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UNIQUE DIARY
Poll : Yuan Seen Depreciating Further but Rupee to Remain Stable
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he Chinese Yuan will weaken further over the next 12 months as policymakers ramp up efforts to support the economy through further stimulus or currency devaluation, a Reuters poll found. The People's Bank of China sent shockwaves through global financial markets on August 11 by devaluing the currency by nearly 2 per cent, triggering fears of a currency war. Though policymakers have repeatedly tried to reassure markets since then that they see no reason for further declines, many traders believe there is political pressure for a deeper depreciation as the world's second-largest economy slows. The renminbi is expected to weaken another 2 per cent in six months and the poll of 30 currency strategists showed it will trade at 6.50 to the dollar by end-November and 6.52 by endFebruary, before recovering to 6.46 in a year from now.
Edible Oil Producers Fight Losing Battle against Cheap Palm Oil Imports
"If you really look closely, most overnight successes took a long time." Steve Jobs
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ajesh Agrawal had built two large oilseed crushing mills in central India, betting on rising local consumption of edible oils. But now after 30 years of soaring demand and good business, his main mill is shut and covered in grass. Agrawal's shuttered soybean plant highlights the malaise gripping Indian crushers, who have been forced to use a fraction of their capacity as the domestic market stays awash with cheap rival palm oil from top producers Malaysia and Indonesia. Now with Malaysian palm oil prices near 6-1/2 year lows, imports could rise even more, undermining Prime Minister Narendra Modi's efforts to make the country self-sufficient in edible oils, overseas purchases of which exceed $10 billion per year - India's third-highest such spend after oil and gold.
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Sept-Oct 2015
Government to Invest Rs 8.5 Lakh Cr in Railways
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harpening focus on infrastructure development to boost growth, government will invest Rs 8.5 lakh crore in Indian Railways to change the face of the sector, Minister of State for Finance Jayant Sinha said today. He also appealed to the opposition parties to help pass the GST bill that will usher in a new indirect taxes regime in the country, boosting business activity. Speaking at the annual convention of Automotive Component Manufacturers Association (ACMA), Sinha said the government is "very focused" on infrastructure. "After a decade of chronic under investment in Indian Railways we have decided we will invest Rs 8.5 lakh crore in Indian railways alone. This is extraordinary and will change the face of railways in India," he said.
India among Top 5 Sovereign Emerging Market Debt Issuers: Moody's
"Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved." Helen Keller
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ndia ranks among the top five sovereign debt issuers from the emerging economies after China, said Moody's Investors Service. "The top five largest sovereign EM (emerging market) debt issuers, as of end-2014, were China (with $3.5 trillion total sovereign debt outstanding), India ($1.3 trillion), Brazil ($1.2 trillion), Mexico ($387.5 billion) and Turkey ($265.5 billion)," it said in a report. Compared to debt volumes as of end-2000, China has overtaken India and Brazil as the largest debt issuer in 2014, it said. EM sovereign debt outstanding has grown almost five times between 2000 and 2014. The report further said that the vast majority of new issuance by emerging market governments or central banks has been directed to debt denominated in local currencies.
Sept-Oct 2015
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UNIQUE DIARY
Raghuram Rajan Hints at Rate Cut; Inflation Down Quicker Than Expected
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ndicating an imminent rate cut, RBI Governor Raghuram Rajan has said inflation has come down to the comfort zone quicker than expected and he is keeping a watch on data to see how much room is there for further easing of the monetary policy. "We are on a phase of accommodation. We are still in that phase. We are looking at the data to see what more room we have," Dr Rajan said. Stating that RBI monetary policy has been accommodative, Dr Rajan said he has cut interest rates three times already this year and he was "still on an accommodative setting". "You know, like other central banks, we are in a wait-and-watch mode. And as the incoming data are analysed, we are looking to see how much monetary room there is for more accommodation," Dr Rajan told Wall Street Journal in an interview on the sidelines of the Jackson Hole summit in Wyoming.
China Banks Warn of Rising Bad Loans as Economy Slows
"There are no secrets to success. It is the result of preparation, hard work, and learning from failure." Colin Powell China's largest banks warned of a tough year after posting their weakest half-yearly profit growth in at least six years as a slowing economy forces the lenders to make even more provisions for soured loans and squeezes interest income. State-owned Industrial and Commercial Bank of China (ICBC), China's largest bank by assets, and peers Bank of China (BOC), Agricultural Bank of China and Bank of Communications this week reported another spike in bad loans in the first half and net profits that grew at most by 1.5 per cent, a far cry from the double-digit growth banks enjoyed after the 2008 financial crisis. With China's economy set to grow at its weakest pace in a quarter of a century this year, the lenders said they were bracing themselves for even more bad loans as industries ranging from steel to petrochemicals and property struggle.
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Sept-Oct 2015
MISS SOUTH INDIA
MISS SOUTH INDIA A PAGEANT TO DISCOVER THE FREEDOM OF EXPRESSION AND TALENT FOR THE WOMEN OF SOUTH INDIA
Miss South India 2016 Entries invited Auditions will be held in Hyderabad, Bangalore, Chennai & Kochi. Those who are interested to participate in the pageant can log on to Title partner
www.misssouthindia.org and register your name.
Organizer
www.pegasusindia.org
MANAPPURAM JEWELLERS LTD.
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Printed On 01/ 09/ 2015
RNI Reg No. KERENG/2011/42633