News

7th oct – 14th november

Obama's Asia frustrations raise protectionist risks

The risks of a wave of protectionist sentiment on Capitol Hill just got higher after President Barack Obama struggled to win over wary leaders of export-driven Asian economies.

Obama's message to trade surplus nations during his 10-day swing through Asia was unwavering: the path to global prosperity is not "simply paved with exports to America".

But if he was heard, he is not being heeded. "The failure of movement of the Chinese does not bode well for heading off new trade restrictions (in Congress)," said Fred Bergsten , director of the Peterson Institute for International Economics in Washington.

When the leaders of the group, whose economies account for more than 80 percent of global output, met in Seoul , there was no agreement even on how to Chinese President Hu Jintao told an Asia-Pacific summit in Japan on Sunday that the global recovery is neither well established nor balanced and that protectionism is on the rise. But there was no sense that Beijing sees eye to eye with Washington on how to go about achieving the rebalancing needed to avert the risk of a trade war.

China cried foul over the Federal Reserve's easy money steps to boost the US economy and ruled out a sharp rise in the yuan, which would suck in imports and boost domestic demand.

RIL gets perfect score in list of Asian 'corporate good guys'

Mukesh Ambani-led RIL is the sole Indian firm to get a perfect score in a list of Asia's best companies in terms of corporate social responsibility, which also identified while Motors as among the laggards on this front.

In a report titled, 'Ethical Asia', by global research firm CLSA, Reliance Industries, Australian airline Cathay Pacific and Japanese conglomerate Mitsubishi UFG have been named as the companies maintaining the highest CSR standards in the region and have been termed the region's 'corporate good guys

Pankaj Advani clinches first gold for India

• Defending champion Pankaj Advani clinched the first gold for India in Asian Games by winning the men's English billiards singles event for a second successive time.

The former world professional champion Advani beat Oo Nay Thway Oo of Myanmar in the Summit clash.

Foreign retail investors may get nod to buy stocks directly

• India may allow individual investors based overseas to directly buy stocks for the first time, easing a rule that restricts investment in mutual funds, a finance ministry official with direct knowledge of the matter said.

Some government officials see no need to differentiate between India-focused mutual funds and foreign retail investors, the official said. The finance ministry may set a limit on the amount individuals can invest , the official said

Chennai,suburbs emerging as automobile manufacturing hub

• CHENNAI: Investments in car manufacturing facilities is set to reach USD 15 billion making Chennai and its suburbs as the preferred destination for automobile manufacturers, according to Tamil Nadu government.

Investments in car manufacturing facilities alone exceeded USD three billion this year with a capacity of 1.28 million cars each year."However this is set to reach USD 15 billion by 2015 when the city is likely to become the export hub in this sector", according to a book 'Tamil Nadu Land of Potential' brought out by the Tamil Nadu Industries Department .

Toyota to begin bookings for Etios early next month

• Japanese auto major, Toyota, will commence bookings for its much-awaited small car, Etios, in India next month and is targeting a sale of 65,000 units next year, a top company official said. "We have decided to launch Etios next month in Bangalore and will start bookings in the first week of December," Toyota Kirloskar Motor's Managing Director, Hiroshi Nakagawa, told PTI here. The Japanese car major, which is present in the country through a joint venture with the Kirloskar Group is investing Rs 3,200 crore to set up its second manufacturing facility in Bangalore to roll-out its first

2010 BMW X5: First Drive

• BMW's design might have taken a turn towards a slightly more sober outlook post the 'Bangle' era, however the fact remains that the product portfolio is still filled with head turners. The all new BMW X5 is no different. It does speak the new design language that is now associated with the X models in terms of being robust, broad and in line with quintessential SUV design. The large front grille flanked by those rather sexy dual xenon headlights and the chiseled bodylines give the new X5 a sporty yet elegant look which ought to gel well with customers. The rear design too follows the sculpted chiseled look and neatly brings the entire package together again highlighting the sporty overtone to the entire look and feel.