India’s investment promotion ‘very weak’, says World Bank

September 30th, 2009 JPMorgan shuffles investment banking managementNEW YORK — JPMorgan Chase is shuffling the management duties of its investment bank and asset management units. The New York-based bank holding company says Steve Black will become executive chairman of the investment bank business.

September 29th, 2009 TORONTO - The Royal Bank of Canada, which is the country's top bank, Tuesday acquired J.P. Morgan's Investment Advisor Servicing Business.

September 25th, 2009 G-20 leaders: Tie bankers' pay to performancePITTSBURGH — World leaders say bank executives should not be guaranteed multiyear bonuses because such compensation makes them less accountable for risky investments. Leaders of the Group of 20 nations meeting in Pittsburgh also said that a significant portion of bank officials' potential compensation should be delayed and tied to the performance of their investment decisions.

September 10th, 2009 NEW DELHI - The Union Cabinet today approved the proposal of the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry for the formation of a company 'Invest India' under Section 25 of the companies Act, 1956, for promotion of foreign investments during the XI Five Year Plan. The proposed company which will be a joint venture between the Government of India, Federation of Indian Chambers of Commerce and Industry and the State Governments will be responsible for promoting Foreign investments into the country in a more focussed, comprehensive and structured manner.

August 18th, 2009 NEW DELHI - The government Tuesday cleared 10 foreign direct investment (FDI) proposals worth Rs.1,123 crore ($230.5 billion), including one by DishTV to raise Rs.750 crore through convertible bonds. Vijay Mallya-promoted United Breweries' proposal to issue convertible warrants worth Rs.219 crore also got the Foreign Investment Promotion Board's (FIPB) approval.

August 17th, 2009 S&P reaffirms Con-way investment grade ratingNEW YORK — Ratings agency Standard & Poor's affirmed its BBB- rating for Con-way Inc. on Monday, but suggested that weak demand and competitive prices will continue to hurt the trucking company's earnings and credit standing.

July 2nd, 2009 NEW DELHI - GeoPost, the express parcel arm of French postal service provider Groupe La Poste, and India's Continental Air Express Thursday announced a joint venture to offer domestic and international parcel services to Indian customers. The Foreign Investment Promotion Board (FIPB) recently approved the joint venture, DPD Continental International, in which GeoPost will hold a 60-percent stake.

June 30th, 2009 MUMBAI - India's external debt rose 2.4 percent or $5.3 billion to $229.9 billion for the fiscal ended March 31, the Reserve Bank of India (RBI) said Tuesday. India, which has an external debt equivalent to 22 percent of its gross domestic product, was already the fifth most indebted country in the world in 2007, the central bank said in a statement.

June 19th, 2009 WASHINGTON - The Export-Import Bank of India is getting a $60 million international trade facility to help support export-focused small and medium enterprises, which have suffered reduced access to finance due to global financial crisis. The trade facility, shared equally by the International Finance Corporation (IFC), a member of the World Bank group, and Bank of Tokyo-Mitsubishi UFJ, will improve the Exim Banks ability to provide access to short-term trade funding for smaller businesses, enabling them to carry out export orders.

June 19th, 2009 NEW DELHI - The World Bank will extend a $180-million (Rs.900-crore) loan to India for upgrading its polluting coal-fired power plants and bringing down carbon emission, it said Friday. "The project, which is expected to lower carbon emissions and boost power production at these plants, is co-financed with a $45.4-million grant from the Global Environment Facility (GEF)," World Bank said in a statement.

June 18th, 2009 World Bank raises 2009 China growth forecastBEIJING — The World Bank is raising its 2009 growth forecast for China due to the country's stimulus-driven investment boom. But it also cautions that it is still too soon to say a sustained recovery is on the way.

June 9th, 2009 New Delhi, June 9 IANS) Dubai-based jewellery and watch trading company Damas has secured approval for a single brand retail joint venture in India with an investment of Rs.1.8 billion ($36 million), an official statement said Tuesday. The group's proposal, among the 22 others approved by the Foreign Investment Promotion Board with an investment of Rs.5.6 billion (around $110 million), calls for a joint venture in India with 51 percent equity.

April 26th, 2009 Kuwaiti investment bank reports first ever lossKUWAIT CITY — Kuwait's largest investment bank, which has been struggling with debt, says it has reported its first ever annual loss. Global Investment House said Sunday its overall net loss for 2008 was 257.6 million dinars ($888.3 million) compared to a profit of 91.4 million dinars in 2007.

December 31st, 2008 COLOMBO - Sri Lanka President Mahinda Rajapaksa Thursday took over the media ministry and appointed the former media minister to handle the investment promotion portfolio, a top government official said. 'The president has taken over the ministry of mass media and information and appointed former media minister Anurapriyadarshana Yapa as minister of investment promotion,' director of the government information department Anusha Palpita told IANS.

December 31st, 2008 COLOMBO - Sri Lanka President Mahinda Rajapaksa Thursday took over the media ministry and appointed the former media minister to handle the investment promotion portfolio, a top government official said. 'The president has taken over the ministry of mass media and information and appointed former media minister Anurapriyadarshana Yapa as minister of investment promotion,' director of the government information department Anusha Palpita told IANS.