International Business Opportunities

Russia’s Prime Minister Mikhail Fradkov said Thursday that major Russian insurance companies could be taken over by foreign investors following the country’s accession to the World Trade Organization (WTO).[…]
Only three to five Russian insurance companies may be capable of competing with foreign insurers following Russia’s accession to the WTO, he said.[…]

Currently, foreign insurers cannot set up direct branches operating under foreign law in Russia and are only allowed to set up subsidiaries that comply with Russian legislation. However, last year Russia agreed to allow foreign insurers set up branches in Russia nine years after it accedes to the WTO. The agreement was part of a landmark WTO deal with the U.S.

At present, foreign investors are allowed to hold a combined stake of up to 35% in Russia’s insurance industry. In November 2006, the Economic Development and Trade Ministry said that Russia would be able to increase the limit to 50% after its accession to the WTO.
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US officials have written to nine Indian firms based in the US, asking them to account for their workforce, and explain how the visas were granted.
The US authorities are concerned that the Indian companies are trying to avoid hiring skilled American workers.

US authorities grant a total of 65,000 temporary working visas every year. (see H-1B Visa Now Just a Critical Tool for Indian Outsourcing Vendors)

However, in recent months, the US has become concerned that many companies are bringing over lower-paid Indian workers at the expense of the more expensive Americans.
In the past few years, the US has been urging India to open up its own economy to American businesses.
Many US companies have come to India, lured by the fortunes of firms that have flourished because of the strength of the Indian economy.
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source: BBC)

Senior trade representatives of India and China today forecast that the bilateral trade volume will surge from the current $25 billion to $40 billion by 2009, a full year ahead of the target set by the two governments.
During the first quarter (Jan-Mar) of this year, bilateral trade has touched USD 8.2 billion, soaring by 58 per cent, Vice President of the China Council for the Promotion of International Trade (CCPIT), Wang Jinzhen said. […]

Member of Indian Parliament and Managing Director of Videocon Industries Ltd., Rajkumar Dhoot, heading an ASSOCHAM delegation to China, noted that the growth in Chinese exports to India was among the fastest for the world’s third largest trading power.
However, he noted that Chinese investment in India was very low, only accounting for 30 per cent of all foreign direct investment approved by the country. This must improve, Dhoot said, adding the business communities of the two countries should look into the business opportunities more seriously.
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The European Union will eliminate most of the remaining customs charges on imports from 78 former colonies in Africa, the Caribbean and Pacific in an effort to fuel the commodity-dependent economies.

The EU’s trade arrangements with the group of developing countries expire on Jan. 1. Today’s decision to increase access to the European market, backed by ministers meeting in Brussels, also ends limits on the volume of exports to the 27-nation bloc. […]

EU imports of commodities from 49 of the world’s poorest countries, excluding sugar, bananas and rice, have been tariff- free and unlimited in volume since 2001. That agreement excluded 37 ACP countries.
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The Spanish Parliament has passed a law aimed at controlling property speculators whom the government blames for spiralling house prices.

Official documents will list everybody who has owned any piece of land in the five years before its development.[…]The government hopes that reducing the number of speculators and the degree of corruption will bring down prices. […]

The new law also reserves 30% of future property development for social housing and allows for planning decisions taken over the past two years to be reviewed under certain circumstances.
It will come into force on 1 July. (Source: BBC)