Weekly news 6


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Weekly news 6

  1. 1. Weekly News Submitted By: Pooja Khullar
  2. 2. Pak to import vegetables from India due to Crop Loss • Pakistan government has allowed import of vegetables from India, amongst other countries, in a bid to tackle a sharp rise in its prices • Among the items whose import will be allowed through the Wagah land border are green chili, capsicum, cabbage, radish, ladyfinger, cauliflower, ginger and carrot. Payment for imports will be made in accordance with procedures, including those for acquisition of letters of credit from specified banks, laid down by the State Bank of Pakistan.
  3. 3. Amid economic strains, APEC trumpets Free Trade • Asia-Pacific leaders trumpeted new plans for a free trade area linking the world's fastest-growing region, but stubborn divisions between advanced and emerging economies undercut their show of unity. • Just before the final communiqué of the Asia-Pacific Economic Cooperation (APEC) was released in Yokohama, Japan, China's president warned that the global economy was confronted with "significant uncertainties" and protectionism was on the rise. "Advanced economies have to cope with serious unemployment problems, while emerging market
  4. 4. Conti… • economies are confronted with asset price bubbles and inflationary pressure," Hu Jintao told the other leaders of the 21-member grouping. • The APEC meeting followed hot on the heels of the G20 summit, where a vague agreement showed scant unity on how to deal with the current account imbalances between China and the United States in particular that risk destabilising the global economy. • The risk posed by economic fragility, and the price that financial markets will extract if it is not addressed, was underscored at the end of last week as it emerged that.
  5. 5. Conti… • deeply indebted Ireland was in talks about a funding rescue
  6. 6. US flags concern over India trade barriers • US concerns that India's complex system of import tariffs, "opaque" foreign investment rules and non-tariff barriers were slowing bilateral trade and investment. • India is only the U.S 14th biggest trading partner and obstacles, from outsourcing controversies to market access to the Doha world trade round, have put the brakes on faster integration. • Bilateral trade opportunities for India and the U.S in sectors like energy, infrastructure and medical equipment.
  7. 7. IMF reform gives BRIC countries more voice • Formal approval of long-discussed reforms of the IMF increases the weight of Brazil, Russia, India and China on the executive board. • The reform, the most fundamental overhaul in the fund's 65-year history, was approved and means that European members, including Belgium and Germany, will lose clout in the organization. • The changes also give more financial responsibility to the four countries, which have been agitating for more international recognition of their developing economic prowess.
  8. 8. Conti… • The breakthrough agreement on the reforms was reached last month in Kyongju, South Korea, where negotiators from the new world economic block - the G20 - came to an agreement about reapportioning IMF voting rights.
  9. 9. China to play role in General Motors IPO • Among the banks helping General Motors with its initial public stock offering next week are two identified by initials only: ICBC and CICC. • Americans uncomfortable with U.S. government ownership of General Motors may want to hear more: One of those banks is the Industrial and Commercial Bank of China, one of China's four big central government banks. The other, China International Capital Corp., is a joint venture run primarily by Central Huijin Investment Ltd., an arm of the state, and Morgan Stanley.
  10. 10. Conti… • This is the first time Chinese government banks have participated in a major U.S.-issued IPO, according to IPO tracking firm Dealogic. The banks are listed as co- managers in the offering, meaning they will sell a portion of the new shares.