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LATEST ARTICLES
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The Singapore lender is looking to India in search of new business and growth opportunities, its chief executive Piyush Gupta tells Euromoney. Long term, it aims to emulate onshore the country’s best private-sector lenders, HDFC and Kotak Mahindra.
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Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
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The German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.
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Citi’s head of Asia treasury and trade solutions has retired after 40 years at the US bank. He tells Euromoney what he would do if he were a 20-something graduate today, and why it helps to be both a specialist and a jack-of-all-trades in the industry now.
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While no charges have been laid against the Adani Group, a new Sebi rulebook addresses a key concern that came from the January stock-market controversy.
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KVS Manian has been overlooked in favour of ex-Barclays man Ashok Vaswani. What does it mean for one of India’s finest banks?
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A handwritten note brings down the curtain on a 38-year journey for bank founder.
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Two new platforms show how India is building on top of its digital foundations.
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Outbound Chinese M&A deal-flow has slowed to a crawl even as inbound activity remains steady. So focus in the region is moving elsewhere: to rising India, steady-and-lucrative Australia and even Japan, where once-bloated conglomerates are streamlining portfolios under intense pressure from activist shareholders.
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Credit growth is a key driver of stellar earnings from India’s banks as the country completes its recovery from Covid-19, but another driver is digital traction.
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Private banks that fled India in the 2010s are returning in force. Those that never left are frantically hiring. With a fast-growing economy creating a lot of new wealth across every sector, India is once again the toast of wealth managers.
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A day-by-day account of Adani’s stunning collapse in value.
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A two-week period saw Adani Group attacked by a short seller, abandon a $2.5 billion share offer and lose $100 billion in market value. What next? And what does it mean for Modi’s India?
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A report by a US short-seller hammered the stock of India’s Adani Group companies just as one of them tried to raise $2.5 billion in a follow-on. It was not just Adani under attack here, but Modi’s vision of corporate India.
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Kotak Investment Advisors, the special situations arm of Kotak Mahindra, could have $9 billion under management by early next year. It is led by Srini Sriniwasan, who has applied skills learned at Goldman Sachs to develop the business to where it is today.
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Amitabh Chaudhry seeks to elevate Axis from its strong position in India to a premium one. The purchase of Citi’s consumer finance business will help – but only if it can keep Citi’s customers.
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In previous years, the outflow of foreign portfolio investment that characterized the first seven months of the year in India would have caused a market collapse. This time, it didn’t. The difference: Indian retail finding its voice.
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Where once Indian companies went overseas to seek technology, brand and scale, today – thanks to the strength and ambition of private capital – better opportunities can be found at home.
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India’s refusal to take a side over Russia’s invasion of Ukraine is typical of a geopolitical approach that aims to keep everyone onside – to India’s advantage. Doing so helps the country to keep inflation in check, the one threat to an exceptionally powerful domestic story that is enticing the banking sector.
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The float of LIC will shatter all of India’s records in the equity capital markets. It is also an opportunity to prove a newfound maturity in India, already illustrated by a range of highly successful tech deals in 2021.
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Southeast Asia markets enjoyed a record 2021. Can they build on this?
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There was a time when Paytm was the epitome of rising digital Asia, but the dismal opening of its IPO suggests it and its peers are no longer market darlings in the eyes of investors.
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Earlier this year HSBC chief executive Noel Quinn pledged $6 billion of investment in Asia – half of it outside Greater China. Having recognized he can do so much more in southeast Asia and India, how will he achieve this?
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Paytm, whose largest shareholder is Ant Group/Alibaba, could raise India’s largest-ever IPO. It should be smoother than Ant’s own failed attempt, and that tells us something about changing regulatory positions.
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The Insolvency and Bankruptcy Code was supposed to provide swift and meaningful resolution to help get state-owned Indian banks back on their feet. Does a 95% haircut with questions around confidentiality achieve that?
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Non-resident Indians are a powerful force in wealth management from New York to Singapore. But as the pandemic devastates the subcontinent, this vast diaspora is reassessing its priorities.
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In retreating from onshore private banking in south Asia’s largest market, Citi is following the money, as it seeks to serve the rising number of Indian families fast transferring personal wealth overseas to bigger and more stable markets they know and trust.
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Narendra Modi’s decision to privatize two state-owned banks is significant, but the shortlist suggests the ones on sale are going to be small in scale but big in non-performing loans.
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Morgan Stanley mourns its top investment banker in the country.
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Khara takes charge of a bank with unique challenges.
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In 1994, Aditya Puri left Citibank to launch a new institution in a rapidly changing India. As he prepares to retire after 26 years, HDFC Bank stands apart as the strongest and most successful private-sector bank in the country.
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The country is enjoying a record year in equity capital raising, built on rights issues by Reliance Industries and the country’s top banks. Behind the numbers, however, there are signs that the leaders will get stronger, while those behind may struggle.
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Edelweiss has grown over 25 years into an independent and successful diversified financial services group, but it needs capital. Its decision to sell a controlling stake in its wealth management business spotlights the institution and the potential of the sector.
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The managing director retires in October. RBI has three names to contemplate as his possible successor.
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India's national ID and financial inclusion system creates the rails on which food and financial aid can reach some of the most vulnerable in society. But its rigidity in a crisis is a weakness.
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Corporate treasurers are doing everything they can to keep businesses running as smoothly as possible during these challenging times. How do their relationships with bank partners hold up in times of stress?
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Mindspace hopes to raise more than $150 million in IPO slated for the end of March; more Reit sales to follow in Mumbai during the next 18 months.
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The country’s Supreme Court overturns a curveball decision from July, to the benefit of distressed debt investors.
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It was a bold call to launch a specialist credit business in Asia in 2009, but SC Lowy celebrates its 10th birthday as an established figure in distressed debt and high yield not just at home but also increasingly in Europe. Events in India, however, where the firm holds a position in Essar Steel, are testing its patience and resolve.
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To reduce greenhouse gas emissions, clean up water supplies, prevent the loss of biodiversity, mitigate fire and flood risk and meet the nutritional requirements of a growing population the world must improve its regenerative and sustainable agricultural practices – new tools and support from the financial services industry are needed to fund that transition.
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Some uncomfortable conclusions arise from a close look at Euromoney’s country risk data for Asia since 1982. India’s opening has been rewarded with a dismal decline in its score, while the overthrow of local dictators doesn’t appear to do much for economies either.
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Introduction of the GST and demonetization mean Jaitley had a far bigger impact on Indian finance than his single term as minister would suggest.
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The insolvency and bankruptcy code is supposed to do wonderful things for India, but a leftfield decision on creditors this week will have a number of unhelpful side-effects.
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Anshula Kant’s background at SBI means that she is uniquely prepared for her new job.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus..
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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The argument that India will be the first cashless society doesn’t take into account the country’s most vulnerable people and the cultural attachment to cash.
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India’s first real estate investment trust is being fast-tracked to IPO before the end of February. Bankers expect the primary offering to raise more than $1 billion, giving a much-needed fillip to the country’s capital markets.
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After a few years of underperformance, India’s property market is back on form. Prices are rising in commercial and residential real estate, with demand driven in large part by inward investment from blue-chip US corporates. The next big step is listed onshore real estate investment trusts, set to hit the market in 2019.
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SBI head outlines path to asset resolution; says sector still shocked by PNB fraud.
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Reserve Bank of India (RBI) governor Urjit Patel took to the stage at Gujarat National Law University on March 14 to make a simple request...
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India threatens cryptocurrency crackdown; Ripple argues it has a remittance model.
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CEO has broader ambitions as firm turns 10; impact investing still modest in Asia but growing.
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For the banking industry, 2017 was a time of trying finally to resolve issues of the past and avoid new mistakes, yet dig beneath the surface and it was also 12 months of intrigue and, sometimes, farce. Here are Euromoney’s alternative awards for 2017.
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Arundhati Bhattacharya left big shoes to fill as chair of State Bank of India, but Rajnish Kumar’s arrival has coincided with a handy recapitalization of public sector banks that will help him achieve his main aim.
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India receives global attention for its digital innovation as a tool of financial inclusion, but it couldn’t get off the ground without a unique non-profit institution charged with creating the infrastructure.
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News broke last week of an intriguing insolvency petition in India: under the new Insolvency and Bankruptcy Code, high-profile disputes are now commonplace, but what’s interesting here is it pits a Chinese policy bank against an Indian private-sector corporation.
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Recapitalization bonds will repair balance sheets; next step will be writing off bad loans
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India’s biggest fintech has doubled its user base in a year and is on track to have 500 million customers by 2020. It is backed by Ant Financial and Softbank and spurred by state policy on financial inclusion. How far can Paytm go?
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Asia’s disparate markets and economies have found common ground in the widespread adoption of digital technology. Starting with consumer clients, expectations are rising up the banking chain and banks need to keep pace.
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Few banks in the world have made greater efforts to reach those in poverty than State Bank of India (SBI). As chairman Arundhati Bhattacharya told Euromoney last year: “I have customers in the bank who have to be led by the hand to give their left thumb impression. When you dispense the money, you have to tell them the amount orally, because they can neither read nor write.”
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Euromoney’s latest Country Risk Survey shows a gradual rebalancing of risk scores this year, as the aftershocks of the global banking and sovereign debt crises wear off, political risks tied to the European electoral cycle fade, and capital access improves for EMs.
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Bedding down a six-sided merger domestically; international activity to be 20% of total book in three years.
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Whip-smart M&A boutiques and upstart full-service investment banks are making waves in India, profiting from the retreat of global investment banks. But how much further can they go?
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Senior bankers hail acceleration of digitization; impact felt across financial services industry.
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Scrapping large-tender notes sparks panic; ‘black economy’ crackdown prompts cash squeeze.
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Pity Arvind Subramanian – he has a tough enough job as it is as chief economic adviser to the government of India without further distraction.
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ICICI Prudential Life reinvigorates IPOs; slew of smaller listings ready to follow.
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Arundhati Bhattacharya is an SBI veteran: she joined in 1977.
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Arundhati Bhattacharya already had one of the toughest jobs in India as chairman of State Bank of India. Not only is it the country’s largest financial institution, but it is also woven inextricably into India’s social fabric. She has made her job harder still by proposing a seven-sided bank merger. But as technological innovation increases and as asset quality plunges across public banks, bigger may not necessarily be better.
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From Aadhaar to iSPIRT – your guide to Indian biometrics.
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An extraordinary revolution is taking place in digital banking in India. Driven by the state, it is anchored on a billion-strong biometric database to finally bring financial inclusion to a country that needs it more than any other. Banks may face a binary outcome: be quick or be dead.
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Technology is finally bringing banking services to the unbanked in both developing and developed markets. While technology companies are driving this transformational shift, it looks increasingly likely that traditional banks will ultimately be service providers. They have everything to gain if they can form partnerships and create a long-term strategy.
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All eyes are on the expected appointment of a new Reserve Bank of India governor, but nobody is quite clear why there needs to be a new one.
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Yes Bank, started just 12 years ago, is one of India’s fastest growing lenders – and the most interesting by far. Its founder and CEO sits down with Euromoney to discuss risk management, cost cutting, divine intervention and why he doesn’t do the ‘wow’ factor.
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HDFC launches first corporate masala bond; others may be slow to follow.
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Asian banks are increasingly proving themselves to be much more than just volume-hungry lenders.
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Best bank in the Middle East Emirates NBD Best investment bank in the Middle East HSBC Best digital bank in the Middle East Emirates NBD Best bank for financing in the Middle East Citi Best bank for advisory in the Middle East Barclays Best bank for markets in the Middle East National Bank of Abu Dhabi Best bank for transaction services in the Middle East Abu Dhabi Commercial Bank Best bank for wealth management in the Middle East Audi Private Bank Best bank for CSR in the Middle East Arab African International Bank Best bank for SMEs Bank of Alexandria Best bank transformation Al Ahli Bank of Kuwait Outstanding contribution to financial services Hisham Ezz Al Arab . Country Awards for Excellence 2016: Middle East Awards for Excellence Middle East press release
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DBS’s launch of a new digital bank in India provides a test case for a branchless model of banking in Asia that will influence a dozen other markets in the years ahead.
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China is well on the way to creating a global currency, with a little help from the IMF. But what of India, the other economy set to dominate the 21st century? Will the rupee come to rival the renminbi and the dollar, or will poor planning and weak infrastructure undermine its ambitions?
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India has been a tough market for global wealth managers, ground down by rising costs and regulation. But private wealth is growing fast, offering long-term profit for those with patience and persistence.
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ECM re-emerges from lengthy slump; foreign investors jump on slew of mid-sized IPOs.
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Annual cap of $750 million, five-year maturity; corporates, real estate and investment trusts can issue.
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China’s risk score fell 1.5 points, to below 60 out of 100, for the first time in almost two years in Q3 2015. With Brazil in freefall and a US interest-rate hike on the cards, investor risk is rising for many – but not all – emerging markets (EMs), complicating portfolio selection.
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A number of eye-catching deals in the Indian market in 2015 are creating excitement for bankers about the potential pipeline of deals this year.
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Trade Finance Survey 2015 full results
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The feelgood factor from the election of Narendra Modi as prime minister does not seem to be translating into better fees for IPO bankers – yet.
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A lack of international monetary policy coordination and efforts to beef up the IMF to reflect the newfound clout of emerging markets (EMs) raises the risks of trade protectionism and market volatility, Reserve Bank of India (RBI) governor Raghuram Rajan tells Euromoney.
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Reserve Bank of India governor Raghuram Rajan’s tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis. Now, he is battling vested interests to arouse a sleepy financial system for over one billion people.
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Reserve Bank of India governor Raghuram Rajan is battling inflation and crony capitalists to open a new chapter in the Asian superpower’s growth story. Rajan – Euromoney’s central bank governor of the year 2014 – reveals his blueprint for reforms and issues a stark warning about the cracks in the global economy.
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Even in a bullish scenario where a Rajan-Modi dream team unleashes reforms – from PSL to the bond market – in an economic super-cycle that sees public lenders recapitalized, foreign investment banks could still be chasing rainbows in India. It is an over-banked market, with dozens of fee-hungry institutions jockeying for business.
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In exclusive interviews, leaders of Indian finance reveal how banks, nursing wounds from the recent credit boom, should be set free from the shackles of state control, as reformists raise hopes of a new dawn for Indian capitalism. A jolt, not a tweak, to the financial system is desperately needed.
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India needs a litany of reforms to unshackle its stalled capitalist project. Modi’s government should take inspiration from the paradox of Singapore’s activist state and strong private sector.
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Incensed by their failure to reform, Brics policymakers have established a flawed rival to the World Bank and IMF. Rhetoric aside, the west dismisses emerging-market dissent over the broken financial architecture at its peril.
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The economic ties between the UAE and India have gone from strength to strength in recent years and are set to deepen further. The UAE not only offers India the promise of investment in its creaking infrastructure, but a compelling investment environment for Indian companies and a staging post for expansion. Conversely, Asia’s third largest economy offers Arab companies growth opportunities
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A new government could herald a more lucrative time for investment bankers in India
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After the rupee’s spirited rally in line with the ascent of newly installed Indian prime minister Narendra Modi, analysts say rising US yields could undercut the currency, while others claim strong equity inflows and an improvement in the current account suggest appreciation for the rest of the year.
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Treasury professionals of companies with combined annual sales of more than $250 billion have voted China, India and Russia as the worst countries to repatriate company funds from, according to Euromoney’s ‘trapped cash’ pulse survey.
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International companies are less likely to invest in India than Iran due to the seemingly more onerous regulatory and tax regime of the world’s largest democracy, according to a pulse survey conducted by Euromoney.
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Brazil, India, Indonesia, South Africa and Turkey have more in common than macroeconomic numbers.
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Although market players discern substantial differences between the fragile-five economies – notably in their current-account profiles – they remain, as a group, especially vulnerable to domestic and international market shocks, says bearish analysts.
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Emerging-market assets have fallen thanks to domestic policy risks, rather than Fed-tapering fears, triggering market contagion, as Turkey and Argentina lurched into crisis mode. However, India’s economic rebalancing shows the way forward for EMs out-of-market favour.
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Oil and gold imports problematic for reserves; The worst-performing EM currency this year
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Concerns are mounting about the risks to India’s financial health posed by a growing shadow banking sector that has helped fund a decade-long investment-fuelled consumption and investment boom.
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It has been a horrible few months for emerging market (EM) currencies, with foreign exchange investors looking to exit a broad range of exposures from Brazil to Indonesia. However, a closer examination of the EM landscape reveals that among the detritus are currencies that look set to outperform.
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The Indian rupee is likely to remain under pressure despite central bank efforts to slash spot dollar demand, including lending dollars from its reserves to state-run oil companies, but analysts are split over its prospects for the rest of the year.
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With India’s faltering economy lurching from bad to worse the country’s central bank governor-designate has his work cut out to tackle problems ranging from a falling currency and high inflation to urgently needed structural reforms.
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The Brics economies are all experiencing difficult growing pains, but India is probably most at risk of being left behind, afflicted by slowing growth and a raft of legacy structural problems it failed to tackle in the good times.
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Analysts upbeat; fiscal commitment impresses.
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Finance minister Palaniappan Chidambaram has battled valiantly to feed the nimble elephant that is the Indian economy at its best, restarting its stalled fiscal and liberalization agenda. But market expectations are sky-high ahead of the election year and recent evidence that the economy has run out of steam.
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Bullish investors – such as Jim O’Neill, chairman of Goldman Sachs Asset Management – reckon strong earnings growth will ensure emerging stocks can repeat their stellar performance in 2013. But with valuations less attractive than last year, only the smart money will generate outsized returns, with China and Russia looking particularly attractive, analysts conclude.
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Cutting deficit seen as urgent; More FDI for retail, aviation, power exchanges and broadcasting
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Rising levels of obesity have produced an epidemic of diabetes in India. But there is no part of the country more bloated than its bureaucracy and less healthy than its legal system.
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India’s business leaders are increasingly concerned about the will of its political elite to drive economic growth. They see a country trapped between its past and its present, and a financial system that is quickly losing its reputed potential to be a leading global market. What can stop the rot?