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Sunday, March 12, 2006

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Business snippets
India's rich richer than China: Forbes
3/12/2006
 

          NEW YORK, Mar 11: India's rich are richer than China's and have much higher net worth, Forbes magazine said. The collective net worth of 40 richest persons in India is 106 billion dollars compared with China's 26 billion dollars. To make the list, an Indian has to have a net worth of 590 million dollars while it is much less at 321 million dollars in case of China. India has 27 billionaires compared with ten of China. "India has bragging rights over China, at least when it comes to net worth of its wealthiest citizens," the magazine commented. Non-resident Indian steel tycoon Lakshmi Mittal finds fifth place in the magazine's list of the world's richest with a net worth of more than USD 20 billion. There are eight Chinese who figure in the list, led by Larry Rong Zhijian, the head of the Citi Pacific conglomerate with a fortune of USD 1.7 billion. The richest man living in China was an Australian citizen, Chinese-born Shi Zhenrong, a solar power entrepreneur who debuts on this year's list with USD 2.2 billion. — PTI
Canada adds 25,000 new jobs in February
OTTAWA, Mar 11: Booming western Canada helped push the country's unemployment rate down 0.2 per centage points in February to 6.4 per cent, matching a 30-year low set in November 2005, officials said Friday. Canada added 25,000 new jobs in February, Statistics Canada said in a statement. A large gain in part time work more than offset losses in full time jobs, the government agency said. Over the last year, employment has increased by 275,000 (1.7 per cent), almost half of which has been in Canada's westernmost provinces of British Columbia and Alberta. In both coastal British Columbia and oil-rich Alberta, employment has grown by 3.5 per cent in the last year, double the national rate of employment growth while unemployment in both provinces hit their lowest in three decades. — AFP
3 S Lankan airlines to open international flights
COLOMBO, Mar 11: Three Sri Lankan airlines are set to join international aviation in July, with the Sri Lankan Civil Aviation Authority (CAA) deciding to open international air routes to new operators, Daily News reported Saturday. CAA Chairman Paddy Mendis said that the Authority has granted permission to three private airlines to carry out international flights from Sri Lanka. Only SriLankan Airlines is currently allowed to operate international services. "We have approved the applications of Expo Aviation, Holiday Airlines and Deccan Aviation to commence international flights. These operators have been given time till July to prepare for international aviation," he said. Mendis said that unlike Sri Lankan Airlines the new operators will be initially confined to flights between Sri Lanka and India. — Xinhua
N-deal can spur $100b in energy ventures
WASHINGTON, Mar 11: Announcing a "massive grassroots effort" to win Congressional approval for the landmark Indo-US civil nuclear deal, the US Chamber of Commerce Friday said the agreement could provide the American business community 100 billion dollars worth of new opportunities in the Indian energy sector. "This agreement could provide the US business community with 100 billion dollars worth of new opportunities in India in the energy sector alone," Dan Christman, the Chamber's Senior Vice President of International Affairs, said. "Strengthening our partnership will spur India's economic reforms and open markets to US investment in key areas from IT and telecom to pharmaceuticals and insurance," he said. The Chamber also announced a "massive grassroots effort" to win Congressional approval of the agreement. — PTI
Viet Nam continues opening mkt for US investors
HANOI, Mar 11: The Vietnamese government will continue opening its market for US investors, Trade Deputy Minister Luong Van Tu told visiting US senior executives Friday. The Deputy Minister was receiving Matthew P. Daley, President of the US-ASEAN Business Council, Virginia Foote, President of the US-Viet Nam Trade Council, and other members of the US business mission. He told his guests that the Vietnamese National Assembly, for its part, has been working hard to build a complete legal system favourable for all foreign investors. — VNA

 

 
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India's rich richer than China: Forbes
 

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