India to focus on economic growth

India's new government is to concentrate on economic growth and pro-poor policies over the next five years, President Pratibha Patil has said. In an address to both houses of the Indian parliament, Patil said the first priority was to oppose the effects of the global economic downturn, stressing financial reform and internal security. "The current financial year is expected to see a slowing down of growth on account of the global recession, she said. "Our immediate priority must be to focus on management of the economy that will counter the effect of the global slowdown." She added that the government would take steps to support foreign investment, provide public sector banks with more capital and introduce pension reform bills. The Indian president said that welfare schemes for farmers and better health facilities for rural areas will be highlighted in the plans of the Congress-led government. The growth of India's economy was limited to 6.7% in the year that ended March 31, while it grew 9% in the previous year. The Indian presidential speech, identifying focus areas for the five-year term of the government, is prepared by the prime minister and his cabinet.

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US pressing Nabucco scheme sans Iran

The US has made it clear that it does not support Iran's involvement in the Nabucco gas pipeline until Tehran 'changes its policies'. Richard Morningstar, the US special envoy for Eurasian energy issues, said that Iran can only join the gas pipeline undertaking after the normalization of ties between Tehran and Washington. He told a group of reporters in Ankara on Thursday that inviting Iran to the project without a resolution to the standoff over its nuclear program could "have a negative effect." "We don't want to change our policy unless Iran changes its policy," AP quoted Morningstar as saying. The pipeline is to link the Caspian Sea region, the Middle East and Egypt to the European Union via Turkey. The Nabucco consortium, which aims at decreasing Europe's dependence on Russian natural gas, has been unable to find sufficient gas supplies necessary for the feasibility of the project. Turkey, which is a member of the consortium, has repeatedly voiced its support for Iran's involvement in the project.

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Japanese companies cut capital investment

In the first quarter of 2009 Japanese companies cut their capital investment at the fastest pace in the last 54 years, a governmental survey says. The 25% decline from the same period in 2008 on plant and equipment followed a 17% fall from October to December last year, announced the survey by Japan's finance ministry that was released Thursday in Tokyo. Japan has been one of the major economies worst hit by the global downturn; export firms have been particularly affected by the drop in worldwide consumer spending. The Japanese gross domestic product (GDP) contracted by a record annual rate of 15% during the January-March quarter of 2009. Japan's Finance Minister Kaoru Yosano said Wednesday that the country's economy will probably begin growing again this quarter, echoing a prediction made last month by Bank of Japan Governor Masaaki Shirakawa. A growth of 1.6% in industrial output -- the first gain in six months -- led economists to predict a modest growth for the world's second largest economy in the coming months. Analysts are also optimistic about Prime Minster Taro Aso's $160B stimulus plan to boost consumption, which accounts for about 55% of Japan's GDP.

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England's Premier League revenues near $3.15B

England's Premier League has seen its profits grow by 26% during the 2007/08 season to nearly $3.15B (£2b), a report on football finances says. According to Deloitte's annual review of football finance, 11 of the 20 top English league clubs made an operating profit in 2007/08, up from eight a year before, despite the current financial crisis. The strong revenue growth surpasses the considerable salary growth in football clubs, which increased by 23% to £1.2B, the biggest annual growth in absolute terms registered by the Premier League. Based on figures from the 2007-08 season, the report suggests that the collective wages of England's 20 biggest clubs have increased by £227M (23%) to £1.2B. "In the season that has just finished [2008/09] we think the growth is going to be a little bit lower, but it is going to get clubs up to that magical £2b mark -- which is a remarkable achievement, an average of £100m a club in the Premier League," the report says. Alan Switzer, a director at Deloitte, said: "Lower revenue growth in forthcoming seasons means clubs will have to focus on improving cost control -- both wages and other operating costs -- if profits are to be maintained."

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