India's Growth Downgraded; ADB Forecasts 6.5 Percent
July 13 2012 4:23 AM
The Asian Development Bank (ADB) cut its growth forecasts for developing Asia on Thursday, saying financial and economic problems in Europe and the United States had cut demand for exports, although Southeast Asia remained a bright spot. China's economy was expected to grow 8.2 percent this year and India's 6.5 percent, Kuroda said.
India's Industrial Output in May Up by 2.4 Percent
July 13 2012 3:53 AM
India's industrial output picked up more than expected in May, bolstering the case for the Reserve Bank of India (RBI) to keep interest rates high at its next policy meeting as a slow start to the monsoon puts pressure on inflation, especially food prices.
Infosys Q1 Net Profit Up 33 Percent; Revenue Forecast Cut, No Wage Hike And Share Buyback
July 12 2012 4:43 AM
Infosys Technologies Ltd, India's second largest software services firm, Thursday reported 33 percent rise in net profit for the first fiscal quarter ending June 31, 2012, supported by the appreciation and depreciation of the rupee, and met analysts' expectations.
India Gets Its Third Stock Exchange; MCX-SX To Be Functional In Couple Of Months
July 11 2012 5:39 AM
MCX Stock Exchange (MCX-SX) is all set to become India's third full-fledged stock exchange as it got license from the Securities and Exchange Board of India (SEBI) to trade in new asset classes, including equities, futures and options and other products.
Angola's $3.5B, Chinese-Built Ghost Town
July 09 2012 3:00 PM
China is finishing a major housing project outside Luanda, paid for with oil, but nobody's buying. To do so, the average Angolan would need to work 160 years.
World Economies Slowed In May, Even White-Hot Brazil Disappoints: OECD
July 09 2012 12:38 PM
The world's major economies extended their slowdown in May, with conditions deteriorating significantly in India and Italy, according to a statistical indicator released by the Organisation for Economic Co-operation and Development on Monday. Even in Brazil, one of the few economies surveyed that is expanding, the pace of growth slowed.
Rupee Touches One-Week Low Against Dollar, Indian Markets Trade In Red
July 09 2012 5:33 AM
The Indian rupee Monday breached the 56-mark to reach 56.03 against the dollar on weak global cues and heavy demand for the U.S. currency from banks and importers.
India's Generic Drug Healthcare Policy To Benefit Millions Of Poor Patients
July 07 2012 6:49 AM
The Indian government has taken a major step toward its ambitious vision of achieving Universal Health Coverage (UHC) by initiating a $5.4-billion plan that would allow the government sector doctors to prescribe generic drugs to the patients free of cost.
Mauritius Says It Will Cooperate With India To Avoid Abuse Of DTAA, Offers Two Islands For Business Development
July 06 2012 5:51 AM
Mauritius has conveyed its readiness to cooperate with India to plug in the loopholes in the Double Taxation Avoidance Agreement (DTAA), the tax treaty that exists between the two countries.
Kenya Nixes Iranian Oil Imports Over Western Threats Of Sanctions
July 05 2012 9:13 AM
Kenyan had signed a deal in June to purchase about 4 million tons of oil from the Iranian National Oil Company.
Tanzania: Doctors? Strike Exacerbates Chronic Shortage Of Health Care Workers In Poor African Country
July 02 2012 2:14 PM
Tanzania is one of the poorest nations on earth, with one of the weakest health care systems.
The Other Madoff, Peter, Pleads Guilty In Ponzi Scheme
June 29 2012 2:08 PM
Bernard Madoff?s brother Peter finally peladed guilty Friday to conspiracy to commit a single count of securities fraud and another of falsifying records.
Iran Keeps Biggest Oil Customer As China Gets U.S. Sanctions Waiver
June 29 2012 12:00 PM
The United States gave China and Singapore exemptions from new sanctions targeting Iran's central bank and oil industry, which took effect on Thursday.
South Africa: Zuma Blames 'White Control' For Economic Woes, While Bidding For Second Term
June 27 2012 12:20 PM
?The time has come to do something more drastic toward economic transformation and freedom,? Zuma said.
China On A Latin American Pursuit With $10 Billion Loan Proposal; Calls For Push To Combat Protectionism
June 27 2012 6:52 AM
Wrapping up his Latin American tour, Chinese Premier Wen Jiabao on Tuesday announced a proposal to set up a $10 billion credit program for the developing economies to offer support for infrastructure projects.
Whites Still Control South Africa?s Economy: Jacob Zuma
June 26 2012 12:47 PM
Zuma?s ruling party has proposed that the nation?s key mining sector pay more in taxes to finance social spending and also wants to encourage state-owned enterprises to create more jobs.
Election of Muslim Brotherhood's Morsi Will Likely Improve Egypt?s Finances
June 25 2012 1:18 PM
With the victory of the Muslim Brotherhood candidate in Egypt's presidential runoff, the world's largest Arab nation appears set not just for a transition to democracy but also for economic growth, Egyptian officials said Monday after the election results were announced.
Europe Has Three Days, Not Three Months, to Avoid 'Fiasco': Soros
June 25 2012 12:05 PM
Multibillionaire financier George Soros, who is quickly becoming an éminence grise on the topic of the euro zone financial crisis, said in a televised interview Monday that the leaders of Europe had three days to resolve their disagreements on the appropriate way to move forward in anticipation of a summit Thursday.
'Vicious Cycles' Continue To Go 'Round And 'Round: BIS
June 24 2012 11:13 PM
Five years into the most significant global financial crisis since the 1930s, the world's leaders have formulated neither the fiscal policies nor the monetary policies required to deal with it, according to the Bank for International Settlements' 82nd Annual Report, which was released Sunday.
World Wealth Report 2012: Asians Top List Of Millionaires
June 21 2012 4:54 AM
The millionaires in Asia outnumber their counterparts in North America for the first time while the overall financial wealth of high net worth individuals (HNWI) declined across all regions except the Middle East, according to a new study.