India pips US, China as No. 1 foreign direct investment destination
- India has surpassed US and China as the biggest Foreign Direct Investment (FDI) destination, garnering $31 billion investments compared with $28 billion attracted by China and $27 billion by the US.
- A ranking of the top destinations for greenfield investment (measured by estimated capital expenditure) in the first half of 2015 shows India at number one, having attracted roughly $3 billion more than China and $4 billion more than the US.
- The news comes as a shot in the arm for the Narendra Modi government which has taken several steps to attract foreign investment and has helped revive mood of investors since it came to power in May 2014.
- While there has been a demand for accelerating the reforms drive, the government has unveiled several initiatives such as ‘Make in India’ and ‘Digital India’ to lure investors. It has moved to ensure that the country moves up the ranking on the World Bank’s Ease of Doing Business and states have started their clean-up act on this parameter.
India moves 16 places to 55th on Global Competitiveness Index
- In a big jump, India has moved up 16 positions to rank 55th on a global index of the world’s most competitive economies
- Switzerland continued to top the list.
- The jump in India’s position underlines the country’s recent economic recovery, improvement in the competitiveness of the country’s institutions and its macroeconomic environment and a “slight improvement” in infrastructure, the World Economic Forum (WEF) said in its latest Global Competitiveness Report.
- Switzerland is followed by Singapore, the US, Germany and the Netherlands in the top-five.
- These are followed by Japan, Hong Kong, Finland, Sweden and the UK in the top-ten.
- Among emerging economies, India has ended five years of decline with a 16-place jump to 55th position. However, South Africa is ranked higher and it has re-entered the top 50, progressing seven places to 49th
- China remained stuck at 28th number, signaling the challenges its facing in transitioning its economy.
Tata Communications, MasterCard to financially empower 100 million women
- Tata Communications and MasterCard have partnered to financially empower 25,000 women in developing economies like India, Nigeria, Indonesia and Guatemala and aim to take the number to 100 million by 2020.
- The global telecommunications and payments technology firms and their network of partners will realise this vision by taking a non-linear implementation approach, the two companies said in a joint statement.
- The companies have joined hands to bring their shared vision to life over the next five years through mobile platforms comprising a range of financial, health and education applications and services, it added.
- In developing countries, 200 million fewer women than men are online and about 300 million lesser women than men own a mobile phone,
RCom in advanced spectrum sharing, trading talks with Jio
- Reliance Communications is in advanced talks to share and trade spectrum with Reliance Jio Infocomm in the 800-850 Mhz band, apart from selling its stake in its tower unit, Chairman Anil Ambani told shareholders on Wednesday, pushing RCom’s stock sharply higher.
- The pact will allow RCOM customers access to Reliance Jio’s 4G networks on an asset-light and minimal capex model, while allowing Jio’s customers to have fall back on to RCOM’s extensive 2G and 3G networks, Ambani said
- RCOM, India’s fourth largest telco, is the only operator in India to hold 5 MHz or more of the 800 – 850 Mhz band spectrum, across the country
- RCom expects to sign a deal to sell its stake in its tower unit, Reliance Infratel, in the next one or two months which will help the telco to substantially reduction its overall debt which stands at over Rs38,000 crore as at June end
Venus Williams wins 700th match of career at Wuhan Open
- Seven-time major champion Venus Williams earned the 700th victory of her career Tuesday by beating German qualifier Julia Goerges 6-4, 6-3 in the second round of Wuhan Open..
- She won her last Grand Slam title at Wimbledon in 2008.
- Meanwhile, Maria Sharapova on Wednesday announced her withdrawal from next week’s China Open in Beijing, citing a left forearm injury that forced her to retire from the Wuhan Open two days earlie.