Max The Boss
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South Asia Development in 2009
(Important News)
India Economy in 2009
10 year bonds Indias 10 year bonds advanced for a sixth day, the longest winning streak in four months, after the central bank said it will buy existing debt. Benchmark yields were at the lowest in six weeks after the Reserve Bank of India said it will purchase 60 billion rupees ($1.2 billion) of securities in open-market operations. The central banks decision to cut interest rates may help the government reduce borrowing costs as it plans record debt sales in the fiscal year that started April 1. Bonds erased the days gains after the drop in yields deterred investors before a debt sale on April 24.
New energy strategy - On March 28th, thousands of cities and communities participated in one of the largest annual global efforts to fight global warming. The event known as Earth Hour urged everyone to shut off their lights for one hour in order to create more awareness about how much energy people waste. Although cities from around the world participate in this event once a year, New Delhi has decided to take a more pro-active approach and implement Earth Hour on the last working day of every month. Chief Minister Sheila Dikshit commented by saying it is an important concept and we will get support from the people of Delhi just as we did for the global campaign.
Exports down Indias February exports down 21.7% to US and EU.
Financial Crises in US and EU main reason.
India Engineers - EEPC India, the apex body of engineering exports from India, has attributed the loss of engineering jobs to the global recession. Around 80 percent of these losses will come from small and medium sized businesses. Even though the engineering sector has experienced 35 percent growth last year, many officials in the industry are hoping that the up-coming stimulus package will help sustain the jobs in the industry.
Inflation falls - India's Finance Ministry announced earlier that the country's inflation rate has slowed down to 0.27 percent, representing a new thirty-year low. Many are hoping that this will motivate the RBI to cut interest rates, although they have already cut the rate four times since last October.
Growth - India has one of the fastest economies in the world right now, their growing population requires that the government continue to spur economic growth in order to support future job creation.
Tourism - India's economy is still growing at a faster rate than other nations and tourism is an industry that is greatly helping this. By 2017, tourism is expected to generate around $42.8 billion, which is a 42 percent increase from 2007. Poor infrastructure is seen as the biggest issue with the country's developing economy, although the government is hoping to build new airports.
Sri Lanka Economy in 2009
New Refinery - The Sri Lankan Board of Investment (BOI) has given its approval to two UAE petroleum firms to build a refinery in the southern town of Hambantota. UAE's Trans Asia Gas International LLC and Star Petro Energy LLC will invest 1.2 billion dollars for this project. The refinery is said to produce about 100,000 barrels-per-day and its entire output will be exported to overseas markets. The refinery will create employment opportunities for 700 people in Sri Lanka.
FTA 1 - Sri Lanka and Pakistan have signed the Free Trade Agreement (FTA) to boost bilateral trade some time in the past, To boost bilateral trade Sri Lanka invited a Pakistan business community to participate in the SAARC country exhibition scheduled to be held in Colombo from August 28 -31, this year.
FTA 2 - Sri Lanka and India have signed the Free Trade Agreement (FTA) to boost bilateral trade some time in the past, To boost bilateral trade Sri Lanka invited a India business community to participate in the SAARC country exhibition scheduled to be held in Colombo from August 28 -31, this year.
Tea exports - The global economic slowdown can have a negative impact on Sri Lanka's ambitious goal of achieving $2 billion tea exports. Sri Lanka now aims to promote Sri Lankan tea in Asian countries to maintain price stability. Currently Sri Lankan tea exports have risen to Asian countries.
IMF Loan - The global economic crisis is sending many national governments looking for temporary financial assistance. The Central Bank of Sri Lanka announced that it has been working with the International Monetary Fund to receive a loan worth $1.9 billion to help support its economy.
Investment Sri Lanka continually receiving direct investment from China, India, Malaysia and UAE. Sri Lanka expects 5% GDP growth rate this year. The Central Bank in Sri Lanka expects a healthy growth this year, but has several challenges.
Inflation falls Sri Lanka's Finance Ministry announced earlier that the country's inflation rate has slowed down to 2.50 percent, representing a new thirty-year low. Many are hoping that this will motivate the CBSL to cut interest rates, although they have already cut the rate two times since last January.
Growth - Sri Lanka has one of the fastest economies in South Asia right now, Government continue to spur economic growth in order to support future job creation. Improving & Stable security of Sri Lanka a major successfulness.
Pakistan Economy in 2009
Electricity - For the first time in a decade, Pakistan's largest electricity supplier plans to expand its network by 450 megawatts. Karachi Electric Supply Co. announced that within the next three to five years, it will increase daily output by 38 percent by utilizing more efficient sources of energy. The ultimate goal of the company is not only to become more profitable by reducing costs, but also to reduce the occurrence of blackouts, which affect two-thirds of Karachi's population.
Modern Plan - President Asif Ali Zardari announced that Pakistan needs a Modern Plan to improve conditions within the country. There are currently 170 million people, who are under the age of 25, that are trying to cope with the economic and social conditions. President Zardari called for Modern social programs to help strengthen education and labor conditions and asked for a $4.5 billion loan from the International Monetary Fund to invest in Pakistan's infrastructure.
Help - A recent report that was issued earlier by an influential think tank in Washington D.C, called for $4 billion to $5 billion in support for Islamabad's infrastructure. Senator John Kerry, the Senate Foreign Relations Committee Chairman, used this report to push for legislation that would give $7.5 million in immediate aid to Islamabad.
Duty - The European Union's anti-dumping duty on bed linen import from Pakistan expired. Without the duty, Pakistan will be able to enjoy normal duties on its exports. The anti-dumping duty has cost the country between $250 and $300 million a year in bed linen export.
Stock Market - The Karachi Stock Exchange 100 index recovered in the market after Pakistan announced that it has been working with the International Monetary Fund to receive a loan to help support its economy.
Growth Challenging internal security of Pakistan is the major problem for the economy. Pakistan should be stable to boost the economy.
Bangladesh Economy in 2009
Investment 1 - Bangladesh's Beximco Pharmaceutical has received a $67 million investment from a US equity fund to boost production and exports. The investment marks the largest investment ever for Bangladesh's booming pharmaceutical sector. Beximco Pharmaceutical vice-chairman said, the investment by a US fund reflects the tremendous confidence shown by foreign investors in the Bangladesh market.
Investment 2 - Sri Lankas National Development Bank (NDB) will own 80 percent stake in Capital Market Services Ltd. The Sri Lankan bank NDB, has signed a deal with Capital Market Services Ltd, powering NDB to a majority stakeholder in the Capital Market Services Ltd.
The operation of the new joint venture on investment banking will begin in January 2009. NDB will continue to invest in Bangladesh.
Communication - Bangladesh's Communication minister has announced plans to improve the country's communication system in an effort to further expand trace and commerce within the country. The minister further stated that Bangladesh seeking to improve economic relations with India and Sri Lanka.
New Bridge - Bangladesh's newly appointed cabinet has approved a firm to begin designing the Padma Bridge. The estimated cost of the bridge is upwards of US$1.8 billion. This comes as another move to improve infrastructure within the nation. The firm that has won the designing project says designing alone will cost nearly US$ 20.3 million. The bridge is to be 6.01Km spanning from Mawa to Jaira across the massive Padma River. International lenders are to fund to project including Asian Development Bank, World Bank, Islamic Development Bank and the Japan Bank for International Cooperation.
Rice - The government in Bangladesh has decided to cut the price of rice by as much as 15 percent for millions of garment workers in the country. The global economic crisis has dwindled the demand for the country's number one export, creating a surplus in the supply of the good. Selling it at a lower cost will not only ensure that inventories don't accumulate and eventually go to waste, but it also helps the financial situation of millions of workers who make less than $1 a day.
Growth Bangladesh economy performing well but need more economic reforms to boost the Bangladesh economy.
Nepal Economy in 2009
Treaty - Nepal and India have begun negotiating a possible bilateral trade treaty. While both countries haven't reached a complete agreement, India has agreed to provide Nepal with technical aid for its food laboratories. The technology will hopefully improve Nepal's export quality and boost its exports.
Exports Nepals exports increased by 27.1 percent in the first three months of the current fiscal year. The increase in exports to India and China constituted most of the upsurge.
Food - The World Food Program says Nepal's government could be toppled by food riots unless urgent action is taken to address food shortages.
Trade - The government of India will allow Nepal customs duty free access to the Indian market. The treaty has had a positive impact on Nepal in both trade and economic development. The treaty gets renewed every five years.
Garbage Crises - Nepal's capital, Katmandu, is a stinky place as garbage trucks have stopped running. Workers and supporters of the UML and NP have blocked garbage trucks on their way to local dumping sites, which has left Katmandu inundated in trash. Villagers, mostly affected by dumps near their villages.
Growth Challenging internal politics of Nepal is the major problem for the economy. Nepal should be stable to boost the economy.
Maldives Economy in 2009
Carbon - President Mohamed Nasheed of Maldives proclaimed that his country will spend $1.1 billion to obtain carbon neutrality by 2020. Although the Maldivian economy only generates around $800 million a year, mostly from tourism, the new plan will convert the state-owned electricity company to become privatized, allowing investors and donors to help fund the plan. This will allow additional financing to heavily invest in wind turbines and will slowly remove the dependence on foreign oil. The plan is expected to pay for itself within ten years. Mark Lynas, an economist who has been working with the Maldivian government, commented on the plan by saying "the point of doing it is that it is something that Maldives can lead the world in... no country has the excuse that it is too expensive and we can't do anything about it.
Investment Maldives receiving direct investment from Sri Lanka and India. Maldives seeking to improve economic relations with Sri Lanka and India.
Growth Maldives economy performing well but need more economic reforms to boost the Maldives economy.
South Asia Trade
Introduced at the South Asian Association for Regional Cooperation summit, the South Asian Free Trade Area created a free trading zone that reaches 1.4 billion people. The SAFTA contains zero customs duty on practically all products.
(Important News)
India Economy in 2009
10 year bonds Indias 10 year bonds advanced for a sixth day, the longest winning streak in four months, after the central bank said it will buy existing debt. Benchmark yields were at the lowest in six weeks after the Reserve Bank of India said it will purchase 60 billion rupees ($1.2 billion) of securities in open-market operations. The central banks decision to cut interest rates may help the government reduce borrowing costs as it plans record debt sales in the fiscal year that started April 1. Bonds erased the days gains after the drop in yields deterred investors before a debt sale on April 24.
New energy strategy - On March 28th, thousands of cities and communities participated in one of the largest annual global efforts to fight global warming. The event known as Earth Hour urged everyone to shut off their lights for one hour in order to create more awareness about how much energy people waste. Although cities from around the world participate in this event once a year, New Delhi has decided to take a more pro-active approach and implement Earth Hour on the last working day of every month. Chief Minister Sheila Dikshit commented by saying it is an important concept and we will get support from the people of Delhi just as we did for the global campaign.
Exports down Indias February exports down 21.7% to US and EU.
Financial Crises in US and EU main reason.
India Engineers - EEPC India, the apex body of engineering exports from India, has attributed the loss of engineering jobs to the global recession. Around 80 percent of these losses will come from small and medium sized businesses. Even though the engineering sector has experienced 35 percent growth last year, many officials in the industry are hoping that the up-coming stimulus package will help sustain the jobs in the industry.
Inflation falls - India's Finance Ministry announced earlier that the country's inflation rate has slowed down to 0.27 percent, representing a new thirty-year low. Many are hoping that this will motivate the RBI to cut interest rates, although they have already cut the rate four times since last October.
Growth - India has one of the fastest economies in the world right now, their growing population requires that the government continue to spur economic growth in order to support future job creation.
Tourism - India's economy is still growing at a faster rate than other nations and tourism is an industry that is greatly helping this. By 2017, tourism is expected to generate around $42.8 billion, which is a 42 percent increase from 2007. Poor infrastructure is seen as the biggest issue with the country's developing economy, although the government is hoping to build new airports.
Sri Lanka Economy in 2009
New Refinery - The Sri Lankan Board of Investment (BOI) has given its approval to two UAE petroleum firms to build a refinery in the southern town of Hambantota. UAE's Trans Asia Gas International LLC and Star Petro Energy LLC will invest 1.2 billion dollars for this project. The refinery is said to produce about 100,000 barrels-per-day and its entire output will be exported to overseas markets. The refinery will create employment opportunities for 700 people in Sri Lanka.
FTA 1 - Sri Lanka and Pakistan have signed the Free Trade Agreement (FTA) to boost bilateral trade some time in the past, To boost bilateral trade Sri Lanka invited a Pakistan business community to participate in the SAARC country exhibition scheduled to be held in Colombo from August 28 -31, this year.
FTA 2 - Sri Lanka and India have signed the Free Trade Agreement (FTA) to boost bilateral trade some time in the past, To boost bilateral trade Sri Lanka invited a India business community to participate in the SAARC country exhibition scheduled to be held in Colombo from August 28 -31, this year.
Tea exports - The global economic slowdown can have a negative impact on Sri Lanka's ambitious goal of achieving $2 billion tea exports. Sri Lanka now aims to promote Sri Lankan tea in Asian countries to maintain price stability. Currently Sri Lankan tea exports have risen to Asian countries.
IMF Loan - The global economic crisis is sending many national governments looking for temporary financial assistance. The Central Bank of Sri Lanka announced that it has been working with the International Monetary Fund to receive a loan worth $1.9 billion to help support its economy.
Investment Sri Lanka continually receiving direct investment from China, India, Malaysia and UAE. Sri Lanka expects 5% GDP growth rate this year. The Central Bank in Sri Lanka expects a healthy growth this year, but has several challenges.
Inflation falls Sri Lanka's Finance Ministry announced earlier that the country's inflation rate has slowed down to 2.50 percent, representing a new thirty-year low. Many are hoping that this will motivate the CBSL to cut interest rates, although they have already cut the rate two times since last January.
Growth - Sri Lanka has one of the fastest economies in South Asia right now, Government continue to spur economic growth in order to support future job creation. Improving & Stable security of Sri Lanka a major successfulness.
Pakistan Economy in 2009
Electricity - For the first time in a decade, Pakistan's largest electricity supplier plans to expand its network by 450 megawatts. Karachi Electric Supply Co. announced that within the next three to five years, it will increase daily output by 38 percent by utilizing more efficient sources of energy. The ultimate goal of the company is not only to become more profitable by reducing costs, but also to reduce the occurrence of blackouts, which affect two-thirds of Karachi's population.
Modern Plan - President Asif Ali Zardari announced that Pakistan needs a Modern Plan to improve conditions within the country. There are currently 170 million people, who are under the age of 25, that are trying to cope with the economic and social conditions. President Zardari called for Modern social programs to help strengthen education and labor conditions and asked for a $4.5 billion loan from the International Monetary Fund to invest in Pakistan's infrastructure.
Help - A recent report that was issued earlier by an influential think tank in Washington D.C, called for $4 billion to $5 billion in support for Islamabad's infrastructure. Senator John Kerry, the Senate Foreign Relations Committee Chairman, used this report to push for legislation that would give $7.5 million in immediate aid to Islamabad.
Duty - The European Union's anti-dumping duty on bed linen import from Pakistan expired. Without the duty, Pakistan will be able to enjoy normal duties on its exports. The anti-dumping duty has cost the country between $250 and $300 million a year in bed linen export.
Stock Market - The Karachi Stock Exchange 100 index recovered in the market after Pakistan announced that it has been working with the International Monetary Fund to receive a loan to help support its economy.
Growth Challenging internal security of Pakistan is the major problem for the economy. Pakistan should be stable to boost the economy.
Bangladesh Economy in 2009
Investment 1 - Bangladesh's Beximco Pharmaceutical has received a $67 million investment from a US equity fund to boost production and exports. The investment marks the largest investment ever for Bangladesh's booming pharmaceutical sector. Beximco Pharmaceutical vice-chairman said, the investment by a US fund reflects the tremendous confidence shown by foreign investors in the Bangladesh market.
Investment 2 - Sri Lankas National Development Bank (NDB) will own 80 percent stake in Capital Market Services Ltd. The Sri Lankan bank NDB, has signed a deal with Capital Market Services Ltd, powering NDB to a majority stakeholder in the Capital Market Services Ltd.
The operation of the new joint venture on investment banking will begin in January 2009. NDB will continue to invest in Bangladesh.
Communication - Bangladesh's Communication minister has announced plans to improve the country's communication system in an effort to further expand trace and commerce within the country. The minister further stated that Bangladesh seeking to improve economic relations with India and Sri Lanka.
New Bridge - Bangladesh's newly appointed cabinet has approved a firm to begin designing the Padma Bridge. The estimated cost of the bridge is upwards of US$1.8 billion. This comes as another move to improve infrastructure within the nation. The firm that has won the designing project says designing alone will cost nearly US$ 20.3 million. The bridge is to be 6.01Km spanning from Mawa to Jaira across the massive Padma River. International lenders are to fund to project including Asian Development Bank, World Bank, Islamic Development Bank and the Japan Bank for International Cooperation.
Rice - The government in Bangladesh has decided to cut the price of rice by as much as 15 percent for millions of garment workers in the country. The global economic crisis has dwindled the demand for the country's number one export, creating a surplus in the supply of the good. Selling it at a lower cost will not only ensure that inventories don't accumulate and eventually go to waste, but it also helps the financial situation of millions of workers who make less than $1 a day.
Growth Bangladesh economy performing well but need more economic reforms to boost the Bangladesh economy.
Nepal Economy in 2009
Treaty - Nepal and India have begun negotiating a possible bilateral trade treaty. While both countries haven't reached a complete agreement, India has agreed to provide Nepal with technical aid for its food laboratories. The technology will hopefully improve Nepal's export quality and boost its exports.
Exports Nepals exports increased by 27.1 percent in the first three months of the current fiscal year. The increase in exports to India and China constituted most of the upsurge.
Food - The World Food Program says Nepal's government could be toppled by food riots unless urgent action is taken to address food shortages.
Trade - The government of India will allow Nepal customs duty free access to the Indian market. The treaty has had a positive impact on Nepal in both trade and economic development. The treaty gets renewed every five years.
Garbage Crises - Nepal's capital, Katmandu, is a stinky place as garbage trucks have stopped running. Workers and supporters of the UML and NP have blocked garbage trucks on their way to local dumping sites, which has left Katmandu inundated in trash. Villagers, mostly affected by dumps near their villages.
Growth Challenging internal politics of Nepal is the major problem for the economy. Nepal should be stable to boost the economy.
Maldives Economy in 2009
Carbon - President Mohamed Nasheed of Maldives proclaimed that his country will spend $1.1 billion to obtain carbon neutrality by 2020. Although the Maldivian economy only generates around $800 million a year, mostly from tourism, the new plan will convert the state-owned electricity company to become privatized, allowing investors and donors to help fund the plan. This will allow additional financing to heavily invest in wind turbines and will slowly remove the dependence on foreign oil. The plan is expected to pay for itself within ten years. Mark Lynas, an economist who has been working with the Maldivian government, commented on the plan by saying "the point of doing it is that it is something that Maldives can lead the world in... no country has the excuse that it is too expensive and we can't do anything about it.
Investment Maldives receiving direct investment from Sri Lanka and India. Maldives seeking to improve economic relations with Sri Lanka and India.
Growth Maldives economy performing well but need more economic reforms to boost the Maldives economy.
South Asia Trade
Introduced at the South Asian Association for Regional Cooperation summit, the South Asian Free Trade Area created a free trading zone that reaches 1.4 billion people. The SAFTA contains zero customs duty on practically all products.
