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Indian infrastructure set for double digit growth
The Indian economy is the 10th largest in the world and has the 4th largest GDP in terms of purchasing power parity. The economic growth of this country has been the second fastest during the current decade of the 21st Century. The GDP growth has been nine percent during 2006-08 and has shown tremendous resilience by growing at seven percent during the last year of recessionary trend witnessed all over the world. By the end of this fiscal year, nine percent growth will be achieved again as per the Economic Survey of India. Infrastructure growthIn India, the overall economic growth targets are set by the Planning Commission in what we call fiv... -
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Euro services growth slows but factories accelerate
The eurozone’s dominant service sector expanded much slower than expected in December but its manufacturing sector, which led a large part of the economic recovery, grew faster than thought, surveys show. Worryingly for policymakers, a large part of the strength was on the back of a very positive performance in Germany and a supportive France, which outshone other member states. “Possibly the divergence is growing wider. Growth in Germany is near a record rate … France has been a strong performer as well as far as PMIs go,” said Chris Williamson at Markit. “When you strip France and Germany out of the eurozone figures we can see tha... -
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Investors circle Turkmenistan for energy openings
Western energy firms are poised to strike deals in Turkmenistan as the Central Asian state opens up its lucrative oil and gas reserves after years of isolation. Chevron Corp, Total and TXOil Ltd, a company chaired by a younger brother of former US president George W. Bush, are among those pursuing deals in the desert nation, home to the world’s fourth-largest natural gas reserves. Few, however, expect an instant bonanza. Competition will be tough and analysts predict the next influx of foreign investors will be restricted to offshore blocks in the Caspian Sea and service contracts at prized onshore gas fields. “Turkmenistan’s policy is ... -
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Euro nations lean on Portugal to seek help
Portugal is under pressure to seek a European bailout due to concerns Lisbon’s debt woes could drag down Spain and trigger an even greater crisis. The Financial Times Deutschland said some states wanted Portugal to seek aid in order to avoid Spain, the fifth largest EU economy, from having to follow suit. “If Portugal were to use the fund, it would be good for Spain, because the country is heavily exposed to Portugal,” the FT Deutschland quoted a source in Germany’s finance ministry as saying. “This news article is completely false, it has no foundation,” said a government spokesman. A recent Reuters poll shows 34 out of 50 analys... -
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G20 meets low expectations
After two days of talks, the G20 has ended up at the lowest common denominator. An agreement to develop “indicative guidelines” to help identify large current account imbalances that risk destabilising the global economy was the bare minimum expected of the leaders of the world’s 20 major economies. By giving finance ministers the task of working out the indicators that will constitute the guidelines, the G20 will invite criticism that it is just kicking the can down the road. Sceptics will say that a smaller, more cohesive group would have acted more decisively, especially at a time when – in the words of a closing communique – ten... -
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Geithner: China can’t resist upward yuan pressure
China cannot continue to resist upward market pressure on its yuan currency without facing higher inflation and rising asset prices, US Treasury Secretary Timothy Geithner said recently. Geithner, in an interview with CNBC television on the sidelines of a Group of 20 leaders summit, said he believed there had been progress on China currency issues and authorities in Beijing believed that it was important to let the appreciation process continue. “If you resist those market forces that are just a reflection of confidence that you’re going to see strong growth in China, strong productivity growth in China, if you resist those market forces,... -
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Republican win could revive US trade deals
While the fate of those deals rests primarily with President Obama, US business leaders say trade is one area of potential compromise between the White House and Republicans in 2011. “Trade has been at the back of the bus for last two years and I think there’s a real opportunity for trade to be in the front seat next year,” said Christopher Wenk, senior director for international policy at the US Chamber of Commerce. Republicans are expected to pick up enough seats in the congressional elections to take control of the House, which they lost to Democrats in 2006. Democrats are likely to hold onto the Senate, but the party’s opposition ... -
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Xstrata to spend $246m to expand Australia zinc
Miner Xstrata, the world’s biggest integrated zinc producer, will spend A$274m ($246m) to boost output at its George Fisher mine in Australia by nearly 30 percent by 2013. Xstrata said in a statement it had got approvals from the state government of Queensland to proceed with the expansion of the mine at the group’s Mt. Isa operations. “George Fisher Mine contains one of the largest zinc reserves in the world and the expansion project enables us to further tap its significant resource potential,” said Brian Hearne, chief operating officer of Xstrata’s Australian zinc division. The expansion will increase the annual production rate t... -
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Airline launches green initiative
Kenya Airways regained profitability in the year 2009/10 despite the difficult economic climate. During the year ending 31 March 2010, KQ made an operating profit of $24m. This was a remarkable achievement given the economic downturn experienced during most of the financial year. The capacity deployed increased by 6.7 percent largely driven by new destinations launched, while passenger traffic remained at prior year levels. The 2009/10 financial year was a bountiful one for the company’s shareholders, as the board declared a first and final dividend of $0.013 per share. This represents a total dividend payment of $6m. The airline expects a ... -
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“Insolvency has been like a maze”
Mexican history has been dynamic and rich. It comes from the ancient great Olmeca, Mayan and Aztec cultures in the prehistoric stage, through 300 years thereafter of colonialism under the Spanish Crown domination; 11 years independence war; two empires – Iturbide and Maximiliano; foreign intervention and invasion wars by the US, England and France; the Republic with Juarez; the 30 years of Porfirism dictatorship; 10 years revolution war that forced Dictator Porfirio Diaz to flee Mexico; 71 years of political party PRI’s totalitarism (Partido Revolucionario Institucional); the current lengthy and costly transitory way to democracy; war aga...
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