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India Inc resumes hiring drive amid recovery signalsIn a major relief for jobseekers, India Inc's hiring activities are picking up once again as economic conditions are looking up considerably, experts say.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 6:44 am D-Street may inch towards consolidation: Analysts!A wave of consolidation is likely to greet Dalal Street this week as concerns over rainfall shortage would pull down investor sentiments and keep the market under pressure, analysts said.Source: Zee News : Business | 16 Aug 2009 | 6:32 am Japan`s big businesses expect recovery by mid-2010!Two thirds of big Japanese companies expect the country`s economy to recover by the middle of next year, according to a survey by Kyodo News released on Sunday.Source: Zee News : Business | 16 Aug 2009 | 6:32 am Canada not yet out of recession: PM Stephen Harper!Canada is not yet out of the recession that has gripped the world, Prime Minister Stephen Harper said on Friday, adding that now is not the time for Opposition parties to be contemplating an election.Source: Zee News : Business | 16 Aug 2009 | 6:32 am Mexico`s President favours trade deal with Brazil!Mexican President Felipe Calderon says he supports the idea of a free trade agreement between Brazil and Mexico, the two biggest economies in Latin America.Source: Zee News : Business | 16 Aug 2009 | 6:32 am Govt steps up efforts to attract FDIConcerned 46 per cent decline in foreign investment during January-May 2009, the government has stepped up its activities to attract FDI in sectors like textiles, roads and other other infrastructure.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 5:45 am Direct Taxes Code proposes to plug loopholes in tax evasionEvading taxes would be tougher as the new Direct Taxes Code proposes to take away the powers from any tax authority to waive penalty, even as it reduces the amount of such fine to twice the tax liability against thrice at present.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 4:25 am Doha deal could boost world GDP $300-700 bn - studyGENEVA (Reuters) - A successful Doha round trade deal could boost the global economy by $300-700 billion a year, a study by the Peterson Institute for International Economics said.Source: Reuters: Money News | 16 Aug 2009 | 4:04 am India releases $122 million for Gorshkov modificationIndia has cleared an installment of $122 million to Russia to ensure that the modification work on aircraft carrier Gorshkov, also known as Vikramaditya, continues till a settlement on the final price is reached.Source: IndiaeNews.com: Business News | 16 Aug 2009 | 4:01 am India's arms imports to touch $30 bn by 2012: AssochamIndia's arms imports are expected to touch $30 billion by 2012 even as the domestic defence market is poised to grow to $700 million in five years, according to an industry lobby report.Source: IndiaeNews.com: Business News | 16 Aug 2009 | 4:01 am DoT has enough spectrum to go ahead with 3G auction: official New Delhi: “The department of telecom (DoT) will not have to wait for the defence ministry to release frequencies for auctioning 3G radio waves as it has an adequate amount to give the initial 5Mhz of spectrum to at least three players in a circle,” a senior official said today. “We have 3G spectrum available in varying amounts in various circles except Rajasthan, where there are no 3G radio waves. Therefore, spectrum availability cannot halt the auction process. Any release by defence would be an additional gain and will help in giving it to more players,” a DoT official associated with the process said. Recently in the first empowered group of ministers (eGoM) meeting, DoT secretary Sidhharth Behura briefed the group about the agreement between defence and the DoT, in accordance with which the armed forces would release 10 Mhz of 3G spectrum. But even after four months of signing the MoU, defence has not released any spectrum. The eGoM, headed by finance minister Pranab Mukherjee, is yet to decide on the number of slots to be offered under 3G auction. The official said 5Mhz of spectrum is good enough to start services but as the service picks up, more spectrum would be needed to enable heavy downloads and other advanced features of 3G and here defence spectrum would be very useful. Source: LatestNews-Home - Livemint.com | 16 Aug 2009 | 3:57 am NHPC IPO price fixed at Rs 36 per equity share - NDTV.com
Source: Business - Google News | 16 Aug 2009 | 3:50 am States may not reduce tax on jet fuel New Delhi: Even though the aviation industry is pressing for cut in sales tax on jet fuel, most of the states are unlikely to provide any relief to the beleagured sector and may stick to their present tax structure. “States are not likely to help the aviation ministry. We will not be giving any additional advantage,” a source close to the development informed. The empowered committee of states’ finance ministers on VAT is likely to meet this week in the national capital. In fact, the matter of providing any relief to the sector with regard to sales tax on aviation turbine fuel (ATF), will not even come up at the meeting, which will discuss contours of new indirect tax system — goods and service tax. “There is nothing to discuss on the issue. We are very clear on this reducing sales tax on ATF,” the source said. High ATF prices are mainly due of high sales taxes by states. While Rajasthan, in its budget last month, said it was reducing tax rate on ATF from 28% to 4%, some states charge as much as 30%. Andhra Pradesh slashed rates on jet fuel to 4% last year. The VAT panel had earlier asked the Centre a host of questions like how ATF prices are fixed, what is the share of ATF in total costs of running an airline and so on, before firming up their views in this regard. However, the issue was deferred due to the absence of answers. Source: LatestNews-Home - Livemint.com | 16 Aug 2009 | 3:43 am Bungling in rural jobs scheme unearthed in Uttar PradeshThe Uttar Pradesh administration has unearthed largescale fraud in the National Rural Employment Guarantee Scheme (NREGS), with touts as well as bank and government officials conniving to pocket the money under it.Source: IndiaeNews.com: Business News | 16 Aug 2009 | 3:31 am The Real Issue Between Apple and GoogleAs Apple and Google's businesses converge, Apple's ability to create different experiences for the mobile user is standing out.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 3:29 am FTA with ASEAN should be mutually beneficial:Bajaj - Press Trust of India
Source: Business - Google News | 16 Aug 2009 | 3:28 am India’s GDP under threat as rain gods play hooky New Delhi: “The country’s growth prospects don’t look too optimistic despite the good news on the industrial front as agricultural output may suffer because of the rain gods playing hooky,” say experts. Nearly, one fourth of the country is in the grip of a drought, with the government declaring 177 of about 600 districts as drought-affected. To tackle the situation, the government has set up an empowered group of ministers (EGoM), headed by finance minister Pranab Mukherjee but the prognosis doesn’t look too optimistic. “Though a small negative effect on GDP growth from the poor monsoon can be offset by the combined effect of the ongoing improvement in industrial activity, a bigger hit to agriculture might warrant a downward revision to GDP,” global research firm Macquarie analyst Rajiv Malik said. Edelweiss, meanwhile, in its recent report has revised down the financial year 2010 GDP estimate to around 5.5% from its earlier 6-6.5%, largely because of the monsoon’s impact on agriculture. Dun and Bradstreet India head (economic analysis) Yashika Singh said: “Any deficit in the monsoons will not augur well for the Indian economy at this juncture and could prove to be an impediment in the revival phase.” A lower agricultural production will not only increase the already high food prices, but will also impact rural demand and therefore the demand in the economy as a whole. “In a scenario that monsoon fail completely for the rest of the season, the overall GDP growth rate may fall to below 6% per cent during FY10,” Singh added. Food production in FY10 is likely to go down as sowing will be 20% lower due to the weak monsoon. However finance minister Pranab Mukherjee claims that this is unlikely to dampen the overall economic scenario and that India is likely to clock six per cent and above for the current fiscal. The negative impact on the agriculture sector may be offset by the non-agricultural segment of the economy, which is currently showing early signs of recovery. The silver-lining in this grim scenario is the uptrend in industrial growth, improvement in core sector performance, rise in business confidence and better availability of finance. Though agriculture’s share in India’s GDP has declined to a significant extent, monsoon rainfall still remains an important part. Nearly 55% of labour force is employed in agriculture and only 42% of the area under major crops is irrigated. Besides, the swine flu pandemic has added another degree of uncertainty to India’s overall economic performance. Swine flu can have some impact, on industries like software and IT-services, travel and tourism, hotels among others. Source: Home - Livemint.com | 16 Aug 2009 | 3:22 am Ranbaxy cuts pay package to one-third for new chiefNew Delhi: The country’s top drugmaker, Ranbaxy, has proposed an annual pay package of Rs6 crore for its new CEO and MD Atul Sobti, but his remuneration would be less than one-third of the same for his predecessor Malvinder Mohan Singh. Incidentally, Singh’s remuneration was in excess of the prescribed regulatory limits and Ranbaxy is waiting for the shareholders’ nod to seek the waiver of relevant norms from the central government. Singh was paid in excess of Rs9 crore and a host of other benefits for a period of little over five months during which he held the positions of chairman, CEO and managing director at Ranbaxy -- giving an average payout of about Rs2 crore a month. After holding the office of CEO and MD for about three years, Singh was elevated to the position of chairman, CEO and MD of Ranbaxy for a period of five years on 19 December 2008. However, he resigned from these positions on 24 May 2009 and Atul Sobti was appointed as CEO and MD for a period of three years with effect from the same date. Ranbaxy was promoted by Singh and his family before they sold their holding to Japanese drugmaker Daiichi Sankyo last year. At the time of announcement of the deal in June 2008, it was decided that Malvinder Singh would continue as CEO and MD and would also assume the position of chairman after the closure of the deal. While disclosing the remuneration paid to Singh, Ranbaxy has proposed an annual package of Rs 6 crore and other benefits for Sobti during his tenure. The remuneration packages for both Sobti -- for three years as CEO and MD with effect from 24 May 2009 -- and Singh -- from the date of his elevation to Chairman, CEO and MD till his resignation -- are yet to be ratified by Ranbaxy’s shareholders, who have been now asked to communicate their approval or dissent by 14 September. The company has also proposed that Sobti would be paid this remuneration notwithstanding the absence or inadequacy of profits in any accounting year, but his total remuneration, including salary, allowances, perquisites and commission would not exceed the government-prescribed limits. Sobti’s remuneration would include a salary of up to Rs1.5 crore per annum and various allowances and perquisites with their aggregate value capped at Rs4.5 crore. In addition, he would be entitled to company-maintained cars with drivers, telephones and fact at residence, company’s contribution to provident fund and superannuation fund, gratuity and other retiral benefits and leave encashment. Besides, he would also get commission equivalent to an amount to be divided by the board each year. In comparison, the company has disclosed that Singh was paid a remuneration of Rs9.15 crore for the period from 19 December 2008 to 24 May 2009, excluding a host of other benefits. During this period, he was paid a salary of over Rs7.35 crore as also allowances and perquisites totalling more than Rs1.78 crore. In addition, he also received benefits like three company-maintained cars with drivers, facilities like telephone, fax, computers, laptops, video-conference facility, Internet and board band at residence, mobile phones and hand-held email devices, company’s contribution to provident fund and superannuation fund, payment of gratuity and other retiral benefits and leave encashment. Ranbaxy has also sought shareholders’ nod for “seeking approval of the Central Government for waiver of excess remuneration paid to Malvinder Mohan Singh for the period from 19 December 2008 to 31 December 2008.” In view of the losses incurred in the year ended 31 December 2008, the company had sought and received the central government’s approal for the payment of remuneration to Singh as CEO and MD in excess of the specified limits for the period from 1 January 2008 to 18 December 2008. “For the period from 19 December 2008 to 31 December 2008 (the period in the accounting year 2008 during which Singh served as Chairman, CEO & MD), approval of the central government would be sought after the approval of the resolution by the shareholders,” Ranbaxy has said in a notice to its investors. Source: Home - Livemint.com | 16 Aug 2009 | 3:18 am Critics say tax haven crackdown falls shortWith every OECD-targeted tax haven across the globe now committed to tax "transparency and exchange of information," according to the organisation's Committee on Fiscal Affairs, the world seems to have entered a new era.Source: Hindustan Times News Feeds 'Business' | 16 Aug 2009 | 3:17 am MFs bullish on realty stocks New Delhi: Thanks to improved market sentiment and funding-raising activities of realty firms, the country’s mutual funds have turned bullish on the real estate sector, with their investment in property stocks soaring to Rs1,421 crore till July. The value of realty stocks held by fund houses stood at just Rs171 crore in December, when the economy was experiencing the tremors of the global financial turmoil. Going by the data with mutual fund tracking firm Value Research, the money parked by these entities in realty scrips is Rs1,421 crore till July, more than an eight-fold jump as compared to the investment in December last year. “Cash-strapped real estate firms have been able to mobilise liquidity by way of share sale. This has led to confidence among investors that a balloon burst in the sector is not expected in the near term,” Taurus Mutual Fund managing director R.K. Gupta said. At the end of July, MFs held 8.84 crore realty sector shares, much higher than the 1.66 crore held in December 2008. “We foresee value creation in realty in the long term and expect opportunities of better return would come in longer term,” Shinsei AMC chief executive Piyush Surana said. While the exposure of the funds to realty fell to Rs124.81 crore at the end of March, the figure ran up to Rs1,113.26 crore at the end of June and in July this rose to as much as Rs1,421.09 crore. Source: Home - Livemint.com | 16 Aug 2009 | 3:14 am Exports to revive by year-end: FICCIThough signs of an economic turnaround were starting to appear, a complete recovery for India's crisis-stricken exports sector would happen only by the year-end, according to an industry survey.Source: IndiaeNews.com: Business News | 16 Aug 2009 | 3:00 am Early signs of recovery in exports Mumbai: “Impacted by the global turmoil, exports fell for the nine month in a row in June, but there are early signs of recovery in overseas sales, which could regsiter growth from September onwards,” a finance ministry official said. Senior economic advisor in the finance ministry H.A.C. Prasad based his hypothesis on the sequential growth witnessed by exports in May and June. “While exports growth compared to corresponding month in previous year continues to be negative for the ninth month in a row, exports growth in June 2009 over May 2009 is positive at 16.4%. This is in continuation of the positive month over month trend in May 2009 (of 2.4%),” Prasad said. Hit by global financial crisis India’s exports started contracting from October onwards on yearly basis, even though it managed 10.4 per cent growth in September, when the global financial crisis deepened after Lehman Brothers collapsed. “If this trend (positive growth on monthly basis) continues till August 2009, the export growth could also be positive after that as the base effect will be felt from September 2009 as export growth was low in September 2008 and negative after that,” Prasad said. India’s exports fell by 27.7% in June to $12.81 billion in June from $17.73 billion in the same month last year. However, in May exports declined to $ 11.01 billion, down 29.2% year-on-year. As such, sequentially there is a growth of about 16.4%. However, Prasad hastened to caution that it is too early to come to any conclusion about export growth. “The next two months are deciding months. We have to see whether there will be real recovery in trade sector or only changes due to the base effect for the coming months,” he added. However, Federation of Indian Export Organisations (FIEO) director-general Ajay Sahai said that the declining trend is likely to continue for some more months. The exporters’ body acknowledged that the government cannot increase demand in the global markets but it should give incentives to exporters so that they do not lose orders. “The government should take short-term measures first and then come out with long-term policies after the global commerce shows improvement,” Sahai said. The Government is slated to unveil Foreign Trade Policy, which spells out the segments of priority in external trade and also gives incentives and disincentives, depending on the country’s needs. Source: LatestNews-Home - Livemint.com | 16 Aug 2009 | 3:00 am Pharmacy retailing to grow exponentially if FDI norms easedMumbai: Easing of foreign direct investment norms in pharmacy retailing in India can lead to exponential growth in the sector, which may reach a size of Rs43,000 crore in the next two years, says a report. “Pharmacy retail is growing at the rate of 20-25% annually. The organised pharma retail market size has the potential to grow to $9 billion by the year 2011,” the report titled ‘India Retail Research 2009´ said. The size of India’s pharmacy retail market is estimated at $4.5 billion, which is dominated by 12-15 big players. “Pharmacy chains are highly regulated and there is restriction on FDI investment in the retail sector. However, if government removes the restriction, there exists huge potential to grow,” the report said. Pharmacy chains in India also need to obtain drug selling licence to run the pharmacy, as per the provisions of the Drugs and Cosmetics Act, 1940. Apollo Pharmacy, Religare Wellness, Lifespring, MedPlus, 98.4, Medicine Shoppe, Dial for Health and LifeKen are the major players in pharmacy retail chain. “Companies are now focusing on rural areas and non-metros in a big way because the rural market still remains unexplored to a large extent and there exists a tremendous scope of tapping the potential of these areas,” the report observed. Chains like Apollo, Guardian Lifecare and MedPlus plan to expand in Tier II and Tier III cities like Jaipur, Surat, Chandigarh and Ludhiana, it added. There are more than 3,500 organised retail pharmacy outlets in India. This is expected to grow nearly three times to 10,000 outlets by end of next year, the report said. The Indian arm of global chain Medicine Shoppe International aims to open 1,000 stores by 2010, primarily growing through its Sub Franchisee network. Medicine Shoppe is currently operational in Mumbai, Navi Mumbai and in several cities of Maharashtra, Gujarat, Goa, Delhi, Uttar Pradesh, West Bengal, Andhra Pradesh and Karnataka. Religare Wellness, which runs 112 stores, plans to expand its presence to over 100 cities. Fortis Healthworld, too, hopes to have a chain of 1,000 stores in 400 cities across India by 2012, the report said. Hyderabad-based MedPlus will also ramp up its store count to 1,000 from 600 at present. “Increasing brand awareness and quality consciousness among consumers would lead to shift to organised retailers because of value-added services such as diagnostics, lab facilities and other value added services,” the report said. Further, consolidation in the industry will deem profitable for many and lead to good pharmacy practices. Source: Home - Livemint.com | 16 Aug 2009 | 2:53 am Gold to glitter at over Rs15,000 level on growing demandNew Delhi: Gold prices are likely to surge further this week to rule over Rs15,000 per 10 grams level amidst a weakening dollar and rising demand ahead of the festival season. On Friday, October gold on Multi Commodity Exchange ruled at Rs14,965 per 10 grams, touching a high of Rs15,011 per grams. While in the international market the yellow metal ruled at $958 an ounce (28.34 grams). Analysts say gold is attracting investors as they are expecting the prices to rise further. The metal is likely to trade at Rs15,400 per 10 grams level this week as the dollar index is indicating a slight weakness, Brokerage firm SMC Global’s Rajesh Jain said. Among reasons supporting gold’s rise are the growing investment in exchange traded funds or ETFs, and increased demand ahead of the festival season. Investors returning to the market inspite of the ruling high prices will have positive impact on imports in the second half of the year, Religare Commodity’s Metals and Energy In-Charge Somnath Dey said. Gold import during the first six months of 2009 was only 51.6 tonnes compared to 139 tonnes during the same period in 2008, according to data given by the Bombay Bullion Association. Experts feel that high prices mainly kept the investors away from the market. Karvy Comtrade’s analyst say gold is likely to remain bullish, but it might take a slight correction and pick up again later. Gold may find resistance at $972 and support at $950 in the international market. In the domestic market the precious metal is likely to find resistance at Rs15,100 and support at Rs14,880, he added. Source: Home - Livemint.com | 16 Aug 2009 | 2:44 am Six in top 10 club add Rs28,000 cr in market cap Mumbai: As many as six among the top 10 firms added over Rs28,415 crore to their market capitalisation in the past week, while companies like NTPC, NMDC and IT bellwether Infosys Technologies saw their valuations dipping. State-run NTPC and NMDC lost Rs4,989 crore and Rs5,154 crore, respectively, in their valuation during the week ended 15 August. The total market cap of NTPC stood at Rs1,70,021 crore and NMDC at Rs1,44,553 crore at the end of the week. Meanwhile, India’s largest oil producer ONGC gained the most by adding Rs17,571 crore to its market cap, taking its total market valuation to Rs2,60,985 crore at the end of the week. The ONGC scrip surged 7.21% last week to close at Rs1,220.20 on the Bombay Stock Exchange (BSE) on Friday. The country’s most valued firm, RIL, added Rs6,044 crore to its valuation during the week ended 15 August. RIL’s market cap rose to Rs3,20,172 crore at the end of the week. Private sector telecom services provider Bharti Airtel jumped to fourth place from fifth after adding Rs9,169 crore to its market cap, taking its total market valuation to Rs1,54,892 crore. Source: Home - Livemint.com | 16 Aug 2009 | 2:37 am Jet Airways in talks with airlines for wet lease conversionNew Delhi: Private airline Jet Airways has converted the wet lease of its aircraft -- where airplanes are given along with the crew and maintenance obligations -- to Turkish Airlines into dry lease, which comes without staff and other frills, and is holding talks with Gulf Air and Oman Air for similar conversion. The Naresh-Goyal promoted airline had given on wet-lease two Airbus 330 to Oman Air and four Boeing 777 planes to Gulf Air earlier this year. While the lease term with Gulf Air will expire in October this year, the agreement with Oman Air continues till October-November. “We have converted the lease with Turkish Airlines effective last month. Three Boeing 777s have been delivered to it on dry lease and another one would be delivered to it soon,” Jet Airways executive director Saroj Datta said. Conversion of wet lease into dry lease would result in revenues of Jet Airways going down by almost half on these airplanes. The revenue from each of such aircraft per month is in the range of $2 million which goes down to about $1 million when converted into dry lease, according to analysts. Datta declined to give the reduction in revenues as a result of conversion saying “the costs involved also goes down”. Jet Airways CEO Wolfgang Prock-Schauer recently told investors, “In terms of revenue, when you convert wet lease to a dry lease, rough about 40-45% reduction is estimated”. The company had given out aircraft as part of its network and airplane-lease restructuring exercise and has started many of its international operations deploying narrow-body jets in place of wide-body. Source: Home - Livemint.com | 16 Aug 2009 | 2:26 am NEWSMAKER - Oil trader under scrutiny for phenomenal successNEW YORK (Reuters) - An oil trader who has rocked Wall Street and the White House over his nine-figure salary clings to a low profile, quietly making trades from a former dairy farm in Connecticut and emerging occasionally to satisfy his passion for art.Source: Reuters: Money News | 16 Aug 2009 | 2:25 am Ahead of stake sale, Coal India slashes face value of sharesNew Delhi: In a step towards disinvestment, Coal India has got approval from the coal ministry to reduce the face value of its shares to Rs10 from existing Rs1,000, a move that would increase the number of the company’s shares to 631.6 crore. At present, the face value of one Coal India share stands at Rs1,000 and the company has 6.316 crore shares, Coal India chairman P.S. Bhattacharyya. “The coal ministry has given us its approval to lower the face value of our shares from Rs1,000 a share at present to Rs10 per share,” he said. The navaratna firm has a paid-up equity capital of about Rs6,300 crore. Besides giving its nod to lower the face value of CIL’s shares, the coal ministry has approved the conversion of the PSU from a “private limited” firm into a “public limited” one, he said. It has approved increasing the number of shareholders to seven from the current six, a condition for any state-run entity to become “public limited”. “Coal India is registered as a private limited company and will soon be a public limited firm with a small amendment,” he said. It is a pre-requisite for disinvestment and coming out with a public offer. Bhattacharyya is working to finalise the disinvestment proposal and had met the disinvestment secretary last week in this regard. Coal minister Sriprakash Jaiswal had last month said he would take up the matter of divesting 5-10% of the government’s stake in the company with Prime Minister Manmohan Singh after the monsoon session of Parliament, which ended on 7 August. The company aims at implementing its relief and rehabilitation policy by offering shares to people whose land is acquired for mining. Besides this, Coal India will offer shares to its employees. The remaining stocks will be left for trading on the bourses. But, for selling stake, the coal ministry will have to introduce a Bill to amend the present Coal Mines Nationalisation Act, paving the way for the proposed disinvestment. CIL has estimated coal reserves of up to 100 billion tonnes and an over 80% market share in the country. It produced about 403 million tonnes of coal last fiscal. The company has a capital expenditure plan of Rs3,200 crore for this fiscal and aims to increase production by 7.5% to 435 million tonnes by the end of the current financial year. Coal India had a profit before tax of Rs8,738.46 crore in the last fiscal. Source: Home - Livemint.com | 16 Aug 2009 | 2:19 am IPO VIEW - Billion-dollar IPOs set to return to U.S.NEW YORK (Reuters) - Investors lured by healthier stock markets and private equity firms eager to unload stakes in their portfolio companies are setting the stage for the return of billion-dollar-sized initial public offerings to the United States.Source: Reuters: Money News | 16 Aug 2009 | 2:07 am States may not reduce tax on jet fuelEven though the aviation industry is pressing for cut in sales tax on jet fuel, most of the states are unlikely to provide any relief to the beleagured sector and may stick to their present tax structure.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 1:55 am Now, file I-T returns at a Corp Bank ATM near youAimed at retail assesses, state-owned Corporation Bank will offer income tax returns filing facility through its 1000-plus strong ATM network spread across the country, a top company official said.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 1:51 am Corporate India resumes hiring amid recovery signalsNew Delhi: In a major relief for jobseekers, corporate India’s hiring activities are picking up once again as economic conditions are looking up considerably, experts say. Most of the Indian companies which had frozen hiring due to the downturn have started to look at fresh recruitments now with indications of an economic recovery becoming visible across the world, according to HR experts. “Hiring trends are picking up with companies opening up again for fresh recruitments ... the days of downturn seem to be over and an upswing has begun. “The resume posting activity is picking up again as people are testing the waters for changing their jobs,” International Management Institute (IMI) director C.S. Venkata Ratnam said. Global consultancy PricewaterhouseCoopers executive director R. Sankar said the hiring conditions were turning for the better even as a long way remains for companies to regain their previous year’s levels. “The job scene has improved but is still to reach the levels of euphoria we were accustomed to in earlier years. We don’t see a ‘flurry of resumes´ but cherry picking of key talent continues to happen,” Sankar said. “Much would depend on the pace of the economic recovery. The green shoots are springing up but the poor monsoon is cause for concern,” he added. Venkata Ratnam also said that retail and realty sectors are the ones to pick up strongly in the coming months, while IT sector will continue to suffer as it is not driven by domestic demand. “In any event, sectors such as FMCG, pharma, telecoms etc which have been relatively less affected by the slowdown will continue to hire, albeit cautiously,” Sankar pointed out. In June, corporate India’s hiring activity had surged significantly with recruitment in banking and financial services sector increasing 22% in the month, according to a survey by job portal Naukri.com. “The economy has pulled out of the stagnancy in hiring. Although, there is an uptrend in hiring, this may be only indicative of replacement hiring,” Source: Home - Livemint.com | 16 Aug 2009 | 1:47 am BMW sales jump 14% in Jan-July, top in high-end segmentNew Delhi: German luxury carmaker BMW has posted a 14% jump in sales in India during January-July, taking it to the top position in the high-end segment, with two more proposed launches in the next two months. BMW India, the wholly-owned subsidiary of BMW Group, sold 2,008 units in the first seven months of the year over 1,763 units in the same period last year. “After seven months, we are number one. Our target is to stay number one in 2009 and we are very much on track,” BMW India president Peter Kronschnabl said. The company, which sold 2,908 units last year, is confident of crossing the 3,000 mark this year, he added. According to the Society of Indian Automobile Manufacturers, BMW India registered growth of 12.76% at 1,016 units in April-July, while its rival Mercedes-Benz saw its sales going down 21.02% at 853 units this fiscal over the same period in 2008-09. To expand its product portfolio, BMW India has planned to launch a two-seater roadster -- Z4 -- in the country on the eve of Deepawali in October, expected to be priced at Rs50-60 lakh. “It’s a niche model, so we are not expecting any big numbers. We hope to sell 40 cars every year,” Kronschnabl said. Kronschnabl also said the company is currently carrying out the homologation (process of approval) for a petrol version of its 7-series sedan, which would be introduced next month. Besides, the company, which currently has 14 dealers, will be adding eight more in Tier II cities by the end of 2010. “Our dealership expansion programme is completely on track and we have finalised our partners in cities such as Cochin and Jaipur. Many of the outlets are under construction,” Kronschnabl said. Source: World Business - Livemint.com | 16 Aug 2009 | 1:31 am BMW sales jump 14% in Jan-July, top in high-end segmentNew Delhi: German luxury carmaker BMW has posted a 14% jump in sales in India during January-July, taking it to the top position in the high-end segment, with two more proposed launches in the next two months. BMW India, the wholly-owned subsidiary of BMW Group, sold 2,008 units in the first seven months of the year over 1,763 units in the same period last year. “After seven months, we are number one. Our target is to stay number one in 2009 and we are very much on track,” BMW India president Peter Kronschnabl said. The company, which sold 2,908 units last year, is confident of crossing the 3,000 mark this year, he added. According to the Society of Indian Automobile Manufacturers, BMW India registered growth of 12.76% at 1,016 units in April-July, while its rival Mercedes-Benz saw its sales going down 21.02% at 853 units this fiscal over the same period in 2008-09. To expand its product portfolio, BMW India has planned to launch a two-seater roadster -- Z4 -- in the country on the eve of Deepawali in October, expected to be priced at Rs50-60 lakh. “It’s a niche model, so we are not expecting any big numbers. We hope to sell 40 cars every year,” Kronschnabl said. Kronschnabl also said the company is currently carrying out the homologation (process of approval) for a petrol version of its 7-series sedan, which would be introduced next month. Besides, the company, which currently has 14 dealers, will be adding eight more in Tier II cities by the end of 2010. “Our dealership expansion programme is completely on track and we have finalised our partners in cities such as Cochin and Jaipur. Many of the outlets are under construction,” Kronschnabl said. Source: Home - Livemint.com | 16 Aug 2009 | 1:31 am Court pulls up contractor for stale food on trainsThe Delhi High Court has pulled up a contractor whose services had been terminated for supplying stale food to the Shatabadi and Rajdhani trains and noted that the offence was 'a very serious one'.Source: IndiaeNews.com: Business News | 16 Aug 2009 | 1:30 am High taxes in India holding back LonginesHigh duties and taxes on luxury watches in India were holding back Swiss watchmaker Longines from opening its exclusive stores in the country.Source: Daily News & Analysis: Money News | 16 Aug 2009 | 12:52 am Sufficient food grain stocks may prevent high inflationDespite poor monsoon, sufficient food grain stocks may prevent a high inflation situation this year.Source: India Business News | Business News - Times of India | 16 Aug 2009 | 12:39 am Satellite cos seek to hook up with e-governance projectNew Delhi, Aug. 15 Satellite-based communications service providers are eyeing a share of the Rs 3,320-crore e-governance project for setting up one lakh common service centres (CSCs) across 2.43 lakh villages.Source: Business Line - Home Page | 16 Aug 2009 | 12:00 am Govt will go all-out to get back to 9% growth: PMNew Delhi, Aug 15 The Prime Minister, Dr Manmohan Singh, said on Saturday the Government will take every possible step to restore annual economic growth to nine per cent.Source: Business Line - Home Page | 16 Aug 2009 | 12:00 am India’s fiscal responsibility performance is mixed: IMF PaperNew Delhi, Aug. 15 As India wrestles with a possible successor framework to the Fiscal Responsibility and Budget Management Act (FRBMA), following the ballooning of deficit last year, the country’s experience with fiscal rules has so farSource: Business Line - Home Page | 16 Aug 2009 | 12:00 am Honda, Toyota India operations decelerate with economyChennai, Aug. 15 The two leading Japanese car-makers — Honda and Toyota — saw the fortunes of their Indian operations dip in 2008-09, with Honda Siel Cars India Ltd reporting a loss for the year, while Toyota Kirloskar Motor Pvt LtdSource: Business Line - Home Page | 16 Aug 2009 | 12:00 am Weekly News Round upThe redesigned Web site of The Hindu was launched on Saturday, August 15, in beta. As the Web site of a 130-year-old newspaper of record, it retains its core values of independence, authenticity, and credibility while adopting contemporary webSource: Business Line - Home Page | 16 Aug 2009 | 12:00 am Private oil field cos may have to detail capex spend to CAGNew Delhi, Aug. 15 The Petroleum Ministry is likely to ask the private operators developing oil and gas fields in their respective blocks to make available the records sought by the Comptroller and Auditor General of IndiaSource: Business Line - Home Page | 16 Aug 2009 | 12:00 am Coal India plans two-phase 15% disinvestmentCoal India Ltd, with an equity capital of Rs 6,316 crore, has proposed to the Union Government a 15 per cent disinvestment in two stages within the next one year.Source: Business Line - Home Page | 16 Aug 2009 | 12:00 am PM to chair meeting of CMs on internal security on MondayNew Delhi: Pro-active action against Naxals and security in the aftermath of Mumbai terror attacks will be reviewed at a meeting of chief ministers convened by Prime Minister Manmohan Singh on Monday. Activities of Pakistan-based terror outfits and situation in Jammu and Kashmir as well as the Northeast will also come under the scanner at the day-long conference which is being organised by the union home ministry. Threadbare discussions will be held with the chief ministers on the security situation and measures to be adopted to maintain law and order, coastal security, strengthening of intelligence wing, augmenting police forces and preparedness of Quick Reaction Teams, home ministry sources said. In his address to the nation on the occasion of 63rd Independence Day on Saturday, Singh said, “After the horrific terror attacks in Mumbai last November, our government has taken many steps against terrorism. The central government will redouble its efforts to deal with Naxalite activities.” The meeting of CMs held in January had decided to tighten security along the 7,200 km-long coastline, increase the number of police stations, check posts and interceptor boats. A separate meeting of chief ministers of seven Naxal affected states will be held later in the day to discuss the situation arising out of Maoist violence. The conference will review the information collection system -- both technical and human intelligence -- its proper sharing and necessary action, modernisation of police forces, procurement of arms and ammunition, filling up of vacancies besides providing training to security forces. The Centre will stress on making police recruitment process corruption-free. Non-functional coastal police stations and non-utilisation of interceptor boats given by the Centre will also come for review. Besides, the Centre will also review the outcome of the mock security drills, which the states were asked to conduct on a regular basis to check preparedness of the forces. During the last conference of the chief ministers, the Prime Minister had accused Pakistan of utilising terrorism as an instrument of state policy and said given the “sophistication and military precision” of the Mumbai terror attacks, they must have had the support of some official agencies in that country. While Tamil Nadu will be represented at tomorrow’s meeting by Deputy Chief Minister M K Stalin, Uttar Pradesh Chief Minister Mayawati is yet to confirm her participation. Chief Ministers of Himachal Pradesh and Arunachal Pradesh -- P.K. Dhumal and Dorjee Khandu -- will not attend due to preoccupations and have nominated their representatives. Source: LatestNews-Home - Livemint.com | 15 Aug 2009 | 11:58 pm Sufficient food grain stocks may prevent high inflationThe government has declared that it has sufficient food grain stocks to meet demand under the public distribution system (PDS) and other welfare schemes during 2009-10.Source: Daily News & Analysis: Money News | 15 Aug 2009 | 11:58 pm Oman-India trade is set to reach $2.5 billionEarlier this month, Ambassador Anil Wadhwa, had said that total trade between the two countries during 2007, including Omani LNG exports, stood at 1.8 billion dollars.Source: Daily News & Analysis: Money News | 15 Aug 2009 | 11:23 pm India faces drought but economists upbeatNew Delhi: Crops are shrivelling as India faces the spectre of drought but economists say they are still upbeat about the country’s economic prospects. They are banking that a strong industrial performance will help offset the impact of the worst monsoon in years in Asia’s third largest economy. Analysts have been buoyed by new data showing industrial production jumping by 7.8% in June from a year earlier -- its quickest pace in 16 months. Output was spurred by record low interest rates and government stimulus that have prompted consumers to buy factory-made products such as cars and refrigerators. The figures last week came on top of a slew of other economic indicators suggesting India is starting to rebound from the impact of the worst global downturn since the 1930s. “The domestic economy is slowly but definitely reviving,” said Deepak Lalwani, India director at investment house Astaire & Partners in London. Even with “the rain gods playing hooky,” a robust industry and service sector outlook “should offset the (economic) hit from agriculture,” said Rajeev Malik, economist at Macquarie Securities. Malik said he was sticking to his forecast of 7% growth for the current fiscal year to March 2010 although he added that “a bigger hit to agriculture might warrant a downward revision.” India’s economy expanded by 6.7% last year after growing by a scorching 9% for several years in a row. HSBC economist Robert Prior-Wandesforde, who expects 6.2% growth, said the June industrial output number “suggests there is plenty of momentum” outside the agricultural sector. He added there was “plenty more in the way of positive effects” to come from the central bank’s aggressive interest rate cuts and government stimulus. “The upside from industrial activity (is) likely to mitigate the negative impact of poor rains,” Goldman Sachs analysts Tushar Poddar and Pranjul Bhandari wrote in a note to clients. Economists’ optimism about overall prospects stems partly from the reduced role that agriculture now plays in India’s economy -- accounting for around 17% of gross domestic product, down from 50% in the 1950s. Still, analysts say they are not dismissing the misery a poor monsoon can cause, noting rural demand remains a vital driver of consumer demand. For India’s 235 million farmers, many of them smallholders eking out a living, a bad monsoon can spell financial disaster, wiping out livelihoods. India’s official weather map is a mass of red -- the colour the weather office uses to show “deficient” rains, defined as 20% to 59% below normal. Some 177 out of India’s 626 districts are in the grip of drought with rice crops the worst hit. Only a thin strip along the western coast has received normal rain during this monsoon season, which runs from June to September. The country “has witnessed two monsoon failures this decade,” Astaire’s Lalwani noted. In 2004, the rains were 13% below normal and in 2002 they were 19% below normal, he said. The 2002 drought reduced growth to 3.8%, the lowest in 11 years. Growth then rebounded to 8.5% the next year when the monsoon revived. This year’s rain shortage threatens to be far worse. The monsoon has been 29% below normal so far. “The momentum of economic revival will be affected by lower incomes among farmers and slowing rural demand,” said Lalwani, who projects 6.1% growth. But even with the rain shortfall, government officials say there will be no food shortages thanks to two years of bumper harvests. Lalwani’s forecast is broadly in line with India’s central bank, which has forecast 6%-plus growth. While that figure looks strong compared with the anaemic rates in the United States, Japan and Europe, India says it needs to return to at least 9% expansion to significantly dent widespread, crushing poverty. Source: LatestNews-Home - Livemint.com | 15 Aug 2009 | 11:15 pm Indian IT industry on alert to prevent swine flu falloutThe $60-billion Indian IT industry is on an alert mode on account of the pandemic swine flu that has affected travel and led to postponement of events, according to a top industry official.Source: IndiaeNews.com: Business News | 15 Aug 2009 | 11:00 pm The strange case of Ramalinga RajuLike the proverbial Jekyll and Hyde, the former Satyam chief seems to have been an honourable guy and at the same time a charlatan.Source: Daily News & Analysis: Money News | 15 Aug 2009 | 10:23 pm Mismatch between education system, job requirements: StudyWhat is being taught in schools and colleges doesn't match the skills that businesses are looking for in new recruits in countries like India, China and the United Arab Emirates (UAE), says a new global study.Source: IndiaeNews.com: Business News | 15 Aug 2009 | 9:30 pm Draft code may make individuals pay more tax - Economic Times
Source: Business - Google News | 15 Aug 2009 | 8:08 pm Qatar to buy stake in PorscheGerman luxury carmaker Porsche said on Friday the Gulf state of Qatar would take a stake in the company and acquire the majority of stock options the firm holds in Volkswagen.Source: Hindustan Times News Feeds 'Business' | 15 Aug 2009 | 5:04 pm Focus will be on 9% growth: Manmohan - Economic Times
Source: Business - Google News | 15 Aug 2009 | 3:14 pm SRK detained at US airport, released after diplomatic interventionEarly Saturday morning, as India woke up to celebrate its 63nd Independence Day, Bollywood superstar Shah Rukh Khan was detained at Newark Airport in the US and questioned for over two hours. Later, the Indian Mission intervened and secured the release of the 43-year-old actor.Source: Business Standard | Front Page Headlines | 15 Aug 2009 | 12:49 pm Foreign liquor on a low in DelhiSale of imported liquor like wine, champagne and whisky has come down by 70 per cent in Delhi after their prices went up sharply due to an increase in local levies by the Delhi government.Source: Business Standard | Front Page Headlines | 15 Aug 2009 | 12:47 pm PE firm gets nod for Mauritius money, finallyThe Foreign Investment Promotion Board, or FIPB, has approved Bangalore-based Forum Synergies PE Fund Managers proposal to get Rs 651 crore investment from Mauritius-based India Knowledge Manufacturing Company (IKMC).Source: Business Standard | Front Page Headlines | 15 Aug 2009 | 12:45 pm Bullish PM offers more for common manTalks about return to 9% growth, promises aid to drought-hit farmers and check on food prices.Source: Business Standard | Front Page Headlines | 15 Aug 2009 | 12:43 pm How the Ambani saga unfolded - Chandigarh Tribune
Source: Business - Google News | 15 Aug 2009 | 12:41 pm Bajaj Auto planning 1-tonne commercial vehicle - Hindu Business Line
Source: Business - Google News | 15 Aug 2009 | 12:34 pm Nokia India agrees to discuss workers' demandsA day after employees staged a sit-in in front of the Nokia India plant in Chennai, the management on Saturday agreed to discuss their demands, including a higher wage hike than they were offered.Source: Hindustan Times News Feeds 'Business' | 15 Aug 2009 | 12:24 pm CitiGroup says two traders exempt from pay review - NYTimesCHICAGO (Reuters) - Citigroup Inc says two of its traders are exempt from a government review of the bank's top executive pay packages, The New York Times reported on Saturday.Source: Reuters: Money News | 15 Aug 2009 | 12:15 pm Recession hits Aadi sales, advertisers offer value adsThe Aadi festival is Tamil Nadu\'s biggest shopping season. The festival has come to an end and the slowdown seems to have spoilt the party this time around, reports Divya Rajagopal and Sweta Sriram.Source: Moneycontrol Top Headlines | 15 Aug 2009 | 9:33 am Oil cos hike ATF price by 4.5%Even as the aviation industry is crying for a bail-out, state-run oil firms hiked jet fuel prices by 4.5% in step with firming international oil rates.Source: India Business News | Business News - Times of India | 15 Aug 2009 | 9:06 am West Bengal to acquire land for railway projectsThe West Bengal government Saturday said it will acquire land for the projects announced by Railways Minister and Trinamool Congress supremo Mamata Banerjee.Source: IndiaeNews.com: Business News | 15 Aug 2009 | 9:01 am BOB-UAE BoB to boost India-UAE investment flowBank of Baroda has launched an initiative to facilitate two-way flow of investments between India and the UAE, a senior bank offical has said.Source: Hindustan Times News Feeds 'Business' | 15 Aug 2009 | 8:44 am Indage Vintners in dire straits, pledges 97.9% stakeC.H Unnikrishnan of Mint said, the promoters of Indage Vintners Ltd, one of India\'s earliest wineries, are in dire straits. They have pledged at least 97.9% of their stake in the company.Source: Moneycontrol Top Headlines | 15 Aug 2009 | 8:25 am myschool.in.com: Taking edu to the next levelHere is a unique effort by myschool.in.com. It is a k12 community powered by web 18 which strengthens the communication competencies of the school educational system.Source: Moneycontrol Top Headlines | 15 Aug 2009 | 8:24 am Will address airline industry\'s valid demands: Praful PatelThe man of the moment, Civil Aviation Minister Praful Patel speaks to Vir Sanghi on his CNBCTV18 show Tycoons With Vir Sanghvi on the recent turbulence that has crept up with private airlines.Source: Moneycontrol Top Headlines | 15 Aug 2009 | 8:05 am Nokia India agrees to discuss workers' demandsA day after employees staged a sit-in in front of the Nokia India plant here, the management Saturday agreed to discuss their demands, including a higher wage hike than they were offered.Source: IndiaeNews.com: Business News | 15 Aug 2009 | 8:00 am IITs only Indian brand to gain global recognition: Rahul BajajBajaj Auto chairman Rahul Bajaj has said that IITs are the only Indian brand to gain global recognition and expressed hope that products manufactured in the country would be widely accepted throughout the world in future.Source: Hindustan Times News Feeds 'Business' | 15 Aug 2009 | 7:07 am Market turns the corner, Sensex up by 251 pts in the weekThe bull charge continued unabated as the bellwether indices, Sensex and Nifty, kept on their north-bound journey during the week under review following good buying support across the spectrum.Source: Hindustan Times News Feeds 'Business' | 15 Aug 2009 | 6:51 am Bharat Heavy Electricals to invest Rs.485 crore in boiler divisionPower equipment major Bharat Heavy Electricals Ltd (BHEL) will invest Rs.485 crore ($100 million) to expand its boiler division that makes thermal and nuclear plant boilers, a senior official said here Saturday.Source: IndiaeNews.com: Business News | 15 Aug 2009 | 6:30 am SRK detained at US airport, released after questioningWashington: Bollywood superstar Shahrukh Khan was detained on Satuday morning at the Newark Airport in the United States and was questioned for about two hours before the Indian mission intervened and secured his release. Khan was detained by the Immigration officers, who wanted to know why he was visiting the US and other such questions. Commenting on the incident, Khan said that he was detained as his name was similar to someone else’. ”I was taken aback ...I was taken to a room where there were several others waiting for secondary immigration checks,” a visibly upset Khan said, while speaking about the incident. The Bollywood actor said he kept telling the authorities that he was an actor and requested them to allow him to speak to his contacts in the US, but was disallowed to use his phone. He said the immigration officials told him since his name popped up on their computer and he needed to be questioned. Khan said there were some immigration officials who knew him and vouched for him but they declined to entertain his plea, saying they have to follow rules. He said after he was stopped he sent messages to his home and his secretary and Congress MP Rajiv Shukla, who informed the Indian Mission which came to his rescue. “I have always been worried about travelling to America. I shy away from all this. I don’t look like a terrorist going to do anything to the country. “I did feel bad. I felt angry. I am glad my family wasn’t there. God knows what they would have done to them,” Khan said. ”I told them I am a movie star and had recently visited the country for the shooting for a film” Khan said, he said, adding that the particular immigration officer refused to oblige. Khan, who was heading for Chicago to attend Independence Day celebrations along with Bollywood celebrities Saif Ali Khan, Katrina Kaif and Bipasha Basu, said he had all the relevant papers despite which he was detained. “I am always reluctant to come down here (US). They always do it and it’s odd travelling alone. My guard wasn’t given visa from India and I was feeling disturbed. They kept on asking silly and irrelevant questions like phone numbers and hotel number,” Khan said. The incident comes two months after Malayalam superstar Mammootty was detained at the JFK airport due to his surname Ismail. Legendary singer Mukesh’s grandson actor Neil Nitin Mukesh had alleged that he was detained at an American airport as authorities said that he did not look like an Indian. Source: LatestNews-Home - Livemint.com | 15 Aug 2009 | 5:13 am Obama keeps heat on insurance firms in reform pushBIG SKY, Mont. (Reuters) - President Barack Obama said on Saturday U.S. healthcare worked better for insurance companies than for patients, as he pressed his case for a major overhaul that critics say is too expensive.Source: Reuters: Money News | 15 Aug 2009 | 4:25 am Pakistan issues tender to import 75,000 T sugarISLAMABAD (Reuters) - Pakistan is seeking to import 75,000 tones of white sugar in a tender that will close on Aug. 29, the state-run Trading Corporation of Pakistan said on Saturday.Source: Reuters: Money News | 15 Aug 2009 | 3:50 am Swedish consortium eyes Volvo cars bid - reportSTOCKHOLM (Reuters) - A consortium dominated by Swedish owners plans to bid for Ford Motor Co's Volvo car unit, a Swedish business daily reported on Saturday without disclosing its sources.Source: Reuters: Money News | 15 Aug 2009 | 3:49 am
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