Bangalore:Banking firm JPMorgan Chase and Co. plans to hire more employees in India over the next year, country head Kalpana Morparia said.
“We are still in the planning stage, but definitely it will grow quite significantly,” Morparia, chief executive officer of the New York-based bank’s Indian unit, said on Friday.
Myanmar project: ONGC, Daewoo to ink pact
Seoul: South Korean trading company Daewoo International Corp., a , said it will jointly develop a petroleum project in Myanmar with Oil and Natural Gas Corp. Ltd (ONGC), GAIL (India) Ltd and Korea Gas Corp. to share costs and spread risk.
The group will develop energy reserves in an area known as Block AD-7, said Daewoo International in a regulatory filing on Friday. It will have a 60% stake and ONGC will own 20%, while GAIL and Korea Gas will hold shares of 10%.
Daewoo won the right to explore AD-7 in February 2007 and plans to begin exploration as soon as its partners sign an agreement next month, it said on Friday. The company declined to comment on the cost of exploring the field.
Tax break for RIL’s diesel sales likely this year
Mumbai: India may decide on a plan to grant Reliance Industries Ltd (RIL) a tax break by the end of year to encourage the company to sell diesel fuel in the domestic market to meet demand.
“By December a view may be taken,” oil secretary R.S. Pandey said. Under a proposal backed by the ministry, RIL would supply the fuel to state-run refiners, including Indian Oil Corp. Ltd, which import diesel to meet a shortfall in the country.
Reliance spokesman Paresh Chaudhry didn’t immediately respond to an email seeking comments.
Insurers to?shift towards risk-based capital norms
New Delhi: Insurance companies will soon have to shift towards risk-based capital norms. R. Kannan, member actuary of Insurance Regulatory and Development Authority, or Irda, said the regulator would come out with norms for risk-based capital by March .
“Since private life insurers are already overcapitalized, a shift towards risk- based capital will not impact life insurers,”said S.B. Mathur, secretary of the Life Insurance Council, an umbrella body of life insurers.
Under risk-based capital, insurers will be required to bring in capital in accordance with the risk undertaken by them.
Kannan also said that a separate regulatory authority for micro insurance has been mooted since the tools that are required to regulate it was essentially different from the regular insurance scheme.
— Teena Jain
Cabinet to review skill development policy
New Delhi: The final draft of the national skill development policy has been sent to the cabinet for consideration.
The policy is expected to be announced soon after Prime Minister Manmohan Singh returns from his US visit. “We have already circulated a note on Skill Development Policy among the members of the Cabinet,” Sudha Pillai, secretary, ministry of labour and employment, said on the sidelines of a conference in the Capital on Friday.
She said that vocationalization of education and training through ITI would be a part of the skill development policy.
— Staff Writer