Econintersect: Here are some top of the news stories collected by Econintersect for Wednesday 24 July 2013 and immediate preceeding days.
POSCO’s global expansion plan hits India roadblock – Reuters.com
By Hyunjoo Jin: Some investors in South Korean steelmaker POSCO are starting to sour on a long-delayed $12 billion project for a steel mill in Odisha that was once hailed as a profit driver. The investment is part of a global expansion spree led by POSCO Group Chairman and Chief Executive Chung Joon-yang, a nearly decade-long strategy that was intended to capitalise on rapid emerging economy growth and help reduce the company’s reliance on its domestic market.
India: RBI Makes Surprise Moves to Strengthen Rupee – Econintersect.com
Econintersect: The Reserve Bank of India (RBI) moved Wednesday (24 July 2013) to strengthen the rupee after its fall to record lows against the U.S. dollar. The actions include increasing bank reserve requirements and raising interest rates again, the second hike in eight days. The moves today came after an unannounced surpise meeting of the central bank.
Billionaires Paying 10% for Cash Shows Muddled RBI: India Credit – Bloomberg.com
By Divya Patil: Just when India’s biggest stimulus package in a decade was close to paying off, a cash crunch engineered by the central bank to shore up the rupee has pushed borrowing costs for leading companies back above 10 percent.
Rediff.com – Jack Of All Trades, Master Of None – seekingalpha.com
By Sneha Shah: Rediff.com India Limited (REDF) is a small, India-based Internet company that has been listed on the U.S. stock market for more than a decade. The company got listed during the dot-com boom, but has failed to provide any returns to investors. The company has participated in every new Internet opportunity but has failed to make a mark in any of them…
How Can India Seize The Demographic Advantage – seekingalpha.com
By Abhinav Chouhan: “An ageing world needs workers; A young country has workers.” Nandan Nilekani, chairman of the Unique Identification Authority of India, through the above quote, tried to bring out an opportunistic competitive advantage that India possesses as a result of its demographics. This competitive advantage, better known as the demographic dividend, is the rise in the rate of economic growth due to a rising share of working age people in a population…
Market/Economic Analysis: India – seekingalpha.com
By Hale Stewart: Last week, the Indian ETF lost nearly 6% in the emerging market sell-off. As I’ve noted previously, I’m bearish on the economy (see also here). Let’s look at the latest Central Bank policy statement to get an overview of the current economic environment.
In May, the Central Statistics Office (CSO) reported India’s GDP growth in Q4 of 2012-13 of 4…
U.S. opens probe into steel pipe imports from nine countries – http://news.yahoo.com
By Doug Palmer WASHINGTON (Reuters) – The U.S. Commerce Department on Tuesday launched one of its biggest trade investigations in years into charges that manufacturers in South Korea, India and seven other countries are selling steel pipe used by oil and natural gas producers at unfairly low prices in the United States…
Rising Internet Access, Disposable Incomes In India – Profit Through MakeMyTrip – seekingalpha.com
By Abhimanyu Sisodia: JPMorgan recently shook the Indian parliament by saying that the changes in the recent immigration bill could actually reduce India’s GDP by some 0.3-0.4%. The sector impacted is IT outsourcing, which has quite a few listed ADRs. However, the impact on the sector could in turn have a multiplier effect on other sectors, such as travel – a key clause in the new bill effectively doubles the visa fees for H1B visa applicants to close to $5,000…
