Kolkata: Tyre maker Dunlop India Ltd on Sunday declared suspension of work at its Sahaganj unit, affecting the fate of at least 1,100 workers.
“After (the) failure of rounds of prolonged discussions with the labour unions of Dunlop India Ltd, the management of the company is constrained to declare suspension of work at its Sahaganj plant with effect from 30 November,” a Dunlop statement said here.
Dunlop decided to suspend work temporarily at the unit on 17 November, citing lack of working capital.
During the suspension of production period, the management had proposed to pay each worker a solarium of Rs2,000 per month. An agreement on this issue between the management and trade unions was supposed to be signed on 20 November but it did not materialize.
Industrial?output?growth in FY09 now put at 6.3%?
Mumbai: Industrial output is expected to grow by 6.3% in FY09 as against the earlier estimates of 8.3%, an economic think-tank said.
“Sharp downward revision in forecasts of electricity, textiles, cement, commercial vehicles, machinery, fertilizers, crude oil, petroleum products, man-made fibres and PVC pipes and tubes have pulled down our forecast for overall industrial production growth from 8.3% to 6.3%,” the Centre for Monitoring Indian Economy (CMIE) said in its monthly report here.
The poor performance of IIP in the first half and the new stress seen in select industries warrants a substantial downward revision in our forecast for FY09, CMIE said.
Oil companies call off proposed strike
New Delhi: The executives of oil companies on Sunday called off their proposed indefinite strike from 2 December following some tough negotiations, coupled with pressure from the government.
Unhappy with the 40-200% wage hike approved by the government in November, the Oil Sector Officers Association (OSOA), which claims to represent 55,000 officers of 14 oil firms, had called for an indefinite strike from Tuesday.
“The strike has been deferred for an indefinite period,” an official said.
With barely days to go before the strike, which could have crippled the economy by halting oil and gas production and disrupting fuel supplies, petroleum secretary R.S. Pandey did some tough talking, contending that officers, being part of the decision-making process, could not resort to strikes. They also held out the threat of disciplinary action if the officers went ahead with the strike.
The official said while Hindustan Petroleum Corp. Ltd executives were never part of the strike calls, those of Indian Oil Corp. Ltd, Engineers India Ltd and Oil India Ltd withdrew subsequently.
Microsoft in talks to buy Yahoo online search biz
London: Software major Microsoft Corp. is in discussions to buy the online search business of Yahoo Inc. for about $20 billion (Rs99,600 crore), media report says.
A few months back, Yahoo had spurned a takeover bid from Microsoft worth more than $47 billion.
“The proposal forms the centrepiece of a complex transaction that would see Microsoft support a new management team to take control of Yahoo. But there is no intention of Microsoft tabling another takeover bid for the web giant, after its aborted 47.5-billion dollar offer this summer,” ‘The Sunday Times’ has reported.
“Senior directors at Microsoft and Yahoo are understood to have agreed on the broad terms of a deal, but there is no guarantee that it will succeed,” the publication said in a report published online on Sunday.
SC ruling on selection for constitutional positions
New Delhi: The Supreme Court has ruled that the “principle” that officials, whose close relatives are aspirants for a post, should withdraw from the selection process would not apply in the case of Constitutional positions.
Otherwise, the Constitutional post would become headless, leading to a peculiar situation, according to a three-judge bench comprising Chief Justice K.G. Balakrishnan and justices P. Sathasivam and J.M. Panchal.
“The principle, which requires that a member of selection committee, whose close relative is appearing for selection, should decline to become a member of the selection or withdraw from it leaving it to the appointing authority to nominate another person in his place need not be applied in case of a Constitutional authority like the Public Service Commission, whether Central or state,” the apex court observed.
Top 10 companies gain Rs14,000 cr in a week
Mumbai: Terror attacks that shook the city may spell doom for the tourism industry, but the country’s 10 most valued firms have weathered the tremor, adding over Rs14,400 crore to their market valuation in a week.
Meanwhile, the past week witnessed a shuffling in the elite club with state-run MMTC Ltd and National Mineral Development Corp. Ltd (NMDC) losing their position to private sector new entrants in the coveted club—Tata Consultancy Services Ltd and Hindustan Unilever Ltd. MMTC and NMDC together lost nearly Rs14,000 crore.
India, Pakistan deny troops mobilization
New Delhi/Islamabad: The Army is not mobilizing troops on the border with Pakistan in the wake of Mumbai terror strikes, a senior Army official said on Sunday, scotching speculation in this regard.
“We have not received any orders from the government for moving our troops to the borders and there will be no (2002) Operation Parakram-like mobilization,” the official said.
The official also said the border ceasefire was in place and there was no move to call it off, as reported in some sections of the media.
Pakistan’s military also said on Sunday the country’s ceasefire with India was holding and there was no military build-up at the border in the wake of the Mumbai attacks.
— PTI & AFP