May 31 in pictures
May 31 in pictures
Mukesh Ambani, chairman and managing director of Reliance Industries is seen in Davos, Switzerland
Billionaire Mukesh Ambani is in talks to buy a majority stake in JM Financial Asset Management, which oversees $1.8 billion in assets, a source with direct knowledge of the situation said.
A deal with JM Financial would give Mukesh a slice of India's attractive fund management sector, which has drawn investors looking to capitalise on India's rapidly growing population and a savings rate of more than 30 per cent.
Talks with JM Financial are at an early stage and terms of a deal have not been finalised, said the source, who could not be identified as he was not authorised to speak to the media.
The source said the deal value could be 8 percent of the assets under management at the unit of financial services firm JM Financial, backing a report in the Mint newspaper. That would indicate an investment of around $144 million.
An employee counts Euro notes at the Bank of Taiwan head office in Taipei
Developing countries will suffer if Europe's governments fail to deal with their debt problems, the World Bank's chief economist said.
Despite a record bailout package, fears remain that Greece's debt woes will spread to other Eurozone nations, damage the global financial system and strangle worldwide economic growth.
"We certainly hope this crisis can be resolved soon because the downturn in the European countries will be bad for the developing countries, and could constrain growth," World Bank Chief Economist Justin Yifu Lin told Reuters on the sidelines of a seminar in Stockholm.
A man walks past the entrance of the Reserve Bank of India (RBI) headquarters in Mumbai
The RBI may yet raise interest rates before a scheduled policy review in July, HSBC said on Monday, after data showed India's economy grew an expected 8.6 per cent in the final quarter of fiscal 2009-10.
"Sure, the euro jitters may have left policy-makers across the world in a more accommodative mood, but in India tightening is now needed to avoid a hard landing later on," Frederic Neumann, managing director and co-head of Asian Economics Research at HSBC, wrote in a note.
As domestic demand growth outstrips demand overseas, India's trade deficit may widen sharply, Neumann said, adding this is partly the reason for HSBC's view that the Indian rupee may be one of the Asian currencies likely to underperform.
A broker reacts while trading at a brokerage firm in Mumbai
Domestic fund managers plan to retain or increase their exposure to stocks over the next three months, while auto companies and financials will be their top bets, a Reuters poll showed.
All seven respondents to the Reuters Asset Allocation Poll conducted between May 24 and May 31 said Indian shares are currently fairly valued, while four managers said they would increase equity exposure to benefit from the market fall.
India's benchmark stock index is down more than 3 per cent in May, with concerns about the Eurozone debt crisis and an uptick in conflict risk on the Korean peninsula weighing on investor sentiment.
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