Apr. 26 – Kolkata-based Coal India may spend as much as US$7.4 billion in overseas acquisitions as the country’s demand for coal continues to expand.
The Indian state-owned monopoly, which is also planning US$2.9 billion IPO in July, is currently looking to buy stakes in five mines across Australia, Indonesia, and the United States.
“We have the equivalent of US$7.4 billion in cash which we can use for acquisitions,” Coal India Chairman Partha Bhattacharyya told Bloomberg in a telephone interview on Monday. “We have all this money and no debt and we want to use it for acquisitions to meet shortages.” Continue reading
Apr. 26 – The weekend’s World Bank and International Monetary Fund meetings concluded in Washington D.C. on Sunday with China managing to significantly increase its influence and voice within the International Bank for Reconstruction and Development (IBRD).
China’s voting share in the IBRD, the original institution of the World Bank Group, increased from 2.77 percent to 4.42 percent amidst a shift of voting power aimed at giving developing countries a larger role in the international organization. The transfer of voting shares now puts China third on the list, below only the United States (16.4 percent) and Japan (6.84 percent). Continue reading
Apr. 23 – The International Monetary Fund, the European Union, and BRIC members Brazil and India all announced their support for a stronger Chinese yuan this week ahead of a G-20 meeting in Washington on Saturday.
The United States had been going at it alone for a while now; applying a variety of strategies to try and convince Beijing to revalue their currency. But where the Obama Administration has failed, the G-20 has the chance to succeed. With formal international support, China can no longer play the victim of the U.S. bully. Markets have picked this up, pushing yuan forwards to a three-month high. Continue reading
By Jessica Tou
Apr. 23 – The Business Advisory Council (BAC) of the Greater Tumen Initiative, a mechanism supported by the United Nations Development Program focused on inter-governmental relations and economic development between the nations of China, Russia, Mongolia and the Republic of Korea, has just concluded in Changchun, Jilin Province in Northeast China.
On April 19-20, the Jilin government welcomed the BAC for the fourth Annual Business Advisory Council Meeting. Organized by the Tumen Secretariat, the meeting’s objective was to discuss the current investment climate in the area as well as attract more foreign investment to the developing region. Continue reading
Apr. 22 – China’s New Century Shipbuilding filed a preliminary prospectus on the Monetary Authority of Singapore website earlier this month as they prepare for an initial public offering on the Singapore Stock Exchange.
Under the advisement of Morgan Stanley and UBS, New Century Shipbuilding is hoping their IPO will help the company raise as much as US$1.2 billion by offering up a reported 1.464 billion shares at between US$0.72 to US$0.87 per share. Continue reading
Apr. 22 – After several years of denial, China has confirmed the building of hydropower projects on the Brahmaputra River.
The admission, made for the first time by Chinese officials during Indian Foreign Minister S. M. Krishna’s recent visit to Beijing, has brought a measure of openness between the two countries, but has also re-focused Indian interest in China’s river activities.
Indian satellite pictures had picked up the construction of a dam in Zangmu, in the Lhokha prefecture of Tibet, but China denied that such a project was underway even as late as 2009. Continue reading
Apr. 21 – The Singapore Exchange (SGX) sees Indian companies as an attractive source for new listings, says Lawrence Wong, the head of listings at SGX.
“Singapore offers an international listing platform with breadth and depth, an economy that is a spring board to Southeast Asia and North Asia, and sector strengths such as marine, offshore and energy, REITs and property trust, resources and commodity trading to name a few,” Wong stated while also stressing the close cultural and political ties between Singapore and India. Continue reading