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Jun. 24 – A weekly look at important regional news.
India to Develop Investment Regions for Petroleum and Chemical Industries
The government of India is implementing more initiatives to attract more foreign direct investment in its petroleum, chemicals and petrochemical sectors by establishing specific investment regions for this. (India Briefing)
Telecom Market to Open in 2012
Vietnam has announced it would fully open its telecom market to overseas investment following international practices and its obligation under the World Trade Organization by 2012. (Vietnam Briefing)
Comrade Duch’s Sentence Reduced
The U.N.-backed war crimes tribunal ruled that former Khmer Rouge torture chief Kang Guk Eav was detained “unlawfully” by the military and would be compensated for time served. (Communist Tax Lawyer)
World Bank Reports Slower Growth in the Region
A World Bank report predicts that this year will end in slower growth with international capital flows projected to fall further to US$363 billion. According to the Global Development Finance 2009: Charting a Global Recovery, developing countries will expand by only 1.2 percent by the end of the year compared to 2008’s 5.9 percent. (2point6billion.com)
India Enters Deflation for the First Time in 30 Years
For the first time in 30 years, India’s wholesale price index dropped by 1.6 percent, slipping the economy into a statistical deflation. India’s wholesale prices levels declined during the week ending June 6. (India Briefing)
Malaysian Central Bank to Include Renminbi in its Reserves
Malaysia’s central bank has been allowed to purchase and hold Chinese government debt as part of its foreign reserves strategy and as a possible hedge against the weakening U.S. dollar. (2point6billion.com)
