries led by India and China in 2007, even with global growth slowing mildly to 4.9 percent. “Notwithstanding the ups and downs of financial markets recently, the global economy is set for another good year in 2007,” Simon Johnson, Economic Counsellor and Director of Research at the IMF, said briefing media on IMF’s World Economic Outlook (WEO) report. Describing 2006 as “another robust year for the global economy,” he, however, said the U.S. may witness somewhat slower growth, while Europe and Japan would havecontinued solid growth. “With growth at 5.4 percent, it was the fourth consecutive year of strong global activity. (read full article here)
(c)2007 - All rights reserved
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