BRICS summit, ‘Russia’s Google’ and India overheating – links round-up
Tuesday, April 26, 2011 | Posted by: Fiona Cullinan
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Russia,
India
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BRICS
Catch up on the top news stories and opinion from international and emerging markets with our pick of the best recent reads.
ASIA
BRICS summit 2011 : The third one-day summit between Brazil, Russia, India, China and South Africa was held this month in China and discussed ideas such as cutting out the dollar/pound in direct trades, while renewing calls for reform to give BRICS economies more of a say in global finance.
BRICS summit 2012 : It has been announced that next year’s summit will be held in India.
International relations and banking in China : If China aims to become a global financial centre, it may have to open the door to foreign banks a little more than it has. Currently there are 40 foreign banks in China but in 2010 they accounted for just 1.8% of China’s total banking assets – and this figure has been dropping.
Japan’s supply chain ripple effects : How the crisis has affected the flow of goods to and from the island nation, by researchers at MIT.
Russia says its future tied to Asia : President Medvedev is aligning Russia’s future with its Asia-Pacific neighbours, as the BRIC economies grow in influence. Medvedev has made three trips to China since becoming president three years ago.
The World’s Most Innovative Companies 2011 : A Fast Company list, topped by Apple, which includes: India’s online marriage site Shaadi.com, billed as ‘world’s largest matrimonial service’; China’s chemical giant Changchun Dacheng, which turns agri-waste into the building blocks of everyday products; Huawei, a Chinese telecoms company, now the world’s second-largest telecom-equipment supplier; and Yandex, ‘Russia’s Google’ with 65% share of the search engine market in Russia.
INDIA
Is India growing faster than China? : Has a ‘quirk of measurement’ done India down?
Broadband statistics in India for 2010 : “By Dec 2010, India had 7 million broadband connections, expected to grow to 214 million by 2014.” This and more stats rounded up by the head of an Indian internet portal company.
India: Inflation starts to pinch growth : “As inflation spreads to the core sector, the investment cycle may be hit,” says India’s Business Standard.
Is the Indian economy overheating? : Siddhartha Roy, economic advisor to the Tata Group, says that it isn’t while the chief economist of the Bank of Baroda argues otherwise.
Man of the Moment: Richard Heald, CEO of the UKIBC: The head of the UK India Business Council shares his vision for the UKIBC as a facilitator of business between the UK and India.
INTERNATIONAL
IMF note on Global Economic Prospects and Policy Challenges : The view from the recent G20 meeting is summarised as: “The recovery is gaining strength, but output gaps and unemployment remain high in advanced economies, while new macroeconomic risks are building in emerging economies … Financial risks have eased, but new risks have emerged … Key policy challenges are to strengthen growth in advanced economies, moderate growth in emerging economies, and reduce risks.”
What are the global prospects for growth in 2011? : See also our recent short video report featuring Grant Thornton corporate finance partners from around the world giving their view on growth prospects through M&A activity in their regions.
Tesco: Asia overtakes Europe : Tesco’s Asian trading profits have exceeded its European profits. Although the figures exclude the UK, Beyond Brics says the geographical shift is “another sign of the overwhelming importance of Asia for multinationals investing in emerging markets”.
Daniel Gros: Europe’s subprime quagmire : The director of the Centre for European Policy Studies looks at the state of the eurozone’s financial stability.
Image: © Mrbichel
You might also find these posts useful:
* Get the latest IndiaWatch – business news and analysis from our South Asia team.
* International Women’s Day: which countries are best for women in business?
* What are the global prospects for growth in 2011?
Reader Comments (1)
The BRICs Summit 2011, hosted by China and joined by South Africa for the first time, highlights BRIC countries’ investments and influence in Africa, along with their role in global economic growth and development. In one key respect, size, South Africa does not measure up to its BRIC counterparts in terms of either population or GDP. Sub-Saharan Africa’s collective population of more than 840 million people helps allay these concerns. As the most developed country in sub-Saharan Africa, South Africa serves as a vital gateway to the continent as well as a valuable conduit between the developing (South) and developed (North) country worlds.
During the period 2005-10, China’s investments in Africa grew dramatically by an additional $43.6 billion in Sub-Saharan Africa and another $52.4 billion in the Middle East and North Africa (including Algeria, Egypt, Libya, Morocco, Sudan and Tunisia). Together, the two regions accounted for 30.3 percent of China’s total outward investment, versus investments of 17.1 percent in other Asian countries and just 8.9 percent in the U.S. In 2010, trade between China and Africa exceeded $120 billion.
BRIC countries’ cooperation contains an element of us-versus-them that enhances leverage in international organizations and negotiations. On the other hand, cooperation facilitates global economic growth and development by expanding markets, promoting international trade and investment and facilitating the efficient, effective allocation of limited resources. Foreign investments provide vital infrastructure that Africa and BRIC country partners require to sustain economic development and rising living standards.
http://www.globalsherpa.org/china-africa-brics
Added Tue Apr 2011 at 04:04:59