A new report by investment bank Goldman Sachs claims that by the end of the decade the Indian economy will have overtaken that of Great Britain and hold fifth place on the economic stage.
The report continues by stating that by the middle of the century India may be second only to China and overtake the US however the economic boom will have a heavy drain on energy needs. Read more »
China: Huang Jinjiang, a former bank manager from Sichuan province, is to be executed after being convicted of accepting bribes totalling 7 million yuan between 1993 and 1997.
In return for the bribes Huang approved bank drafts to a local firm. His actions cost the Agricultural Bank of China to lose 700 million yuan or $108 million. Three of his colleagues are also on trial for taking smaller bribes. Read more »
The Qatar Investment Authority has acquired a 20 per cent of America’s Nasdaq and a 20 per cent stake in the London Stock Exchange making it the largest stakeholder in the bourse.
The LSE welcomed the Gulf state bid saying in an official statement, “…given the strength of Qatar’s economy and the development of Doha as a major financial centre, there are significant opportunities to build further this relationship….”
US politicians however have raised concerns over the sale of Nasdaq and the US President, George W Bush, said “We’re going to take a good look at it, as to whether or not it has any national security implications involved in the transaction.” Read more »