India Inc looks at easier loans now
Financial Express
India Inc on Wednesday welcomed the Reserve Bank of India's move on rate cuts as it believed that it will contribute to the positive sentiments in the current downturn scenario. After market hours, the Reserve Bank of India said it was lowering the repo rate, at which it lends to banks, to 5% from 5.5%, effective immediately. It also cut the reverse repo rate, at which absorbs excess cash from the banking system, to 3.5% from 4.0%, effective immediately, it said in statement. (More ... )
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India's lower sugar output to hit global consumers
Indian Express Finance
A sharp decline in sugar output in India, the world's second biggest sugar producer, in 2008-09 crop year is likely to result in global shortfall and then may lead to higher prices, says a report.
According to a report by the Netherlands-based Rabobank, there would be a deficit of over five million tonne of sugar this year globally, which would eventually lead to higher prices. (More ... )
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Fuelling demand and deficit
By Viveat Susan Pinto, Indian Express FinanceThe third stimulus package came quietly. This is unlike the two that preceded it, which were announced with much fanfare. But the government had to act, that too fast, given that the third wave of the global meltdown is expected to hit home shortly. Signs of it are already visible.
Experts say that default issues in East European countries, which borrowed heavily over the years to finance their economic activity, are likely to put further strain on an already weak global banking system. This could trigger a further loss of confidence among banks to lend, leading to a general squeeze in liquidity. (More ...)
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RComm, new telcos for lower termination fee
Indian Express Finance
New telecom operators such as Swan, Unitech, Datacom and Loop, and Reliance Communications have asked regulator Trai to reduce the termination charges, while existing GSM players, led by Bharti, want the 30 paise per minute charge to continue.
Deciding on the new mobile termination charge is going to be a tough call for Trai given these extreme positions and the fact that a lower termination fee in the overall review of interconnection charge will impact the retail tariff. (More ...)
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29 FDI proposals worth Rs 616 crore cleared
Indian Express Finance
The Centre has cleared 29 FDI proposals worth Rs 616 crore, more than half of which will be brought in by AAPC of Singapore in the hotel business in India.
AAPC Singapore Pte Ltd will invest Rs 365.78 crore in an Indian company for constructing and managing low-budget hotels as per the proposals cleared on the recommendation of the Foreign Investment Promotion Board (FIPB).
However, the government has deferred as many as 19 proposals including those of Hiranandani Realtors, Yamaha Motor India, BNP Paribas Securities Services and Quippo Telecom. It also rejected a proposal by ICP Investments (Mauritius) Ltd. Besides, AAPC, a proposal by cargo-handling company ABG Bulk Handling was approved, involving FDI of Rs 90 crore for making downstream investment. India's first regulated entertainment venture fund Cinema Capital Ventures Fund will bring in Rs 50 crore for investment in the fund.
Global telecom leader Telcordia Technologies of USA will invest Rs 45 crore in buying equity in Indian companies to carry out mobile number portability solutions. (More ...)
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