ASSOCHAM for hike in defence FDI
FOR The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has reiterated its demand for hiking foreign direct investment (FDI) ceiling in defence from 26% to 49% so that defence indigenisation grows with faster adoption of latest technology transfer. In a statement, ASSOCHAM President Dr Swati Piramal pointed out that India’s spending on arms imports since 1999 Kargil conflict have risen close to $ 30 billion and would further go up to over $ 35 billion by 2012.
Sun Pharma gets USFDA approval
Sun Pharmaceutical Industries Ltd announced that the USFDA has granted its subsidiary an approval for its application for Nicardipine Hydrochloride Injections. These Nicardipine Hydrochloride Injections are available as 25 mg/10ml single use ampuls containing 2.5 mg/ml of the drug, and have annual sales of approximately USD 170 million in the US. These injections are used for the short-term treatment of hypertension when oral therapy is not feasible or not desirable.
DHL: Trade triangle involving India to shape global trade
Three trade triangles centered around Asia are expected to contribute almost 40 percent of global trade by 2028. These findings were shared by DHL, the world’s leading logistics company, as Hermann Ude, CEO, DHL Global Forwarding, Freight, participated in the APEC CEO Summit 2009 in Singapore. In a research report shared by DHL, trade within three high-growth trade triangles is expected to shape the global economy. “Asia’s economies, particularly China and to a lesser extent India will remain the center of gravity for trade. Within the three identified triangles of trade – intra-Asia, Middle East-Africa-Asia and Latin America-Asia – China’s imports of raw materials and exports of various manufactured goods such as industrial machinery, textiles and telecommunications and office equipment dominates trade volumes,” said Herman Ude, CEO, DHL Global Forwarding, Freight.
Renewed activity in Indian office market: CBRE
According to CB Richard Ellis-CBRE’s Asia Office Market View Report for Q3,
2009, there was renewed activity in the major Indian office markets with CBD rents in key cities starting to pick up, although this did not have any positive impact on rental rates in decentralized office areas. In New Delhi, rents for Grade A offices in the CBD strengthened, edging up 4.5% q-o-q thanks to improved market sentiment and the lack of new supply. Nariman Point CBD in Mumbai witnessed few completed transactions, with many companies preferring to move to locations in the Extended and Alternate Business Districts in order to reduce their real estate costs. The Bangalore office market witnessed a rise in enquiries as a number of corporates considered relocating to the CBD, which boasts good civic infrastructure. However, this interest only translated into a limited number of medium and small sized transactions.