News for week ended 7th November,2010

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News for week ended 7th November,2010

  1. 1.  Chinese President Hu Jintao has been named the most powerful person in the world.  Ahead of US President Barack Obama who is ranked second.  Sonia Gandhi ranks 9th on the Forbes 2010 list of the 'World's Most Powerful People.' Manmohan Singh comes in at number 18.  India's business tycoons Reliance Industries Chairman Mukesh Ambani, Tata Sons Chairman Ratan Tata and head of ArcelorMittal, Lakshmi Mittal also make the list.
  2. 2.  India is among the 40 most- improved economies since 2005.  India has made significant changes in improving business regulations at a steady pace.  According to the International Finance Corporation, a wing of the World Bank.  Reforms focused on technology--implementing electronic business registration, electronic filing for taxes, an electronic collateral registry, and online submission of customs forms and payments.
  3. 3.  Iron ore miner Vale signed a preliminary deal to jointly build an intergrated steel mill in Brazil.  The deal is with South Korean steelmakers POSCO and Dongkuk Steel.  The plant, which is expected to be  50 percent owned by Vale,  30 percent by Dongkuk  20 percent by POSCO › seeks to produce 3 million tonnes of steel a year after its construction would be completed in 2014.  The factory, to be located in Brazil's Ceara state will eventually have a capacity of 6 million tonnes a year
  4. 4.  Food inflation rose 12.85 percent,  While the fuel price index climbed 10.67 percent in the year to Oct. 23, government data showed.  In the prior week, annual food and fuel inflation stood at 13.75 percent and 11.25 percent respectively.  The primary articles index was up 15.43 percent in the latest week compared with an annual rise of 16.62 percent a week earlier.  The wholesale price index , the most widely-used gauge of prices in India , rose 8.62 percent in September compared with an annual rise of 8.5 percent in August.
  5. 5.  Coal India shares surged as much as 39 percent in their $3.43 billion IPO debut.  Investors snapped up a stock that is a proxy for surging growth and energy demand in Asia's third- largest economy.  India's dominant coal miner spurred demand from investors who applied for more than 15 times the number of shares on offer in the country's largest-ever IPO.  The stock rose as high as 340 rupees for a gain of 38.8 percent and accounted for more than half the volume traded on India's two main bourses.

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