Taiwanese firm to invest Rs 3,000 cr in Karnataka

Jul 24, 2018 0

Bengaluru– Taiwanese industrial major Wistron Technologies would invest Rs 3,000 crore in the Narasupra industrial sector in Karnataka’s Kolar, an official statement said on Tuesday.

“Welcoming the huge investment, Chief Minister H.D.Kumarasway told an expert team from Wistron to submit its proposal for granting land for the company,” said the statement from the Chief Minister’s Office.

He advised the company to set up a mobile repair and technology facility in the Narsapura industrial sector, about 100 km from Bengaluru, it said.

“Wistron India head Gururaj said the company said would set up a i-phone making unit in the 43 acres of land allotted to it, with employment potential to 10,500 people,” said the statement.

State Revenue Minister R. V Deshpande said an agreement would be signed in a week with the company to provide employment to locals. (IANS)

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Rwanda is key to Africa: Modi

Jul 24, 2018 0

New Delhi/Kigali (Rwanda)– Prime Minister Narendra Modi on Tuesday said that Rwanda is the key to Africa.

Prime Minister Modi was addressing the India-Rwanda Business Forum jointly organised by Ficci and the Rwanda Development Board in Kigali.

Paul Kagame, President of Rwanda, in his address at the forum said that his administration is willing to address any bottleneck such as visa issues to further strengthen trade relations between the two countries.

At present, India is amongst the top trade, investment and development partner of Rwanda.

“Over the past decade, Rwanda has been hailed as a rising star of Africa and is one of the fastest growing economies,” a Ficci statement said.

Rwanda ranks second in Africa in terms of competitiveness as per the Global competitiveness report of World Economic Forum 2017-18.

Ficci President Rashesh Shah said that India considers Rwanda a serious strategic partner in Africa.

“Rwanda is a rising star in the Africa growth story which resonates well with India. Trade between India and Rwanda has crossed $100 million. We expect that to cross $1 billion in the next few years,” Shah was quoted as saying in the statement.

He added: “There are plenty of opportunities in both the countries. Ficci as the apex chamber and the Indian industry would support wholeheartedly in harnessing the potential.”

Shah who is also Chairman and CEO, Edelweiss Group, led an over 100-member strong Indian business delegation to Rwanda.

Apart from the business forum and B2B meetings, several MoUs were signed on this occasion between RDB and Ficci, RDB and Avaada Power and others. (IANS)

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India, Uganda agree to strengthen economic, defence ties

Jul 24, 2018 0

Kampala– India and Uganda on Tuesday agreed to boost bilateral cooperation in the areas of economy and defence as New Delhi extended two lines of credit to the East African nation following delegation-level talks co-chaired by Indian Prime Minister Narendra Modi and Ugandan President Yoweri Museveni here.

“India will always support Uganda’s economic development and nation-building efforts,” Modi said in a joint address to the media with Museveni following the talks.

“Training, capacity building, technology and infrastructure are among the areas of of aid from our side.

“In the future too, we will keep aiding Uganda according to its priorities,” he said.

The Prime Minister also announced two lines of credit worth nearly $200 million for energy infrastructure, agriculture and dairy sectors.

He also announced a gift of a cancer therapy machine for the Uganda Cancer Institute in Kampala as a sign of friendship between the people of India and Uganda.

Stating that bilateral trade and investment is growing stronger, Modi said that both he and Museveni will meet CEOs of both countries here on Wednesday.

He said that it is a matter of great satisfaction that defence cooperation between the two countries is progressing well.

“We are ready to further strengthen our defence ties,” he said.

The two sides signed four MoUs, including in the areas of defence cooperation and cultural exchange.

The Prime Minister also said that India will continue to provide vehicles and ambulances for civilian and military use in Uganda.

Modi appreciated Museveni for the love he has shown to the Indian community in Uganda, where there are over 30,000 people of Indian origin.

On his part, Museveni said that the two sides emphasised on trade, investment and tourism during Tuesday’s talks.

Inviting Indians to visit Uganda, he said that promoting tourism would go a long way in boosting bilateral trade.

In this connection, he sought permission for Ugandan Airlines to fly to Mumbai.

According to Museveni, one of Modi’s suggestions during the talks was for Indian companies to invest in Uganda’s healthcare sector.

Modi arrived here earlier on Tuesday from Rwanda on the second leg of his five-day, three-nation tour of Africa that will also take him to South Africa.

This is the first Prime Ministerial visit from India to Uganda in over 20 years.

For Modi, this is his second visit to this East African nation after his visit in 2007 as Gujarat Chief Minister. (IANS)

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President asks foreigners to invest in Pakistan

Jul 23, 2018 0

Islamabad– Pakistan President Mamnoon Hussain has urged foreign investors to invest in the country which is offering incentives and flexible policies for great business prospects in future.

According to a statement released by the government, the President said incentives and flexible policies for investment have made Pakistan the most attractive country for foreign and domestic investment in the region.

Hussain said on Saturday that Pakistan had increased the facilities such as loans on minimum interest rates and special incentives for the import of machinery and raw material for the business community.

He said the strong economic policies has yielded positive results which was evident from the economic indicators and growth of the private sector of the country.

“The foreign investors can invest in Pakistan on the basis of 100 percent ownership and can also repatriate profits without any unnecessary impediment,” said the President.

He emphasized that the Pakistani business community should further strengthen relations not only with the current trade partners but explore new markets and new partners. (IANS)

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Chinese shares open lower

Jul 23, 2018 0

Beijing– Chinese stocks opened lower on Monday, with the benchmark Shanghai Composite Index down 0.5 per cent to open at 2,815.2 points.

The Shenzhen Component Index opened 0.68 per cent lower at 9,188.46 points, Xinhua news agency reported.

The ChiNext Index, China’s NASDAQ-style board of growth enterprises, was down 1.08 per cent to open at 1,592.24 points. (IANS)

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OnePlus expands offline footprint in India

Jul 23, 2018 0

New Delhi– With India becoming the second headquarters for OnePlus, the Chinese smartphone maker on Monday announced new retail stores, to be open in Mumbai, Bengaluru and Kolkata on July 28.

By increasing offline stores and service centres, OnePlus aims to improve customer experience in the country, the company said in a statement.

The Shenzen-based company plans to open more than 10 new offline touchpoints across India along with an R&D centre this year.

“We are looking to increase our focus on offline to reach out to the large majority of the Indian market that prefer touch-and-feel stores for experience before purchase. However, we will continue to be a digital-first brand,” said Vikas Agarwal, General Manager, OnePlus India.

OnePlus opened their first offline store in Bengaluru as “OnePlus Experience Store” last year. (IANS)

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Allahabad Bank proposes to close its Hong Kong branch

Jul 20, 2018 0

Kolkata– State-run lender Allahabad Bank on Friday said it proposes to close its branch in Hong Kong as a part of rationalisation of overseas operations.

Incidentally, the Hong Kong Monetary Authority (HKMA) had, in June, enhanced supervisory arrangements on its Hong Kong branch while “assessing implications of the capital positions” of the lender.

“..we wish to inform you that in compliance with the Government of India directives under PSBs Reform Agenda, our Bank has initiated various steps. As a part of its said initiatives and having regard to the agenda for rationalisation of Bank’s overseas operations, the bank proposes to close its Hong Kong Branch,” it said in a regulatory filing.

The bank’s latest annual report said its Hong Kong branch had earned operating profit of Rs 90.52 crore and net profit of Rs 44.86 crore in the financial year 2017-18.A

In the last fiscal, the bank’s international business stood at Rs 12,871 crore and recorded a negative year-on-year growth of (-) 8.91 per cent on account of 12.82 per cent year-on-year drop in overseas advances.

In fact, under the capital adequacy guidelines stipulated by the Reserve Bank of India (RBI), the lender is required to maintain a CRAR of 9 per cent with minimum Common Equity Tier I (CET1) of 5.5 per cent as on March 31, 2019.A

Notably, the RBI had imposed additional restrictions on Allahabad Bank under prompt corrective action (PCA) framework.

The lender was asked to restrict expansion of risk-weighted assets, reduce exposure to high-risk loans and restrict accessing or renewing wholesale deposits. (IANS)

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India’s Forex reserves deplete by over $734 mn

Jul 20, 2018 0

Mumbai– India’s foreign exchange (Forex) reserves depleted by $734.5 million during the week ended July 13, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall forex reserves declined to $405.08 billion from $405.81 billion reported for the week ended July 6.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — decreased by $789.1 million to $380 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies.

As per the data, the value of the country’s gold reserves rose by $75.4 million to $21.12 billion.

The SDRs’ value inched down by $7.8 million to $1.48 billion, while the country’s reserve position with the IMF slipped by $13 million to $2.48 billion. (IANS)

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Sri Lanka’s Hambantota port to attract $500m investments: Official

Jun 22, 2018 0

Colombo– Sri Lanka’s southern Hambantota Port is aiming to attract investments worth $500 million as plans are afoot to set up port related industries inside the port as well as general operation expansion, Ports Minister Mahinda Samarasingha said on Friday.

China Merchant Port Holdings (CM Port) and state-owned Sri Lanka Ports Authority in July last year signed an agreement to manage and run the operations of the Hambantota Port, Xinhua news agency reported.

Following the signing, the Hambantota International Port Group (HIPG) was set up, which is a joint venture company formed by the Sri Lankan government and CM Port.

Samarasingha said that to date, HIPG received 15 proposals to set up plants inside the port from local to international investors.

With the establishment of the joint venture with CM Port, the port has been able to double the number of transshipment vehicles handled from 15,000 to 35,000 per quarter, the minister said.

He said that although from quarter-to-quarter, the number of ships remained the same, the number of transshipment vehicles handled had doubled at the Hambantota Port.

“It is through the global network that CM Port has that we were able to increase the numbers,” Chief Operating Officer of HIPG, Tissa Wickramasinghe said.

Sri Lankan Prime Minister Ranil Wickramasinghe earlier called the Hambantota Port “the largest multi-purpose port in Sri Lanka that will add to the country’s concept of transforming into a hub in the Indian Ocean”. (IANS)

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India trying to complete Chabahar port by 2019: Gadkari

Jun 22, 2018 0

New Delhi– India is making efforts to operationalise the Chabahar port in Iran by 2019 which would make the Commonwealth of Independent States (CIS) region more accessible, Transport Minister Nitin Gadkari has said.

Gadkari, who is on a two-day visit to Tajikistan, was speaking after inaugurating the cultural centre at the Indian Embassy in Dushanbe on Thursday, according to a Shipping Ministry statement.

India, Iran and Afghanistan signed a trilateral agreement in 2016 to jointly develop the Chabahar Port, opening a new strategic transit route between the three nations and other Central Asian countries, bypassing Pakistan.

But the recent withdrawal of US from the Iran nuclear deal and its decision to re-impose sanctions on the Gulf nation has put a question mark over the target to complete the project.

Besides the port, India has other strategic interests in Iran including the International North South Transport Corridor that will link India with Central Asia and Europe. It is also the biggest customer of Iranian oil after China. (IANS)

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