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Home » Top Stories » March 2007
March 2007 - Top Stories
Index

Indian Professionals see no future in UK
A majority of proficient in Britain under the Highly Skilled Migrant Programme (HSMP) visas are undergoing the unusual circumstance of deportation.

Service Tax Will Be Charged on Rentals of Commercial Property
Despite of strong protests from different sectors of India Inc, the finance ministry does not seem to change its stand of levying a service tax on renting of immovable property for commercial purposes.

Old Mutual to Launch a Real Estate Fund
Old Mutual, one of the largest property owner in South Africa, is planning to launch a ‘core’ unlisted property fund containing its existing fixed property assets, which are evaluated for worth R10bn.

No More Illegal Private Placement Agencies
The Overseas Employment Agencies may issue an order to eliminate unauthorized and unscrupulous private placement agencies. The agency was established to bring a common platform for employers abroad.

Ratan Tata, Mittal - the world’s best CEO, says Barron
The famous steel giants -Ratan Tata of Tata Steel and NRI Lakshmi Mittal of Mittal Steel, topped the world’s best CEOs list prepared by the US stock market weekly Barron’s.

Indian Real Estate Cos Bag $20 billion deals
The visit by Vice-president and Prime minister of the UAE Shaikh Mohammad Bin Rashid Al Maktoum proved highly beneficial for Indian real estate companies as it let them garner deals over $20 billion.

Realty Loans to be Prohibitive Choice for HFCs
The National Housing Bank has recommended housing finance companies (HFCs) to include a general provision of 0.4% of their total outstanding non-housing loans in the form of standard assets.

Steel COs abroad must Not Miss Prospects in India, says Indian PM
Non Resident Indians (NRIs) have emerged as a driving force in taking the Indian economy to new highs. Considering the same fact, Indian politicians are jostling hard to keep the foreign exchanges in the country for their own welfare.

Kalpana Planetarium to open by April
Nothing is quite as amazing as to build a planetarium to recall that fond memory of the famous astronaut Kalpana Chawla and her contributions.

Indian Retail Sector Surviving Blows of High Space Cost
Indian real estate prices are going through the rooftop which have made the creation of a viable retail sector a little difficult, feels most Indian retailers.

Check out NRIs Craze for Indian Real Estate
Since the investors making investments in Indian retail sector has become conscious about putting in the volatile equity market at current levels, Non Resident Indians (NRIs) are taking a contrarian stand towards the same.

Economical Deals for NRI Patients in India
A US medical firm, Om Healthcare Providers Network Private Limited, is drawing plans to expand its horizons in of India, Gujarat. It will launch its operations in Vadodara and Ahmedabad and envisages establishing a network of Indian doctors and hospitals thereby promoting the services primarily in the US, UK, and East Africa.

Property Prices in India to Undergo a Change
A significant drop of 20% has been seen in home loan transactions in the past few months, which is a clear indication of an awaiting correction in property prices.

ICICI to Start Commercial Banking Operations in UAE
ICICI, a leading public sector bank in India, sees itself to establish a substantial presence in UAE as it has made Indians living in Gulf confident about its tremendous potential to manage money.

NRI ‘Facilitation Centre’ to Come up in India
The Cabinet has approved the construction proposal of a facilitation centre for Non Resident Indians (NRIs). It is to come up as a trust, and will be a product by the Ministry of Overseas Indian Affairs (MOIA) in partnership with the Confederation of Indian Industry (CII).

Merrill Lynch to launch new products for the NRI segment
Merril Lynch, one of the world’s leading financial management and advisory companies, is planning to bring an array of new products for NRIs. This is considered to be a strategic move by the company to emerge as the biggest private banker to serve to the demanding requirements of existing market.

Registration of NRI marriages to be made Compulsory
Seeing an increase in number of fraudulent marriages of Indian women with Non Resident Indians (NRIs), the parliamentary committee has come up with a decision to make ‘registration of NRI marriages’ compulsory.

8 Lakh PIOs Get Overseas Citizen Status
According to the data showcased by the Parliamentary Standing Committee on Eternal Affairs, around eight lakh persons of Indian origin (PIO) have been given the status of Overseas Citizen of India (OCI) as of November 2006.

Australian businesses spreading horizon to India
According to the data showcased by a government report released by Australia, India has become one of the most preferred destinations which are drawing large interests across the world.

India making large investments in the UK
India is being bullish on investment spree, a fact clearly underlined by the country deciding on to acquire thirty one UK companies in 2007. As far as investments are concerned, India, though moving at snail pace will catch up the pace in very near future.

Technical Education in India made easy for Diaspora Children
With the newly introduced scholarship programme by the ministry of overseas Indian affairs, Diaspora Children will find it easy to learn higher studies in prestigious Indian technical institutions.

SBI to offer foreign currency services to Chinese clients
The State Bank of India (SBI) has become the first Indian bank authorized to offer foreign currency services to Chinese clients.

Merrill Lynch plans to double private banking business
With an eye on the burgeoning affluent Indian segment, Merrill Lynch is planning to double its private banking business in the country by doubling the number of its financial advisers this year

Himachal Pradesh to attract overseas investments, film units
In order to boost tourism sector, Himachal Pradesh plans to attract overseas investments and various film units to promote its tourism industry, Chief Minister Virbhadra Singh said.

Former Morgan-Stanley Boss Eyes South India’s Real Estate Sector
The boom in the Indian real estate sector is even catching up fast in the southern part of India. After two major deals that Chennai real estate saw that of Shyam Kothari’s and the HTL-AIG recently, its now the turn of former Morgan Stanley chief, Craig Phillips, who head towards south India scouting for real estate properties.

Savings, Investment Rates Expected to Rise
The Indian Prime Minister Manmohan Singh said savings and investment rates are likely to rise further. He also added that, he has reason to believe that they will rise further by another 5 percent in years ahead.

Rates of Houses, Apartments to Go Up from April
Come April and people planning to buy houses or apartments will have to pay more as real estate developers are likely to pass on the additional burden of non-extension of the income tax benefits under Section 80IB (10) from the next month.

Hotelier Chatwal to Invest Rs 45 Billion in India
Indian American business tycoon Sant Singh Chatwal plans to invest Rs.45 billion in India by 2009 for setting up a chain of hotels, which will also include a seven-start hotel.

Government to Conduct Survey on Overseas Keralites
India will conduct the first major survey to count the number of non-resident Keralites (NRKs) working in different nations this month and the report will be made public by July.

Banks Trying to Woo NRIs in Singapore
Every major bank wants to attract Indian expatriates working in Singapore and the adjoining regions. And now, HSBC has opened a separate section called NRI desk focusing specially on non-resident Indians (NRIs).

Shyam Kothari Buys Land in Chennai for Rs. 175 crore
After American International Group (AIG) and RMZ Corporation bought 11-acre land for Rs 298.10 crore, now it’s a turn of Shyam Kothari, brother-in-law of Mukesh Ambani, who bought IDBI’s 2.5 acres Boat Club property in Chennai for Rs 175 crore.

Sacha Dhawan Nominated for Britain’s RTS Award
Actor Sacha Dhawan has been nominated for Royal Television Society (RTS) award for his role in Bradford Riots, a television drama. The RTS award function, which will held on March 13, is for excellence in all aspects of broadcasting in Britain.

Indians Make the Largest Immigrant group in Canada
According to a survey done in Canada, Indian immigrants, who are at number two position among the immigrants, will top the chart by 2009, said Ted Menzies, Canada's parliamentary secretary to the minister for international trade.

Indian Real Estate Poised to Surge
Indian real estate is all set for further growth feels, Kalpana Jain, a senior director of Deloitte Haskins & Sells in New Delhi, a member firm of Deloitte Touche Tohmatsu of New York.

Indian Real Estate Profits Likely To Fall
Everything that goes up comes down too. It seems the profit margins on the Indian real estate, which was quite high for the property developers in the last two years, are likely to take a beating due to abundance of commercial and residential supply in 2007, reports a business news channel.

IT boom to push reforms in Indian real estate
Indian IT success stories have impressed one and all and many like Dubai-based Gowealthy.com CEO, Peter Penhall, who feels the ongoing IT boom is going to fuel the Indian real estate market and will attract a lot of non residents Indians (NRIs) to India.

Major victory for Indian doctors in Britain
Britain-based Indian doctors have won a major battle when the British government agreed to withdraw a "discriminatory clause" that could have doomed their future in Britain.

Domestic Realty Funds' to be Taxed from April
Firms earning more than US$ 1 billion through domestic real estate funds will now have to cough up tax from April this year, as per the budget unveiled by the finance minister, P. Chidambaram.

Financial Institutions looking up to: Morgan Stanley, Citi, $ Actis
Morgan Stanley, Global financial services firm, Citigroup, one of the largest financial services company in the world, and a private equity firm Actis have collectively bought a 6% stake in the National Stock Exchange (NSE) for an disclosed amount.

Kerala to Set up Special Cell to tap NRKs Resource
Kerala tourism ministry has decided to set up a separate cell to tap its non-resident-Keralites (NRKs) for developing its tourism infrastructure, said Kerala Tourism Minister Kodiyeri Balakrishnan.

Real estate firms turn to theme townships to woo clients
These days the mantra for real estate industry is theme townships. These are very much evident by the plethora of huge hoardings that stare at you while you are on the move, like a home on the bank of the Ganges or an abode facing sea beaches etc.

Asian Women Carving Out a Niche in Politics
Thursday, March 08, 2007:Women are fast emerging as great political leaders and business persons in Asia, especially India, but have been under represented in a national level government, as according to a US group dedicated to the region.

Australian Bank Eager to Make investment in India
Thursday, March 08, 2007:Needless to say, India's economy is making rapid strides with each passing day. Stirred by the same, the Commonwealth Bank of Australia has launched a new investment fund for prospective investors of Australia to encourage them to park in Indian market.

2i Capital Group Launches Indian Infrastructure Development Fund
Wednesday, March 07, 2007:The renowned 2i Capital Group held a presentation on the US$300 million "Indian Infrastructure Development Fund” yesterday at the Ritz Carlton Hotel.

RTI Act Helps NRI to Get Tax Refunds
Wednesday, March 07, 2007:Since the Right to Information (RTI) Act came in application, many harried people who were fed up with the treatment they got from income tax officials known for their laidback attitude got their work done.

AXA, Bharti Join Hands to Launch a Realty Fund in India
Wednesday, March 07, 2007:French Insurer AXA and Bharti Enterprises have fastened their seat belts to carve a substantial niche in Indian real estate. The same seems to have encouraged them to launch a realty fund in the country, extending their current partnership for insurance and asset management.

Non Resident Keralites Taking State to New Highs
Tuesday, March 06, 2007:Recognizing the potential of its Indian Diaspora, Kerala invites 50 leading non-resident Keralites (NRKs) based in Gulf countries next week to carry out a new Government project, Infrastructure Kerala Limited (InKel), to facilitate development and make the state a favorable investment destination.

UK Medical Service Cos Carving Niche in Bengal Medical Sector
Tuesday, March 06, 2007: The British Healthcare Mission is scouting prospects in the healthcare sector of West Bengal. Five renowned British medical service companies came here on Monday to participate in an interactive seminar with health sector players of the state.

Badal To Work in Welfare of NRIs from Punjab
Monday, March 05, 2007: Parkash Singh Badal, who sworn in as Punjab Chief Minister for a record fourth time, expresses concerns for NRIs from Punjab settled overseas. The minister also wants the educated youth of the state to get reasonable employment.

Chandy all praise for Non Resident Keralalites
Wednesday, March 07, 2007: Kerala opposition leader Oommen Chandy appreciates non resident Keralites for contributing in development works for the state in the last 50 years of its formation.

Massive protest by Expat workers in Dubai
Thursday, March 01, 2007: Dissatisfied with unreasonably low wages, construction workers in Dubai, mainly Indians protested and stopped rush hour traffic on the city’s main highway, demanding a Dh2 (Rs. 24) hike in their daily wages of Dh25 (Rs 301)

Property fair show in Dubai by Indian Builders
Thursday, March 01, 2007:Buoyed by the country's economic growth, Indian real estate is certainly zooming and has emerged as one of the most lucrative options to invest in the international market.

RRBs allowed to accept NRE Money, says budget
Thursday, March 01, 2007: Top priority has been given to agriculture sector by the United Progressive Alliance, present ruling coalition of political parties in India.

 

 

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