weekly news nov 1st week
TRANSCRIPT
WEEKLY NEWS
OUTSOURCING HAS CREATED US JOBS: INDIA'S
MESSAGE TO OBAMA
India will seek to impress upon US President Barack Obama during his Nov 6-9
visit that outsourcing has actually created thousands of jobs in the US, and not
taken them away
"According to the US officials, India is the fastest growing source of
foreign direct investment in the US
"India's defence acquisitions and major purchases in energy and
aviation sectors, for example, are contributing to the US economy.“
"Recent Indian acquisitions have created and saved 65,000 jobs in the
US. A total of 374 acquisitions have been made and 127 Greenfield
projects have been set up in the US by Indian investors,"
RBI BANS 3 MNC BANKS FROM TRADING IN
GILTS FOR 6 MONTHS
The Reserve Bank of India has pulled up some foreign
banks in India amid investigations into circular trading
in Government Bonds.
The Board of Financial Supervision has decided to
impose certain restrictions on the market operations of
these foreign banks. The Central Bank has decided on
a six month trading ban on three foreign banks.
Standard Chartered Bank, Societe Generale and
Caylon are among these banks.
MFS IRKED BY SEBI TO CHECK ‘SMART’
INVESTING
The mutual fund industry is taken aback by the
Securities and Exchange Board of India’s plan to take a
relook at a system that allows investors to take
advantage of the cut-off timings for accepting cheques in
liquid funds.
SEBI may change system where investors mostly
corporate put money in liquid schemes usually on Friday
or Monday before 12pm to get the previous day’s NAV.
CLOSE FOREIGN LOAN WINDOWS FOR LLPS
The finance ministry and Reserve Bank of India have
opposed changes in the external commercial borrowings
policy to allow overseas borrowings by LLps.
The finance ministry is of the view that while FDI can be
allowed in this form of business entities but not overseas
debt
The current policy allows companies to raise ECBs but sole
proprietorship firms and partnerships are prohibited from
accessing such debt
CHINA GROWS SLOWEST IN A YEAR
China Government said its economy expanded 9.6% in thethree months to September
World bank had pared China’s growth forecast for 2011 to8.5% just a shade below its projection of 8.6% for India. If itgoes true then India will for the first time become the fastestgrowing economy among large economies
However it is expected that India could overtake China’sgrowth rate by 2013 and expected to be ahead from 2015onwards.
TATA'S NANO CATCHES WORLD'S MOST
POWERFUL MAN'S EYES
No sooner the powerful US couple was introduced to
Ratan Tata, who heads the USD 72 billion conglomerate,
President Obama told the first lady Michelle that this is
the person who created the USD 2,500 wonder car.
Michelle immediately expressed the desire to see the car
that revolutionized the auto industry and put India
prominently on the global map.