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The AEN News Diary
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Founding Editor and owner Mr.Vallabh Kaviraj is a longstanding Indian journalist, Poet and writer in London,
who is the founding Editor-Publisher-Owner of the pioneering first
independent Indian Asian English newspaper-The AEN which he has founded in London 1973, and The AEN-The Asian Express Newspaper is published on World Wide Web daily. Website: http://www.asianexpressnewspaper.com
He is also founding Editor-Publisher-Owner of Global Business Focus - website: http://www.globalbusinessfocus.com
and The AEN News Diary - website: http://www.aennewsdiary.com, which are also published on World Wide Web daily.
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Global Economy
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Japan's Central Bank keeps
interest rate at 0.5%
Japan's Central Bank reportedly has kept interest rate at 0.5%
same as the last month.
Reportedly last month's quarter points rise was the second hike
in more than six years.
Last year, the bank reportedly raised the rate to 0.25% in July,
following six years of zero interest rates, to help the economy
recover from deflation.
The March decision to keep rates on hold wasreportedly unanimous.
Japan's interest rates are still well bellow the benchmark rates
of 5.25% in the US and 3.75% in the eurozone, media reports said.
-The AENNS (20/03/07)
In India, signs of overheating
in economy causing concern
In India, reportedly signs of overheating in economy have shown
causing for concern, and two top economic planners today warn
of overheating in economy expressing it has been expanding at
a hurtling pace causing inflation to inch higher.
Mr. C. Rangrajan, Chairman of Economic Advisory Council, and Mr. Montek Ahluwalia,
Planning Commission Deputy Chairman, reportedly expressed concern
saying they see some signs of overheating in economy.
Mr. Rangrajan who was a former governor of Reserve Bank, reportedly
said that current price rise was unacceptable. He added " In today's
world, inflation rate of 6 per cent is not acceptable, certainly
we should address supply side problems and we should also address
monetary demand side which is growing at over 20 per cent."
Reportedly in India, inflation rose to 6.46% for the week ended
March 3, from 6.10% the previous week, media reports said.
-The AENNS (20/03/07)
In UK, inflation rate rising to 2.8%
In the UK, according to the Consumer Prices Index (CPI) measures,
reportedly inflation rose 2.8%, up from 2.7%.
Reportedly the inflation figure - pushed up by increase in air
passenger duty, news reports said.
Also, according to the Retail Prices Index (RPI), reportedly retail
prices rose to 4.6% from January's figure of 4.2%.
Reportedly the RPI includes mortgage interest payments, and is
used in many wage negotiations, media reports said.
-The AENNS (20/03/07)
India's economy shows
strong growth but increasing
inflation is causing concern
India's economic growth picture is showing upbeat though experts
believe possibly it could be overheating of the economy.
According to the Mid-Year-Economic Review is presented in Parliament
on Tuesday 19, December, indicates that India's economy grew at
an annual rate of 9.1 per cent in the six months from April to
September, period. A resurgent industry, which grew by 10.9 per
cent, and the vibrant services sector saw a healthy 10.7 per cent
increase, and were the major contributors to the impressive overall
economic growth.
According to the review, the agriculture sector grew by only 2.6
per cent in the first months of the current financial year, and
more to be done in this sector.
The review stated that though the combination of high economic
growth and slow creeping up inflation in manufactured products
has generated some concerns, and there was no cause for alarm
in regard to crucial parameters.
However, inflation is running at an annual rate of 5.16 per cent.
Prices have risen sharply in the five years in the country, and
causing for concern, said experts.
-The AENNS (19/12/06)
India needs to draw more
attention in developing its
infrastructure better way
in connecting rural areas
to alleviate poverty
India needs to draw more attention in developing its infrastructure
better way in connecting rural areas in the country to alleviate
poverty.
India's most of the rural areas are lacking better roads, clean
water supplies, sanitary system, electricity power supplies and
telecom system, therefore, rural infrastructure projects are needed
to be put in place for better development in helping a large areas
of cultivation of lands and better connectivity to rural India,
can help to meet the increasing demand of people in the country.
India's economic growth is seen remarkable in the emerging global
economy, but different type of infrastructures can have different
effects on economic growth, said observers.
In India, reportedly over 300 million people are living in poverty
and poor are becoming pooerer, therefore public sectors need to
do more to alleviate poverty, said observers.
-The AENNS (10/12/06)
IMF's leading members agree
to back proposed reform plans
International Monetary Fund (IMF)'s leading members reportedly
have agreed unanimously to back proposed reform plans giving more
IMF voting rights to emerging economies of the world.
Reportedly the IMF's 184 members are voting on a proposal to change
voting - which would immediately increase the votes of China,
South Korea, Turkey and Mexico.
IMF's top steering committee, chaired by UK's Chancellor Gordon
Brown, reportedly has backed the move, describing the move as
the biggest shake-up of the IMF in six decades, welcoming a comprehensive
reform package for voting quotas, expecting to be completed no
later than the 2008 annual meeting.
Reportedly the IMF's 24-strong international Monetary and Financial
Committee is meeting in Singapore. The proposal needs to win 85%
of votes to pass. The voting deadline is Monday afternoon, and
results will be announced after that.
However, reportedly not all emerging countries are behind the
new proposals.
India believs the fund should overhaul the system on one step,
not in proposed two steps which are being voted now.
Argentina and Brazil wanting to see their voting share increased
quickly too, media reports said.
-The AENNS (17/09/06)
World's developing nations
must invest in young people
-says World Bank report
There are now a record of 1.3 billion aged 12 - 24 living around
the world. Those numbers could create problems in many nations
if socities do not adapt.
Developing nations must invest in young people, promoting education
and developing essential skills, a World Bank report said.
Reportedly young people are thought to make up about half the
world's unemployed, says the report.
According to figures reported, the demographic window of opportunity
varies from countries to countries: in industrialised countries
such as Japan and Italy it closed about ten years ago.
Reportedly China has just a few years of its window of opportunity
still remaining, the bank estimates, but India, with a young population,
still has 30 years.
The report identifies failings in vital areas such as education
and development of key skills.
Health issues are also a major concern. Governments should plan
ahead in order to offer the young the best opportunities to develop
their capabilities and family life, the report says.
If developing nations fail to invest, it will be impossible to
remedy the missed opportunity,said observers.
-The AENNS(16/09/06)
World economy becomes
less dynamic, says IMF's chief
The International Monetary Fund (IMF)'s head Rodrigo de Rato reportedly
said inflation risks and global trade imbalances means the world
economy had become less dynamic and faces testing times, he said
while speaking in Singapore ahead of the next week's meeting of
the IMF and World Bank.
He reiterted at his own press conference, saying misuse of funds
the organisation lent to tackle poverty could not be tolerated.
He added"the world economy has shown resilience in the face of
higher oil prices and rising interest rates."
Mr. de Rato reportedly said that global trade imbalances, seen
especially in China's trade surplus and the US budget deficit,
were a complex problem. It would be unrealistic to expect the
problem to be resolved through a quick fix, news reported.
-The AENNS(15/09/06)
World economic growth
will be higher, says IMF
The International Monetary Fund (IMF)'s report which was released
at the start of the IMF and World Bank's meetings in Singapore,
reportedly predicted that world economic growth would be higher
than previously thought at 5.1% in 2006 and 4.9% in 2007, news
reports said.
Reportedly the predictions are both 0.25% higher than than IMF
outlook given in April.
The IMF reportedly warned that global imbalances posed risk -
in particular, the US budget deficit and China's vast trade surplus,
news reports said.
Rising oil prices and economic downturn in the US, reportedly
triggered by a fall-off in the housing market were among factors
posing the biggest threats to continuing global growth.
The potential for disorderly unwinding of the global imbalances
remains a concern, reportedly the report said.
-The AENNS(14/09/06)
Europes's biggest
economies hit rough patch
Eurozone growth reportedly is near standstill. Reportedly the
12-nation eurozone saw growth of just 0.3% in the three months
to June, down from 0.5% the previous quarter,for an annual rate
of 1.2%.
Germany was registering zero growth for the period.
The US economy grew 0.8% in the second quarter for a 3.6% annualised
rate.
And Japan,whose GDP figure is announced on Friday,is expected
to be comfortably ahead of the eurozone as well as domestic demand
picks up pace.
It is the domestic picture which has proved to be one the eurozone's
key weakness,media reports said.
-The AENNS
India third largest
economy by 2025
In the next 25 years, India and China will become major players
in the world economic arena, surging ahead of the industrial US
and European power, a global economic experts said, a news report
ed.
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India, China two emerging
global economies laying
foundation for corporatisation
India and China two emerging global economies are laying foundation
for corporatisation and reportedly agreed to establish a stretagic
and co-operative partnership as a leverage to negotiate with a
changing global order.
Prime Ministers of both countries, India and China, which are
the emrging world economies agreed while accepting that both countries
would stand to gain substantially by working as partners rather
than rivals, got down to the business of identifying areas of
covergence, even as the two set a bilateral trade target of $20
bn in 2008. Reportedly a regional trading arrangement has been
proposed which will be looked into by a joint task force.
To create a more conductive pro-investment atmosphere two sides
conclusively agreed and China reportedly accepting Sikkim as an
Indian state,media reports said.
-The AENNS
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Global Business
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Europe's biggest bank HSBC
hits record profits of £11.5bn
despite tough times in US
Europe's biggest bank HSBC reportedly has hit record profits of
£11.5bn ($22bn), news reports said.
Reportedly HSBC has hit profits despite tough times in US where
housing market slowing.
HSBC Chairman Stephen Green reportedly said the growth in profits
in the face of the US slow down situation was a testament to the
strength and diversity of the bank.
And reported that diversity was reinforced by a deal unveiled
earlier on Monday, between HSBC and India's Canara Bank.
HSBC reportedly will take a 26% stake in a joint insurance business
with Canara and New Delhi-based Oriental Bank of Commerce.
HSBC share reportedly rose 1% in London, despite a global sell-off
of shares that saw markets falling worldwide, media reports said.
-The AENNS (05/03/07)
India to attract billions of
dollars worth investment
in telecom equipment
manufacturing
India is reportedly set to attract billions of dollars worth investment
in telecom equipment manufacturing.
Rising demand for a wide range of telecom equipment, particularly
in the area of mobile telecommunication, reportedly opened up
opportunities to domestic and foreign investors.
A large nuber of foreign companies have shown interest in setting
up centress, believing India is expected to be a manufacturing
hub for telecom equipment, news reports said.
-The AENNS (29/12/06)
India's mobile phone market
is growing fast as consumer
spending rising in country
India's mobile phone market is growing fast as consumer spending
is rising in the country.
A number of foreign mobile phone companies are entering the Indian
mobile phone market.
Foreign firms are limited to owning 74 per cent of Indian mobile
phone providers.
However, media have suggested that a number of foreign mobile
phone firms are interested in investing in India.
Vodafone is reportedly considering a bid for the Indian mobile
phone arm of Hutchison Whampoa but faces stiff competiton, news
reported.
-The AENNS (22/12/06)
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India-Pakistan trade
a 146% jump
India - Pakistan trade reportedly has registered a 146 per cent
jump in the year 2004, India's Commerce & Industry Minister Kamal
Nath informed Rajya Sabha on Wednesday.
Total trade between two countries stood at 380.79 million dollars
in April-November 2003 - 2004 to 314.54 million dollars in the
current fiscal. Imports from Pakistan also rose from 44.47 million
dollars to 66.25 million dollars in April- November 2004, the
Minister said, news reported.
-The AENNS
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India's Foreign Trade
policy is welcomed widely
India's Foreign Trade Policy which is announced today is welcomed
widely and many Foreign Direct Investors will see the opportunity
to invest in India.
Reportedly the Foreign Trade Policy, terming it as a pragmatic
approach that would boost exports.
Complimenting Commerce & Industry Minister Kamal Nath, business
leaders said the annual supplement of Foreign Trade Policy 2004-09
will further spur exports, promote manufacturing base, attract
FDIs and help create new job opportunities for both skilled and
unskilled work force of the country.
Also many observers home and abroad believe that Minister Kamal
Nath's well planned policy would help small businesses, cottage
industry as well as family businesses, which are struggling to
survive at present in rural areas of the country.
The new scheme will positively give a large impact to sectors
like auto components, aviation and host of other sectors on which
strong fundamentals will be built for betterment of Indian economy,
said business leaders as well as observers.
-The AENNS(07/04/06)
India's Power Sector
opens up big opportunity
for FDI
Report by Vallabh Kaviraj
A longstanding Indian journalist
in London
India is the sixth largest global energy consumer in the world
today, and with the population of over one billilon people, its
economy is growing faster than ever before, therefore, the demand
is increasing considerably day by day.
By the modest estimates, India's Power Sector requires an aggregate
investment of US $100 billion during the Eleventh Plan (2007-12)
for expansion of generation, Transmission & Distribution and rural
electrification facilities.
Therefore, India's Power Sector opens up big opportunity for Foreign Direct Investment and Indian delegations visited Britain last week to promote challenges
and investment in the sector, indicating the Electricity Act 2003,
has freed notified rural areas from requirements of a distribution
license, and the electrification area offers big opportunity for
FDI.
Mr. S. Jagdeesan, Economic Minister in the Indian High Commission
at India House in London on Monday 3, April, organised a meeting
with the Indian delegation and invited representatives of various
British and Indian companies to meet the members of the delegation.
The delegation members; Mr.Umesh Narayan Panjiar, Additional Secretary
- Ministry of Power Government of India, Mr. S.K. Garg, Chairman
& Managing Director-National Hydroelectric Power Corporation Ltd.,
Mr. R.K Jain, Director (Technical) NTPC Ltd., and Mr. Vinoy Mathur,
Additional Director (Head Trade Fairs Division) Federation of
Indian Chamber of Commerce & Industry, gave a brief presentation,
outlining the progress of the Power Sector of India and they answered
questions from the audience.
Mr. Panjiar told the audience that electrification would cover
most villages in the country as well as cover sea coast areas
of Gujarat, Maharashtra and Andhra pradesh, and India will welcome
the Wind Power Energy system to be established in the country.
He also announced that the Power Sector of India would held an
international conference and exhibition from May 11-13, in New
Delhi, this year, and all are welcome to attend the great event
and see the progress made in this sector, said Mr. Panjiar.
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UK entrepreneurs see
golden opportunity to do
business in India today
Report by Vallabh Kaviraj
A longstanding Indian
journalist, poet in London
UK Trade & Investment sector organised a special business seminar
in London on Wednesday 29, March, to highlight about business
opportunities in India today.
A large number of entrepreneurs attended the seminar, finding
that a golden opportunity available to do business in this vibrant
country India should not be ignored.
A special session on -Retail in India was greatly appreciated among the audience, because well experienced
speakers provided the audience with invaluable insight into this
sector, including aspects of mall design, retail consulting, licence
getting, franchising, and distribution law.
The session was chaired by Manoj Ladwa, a well known young Indian
lawyer in London.
Finally, the reception in evening, was hosted by Stephen Lillie,
Director of Trade & Investment-India and given an opportunity
for networking among entrepreneurs, and ended the programme with
a musical dace provided by Bollywood group.
The AEN -The Asian Express Newspaper was there to observe the
event.
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