China considers change in procedure to stabilise currency
The Dollar Business Bureau To reinforce its control on its currency, China is “considering” a modification in its procedures that would help in bringing more stability to the country’s financial system in near-term. “We were “considering” a change in procedures that would reinforce our control of the renminbi, said Chinese officials. This move by Beijing would probably bring more stability in short-term to the country’s financial system, which has already been the subject of new focus after the credit rating agency Moody’s Investors Service on Wednesday downgraded China’s credit rating on bonds, mentioning its rising debt. Moody's downgraded the country’s sovereign ratings to A1, stating it believes that the financial strength of the second largest economy of the world would erode in the coming years due ...
HSBC upgrades India rating to neutral as hype gone
The Dollar Business Bureau Global financial services company HSBC has upgraded Indian equities to ‘neutral’ from ‘underweight’. The hype is almost gone and the country’s valuation premium to Asia has come down, which is approaching an average premium for a decade, it said. High-frequency indicators show that the environment for earning would improve. The earnings expectations are very much optimistic according to HSBC. High valuations and increasing commodity prices have led to the underperformance of Indian market. This can help only commodity exporters rather than importers, it said. Announcing the ratings for various sectors, HSBC upgraded IT to ‘overweight’ due to the realistic earnings and reasonable valuations. It has upgraded capital goods and engineering industries to ‘neutral’ as they are still in the ...
India for global efforts on return of illicit overseas funds
Source: PTI Prime Minister Narendra Modi with BRICS leaders at a meeting, on the sidelines of G20 Summit 2015, in Turkey. Government will soon bring a new law on public procurement to check corruption and domestic black money, Prime Minister Narendra Modi said on Monday while seeking greater global cooperation for return of illicit money stashed abroad. He also said that the barriers of excessive banking secrecy must be removed and all countries should implement a Common Reporting Standard based on Automatic Exchange of Tax Information for better cooperation on such matters. Modi said India has “zero tolerance for corruption and black money” and listed out efforts including a new law to deal with the undisclosed assets kept abroad and ...
