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Six of top-10 companies lose Rs 19k cr in m-cap!As many as six out of the top-10 most valued companies lost over Rs 19,000 crore from their market capitalisation last week.Source: Zee News : Business | 27 Sep 2009 | 6:10 am Diwali bonuses likely as India Inc optimistic!As India Inc turns optimistic, it is likely to brighten this Diwali for its employees with bonuses.Source: Zee News : Business | 27 Sep 2009 | 6:10 am Indian ADRs lose USD 1.19 bn in a week!Indian stocks trading on American bourses lost over USD 1 billion last week, with IT bellwether Infosys accounting for most of the losses.Source: Zee News : Business | 27 Sep 2009 | 6:10 am AI cancels 13 flights on 2nd day of pilots` agitation!As the agitation by Air India`s executive pilots entered the second day, the airlines o Sunday cancelled around 13 morning flights, including six international ones, originating from here.Source: Zee News : Business | 27 Sep 2009 | 6:10 am Hotel industry on way to recovery, says survey!The Indian hotel industry is on its way to recovery, as evident from a survey wherein 75 percent of the respondents said their business prospects would improve in the next six months.Source: Zee News : Business | 27 Sep 2009 | 6:10 am Uttam Galva Steels mulls Rs 500-cr capex over two years!Mumbai-based Uttam Galva Steel, plans a capex of Rs 300-500-crore over the next 2-years, a top company official said.Source: Zee News : Business | 27 Sep 2009 | 6:10 am Roadblocks in GST: some states oppose giving up local taxes!The Centre`s efforts to introduce the proposed Goods and Services Tax from April 1 next year has hit roadbolocks as some states do not want local levies like purchase tax and octroi merged in the new indirect tax.Source: Zee News : Business | 27 Sep 2009 | 6:10 am UK's Brown plans legislation to curb bank bonusesLONDON (Reuters) - Britain plans tough new laws to prevent a return to the "bad old days" of huge bank bonuses and will penalise companies which fail to comply, Prime Minister Gordon Brown said on Sunday.Source: Reuters: Money News | 27 Sep 2009 | 4:08 am Bharti-MTN talks could go into overtime: AnalystsNew Delhi: Talks between India’s top mobile firm Bharti and South Africa’s flagship cellular group MTN may have to be extended due to new hurdles in their bid to create a telecoms giant, analysts say. But a deal could still emerge despite regulatory obstacles that have cropped up in the complex $24 billion share-swap negotiations, they said. The latest deadline set by Bharti Airtel, owned by tycoon Sunil Bharti Mittal, and MTN to wrap up exclusive talks to create the world’s third-largest mobile phone operator by subscribers expires Wednesday. Many analysts believe the companies will announce a third extension of the talks, which began in May aimed at forging a telecom powerhouse with annual revenues of over $20 billion and 200 million customers. “The two parties may come out with preliminary details, which may be possible before the end of the month, but there’s no way a deal can be concluded,” said investment analyst Rajay Ambekar of Prudential South Africa. “We’ll most likely see another extension,” Ambekar told AFP. Under the initial plan announced in May, Bharti would be the biggest single stakeholder in the alliance, taking a 49-percent stake in MTN using cash and Global Depository Receipts (GDRs). Shareholders of MTN would have a 36% interest in Bharti through cash and stock. “The two bodies are principally okay with the structure that they have been talking about,” said Gartner telecoms analyst Madhusudan Gupta. But demands earlier this month by the South African government for a dual stock exchange listing to preserve MTN’s South African identity have created a last-minute hitch. A dual-listed company involves two listed companies which have different sets of shareholders but share ownership of a single business. South Africa allows dual listing while India does not. The South African government, which indirectly holds over 21% in MTN, said it was unwilling to sacrifice the firm’s “South African character” and raised the idea of dual listing as a compromise. But allowing dual-listed companies would involve major changes in India’s foreign exchange and stock market laws - something the government says cannot be done immediately and not to facilitate one corporate deal. Then, in another complication, India’s stock market regulator last week tightened takeover rules. It said regulations on triggering an open offer now would apply to bidders acquiring Global Depositary Receipts with voting rights in an Indian company. MTN might then need to make a mandatory offer for another 20% of Bharti on top of the original 36% it planned to acquire, analysts say. That would make the deal more expensive for MTN and push the foreign investment in Bharti over the 74% limit stipulated by Indian law as there are other foreign investors which hold Bharti shares. The regulatory aspects “look to be a challenge” but “I don’t think the talks will fail on these grounds,” said Gartner’s Gupta. “I think they might just have to extend the talks.” In one positive sign, Indian Premier Manmohan Singh met South African President Jacob Zuma on the sidelines of the G-20 summit of rich and emerging nations in Pittsburgh last week to say he supported the deal. He said in comments aired on Indian TV on Saturday that he told Zuma he “sincerely hoped this deal would go through.” “It has been agreed this matter can be further discussed with the government of South Africa,” he added. In another positive signal, TV station CNBC-TV18 quoted unnamed South African government officials as saying they were positive on the deal for the “growth of MTN and Bharti.” Still, analysts say even if a deal is reached, MTN shareholders may not be happy over the price offered. “Views are in South Africa that MTN has a unique footprint in Africa and the Middle East and the price needs to be higher,“ said a London-based analyst who did not wish to be named. An agreement would need approval from 75% of MTN’s shareholders - some of whom have persistently said Bharti should sweeten its offer. Source: Home - Livemint.com | 27 Sep 2009 | 3:39 am Air India pilots' strike continues, 26 flights cancelled - Sify
Source: Business - Google News | 27 Sep 2009 | 3:19 am Air India pilots refuse to meet with managementMeanwhile, over 20 flights across the country, including 15 from Delhi, were today cancelled after the pilots reported sick.Source: Daily News & Analysis: Money News | 27 Sep 2009 | 3:05 am Over 30 institutes in race for Ganga master plan bidOver 30 scientific institutions of international repute are in the race to formulate a master plan for the water quality management of Ganga river basin.Source: Daily News & Analysis: Money News | 27 Sep 2009 | 3:02 am Andhra-based company to plug holes of sunken shipA company based in Andhra Pradesh has been awarded the contract to plug the holes in a ship that sank off Orissa's Paradip port Sep 9, a port official said Sunday.Source: IndiaeNews.com: Business News | 27 Sep 2009 | 3:00 am London-listed DQ Entertainment plans IPO in IndiaNew Delhi: Enthused by revival in primary market, animation and visual effects firm DQ Entertainment, which is already listed in London, is planning to raise funds through an initial public offering in the country. In a regulatory filing to the London Stock Exchange, DQ Entertainment Plc said, “DQE India, a wholly-owned subsidiary company in India, proposes to raise funds to meet its growth plans by way of a potential public offering in India.” However, the company did not disclose the financial details of the potential offering being planned in Indian capital market. “It is currently intended that any funds raised by DQE India will be such that the dilution to the company’s beneficial ownership shall be no more than 25%,” the filing added. DQ Entertainment, an Andhra Pradesh-based animation, gaming and entertainment production and distribution group, had got listed on the Alternative Investment Market (AIM) of the London Stock Exchange on 18 December, 2007. DQ Entertainment, was the first animation production, distribution & licensing company to be supported by five major venture equity partners, who exited the firm at the time of its listing at AIM, with good returns. At present, DQ Entertainment’s shares were quoted around 108 pence at the LSE, with market cap of €38.8 million. The company has a workforce of around 3,000 people and a global client/partner base of over 90 producers, distributors, broadcasters, licensors including Walt Disney Television Animation, Nickelodeon Animation Studios Inc, Electronic Arts, Marvel Comics, NBC-Universal, BBC Group, ZDF Germany and many more world-wide. Source: Home - Livemint.com | 27 Sep 2009 | 2:55 am Britain emerging from recession - PM BrownLONDON (Reuters) - The British economy is emerging from the worst recession in decades due to stimulus measures taken by the government and central bank, British Prime Minister Gordon Brown said on Sunday.Source: Reuters: Money News | 27 Sep 2009 | 2:48 am Air India pilots' strike continues, 26 flights cancelledTwenty-six Air India flights, including seven on international routes, were cancelled till 2 p.m. Sunday as striking pilots continued their agitation for the second consecutive day.Source: IndiaeNews.com: Business News | 27 Sep 2009 | 2:30 am Reliance Infratel IPO funds to repay loansNew Delhi: Anil Ambani group firm Reliance Infratel, which has proposed an initial public offer of its shares, will utilise bulk of the IPO proceeds for repayment of loans totalling Rs4,000 crore to its promoters. The company is awaiting regulatory clearance for the initial public offer, estimated to raise close to Rs 5,000 crore for the company, and has filed a draft Initial Public Offer (IPO) prospectus with Securities and Exchange Board of India. Out of the total proceeds from the IPO, Reliance Infratel has said, it would utilise Rs4,000 crore towards repayment of loan to a promoter entity Reliance Communication Infrastructure Ltd (RCIL), while the rest would be used for issue expenses and general corporate purposes. Besides RCIL, the company has also taken unsecured loans from another promoter entity Reliance Communications (RCOM), as also from commercial banks and third-parties, for its business expansion needs. However, the company does not envisage having any surplus distributable earnings anytime soon and therefore does not expect to pay any dividend in the foreseeable future. “We will not be in position to pay dividends to our shareholders in the foreseeable future....our business is capital intensive and we plan to make substantial capital expenditures to complete our current expansion plans,” the company said in the draft prospectus. The company said that it has very recently commenced operations as an independent entity pursuant to a demerger scheme, and its free reserves are only equal to the fair value of the assets that have been acquired under the scheme. Therefore, “We do not expect having distributable funds or paying any dividends in the foreseeable future. Additionally, we have taken unsecured loans from our Promoters, which may be recalled at any time by the lenders. “We may be unable to pay dividends in the near or medium term, and our future dividend policy will depend on our capital requirements and financing arrangements for further expansion, financial condition and results of operations,” it added. “We intend to use some of the proceeds from the Issue to repay a loan from one of our Promoters, RCIL,” the company said, adding that the total outstanding as on 15 September was Rs4,931.5 crore repayable by 31 March, 2012. “The purposes of the loan were to fund capital expenditures towards the roll-out of towers and passive infrastructure and to refinance high cost debt that had been drawn to fund capital expenditure for towers and passive infrastructure. “While the loan from RCIL had a lower rate of interest, lower costs and fewer covenants than what was otherwise commercially available, the portion of the proceeds that will be used for repayment will not be available for other purposes, such as building additional telecommunication towers and passive infrastructure, marketing the Company to potential customers or investing in new equipment and personnel.“ The company is planning to sell 15.6 crore equity shares with face value of Rs 10 each, to be sold at a premium to be decided later. This will represent 10.05 per cent of the company’s total equity capital and reduce the promoters’ holding to about 85 per cent, as the company has already divested five per cent equity to a clutch of institutional investors in the past. Reliance Infratel has been availing short-term and long-term loans from its promoters, RCOM and RCIL, from time to time, primarily to fund its expansion plans. At the end of last fiscal, total unsecured loans outstanding were Rs15161.3 crore, out of which unsecured loans outstanding from promoters (RCOM and RCIL) were Rs 9,111.4 crore and remaining from the commercial banks and third parties. As of 15 September, 2009, total unsecured loans outstanding from promoters were Rs 10,753.9 crore -- including Rs 5,822.32 crore due to RCOM and Rs4931.6 crore to RCIL. “We intend to use part of the net proceeds amounting to Rs4,000 crore for repayment of the unsecured loan availed from RCIL,“ the company said, adding that RCIL has the right to charge interest from 1 October, or from the date the company gets listed on a recognized stock exchange, whichever is earlier. Part of this loan, amounting to Rs 603.4 crore is repayable at the end of 31 March, 2010 and the balance of Rs4,328.2 crore by 31 March, 2012. Source: LatestNews-Home - Livemint.com | 27 Sep 2009 | 2:20 am Financial closure tough if more D6 gas not allocated now: RCF - Economic Times
Source: Business - Google News | 27 Sep 2009 | 1:53 am Iran test-fires missiles amid nuclear tensionTehran: Iran test-fired short-range missiles as its elite Revolutionary Guards began war games on Sunday aimed at boosting the Islamic Republic’s deterrent capabilities, official media reported. The missile manoeuvres coincide with increased tension in Iran’s nuclear dispute with the West, after last week’s disclosure by Tehran that it is building a second uranium enrichment plant. State radio said the Guards on Monday would test-fire the Shahab 3 missile, which Iranian officials say has a range of around 2,000 km, potentially putting Israel and US bases in the Gulf within reach. It has been tested several times before. Iran’s English-language Press TV said two short-range missiles as well as a multiple missile launcher were tested on the exercise’s first day. It showed footage of a missile launch in desert-like terrain, leaving a vapour trail. “Iran tests two short-range missiles,” it said in a scrolling headline, naming them as the ground-to-ground Fateh (Victorious) missile and the Tondar (Thunder) naval missile. The Revolutionary Guards said “the drill aims to maintain and boost the country’s armed forces deterrent capabilities,” Press TV said. The United States, which suspects Iran is seeking to build nuclear bombs, has previously expressed concern about Tehran’s missile programme. Iran says its nuclear work is for peaceful power generation purposes. Iran often conducts war games or tests weapons to show its determination to counter any attack by foes such as Israel or the United States. Neither the United States nor its ally Israel have ruled out military action if diplomacy fails to resolve the nuclear row. Iran has said it would respond to any attack by targeting US interests in the region and Israel, as well as closing the Strait of Hormuz, a vital route for world oil supplies. Iran acknowledged the existence of the enrichment plant near the holy city of Qom for the first time on Monday in a letter to the International Atomic Energy Agency (IAEA), the UN nuclear watchdog. US officials said the disclosure was designed to pre-empt an announcement by Western governments, which were aware of the site, but Iranian President Mahmoud Ahmadinejad said the plant was legal and open for inspection by the IAEA. US President Barack Obama said on Saturday the discovery of a secret nuclear plant showed a “disturbing pattern” of evasion by Iran which added urgency to its talks with six world powers in Geneva on Thursday. An Iranian official warned that “fabricated Western clamour” over the new enrichment plant would negatively affect the talks, state radio said on Sunday. Ali Asghar Soltanieh, Iran’s IAEA envoy, said, referring to the six powers: “This Western approach will have a negative impact on Iran’s negotiations with the 5+1 countries.” Earlier this month, Obama scrapped a Bush-era plan to deploy missiles in Poland that had been proposed amid concerns Iran was trying to develop nuclear warheads it could mount on long-range missiles. Source: Home - Livemint.com | 27 Sep 2009 | 1:48 am Logistics outsourcing to reach $90 mn by 2012: AssochamThe third party logistics (3PL) business in India is likely to reach $90 million by 2012 from $58 million now, as the model is fast catching up among the country's businessmen due to its cost advantage, an industry lobby report says.Source: IndiaeNews.com: Business News | 27 Sep 2009 | 1:30 am Diwali bonuses likely as India firms turns optimisticNew Delhi: As India Inc treads with cautious optimism amid improving economic climate, it is likely to brighten this Diwali for its employees with bonuses, though tempered ones, experts say. After weathering difficult days due to the global downturn companies are seeing positive sentiment trickling in, which may propel them to dole out bonuses this Diwali. “With things looking up companies are likely to go ahead with their usual policy on Diwali bonuses this time as increments and appraisals have either been postponed or not given in the past year. To keep up the employee morale companies are expected to give bonuses to their staff,” Info Edge, owners of job portal Naukri.com COO Hitesh Oberoi said. Recruitment firm TeamLease Services Managing director Ashok Reddy said, “as a lot of companies are moving to variable compensation to reward performance and the same would be applicable to payout based on output variables, it is difficult to predict how it is going to be for employees. Even if they get bonuses, we do not feel they will be huge.” Meanwhile, hiring activities have started looking up and people have restarted floating resumes and looking for greener pastures after a lull in the job market for nearly a year. Thus, industry experts believe firms will give out bonuses or variable pay hikes for retaining employees. “The bonus pay outs are expected to be selective in most cases based on the employees’ performance and could be in the range of 10-15% on an average,“ global consultancy firm AbsolutData Research and Analytics Co-founder and EVP Corporate Development Sudeshna Datta said. “Given that the impact of the economic meltdown still continues, it is unrealistic to expect huge bonuses or bonuses that would match pre-recession times to be given to employees immediately. It will take a while before the market would reach the stage of complete revival,” Datta added. Besides, Reddy said the sentiment has improved leading to a cautious optimism in the industry towards the future. “Most believe that the worst is behind us and we should start seeing a more (if moderate to start with) positive outcome/plan going forward,” he added. “Business is picking up after the downturn in all the major sectors and this gives us good reasons to continue being optimistic. At AbsolutData we are recruiting for certain key positions in the company, for instance, the positions related to our India business,” Datta added. Source: Home - Livemint.com | 27 Sep 2009 | 1:28 am G20 must tackle global imbalances - ECB's TrichetFRANKFURT (Reuters) - The Group of 20 rich and developing nations must tackle global economic imbalances in its new role as the key international policy forum, European Central Bank President Jean-Claude Trichet said in comments released on Sunday.Source: Reuters: Money News | 27 Sep 2009 | 1:19 am GST Roll-out | Some states oppose giving up local taxesNew Delhi: The Centre’s efforts to introduce the proposed Goods and Services Tax from 1 April next year has hit roadbolocks as some states do not want local levies like purchase tax and octroi merged in the new indirect tax. The GST is expected to subsume most of the taxes levied by the Centre like central excise and service tax, and those charged by the states such as VAT, purchase tax, octroi and others. However, a finance ministry official said, “Some states like Punjab and Haryana are opposing this as they do not want to remove the purchase tax on agricultural products as they are a major source of income for them while others like Maharashtra do not want to do away with octroi.” Purchase tax is levied by some states on agricutural produce when purchased from the state and taken to some other state, while octroi is levied on various articles brought into a district for consumption. Moreover, states are worried about their fiscal autonomy as there is an unsaid distrust between the Centre and the states on financial matters. Madhya Pradesh finance minister Raghav Ji has expressed apprehensions that GST would take away the fiscal autonomy of states by tinkering with state tax rates. While states have decided that there will be two basic rates of GST, the Centre is yet to take a call on this issue. The Empowered Group of state finance ministers will meet finance minister Pranab Mukherjee on 8 October to decide on the goods and services to be included in the new tax system, only after which tax rates could be decided. The Empowered Group has set up a joint working group, comprising state finance secretaries, commissioners of taxes and Union finance ministry officials, to suggest constitutional amendments and a model GST legislation to pave the way for introduction of the new indirect tax system. The group is expected to give a report to the Empowered Group within three months, Group Chairman Asim Dasgupta had said earlier. Dasgupta had also pointed out that the intention as of now is to keep every state on board to implement GST, unlike VAT when many states did not join the new state tax from the beginning. Source: Home - Livemint.com | 27 Sep 2009 | 1:15 am RCF to develop residential complex for employeesMumbai: The country’s largest public sector fertilizer manufacturer, Rashtriya Chemicals and Fertilizers Ltd, may develop part of the surplus land at its Mumbai manufacturing complex for official residence of public sector companies. The project now awaits approval of the central government, which owns over 90% equity in the company. The development will cover about 50 to 60 acres of the unutilized area of the total 600 acres of land that the company owns. Currently the manufacturing complex houses fertilizer plants, captive power units and employees quarters. “Under the new project, we will construct high rise buildings that will cater to relocation of our own employees from the old housing complex, where many of buildings are in bad shape now. Additionally, there will be separate residential complexes being built jointly with other public sector undertakings (PSUs) companies like Oil and Natural Gas Corporation, Oil majors such as Indian Oil Corporation Ltd, Baharat Petroleum Corporation Ltd, Gas Authority of India Ltd among others,” said RCF chairman and managing director U S Jha. After RCF’s decision on the government residential project, rumours have emerged that the public sector company may sell the land to private builders for developing commercial as well as residential projects. “We had initially planned to repair and improve existing employee quarters within the complex, but since it will also cost around Rs250 to 300 crore, it was decided to go for new construction,” explained Jha. Jha highlighted that the total land at the site was originally allotted for manufacturing as well as employees residential purposes. “So, we cannot take any decision that will go against this original pact. We have already proposed key expansion plans in the existing line of manufacturing, and this will need the rest of the land that lies unutilized at present, “ he added. Source: Home - Livemint.com | 27 Sep 2009 | 12:45 am Dutch shipbuilder, IHC Merwede, eyeing India to set up unitIHC Merwede, plans to set up a facility in India to manufacture dredging equipment. It has supplied both small and large dredges to India from its Netherland units for over a decade.Source: Daily News & Analysis: Money News | 27 Sep 2009 | 12:14 am Six of top 10 firms lose R19,000 cr in McapMumbai: As many as six out of the top-10 most valued companies lost over Rs19,000 crore from their market capitalisation last week. However, state-run companies ONGC, NTPC, State Bank of India and private outsourcing firm Tata Consultancy Services together added Rs15,623 crore in their market cap for the week ended 26 September. The country’s most valued firm, Reliance Industries saw the highest erosion in value losing Rs7,924.44 crore from its market cap, taking the total loss to Rs3,35,202.83 crore at the end of the week. Mukesh Ambani Group company RIL’s market cap stood at Rs3,43,127.27 crore for the week ended 19 September. Further, the market cap of trading major MMTC declined by Rs5,854 crore to Rs1,68,851.25 crore. While, power firm NTPC climbed to the third slot from fourth after adding Rs2,803.45 crore, taking its total market valuation to Rs1,75,257.25 crore. Meanwhile, State-run oil firm ONGC’s market cap swelled by Rs1,411.66 crore to Rs2,47,531.43 crore. At the same time, private telecom services provider Bharti Airtel saw its market valuation erode by Rs645.46 crore to Rs1,57,322.07 crore. Markets witnessed four day trade last week as Monday was a holiday. The country’s largest iron ore producer, NMDC’s market valuation shrunk by Rs2,160.76 crore to Rs1,41,401.03 crore. Public sector lender SBI climbed to the seventh position after adding Rs8,247.1 crore to its market cap, while IT bellwether Infosys Technologies slipped to the eight slot after losing Rs1,418.33 crore from its market valuation. The total market cap of SBI stood at Rs1,35,810.36 crore and Infosys at Rs1,28,669.16 crore. Top outsourcing firm, TCS added Rs3,160.88 crore to its market valuation, while power equipment-maker Bhel lost Rs1,089.18 crore from its market cap. The total market cap of TCS stood at Rs1,14,897.43 crore and Bhel end the week with a total market valuation of Rs1,09,926.61 crore. Apart from top-10 coveted firms, private sector lender ICICI Bank lost Rs405.26 crore from its market cap, while HDFC Bank added Rs4,064.47 crore to its market valuation. At the end of week, total market cap of ICICI Bank stood at Rs93,378.11 crore and HDFC Bank at Rs68,675.43 crore. In the club of top-10 firms, RIL is followed by ONGC (Rs2,47,531.43 crore), NTPC (Rs1,75,257.25 crore), MMTC (Rs1,68,851.25 crore), Bharti Airtel (Rs1,57,322.07 crore), NMDC (Rs1,41,401.03 crore), SBI (Rs1,35,810.36 crore), Infosys (Rs1,28,669.16 crore), TCS (Rs1,14,897.43 crore) and Bhel (Rs1,09,926.61 crore), in that order. Source: Home - Livemint.com | 27 Sep 2009 | 12:12 am Weekly News Round upThe decision of Air India's management to cut the productivity- linked incentives of close to 7,000 executive-level employees, in an effort to reduce its ballooning wage costs, has led to an agitation by some pilots onSource: Business Line - Home Page | 27 Sep 2009 | 12:00 am Non-convertible debentures yielding good listing gains to retail investorsInitial public offerings may not be delivering stellar returns on listing, but bond offers to retail investors are.Source: Business Line - Home Page | 27 Sep 2009 | 12:00 am Fertiliser body impleads itself in gas row caseMumbai, Sept. 26 Adding a new dimension to the Reliance Industries Ltd vs Reliance Natural Resources Ltd case being heard in the Supreme Court, the Fertiliser Association of India has impleaded itself in theSource: Business Line - Home Page | 27 Sep 2009 | 12:00 am Govt cannot afford to dither on wheat importsMumbai, Sept. 26 It is becoming increasingly clear that rice output during kharif 2009 is set to decline drastically because of lower acreage planted to paddy.Source: Business Line - Home Page | 27 Sep 2009 | 12:00 am China, India will get more weight at IMF, World BankNew Delhi, Sept. 26 Taking a new lead role on the global economy, the Group of 20 (G-20) nations have committed themselves to boost the weightage given to developing countries at the International Monetary Fund (IMF) and the WorldSource: Business Line - Home Page | 27 Sep 2009 | 12:00 am Air India cancels 13 domestic flights as 20 pilots report sickAir India on Saturday cancelled 13 domestic flights including seven scheduled departures from Delhi alone, with 20 executive pilots of the state-owned airline reporting sick. According to sources, the number of cancelled flights across theSource: Business Line - Home Page | 27 Sep 2009 | 12:00 am China formally begins probe into U.S. chicken partsBEIJING (Reuters) - China on Sunday formally launched an anti-dumping and anti-subsidy investigation into chicken parts imports from the U.S., two days after U.S. lawmakers agreed to end a gag order that prevented the U.S. from even considering importing Chinese cooked poultry.Source: Reuters: Money News | 26 Sep 2009 | 11:00 pm 12 Air India flights cancelled as pilots continue strikeTwelve Air India flights, including seven on international routes, were cancelled Sunday as striking pilots continued their agitation for the second consecutive day.Source: IndiaeNews.com: Business News | 26 Sep 2009 | 10:30 pm More tax cases vs wealthy, U.S. banks - U.S. prosecutorCHICAGO (Reuters) - The U.S. government is stepping up prosecutions of wealthy individuals dodging taxes through offshore accounts, with new cases expected to be made public "every couple of weeks," a top government attorney said on Saturday.Source: Reuters: Money News | 26 Sep 2009 | 9:27 pm U.S. Fed to work with lawmakers on naming borrowersWASHINGTON (Reuters) - The Federal Reserve is willing to work with U.S. lawmakers on ways to release names of companies that borrow from the central bank after a time lag so the disclosures do not disrupt markets, a Fed official said.Source: Reuters: Money News | 26 Sep 2009 | 9:26 pm Koenigsegg CEO says still aims for Saab deal in OctSTOCKHOLM (Reuters) - Koenigsegg's chief executive said on Saturday the Swedish luxury sports car maker still aimed to finalise a deal to buy Saab Automobile from General Motors by the end of October.Source: Reuters: Money News | 26 Sep 2009 | 9:26 pm EU banks have credit losses of 400 bln euros - paperBRUSSELS (Reuters) - Twenty-two large banks in Europe may have accumulated credit losses of close to 400 billion euros ($587 billion) for this year and next, the International Herald Tribune reported on Saturday.Source: Reuters: Money News | 26 Sep 2009 | 9:25 pm PM returns home after G20 summitPrime Minister Manmohan Singh returned here Sunday after attending the two-day G20 Summit in Pittsburgh, US.Source: IndiaeNews.com: Business News | 26 Sep 2009 | 9:00 pm ANALYSIS - Will "It worked" come back to haunt G20?PITTSBURGH (Reuters) - The G20 may face a "mission accomplished" moment akin to former President George W. Bush's premature declaration of victory in Iraq unless leaders quickly make good on pledges for substantive financial reforms.Source: Reuters: Money News | 26 Sep 2009 | 8:54 pm Nissan to launch sports car Z370 in India in 2010 - Economic Times
Source: Business - Google News | 26 Sep 2009 | 3:56 pm Bharti-MTN: PM asks Zuma for easy dial-up - Economic Times
Source: Business - Google News | 26 Sep 2009 | 3:48 pm Peeved IIT faculty send fresh memo to Kapil Sibal - Economic Times
Source: Business - Google News | 26 Sep 2009 | 1:58 pm Digital ants to the rescueSwarms of digital ants may soon crawl all over the internet, scouting not for food, but computer worms and self-replicating programs designed to steal information or facilitate unauthorised use of machines. Security experts have successfully deployed a new type of network security software which mimics the habits of real-world ants.Source: Business Standard | Front Page Headlines | 26 Sep 2009 | 1:10 pm AI pilots fail to do a JetThe threat of Air India pilots to disrupt operations today because of a proposed salary cut failed to have any significant impact. Agitating executive pilots claimed 400 pilots remained off duty. But a spokesperson for National Aviation Company of India, which runs the airline, claimed only 20 pilots reported sick.Source: Business Standard | Front Page Headlines | 26 Sep 2009 | 1:09 pm Emerging markets wrest bigger role in new world orderIndia returns from G-20 meet with major gains on fuel subsidy, climate change.Source: Business Standard | Front Page Headlines | 26 Sep 2009 | 1:06 pm Dilution dragThe stock of Sesa Goa, India's largest iron ore exporter, fell 5.6% on Friday to Rs 256.80 per share.Source: Daily News & Analysis: Money News | 26 Sep 2009 | 11:50 am Delhiites to get lessons in etiquettes ahead of the games - Economic Times
Source: Business - Google News | 26 Sep 2009 | 11:46 am Adulterated edible oil seized in PunjabPunjab officials seized 68,350 litres of sub-standard edible oil hoarded in a storehouse here Saturday.Source: IndiaeNews.com: Business News | 26 Sep 2009 | 11:30 am G20 faces credibility test on marketsPITTSBURGH (Reuters) - The Group of 20 rich and developing economies, fresh from a triumphant show of unity at Pittsburgh, faces months of deal-making and communication to markets that will test its credibility as the premier global forum for economic cooperation.Source: Reuters: Money News | 26 Sep 2009 | 10:45 am Balco chimney toll rises to 45, Chinese employees fleeDozens of Chinese nationals, mostly engineers, working at Bharat Aluminium Company Ltd (Balco) in Chhattisgarh's Korba town are reported to have fled fearing attacks by locals after a 100-metre under-construction chimney at the plant collapsed Wednesday, trapping many workers. So far, 45 bodies have been recovered.Source: IndiaeNews.com: Business News | 26 Sep 2009 | 10:00 am Air India says operations unaffected despite pilots' agitationAir India said that its operations were unaffected despite a section of its executive pilots launching an agitation since last night.Source: Daily News & Analysis: Money News | 26 Sep 2009 | 8:57 am ICPA extends 'moral' support to agitating Air India pilotsNon-executive pilots of Air India today said they are in "non-cooperation with the company" and will not be flexible to report for workSource: Daily News & Analysis: Money News | 26 Sep 2009 | 8:36 am Air India pilots not ready for talks, to go on mass leaveAround 400 Air India pilots, who threatened to go on mass sick leave to protest the airline's decision to cut their incentives, Saturday rejected the management's offer for talks and said they will stick to their agitation plan.Source: IndiaeNews.com: Business News | 26 Sep 2009 | 8:30 am Rat delays Air India flight by 11 hoursRat! It's that creature again that held up a London-bound Air India flight by nearly 11 hours from the Rajasansi airport here Saturday.Source: IndiaeNews.com: Business News | 26 Sep 2009 | 7:30 am Govt has limited scope for accelerating stimulus package: PMPittsburgh: Prime Minister Manmohan Singh on Saturday said the scope and options for acceleration of stimulus package for the recovery of the economic crisis were “limited” but in the same breath not appeared to rule out any such possibility. “Our response (of stimulus packages) was to a specific domestic situation. It is true that we have limited scope for accelerating stimulus package and our options are limited because of factors like substantial fiscal deficit and Reserve Bank’s monetary policies. As of now inflation is not a problem,” he told a press conference at the end of his two-day visit here. He was replying to a question whether government would consider withdrawing the stimulus package in view of signs of recovery or whether it would inject a fresh dose. “I would not like to announce package or policy from the foreign soil,” he said in reply to a specific question whether steps for stimulating the economy would be taken up. On stock markets picking up in the last few days, the Prime Minister said it was reflective of the economic recovery in the country. The economic fundamentals were basically strong, he added. At the G-20 Summit, Singh strongly pitched for continuance of the global stimulus package. The Summit declaration also favoured continuance of the policy and going slow on exit strategy. In his introductory statement at the press conference, the Prime Minister said the Summit was a productive meeting and its purpose was to review what has happened and chart the way forward. This Summit, he said, was not meant to be a trillion dollar summit but there was a comprehensive discussion among the leaders on a wide range of issues. Singh said some of the important issues discussed were that there will be no premature withdrawal of the global stimulus package and the emergency financing for the fund has been successfully completed. “We now have to address the issue of the fund quota increase by early 2011. We have agreed to shift 5% share to countries that are under-represented,” he said. Singh also said the Summit has agreed to help the World Bank and other regional development banks to find necessary resources on a review of their capital needs in the first half of 2010. He said the Summit has agreed on a new framework for discussing global macro balances and the contributions individual countries can make through their own policies with a new process of peer review or discussion in the G-20. The leaders also discussed the important issue of climate change and the G-20 has called for a successful outcome in the UN’s Framework Convention on Climate Change in Copenhagen. The Prime Minister said the Summit also agreed that the countries should work for an early resolution of Doha round to counter protectionism. The success of the Delhi ministerial meeting in reviewing the process of negotiations was appreciated, he said. Singh said the leaders agreed that the G-20 will henceforth be the premier forum for international economic issues. This is an important development broadening the global governance structure, the Prime Minister said. Answering a question, the he said there was no economic crisis in India and it was true that because of the global economic meltdown Indian exports were affected. “But still the economy clocked a growth rate of 6-6.5%. As such there is no crisis in India,” he said. On the G-20 decision to shift 5% voting rights to emerging economies, he said that could result in developing and emerging economies getting over 50% of those rights or near about it. The Bric (Brazil, Russia, India and China) countries requested for 7% voting rights but were given 5%. “The demand was seven per cent and five per cent was agreed. Obviously it was a compromise,” he said. About the peer review in the G-20, he said this would help in bringing up policies of major developed and developing countries for review in the G-20. “This will give an opportunity to pick up holes in their policies. This will be an advantage,” he said. This reflects the governance reforms that India has been seeking in international financial institutions, he said. To a question on whether the US was not keen on the successful completion of the WTO round, Singh said Obama certainly has stated that US was as much interested in its success as others. “I have no reason to doubt his sincerity,” he said. To a similar question on protectionism, Singh said obviously the G-20 countries were worried about protectionism raising its head in some developed countries and there was no doubt about it. Asked whether US was included in this as it has taken some steps against China on tyre imports, Singh said the US is included. On re-balancing economy as mentioned in the G-20 declaration, he said as of now the G-20 is “an essay in persuasion. Whether this essay will succeed only time will tell.” The prime minister acknowledged that in a highly interdependent world, India has a stake in the stability and growth of the world economy. “If world economy collapses, there is obviously some effect on our country. Already the rate of our growth of our economy particularly our exports have suffered,” he said, adding that this has led to decline in exports of important labour intensive products like gems and jewellery, leather goods and textiles. “So in an increasingly interdependent world, I think, no country by itself can ensure that all its goals of economic life can be achieved working to the exclusion of other participants in an increasingly interdependent world,” Singh said. Source: Home - Livemint.com | 26 Sep 2009 | 6:41 am Pak should shed mindset of using terror as state policy, says PMPittsburgh: Ahead of Indo-Pak foreign ministers meeting in New York, Prime Minister Manmohan Singh on Saturday said India seeks to normalize relationship with Pakistan but it should shed its mindset of using terror as an instrument of state policy against New Delhi and take action against those involved in the Mumbai terror attacks. He made it clear that there was no change in India’s stand on Pakistan since the Sharm-el-Sheikh talks with his counterpart Yousuf Raza Gilani, a position he has made clear in Parliament. “India’s message is that India seeks to normalise its relationship with Pakistan. But the only obstacle is that it should shed its old attitude of using terror as a state policy,” Singh told a press conference winding up his two-day trip to Pittsburgh where he attended the G-20 Summit. “We have supplied our material and evidence for them to carry out investigation. Although the tragedy took place in India, the conspiracy took place in Pakistan. Pakistan has admitted to this. We want them to bring to book the culprits involved in the November 26 attacks,” he said. Singh recollected that he has already said that if Pakistan took proper action India would move the extra mile to normalize relations. The Prime Minister’s comments come as foreign ministers of India and Pakistan are set to meet on Sunday during which Islamabad’s action against terror emanating from its soil will be discussed. Singh said India and Pakistan are neighbours and they have an obligation to move as neighbours. Asked how he looked forward to moving ahead with the relations with Pakistan after the Sharm-el-Sheikh episode, Singh said “If you read my statements in Parliament, I have explained the government’s position and I think there is no change on this.” Asked about a report by US general Stean McChrystal that India was doing good work in Afghanistan but it could lead to instability in the region, he said: “I think to my knowledge there US and other European powers are appreciative of the role played by India in Afghanistan. “We have not supplied any arms, we are also helping them in construction and financing of projects in power health and education sectors. Untill today we have committed $1.5 billion in Afghanistan. “Not only people of Afghanistan is appreciate but Europe and American leaders are of the same view. As far as Afghanistan is concerned, I agree that we have to sail in these difficult waters,” he said. Source: Home - Livemint.com | 26 Sep 2009 | 6:24 am Death toll in Balco plant mishap climbs to 40Raipur: The death toll on Saturday mounted to 40 in Wednesday’s chimney collapse at an under-construction power plant of the metal major Balco at Korba in Chhattisgarh. Korba Collector Ashok Agrawal said bodies of 40 labourers have been dug out and the operation to clear the debris is expected to continue till Sunday. A 108-member rescue and relief team from Orissa has reached the site as more workers are still feared trapped in the debris, he said. Meanwhile, police have begun questioning the officials of the firm entrusted with the task of setting up the chimney at the power plant, Korba SP Ratanlal Dangi said. Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 6:11 am FMC likely to extend sugar futures trade banMumbai: The Forward Markets Commission (FMC) on Saturday said suspension of futures trading in sugar is likely to be extended due to the production shortfall in the country. “It is very difficult to restore it (revoke the ban),” Forward Markets Commission (FMC) chairman BC Khatua told reporters on the sidelines of a function here. India suspended sugar futures trade from the first week of May this year until 31 December to bring down sugar prices quickly. The government decision to ban sugar futures came at a time when investors were expecting futures trading in other commodities such as rice, tur and urad. According to industrial estimates, the country’s sugar production is likely to be 16-17-million tonnes in the marketing year beginning 1 October, while consumption is about 23 million tonnes. Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 5:59 am Gold recovers on fresh buying, silver remains weakNew Delhi: Snapping a two-day losing streak, gold prices recovered by Rs30 to Rs15,800 per 10 gram in the bullion market here on emergence of buying by retailers, even as the metal remained weak in the global markets. However, silver remained under selling pressure and lost Rs50 at Rs25,800 per kg. Marketmen said emergence of buying at existing levels for the festival and marriage season demand mainly led to the recovery in gold prices, but weak trend overseas capped gains in the metal at the local market to some extent. In the global market, gold fell by three dollar to $990.70 an ounce overnight. Standard gold and ornaments recovered by Rs30 each to Rs15,800 and Rs15,650 per 10 gram, respectively. However, sovereign remained unchanged at Rs12,900 per piece of eight gram in limited deals. On the other hand, silver ready remained under selling pressure and fell further by Rs50 to Rs25,800 per kg and weekly-based delivery by Rs320 to Rs25,820 per kg. Silver coins continued to be asked around previous level of Rs31,700 for buying and Rs31,800 for selling of 100 pieces. Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 5:57 am Why the electric car is auto industry's new darling - Moneycontrol.com
Source: Business - Google News | 26 Sep 2009 | 5:51 am Chandrayaan II will be technically challenging: AnnaduraiMumbai: India’s second mission to Moon, ‘Chandrayaan II´, which is expected to be launched in 2013, has a lot of challenges for scientists and engineers, said the mission director Dr M Annadurai on Saturday. “Chandrayaan II will not be just a probe. It will be landing on Moon and is incrementally and technically challenging mission for Indian scientists,” Annadurai said in an interactive session with the students at the South Indian Education Society (SIES) college at Sion in Central Mumbai. The fact that water molecules are confirmed on moon surface especially on the sunlit areas and their origin is not external sources like meteors (new postulate), it has become important to to have more exploration and Chandrayaan II will be landing on moon to collect more data on it, he said. Asked whether the same scientists of Chandrayaan I will be working for Chandrayan II, he said “yes” and added that even the same participants from abroad will be in the mission. Interest is shown by other countries like Russia and “there is a chance of Russia participating in Chandrayaan II mission,” he said. When asked how long it will take to analyse all the data collected from Chandrayaan I mission, Annadurai said “it will take at least two to three and a half years for complete analysis.” Source: Tech News - Livemint.com | 26 Sep 2009 | 5:42 am Chandrayaan II will be technically challenging: AnnaduraiMumbai: India’s second mission to Moon, ‘Chandrayaan II´, which is expected to be launched in 2013, has a lot of challenges for scientists and engineers, said the mission director Dr M Annadurai on Saturday. “Chandrayaan II will not be just a probe. It will be landing on Moon and is incrementally and technically challenging mission for Indian scientists,” Annadurai said in an interactive session with the students at the South Indian Education Society (SIES) college at Sion in Central Mumbai. The fact that water molecules are confirmed on moon surface especially on the sunlit areas and their origin is not external sources like meteors (new postulate), it has become important to to have more exploration and Chandrayaan II will be landing on moon to collect more data on it, he said. Asked whether the same scientists of Chandrayaan I will be working for Chandrayan II, he said “yes” and added that even the same participants from abroad will be in the mission. Interest is shown by other countries like Russia and “there is a chance of Russia participating in Chandrayaan II mission,” he said. When asked how long it will take to analyse all the data collected from Chandrayaan I mission, Annadurai said “it will take at least two to three and a half years for complete analysis.” Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 5:42 am Developing nations get more voting rights in IMF, WBPittsburgh: India on Saturday scored a major victory at the summit of G-20 leaders when its demand for increasing the voting rights of the developing countries in international financial institutions like IMF and World Bank was adopted, reflecting the importance of emerging economies in the crisis scenario. The meet also accepted India’s position against any hasty and immediate withdrawal of the global stimulus package adopted at the London Summit in April. Unlike the London Summit when it was forced to come out with a $1.1 trillion economic recovery plan, the current meet hosted by US President Barack Obama took a cool long- term look at the situation according importance to the role of emerging economies like India and China whose economies were rescuing the developed countries from the recession. “After this crisis, critical players need to be at the table and fully vested in our institutions to allow us to cooperate to lay the foundation for strong, sustainable and balanced growth. We designated the G-20 to be the premier forum for our international economic cooperation. “We established the Financial Stability Board (FSB) to include major emerging economies and welcome its efforts to coordinate and monitor progress in strengthening financial regulation,” said the 31-point four-page ‘Leaders Statement´ at the conclusion of the Summit. Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 5:05 am Establishing identity a cellphone call away: NilekaniNew Delhi: Establishing the identity of any person would be a cellphone call away once the ambitious Unique Identity Project (UIP) becomes operational, perhaps making it the first such initiative across the world. The UIP, which aims to build a database on details of every Indian resident, will provide authorities to cross-check identities of persons they are dealing with using a cellphone, Unique Identity Authority of India (UIDAI) chairman Nandan Nilekani said here on Saturday. “If anybody wants to confirm the identity of a person, all he has to do is to take the thumbprint or fingerprint of the person on a cellphone and send it across to the central database and receive authentication within seconds,” he said delivering the CSIR Foundation Day Lecture here. He said the UIDAI was in the process of designing and developing systems that will make such navigation possible. Nilekani said that UIDAI would perhaps be the first body in the world to make available online authentication where agencies can compare demographic and biometric information of the resident with the record stored in the central database. However, the online authentication would be done only through a ‘Yes or No´ response and the UIDAI will not share resident data with the authorities, he said. The sheer enormity of the project could be gauged by the fact that currently similar databases of 120 million identities are available and UIDAI is in the process of building a register of 1.2 billion people, Nilekani said. The database would be developed in partnership with the government and private agencies across the country, he said. These agencies, including mobile service providers, cooking gas outlets, passport offices, NREGA and PDS authorities, would act as registrars or enrollers for the UIP. The details of persons approaching any of the above points of contact will be stored in the Central ID Data Repository (CIDR). The CIDR will contain basic information like name, date and place of birth, gender, name of father and mother and their UID numbers, address, photograph and fingerprints. The system will have an inbuilt mechanism to avoid duplication of data and the CIDR will perform a search on key demographic fields of the applicant before accepting the data. Nilekani said the first set of unique identity numbers will be issued in the next 12-18 months and the UIDAI plans to cover 600 million people within four years from the start of the project. Elimination of duplicate identities under various schemes is expected to save the national exchequer of over Rs20,000 crore every year, Nilekani said. Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 4:53 am Twin car bomb attacks kill 16 in NW PakistanPeshawar: Two car-bomb blasts killed at least 16 people in northwestern Pakistan on Saturday. A suicide bomber sitting in an explosives-laden car threw a hand-grenade towards a crowd of people in the main northwestern city of Peshawar before detonating about 100 kg of explosives in the vehicle. “Ten people have been killed and 71 wounded, five of them critically,” Sahibzada Anis, the top government administrator of the city told Reuters. The attack took place in the carpark of a commercial building close to a military hospital. Television footage showed car parts and debris from nearby buildings scattered over the road. An elderly man wearing a blood-stained shirt was seen helping a wounded young woman walking away from the scene of the blast. “It was terrible. My children are very frightened. All the windows of my house are broken. It was very frightening,” Beenish Asad, a housewife living near the site of the blast told Reuters by telephone. Police said they detained two suspects at the scene. Police building hit The Peshawar attack came hours after a Taliban suicide bomber crashed his explosives-laden truck into a police station in the town of Bannu in North West Frontier Province (NWFP), killing six people. Thirty people, most of them policemen, were wounded. Bannu is gateway to North Waziristan, a volatile tribal region on the Afghan border and a major sanctuary for al Qaeda and Taliban militants fighting both in Pakistan and Afghanistan. Qari Hussain, a Taliban commander, called Reuters by telephone to take responsibility for the Bannu attack. “The government was taking undue advantage of our silence. We will carry out more such attacks and these will be much more powerful,” Hussain said. Militant attacks have tapered off after the death of Pakistani Taliban chief and al Qaeda ally Baitullah Mehsud in a missile strike by a pilotless US drone in August. Pakistani forces have made significant gains against the militants after they launched an offensive in northwestern Swat valley in late April, which helped allay international fears about the stability of the nuclear-armed U.S. ally after militants made advances towards the capital, Islamabad. But government and security officials say militants loyal to al Qaeda still pose a serious threat. Mian Iftikhar Hussain, NWFP information minister, said the attacks were aimed at avenging the government offensive against the militants in Swat. “We are not scared of these people and we have to extend our operations wherever these terrorists are operating,” he told reporters. President Asif Ali Zardari, who is in New York for the UN General Assembly session, condemned the twin attacks and said “terrorism and extremism would be rooted out from the country with full force”. Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 4:50 am Naveen takes Maoist issue to CenterBhubaneswar: Orissa chief minister Naveen Patnaik has met Union home minister P Chidambaram in Delhi and sought Central assistance to tackle the Maoist menace in the state. During his meeting with Chidambaram, Patnaik asked for at least seven battalions (about 7,000 personnel) of central para-military force and a chopper for tackling the menace. Besides Chidambaram, Patnaik, who left for Delhi on September 23, met defence minister A K Antony, forest and environment minister Jairam Ramesh, sports minister M S Gill and tribal affairs minister K L Bhuria, sources in the chief minister’s office said. He also met chairman of the 13th finance commission Vijay L Kelkar. “The chief minister discussed issues relating to recruitment of tribals from Orissa in defence forces during his meeting with Antony,” the sources said, adding he also demanded establishment of two Branch Recruitment Offices in the tribal-dominated districts. Patnaik raised the issue of coastal security with the defence minister as the state has a long coastline. The chief minister is scheduled to return here on Monday, the sources said. Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 4:40 am Nissan to launch sports car Z370 in India in 2010Nissan Motor will roll out its new sports car 'Z370' in India in 2010 as part of its strategy to offer more variants to the Indian customers.Source: Daily News & Analysis: Money News | 26 Sep 2009 | 4:35 am Air India management in talks with agitating pilotsAt least three Air India flights were cancelled Saturday even as the airline management began talks with the agitating pilots here.Source: IndiaeNews.com: Business News | 26 Sep 2009 | 4:30 am Two AI flights cancelled after few pilots start agitationNew Delhi: Two Air India flights from the capital were today cancelled due to an agitation called by a section of the national airlines’ pilots to protest the up to 50% reduction in their productivity-linked incentives (PLIs). Air India’s flights to Mumbai and Kabul were cancelled this morning as the pilots did not report for duty, airline officials said. The passengers of the cancelled flight to Mumbai have been accomodated in the next flight while those going to Kabul have been lodged in a hotel. A section of Air India Executive pilots had last night threatened to go on the agitation to protest the reduction in their productivity-linked incentives (PLIs). Representative of executive pilots captain Bhalla had said that “the executive pilots have taken a decision to go on strike because nobody is in state of mind to work due to the salary cuts. Starting now, we will not work.” Official sources said the Executive pilots were taken on board over the PLI reduction and their move was surprising. There are around 300 Executive pilots in the national carrier and since they are part of the airlines management, they cannot form a union and also cannot go on strike, official sources said. Citing the massive cut in their PLI as the reason for the strike, Bhalla said, “With a stroke of a pen, the CMD Arvind Jadhav has cut 70 per cent salary of all the Executive pilots with 50% being evident and 20% hidden.” “He is trying to hire foreign pilots at the rate of $13,500 and wants us to work for peanuts,” he alleged. Bhalla alleged that the chairman had not discussed the salary cuts with Executive pilots. Source: LatestNews-Home - Livemint.com | 26 Sep 2009 | 4:23 am Tata joint venture, Godrej get land for projects in APAndhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC), the nodal agency for investment in the State, on Friday issued allotment letters to several industrial houses, including Godrej and the Tata groupIsrael Aerospace Industries joint venture.Source: Moneycontrol Top Headlines | 26 Sep 2009 | 2:43 am
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