Newsmakers : Satyam Fraud Throws India’s It Industry Into Disarray



Satyam: Facing disaster

When Satyam Computers’ founder, chairman & CEO Ramalinga Raju revealed the depth of the accounting fraud he had perpetuated for more than a decade, investors were left with more questions than answers, particularly about what the revelation ...

Emerging Markets : Business Confidence Crumbles Amid Economic Gloom



Building hope: One of the few brights spots in the Indian economy, real estate still attracts investors.

Leading Indian manufacturers have dismissed the Indian government’s $4 billion stimulus package as insufficient. The Federation of Indian Chambers of Commerce ...


Emerging Markets : Employment Market Shrugs Off Global Downturn



Boom from bust: State Bank of India is taking on more staff as business builds strongly.

India’s job market appears to have escaped unscathed in the global wave of retrenchment. There were concerns that the outsourcing industry would ...

Emerging Markets : Communist Parties Give Economic Reforms A Boost



Manmohan Singh: Has more scope to enact reforms.

India’s ruling coalition, the United Progressive Alliance (UPA) led by Manmohan Singh, survived a vote of no confidence in late July after the three communist parties in parliament said their ...

Emerging Markets : Markets Suffer As Prices Rise



RBI governor YV Reddy may tighten interest rates.

Indian banks have continued to grow credit at a very rapid pace since the start of the new fiscal year on April 1. Bank credit expanded by 25.3% in these ...

Emerging Markets : Bharti Airtel Harbors Global Ambitions



India's construction industry promises rich returns.

Bharti Airtel, India’s largest wireless company, with 62 million subscribers, is in talks with MTN of South Africa to acquire between 51% and 100% of that company. The deal could potentially ...

Emerging Markets : Issuers Seek To Repurchase Their Foreign Bonds



ICICI Bank: One of the Indian banks repurchasing bonds.

Indian banks and corporate bond issuers in international markets are taking advantage of the widening credit spreads and tightening liquidity conditions in global bond markets by seeking to repurchase their ...

Emerging Markets : Foreign Investment Limits Tumble



Piling in: Investors gave an enthusiastic response to Reliance Power's $3 billion IPO.

In its bid to keep up the growth momentum in the Indian economy, the Indian coalition government lifted investment restrictions on foreign investors in a ...

Emerging Markets : Tata Fires First Shot In Auto Price War



Tata Motors' new Nano: Launch triggered a sell-off in India's auto sector.

Tata Motors, one of India’s largest domestic truck and passenger car makers, unveiled a car for India’s domestic market priced at $2,500, making ...

Emerging Markets : Road Spending Moves Into A Higher Gear



Hold-up: Aging roads are hindering Indias growth.

Twenty leading global and Indian infrastructure construction companies are bidding for the contract to build a $10 billion eight-lane expressway in the northern Indian state of Uttar Pradesh. This expressway will link ...


Emerging Markets : Foreign Telecommunications Companies Embark



India calling: Global telecom firms
muscle in on a fast-growing market.

Following the recent acquisition of Indian telecom company Hutchinson Essar by Vodafone Group in May 2007 for $11 billion, Russian telecom company Sistema’s acquisition of a 10 ...

Emerging Markets : Growth Races Ahead



Organized retail is growing in India.

India’s economic growth continues apace. For the April-June 2007 quarter, which is the first for the Indian fiscal year, GDP growth was 9.3%—up marginally from the previous quarter’s growth ...

Emerging Markets : Records Fall As Indian Business Thrives



On track: Delhis new subway trains.

The metro railway authority in New Delhi placed a record order for 340 subway coaches with Bombardier Transportation, Montreal-based Bombardier’s Indian subsidiary. Worth $590 million, the order is the largest ever placed ...

Emerging Markets : India Confronts Growing Inflation



India's petrochemicals industry is set to get bigger with the announced merger between Reliance Industries and Indian Petrochemicals Corp.

As the Indian economy marches strongly toward an annual 10% GDP growth rate, its inadequate infrastructure is beginning to ...

Emerging Markets : Rating Upgrade Boosts The Rise Of India Inc.



India Inc. will benefit
from rating upgrade

In a move that will drive substantial foreign investment in India, Standard & Poor’s became the third major ratings agency to raise India’s sovereign rating to investment grade. The rating now ...

Emerging Markets : Bid Fever Takes Hold



Bidding war over
India’s wireless

Reliance Communications (RCL), India’s second-largest wireless telecom company, and Vodafone, the world’s largest wireless company, are heading for a showdown over a 67% stake in India’s fourth-largest wireless company ...

Emerging Markets : Foreign Investment Growth Accelerates



Expanding: Wal-Mart
takes on India

Airbus Industries unveiled its investment plan for India that it projects will help it capture 50% of the incremental demand for aircraft from India’s rapidly expanding airline and freight industry. The amount will ...


Emerging Markets : Aluminum Industry Bucks Global Trend


Data released by the Indian government’s Central Statistical Organization (CSO) show that the Indian economy grew by 8.9% in the April-June 2006 quarter. A large portion of this strong growth has come from the manufacturing sector, which ...

Emerging Markets : Earnings Growth Revives Markets



Mumbai, India’s financial hub

India’s biggest corporations brought some welcome cheer to the country as they announced interim results this summer. Market sentiment had been hit by a volley of terrorist attacks but rebounded as the first ...

Emerging Markets : IPO Fever Shows no Sign of Abating



Reliance’s owner,

Mukesh Ambani

Chevron Corporation picked up a 5% stake in Indian oil and gas company Reliance Petroleum Ltd (RPL), a subsidiary of Reliance Industries, India’s largest private sector company, for $300 million with an option ...

Emerging Markets : FDI inflows hit record levels



The Indian government has been quietly liberalizing foreign direct investment rules to the point that most of the restrictions covering even tightly regulated industries have been lifted. The results are beginning to show. For January 2006, FDI has hit ...

Emerging Markets : Airport privatization finally on the runway



Strikers block
the road into
New Delhi’s airport

Policymakers finally approved the privatization of two major airports in early February—those of Mumbai and New Delhi. This was a long-awaited and contentious development that the labor unions and ...

Milestones : Private equity investing in India shifts into high gear


018 Indian technology companies have long been in demand from private equity investors, but now that demand has enveloped sectors ranging from retail to real estate. In addition, global investment structures are emerging in the private equity drive that show ...

Emerging Markets : Hunt For Oil Intensifies



Intel’s Craig Barrett

The Indian government is set to announce the opening of the sixth round of bidding for onshore and offshore exploration blocks in January 2006. Nearly 30 exploration blocks will be open for bidding. The fifth ...


Features : Country Report: South Korea

South Korea Leans on Domestic Economy
South Korea is showing the potential for strengthening economic growth, but old burdens and new threats loom.

feart06a That the South Korean economy is export driven is undisputed even now as it faces the challenge ...

Emerging Markets : State Governments Chase Investment



Battling the monsoons in India

India’s state governments have begun to push hard for foreign investments. Among them is the reclusive state of Kerala, which has suffered from the fact that investors have been wary of its elected ...

Emerging Markets : New Investors Still Face Old Hurdles in India



Indian iron ore mining project under threat

Plans for India’s single biggest direct foreign investment project were in turmoil in mid-May after mining giant BHP Billiton, one of two potential investors, was reported to be pulling out of ...

Emerging Markets : Aviation Sector Takes Off


Indian Airlines: Ready for takeoff
India’s reforms continue apace with the government’s decision to privatize aviation fuel supply to airports, ending a monopoly by state-owned refiners. The government will buy all the fuel dumps and hydrants from ...

Emerging Markets : Forex Reserves Surge With Flood Of Investment



Narendra Patni, CEO, Patni Computers

The McGraw-Hill Companies (MHC) made a long-awaited move and announced an intention to acquire a 55.67% stake in CRISIL, India’s leading credit rating agency, through S&P; LLC, its wholly owned subsidiary ...

Cover Story : Look Ahead to 2005

Around the world, hopes are high for what this year will bring. We take a look at the prospects in the key regions and emerging markets.

ochhialapre As 2005 begins to unfold, investors and corporates around the world have plenty of ...


Emerging Markets : EM Roundup

Clouds Gather As Gdp Growth Eases


nm-03-01 Despite positive news surrounding Brazil’s economic recovery, analysts predict the boom will soon be tempered. GDP growth, likely to end 2004 at 4%-4.5%, is expected to come in at a ...

Emerging Markets : Tax Revenues And Spending On The Rise


The fiscal year 2003-2004 (April-March) was wonderful for the Indian government, with unprecedented levels of tax collection.That inflow set new records for direct and indirect taxation and gave the government a lot of fiscal flexibility. But if the ...

Emerging Markets : Putin's Image Takes A Beating



The so-called Yukos affair continued to dominate headlines. The naming of Dresdner Kleinwort Wasserstein to value the oil company's major production unit, prior to an anticipated sale to raise proceeds to pay off Yukos's still-mounting tax bill ...

Emerging Markets : Oil And Banking Giants Feel Urge To Merge


petroleum If the newly installed minister of petroleum has his way, then Indian industry will see the largest merger ever. The Indian oil industry's functions, from exploration and production and refining through to marketing, are controlled or dominated by ...