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Tuesday 10th of August 2010
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News Tag: India

July 27, 2010

India raises interest rates to combat inflation

by Kay Murchie
”India
The Reserve Bank of India (RBI) has raised its key interest rate from 4% to 4.5% in a bid to combat rising inflation. It is the fourth such increase this year and economists had only expected a rise to 4.25%. Inflation rose to 10.55% in June and the latest interest rate hike is a fresh attempt to fight off inflation - which ...



July 20, 2010

SKS Microfinance announces IPO

by David Masters
SKS Microfinance announces IPO
India's first microfinance institution (MFI) to issue public shares has announced its initial public offering (IPO) will open on 28 July. SKS Microfinance will announce the issue price on 26 July and is considering offering a discount to retail investors. The company plans raise Rs. 1,500cr ($320 million) from the IPO with the shares sold making up 21.6% of the company's capital. Critics have slammed ...



July 4, 2010

India raises interest rates to combat inflation

by Kay Murchie
”India
The Reserve Bank of India (RBI) has raised its key lending and borrowing rates from 5.25% to 5.5%, in a bid to combat rising inflation. Inflation rose to 10.16% in May – far exceeding the central bank’s own estimate of 8.5%. The wholesale price index rate, which represents the highest since 2008, is the central bank’s most closely watched gauge of inflation ...



June 14, 2010

India’s inflation rate surges above 10% mark

by Kay Murchie
...



June 8, 2010

Microfinance defies economic slowdown

by David Masters
Microfinance defies economic slowdown
Microfinance is one of the few sectors to have escaped the impact of the financial slowdown, according to a new report published this week. Unitus-Hewitt Microfinance Compensation & Benefits Survey found employee compensation in India-based microfinance institutions (MFIs) has held steady through the recession. Looking at employee compensation is a considered a reliable measure of how much a sector has been forced to make cuts. The ...



June 4, 2010

Nobel laureate warns against microfinance loan sharks

by David Masters
Nobel laureate warns against microfinance loan sharks
Investors looking to profit from microfinance are no better than loan sharks, a pioneer of the industry has claimed. Nobel laureate Muhammad Yunus said he is concerned that investment funds are viewing microfinance as a way to make a profit. "Poor people should not be presented as an opportunity to make money," said the Bangladeshi economist. "We started out with the idea of ...



May 31, 2010

Indian economy continues to see high growth

by Kay Murchie
”Indian
The Indian economy continues to perform strongly after figures showed annualised growth of 8.6% in the three months to March - primarily due to growth in manufacturing. The economy for the year ending March 2010 grew by 7.4% - slightly exceeding the Reserve Bank of India’s (RBI) forecast of 7.2%. Indian Finance Minister, Pranab Mukherjee, said he “expects the current economic ...



April 23, 2010

Microfinance loan rates to be published online

by David Masters
Microfinance loan rates to be published online
The interest rates charged on microfinance loans given to the rural and urban poor in India will soon be available online. The decision by the newly-formed Microfinance Institutions Network (MFIN), a self-regulatory body, comes after criticism of the excessive rates charged by some microfinance providers. Microfinance institutions (MFIs) in India charge interest rates upward of 24%, significantly more than the rates on ...



April 9, 2010

Microfinance: robbing the poor to feed the rich?

by David Masters
Microfinance: robbing the poor to feed the rich?
India-based SKS Microfinance has announced an initial public offering (IPO) which is expected to raise $250-$350 million in shareholder investments. The IPO is the first by an Indian microfinance company, and has sparked a debate around the ethics of profiting from the poor. Some argue that the IPO is necessary after microfinance firms (MFIs) reach a certain size. "For specific MFIs who ...



March 22, 2010

India interest rate hike sends Asian shares plummeting

by Kay Murchie
India interest rate hike sends Asian shares plummeting
The Reserve Bank of India (RBI) surprised markets on Friday by raising its key lending and borrowing rates by 25 basis points, in order to combat rising inflation. The hike sparked fears that other central banks in Asia may increase their efforts to fight inflation, which sent shares lower throughout Asia today. Hong Kong lost 437.57 points to 20,933.25, while Sydney ...



February 26, 2010

Indian economy poised for high growth

by Kay Murchie
”Indian
In its annual budget, India’s finance minister, Pranab Mukherjee, has said the economy is in good shape and stimulus measures are set to be reviewed. The economy is recovering faster than expected after expanding at an annual rate of 7.9% in the three months to the end of September, after growing 6.7% in the year to the end of March 2009. The ...



February 14, 2010

India industrial output soars 16.8% on year

by Kay Murchie
”India
Official figures have revealed further evidence of a strong recovery within India’s economy after industrial output surged by 16.8% in December compared with a year earlier - beating analysts expectations. According to analysts, the Government is likely to withdraw its stimulus measures as a result of the strong performance. The country's central bank has injected in excess of £80 billion in ...



February 8, 2010

Indian economy to grow 7.2%

by Kay Murchie
”Indian
The Indian Government has today announced that the economy is expected to expand 7.2% in the year to the end of March. The economy is making a strong recovery and expanded at an annual pace of 7.9% in the three months to the end of September, after growing 6.7% in the year to the end of March 2009. Meanwhile, today’s announcement has raised ...



November 30, 2009

India’s economy grows 7.9% on year

by Kay Murchie
...



May 11, 2009

China car sales boosted by tax incentives

by Kay Murchie
”China
Car sales in China rose 37% in April, boosted by tax incentives. The rise in sales means China has now overtaken the USA to become the world’s largest automotive market, after total vehicle sales increased by a quarter to 1.15 million. In a bid to revive flagging car sales, the Chinese Government announced buyers of smaller cars would receive a tax ...



May 1, 2009

Indian monthly exports fall by largest on record

by Peter Charalambous
”Indian
India’s exports for March have fallen by a record amount as the country missed a revised export target of $175 billion. In 2007-08, the country posted export growth of 23 percent valued at $155.51 billion. According to figures released by the ministry of commerce in March exports were valued at $11.52 billion, which is down 33 percent from this time last ...



April 22, 2009

India unexpectedly cuts interest rates

by Peter Charalambous
India unexpectedly cuts interest rates
The central bank of India has reduced interest rates for the sixth time in sixth months to a new record low, with the economy expanding at its slowest rate since 2003. The reverse repurchase rate has been cut from 3.25 percent from 3.5 percent, although economic forecasts are still indicating that economic growth may fall to 6 percent. The global economic downturn has brought ...



March 26, 2009

HSBC to make 1,200 redundancies as part of cost cutting measures

by Peter Charalambous
”HSBC
HSBC, which employs around 58,000 people in the UK, has announced that following a review of the business, 1,200 of its UK staff face potential redundancy which will be mainly in the processing, operations, finance, HR and IT areas. HSBC has not received taxpayer support but has just approved a £12.5bn rights issue to strengthen its finances. ...



August 8, 2008

Inflation in India reaches 13-year high

by Kay Murchie
”Inflation
Annual inflation in India has surpassed the 12% mark despite efforts by the Government to tighten monetary policy. Increases in the prices of some food articles and manufactured products pushed inflation to 12.01% in the week ending 26 July, up from 11.98% the previous week. At the end of last month, the Reserve Bank of India, raised its key interest rate 50 ...