This week has been described as “the busiest week in decades” as interest rate decisions are expected across the globe. Today, Australia and India have both opted to raise interest rates by 0.25% amid rising inflation. The Reserve Bank of Australia (RBA) lifted rates to 4.75% – a move which surprised analysts. Australia was the [...]
The Reserve Bank of India (RBI) has today elected to lift interest rates from 4.5% to 5% – higher than the 4.75% that economists had expected. It is the fifth such rise since March as the country battles to tame inflation. India’s inflation rate, which is the highest among the Group of 20 leading nations, [...]
India’s inflation rate fell last month to its lowest level since January, Government data showed today. Headline inflation eased to 8.5% in August from a revised 9.8% in July – however, this partly due to a change in the way the index is calculated. The new index includes a wider range of consumer goods, such [...]
India saw its economy grow by 8.8% in the three months to the end of June, when compared to a year earlier. GDP forged ahead at its fastest pace in over two years with the sectors registering significant growth, compared with the previous three month period, as follows: manufacturing 12.4%; trade, hotels, transport and communication [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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