According to The Economic Times,
In an interview with ET Now (Supriya Shrinate), Praful Patel, Heavy Industries Minister, shares his views on Indian economy, diesel price deregulation and taxes for the super rich. Excerpts:
What is your main focus area?
I think the main focus which we should be emphasising is on infrastructure. We have got to get the power sector right. We have to make sure that gets back on track because it has really cost us a lot of, I would say, goodwill. We have got to get the coal sector right. We got to get the power sector right, plus our other infrastructure sectors like roads.
You may not be the biggest but you are the most trusted UPA ally. How it has been for allies like you to standby some really tough decisions?
India is going to achieve a lot in the long run due to good, sound economic policies. At least as far the NCP is concerned, we have always been very rational and very supportive of the economic reforms.
India Inc, especially the auto sector, is very-very nervous. They believe taxes could be raised on diesel cars, that is an obvious conclusion people are drawing, I think demand will take a little bit of a hit because of diesel deregulation. How are you smoothening frayed nerves?
Posted by cbasdeo09 on January 25, 2013
Indonesia’s Financial Services Authority plans to publish scorecards rating companies on the quality of their corporate governance as it begins supervising capital markets in Southeast Asia’s biggest economy.
The agency plans to rate the nation’s 50 biggest listed companies this year, said Muliaman Hadad, chairman of the newly minted regulator known by its Indonesian acronym of OJK. How companies treat minority shareholders and the roles played by board directors are among the criteria, he said in an interview in Jakarta on Jan. 15. OJK will consolidate supervision of capital markets, banks and non-bank financial institutions.
Hadad, a former central bank deputy governor, wants companies to improve practices to lure investors and broaden the pool of capital to fund growth. Indonesia’s economic recovery since the Asian financial crisis in 1997-1998, when the nation had to seek an International Monetary Fund bailout, has prompted Fitch Ratings and Moody’s Investors Service to raise their sovereign debt scores to investment grade.
Posted by cbasdeo09 on January 24, 2013
For so long a thorn in the side of China’s trade partners, the yuan now appears to be not only China‘s currency but China’s problem too.
Driven by fears of a bumpy economic landing, the yuan is now clearly in a two-way market, being roughly flat over the past year against the dollar and with forward delivery markets discounting a loss in the coming 12 months. This has radically changed psychology about the yuan, both in China and abroad, and has greatly complicated the job of the People’s Bank of China of mitigating the impact of the global softening in economic growth.
For years, starting in 2005, the yuan was one of the surest things in financial markets, marching seemingly ever upwards against the dollar after China allowed it to begin appreciating after keeping it artificially cheap. That rise was driven by fundamentals — strong growth in exports and foreign direct investment, as well as by the psychology that always attends hot assets.
As reported by Reuters, that has clearly changed, and the change, once struck, poses problems for easing the impact on China of its slowdown. It may also, if it lasts, fundamentally recast global financial market patterns.
Posted by gngn0 on August 30, 2012
The price of soybeans climbed Tuesday after China bought more of the protein-rich beans to feed its growing population.
Soybeans for November delivery rose 3.5 cents Tuesday to finish at $17.225 per bushel.
China is buying U.S. soybeans at a rate of about 5 million metric tons per month. The U.S. Agriculture Department said Tuesday that China bought an additional 110,000 metric tons of soybeans for delivery after Sept. 1.
Global soybean supplies were critically low before the devastating drought hit crops in the Midwest. As of Sunday, about 38 percent of the U.S. soybean crop was in poor to very poor condition.
Posted by gngn0 on August 28, 2012
The contemporary interest in regionalism, often referred to as “new regionalism”, is undoubtedly one of the important trends in contemporary international relations. The study of new regionalism has much to do with the resurgence or emergence of regional organizations during the 1980s and 1990s. The revival of academic interest in regionalism has been associated with a number of developments at a global level. These include, the end of the Cold War, the increase in economic interdependence, and globalization. Scholarly attention has been drawn to the creation of a number of regional organizations, such as the North Atlantic Free Trade Agreement (NAFTA) and the Common Market of the South (MERCOSUR), which was created in 1991 in South America. Meanwhile, 1989 saw the birth of the Asia-Pacific Economic Cooperation (APEC).
While regions have been typically defined as geographically proximate, the existence of interdependent states and regional attempts at formal cooperation has made it evident that, these definitions are too narrow for modern day usage. Simply put, the connectivity between state borders need not be a necessary element to reflect cooperation and integration. Instead, the geographical criterion is too limiting an explanation of regions, in an increasingly interdependent and globalized world. This leads to “new regionalism”, the second wave of regionalism that needs to be related to the transformation of the world, is associated with interrelated structural changes of the global system.
Of these new regional organizations, the Asia-Pacific Economic Cooperation (APEC) has become the most interesting case study for applying the characteristics of “new regionalism”. APEC was formed in 1989 in Canberra, Australia, with support from the United States of America. Australia first proposed the formation of APEC with the intention of promoting open regionalism, with emphasis on liberalization, privatization and open markets. The APEC forum is now one of the main regional organizations seeking to enhance the level of regional collaboration in the economic area (Haider, 2002). Therefore, it is important to study the APEC from the perspective of the new regionalism theory.
Posted by byu2012 on August 28, 2012
The Indonesian stock exchange delayed trading after almost a third of its members failed to connect to the bourse’s system. Trading resumed about 1:30 p.m. according to Samsul Hidayat, the bourse’s director of trading and membership.
Only 84 of 114 bourse members were able to connect this morning, Uriep Budhi Prasetyo, director of surveillance and compliance, said by phone today. Bourse members have a seat on the exchange and can trade directly. Hidayat said by phone that he was in a meeting with his team to review what happened. The benchmark Jakarta Composite Index (JCI) rose less than 0.1 percent to 4,147.33 as of 3:03 p.m. local time.
The exchange experienced an hour-long disruption in April 2009 when a cable used for sending transaction data malfunctioned after a buy order overran its capacity, the bourse said at the time. In October 2008, the bourse halted trading for three days following a 10 percent plunge in the key stock index.
“It creates a reputation problem,” Siswa Rizali, who helps manage about $367 million at PT Andalan Artha Advisindo Sekuritas, said by phone from Jakarta. “It happened before. The stock exchange has to convince people that they have the capability to provide smooth transactions.”
Posted by gngn0 on August 27, 2012
NEW DELHI–An impasse between the government and opposition parties in India over a controversial allocation of coal blocks from 2004 to 2011 has dimmed prospects of economic reforms that economists say are vital to revive growth.
Greenpeace activists dressed as coal miners lie on the ground Tuesday in New Delhi as part of a protest against the coal allotments.
Global investors and the Indian industry have been clamoring for the government to move on key issues such as easing foreign investment rules to attract overseas capital in industries such as aviation, insurance and retail. Government officials repeatedly have suggested that several moves were imminent. Acting soon is viewed as imperative as it will become harder for the government to enact controversial measures close to a round of state polls in Gujarat, Himachal Pradesh and Karnataka that are expected later this year and the next general election due in 2014.
But the reform efforts have been abruptly halted by a standoff in what is known as the monsoon session of Parliament that started earlier this month and is scheduled to run until Sept. 7. On Thursday, for the third successive day, opposition parties blocked all legislative proceedings as they continued to demand the resignation of Prime Minister Manmohan Singh over the coal allocations.
Posted by byu2012 on August 23, 2012
Kuala Lumpur. The Palm Oil Refiners Association of Malaysia and Malaysian Estate Owners’ Association — representing both upstream and downstream stakeholders — suggest that the government should lower the current 23 percent crude palm oil tax to 8 percent instead of increasing the duty-free CPO export quota.
This proposal is seen as a win-win solution to the present palm oil dilemma.
Recently, the Plantation Industries and Commodities Ministry announced the export of another two million metric tons of duty-free CPO by the end of next month — a move that many refiners see as throwing good money after bad. This is because this decision will result in the government forgoing some 4 billion rinngit ($1.2 billion) in tax collection by allowing the export of up to 5.5 million tons of duty-free CPO.
On Thursday, a refiner and the MEOA expressed their consensus to stem the losses and solve the current dilemma. As palm oil prices continued to fall in the last four months, the refiner said it was naive to assume that by pushing palm oil exports, stock levels would come down and this would prompt palm oil prices to jump.
“Stock management is one thing, but there’s also the strengthening of the US dollar,” said the refiner, who spoke on condition of anonymity.
Posted by stekunan on August 13, 2012
Hot on the heels of an admission of money laundering from HSBC, Asian-focused Standard Chartered is the latest lender to become entangled with tough US sanctions.
The string of explosive revelations against the two banks plays into the hands of ANZ, the Australian lender that is attempting grow aggressively through Asia.
The New York State Department of Financial Services overnight alleged that for almost a decade London-based Standard Chartered “schemed” with the Government of Iran and hid from regulators some 60,000 secret transactions involving at least $US250 billion.
The claim argues Standard Chartered reaped hundreds of millions of dollars in fees from the transactions.
Posted by stekunan on August 7, 2012
Jack Qiu spends evenings in front of his laptop in the southern Chinese city of Guangzhou, lending money to strangers online. An accountant by day, Qiu may be a better loan manager by night than most bankers. He says only two investments out of his 80,000 yuan ($12,525) total, each worth 100 yuan, have gone unpaid. Nonperforming loans at a Chinese bank, on average, would be almost four times as high. “I don’t care what the money is used for, because that’s beyond my control,” says Qiu, a 30-year-old certified financial planner who jumped into online lending in May by registering at Ppdai.com, one of the largest such sites in China. “For me, the key is to identify those who have at least a willingness to honor their debt, so I need to keep my eyes wide open.”
Peer-to-peer lending is taking off as lending among family and acquaintances moves online. More than 2,000 peer-to-peer websites have been set up nationwide since 2007, China National Radio reported in May. Akin to Lending Club or Prosper.com in the U.S., China’s online lenders let individuals invest a minimum of 50 yuan in projects ranging from small-business expansions to honeymoons for as much as 23 percent interest, the highest rate allowed.
Posted by stekunan on August 7, 2012