Mumbai: MCX-SX has appointed U. Venkataraman, former vice-president and head of treasury, IDBI Bank, as its chief executive officer (CEO).
Commenting on the appointment, MCX-SX’s chairman P.G. Kakodkar said: “We are glad to have Venkataraman on the MCX-SX Board. His rich experience in the financial markets and the forex segment in particular, will enable MCX-SX to register strong and impressive growth.”
He will oversee the functioning of the exchange apart from strategizing the development of the company in line with its philosophy of “Systematic Development of Financial Markets in India through Information, Innovation, Education and Research”, a release issued here stated.
Toyota to cut 2009 sales plan by 7%: news report
Tokyo: The world’s biggest auto maker Toyota Motor Corp. is expected to slash its global sales plan for 2009 to below nine million vehicles, down at least 7% from its previous forecast, a newspaper said on Sunday.
Without citing sources, the local ‘Chunichi Shimbun’ said sales would probably continue to deteriorate next year as the slump in vehicle demand spreads from the US and Europe to emerging markets such as China.
Toyota, which shocked investors this month with a massive reduction to profit forecasts for this business year, has said it would announce updated sales projections at a year-end news conference late next month.
SBI plans to hire 25,000 persons this fiscal
New Delhi: The country’s largest lender State Bank of India said on Sunday it will recruit 25,000 people this fiscal—this comes at a time when the banking majors are reducing jobs to cut costs amid global a slowdown.
“For the last so many years, the bank has not been recruiting people. I understand the problem... This year, we are recruiting 20,000 people in the clerical cadre and 5,000 supervisory staff,” SBI chairman O.P. Bhatt said at a SBI officers association meet in the Capital.
Economy will rebound in 6-9 months, FM says
Washington: The financial meltdown will not spare any sector of the economy, but on the brighter side recovery could be just six-nine months away, finance minister P. Chidambaram has said.
“There will be some slowdown in every sector...but monetary measures, counter-cyclical measures and enlightened measures by the companies themselves can get over this painful period of adjustments and in about six-nine months we should be back to the growth rate,” he told CNBC TV18 in an interview.
India has been growing by 9% and above for four straight years, but various estimates suggest that the impact of the economic crisis could shave off anywhere between 1 and 2 percentage points.
“We are not revising it (GDP forecast) upwards or downwards. It could be anywhere between 7% and 8%... The only other large country recording such growth will be China,” Chidambaram said.
Commenting on the decline in inflation to single digit—8.98%—after five months, he said, “I don’t think we should get too excited about the single digit inflation as it is still close to 9%, much above our tolerance level...”
“We would like the inflation to come down. We hope it will happen in the next few weeks, so I think we are jumping the gun when we are talking about a rate cut.”
Knowledge Commission for policy intervention
New Delhi: Expressing serious concern over the erosion in the sphere of original research and development, the National Knowledge Commission (NKC) has said there is an urgent need for government policy interventions to attract young minds in academia and research.
“If India is to make the transition to a knowledge economy, it is vital that research and development within the country be dramatically improved. There is ample evidence that India is not well-placed for this future transformation,” NKC said.
The growth in the number of doctorates has only been 20% in India in 1991-2001 compared with 85% in China. Not more than 1% of those completing undergraduate degrees currently opt for doctoral studies in India, NKC chairman Sam Pitroda said in a letter to Prime Minister Manmohan Singh.
India still untapped in gaming market
Bangalore: The console gaming market in India, which is one of the biggest untapped markets in the world with less than 1% penetration, is expected to reach $125 million (Rs619 crore) by 2010, a senior official of Sony Computer Entertainment said.
The Indian console gaming market, which is expected to reach $125 million by 2010, offers a huge potential for marketers in days to come, Sony Computer Entertainment country manager Atindriya Bose said.
The world gaming market is expected to reach $43 billion by 2010 with Indian outsourcing potential being $10 billion, he said. India is lagging behind by 10-15 years in the world gaming curve but had picked up rapid growth in the last two-three years with the console gaming component having experienced a sevenfold growth, he said.
L&T plans to add 10,000 jobs in the next 3 years
New Delhi: Infrastructure company Larsen and Toubro Ltd (L&T) said on Sunday it will be adding 10,000 new jobs in the next three years across its different business verticals.
“Over the next three years we expect to add about 10,000 new jobs in different businesses we are in,” L&T chairman and managing director A.M. Naik told reporters here on the sidelines of World Economic Forum’s India edition.
He said 7,000 jobs would be added in Gujarat through three joint ventures that the company has entered into.
He said the plants in Gujarat are expected to come up in the next one-and-a-half to two years. “Besides, our new plants are coming up in Coimbatore and Chennai also,” Naik added.
Post-Bush, outsourcing biggest?worry:?Moody’s
New Delhi: Outsourcing by US companies will be the biggest concern for India due to the change in US administration next year, says a global research firm.
“For India, the biggest concerns perhaps in over its important outsourcing industry, as the practice of shifting jobs overseas had come under fire during the US presidential campaign,” Moody’s economy.com, a subsidiary of global research firm Moody’s Corp., has said in a report.
In February this year, continuing to play the anti-outsourcing card, Barack Obama, the then Democrat presidential front-runner, had said, while America cannot “shy away” from globalization, it would have to take measures to ensure that jobs are not shipped overseas.
“We have to stop providing tax breaks for companies that are shipping jobs overseas and give those tax breaks to companies that are investing here in the US,” Obama had said during a debate.
It will takes ‘300 years’ to clear backlog of cases
Berhampur/Kochi: The backlog of cases in India is so huge that it would take “about 300 years” to clear them, says the judiciary, triggering fresh calls for more courts and increased use of alternative dispute redressal (ADR) mechanism.
“The courts in India are overburdened in such a way that it will take about 300 years to clear the backlog of cases even if no case is registered from today,” Orissa high court chief justice B.S. Chauhan said while addressing a seminar here.
Chief Justice of India K.G. Balakrishnan also addressed the issue of pendency of court cases during an interview to Malayalam television channel the Asianet News.
To bring down pendency of cases each state should ask for more courts, Justice Balakrishnan said but added judiciary was not getting whole-hearted support from the state governments concerned for setting up courts.
Justice Chauhan said the concept of ADR mechanism such as arbitration, conciliation, Lok Adalat and mediation was a powerful tool for settlement of many disputes as the judicial system in the country failed to deliver quick justice to litigants. “The process not only provides quick solution, but it is less expensive also,” he said.
Temasek likely to keep Tata Tele stake: official
New Delhi:Temasek Holdings Pte. Ltd is yet to take a final decision on whether to exit Tata Teleservices Ltd, but is likely to remain invested, a senior official said on Sunday.
Temasek owns about 9% in India’s sixth largest mobile operator, in which Japan’s NTT DoCoMo Inc. on Wednesday agreed to buy a 26% stake for $2.7 billion.
“It’s too early to take a call. As of right now we are probably going to remain invested,” Manish Kejriwal, senior managing director at Temasek’s India unit, told reporters at the India Economic Summit.
“We look at all options and if the option is available, we will study it. But as of right now, we are very happy with our investment, which has more than tripled in value,” Kejriwal said, declining to say how much they paid for the stake in 2006.
Apollo Tyres to invest Rs3,000 cr in new plants
New Delhi: Tyre manufacturer Apollo Tyres Ltd plans to invest Rs3,000 crore in the next five years to set up greenfield plants in India and abroad as well as for expanding its existing facilities.
The company, aiming to join the league of top six tyre makers internationally and achieve turnover of $4 billion (Rs19,800 crore) in the next five years, is in the process of setting up two new facilities—in Chennai and in East Europe.
“We will invest about Rs3,000 crore over the next five years. Me and my whole team’s desire is to be amongst the top six players of the world,” Apollo Tyres vice-chairman and joint managing director Neeraj Kanwar said.
The company is currently setting up a new facility in Chennai with similar investment and capacity, which would be ready in about a year, he added.
“After Chennai plant is commissioned, we would produce 35,000 passenger radial tyres and 1,800 truck/bus radial tyres per day,” Kanwar said.
BJP releases manifesto for MP assembly polls
Bhopal: Madhya Pradesh BJP on Sunday announced to make the country’s first water policy for the public water sources and loans to farmers at 3% interest rate while releasing the party’s much-awaited manifesto for the 27 November assembly polls here.
The manifesto for the assembly polls 2008 was released by former BJP president Vankaiah Naidu in the presence of Madhya Pradesh chief minister Shivraj Singh Chouhan and the state party president Narendra Singh Tomar among others in a press meet.
Highlighting the salient features of the manifesto, Chouhan said that the party has promised to frame the country’s first ‘Jal Neeti’ (Water Policy) by constituting an authority for conserving and protecting water.
The policy will also be focused on public water sources in view of the deepening water crisis in the state besides identifying and regenerating old water bodies. The party has also promised to turn Madhya Pradesh as the first bio-agriculture state in the country.