The State Bank of Viet Nam (SBV) will buy gold bars lying idle with domestic individuals and organisations to increase Viet Nam's foreign exchange reserves as and when conditions permit. In a report sent to the National Assembly recently, SBV governor Nguyen Van Binh said the local gold market has remained stable for the past few years, although Viet Nam has been a gold importer and has the habit of holding gold. The central bank has not used the national foreign exchange reserves to stabilise the gold market since early 2014, while before 2011, the gold market used to be volatile, putting pressure on the currency market, account balances, monetary policies, and economic growth, Binh noted. Binh suggested that one of the key premises is to take long-term measures to mobilise domestic gold sources for socio-economic development. The country's tendency to use gold as a payment means has been curbed and a part of the idle gold kept by individuals and organisations has been used in … [Read more...] about Central Bank of Vietnam to buy ‘idle’ gold bars for forex reserve
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India office boom turns glut with vacancies
India's slowing economy has left its big cities with a glut of office space, pushing up vacancy rates, freezing development and prompting some builders to convert commercial projects into housing. Vacancy rates in the financial center of Mumbai and capital New Delhi topped 20 percent in the third quarter, the highest in Asia after Chengdu, China, where 32 percent of offices are empty, according to broker Cushman & Wakefield Inc. Six Indian cities are among the 10 office markets with the worst vacancies in the region, according to Cushman. Demand for offices in India has been declining as Asia's third-largest economy -- labeled a "dream market" by Warren Buffett two years ago -- faces the slowest expansion in 11 years, the fastest inflation rate among large emerging markets, and the risk of its debt ratings being cut to junk. New supply in the country's seven major office markets, including Mumbai, Hyderabad and Bangalore, fell to the lowest in almost two years in the three months … [Read more...] about India office boom turns glut with vacancies
Gold-laden brides in India defying Singh as culture wins
As the sound of traditional drums, trumpets and cymbals ushers Amrita Mannil into the wedding hall, she's adorned by four finely crafted necklaces, rings, 16 bangles, a glistening belt, dangling chandelier earrings and a stone-encrusted head piece to match the silk borders of her dress. She's wearing about 800 grams (1.8 pounds) of gold. Amid the music and the chanted prayers, a gold chain is placed around her neck as the 25-year-old advertising executive marries Vimal Mohan in a traditional Hindu ceremony attended by 500 friends and relatives in Kozhikode, about 180 kilometers (112 miles) from the city of Kochi in Kerala. "Gold is an asset the girl carries," 28-year-old Namitha Shyam, the bride's older sister, said after last month's ceremony. "The values, status and wealth of the family is represented by the gold the girl wears as she gets married. The more gold you wear, the more pride you have in your family." The jewelry worn by the bride is typical and represents the cultural … [Read more...] about Gold-laden brides in India defying Singh as culture wins
Star economist takes helm of India’s central bank
Top economist Raghuram Rajan, renowned for predicting the 2008 global financial crisis, took over as India's central bank chief on Wednesday as the country faces its worst financial storm in years. Rajan arrived at the RBI headquarters in Mumbai and met his new colleagues before a handover by Subbarao. He will take charge operationally on Thursday. Speaking to reporters after the handover, Subbarao acknowledged his successor was in for a bumpy ride. "The country could not have asked for a more capable person to lead the RBI in these most difficult times," he said. Rajan is due to issue a statement at 5.30pm (1200 GMT). Rajan, an outspoken diplomat's son described by the local media as an "economist with rock star appeal", takes charge as some analysts fear the once-booming economy could be heading for a meltdown. The 50-year-old inherits an economy struggling with a record current account deficit, a currency which has lost up to a quarter of its value against the dollar … [Read more...] about Star economist takes helm of India’s central bank
Deadbeat corporate borrowers? Not in India
Lenders to India's Hotel Leela, a 5-star chain that is more than two months behind in payments on $700 million of debt, are likely to bite the bullet and amend the loan terms rather than declare it in default, say bankers involved in the talks. Restructuring corporate loans - allowing banks to dilute payment terms without classifying loans as bad - is on the rise in Asia's third-largest economy, providing a lifeline to borrowers struggling in a sharp economic slowdown, but piling more stress on bank balance sheets. Hidden weaknesses in bank balance sheets are a greater risk as Indian banks' reserve coverage ratio - the buffer a bank has to set off against loan losses - is among the lowest in Asia. Officially, 3 percent of loans in India are bad. Including restructured or "impaired" loans, for which banks don't have to set aside heavy provisions in case of default, the figure is about 7 percent, according to analysts. The reality is worse, say some bankers and industry experts, who … [Read more...] about Deadbeat corporate borrowers? Not in India