Matthias's Feed
Jul 6, 2012

IKEA hits snag with India venture

NEW DELHI/STOCKHOLM (Reuters) – India has rebuffed a request by IKEA IKEA.UL to relax rules on buying goods locally, a government source said on Friday, raising the prospect of a delay in the world’s largest furniture maker entering the Indian retail market,

IKEA, famous for its self-build flatpacks and huge stores, said last month it would invest 1.5 billion euros ($1.86 billion) and open 25 outlets, throwing a lifeline to the government in India where economic growth has slowed sharply.

Jul 2, 2012

Key political risks to watch in India

NEW DELHI (Reuters) – India is going through its worst patch of economic growth in nine years, which has seen the rupee slide to record lows against the dollar and investors clamouring for greater policy action from Prime Minister Manmohan Singh’s government.

Amid the slowdown comes a change of guard at the finance ministry, with Pranab Mukherjee resigning on June 26 to run for president. Singh has taken charge of the portfolio, raising investor hopes he will push through long-pending reforms to prop up India’s flagging economy.

Jun 27, 2012

India PM wants to “restart growth story”

NEW DELHI, June 27 (Reuters) – Prime Minister Manmohan Singh
summoned officials on Wednesday to formulate an economic revival
plan in part addressing problems in tax policy and said he also
wanted to revive the “animal spirit” of Indian economic growth.

Seeking to overcome pessimism about Asia’s third-largest
economy, Singh, in remarks released by his office, stressed that
improving investor sentiment was a top priority.

Jun 27, 2012

Manmohan Singh starts push for economic revival

NEW DELHI (Reuters) – Prime Minister Manmohan Singh on Wednesday kicked off a push to revive the country’s flagging economic growth and reverse a “climate of pessimism” among investors in Asia’s third-largest economy.

Singh took over the running of the Finance Ministry on Tuesday after Pranab Mukherjee resigned to prepare to run for president in elections in July.

Jun 27, 2012

India PM starts push for economic revival

NEW DELHI, June 27 (Reuters) – Indian Prime Minister
Manmohan Singh on Wednesday kicked off a push to revive the
country’s flagging economic growth and reverse a “climate of
pessimism” among investors in Asia’s third-largest economy.

Singh took over the running of the Finance Ministry on
Tuesday after Pranab Mukherjee resigned to prepare to run for
president in elections in July.

Jun 25, 2012

Insight: Road to nowhere: the longest expressway India never had

BALLIA, India (Reuters) – In a wheat field near the mighty Ganges river stands a cracked foundation stone surrounded by nibbling goats and farmers driving their cattle in the baking sun.

Unveiled more than four years ago, it’s all that remains of an ambition to build India’s longest expressway, an eight-lane, 1,050-km (650-mile) road that would have run through Uttar Pradesh state and connected one of the country’s most backward regions to the doorstep of the nation’s capital.

Jun 25, 2012

Road to nowhere: the longest expressway India never had

BALLIA, India, June 26 (Reuters) – In a wheat field near the
mighty Ganges river stands a cracked foundation stone surrounded
by nibbling goats and farmers driving their cattle in the baking
sun.

Unveiled more than four years ago, it’s all that remains of
an ambition to build India’s longest expressway, an eight-lane,
1,050-km (650-mile) road that would have run through Uttar
Pradesh state and connected one of the country’s most backward
regions to the doorstep of the nation’s capital.

Jun 23, 2012

IKEA to enter India, invest 1.5 bln euros in stores

MUMBAI/NEW DELHI (Reuters) – Swedish retailer IKEA, the world’s largest furniture maker, is opening up in India, marking a crucial step for the Indian government whose policy flip flops related to foreign investment have damaged market confidence.

The company, known for huge stores selling flatpack furniture and accessories, said it would invest 1.5 billion euros to open 25 stores in Asia’s third-largest economy after initially balking at India’s sourcing requirements.

Jun 22, 2012

IKEA to invest 1.5 bln euros in India store openings

NEW DELHI/MUMBAI, June 22 (Reuters) – Swedish retailer IKEA
, the world’s largest furniture maker, will set up shop
in India after earlier balking at sourcing requirements,
spending 1.5 billion euros ($1.9 billion) to open 25 stores in
Asia’s third-largest economy.

IKEA’s plans, announced by the Indian government after a
meeting between the company’s CEO and India’s trade minister in
Russia, could give a boost to the embattled government of Prime
Minister Manmohan Singh, which was forced in December to
backtrack on plans to allow in foreign supermarket operators.

May 17, 2012

Ever hopeful, India pitches for Fitch upgrade after S&P blow

NEW DELHI, May 17 (Reuters) – India’s economic growth story
is intact and the current account deficit under control, senior
Finance Ministry officials told a team from global ratings
agency Fitch on Thursday, weeks after S&P cut its outlook for
Asia’s third largest economy.

The visit came as the Indian rupee tumbled to a record low
against the dollar, with the crisis in the euro zone adding
pressure on a currency already under fire from weak current
account and fiscal deficits.