Category: MARKETS
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A tragedy of economic proportions
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What is the Greek referendum? How did the crisis there start? What next? Will India be impacted? Asian Lite presents a primer on the crisis that is rocking not just Europe and its currency but also threatens to spill over to the global economy: What has been the root cause: In many ways the present-day crisis…
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Greek finance minister quits
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Greek Finance Minister Yanis Varoufakis announced his resignation on Monday after the country voted “No” to a bailout offer in a landmark referendum….reports Asian Lite News. In a posting on his website, Varoufakis said the decision was made in view of “a certain ‘preference’ by some Eurogroup participants, and assorted ‘partners’, for my…’absence’ from its…
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Greece crisis dent India’s foreign reserves
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An appreciating dollar, coupled with international currency volatility due to Greece crisis, saw India’s foreign exchange reserves plunging by $237.5 million in the week ended June 26….reports Asian Lite News. Data furnished by the Reserve Bank of India (RBI) in its weekly statistical supplement, showed that India’s foreign exchange fell after three weeks of rise.…
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Osborne to scrap inheritance tax for homes below £1million
The end of inheritance tax on family homes worth up to £1m will be announced by Chancellor George Osborne. He is expected to tell MPs that the threshold at which the tax is levied will rise for couples from £650,000 after April 2017. Writing in The Times, PM David Cameron and Mr Osborne said those…
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House prices near fracking sites could fall: Report
A government report has warned that house prices near fracking sites could fall by up to 7 per cent and insurance premiums may rise …reports Asian Lite. Fracking could also worsen traffic congestion, noise and air quality, and may not bring many jobs to an area in the longer term, and those living nearby could…
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British manufacturing to remain slow: HSBC
Future manufacturing may remain sluggish in India due to declining output and new order flow, including from overseas and fall in order-to-inventory ratio while robust capital goods growth is a glimmer of hope, says HSBC Purchasing Manufacturers Index (PMI) released….reports Asian Lite News. India manufacturing PMI fell to 51.3 in June from May’s 52.6 as…
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Mukesh Ambani commits millions for ‘Digital India’
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Reliance Industries Chairman Mukesh Ambani committed an investment of Rs.250,000 crore on “Digital India” and said he expected the group’s initiatives under it will create over 500,000 direct and indirect jobs….reports Asian Lite News. “I believe digital India will be a huge success because of the adoption of technology by the youth of India,” Ambani…
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Britain’s economy runs on fast track
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Offical ONS figures reveal that economic growth also revised up for the first quarter of 2015 but separate figures show disposable income is still lower than in 2008…reports Asian Lite. ONS statistics reveal that Britain’s economy is growing even faster than previously thought, In the first three months of the year, the economy grew 0.4…
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Greece in panic mode
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The Greek government was preparing a last minute proposal for a debt repayment deal with international creditors to avert a countdown to default which may start on Tuesday evening, media reported. Government sources said solutions were still being sought as the country was heading to a referendum on July 5 over the proposal tabled by…
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Rajan warns of 1930s-type Great Depression
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Warning that the global economy is on the brink of a situation similar to the Great Depression of the 1930s, Reserve Bank of India Governor Raghuram Rajan has asked central banks from across the world to define “new rules of the game” to avert a repeat of the recent global financial crisis…reports Asian Lite News.…
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Engineers call for review on cost increase in Network Rail
Philippa Oldham, Head of Transport at the Institution of Mechanical Engineers, said in response to the Network Rail upgrade delays announced…..reports Asian Lite news. “It is disappointing that so much of the vital work needed to upgrade the UK rail network is being delayed. “Passenger numbers continue to rise and we need to address the…
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House prices in London racing ahead
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House prices in London increased up to 32 per cent last year – leaving the rest of the country far behind in its wake. Every area of the country where property prices increased by over 20 per cent were in the capital, while areas in the north saw homes fall by almost a quarter in value. The figures,…
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US Senate approves ‘fast-track’ trade bill
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The US Senate approved a so-called fast-track trade bill that empowers the president to negotiate trade deals, media reported . The bill will now be sent to President Barack Obama for signing. The 60 to 38 Senate vote capped weeks of fighting over the trade bill and gave a big push for the Obama administration’s…
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Ramadan boosts Britain’s big supermarkets sale
With an uplift of £100million as Muslims prepare ‘iftaar’ Britain’s biggest supermarkets have been boosted with a £100million sales thanks to Ramadan…reports Asian Lite. Three million Muslims in the UK will break their fast with lavish sundown meals during the Islamic holy month which ends with the Eid celebration on July 18 this year. According…
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Small firms back PM’s bid to reform EU
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Britain’s biggest business organisations will today urge David Cameron to secure EU reform. Mr Cameron rejected Tory calls to publish his demands for reform as he prepares to open negotiations with European leaders this week. And the British Chambers of Commerce (BCC) will today come out in support of the Prime Minister’s strategy reports Daily…
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Facebook worth more than Walmart!
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Believe it or not, Facebook is now worth more than the world’s largest retailer, Walmart. In just three years as a public company, Facebook has pipped Walmart in terms of net worth. Over the last year, Facebook’s stock has jumped roughly 30 percent and the climb has added more than $65 billion to its market…
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Infosys investors up in arms
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Many investors of global software major Infosys Ltd were up in arms against its board at the 34th annual general meeting here for various reasons. A woman investor from Mumbai grabbed the mike and shouted through vide-link that the board did not give female shareholders an opportunity to speak with its members at the AGM.…
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Cameron to talk on deep welfare cuts
David Cameron ordered an end to the ‘merry-go-round’ of Britain’s welfare state. Benefits paid to be people in work face deep cuts The Prime Minister will single out tax credits for criticism, with workers taxed and then handed back benefits to top up low pay packets. In a major speech on reforming the benefits system, Mr…
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BRICS bank not to replace global institutions: Putin
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By Hardev Sanotra Russian President Vladimir Putin says that the BRICS Bank set up by five countries with a capital of $100 billion will not challenge the existing multilateral institutions…..reports Asian Lite News. Putin, who was interacting with a dozen visiting wire service reporters said, the intention behind the bank and the reserve currency pool…
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Real wages have grown faster indicate official stats
In further proof that the jobs market is continuing to grow, there are over 2.4 million more people working in the private sector than in 2010, with annual private sector pay growth now up to 3.3%…reports Asian Lite. According to official government figures more than 400,000 extra people are in work compared to a year…
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Jaitley assures foreign investors on reforms
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Finance Minister Arun Jaitley has assured foreign investors on their concerns about the speed of India’s reforms process, as well as about an adversarial tax regime. “Concerns that the process of reforms must expedite, which we are trying to do. Concern at the stability of policy, which has been assured because the government’s movement is…
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Trade missions aimed to boost UK exports
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UK Trade & Investment (UKTI) is currently organising high-profile trade missions to Singapore and Malaysia, Turkey, Japan and Latvia…reports Asian Lite. The mission to Singapore and Malaysia, from 25 July to 5 August, will include receptions and events organised by the British High Commission, while the visit to Turkey (11-15 October) – which is…
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Takeaways from US Fed projections
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By Vatsal Srivastava US Fed chief Janet Yellen was presented with yet another opportunity to prepare financial markets for a September interest rate hike. But Yellen sang in the same old dovish tune, repeatedly emphasising on the fact that market participants should not worry too much about when the monetary tightening will begin but…
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US Fed Reserve signals rate hike
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By Arun Kumar The Federal Reserve, America’s central bank, has decided not to raise interest rates in June, but signalled that the long-awaited rate hike could come in September as the economic activity picks up. “The committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace,” the bank known as…
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Ambani seeks early revision of gas prices
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Reliance Industries sought an early revision of gas prices and urged the government to quickly resolve what it termed as “legacy issues” over its production-sharing contracts for discovered hydrocarbon….reports Asian Lite News. Pointing out that Reliance Industries was a pioneer in deep-water production of oil and gas, chairman Mukesh Ambani told shareholders here that the…
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The Royal Mint unveils Signature Gold
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The Royal Mint launched Signature Gold, a brand new addition to its bullion trading service, reports Asian Lite. Opening up the world of gold trading to everybody, Signature Gold guarantees customers full ownership over their gold, and the entry-level is just £20. Signature Gold allows customers to purchase and own a fractional amount of…
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US requests Cuba to open its markets
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The US Undersecretary of Commerce for International Trade Stefan Selig has invited Cuba to open its market and make reforms as part of the process of normalisation with the US at the inauguration of a conference on the island’s economic future. Selig said if Cuba opens its economy and begins the necessary reforms it will…
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RBI marginally lowers lending rate
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Giving in to overwhelming demands for an easing of the monetary policy, the Reserve Bank of India lowered its short-term lending rate by 25 basis points in a move that could potentially reduce the cost of borrowings on personal and corporate loans. In his bi-monthly monetary policy review for the current fiscal year at the…
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Uncertainty clouds RBI rate hikes
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Biswajit Choudhury writes in UK’s largest Asian newspaper Asian Lite about the uncertainty of rate hike by RBI As the Reserve Bank of India (RBI) prepares for its bi-monthly monetary policy update here, uncertainty remains over Governor Raghuram Rajan cutting interest rates, despite requests to do so from stakeholders — right from the government to…
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New housing registrations rise: NHBC
The number of new homes registered across the UK continues to outperform 2014 levels, according to NHBC. For the rolling quarter (February – April), registrations increased by 20% compared to the same period last year (41,307 in 2015; 34,451 in 2014). This follows the strong Q1 growth reported by NHBC earlier this month. The private…
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Ryanair profits soar by 66%
Ryanair has reported a 66% hike in net profits in the last year. It saw its profits after tax increase by two-thirds from €523m (£370m) to €867m (£613.6m) in the 12 months to March. The number of customers also rose by 11% over the period from 81.7 million to 90.6 million, which generated a 12% increase in revenue. Meanwhile,…
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The feel good factor of the Indian economy
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Biswajit Choudhury and Aparajita Gupta writes on the Indian economy in Asian Lite the leading asian newspaper in UK Recent reviews of global institutions and the prevailing investor confidence suggest a striking change in the perception about the Indian economy cover the past year. Yet, some crucial agenda remains for Prime Minister Narendra Modi’s government as…
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Delhi the mall capital of India
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By Aparajita Gupta With 95 operational malls in an around Delhi, the National Capital Region has emerged as the mall capital of India but only 12 of them are successful as people used its air-conditioned confines not just for shopping but often only to escape the heat, says a study. There are around 255 operational…
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Britain should remain in EU: Osborne
Britain’s Chancellor of the Exchequer George Osborne said in a keynote speech that he wants Britain to remain in the European Union (EU) — but doesn’t want to see the country run by Europe. Speaking at the 50th anniversary annual dinner of Britain’s leading business organisation, the CBI, Osborne fired the first salvo in what…
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Asia largest investor destination: Unctad
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Asia has become, for the first time, the world’s largest investor region with $440 billion invested in 2014, followed by North America ($390 billion) and Europe ($286 billion), according to a report releasedby the UN Conference on Trade and Development (Unctad). The global investment trend monitor published by Unctad showed that among the 20 largest…
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India tops in consumer confidence survey
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India, with a score of 130, ranked the highest in consumer confidence among 60 markets. The online survey released was measured by American agency Nielsen. India’s score of 130 was one point higher than the fourth-quarter of 2014, followed by Indonesia (123), the Philippines (115) and the United Arab Emirates (115), Nielsen said of its…
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EU membership is vital to national interest – CBI
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Businesses should speak in favour of remaining in a reformed European Union, the president of the Confederation of British Industry says. Sir Mike Rake will argue at the group’s annual dinner that firms “must be crystal clear that membership is in our national interest” reported BBC. There are “no credible alternatives” to EU membership, Sir Mike…
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India is the fastest growing economy: UN
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By Arul Louis The UN has now raised its projections for the Indian economy’s growth this year by 1.7 percent to 7.6 percent and by 1.4 percent to 7.7 percent next year from the estimates it made in January. The Mid-Year Update to the World Economic Situation and Prospects 2015 released Tuesday puts India on…
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China unveils ‘Made in China 2025’
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China’s State Council has unveiled a national plan, dubbed “Made in China 2025”, focusing on promoting manufacturing, Xinhua news agency reported. The plan was authorised by Premier Li Keqiang, the report stated citing a government notice issued in this connection. “Made in China 2025” is the first 10-year action plan designed to transform China from…
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Indian businesses explore Ethiopia
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By Hadra Ahmed A delegation of Indian investors from various sectors came on a three-day visit here during the course of which they met Ethiopian officials to discuss multi-sector projects that would benefit the two countries and strengthen the long standing Ethiopian-Indian diplomatic and socio-economic relations. The 24 business delegates came from sectors including IT,…
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Modi bags $22 bn in new business
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India is ready to do business and is constantly improving the ease of doing business, Prime Minister Narendra Modi said on Saturday at the India-China Business Forum here that saw 21 business agreements worth $22 billion being signed. In his address to the India-China Business Forum, Modi said that India offers historic opportunity for Chinese…
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House prices inching up in UK
A drop in the number of people putting their homes up for sale is pushing house prices higher, according to surveyors. A report from the Royal Institution of Chartered Surveyors (Rics) says new instructions by sellers have fallen “deeper into negative territory”. Meanwhile the number of inquiries from would-be buyers remains unchanged reports BBC. As…
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HSBC doubtful of returns from Indian equities
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Finding Indian equities markets to be the most over-owned in Asia, HSBC Global Research has now assigned the country “underweight” status, meaning thereby that it expects the returns to be below normal in the short-to-medium term. “In a report titled “The Flying Dutchman: India – Gravity Sets In”, the research arm of HSBC said the…
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Bank of England cuts growth forecast to 2.5%
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The Bank of England has cut its 2015 growth forecast from 2.9% to 2.5%, and for next year from 2.9% to 2.6%, as governor Mark Carney unveiled his quarterly inflation report. And he told MPs interest rates would rise only in about a year’s time. Mr Carney also said deflation could emerge during the year,…
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India shouldn’t give in to anti-GM dissent
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By Vivian Fernandes With the European Union expected to approve import of 17 more genetically-modified food products by the end of May, opponents in India like Greenpeace will have a weaker case to stall permission for commercial cultivation of GM crops. But they are unlikely to give up their resistance. Unless the courts come to…
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Modi and Manmohan index
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The economy rebounded; exports and imports declined, foreign-exchange reserves grew; coal production, electricity generation and petroleum consumption rose, non-performing assets (NPAs) in banking soared. There are great similarities between Prime Minister Narendra Modi’s first year in office – which he completes on May 26 – and the corresponding first year of his predecessor, Manmohan…
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India one of world’s fastest growing economies: IMF
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By Arun Kumar India’s growth rate is expected to rise to 7.5 percent this year and next, making it one of the fastest growing economies in the world, according to the IMF’s latest economic health check. The other Asian giant China’s economy is slowing to a more sustainable pace – 6.8 percent GDP growth in…
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Islam snubs Tobacco campaigns
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London researchers say tobacco companies have perceived that Islam as a threat to its attempts to sell more tobacco products in emerging markets in Asia …writes Kaliph Anaz for Asian Lite, UK’s No 1 newspaper for British Asians Researchers have found evidence of attempts by the tobacco industry to reinterpret Islamic teaching to make smoking…
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UK economy slows
The rate of economic growth halved in the three months to the end of March, official figures show, marking the slowest quarterly growth for two years. The UK economy grew by 0.3% in the quarter, the office for national statistics said. That compares with 0.6% in the last three months of 2014 reported BBC. The…
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HSBC considering moving HQ out of London
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HSBC has said it is considering moving its headquarters out of London. The bank said the review followed “regulatory and structural reforms” since the financial crisis reports BBC. HSBC’s board has asked its management to “look at where the best place is for HSBC to be headquartered in this new environment,” the bank said. “The question…