India-Malaysia FTA takes effect: The free trade agreement (FTA) between India and Malaysia will come into effect from July 1, 2011, giving Indian professionals like accountants, engineers and doctors access to the key Southeast Asian nation. The India-Malaysia Comprehensive Economic Cooperation Agreement (CECA) envisages liberalisation of trade in goods, trade in services, investments and other areas of economic cooperation. Similarly, exports of items such as basmati rice, mangoes, eggs, trucks, motorcycles and cotton garments will attract lower or no duty in Malaysia, thus giving Indian exports a boost. Sensitive sectors like agriculture, fisheries, textiles, chemicals and automobiles have been given protection from imports without duty or with significant cuts. The CCEA will facilitate temporary movement of business people, including contractual service suppliers and independent professionals in accounting, architecture, engineering services, medical and dental, nursing and pharmacy, computer services and management consulting. Trade between India and Malaysia has reached $10 billion in 2010-11, an increase of 26 per cent over the previous year. The CECA also facilitates cross-border investments between the two countries.
TATA Housing Ventures into Maldives: Tata Housing Development Company Ltd., a leading real estate developer, has announced its entry into the international market with the launch of its first overseas project in Maldives. The project will be jointly developed with local company SG18 Developers Pvt. Ltd under the banner of Apex Realty, a special purpose vehicle (SPV) created for the Maldives foray.
Indian cos in Fortune 500 global list: Eight Indian companies have made the cut in the list of world's 500 largest companies compiled by Fortune magazine, with Indian Oil Corporation finding a place in the top 100 and Reliance Industries in the 134th spot. Out of the eight, five are state-run entities. Indian Oil Corporation has cornered the 98th spot, up from 125th place last year. Mukesh Ambani-led Reliance Industries has also improved its ranking from previous year's 175. Other Indian companies in the list are: Bharat Petroleum (271), State Bank of India (291), Hindustan Petroleum (335), Tata Motors (358), ONGC (360) and Tata Steel (369). Fortune's global list of world's 500 largest companies for 2011, compiled on the basis of the latest annual revenue figures, is topped by retail giant Wal-Mart Stores.
IBM bags Bharti Airtel contract: Bharti Airtel said it has awarded IBM a ten-year contract for providing IT solutions to its employees across 16 African countries. Under the new agreement, IBM will provide end-user services to Airtel employees across Africa in French and English.
