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The Reserve Bank of India (RBI) cut interest rates by 25 basis points today, the third cut for the year so far. Interest rates were previously cut on January 15th and March 4th in an ongoing push to spur investment and growth in the Indian economy. In announcing the rate cut, RBI Governor Raghuram Rajan indicated that he will delay further rate cuts until an…
One year into his term as Prime Minister, Narendra Modi’s dynamic role in reforming India has not only made him one of the most recognizable world leaders but also earned him a spot on Time Magazine’s Top 100 Most Influential People. The investor-friendly Modi has also put India on track to become the world’s next economic superpower. Today, India is the fastest growing major economy…
Source : 2015 Annual Report by CPP Investment Board May 2015 The Canada Pension Plan Investment Board (CPPPIB) published its 2015 Annual Report this week with some interesting investing trends and strong beliefs in the Emerging Markets (EM) delivering returns. Currently, they are investing only 24% ($63.8 bn USD) of the portfolio in Canadian assets with $201 bn USD allotted across 208 global investment partners…
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ TORONTO, May 26, 2015 /CNW/ - Excel Funds Management Inc. (the "Manager") is pleased to announce that Excel India Growth & Income Fund (the "Fund") has completed its initial public offering of units of the Fund (the "Units") for gross proceeds of $72 million. The Units will commence trading today on…
Samsung Electronics and SK Hynix, the two largest semiconductor companies in Korea, increased their market share in the first quarter of this year on strong technological advancements. Samsung remains the solid #2 player globally while SK Hynix moved ahead of Micron and is close to taking the #3 position from Qualcomm. http://english.hankyung.com/news/apps/news.view?popup=0&nid=&c1=03&nkey=201505211652511
Global investors are returning to Korea drawn by attractive valuations, potential for chaebol reforms and an improving earnings outlook. Excel Investment Counsel has been slightly overweight Korea for these reasons. The KOSPI index is currently valued at ~10.8x forward twelve-month earnings, a slight discount to most of its EM peers and a significant discount to DM countries like the US. http://english.hankyung.com/news/apps/news.view?popup=0&nid=&c1=02&nkey=201505211411311
The 2014 election in Indonesia brought in a new reform-oriented President, Joko Widodo (or “Jokowi”). There have been slow but ongoing reforms in the months since the election. “Greater policy effectiveness and predictability have resulted in expanded fiscal and reserve buffers and improved Indonesia’s external resilience,” S&P said. “The positive outlook reflects the possibility that we could raise our ratings on Indonesia over the next…
The rapid rise of a domestic investor base in Emerging Market (EM) countries is a positive for Asian bond issuers. In Asia, this is being driven by high savings rates that are seeing pension and mutual fund assets grow around 10 per cent a year, according to consultancy PwC. Asia-Pacific pension assets will hit $6.5 trillion by 2020 and overall assets will reach $16.2 trillion,…
As Emerging Europe recovers, countries in the region are at different stages in their economic and political cycles. As a result, investment opportunities in the region vary across sectors and countries. At a macro level, the Russian market is benefitting from falling interest rates and lower perceived risk, resulting from stabilization of the Ukraine crisis. On the other hand, Central European EU members - Czech…
Emerging market (EM) bonds remained resilient in the wake of the recent volatility the US dollar and euro interest rates are experiencing. This is largely due to the fact that “emerging debt and economies are well placed to ride out the current bout of interest rate volatility in global markets, and even a more sustained rise in rates.”[i] Nick Darrant, head of emerging market bond…
“Sabka Sath, Sabka Vikas”: “Together with all, progress for all” In this abridged interview with Time magazine on May 2, Indian Prime Minister Narendra Modi shares his ambitions for India, the challenges he faces, his views on international issues and what personally moves him. On Economic Reforms Modi compared his 10-month-old government to the United Progressive Alliance's decade-long rule. "The whole world is again excited…
The People’s Bank of China, the country’s central bank, made its third interest rate cut in six months to stimulate the slowing Chinese economy. Citing “downward pressures”, the central bank reduced the one-year lending rate by 25 basis points (bps) to 5.1 percent and cut the one-year deposit rate by the same amount to 2.25 percent, effective May 11, 2015. Previously, the benchmark deposit and…

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