Weekly Global Financial News (Aug 26-Sep 01)

Standard

India Economic Summit 2008

India’s growth speeds up in after-glow of Modi’s triumph, By Reuters, Published: Aug 29
http://reut.rs/VZE4qO
Narendra Modi’s election victory helped India’s lumbering economy register its fastest growth in two-and-a-half years for the quarter ending in June.

China foreign investment pattern changes as challenges grow, By Reuters, Published: Aug 26
http://reut.rs/1tUBgqb
China’s foreign investment mix is changing, with portfolio investors buying more stocks but foreign direct investment falling to a two-year low on a slowing economy, rising business costs and anti-monopoly probes and crackdowns on foreign firms.

Modi to launch plan for every Indian household to have bank account, By Reuters, Published: Aug 27
http://reut.rs/1voTynq
Prime Minister Narendra Modi will promise to provide a bank account for every Indian household when he launches a major initiative that could save billions of dollars in welfare spending and help mend strained state finances. In India, nearly two-fifths of its 1.27 billion people do not have a bank account, leaving them dependent on informal financing routes.

Japan’s Abe faces another bruising debate over raising sales tax, By Reuters, Published: Aug 28
http://reut.rs/1owC0gJ
Prime Minister Shinzo Abe faces hard choices in coming months: whether to hike Japan’s sales tax again, raising the risks of damaging a fragile recovery, or to back off and shakes markets’ confidence in his commitment to curbing runaway government debt.

Brazil enters recession in election blow to Rousseff, By Reuters, Published: Aug 29
http://reut.rs/1r0LFBF
Brazil fell into a recession in the first half of the year as investment dropped sharply and the country’s hosting of the World Cup suffocated economic activity, a major blow to President Dilma Rousseff’s already fading hopes for re-election in October.

China banks seek new lending horizons as bad debts rise, By Reuters, Published: Aug 31
http://reut.rs/Y4pm3w
Grappling with a slowing economy, China’s biggest banks are turning their back on mainstay borrowers like manufacturers and courting high growth industries such as healthcare, food and IT in a bid to boost revenue.

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