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Returning Asians to fill talent gap, boost innovation!"Go East" is a message being heeded by many Asian professionals in the United States and Europe who see brighter job prospects in a region that is expected to outperform the rest of the world for economic growth.Source: Zee News : Business | 5 Jul 2009 | 1:30 pm Bankers expect budget measures to enhance industry growth!With the Union budget for FY `10 set to be announced on Monday, bankers expect measures to push industry growth, particularly in infrastructure, which will help them to lend more.Source: Zee News : Business | 5 Jul 2009 | 1:30 pm `Hiring likely to improve in next one year`!After witnessing a slowdown, job prospects in the country are likely to improve in the next 12 months.Source: Zee News : Business | 5 Jul 2009 | 1:30 pm ADAG RCAP exits Mukesh-led RIL; sells shares of 130 cr!Anil Ambani group firm Reliance Capital has exited Mukesh Ambani-led Reliance Industries by offloading an investment worth Rs 129.88 crore in the shares of the country`s most valued firm.Source: Zee News : Business | 5 Jul 2009 | 1:30 pm SpiceJet plans expansion ahead of going international!Leading no-frill carrier SpiceJet is working on fleet acquisition plans and analysing routes as it aims at launching international operations by May next year.Source: Zee News : Business | 5 Jul 2009 | 1:30 pm Bulls pin hope on Union Budget this week: Analysts!Stock markets are expected to rally at the start of this week on expectations of a number of populist measures in the Union Budget but sustaining the gains may be difficult and would depend on the global trends, said analysts.Source: Zee News : Business | 5 Jul 2009 | 1:30 pm Mobile tech transforming work-life balance: studyMumbai: At least nine out of ten Indians repondents have welcomed the quantum leap in mobile communications saying it enhances productivity and transforms work-life balance, findings from a global workplace survey say. “More than 90% of Indian respondents say mobile communications technology such as smartphones and laptops have boosted personal productivity and, for many, transformed their work-life balance,” the Kelly Global Workforce Index said. About 83% of those surveyed said their ability to work outside office, yet remain in contact, was a “positive development”, even though they ended up working longer hours. “Many employees now have the capacity to work from home or away from the office, at any hour of the day, and this is proving positive for productivity and work-life balance. Even though some are working longer hours, this is largely offset by the greater freedom and flexibility of the virtual workplace,” Kelly Services, senior vice president, Asia Pacific, Dhiren Shantilal, said. The phenomenon, spearheaded by Gen Y employees in the age group of 18-29 years, places a much higher priority on a sound work-life balance, the survey said. “Gen X, aged between 30-47 years of age, are the most attracted to the idea of telecommuting, working from home and working remotely. Those in the age group of 48-65 years, called baby boomers, are the least happy,” it noted. However, new technologies have spread productivity benefits across all generations as a total of 72% said that productivity was much better. “Employers who use technology to enhance working arrangements are also likely to reap productivity benefits and to be seen as employers of choice, Shantilal said. The Kelly Global Workforce Index surveyed nearly one lakh people across 34 countries, including roughly 5,000 in India. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 11:13 am Govt approves new recruitment policy for paramilitary forcesNew Delhi: Faced with recent scams in the recruitment of constables in paramilitary forces, the government has approved a new hiring scheme which aims at making the process more objective and allows maximum use of technology. According to the new recruitment policy for the central forces approved by the ministry of home affairs, tainted officers will find no place during the appointments. “No officer against whom departmental proceedings for major penalty is pending will be associated with the recruitment process. Similarly, an officer against whom charges of bungling in previous recruitment have been proved, will not be associated with it for the next five years,” the new policy says. No officer belonging to the state in which the recruitment is being done will be a member of any recruitment board for that state. The biometric methods will be used at all stages of recruitment. The new application forms will now be designed centrally in the Optical Mark Reader (OMR) sheet format so that it can be scrutinised promptly with the help of computers. The physical efficiency test will be only qualifying in nature and will not carry any marks and the written test will consist of OMR-based objective type multiple-choice questions. The question papers will be set centrally and there will be no interview. The government has also decided to launch a website along with a helpline and a complaint line, giving telephone numbers and SMS-based assistance. The new recruitment scheme came in the wake of two subsequent scams related to the appointment of constables in CRPF. In May, the CBI had arrested 11 people, including a CRPF inspector general, a DIG and two commandants after a country-wide raids in connection with alleged corruption and bungling in the recruitment of anti-naxal force COBRA. In February, the CBI, in a similar case, had arrested the force’s DIG in Lucknow, a head constable and a tout. Following these, home minister P Chidambaram had said the process should be “clean” as paramilitary forces will emerge as the largest government recruiter in the next five years. “I hope this (the alleged scam) is the last and should not be repeated,” he had said in a stern message. Home ministry officials said the CRPF, BSF, CISF, ITBP, SSB and NSG have been authorised to raise 123 new battalions which would be coming up in the next five years. Each battalion of the forces will have about 1,100 personnel and thus the total number of youngsters including women to be recruited by them would be over 1.35 lakh. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 10:44 am Home Ministry looks eagerly to Union BudgetNew Delhi: The Union home ministry, which has been pitching for a 1515-20% hike in the money set apart for it, is looking forward to the Budget on Monday to see if its plea for more funds to tackle militancy and insurgency has been heard or not. Senior home ministry officials said that there is an urgent need to tackle the problem of militancy, insurgency and Naxal violence in the country at the earliest and for that special attention needs to be paid to para-military forces. “We have pitched for a substantial increase in our allocation. With the focus now on security, we are hopeful that the budget will duly express our wishes,” a senior official said. Also Read More on Budget 2009 In the budget for the last fiscal, the Union home ministry was allocated Rs25,923.18 crore, which was a meagre hike from the financial year of 2007-08, when it was pegged at Rs21,633.49 crore. A bulk of the increase in the home ministry allocation has been suggested because of additional allotment for central paramilitary forces and modernising the police force. Almost all the para-military outfits have to raise additional battalions, for which more funds would be required, the officials said, adding that equipment has to be brought for them to face the changing face of terror. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 10:33 am Budget may have incentives for exportersNew Delhi: Exporters community hit hard by the economic meltdown in key markets like the US and the Europe can expect some incentives in the budget. Export promotion councils and the Federation of Indian Export Organisations (FIEO) had met finance minister Pranab Mukherjee and commerce and industry minister Anand Sharma seeking incentives, including credit at 7%interest rate and income tax holiday for five years. Impacted by drastic fall in exports in the second half of 2008-09 due to global downturn, the country’s merchandise exports grew just 3.4% to $168.7 billion. But the shipments have been dropping for eight months in a row since October 2008, costing 5 million jobs, as per FIEO estimates. “Looking at high credit rate in India, export credit should be given at 7% across the board without linking it with Prime Lending Rate,” exporters body FIEO has said, adding interest subsidy scheme should be extended till 2012. Exporters say they are working on thin margins and taxation of the profit leaves them with no money for modernisation and expansion of manufacturing facility. “Income Tax exemption for five years will add to their competitiveness as this benefit will make our products more competitively priced,” FIEO President A Sakthivel said. On the complaints received about high transaction costs, commerce secretary Rahul Khullar had said the Foreign Trade Policy likely in August would deal with such concerns. The exporters community is also expecting the government a Rs5,000 crore fund to support entrepreneurs in the MSME sector, enhancement of DEPB and drawback rates by 5% and removal of the Fringe Benefit Tax. A parliamentary panel has suggested that the Centre should formulate a policy to help in improving basic infrastructure facilities at airports and ports for promoting exports. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 10:20 am Industry expects govt to impose import duty on edible oilNew Delhi: With inflation ruling in the negative zone, the industry expects the Centre to slap import duty on the edible oils in the Budget and says the government may garner revenue worth Rs5,000 crore a year with this move. “The government had withdrawn import duty in April 2008 when there was high inflation. But now that inflation has turned negative, the situation is perfect for the duty to be reimposed. “Moreover, the government can earn a whopping Rs5,000 crore from such move,” Mumbai-based Solvent Extractors’ Association (SEA) executive director B V Mehta told the agency. The SEA has suggested imposing at least 20% duty on crude palm oil, 30% on RBD palmolein, 25% on crude soyabean oil and 20% on sunflower oil. Also Read More on Budget 2009 At present, crude oils can be imported duty-free while refined oils attract 7.5%. But the association apprehends that the projection of a below-normal monsoon may delay the imposition of the duty. India is the largest importer of vegetable oils in the world after China. “Increase in duty will send positive signals to farmers and will encourage them to expand area under oilseed cultivation during the current Kharif season,” the SEA said, adding the imposition of duty would not lead to a price rise. The SEA has been demanding that the duty be re-imposed to protect the interest of domestic industry and farmers against the dumping of cheaper imported products. Retail prices of widely-used edible oils are currently ruling in the range of Rs55-65 a litre, compared with that of Rs70-80 early last year when surging inflation became a major cause for concern. India is expected to purchase 75 lakh tonnes from the overseas market in the 2008-09 oil year (November-October) against 56 lakh tonnes in the last year, according to the industry data. The Central Organisation for Oil Industry and Trade has also warned that such high imports will make India heavily dependent on exporting countries, which can dictate their own terms and prices in future. The country needs over 125 lakh tonnes of edible oils for its annual consumption and is mainly dependent on imports to cater for domestic supply. Nevertheless, the SEA has suggested that the government should create an oilseeds and oil development fund by reimposing customs duty on edible oils. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 10:17 am Budget unlikely to raise cess on petrol, dieselNew Delhi: The Budget is not likely to raise the much-talked-about cess on diesel and petrol, used for building roads and highway infrastructure, from the present Rs2 a litre. The cess is not likely to be increased even as the ministry of road transport and highways is pressing for a hike, sources said. Under the formula for sharing the cess, half of it on diesel goes for rural development. The remaining part of the diesel cess and the entire collection from petrol is shared between the NHAI (57.5%), the railways (12.5%) and state road projects (30%). Earlier, road transport and highways minister Kamal Nath had said the railways and rural development ministries have to be consulted before a decision in this regard can be taken. Meanwhile, Amarchand Mangaldas partner Aseem Chawla said, “Instead of the Union government raising cess, states should be encouraged to assess whether any cess can be imposed.” The pre-budget economic survey, tabled in Parliament, also suggested reviewing and phasing out various forms of cess. The government collected around Rs30,000 crore through the cess on diesel and petrol. Going by that trend, it could collect about Rs15,000 crore from any additional Re1 cess a litre. The additional cess is required to keep the long-term pace of the road sector. Currently, funds are not much of a problem because projects are moving at very slow pace. However, Nath is looking at a target of laying 20 km of highways per day against the below five km average at present. The National Highway Authority of India (NHAI) has not been able to utilise the funds allotted to it, Nath had said earlier. The NHAI, which was assigned the target of awarding 60 projects worth Rs70,000 crore under the National Highways Development Project, could not attract bidders for most of them as contractors found them inviable. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 10:03 am Pranab's budget may give more tax saving incentives - Hindu
Source: Business - Google News | 5 Jul 2009 | 10:02 am Deshmukh for lowering excise duty on big carsNew Delhi: Concerned over the downturn in the automobile industry, heavy industries minister Vilasrao Deshmukh has asked the finance minister to cut excise duty on big passenger cars by more than half to 8%. “I met with the Finance Minister and has recommended him...,” Deshmukh said, while exuding confidence that his suggestions would get a favourable consideration. Besides, the minister also asked finance minister Pranab Mukherjee for imposing a 10% duty on import of power plant equipment to overcome the dumping by Chinese producers. Deshmukh, who took the wishlist of auto industry and Bhel to the finance minister ahead of the Budget, said “definitely, he was very sympathetic”, when asked about Mukherjee’s response to his suggestions. The government reduced excise duties on cars smaller than 4 metres to 8% in December 2008 as part of stimulous package, while duty on bigger cars left unchanged at 20%. The industry’s body Society of Indian Automobile Manufacturers (SIAM) has maintained that there should be uniformity of taxation across all segments. “Unless and until we give some sops they (sales) cannot be revived,” the minister told PTI in an interview. In addition to the 20% excise duty for big cars, vehicles having engine capacities between 1500 cc and 1999 cc attract a fixed duty of Rs15,000, while those above 2000 cc have to pay Rs20,000 more. The fuel guzzlers have witnessed a fall in sales due to the impact of the slowdown. In May this year, sales of high-end cars declined by 7.59%, though the total passenger cars market grew by 2.48% compared with the same month in 2008. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 9:57 am PREVIEW - Dollar discomfort thrust onstage for Italy summitPARIS (Reuters) - World leaders are bound to express the hope that the worst of the global economic crisis is passing when they meet this week, but they are now under pressure, too, to manage a Chinese challenge to dollar supremacy.Source: Reuters: Money News | 5 Jul 2009 | 9:51 am Roll back stimulus measures: Plan panelNew Delhi: Ahead of the general budget, the Planning Commission has suggested the government should roll back steps to stimulate the economy as emergency measures cannot be allowed to continue endlessly. Newly inducted Planning Commission member Saumitra Chaudhuri said the government had resorted to fiscal stimulus measures in December 2008 to deal with the emergency situation in the wake of the global economic meltdown which also affected the Indian economy badly. “The lower excise rate duty that has been given in the fiscal stimulus package of December and January and after the interim budget, should be rolled back... may be from September,” Chaudhuri said. “I think we have to be very clear, we have to give clear signals that the government is really serious about the fiscal consolidation even when the conditions are difficult,” Chaudhuri added. The fiscal deficit cannot be allowed to expand in anticipation that the government will reduce it later, he said, adding there has to be a check on fiscal expansion as emergency measures cannot go endlessly. As a result of the stimulus packages announced by the government to arrest the impact of the global financial meltdown on the economy, the fiscal deficit of the government zoomed to 6.2% of the GDP in 2008-09 as against 2.5% anticipated earlier. This year the government took some more measures to keep it under control but with the signs of the economy recovering, “we should now set back the thing which we just cannot maintain,” he added. Chaudhuri further said he would persist with the finance ministry to roll back measures taken to stimulate the economy after the collapse of America’s iconic investment banker Lehman Brothers in mid-September last year. “At least... I can specifically say that I have been writing also (for phasing out measures), I have given a letter to finance minister before I came here as a member of Planning Commission. I can persist with that,” he said. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 9:41 am Govt may extend tax holiday for software firmsNew Delhi: The Government may extend the tax holiday for software exporters beyond March 2010, in the Budget tomorrow. Analysts said extension of tax benefits will be a great relief to the IT sector, which is reeling under the impact of global financial crisis, which has resulted into fewer number of orders and sharp reduction in earnings. Official sources said though the industry has asked for five years of tax exemption, the finance ministry may grant it for two years. Currently software-exporting firms enjoy a tax holiday as their units are set up under the Software Technology Parks of India scheme, which entitles them to such a benefit. Major software exporting firms like Wipro, TCS and Infosys earn a major chunk of their revenues from meltdown hit western markets. Under the tax holiday scheme, firms in technology parks pay taxes only on the business they get from India and their export revenues are tax-exempt. Most of them get more than three-quarters of their revenue from exports. Nasscom President Som Mittal said, “The tax break has to be extended not only to encourage SMEs and enable expansion into smaller towns but to also ensure that work does not shift outside India.” IT minister A Raja had approached the Prime Minister and the finance minister for a two-year extension of tax concession available under the STPI scheme. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 9:41 am Initial work on Bhatinda oil refinery likely by 2011:LN MittalNew Delhi: Steel czar Lakshmi N Mittal on Sunday said initial installations at the Bhatinda oil refinery is likely to come up in the first half of 2011 and the project is not facing any major hurdles. “We are estimating first installations to be completed sometime in the first half of 2011,” Mittal said in an interview to private news channel CNBC TV18. There had been reports that Mittal has threatened to stop work on the Rs18,919-crore oil refinery project at Bhatinda in Punjab unless the state government restored fiscal incentives it had taken away a few years ago. “There is no problem as such... what we have been discussing with the Punjab government is about the facilities which they should provide to an investment of this size,” Mittal said. The steel tycoon said, he had been meeting Prime Minister Manmohan Singh and the officials of Punjab government and that they were supportive of the project. State-owned HPCL and Mittal Energy Investment Pte Ltd, Singapore — a Lakshmi N Mittal Group Company, hold 49% stake each in HPCL-Mittal Energy Ltd, the firm implementing the Bhatinda refinery project. He said the joint venture firm has asked the Punjab government to match facilities with other competing states. “...they are very happy to support us but they are looking for resources to provide us with those facilities,” he said. The JV firm is in talks with the Centre and state governments on the issues related with the project and hopes for an early solution. “...I am sure that we will have a solution and this project will continue to make progress,” Mittal said. The refinery is the single largest investment at any location in Punjab. About 10,000 people are working at the site. Source: LatestNews-Home - Livemint.com | 5 Jul 2009 | 9:41 am Pranab may give more tax saving incentivesNew Delhi: Tax payers may get more sops in the Union Budget for investment in housing and infrastructure schemes and finance minister Pranab Mukherjee may tomorrow make popular proposals to hearten the investors and industry. Not only the budget proposals may contain measures for subsidised wheat and rice at Rs3 a kg for the poor, in accordance with the Congress’ poll promise, Mukherjee could also announce a roadmap for disinvestment to mop up a substantial sum from sale of government equity in public sector undertakings. Sources in the Finance Ministry feel that there may not be any tinkering with tax rates, but the salaried-class could get additional income tax exemption benefits. However, the finance minister may seek to shore up revenue through expansion of service tax net, besides withdrawal of some import duty exemptions as inflation is now in negative terrain. Some of the duty sops offered to the industry as part of three stimulus packages last fiscal could also come in for review, with Planning Commission member Saumitra Chaudhuri saying these were emergency steps and should be withdrawn. “The word populist has negative overtones. I am sure finance minister will present a popular budget”, Planning Commission deputy chairman Montek Singh Ahluwalia had said on his expectations about the forthcoming budget. The restoration of economic growth, impacted by the global financial crisis, being a top priority, Mukherjee is expected to announce a series of measures that could buoy housing and infrastructure sector. A boost in these two will create demand in many other sectors like steel, cement etc. Some of the measures could be additional tax benefits for investment in infrastructure funds as also raising the ceiling on housing loan interest payment for income tax exemption, sources said. As much as Rs1.50 lakh a year paid on interest on housing loan is exempted from income tax at present. The housing industry is demanding that this ceiling should be raised to Rs3 lakh a year. One of the major challenges before Mukherjee would be to balance the growth requirement to the budgetary deficit that would need a market borrowing of over Rs3 lakh crore during the current financial year. Fiscal deficit was projected to be 5.5% of GDP in the interim budget, but that was when the Finance Minister did not announce the third stimulus package. The package was announced in reply to the debate on interim budget, which itself would take fiscal deficit to six per cent, sources said. As such, the Economic Survey has also recommended elimination of all cesses, surcharges and transaction taxes, including the fringe benefit tax and securities transaction tax along with introduction of New Income Tax Code that would simplify the tax laws. In this context, the budget may not increase cess on petrol and diesel from the current level of Rs2 a litre, which is demanded to fund the national highways, rural development and laying of state roads. On other hand, the gross budgetary support for the planned investment, a issue jointly decided by the Finance Ministry and the Planning Commission, could be in the range of Rs335,000 crore, an amount almost equivalent to expected market borrowing. The interim budget had proposed Rs 2.85 lakh crore, for planned investment. Faced with intense pressure form corporate to announce another stimulus package and to cut tax rates, Mukherjee is likely to come up with fiscal sops for the segments of the industry hit hard by the gobal crisis. “Indeed we may have to consider additional Plan expenditure of anything from 0.5 to 1% of GDP,” he had said in interim budget. The budget may give various tax exemptions to infrastructure bonds to channelise savings for the long term projects. Source: Home - Livemint.com | 5 Jul 2009 | 9:34 am Microfinance summit in October, focus on poorThe latest edition of the Microfinance India Summit will be held in Delhi Oct 26-28, and will focus on providing financial services to low-income groups, the organisers of the event have said.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 9:31 am Rs.3,000-crore package for textiles industryThe government has offered a helping hand to the country's ailing textile sector by announcing a Rs.3,000-crore ($627 million) financial package to waive loan overdues of handloom cooperatives and make available loans at concessional rates for the industry.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 9:31 am Van Heusen India Mens Week to start Sep 11: FDCIThe Van Heusen India Mens Week - the first fashion extravaganza for men in India that will showcase the best designers in the country - will be held here Sep 11 to 13, the Fashion Design Council of India (FDCI) announced.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 9:30 am Sweden offers India civilian nuclear technologySweden, a member of the 45-nation Nuclear Suppliers Group, is offering New Delhi its niche expertise in nuclear waste management and security as it eyes India's $40 billion civilian nuclear energy market.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 9:06 am Realty firms expect budget to boost affordable housingNew Delhi: Reeling under the credit crunch and slump in demand, realty firms and consultants expect the budget to provide more incentives for affordable housing sector and encourage buyers by doubling exemption limit on interest paid on housing loans to Rs3 lakh. Developers hope that the Budget, to be presented tomorrow, will pay special attention to the affordable housing sector, besides availability of easy finance to the developers and home-loan borrowers. “We are hopeful that the Budget will have 2-3 things for the realty sector. On the affordable housing, we think more tax incentives or rebates will be given,” the head of Jones Lang LaSalle Meghraj Cairman and Country, which is the country’s largest real estate consultant, Anuj Puri, told PTI. The focus is likely to be on affordable housing and the government may reintroduce the section 80IB (10) of Income Tax Act, he added. The section, which was in effect till 31 March, 2007, allows 100% exemption of income tax on housing projects with a maximum built up area of 1,000 sq ft in Delhi and Mumbai, and 1,500 sq ft in other places. “Interest rates for home loans should come down further ... developers should also get easy finance for their projects,” Puri said, adding that the limit for deduction of interest paid on housing loans is expected to be raised to Rs3 lakh from the present Rs1.5 lakh. “Our main demand is to implement the section 80IB (10), which will obviously help in developing affordable housing in the country,“ industry body NAREDCO President Rohtas Goel said. Developers are also asking for an industry status to the housing sector and extending the definition of infrastructure to include group housing and integrated townships under its fold. “We are also requesting for extending the time-limit for one time debt restructuring till March 2011 from June this year,” Goel, who is also the Chairman and Managing Director of Omaxe, said. Some of the other demands of NAREDCO include creating a dedicated affordable housing fund on the lines of the infrastructure fund, lifting restrictions on external commercial borrowings by the housing sector and 50% tax incentive for certified green buildings. “Impetus is required to be given to the affordable housing sector,” industry chamber FICCI said, adding that the government should also provide relief to the middle class families. Source: Home - Livemint.com | 5 Jul 2009 | 9:03 am Budget is ready, now for the super-secret delivery part...Well before sunrise on Monday, a motley crew of about 150 officers will be huddled together in a government building near Parliament House, anxiously awaiting a signal of security clearance.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 9:01 am Power to Chhattisgarh's polluting industries cutA Chhattisgarh environment panel has ordered that power supply to three sponge iron units here be cut after residents of the surrounding villages protested that industries were responsible for large scale pollution in the area, officials said Sunday.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 9:00 am Top 10 companies add Rs32,000cr in a weekMumbai: The country’s top-10 firms added Rs32,000 crore to their market capitalisation last week, with public sector oil firm Oil and Natural Gas Corp (ONGC) contributing the major chunk. ONGC added Rs20,052 crore to its market-cap, taking the total valuation to Rs2,42,687 crore during the week ending 3 July. Shares of the company surged 9% to settle at Rs1,134.65 on the BSE at the end of Friday’s trade. The coveted club, which comprises of four private sector and six public companies, added Rs32,354 crore to their market valuation to Rs16,04,896 crore. The total market-cap of the elite club stood at Rs15,72,541 crore in the previous week. The club saw five companies ONGC, National Thermal Power Corporation (NTPC), Bharti Airtel, Minerals and Metals Trading Corp (MMTC) and State bank of India added Rs39,414 crore to their market-cap, respectively. Meanwhile, the other five firm including Reliance Industries, National Mining Development Corp (NMDC), Bharat Heavy Electricals (Bhel), Infosys Technologies and Larsen & Toubro lost Rs7,060 crore in their market cap past week. The country’s most-valued firm, Reliance Industries Ltd, lost Rs441 crore from its market valuation, which stood at Rs3,18,832 crore at the end of Friday’s trade. RIL had a market valuation of Rs3,19,273 crore in the previous week. Trading firm MMTC jumped to fourth place from fifth adding Rs6,228 crore, while private telecom services provider Bharti Airtel slipped to fifth position from earlier fourth, even after adding Rs1,466 crore to its market cap. At the end of the week, total market valuation of MMTC stood at Rs1,57,565 crore and Airtel at Rs1,55,144 crore. Mining firm NMDC lost Rs4,024 crore from its market cap, while SBI added Rs3,917 crore. The total market valuation of NMDC stood at Rs1,42,947 crore and SBI at Rs1,14,955 crore for the week ended 3 July. Power equipment supplier Bhel lost Rs952 crore and IT bellwether Infosys lost Rs1,438 crore from their market cap. The total market valuation of Bhel stood at Rs1,06,816 crore and Infosys at Rs1,03,202 crore. Engineering and construction major Larsen & Toubro saw its market value erode by Rs205 crore to stand at Rs94,251 crore. Source: Home - Livemint.com | 5 Jul 2009 | 8:59 am Country's top-10 cos add Rs 32,000 cr in a week; ONGC gains mostThe country's top-10 firms added Rs 32,000 crore to their market capitalisation last week, with public sector oil firm Oil and Natural Gas Corp contributing the major chunk.Source: India Business News | Business News - Times of India | 5 Jul 2009 | 8:56 am Warring Ambani brothers may come together for prayer meetTheir fight may have reached the SC but Mukesh and Anil Ambani may meet once again for a prayer ceremony on their father Dhirubhai's death anniversary.Source: India Business News | Business News - Times of India | 5 Jul 2009 | 8:53 am India looks to cut out the middlemen on goldMumbai: Gold has long had a special attraction for Indians. Loaded with cultural and religious significance, it is considered an auspicious metal and a visible sign of wealth and prosperity. But trading in the sought-after commodity is now changing, as one company looks to secure a better deal for the millions of ordinary Indians who buy and sell the precious yellow metal for weddings and annual festivals. National Spot Exchange Ltd, controlled by markets firm Financial Technologies India Ltd, has set up a new electronic system that looks to guarantee gold bullion prices and quality. “What we’re trying to do is to create a market so that Indians can sell gold by way of converting into gold bars or gold coins and sell it on,” said National Spot Exchange’s managing director and chief executive Anjani Sinha. “At a spot exchange we can fix their price, quote the price and it’s guaranteed by supply and demand. They can quote their buying price and their selling price,” he told AFP at the company’s offices in suburban north Mumbai. India is the world’s biggest consumer of gold, importing between 700 and 800 tonnes of the metal every year or 20 percent of global demand. The country’s gold imports have slowed in recent months due to the world economic downturn, which has pushed up prices as investors seek a safe haven from the financial uncertainty. In January, the peak of the lavish wedding and gift-giving season, India imported only 1.8 tonnes of gold, down from 14 tonnes in the first month of 2008. In April, the Bombay Bullion Association said that - for the first time in more than a decade - there were no imports at all in February and March. Even so, Indian households are still believed to have a massive 20,000 to 25,000 tonnes of gold stashed away. But while a market exists for imported bullion, there is no mechanism for the resale of gold jewellery and its conversion back into bars once it enters the domestic market. As a result, ordinary Indians are forced to use merchants who commonly charge a hefty commission to melt down their gold jewellery and sell it on at a premium. Introducing a more standardised, transparent market will cut out the middleman and be beneficial for both the consumer and the Indian economy as a whole, said Sinha. “This market has been created basically for dealing in quality, certified standard gold,” he said. “The consumer is more in control and not dependent on somebody else when he goes to a jewellery merchant where you can’t quote your own selling price.” Daily prices are linked to those at the London Bullion Market. On its first day on May 30, the spot exchange in India’s financial capital traded about 50 kilograms of gold. Selling prices were in the region of Rs14,450 ($302) per 10 grams on Friday. To guarantee quality, the exchange, in conjunction with the Indian Bullion Markets Association, is auditing refineries that melt down jewellery into international standard “995” purity, meaning it is 995/1,000 parts pure gold. Four refineries - two in Mumbai and two in Ahmedabad, in nearby Gujarat state - have already been approved. It is hoped to have 15 approved refineries by the end of the year. Sinha’s aim, like that for other commodities traded in similar ways at the company, such as cotton, is to create a common domestic market, accessible across India to get a better price for the fabled Indian “common man”. “Our pitch has been if you want this market to grow further, with integrity and credibility, you have to bring transparency into the system,” he explained. Source: Home - Livemint.com | 5 Jul 2009 | 8:35 am ADAG’s Reliance Capital exits Mukesh-led RILMumbai: Anil Ambani group firm Reliance Capital has exited Mukesh Ambani-led Reliance Industries by offloading an investment worth Rs129.88 crore in the shares of the country’s most valued firm. However, R-Cap continues to hold a little over 1% stake in another Mukesh Ambani group firm Reliance Industrial Infrastructure Ltd (RIIL). Incidentally, another Anil Ambani group firm RNRL is engaged in a legal battle with RIL and both entities have approached the Supreme Court in last two days on a judgement by Bombay high court on a gas supply dispute between them. The disclosures about the sale of RIL shares as also the continuing investment in RIIL shares have been made in the annual report of R-Cap for the fiscal 2008-09. The report is being sent to shareholders ahead of its Annual General Meeting on 21 July. At the end of 2008-09, R-Cap’s holding of RIL shares was nil against 74,85,295 shares valued at Rs129.88 crore as on 31 March, 2008. These shares account for just about 0.5% of Mukesh Ambani group’s flagship company, but at the current market price of Rs2,025.85 a share, it would have been worth over Rs1,500 crore. As per its balance sheet, RIL is the only listed company whose equity shares were fully offloaded by R-Cap in 2008-09. However, Reliance Capital continues to hold 1,60,100 equity shares of RIIL valued at Rs50 lakh as on 31 March, 2009. R-Cap’s holding accounts for a 1.06% stake in RIIL, which at the current market price of Rs984.90 a share would be worth about Rs15 crore. While it fully offloaded RIL shares in 2008-09, R-Cap acquired shares of companies like Unitech, Hindalco, OnMobile Global and EIH Ltd during the year. Other companies where R-Cap has equity share investments include group firms like RCOM and RNRL, PSUs like SBI and MTNL as also media and entertainment firms like IBN 18 Broadcast, INOX LeIsure, Network 18 Media & Investments and TV Today. Among the unquoted equity investments, Reliance Capital offloaded shares in DTDC Courier and Cargo Ltd. R-Cap, which runs the country’s top mutual fund house Reliance MF, interestingly also made an investment, valued at Rs275 crore as on 31 March, with LIC Mutual Fund during the fiscal. The value of its investment with Reliance MF also increased from Rs80 crore to Rs1,005.35 crore. R-Cap’s total investments were worth Rs8,746.49 crore as on 31 March, 2009, up from Rs 4,715.39 crore a year ago. Interestingly, the company’s current assets include Rs93.46 crore worth aircraft “assets held for sale”, which was previously classified as a fixed asset. However, no more details were available on the same. Source: Home - Livemint.com | 5 Jul 2009 | 8:29 am Bankers expect budget measures to enhance industry growthGiven that infrastructure is a key-component to support the economic growth, the govt is widely expected to announce measures to facilitate more investment in the sector.Source: Daily News & Analysis: Money News | 5 Jul 2009 | 8:08 am SAIL terminates Rs2,000-cr contract with PoscoNew Delhi: State-owned SAIL has terminated a Rs2,000 crore order given to a Posco unit for constructing a blast furnace at Bhilai Steel Plant, as the South Korean firm failed to sign contract despite several reminders. Posco E&C last year won a bid to construct a blast furnace on EPC (Engineering, Procurement and Construction) turnkey basis for SAIL’s Bhilai Steel Plant which is working to double its production capacity. The subsidiary of steel behemoth Posco delayed the signing of the pact despite repeated reminders and thus SAIL’s board on 19 June decided to terminate the offer. Posoco E&C officials could not be contacted immediately. SAIL will now go for retendering for the supply of the blast furnace to the Bhilai unit. Confirming the development Steel Secretary P K Rastogi told PTI that “SAIL in a recent board meeting decided to cancel the offer made to Posco E&C for the construction of a blast furnace and supply of necessary equipment to the Bhilai Steel Plant (BSP). The company will float a new tender now.” Last year in February, the South Korean firm had said that it has won a $400 million (about Rs2,000 crore) order to construct a blast furnace for BSP. The contract was a costly proposition for SAIL in the light of heavy correction in the equipment rates on account of the economic crisis, the secretary said. The steel maker is likely to get cheaper deal in the new tender. This may help it to reduce cost of expansion, which is at present pegged at Rs55,000 crore. “SAIL will definitely see cost of expansion going down. By more such steps the cost would further go down,” Rastogi said. Steel minister Virbhadra Singh had earlier said that recession should be taken as an opportunity by procuring services of global leaders in engineering and construction activities at a cheaper rate. The country’s largest steel producer SAIL has lined up massive capacity addition programme for five of its integrated steel plants to take its overall annual production capacity to 26 million tonnes from the present 14 million tonnes. Bhilai Steel plant is undertaking about Rs12,000 crore expansion programme to double its production capacity to around 3 million tonnes per annum. Source: Home - Livemint.com | 5 Jul 2009 | 8:06 am PSU index outperforms peers on budget expectationsMumbai: Shares of public sector companies outperformed private sector firms last week, riding on expectations from the Union Budget, in spite of the broad market remaining jittery ahead of the event. The Bombay Stock Exchange’s public sector undertaking (PSU) index gave best returns among the dozen other sectoral indices during the week ended 5 July, in the run-up to the Budget presentation. Among the 13 sectoral indices, the PSU index, which includes companies like Gail, BPCL, HPCL, IOCL and MTNL, gave 2.07% returns for the week ended 5 July. The PSU index ended the week at 8,226.83 points as against 8,059.77 points on 29 June. Marketmen said that the PSU stocks had been gaining on expectations of the road map for disinvestment being unveiled in the Budget and other reforms to be initiated by the UPA government. Finance minister Pranab Mukherjee will table the Union Budget in Parliament on Monday. Last week, the market was volatile and the benchmark index Sensex gave a return of nearly one per cent to end the week at 14,913.05 points. The sectoral indices that fell into negative territory at the end of trading last week include auto (0.80%), oil (0.16%), power (0.19%), realty (0.83%), capital goods (1.54%), consumer durables (0.60%) and teck (0.02%). Further, the pre-Budget Economic Survey has also suggested that the government sell a minimum 10% stake in all unlisted public sector enterprises and “auction” those that cannot be revived, thus suggesting a disinvestment target of Rs25,000 crore per annum. During last week, PSU companies that gave positive returns were BPCL (7.5%), Gail India) (9%), HPCL (8.97%) and MTNL (6.24%). “The present government, with the clear and aggressive disinvestment policy, has a lot of cushion and headroom in its fiscal policy making. With the aggressive disinvestment policy, the fiscal deficit may not be such a serious threat to the Indian economy, as generally perceived,” SMC Capitals equity head Jagannadham Thunuguntla said. Other indices that gave positive returns were FMCG (0.64%), IT (0.66%), metal (0.78%), bankex (0.49%) and health care (0.80%). Source: Home - Livemint.com | 5 Jul 2009 | 7:53 am ADAG's RCAP exits Mukesh-led RIL; sells Rs 130 cr worth sharesAnil Ambani group firm Reliance Capital has exited Mukesh Ambani-led Reliance Industries by offloading an investment worth Rs 129.88 crore in the shares of the country's most valued firm.Source: India Business News | Business News - Times of India | 5 Jul 2009 | 7:44 am Budget may give revenue targets from BSNL listing, 3G auctionThe listing of state-run BSNL and the expected realisation from the auction of 3G spectrum are likely to find mention in the budget proposal to be presented by Finance Minister Pranab Mukherjee.Source: India Business News | Business News - Times of India | 5 Jul 2009 | 7:43 am Deshmukh for lowering excise duty on big carsConcerned over the downturn in the automobile industry, heavy industries minister Vilasrao Deshmukh has asked the finance minister to cut excise duty on big passenger cars by more than half to 8%.Source: India Business News | Business News - Times of India | 5 Jul 2009 | 7:31 am Hopes high as Mukherjee set to present national budget MondayAmid high expectations in a slowing economy, Finance Minister Pranab Mukherjee will present India's national budget for this fiscal Monday, seeking a fine balance between the need for resources to fund welfare schemes and minimising the burden on the average citizen and industry.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 7:30 am UPA failed to use Rs.72,500 crore for Dalits: StudyThe United Progressive Alliance (UPA) may wax eloquent about empowering the downtrodden, but in the last five years it has denied the Scheduled Castes (SCs) a whopping Rs.72,500 crore ($15.16 billion) that should have been earmarked for them under a special scheme.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 7:30 am CNOOC chief eyes cooperation, not acquisition - reportBEIJING (Reuters) - Chinese oil producer CNOOC Ltd is seeking cooperation rather than acquisitions, its president Fu Chengyu was quoted as saying on Sunday, amid talk CNOOC had set its sights on a unit of Spanish oil major Repsol.Source: Reuters: Money News | 5 Jul 2009 | 7:25 am Bankers expect budget to enhance industry growthMumbai: With the Union budget for FY10 set to be announced on Monday, bankers expect measures to push industry growth, particularly in infrastructure, which will help them to lend more. “If the budget comes with steps to relax investment norms in various sectors and announce plans to increase infrastructure spending, that will definitely help banking sector to participate in the growth story,” Axis Bank’s president, Credit, Partha Mukherjee said. Given that infrastructure is a key-component to support the economic growth, the UPA Government is widely expected to announce measures to facilitate more investment in the sector. IDBI Bank’s chief financial officer, R K Bansal echoed this view saying that improvement in infrastructure spending is critical for the banking sector. “If the Government is coming with a good plan to improve infrastructure spending, this could help banks to assume a major role in funding these projects,” Bansal said. Kotak Mahindra Bank’s Head of retail liabilities, K V S Manian said a co-ordinated action from the Reserve Bank and government is likely to contain the fiscal deficit and to hold interest rates low. There could be a co-ordinated action from RBI and Government in the near future. A 0.25-0.5% cut in Reserve Bank key rates cannot be ruled out, Manian said. Indian Banks Association’s (IBA) chief executive, K Ramakrishnan said there is a need to relax the tax-burden on term deposits to make it more attractive to the public. There is a need to introduce tax exemptions on term deposits, especially for senior citizens. Corporate tax rates should also be eased, Ramakrishnan said. Ramakrishan said the Reserve Bank is likely to maintain a status quo in its key-rates and is unlikely to cut rates in the near future. Source: Home - Livemint.com | 5 Jul 2009 | 7:18 am SBI Chicago unit needs to improve its rating: FDICNew York: A US government body created to restore confidence of the public in the country’s banking system feels that Indian lender State Bank of India’s Chicago unit has to improve to meet the local credit needs. The Federal Deposit Insurance Corporation (FDIC) has concluded that SBI’s Chicago branch needs to improve its compliance with Community Reinvestment Act. The Act is aimed at encouraging insured banks and thrifts to meet local credit needs, including those of low and moderate income neighbourhoods. Moreover, the activities should be consistent with safe and sound operations. In the list of banks evaluated for compliance, FDIC has given the rating ‘Needs to Improve´ to SBI Chicago, in April 2009, according to the latest data available with the agency. Out of the 18 banks rated in the Chicago region, the FDIC concluded that only SBI needs to improve its activities in terms of catering to local credit needs, while 15 of them were evaluated as ‘Satisfactory" and two were said to be “Outstanding”. Since 1990, the government has made it mandatory for the FDIC to publicly disclose the evaluation and rating for each bank or thrift that undergoes a CRA examination. The FDIC was established in 1933 to restore public confidence in the nation’s banking system. The Chicago and New York branches are members of the FDIC. Currently, SBI has nine branches in the US. State Bank of India, is planning to strengthen its presence in countries including the US and the UK which have strong India links. “Initiatives (are) under way to strengthen business in countries with a strong India linkage like the USA, UK and UAE,” a senior SBI official had said, adding, SBI plans to become a major player for Non-Resident Indians (NRIs). “The restructuring of the international business is under way to enable new business model,” he had added. During 2008-09, the SBI international credit portfolio increased by 54% to Rs86,267 crore against Rs56,196 crore in the previous year. At the same time, the bank last year, along with its subsidiaries and joint ventures abroad, opened nine offices, including full-fledged retail operations in Singapore, last year. SBI California, the bank’s wholly-owned subsidiary in US, opened its seventh Branch at Bakersfield. Source: Home - Livemint.com | 5 Jul 2009 | 7:06 am Budget faces tough balancing act: economistsMumbai: India’s new Congress-led government will have to balance conflicting objectives of spurring growth and reining in a soaring fiscal deficit when it presents its first budget on Monday. Economists and analysts predict the budget will focus on regulatory and structural reform to stimulate growth, rather than announcing large government stimulus expenditure. “The government’s hands are tied given the fiscal constraints. They will look at small-ticket projects, focusing on agriculture, infrastructure and telecoms,” said Siddhartha Sanyal, an economist with Edelweiss Securities. “The government’s ability to provide any further dose of large and generalised stimulus for the economy will be limited in this budget.” India’s fiscal deficit has risen sharply in recent years on loan waivers for poor farmers, subsidies and stimulus packages to boost the economy. The Congress party in its pre-election interim budget in February sharply increased defence spending following the Islamist extremist attacks on Mumbai last November. The rise means the fiscal deficit would have ballooned to 6.2% of gross domestic product for the fiscal year to March 2009 - more than double the government’s target of 2.5% and the highest in nearly two decades. “The government must script a strategy for investment-led growth,” said S B Gupta, advisor with the Federation of Indian Chambers of Commerce and Industry (FICCI). The government in New Delhi has often said that the global economic crisis means more spending would be required to spur domestic growth. “Any significant increment in expenditure (infrastructure and social) will have to be backed by an increase in revenues (divestments, duty cut roll-backs), to avoid further slippage in fiscal deficit,” said Gaurav Dua, vice president with brokerage Sharekhan. On Thursday, the finance ministry said India could manage economic growth of more than 7% this fiscal year, but stressed the importance of reducing the deficit. India’s economy grew by 6.7% in the year ended 31 March - the slowest rate since 2003 and down from 9% a year earlier, as the effects of the global economic downturn hit home. “The speed at which the Indian economy returns to a high growth path in the short term depends on a revival of the global economy, particularly the US economy,” the ministry said in its annual economic survey. Economists expect reforms to be announced to boost infrastructure growth and revenues from divestment. PricewaterhouseCoopers estimates that more than $500 billion worth of investment will flow towards India’s infrastructure sector by 2012, to upgrade or build more roads, ports, railway lines and airports. “Stimulus to infrastructure can be provided through the public-private partnership (PPP) model. This is the low-hanging fruit (for the government),” said Pradip Kanakia, a member of the leadership team at KPMG. “The PPP model should be extended to power, healthcare and education, to boost economic and social growth,” Kanakia, who is based in the southern city of Bangalore, told AFP. “Disinvestment is expected to start in a small manner. The secondary benefit will be to boost market liquidity and give a push to the IPO market,” said Rajeev Malik, an economist with Macquarie Research, based in Singapore. Tax reliefs appear unlikely due to a revenue slowdown, experts said. Source: Home - Livemint.com | 5 Jul 2009 | 7:03 am India to prepare new rules to save its coastlineIndia is set to prepare new rules to save its 7,517 km coastline after deciding to let a controversial notification under attack from the fishing community to lapse.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 7:00 am Cess, surcharge, transaction tax are distortionary: VirmaniThe principal author of the pre-Budget document, Arvind Virmani, today said these levies are "distortionary" and impede tax simplification.Source: Daily News & Analysis: Money News | 5 Jul 2009 | 5:40 am Hiring likely to improve in next one year: SurveyThe survey found that all sectors, except IT, hope to see an improvement in hiring that is expected to support demand for residential real estate.Source: India Business News | Business News - Times of India | 5 Jul 2009 | 5:18 am Agra to face two-day power blackoutMany parts of this Taj Mahal city will experience a blackout for two days beginning Sunday due to electrical works being done on an expressway, officials said.Source: IndiaeNews.com: Business News | 5 Jul 2009 | 4:30 am FEATURE - Returning Asians to fill talent gap, boost innovationSINGAPORE (Reuters) - "Go East" is a message being heeded by many Asian professionals in the United States and Europe who see brighter job prospects in a region that is expected to outperform the rest of the world for economic growth.Source: Reuters: Money News | 5 Jul 2009 | 3:18 am More companies knock on debt recast cell’s doorsMumbai, July 4 The Corporate Debt Restructuring (CDR) Cell, a joint mechanism of banks and financial institutions to restructure debts of viable corporate entities affected by internal and external factors, is over-worked.Source: Business Line - Home Page | 5 Jul 2009 | 12:00 am Weekly News Round upThe Railway Minister Ms Mamata Banerjee, presented the Railway Budget on Friday. There is increase in passenger fares or freight tariff. She announced 12 non-stop point-to-point long-distance trains and air-conditioned double-decker coaches forSource: Business Line - Home Page | 5 Jul 2009 | 12:00 am Budget 2009Now, Business Line invites you to tell the Finance Minister your reactions to theSource: Business Line - Home Page | 5 Jul 2009 | 12:00 am Rural mobile project target seems a tall order nowNew Delhi, July 4 Tough terrain and tougher villagers are slowing the erection of mobile towers, affecting the rural cellular telephony project funded by the Universal Services ObligationSource: Business Line - Home Page | 5 Jul 2009 | 12:00 am EPF interest rate maintained at 8.5%New Delhi, July 4 The interest rate on Employees Provident Fund will remain at 8.5 per cent thisSource: Business Line - Home Page | 5 Jul 2009 | 12:00 am Garment exports dip 10% in April-MayNew Delhi, July 4 Even as the export market for Indian garments is beset by a demand dip — with garment exports down by 10 per cent in dollar terms in April-May 2009, against the corresponding period in 2008 — the Textile Ministry isSource: Business Line - Home Page | 5 Jul 2009 | 12:00 am Novartis’ cancer drug is not patentable, says appellate boardMumbai, July 4 The Intellectual Property Appellate Board (IPAB) has said that Novartis’ cancer drug Glivec (Imatinib Mesylate) is not patentable in the beta crystalline form.Source: Business Line - Home Page | 5 Jul 2009 | 12:00 am Global steel majors await India’s move on iron ore exportsMumbai, July 4 Steel majors in Asia and elsewhere are anxious about developments in India in relation to iron ore.Source: Business Line - Home Page | 5 Jul 2009 | 12:00 am Khurshid for more pre-matric scholarships for minorities - Hindu
Source: Business - Google News | 4 Jul 2009 | 10:59 pm Ambanis knock on SC door over gas supply - Times of India
Source: Business - Google News | 4 Jul 2009 | 9:58 pm At 8.5%, EPF gives you better return than bank FDsThere is good news for more than 4.5 crore employees of public and private sector companies the EPFO has decided to give 8.5% interest on provident fund deposits.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 9:38 pm Ambanis knock on SC door over gas supplyReliance Industries moved the SC challenging the Bombay HC judgement that asked it to supply gas to RNRL at a price of $2.34 per mmbtu.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 9:37 pm What can we expect from Budget 2009 - Financial Express
Source: Business - Google News | 4 Jul 2009 | 8:57 pm A roadmap for reforms - Hindu Business Line
Source: Business - Google News | 4 Jul 2009 | 6:37 pm EPF interest rate maintained at 8.5% - Hindu Business Line
Source: Business - Google News | 4 Jul 2009 | 6:37 pm Novartis loses battle for cancer drug patentNovartiss famed cancer drug, Glivec, will not get patent protection in India. The apex body on patent and trademark disputes, the Intellectual Property Appellate Board (IPAB), has ruled that the drug lacks innovation and the high price tag of Rs 1,20,000 per month per patient would be too high for the common man. Any patent granted to support such a high monopoly price would be against public order, the ruling said.Source: Business Standard | Front Page Headlines | 4 Jul 2009 | 6:33 pm No cap on executive pay: KhurshidCorporate affairs minister also rules out private sector job quota.Source: Business Standard | Front Page Headlines | 4 Jul 2009 | 6:31 pm Iraq expects more from second energy auctionBAGHDAD (Reuters) - The Iraqi government is hoping that a second major auction of oil and gas fields later this year will help revive a struggling oil industry where a first auction this week fell short, a government spokesman said.Source: Reuters: Money News | 4 Jul 2009 | 4:27 pm Govt justifies fuel price hike - Economic Times
Source: Business - Google News | 4 Jul 2009 | 3:40 pm New companies bill set for budget session: Khursheed"The new Companies Bill 2009, with stricter disclosure norms will be tabled in the ongoing budget session of parliament," corporate affairs minister Salman Khursheed said.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 2:57 pm Air India won't sack employees: Praful PatelUnion minister of state for civil aviation Praful Patel said Air India would not sack employees but financial and organisational restructuring was on the cards.Source: India Business News | Business News - Times of India | 4 Jul 2009 | 2:49 pm Pepsico\'s product range now stronger: Indra NooyiNooyi now says that the market for pepsico\'s product range has gotten stronger with households across the world cutting back on spending on luxuries like eating out. She\'s betting big on growth from the Asian markets and was in China to inaugurate a plant there.Source: Moneycontrol Top Headlines | 4 Jul 2009 | 2:45 pm Air India to draw up turnaround strategy - Hindu
Source: Business - Google News | 4 Jul 2009 | 2:30 pm More bidders interested in Porsche stake - reportFRANKFURT (Reuters) - Three more bidders are interested in taking a stake in German sports car maker Porsche, rivalling investment plans by Qatar, German magazine Focus reported on Saturday.Source: Reuters: Money News | 4 Jul 2009 | 2:24 pm RNRL asks SC to restrain RIL from inking gas pactsReliance Industries said, the company filed special leave petition (SLP) against Bombay High Court (HC) Judgement in Supreme Court. Reliance Natural Resources (RNRL) said, the company asked Supreme Court (SC) to restrain Reliance Industries (RIL) from supplying 40 mmscmd to others and from signing contracts for 40mmscmd.Source: Moneycontrol Top Headlines | 4 Jul 2009 | 2:16 pm AI to draw up turnaround strategy on 6, 12, 18-month basisCash-strapped Air India will draw up a comprehensive short, medium and long-term strategy to rejuvenate itself.Source: Daily News & Analysis: Money News | 4 Jul 2009 | 1:55 pm GM Europe head says to sell Opel to Magna soon - paperFRANKFURT (Reuters) - General Motors Europe President Carl-Peter Forster expects to sell German unit Opel to Canadian auto parts supplier Magna soon, he told a German newspaper.Source: Reuters: Money News | 4 Jul 2009 | 1:52 pm British Telecom offers staff a year at home for 75% pay cutLondon: British Telecom (BT), seeking to slash costs in the face of Britain’s worst recession in years, is offering employees a year at home in return for a 75% pay cut, the telecom operator said on Saturday. Staff have also been offered a one-off payment of $1,633 if they agree to go part-time, a BT spokesman said. In addition, parents are being given the option of no longer having to work during school holidays in return for less pay. “Being one of the largest employers in the United Kingdom, I think this is an extremely progressive way of managing costs during a recessions, rather than making redundancies,” the spokesman said. BT said in May that it was cutting 15,000 jobs after slashing an identical number of positions in 2008-09 and sustaining a net loss of $125 million in the year to March. Its latest move comes after British Airways convinced some of its staff to work for free. Source: World Business - Livemint.com | 4 Jul 2009 | 11:56 am
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