WASHINGTON (Reuters) – The percentage of global investment that goes to developing countries should triple in the next two decades as emerging economies catch up to richer nations and become more integrated into financial markets, the World Bank predicted in a report on Thursday.
These nations and their comparatively younger and bigger populations are also set to become the largest sources of capital, with China and India turning into the world’s two biggest investors by 2030, the global development lender said.
The shifting landscape of saving and investment has profound implications for everything from which currencies will dominate global markets to the rise of new financial centers, patterns of capital flows and investment priorities.
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TOKYO (AP) – The dollar soared above 100 yen for the first time in more than four years Friday, driven by improved U.S. economic figures and Tokyo’s aggressive credit-easing that aims to revive Japan’s sluggish economy.
The U.S. dollar rose as high as 101.18 yen, the first time since April 2009 that the greenback has traded above 100 yen. The move lifted Japanese stocks to their highest level in more than five years.
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Eight people were charged in New York Thursday for being part of a global cybercrime ring that allegedly stole altogether 45 million dollars by hacking into debit card accounts and withdrawing money from ATMs worldwide.
The eight men who were indicted, one of whom was killed in the Dominican Republic two weeks ago, are charged with stealing around 2.8 million dollars in a matter of hours in New York City, justice officials said.
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May 3, 2013 |
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The Reserve Bank of India is expected to cut its policy interest rate by a quarter point on Friday for the third time this year as it looks to bolster an economy growing at a decade low and takes comfort from easing inflation.
While investors are hoping to hear a less-hawkish tone from RBI Governor Duvvuri Subbarao, the RBI in its report on macroeconomic and monetary developments on Thursday warned there is ”very limited” room for further policy cuts in the current fiscal year, which started in April.
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April 29, 2013 |
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New Zealand’s Telecom Ltd said on Monday it would acquire privately-owned local IT infrastructure and data centre company Revera Limited for NZ$96.5 million ($81.8 million).
Telecom said the acquisition would strengthen its ability to provide IT services to businesses, particularly cloud and data centre services.
It said the deal would be funded from current cash and borrowing facilities. Revera had revenues of around NZ$50 million and earnings before interest, tax, depreciation and amortisation of NZ$13 million, which was expected to grow by about 15 percent in the next 12 months. (Reuters)
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