Here is another bit of news to show that the BRICs are really powering ahead. I quote:
Record levels of initial public offerings in emerging economies offset declines elsewhere and helped support the global new issues market in the third quarter, according to a report on the sector by Ernst & Young on Tuesday.
Nearly half of the $57bn raised globally by IPOs in the latest quarter was by companies in the so-called “Bric” countries of Brazil, Russia, India and China, which produced a record 118 IPOs.
Seven out of the top 10 IPOs in the third quarter were from emerging markets. The Asia-Pacific – led by China and Hong Kong – had the lion’s share in terms of both the number of IPOs completed and the total capital raised.
In contrast to the rising activity in emerging markets, IPO volumes by developed markets have declined, possibly because of the uncertainty caused by the credit squeeze, the E&Y report said.
Overall global IPO volume fell by 36 per cent to $57bn raised in the third quarter from $89bn raised in the second – though the amount was still more than the $45bn raised in the third quarter last year.
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