2009

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

INDIA 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 ...

Emerging Markets : Business Confidence Crumbles Amid Economic Gloom

INDIA 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 and ...

2008

Emerging Markets : Employment Market Shrugs Off Global Downturn

INDIA 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 be ...

Emerging Markets : Communist Parties Give Economic Reforms A Boost

INDIA 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 61 ...

Emerging Markets : Markets Suffer As Prices Rise

INDIA 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 first ...

Emerging Markets : Bharti Airtel Harbors Global Ambitions

INDIA 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 be worth ...

Emerging Markets : India Targets $200 Billion Exports For 2008-2009

INDIA Indian automobile manufacturers are scaling up production, unfazed by rising inflation. The Indian commerce ministry has announced that it has set India’s export target at $200 billion for 2008-2009. This export target is a part of India’s trade policy ...

Emerging Markets : Issuers Seek To Repurchase Their Foreign Bonds

India 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

INDIA 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 number ...

Emerging Markets : Tata Fires First Shot In Auto Price War

India 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 it the cheapest car ...

Emerging Markets : Road Spending Moves Into A Higher Gear

INDIA 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 ...

2007

Emerging Markets : Foreign Telecommunications Companies Embark

INDIA 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% stake ...

Emerging Markets : Growth Races Ahead

INDIA 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, which came in at ...

Emerging Markets : Records Fall As Indian Business Thrives

India 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 by ...

Emerging Markets : India Confronts Growing Inflation

INDIA 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 create ...

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

INDIA 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 stands ...

Emerging Markets : Bid Fever Takes Hold

India Bidding war over India’s wireless communications 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, Hutchison Essar. Reliance has ...

Emerging Markets : Foreign Investment Growth Accelerates

INDIA 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 be ...

2006

Emerging Markets : Aluminum Industry Bucks Global Trend

INDIA 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 grew by ...

Emerging Markets : Earnings Growth Revives Markets

India 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 results trickled ...

Emerging Markets : IPO Fever Shows no Sign of Abating

India 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 to purchase ...

Emerging Markets : FDI inflows hit record levels

INDIA 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

India 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 the government’s ...

Milestones : Private equity investing in India shifts into high gear

India 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

INDIA 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 round, ...

2005

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

Emerging Markets : State Governments Chase Investment

India 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 communist ...

Emerging Markets : New Investors Still Face Old Hurdles in India

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 the ...

Emerging Markets : Aviation Sector Takes Off

India 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 the state-owned ...

Emerging Markets : Forex Reserves Surge With Flood Of Investment

India 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. MHC currently owns ...

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

2004

Emerging Markets : EM Roundup

Clouds Gather As Gdp Growth Eases BRAZIL 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 more modest 3.5% ...

Emerging Markets : Tax Revenues And Spending On The Rise

INDIA 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 figures ...

Emerging Markets : Putin's Image Takes A Beating

Russia 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, briefly reassured ...

Emerging Markets : Oil And Banking Giants Feel Urge To Merge

India 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 government-owned ...