With a promise of million dollar investment in India, United Arab Emirates, the business capital of the world is all set to plant its investment seeds in one of the fastest growing economies of the world Indian Prime Minister, Narendra Modi’s two day visit to the UAE captivated the well-heeled Emirates to commit an investment target of $75 billion. As professed by Modi’s political stage last year, he is definitely not leaving any stone unturned which can help India emerge as an economical powerhouse with assured development across sectors. Strengthening the Indo-UAE bond Both the nations
The Syrian war started in 2011 when antigovernment demonstrations – part of the Arab Spring – turned violent and a fight broke between the rebels and the regime. More than 11 million people have been displaced because of the war, as Syrians have been fleeing in thousands every day to escape bombing and being killed. However, it took the world four years to take a shocking note of the refugee crisis, when the lifeless body of Alan Kurdi – the three-year-old Syrian boy – was found on the Turkish shore of the Mediterranean Sea. The war is getting worse and deadlier day-by-day, with Douma
Under pressure from International Monetary Fund (IMF), Greece and other European Union countries trying to resolve Greece’s debt crisis agreed in Brussels on July 13 on new austerity measures to solve the staring problem. The Greek debt crisis started in late 2009 when Greek announced that its budget deficit would be 12.9 per cent of GDP, more than four times the EU’s three per cent limit. The crisis had started much earlier in 2001 as Greece adopted the Euro as its currency. Similar to other Eurozone countries, Greece benefited as interest rates became lower, and investment capital and lo
BRICS, the group of emerging economies, has come up with the New Development Bank (NDB) in Shanghai. Backed by Brazil, Russia, India, China and South Africa – together known as BRICS countries, the bank aims at lending money to the developing countries, which are seeking financial support in infrastructure development projects. The bank is seen as an alternative to the World Bank and the International Monetary Fund, although the group claims to be a non-rival.
South Korea’s quarterly growth slowed more than expected. It is considered the lowest in more than two years with consumption battered by an outbreak of Middle East Respiratory Syndrome. Asia’s fourth-largest economy has recorded a mere 0.3 per cent growth in the last quarter. According to the bank, the private consumption turned sour as spending on services took a dip as an outcome of a severe-drought-hit agriculture. South Korea relies heavily on export and tourism, and has faced poor demand as well as sluggish consumption due to MERS breakdown, which resulted in enormous travel cancell
IMAX has filed an application with the Hong Kong Stock Exchange (HKEx) for an initial public offering (IPO) of its China unit in Hong Kong (IMAX China Holding), as it plans to participate in the world’s fastest growing movie markets. Imax made about 30% profit last year through its China unit, which is not surprising as since 2012 it has nearly doubled its number of theatres in the Greater China region. Currently, IMAX has 239 theatres in China, Hong Kong and Taiwan, and it plans to build 219 more theatres in China itself. China is a critical growth market for IMAX, and if plans go well it w
Avago Technologies Ltd. has struck a landmark deal (the largest ever in the semiconductor or the high-tech industry) with its competitor Broadcom Corp., in which Avago will pay the Broadcom shareholders $37 billion ($17 billion in cash and $20 billion in shares). To raise the required $17 billion in cash, Avago will seek $9 billion in cash from various banks—it worked with the following during the deal: Deutsche Bank AG, Bank of America Corp., Barclays PLC, Credit Suisse Group AG and Citigroup Inc.; the rest of the amount would come from its own reserve. The deal should be closed by the firs
Adani Group is mulling a foray into defence and aerospace production, keeping pace with several other big industrial groups’ drives into the “Make-in-India” initiative. Big defence spending is in the offing as defence is being seen as a sunrise sector. The place pitched for the possible manufacturing is an obvious choice: Mundra in Gujarat (it is the country’s largest private port and SEZ), utilizing its sea and land linkages. Adani executives—including Karan Adani, the elder son of Gautam Adani, the chairman of the Adani Group—have met delegates from large overseas defenc
Forecast by the International Monetary Fund (IMF) is a fulfilment now as India’s economy is growing faster than China’s. India has been moving in the opposite direction while many countries around the world are dealing with low growth. It’s definitely a special moment for India with so much growth prospect in front of it! Observing India’s third-quarter GDP growth and comparing it with that of China’s in the fiscal 2014–2015, the IMF had foretold in March 2015 itself that India would surpass China’s economy and soon become the fastest growing economy in the world. Amid the shak