India's service sector to grow 9.5pc this year

Ann/ Die Statesman

India's service sector is likely to witness a growth of over 9.5 per cent in the current year, driven by huge investments, despite a slowdown in economic growth, the Confederation of Indian Industry (CID has said.

India's service sector accounts for over 50 per cent of the country's GDP

Expansion in die sector would continue during the current year with more money being pumped in, resulting in creation of more job opportunities, a majority of the CEOs from services sector felt in a snap poll conducted by the CII.

"Both investment and employment are expected to increase in the services sector despite pressure on profitability during the current year," CII director general, Chandrajit Banerjee said.

Iran oil, gas revenues top $80b in 2007-8

AFP, Tehran

Iran's income from oil and gas exports topped 81 billion dollars in the year to March, a 31 percent jump on the previous year thanks to soaring prices, a central bank report released on Monday said.

The report posted on tlie bank s website said 2007-8 revenues totalled 81.7 billion dollars compared with 62 billion dollars in the previous year.

It said that Iran — the Opec oil cartel's second-biggest producer -- pumped 4.05 million barrels per day of crude during the year.

Temasek takes strategic stake in Hong Kong exporter

AFP, Singapore

State-linked Singapore investment firm Temasek Holdings said Monday it had bought a stake in Hong Kong-based exporter Li & Fung Ltd. in a deal worth 3.9 billion Hong Kong dollars (500 million US).

Li & Fung issued a statement from Hong Kong on Sunday saying Temasek had made the inyestment through a wholly-owned subsidiary. A Temasek spokesperson confirmed the deal.

Under the deal, Temasek subscribed to 168 million new shares at 23.09 Kong Kong dollars each, the average closing price for the last five trading days to September 5, the Hong Kong consumer goods exporter said in its statement.

Temasek's share subscription represents 4.62 percent of Li & Fung’s enlarged share capital, the statement said.

We are very pleased to have Temasek as one of our strategic shareholders in view of its long-term approach to this investment," said Li & Fung Ltd. group managing director William Fung.

Taiwan posts trade deficit

AFP, Taipei

Taiwan said Monday it posted a trade deficit in August on high crude oil prices and increased steel product imports.

The August trade deficit was 29.9 million US dollars, compared with a deficit of 412.0 million dollars the previous month, the finance ministry said.

Last month, the island’s exports rose 18.4 percent from a year earlier to 25.25 billion dollars on strong demand from China, the US and Europe, the ministry said.

Exports to China and Hong Kong totaled 10.04 billion dollars, up 13.9 percent from a year earlier, while exports to the US rose 11.7 percent to 2.96 billion dollars.

The ministry said exports of electronics products grew 9.3 percent from a year earlier to 6.37 billion dollars, while base metal product exports rose 21.3 percent to 2.72 billion dollars.

In August, imports gained 39.9 percent year-on-year to 25.28 billion dollars with crude oil imports up 154.1 percent from a year earlier at 4.86 billion dollars, the ministry said.

In the first eight months of this year, Taiwan's exports rose 16.8 percent from a year ago to 182.64 billion dollars, while imports grew 23.2 percent to 175.07 billion dollars.