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Chinas services sector growth slows down in July: Survey

The Dollar Business Bureau  The growth of China’s services sector was marginally low in the month of July as the expansion of new businesses eased, said a private business survey on Thursday.  The latest findings were in sync with an official estimate of non-manufacturing sector released on Monday that showed cooling down of growth in services sector, adding to the speculations that the world’s second largest economy could grow slightly slower in upcoming months.  The Caixin/Markit services purchasing managers' index (PMI) declined a little to 51.5 in July compared to 51.6 in the previous month.  Though the decline was marginal, the figures matched with the level of reading in April this year that was lowest since May last year.  New businesses continued to grow at ...

Cement sector may see incremental demand due to increase in infra spending by government, CRISIL

The Dollar Business Bureau "We foresee a sharp recovery in demand this fiscal after demonetisation dealt a major blow, leading to a 1.2% de-growth last fiscal,” rating agency CRISIL said on Monday. The cement sector may see incremental demand outpace the incremental supply in the coming three fiscals due to the government’s spending on infrastructure, the rating agency said. According to the agency, incremental demand could be doubling to 48 million tonne when compared to the past three fiscals, while incremental supply is seen moderating to a fifth to 31 MT from 39 MT. Demand is likely to increase due to the government’s increase in expenditure on railways, urban development and roads the report detailed. "The industry should be able to rack up 5-6% ...

Demonetisation pushes down GDP growth; economy grows 6.1% in Q4

The Dollar Business Bureau  India’s economic growth declined to 6.1% in the last quarter of January-March 2016-17, a four-quarter low, mainly due to adverse impact of demonetisation on economic activity. The GDP growth was 8% the same quarter a year ago.  After taking out indirect taxes, the figures seem to be grimmer. Gross value added (GVA), grew by just 5.6% in the fourth quarter — the lowest in nearly eight quarters, as per the official data released on Wednesday.  GVA is the difference between GDP (gross domestic product) and net indirect taxes.  The impact of note ban was evident in the data, with the growth being mainly supported by government spending and agriculture. In the given quarter, except government spending and agriculture, GVA grew only 3.8%, down from 8.4% in first ...

Mumbai and Delhi rank as 5th and 6th largest cities in Asia with a combined GDP of over $400 bn: JLL Global 300 Rankings

The Dollar Business Bureau A total of nine Indian cities figure on the latest edition of ‘Global 300’ cities – the annual JLL ranking exercise, which represents 300 major cities that are the focus of commercial activity and interest, 40% of the world’s economy, and three-quarters of global real estate investment according to Ramesh Nair, CEO & Country Head, JLL India. In an ever-changing world, more urban centres in India are rapidly emerging as players on the global stage – moving beyond the powerhouses of Mumbai, Delhi and Bangalore. While the megacities of Delhi and Mumbai rank in the ‘Global Top 30’ – thanks largely to their huge scale, other cities such as Bangalore, Chennai and Kolkata sit within the ‘Global Top 100’ – ...

Israel's Dan Hotels to come up in Bengaluru in July

PTI Israel's leading hotel chain, Dan Hotels, is set to venture into India by opening its property in Bengaluru in July, its first overseas facility outside the Middle East. "If all goes well and regulatory requirements are met quickly, the hotel will be operational in July," a senior executive at Dan told PTI. The 230-room luxury hotel is coming up close to Bengaluru's high-tech park and will have easy access to it. "We chose Bengaluru because it presents us with a good opportunity given that so many Israeli tech companies have a presence in the city," the official said, adding that the hotel chain would look to explore further opportunities in other Indian cities in the future. ...

Ikea: Will double India-sourcing and launch 2nd store in Maharashtra

The Dollar Business Bureau Senior officials from Ikea have shared that the Swedish furniture-maker will double its India-sourcing from 318 million euros to 600 million euros by 2020. The company will also be commencing work on setting a second store in Navi Mumbai at an investment of Rs. 700 Cr. The company has purchased 23 acres in Navi-Mumbai to set up a store measuring 4.3 lakh sq ft. Once completed by mid of 2018, the store will stock nearly 10,000 products. A typical Ikea store spans 3.5 lakh square feet, ideally a plot size of 8-11 acres. So, there is space for more development on the Navi Mumbai store. Ikea in 2015 envisaged an investment of Rs. 1,800 Cr for 2-3 stores each ...

Australia to potentially benefit from China's OBOR initiative

The Dollar Business Bureau Chinese Premier Li Keqiang's upcoming visit to Australia is likely to see the already flourishing economic cooperation between the two countries make further progress. Officials anticipate new opportunities for strengthening of bilateral cooperation in China's pet modern Silk Road project, comprising of the 21st Century Maritime Silk Road and the Silk Road Economic Belt. China, as is the case with most countries, is also the largest trading partner of Australia. In 2015-16, China accounted for 26.5% of Australia's total merchandise trade. While exports to China made up 30% of its total exports, imports from China stood at 22.6% of total imports, a share greater than any other country. Last year, their bilateral trade reached $108 billion. China-Australia Free Trade Agreement (ChAFTA), a landmark trade facilitation agreement between the ...

Tata Housing to develop two new luxury projects in Maldives

The Dollar Business Bureau Real estate firm Tata Housing Development Company (THDC) announced its expansion plan in the real estate market of Maldives with the launch of two projects in luxury housing in the island nation’s capital city - Male. THDC, which is the real estate subsidiary of Tata Sons, has started two luxury property developments at Nadhee and Odeon. “Apex Realty Pvt Ltd, a joint venture between SG 18 Realty Pvt Ltd and THDC, will develop the projects,” the Mumbai-based company said in a statement. THDC, which forayed into the Maldives market around 5 years back, has already finished a social housing scheme in the island nation in association with the government of Maldives. The first project will be the Luxa One at ...