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International Business News
Top global retailers say India most sought-after market
PT1, London
India has been identified as the most sought-after market in a major survey of 300 global retailers seeking to expand outside their domestic markets.
New research by CB Richard Ellis, a leading London-headquartered real estate services firm, reveals that 40 percent of retailers expect emerging markets to provide their main source of growth over the next five years.
The research report said that India was identified as the most sought-after emerging market. TWenty-seven percent of international retailers surveyed have opened their first store in India in the last year or are planning to do so soon.
"India is considered particularly attractive because of the size of its market compared to its low presence of international retailers. With foreign ownership rules being gradually relaxed, foreign investment is also now possible, allowing single-brand retailers to own up to 49 percent of their India operations," the report said.
The Global Emerging Markets Survey (GEMS) explores the views of some 300 retailers worldwide, representing a global portfolio of 25,000 stores, and provides the latest insight into retailer attitudes towards the world’s emerging retail destinations.
Ukraine and Russia also ranked highly in the survey, in second and third positions respectively. Ukraine, in particular, benefits not only from its own rapid economic growth but also from its proximity to Russia.
Japan financial firms face $11.86b subprime losses
Ann/ The Yomiuri Shimbun
Japanese banks, insurers and other financial institutions are likely to suffer combined losses of more than 1.2 trillion yen (USS 11.86 billion) related to subprime mortgage loans in fiscal 2007 on a consolidated basis, it was learned Friday.
Mizuho Financial Group Inc's overseas mortgage-related losses will grow to 565 billion yen ($5.58 billion) on a consolidated basis, the largest among the domestic financial institutions, the industry sources said.
Mizuho said in a preliminary earnings statement released Friday that its net income fell to 310 billion yen ($3 billion) for the fiscal year that ended March 31 from 480 billion yen ($4.74 billion) in its January forecast, primarily due to the subprime problem.
It is the third time that the bank has revised downward its earnings estimates in the past year.
With US and European financial market in turmoil, the 'value of overseas mortgage-linked securitised financial products Mizuho owns, which are not directly linked to subprime loans, also fell.
The decline in the price of its stock holdings also dropped, negatively impacting its latest estimates.
FDI in China up 61 pc in Q1
Ann/ China Daily
Foreign investment in China continued to surge in the first quarter of this year, according to the latest figures.
Realised foreign investment reached US$2.74 million during the first three months of the year, up 61.26 per cent year-on-year, the Ministry of Commerce said on its website on April 10. Foreign investment in March alone was $9.28 billion, up 39.6 per cent year-on-year.
Experts said the continuous increase in FDI reflects China is still attractive for foreign investors despite the tax increase for foreign enterprises, a policy put in place this year.
"It shows China remains an attractive market for multinationals" because of its large market, vast manufacturing capacity and relatively low costs, said Wang Zhile, director of the research centre for transnational corporations under the , Ministry of Commerce.
The number of newly established enterprises declined. From January to March, the government approved 6,949 foreign-invested enterprises, down 25.26 per cent.
G7 for faster appreciation of yuan
AFP, Washington
China's move towards a more flexible currency regime is Welcome but it should still allow the yuan to appreciate more quickly, the Group of Seven industrialized nations said on Friday.
"We welcome China's decision to increase the flexibility of its currency but in view of its rising current account surplus and domestic inflation, we encourage accelerated appreciation of its effective exchange rate," G7 finance ministers and central bank governors said after a meeting here.
Earlier Friday, China said its foreign exchange reserves, already the world's largest, hit 1.682 trillion dollars at the end of March, up 39.9 percent from a year earlier as the economy booms and Chinese exports grow.
For the first quarter alone, the forex reserves climbed 153.9 billion dollars, reflecting, according to analysts, not only gains on the trade surplus but also Inflows of 'hot', speculative money.