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Indian Real Estate: Boom Or Bubble?
By property vertical
Property prices are rising fast as the tech boom spreads across the country When Farallon Capital Management, a U.S. hedge fund, and its joint-venture partner, Indiabulls, snapped up an 11-acre property in central Mumbai in March 2005 for $54.5 million an acre, the purchase was called an act of idiocy by local developers. A few months later, when the same joint venture offered $95.5 million an acre for a nearby property, its was the second-lowest bid. Property prices in India are rising fast, and not just in the biggest cities. As the tech boom spreads across the country, as more Indians buy homes, and as the economy grows at faster than 8% a year, real estate is attracting more investors, many of them from abroad.
India is one of the last few countries where there is primary demand for real estate rather than individuals trading up,” says Rajiv Sahney, who runs the India operations of New Vernon Advisory, a $1.4 billion New Jersey hedge fund. Merrill Lynch forecasts that the Indian realty sector will grow from $12 billion in 2005 to $90 billion by 2015. “India is the most exciting real estate market in Asia,” says Michael Smith, head of Asian real estate investment banking at Goldman Sachs. “It’s one of the last major countries in Asia with an improving market.” That improvement worries some. Concerns about an asset-price bubble have led the Reserve Bank of India to raise the risk weightage on real estate loans extended by banks, and mortgage rates have gone from 7.5% to about 9.5% as a result. That’s still well below the 15% rates that most Indians were used to, but it’s enough to raise questions about whether the speculation of the past year and a half, which has driven land prices up by 30% to 100% and real estate stocks up as much as 2,000%, may be coming to an end. The run-up in prices has attracted the likes of Morgan Stanley, which has invested $68 million in Mantri Developers, a midsized construction firm in Bangalore, and Merrill Lynch, which invested $50 million in Panchsheel Developers, a regional builder. Foreign companies have also poured money into funds that
Forget About Euro ETFs, British Pound ETFs Are The Real Danger
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<a href="http://beforeitsnews.com/news/26161/Forget_About_Euro_ETFs,_British_Pound_ETFs_Are_The_Real_Danger.html" style="font-size:1.2em">Forget About Euro ETFs, British Pound ETFs Are The Real Danger</a>
<br> <span style="color:#888888;">Before It's News</span> - <span style="white-space:nowrap">21 hours ago </span>
<div style="width:80%;">In recent weeks, the future of the euro has been a hot topic among investors, as the current ?stress testing? of the common currency system has uncovered some worrisome flaws. The euro has slumped ...</div>
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British Pound Declines Further Against Majors
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<a href="http://www.rttnews.com/Content/CurrencyMarket.aspx?Id=1246113&SM=1" style="font-size:1.2em">British Pound Declines Further Against Majors</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">22 hours ago </span>
<div style="width:80%;">(RTTNews) - The British currency extended its previous session downtrend against major opponents during New York mid-day trading on Friday. The pound declined to new multi-day lows of 0.9014 ...</div>
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Gold and silver daily commentary (March 19, 2010)
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<a href="http://www.stockmarketsreview.com/commodities/gold_and_silver_daily_commentary_20100319_3631/" style="font-size:1.2em">Gold and silver daily commentary (March 19, 2010)</a>
<br> <span style="color:#888888;">Stock Markets Review</span> - <span style="white-space:nowrap">22 hours ago </span>
<div style="width:80%;">By Nell Sloane The strength of the Dollar against European currencies, particularly the British Pound, has put precious metals prices under moderate pressure into the US Friday opening. Comments ...</div>
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British Pound Weighed by Risks for Double-Dip Recession, Euro Extends Decline
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<a href="http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/us_open/2010-03-19-1141-British_Pound_Weighed_by_Risks.html" style="font-size:1.2em">British Pound Weighed by Risks for Double-Dip Recession, Euro Extends Decline</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 19, 2010 </span>
<div style="width:80%;">The British Pound extended the previous day's decline and slipped to a low of 1.5129 during the European trade as the Bank of England continued to see a risk for a double-dip recession. The ...</div>
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Great British Pound (GBP) Technical Major Currencies (2010-03-19)
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<a href="http://www.ibtimes.co.uk/articles/20100319/great-british-pound-gbp-technical-major-currencies-2010-03-19.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-03-19)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Mar 19, 2010 </span>
<div style="width:80%;">The pair managed to achieve yesterday's suggested scenario after touching 1.5225, however, the achieved ascend did not surpass resistance for the ascending channel shown above between 1.5305 - 1 ...</div>
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British Pound Loses May Continue As BoE Weighs Options
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<a href="http://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2010-03-19-2140-British_Pound_Loses_May_Continue.html" style="font-size:1.2em">British Pound Loses May Continue As BoE Weighs Options</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 19, 2010 </span>
<div style="width:80%;">The British Pound sharply fell to end the past week as BoE member Andrew Sentence warned that the UK was still at risk for a double dip recession. Sterling saw across the board losses as the ...</div>
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British Pound Forecast Bearish versus Japanese Yen
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<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-jpy/2010-03-18-1553-British_Pound_Forecast_Bearish_versus.html" style="font-size:1.2em">British Pound Forecast Bearish versus Japanese Yen</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">GBPJPY ? The ratio of long to short positions in the GBPJPY stands at 1.23 as nearly 55% of traders are long. Yesterday, the ratio was at -1.01 as 50% of open positions were short. In detail, long ...</div>
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British Pound / US Dollar 03-19
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<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-03-19-1404-British_Pound___US_Dollar.html" style="font-size:1.2em">British Pound / US Dollar 03-19</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">The GBPUSD reversed just shy of the 38.2% retracement of the decline from 16464; at 15425, which is reinforced by parallel channel resistance and former support (15346). The extend of the decline ...</div>
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Exchange rates update: Public data boosts Pound
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<a href="http://www.economy-news.co.uk/pound-exchange-rates-latest-18201003.html" style="font-size:1.2em">Exchange rates update: Public data boosts Pound</a>
<br> <span style="color:#888888;">Economy News</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">British Pound exchange rates soared this morning after Public Sector Finance Data came in much better than expected. The data will add to yesterday's better than expected data on unemployment to ...</div>
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Is gold price heading towards $1,200?
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<a href="http://www.commodityonline.com/futures-trading/technical/Is-gold-price-heading-towards-$1200-15014.html" style="font-size:1.2em">Is gold price heading towards $1,200?</a>
<br> <span style="color:#888888;">Commodity Online</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">By Dan Norcini The bulk of the weakness in the US Dollar today can be attributed to a short covering rally in the British Pound. That market is so heavily loaded with speculative short positions ...</div>
<a href="http://www.forexhound.com/article/Fundamentals/Daily_Reports/CANADIAN_DOLLAR_MAKES_ANOTHER_NEW_CONTRACT_HIGH_NEW_BUY_SIGNAL_FOR_THE_POUND/192500">CANADIAN DOLLAR MAKES ANOTHER NEW CONTRACT HIGH. NEW BUY SIGNAL FOR THE POUND</a> - <span style="color:#888888">Forex Hound</span><br>
<a href="http://www.economy-news.co.uk/exchange-rates-19201003.html">Exchange rates: Pound against the Euro and Dollar</a> - <span style="color:#888888">Economy News</span><br>
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invest in Indian developers. GE Commercial Finance Real Estate, for example, has invested $63 million in an $800 million fund that is building IT parks, and Calpers and the Oregon Public Retirement Fund have invested $100 million each in the IL&FS India Realty fund. Real estate funds set up to invest only in India have already raised more than $2.7 billion. And new funds worth as much as $4 billion are being planned by J.P. Morgan, Britain’s Knight Frank, and other foreign investors. Warburg Pincus, the largest private-equity investor in India, says it is spending nearly a third of its time studying opportunities in this area. And Deutsche Asset Management recently hired someone to head its real estate activities in India. “As the largest active managers of real estate funds in the world,” says Edouard Peter, head of Deutsche Asset Management Asia Pacific and Middle East, “we expect to be actively raising and investing funds in real estate in India.” It isn’t going to be a cakewalk. “It’s not easy to do business in India,” says Seek Ngee Huat, president of GIC Real Estate, an arm of the Singapore government that is planning to invest several hundred million dollars in Indian real estate over the next two years. “It’s difficult finding suitable partners who have the same long-term objectives, as most firms are small and family run.” Already margins have shrunk. “The vast majority of the planned real estate funds are targeting annual rates of return of between 25% and 30%, but I’m skeptical that the vast majority will cross 20%,” says Mumbai real estate advisor Rajiv Bhatia. To achieve the target returns, several funds are focusing on second-tier towns and second-tier developers. “Many investors are going to lose their shirt here, as it’s an opaque market, and a wrong partner can easily do you in,” says S. Sriniwasan, executive director at Kotak Mahindra Realty fund in Mumbai. There’s also bureaucracy and corruption to deal with. Says Ashwin Ramesh, who runs a boutique fund called Primary Real Estate Advisors: “There are a couple of hundred malls currently being developed across India, and predictions are that only 10% will be successful. Yet every developer feels his mall will be among the survivors.
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US China Dispute Over Currency Manipulation and Bubbles
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<a href="http://www.marketoracle.co.uk/Article18033.html" style="font-size:1.2em">US China Dispute Over Currency Manipulation and Bubbles</a>
<br> <span style="color:#888888;">The Market Oracle</span> - <span style="white-space:nowrap">49 minutes ago </span>
<div style="width:80%;">Discusses China / US currency manipulation dispute, says China will eventually have to float its currency if it wants to become a serious global economic and financial player. Only expect a short ...</div>
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Canadian Dollar Yield Potential Surges as its Risk Profile Narrows
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<a href="http://www.dailyfx.com/forex/fundamental/forecast/weekly/cad/2010-03-20-0201-Canadian_Dollar_Yield_Potential_Surges.html" style="font-size:1.2em">Canadian Dollar Yield Potential Surges as its Risk Profile Narrows</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">12 hours ago </span>
<div style="width:80%;">The Canadian dollar has seen is fundamental health improve significantly over the past weeks and months; and the speculative implications seem to be following. This past week, the loonie was able ...</div>
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Canada Dollar Increases Following CPI Data; USD at C$1.0100
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<a href="http://topnews.us/content/213762-canada-dollar-increases-following-cpi-data-usd-c10100" style="font-size:1.2em">Canada Dollar Increases Following CPI Data; USD at C$1.0100</a>
<br> <span style="color:#888888;">TopNews United States</span> - <span style="white-space:nowrap">16 hours ago </span>
<div style="width:80%;">The Canadian Dollar registered a steep increase early Friday morning following Statistics Canada's report of unexpectedly strong consumer price index data for February. Currently, the US Dollar is ...</div>
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Forex: USD/CAD hits 20-month high below 1.0070 after retail sales
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<a href="http://www.nasdaq.com/newscontent/20100319/forex-usdcad-hits-20-month-high-below-10070-after-retail-sales.aspx?storyid=20100319_5d0d6f6a-4e3f-4ee5-9736-cc7a7b099b2c_fxstreet.com" style="font-size:1.2em">Forex: USD/CAD hits 20-month high below 1.0070 after retail sales</a>
<br> <span style="color:#888888;">NASDAQ</span> - <span style="white-space:nowrap">Mar 19, 2010 </span>
<div style="width:80%;">FXstreet.com (Barcelona) - The Canadian Dollar has rallied more than 120 pips during the day, fuelled by favourable Canada CPI and retain sales figures, and the USD/CAD decline from 1.0185 session ...</div>
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Canadian Dollar Gains for Third Straight Week on Rate Bets
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<a href="http://www.bloomberg.com/apps/news?pid=20601082&sid=aPM2V2IcL73M" style="font-size:1.2em">Canadian Dollar Gains for Third Straight Week on Rate Bets</a>
<br> <span style="color:#888888;">Bloomberg</span> - <span style="white-space:nowrap">Mar 19, 2010 </span>
<div style="width:80%;">By Allison Bennett and Chris Fournier March 19 (Bloomberg) -- The Canadian dollar posted its third consecutive weekly gain amid speculation the Bank of Canada will raise interest rates before the ...</div>
<a href="http://www.rttnews.com/Content/CanadianNews.aspx?Id=1246211&SM=1">Canadian Dollar Declines From Early Highs Against Major Rivals</a> - <span style="color:#888888">RTT News</span><br>
<a href="http://beforeitsnews.com/news/26150/Canadian_Dollar_In_Purgatory.html">Canadian Dollar In Purgatory</a> - <span style="color:#888888">Before It's News</span><br>
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Canada's Airlines Helped By Strong Canadian Dollar
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<a href="http://online.wsj.com/article/BT-CO-20100318-714485.html?mod=WSJ_latestheadlines" style="font-size:1.2em">Canada's Airlines Helped By Strong Canadian Dollar</a>
<br> <span style="color:#888888;">Wall Street Journal</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">By Caroline Van Hasselt Of DOW JONES NEWSWIRES TORONTO (Dow Jones)--Canada's airline industry is one sector of the country's economy that benefits from a strong currency, given that fuel, their ...</div>
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| EXCHANGE RATE
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<a href="http://www.dailynews.lk/2010/03/19/ExchangeRate.asp" style="font-size:1.2em">| EXCHANGE RATE</a>
<br> <span style="color:#888888;">Ceylon Daily News</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">Exchange Rates on 18.03.2010 The average rates of the following currencies quoted by commercial banks in Colombo for Telegraphic Transfers (TT) at 9.30 am are as follow: Currency Buying Rate ...</div>
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Fund Managers Don't Fret Canadian Dollar At Par; Some Even Like It
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<a href="http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201003181514dowjonesdjonline000762&title=fund-managers-dont-fret-canadian-dollar-at-parsome-even-like-it" style="font-size:1.2em">Fund Managers Don't Fret Canadian Dollar At Par; Some Even Like It</a>
<br> <span style="color:#888888;">NASDAQ</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">By Stuart Weinberg, OF DOW JONES NEWSWIRES TORONTO -(Dow Jones)- Peter Hodson won't stop investing in US equities now that the Canadian dollar is near par with the greenback, but he does offer the ...</div>
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A Double Top in Oil Could Spell End For Canadian Dollar Rally
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<a href="http://www.dailyfx.com/forex/fundamental/article/drivers_of_price_action/2010-03-18-1856-A_Double_Top_in_Oil.html" style="font-size:1.2em">A Double Top in Oil Could Spell End For Canadian Dollar Rally</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">The Canadian dollar rally took a breather today as the re-emergence of troubles in Greece cooled prevailing risk appetite. The ?loonie" is on pace to test parity against the dollar as rising oil ...</div>
<a href="http://www.nasdaq.com/newscontent/20100319/forex-cad-suffers-greenback-strength.aspx?storyid=20100319_b680d205-5415-49b9-91cf-6583f6bc4a0e_fxstreet.com">Forex: CAD suffers Greenback strength</a> - <span style="color:#888888">NASDAQ</span><br>
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CANADIAN DOLLAR MAKES ANOTHER NEW CONTRACT HIGH. NEW BUY SIGNAL FOR THE POUND
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.forexhound.com/article/Fundamentals/Daily_Reports/CANADIAN_DOLLAR_MAKES_ANOTHER_NEW_CONTRACT_HIGH_NEW_BUY_SIGNAL_FOR_THE_POUND/192500" style="font-size:1.2em">CANADIAN DOLLAR MAKES ANOTHER NEW CONTRACT HIGH. NEW BUY SIGNAL FOR THE POUND</a>
<br> <span style="color:#888888;">Forex Hound</span> - <span style="white-space:nowrap">Mar 18, 2010 </span>
<div style="width:80%;">CURRENCIES: 03/18/10 Higher closes yesterday for the Canadian Dollar, Swiss Franc , British Pound, Japanese Yen, and Aussie Dollar while lower for the Euro Fx and dollar index. The euro continues ...</div>
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Is the simultaneous purchase or sale of one currency against the purchase or sale of another.
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