Category Archives: World Economy

France takes new powers to block foreign takeovers

The French government has issued a decree allowing it to block foreign takeovers of French firms in “strategic” sectors, throwing up a potential roadblock to General Electric’s $16.9 billion bid for Alstom’s energy assets.

The decree, extending an existing 2005 law relating to the defence and other industries, was published in the official state gazette yesterday and gives the state much-increased powers to block foreign takeovers in the energy, water, transport, telecoms and health sectors.

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EU promises to stick by Burundi

The EU is set to increase the financial envelope allocated to the 11th European Development Fund (EDF), expected to be double that of the 10th EDF.

Burundi got 432 million Euros (US$ 595 million) from the EDF as contribution towards the Strategic Framework for Growth and Poverty Reduction Program, second phase (PRSP II).

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India home to 54 of world’s largest, most powerful public companies

The Forbes ‘Global 2000′ is a comprehensive list of the world’s largest, most powerful public companies, as measured by revenues, profits, assets and market value.

In total, they raked in revenues of USD 38 trillion and profits of USD 3 trillion, with assets worth USD 161 trillion and a market value of 44 trillion dollars.

These figures of the 62 countries are higher than a year ago, with the largest growth being in market value (up 13 per cent year-over-year).

The firms employ 90 million people worldwide, Forbes said.

For the first time in the ranking’s 11 years, China is home to the world’s three biggest public companies and five of the top 10.

State-controlled Chinese bank ICBC holds onto its number 1 spot for a second consecutive year, while China Construction Bank takes second place and Agricultural Bank of China moves up five spots to third.

The United States accounted for the other half of the top 10 spots.

Berkshire Hathaway and Wells Fargo both moved up four spots to number five and number nine respectively.

J P Morgan slid to fourth place as its total composite score slipped behind Agricultural Bank of China.

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Siemens Buys Rolls-Royce Energy Asset to Catch Up With GE

Siemens will buy Rolls-Royce’s energy aero-derivative gas turbine and compressor business to strengthen its position in the power generation and oil and gas industries and manage its health-care business separately, the Munich-based company said in a statement yesterday. The measures will boost productivity by about 1 billion euros ($1.4 billion) a year, starting from the end of fiscal 2016.

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Dubai Islamic Bank in talks for 40 pct stake in Indonesian lender -CEO

May 1 (Reuters) – Dubai Islamic Bank (DIB) is in talks with a publicly-listed Islamic bank in Indonesia to take a 40 percent stake, DIB’s chief executive said on Thursday.

Adnan Chilwan told reporters that DIB hoped to conclude a deal before the end of the year and that it would pay for the purchase using its own cash reserves.

He declined to name the acquisition target.


China likely to pip US as world’s biggest economy this year

As per the more widely used exchange rate-based estimate, the US economy was almost double the size of China’s even as late as 2012. But the assessment at a common price level, a more pertinent one, would indicate the professedly communist country outdoing the US to become the world’s largest economy this year, well ahead of the previously thought 2019, reports fe Bureau in New Delhi.

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World Bank gives Mozambique tips on avoiding a ‘painful bust’ as minerals boom beckons

The World Bank has forecast that Mozam-bique government revenues from the country’s coal and gas sectors could be $9-billion by 2032, which would represent 7% of the country’s gross domestic product and 21% of total government revenues.

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Foxconn to decide fate of Indonesia project in Oct-source

(Reuters) – Foxconn Technology Group will decide in October whether to proceed with a planned $1 billion manufacturing project in Indonesia after a new government takes office, a company source said on Thursday.

Foxconn, a major supplier to Apple Inc.

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A $15 trillion dream of GE-Silicon Valley hybrid

GE economists estimate that the wave of innovation unleashed by the industrial Internet could boost global GDP by as much as $10 trillion to $15 trillion over the next 20 years. The conglomerate recently launched Predix, a software development platform engineers can use to create applications for any machine connected to the industrial Internet.

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Ontario Pension Teams With DBJ on GE Engine for Boeing

Ontario Teachers’ Pension Plan, the largest pension manager in Canada’s most populous province, is partnering with GE Aviation and the Japanese government to finance an engine for Boeing Co.’s newest airliner.

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