FDI to BRIC countries Rising
The world's largest developing economies posted significantly higher FDI figures, signaling that the worst of the global foreign investment slump is behind us. Brazil's inward FDI rose to $ 2.5 B in September, up about 25% over August totals. Russia recorded a significantly lower net FDI outflow, indicating the return of foreign investors into the Russian economy. FDI to China rose nearly 20% in September, while FDI to India inAugust was up 40%.
Chinese Economic Growth Accelerates
China released news that its growth rate for the first 9 months of 2009 averaged slightly above 7%, but that things picked up to 8.9% in the third quarter. A significant rise from the low rate of 6.1% in the first quarter, China's economic stimulus is being credited for creating a quick rebound.
US Real Estate Market Rebounding
We finally have news to suggest that the US housing market has begun to rebound. Although pending US home sales rose for the 7th consecutive month in August, existing home sales were still slumping. However, a report released today by the National Association of Realtors showed that existing home sales in the US rose as much as 9.2% in September, the first such rise this year.
Tax & Law
Singapore recently reported a surge in offshore banking activity from Russians, but in the face of mounting pressure to improve transparency, it has changed its attractive tax structure. This week, Singapore passed a tax disclosure law aimed at forcing banks and trusts to provide information if a treaty nation requests specific information for tax purposes.
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