Monday, September 30, 2013
Sunday, September 29, 2013
nagesh dubey
Arundhati Bhattacharya set to take over as SBI’s 1st woman CEO
HT Correspondent , Hindustan Times New Delhi, September 29, 2013
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According to sources, 57-year-old Arundhati Bhattacharya, who is currently managing director (MD) and chief financial officer, is set to take over the top job for a period of three years.
SBI’s current chairman Pratip Chaudhuri will retire on September 30.
While finance minister P Chidambaram has cleared Bhattacharya’s name, the proposal is currently with the Appointments Committee of Cabinet (ACC). The announcement is likely to be officially made once Prime Minister Manmohan Singh gives his final nod after his return from the US trip next week.
“Bhattacharya’s name has been cleared by the finance minister, currently it is with the ACC,” an insider who did not wish to be identified told HT.
The selection panel had held interviews with all four MDs- Hemant Contractor, A Krishna Kumar, S Vishvanathan besides Bhattacharya- on September 21.
Bhattacharya joined SBI in 1977 as a direct recruit officer.
According to original rules, candidates were required to have at least two years of residual services left at the time of application, though the conditions were relaxed to open it up to all four MDs. Bhattacharya fulfilled all the criteria, sources said.
nagesh dubey
pgdm1
FM: savings from 3% cut in fuel spend ‘ambitious’
FM: savings from 3% cut in fuel spend ‘ambitious’
Moily, in his letters to Prime Minister Manmohan Singh and Chidambaram, had projected a savings of $2.5 billion or Rs. 16,000 crore as the savings with this 3% cut in petroleum products consumption.
“It is felt that the projected savings of foreign exchange on account of various measures proposed in your letter are optimistic ...while it is recognised that a conservation campaign might result in some reduction in petro-product consumption, the estimates of savings projected at 3%, over and above the proposed crude imports cut, appear to be ambitious,” Chidambarm said in a recent letter to Moily.
Moily has also stated in his $20 billion forex savings plan that oil PSUs will raise $3.75 billion during 2013-14 through external commercial borrowings (ECBs).
To this, Chidambaram suggested that oil PSUs should rather increase this figure considering India’s huge oil import bill every year.
“It is noted that out of total crude oil import bill of over $160 billion per annum, only an amount of $3.75 billion is proposed to be financed ECBs ...possibilities of increasing the ECB mode of financing in this regard may please be explored,” the finance minister added.
State-owned oil company—Indian Oil has already informed that it will raise funds in two tranches of $1 billion each in the third and fourth quarter of the current financial year.HPCL and BPCL will raise $500 million of ECBs by October 2013 and the remaining in January to March quarter of 2013-14
JAWED EQBAL
PGDM 1st YR.
finance ministry eatimates put current account deficit for current year at just 2.6%of gdp
account deficit for current year at just 2.6% of GDP
ET SPECIAL:
NEW DELHI: Predictions of a balance of payments crisis in India similar to the one in 1991 may have been exaggerated. Based on the latest data, the finance ministry expects the current account deficit for the current year at 2.6% of GDP
or $48.2 billion, much below its August estimate of $70 billion or 3.7%
of GDP and a big improvement over the record 4.8% posted last fiscal.
Finance minister P Chidambaram should not only be able to fund this deficit, as he has been repeatedly promising, but also add $20 billion to the foreign exchange kitty in the fiscal."The numbers are looking much better now," said a senior government official aware of the latest current account deficit projections.
Some private estimates have also pointed to a dramatic improvement in this measure of the economy's external health.
A rapid slide in the rupee to an all-time low of 68.81 to the dollar at the end of August had raised concerns over a ballooning current account deficit.
A Credit Suise note pegs the 2013-14 current account deficit even lower than the ministry estimates, assuming better inflow from invisibles, including IT exports.
"India's high invisibles (services exports mainly) mean CAD decline is even sharper. CAD of $35 billion is possible if IT services exports rise 7%," the brokerage said, adding that it can be funded easily just with FDI flows and NRI deposits. "I expect it to be lower than $70 billion... It could be between 3-3.5%," said Abheek Barua, chief economist, HDFC Bank.
The dramatic improvement is based on better-than-expected exports, compression in gold and other imports and tempered demand for oil. Exports rose 4% in April-August, against the ministry's earlier estimate of 1.8% growth.
If this rate is maintained, and indications are it will be, the ministry expects exports for the full year at $319 billion against $312 billion estimated in the current account deficit break-up given by the finance minister in August that pegged the shortfall at $70 billion.
The robust order book position of exporters amid signs of a recovery in developed countries, their main markets, could actually see growth in shipments accelerate.
The Federation of Indian Export Organisation (FIEO) lobby group expects a 25% rise in shipments in the September-December period. The rupee depreciation and steps to rein in imports are expected to slow down both gold and non-oil imports.
The latest estimates peg gold imports at $35 billion against the previous estimate of $38 billion. This assumes a sharp compression in gold imports to 800 tonnes in 2013-14. Gold imports have already come down, with April-August imports at 375.5 tonnes from a year earlier.
Finance minister P Chidambaram should not only be able to fund this deficit, as he has been repeatedly promising, but also add $20 billion to the foreign exchange kitty in the fiscal."The numbers are looking much better now," said a senior government official aware of the latest current account deficit projections.
Some private estimates have also pointed to a dramatic improvement in this measure of the economy's external health.
A rapid slide in the rupee to an all-time low of 68.81 to the dollar at the end of August had raised concerns over a ballooning current account deficit.
A Credit Suise note pegs the 2013-14 current account deficit even lower than the ministry estimates, assuming better inflow from invisibles, including IT exports.
"India's high invisibles (services exports mainly) mean CAD decline is even sharper. CAD of $35 billion is possible if IT services exports rise 7%," the brokerage said, adding that it can be funded easily just with FDI flows and NRI deposits. "I expect it to be lower than $70 billion... It could be between 3-3.5%," said Abheek Barua, chief economist, HDFC Bank.
The dramatic improvement is based on better-than-expected exports, compression in gold and other imports and tempered demand for oil. Exports rose 4% in April-August, against the ministry's earlier estimate of 1.8% growth.
If this rate is maintained, and indications are it will be, the ministry expects exports for the full year at $319 billion against $312 billion estimated in the current account deficit break-up given by the finance minister in August that pegged the shortfall at $70 billion.
The robust order book position of exporters amid signs of a recovery in developed countries, their main markets, could actually see growth in shipments accelerate.
The Federation of Indian Export Organisation (FIEO) lobby group expects a 25% rise in shipments in the September-December period. The rupee depreciation and steps to rein in imports are expected to slow down both gold and non-oil imports.
The latest estimates peg gold imports at $35 billion against the previous estimate of $38 billion. This assumes a sharp compression in gold imports to 800 tonnes in 2013-14. Gold imports have already come down, with April-August imports at 375.5 tonnes from a year earlier.
raj kishore sharma
pgdm1st year
FIIs invest $2 bn in Indian equity market in September
NEW DELHI: Overseas investors have pumped in over Rs 13,000 crore ($2 billion) in the Indian stock market this month following new RBI Governor Raghuram Rajan's announcing measures to boost the weakening rupee and reviving economic growth.
Moreover, the US Federal Reserve's decision of leaving its stimulus programmes unchanged also encouraged foreign investors to park funds in the Indian equities.
Inflows in equities were about Rs 13,228 crore ($2.09 billion) during September 2-27. There is just one trading session left for this month.
However, there was a pull-out of Rs 6,016 crore ($965 million) from the debt market, still leaving behind a net inflow of Rs 7,213 crore ($1.12 billion), according to latest Sebi data.
The inflows follow a net withdrawal of nearly Rs 16,000 crore (about $2.5 billion) from the domestic capital markets in August.
Marketmen said that renewed buying by foreign institutional investors (FIIs) was witnessed after Rajan took over as the RBI chief and announced a slew of measures to attract capital flows and boost economic growth.
Rajan, who took over as RBI chief on September 4, had announced various steps to attract dollar inflows, including enhanced limits for exporters to re-book cancelled forward exchange contracts and a window for banks to swap foreign currency deposits.
The local currency, which has been deprecating since May, has zoomed by around Rs 3.2 or about 4.85 per cent so far this month. It closed at 62.51 against the US dollar on Friday. On August 28, it had touched all-time low of 68.85.
Besides, Fed's decision to continue with its monthly $85 billion bond buying programme and wait for more signs of growth recovery have encouraged FIIs to invest in Indian equity market.
Since the beginning of 2013, foreign investors have infused a net Rs 73,398 crore ($13.7 billion) in equities, while they have withdrawn Rs 36,914 crore ($5.7 billion) from the debt market.
There had been a turmoil in the global markets after the US Federal Reserve said in May that it may taper the bond buying programme later this year, and end it next year if the US economic recovery is up to its expectations.
The programme, through which Fed infuses liquidity in the US market, had driven asset prices higher including those in emerging markets, and there are fears that inflows may be hit if the US monetary stimulus comes to an end.
Moreover, the US Federal Reserve's decision of leaving its stimulus programmes unchanged also encouraged foreign investors to park funds in the Indian equities.
Inflows in equities were about Rs 13,228 crore ($2.09 billion) during September 2-27. There is just one trading session left for this month.
However, there was a pull-out of Rs 6,016 crore ($965 million) from the debt market, still leaving behind a net inflow of Rs 7,213 crore ($1.12 billion), according to latest Sebi data.
The inflows follow a net withdrawal of nearly Rs 16,000 crore (about $2.5 billion) from the domestic capital markets in August.
Marketmen said that renewed buying by foreign institutional investors (FIIs) was witnessed after Rajan took over as the RBI chief and announced a slew of measures to attract capital flows and boost economic growth.
Rajan, who took over as RBI chief on September 4, had announced various steps to attract dollar inflows, including enhanced limits for exporters to re-book cancelled forward exchange contracts and a window for banks to swap foreign currency deposits.
The local currency, which has been deprecating since May, has zoomed by around Rs 3.2 or about 4.85 per cent so far this month. It closed at 62.51 against the US dollar on Friday. On August 28, it had touched all-time low of 68.85.
Besides, Fed's decision to continue with its monthly $85 billion bond buying programme and wait for more signs of growth recovery have encouraged FIIs to invest in Indian equity market.
Since the beginning of 2013, foreign investors have infused a net Rs 73,398 crore ($13.7 billion) in equities, while they have withdrawn Rs 36,914 crore ($5.7 billion) from the debt market.
There had been a turmoil in the global markets after the US Federal Reserve said in May that it may taper the bond buying programme later this year, and end it next year if the US economic recovery is up to its expectations.
The programme, through which Fed infuses liquidity in the US market, had driven asset prices higher including those in emerging markets, and there are fears that inflows may be hit if the US monetary stimulus comes to an end.
Prashant Sharma
PGDM-I
ibm
naresh kumar pgdm 1st
Reuters – 18 minutes ago
F-1 visas are issued to overseas students studying in the United States, while H-1B visas are provided to foreign nationals with technical expertise in specialized fields.
The Justice Department said the job ads violated the anti-discrimination provision of the Immigration and Nationality Act (INA), which states employers may not discriminate on the basis of citizenship status "unless required to comply with law, regulation, executive order or government contract."
As part of the settlement, IBM also agreed to revise its hiring and recruiting procedures and train its human resources employees to ensure compliance with the INA.
IBM could not immediately be reached for comment outside regular U.S. business hours.
(Reporting by Sakthi Prasad in Bangalore; Editing by Gopakumar Warrier)
naresh kumarReuters – 18 minutes agoRELATED QUOTES
| Symbol | Price | Change |
|---|---|---|
| IBM | 186.92 | -3.3000 |
Related Content
View PhotoA
worker is pictured behind a logo at the IBM stand on the CeBIT computer
fair in Hanover February 26, 2011. REUTERS/Tobias Schwarz/Files
REUTERS - IBM (NYS:IBM - News)
has agreed to pay $44,400 in civil penalties to settle allegations that
certain of its online job postings preferred foreign workers with
temporary work visas over U.S. citizens, the U.S. Department of Justice
said.
IBM had placed certain online job postings for application and
software developers that contained citizenship status preferences for
F-1 and H-1B temporary visa holders, the Justice Department said in a
notification posted on its website late on Friday.F-1 visas are issued to overseas students studying in the United States, while H-1B visas are provided to foreign nationals with technical expertise in specialized fields.
The Justice Department said the job ads violated the anti-discrimination provision of the Immigration and Nationality Act (INA), which states employers may not discriminate on the basis of citizenship status "unless required to comply with law, regulation, executive order or government contract."
As part of the settlement, IBM also agreed to revise its hiring and recruiting procedures and train its human resources employees to ensure compliance with the INA.
IBM could not immediately be reached for comment outside regular U.S. business hours.
(Reporting by Sakthi Prasad in Bangalore; Editing by Gopakumar Warrier)
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The sway of politics over our economy
It’s an old saying that when stock markets rise so much that the news spills over to the white newspapers, bad times are coming. This has been true for every major stock market crash I’ve seen.
Now I wonder if the counter is also true? When the pinks start covering politics as much the whites, are bad times looming? No one could be blamed for thinking so.
There used to be a notion that it was possible to make one’s investment portfolio politics-proof. That may not be doable any more. There’s hardly any investor who doesn’t feel events in politics and government are all that matter for the fate of their savings and investments.
I’m not saying that government and politics should not matter, but the degree does. There are three scenarios: normal impact of policies on investments; where government and politics become central; and they are the only thing that matters. Right now, you could be forgiven for thinking that politics, government and macroeconomic events are all that matter.
Look at the headlines over the past few months. Deficits, interest rates, government permissions for projects, exchange rates, land acquisition, liquidity, the central bank’s leadership — it seems these are all that matter.
Even fund flows from abroad — the real driver of Indian equities — seem to depend more on what America’s central bank does than on any inherent merit or demerit of businesses.
Is this impression objectively true? No idea. But the bottomline seems to be thhat things will stay this way till the next general elections.
anand
pgdm -1sem
Unlisted Indian companies can now float shares abroad
The government on Friday allowed domestic companies to raise capital by getting listed and selling shares through foreign stock markets without being first listed on local exchanges or prior government permission.
The easing of rules is the latest in a string of steps that the government and the Reserve Bank of India (RBI) have launched in recent weeks to attract foreign capital to arrest a sliding rupee and contain current account deficit (CAD)—the difference between dollar inflows and outflows—that hit a record high of 4.8% of GDP in 2012-13.
The government has set a target to limit CAD to 3.7% of GDP or about $70 billion in 2013-14, down from $88 billion last fiscal.
The government and central bank had earlier imposed curbs on gold imports, put foreign exchange controls for companies and individuals and eased investment norms for a host of sectors such as telecom and high-tech defence.
Equity and currency markets in most emerging countries including India have tumbled after investors began flocking to safer locations ever since US Federal Reserve chief Ben Bernanke hinted on rolling back the policy of pumping in cheap money to aid recovery in the world’s largest economy.
The rupee, despite a smart relief rally since the beginning of this month, has fallen sharply. A sliding rupee is toxic. For a start, it means that India needs to shell out more cash to import fuel, and this in turn raises the prices of transporting goods, leading to higher inflation.
“It has now been decided with the approval of the finance minister that unlisted companies may be allowed to raise capital abroad without the requirement of prior or subsequent listing in India,” a statement issued by the finance ministry said.
The capital raised abroad could be directed towards paying off existing foreign debt, or for operations abroad, including acquisitions, the statement said.
This scheme would be implemented on a pilot basis for a period of two years from the date of notification. The impact of this arrangement will be reviewed thereafter.
If a company fails to utilise the funds raised abroad, it would have to remit the money back to India within 15 days. The money would be parked only in banks recognised by the RBI
anand
pgdm-1 sem
RBI surprises with rate hike; trims rupee support steps
Related Content
View PhotoThe
Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI
headquarters in Mumbai July 30, 2013. REUTERS/Vivek Prakash/Files
By Tony Munroe and Suvashree Dey Choudhury
MUMBAI
(Reuters) - Reserve Bank of India Governor Raghuram Rajan surprised
markets in his maiden policy review on Friday by raising interest rates
to ward off rising inflation, while scaling back some of the emergency
measures put in place to support the ailing rupee.Rajan, who took office early this month amid India's worst economic crisis since 1991, increased the RBI's policy repo rate by 25 basis points (bps) to 7.50 percent, defying widespread forecasts that he would leave the rate on hold to bolster a sluggish economy.
As expected, the former IMF chief economist struck a hawkish tone but was non-committal about the direction of the next policy rate move and said he intends to withdraw liquidity tightening steps that had been implemented to stabilise the currency as soon as market conditions allow.
Despite an economy that grew at just 4.4 percent in the June quarter, its weakest in four years, Rajan opted to increase India's policy interest rate for the first time in nearly two years, following similar moves by Indonesia and Brazil whose currencies have also been hit by heavy capital outflows in recent months.
India's wholesale price index (WPI) inflation rose to a six-month high of 6.1 percent in August, with consumer price inflation (CPI) at 9.52 percent.
"In the absence of an appropriate policy response, WPI inflation will be higher than initially projected over the rest of the year," Rajan, 50, said in his policy statement.
"What is equally worrisome is that inflation at the retail level, measured by the CPI, has been high for a number of years, entrenching inflation expectations at elevated levels and eroding consumer and business confidence," he said.
While Indian growth rates are less sensitive to interest rate changes than some other countries, Indian voters are very sensitive to inflation, and there are several important state elections over coming months and a general election due by May.
Government bonds, the rupee and stocks all extended losses after the RBI decision.
The rupee fell as much as 20 percent this year to a record low in late August as investors pulled money from emerging markets ahead of an expected move by the U.S. Federal Reserve to begin scaling back its massive stimulus programme. It has recovered some of those losses since Rajan took over at the RBI amid high expectations on September 4, gaining about 9 percent through Thursday, helped by the Fed's unexpected decision this week to hold off on tapering its bond purchases.
"The statement clearly has a strong hawkish bias as it states that with a relatively more stable exchange rate, monetary policy formulation will be determined once again by internal determinants viz inflation and fiscal deficit," said Anubhuti Sahay, economist at Standard Chartered in Mumbai.
Full coverage of the RBI review http://in.reuters.com/subjects/rbi-policy-review
India rates, inflation & industrial output http://link.reuters.com/deq95s
ROLLING BACK RUPEE SUPPORT
The Fed's surprise move to forge ahead with its current easy money policy gave Rajan an extra cushion to roll back some of the steps imposed to bolster a currency that had been the worst performer in Asia, dragged down by investor worries over the country's record current account deficit.
Rajan, who famously forecast the global financial crisis, said on Friday that domestic drivers of the rupee now take precedence: "The focus has turned to internal determinants of the value of the rupee, primarily the fiscal deficit and domestic inflation.
The RBI on Friday reduced the marginal standing facility (MSF) rate by 75 bps to 9.50 percent, which makes borrowing cheaper for banks. It had raised the MSF rate to 10.25 percent in mid-July to tighten market liquidity and bolster the rupee, and the MSF had been widely regarded as the effective policy rate.
Rajan said he wanted the repo rate to resume its place as the operational policy rate as the rupee support measures are unwound, returning the gap between the repo rate and the MSF rate to its customary 100 basis points.
"It could be that we walk (move) more on the MSF side, but it could be that the repo rate will do some of the walking. I want to be at this point entirely neutral on what the next step would be. It would be dependent on economic conditions," he told a media briefing.
Also on Friday, the RBI partially scaled back the minimum cash balance requirement that banks must keep with the central bank on a daily basis
Shyam Kishor Singh PGDM-1
Rupee opens near 63 per dollar on weak global cues
The rupee slips to 62.98 per dollar compared with its previous close of 62.49
First Published: Mon, Sep 30 2013. 09 31 AM IST
Since January this year, the rupee has lost 12.53% against the dollar and is the second biggest loser among Asian currencies after the Indonesian rupiah. Photo: Pradeep Gaur/Mint
Also Read
Mumbai: The Indian rupee on Monday opened lower at 62.985 per dollar tracking weakness in the Asian currency market.
At 09.20am, the Indian currency was trading at 62.8838 per dollar, down 0.61%, from its previous close of 62.4975.
Most of the Asian currencies, too, showed a weak trend in
the morning, with the Indonesian and Malaysian currencies shedding the
most.
The Indonesian rupiah was trading 2.793% lower at 11,608
per dollar, while Malyasian ringgit was down 0.918% at 3.2575 per
dollar.
Since January this year, the rupee has lost 12.53%
against the dollar and is the second biggest loser among Asian
currencies after the Indonesian rupiah.
pgdm 1st year
Friday, September 27, 2013
.new car model ranked in latest iihs
by Sep 27th 2013 9:39AM
Another six got "advanced" ratings from the Insurance Institute for Highway Safety, while 25 received "basic" ratings. Another 36 got no ratings because they either didn't have the features or their systems didn't meet the institute's standards.
Those receiving ratings had either forward collision alert systems, which warn drivers of a possible crash, or automatic braking, which can stop a car if a collision is pending. The highest-rated cars generally had both:
These vehicles got superior ratings:
- Cadillac ATS and SRX
- Subaru Legacy and Outback
- Mercedes C-Class
- Volvo S60 and XC60
- Acura MDX
- Audi A4 and Q5
- Jeep Grand Cherokee
- Lexus ES
- Mazda 6
- Acura ZDX
- BMW 3 series and X3
- Chevrolet Equinox and Malibu
- Dodge Durango
- Ford Edge, Explorer, Flex and Fusion
- GMC Terrain
- Honda Accord and Crosstour
- Infiniti Q50, QX50, QX60 and QX70
- Jeep Cherokee, Lexus IS and RX
- Lincoln MKT, MKX and MKZ
- Mercedes GLK and M-Class
shyam kishor singh pgdm 1
Gallery: The Best And Worst Vehicles For Under $30,000
finance grads land your dream job
Executives
in search of well rounded finance students look for quantitative,
strategic, critical decision-making and communicative skills, which are
sometimes best developed in classes outside of business schools. If you
want to get the best possible preparation for the finance world from
your undergraduate education, put some thought into which classes to
take, that may fall outside the finance curriculum.Finance students will be tasked with big responsibilities in their careers. They will have to manage the flow of money at their companies and identify financial risks and returns to make effective business decisions. Those who want to have an edge over their competition, both during the initial post-graduate job search and throughout their careers, will take advanced mathematics, accounting, economics, psychology, communications and writing courses to gain a deeper insight into their jobs and a better ability to work effectively with people. Remember, companies are in need of strategic candidates, not walking resumes.
Finance professors at top colleges have made suggestions for the following courses finance students should take outside their business school curricula.
Mathematics - Courses in college algebra and calculus will help students learn how to solve equations in complex financial markets. Statistics helps with decisions based on the likelihood of various outcomes and allows finance students to learn to reach conclusions about general differences between groups and large batches of information. It also explains the movements of a company's stock.
Accounting - Financial and managerial accounting courses teach finance students how to understand, record and report financial transactions, monitor the company's budgets and performance, and examine the costs of the organisation's products and services.
Economics - Economics looks at how scarce resources are allocated to achieve needs and wants. A course in macroeconomics will teach finance students to understand the impact of financial market activities on the overall economy. It will help them understand the behaviors that occur within individual firms and among consumers, as well as how various financial decisions can impact a firm's success.
Psychology - Financial professionals need to understand the behaviors and thought processes that help drive the movements in financial markets. A course in critical thinking teaches a finance student to reflect and evaluate an argument, and examine situations in all dimensions before applying a solution. This involves understanding what is not known about the situation versus what is known. Behavioral finance can help finance students explore why and how the financial markets aren't working, by examining how investors' behaviors are associated with market anomalies. This subject helps financial professionals determine where investors make mistakes and how to correct them, by examining the emotion or thought behind the actions. Behavioral psychology helps finance majors look at the observable and cognitive aspects of human behavior, within a financial environment.
Writing - A course in technical writing will teach students how to put forth strong, clear and organised ideas, purposes and explanations in memos, reports and letters.
Communications - A communications course, such as public speaking, helps finance students present financial reports and explain the meanings behind equations and numbers, to colleagues in group settings. It also helps with the management of people and organisational relations, such as in delegating responsibilities to employees within financial departments. Business students also need courses in corporate communications, crisis communications and PR strategies. A recent study states how financial scandals and downturns can affect shareholder support, consumer confidence and corporate reputation issues. Finance students will benefit from knowing how to handle corporate reputation issues, should they arise.
Ethics - Corporate scandals, which involved irregular accounting procedures, have also encouraged some business schools to add a course in ethics to their finance curricula. These courses focus on moral development in an attempt to stem future misconduct in business environments.
Read the original article in DNA here
raj kishore sharma
pgdm1st
India, US eye five-fold increase in commerce
WASHINGTON: Eyeing to
increase two-way commerce by five times from the current level of USD
100 billion, India and the US have vowed to expeditiously address all
trade and investment policy issues to remove obstacles and improve
business environment in both countries.
In this context, the two sides, after talks between Prime Minister Manmohan Singh and US President Barack Obama,
expressed their commitment to concluding a high-standard Bilateral
Investment Treaty that will foster openness to investment, transparency
and predictability, thereby supporting economic growth and job creation
in both countries.
pratima kumari
pgdm-1st
nagesh
What Do the Latest Financial Results Reveal About Manchester United?
By on September 19, 2013
Alex Livesey/Getty Images
There was lots for Manchester United fans to get their heads around when the latest accounts were released this week.
According to Alex Bell of Manchester Evening News, United announced a record annual revenue of £363.2 million, up by 13.4 percent.They announced increased commercial revenue of £152.5 million, an increase of 29.7 percent.
Match day revenue is also up 10.5 percent to £109.1 million.
They made another £101.6 million from broadcast revenue, although that figure was down by 2.3 percent.
They were the headlines, according to executive vice chairman Ed Woodward, the man behind the commercial juggernaut the club has become.
In the announcement, Woodward said he was "very proud" of the year since the flotation on the New York stock exchange.
He did, however, neglect to mention that United are still £389.2 million in the red—although that has dropped by 10 percent.
Michael Regan/Getty Images
The accounts also showed that last season alone they spent £71 million financing the cost of the debt. That's roughly the transfers fees for Marouane Fellaini and Mesut Özil combined.
They are mind-boggling numbers that are better left to the financial experts to analyse.
But in layman's terms, the club is still under a mountain of debt, as it has been since the Glazer family's takeover in 2005. But it is also making money by the bucket load.
Ultimately, fans want to know that United can still compete with the biggest clubs in the world. They want assurances that they can rival Europe's elite for the best players.
But only David Moyes knows what his budget was this summer. Only he knows if the Glazers knocked back any requests for cash.
He's an employee of the club and can't be expected to do anything other that toe the party line. Sir Alex Ferguson adopted much the same approach.
Michael Regan/Getty Images
The bare facts are that this summer, United spent £27.5 million on Fellaini and £2.4 million Guillermo Varela.
But many fans will insist that's not an outlay befitting a club that is currently making more than £350 million a year.
It's hard to swallow, especially when there's more money being paid out to finance the debt than there is on new players.
Woodward and the Glazers are in charge of a money-making machine. And it shouldn't be forgotten that they have played a significant role in creating it.
But fans would rest much more easily if a larger chunk of the profit was being re-invested in the club rather than disappearing down Sir Matt Busby Way.
nagesh dubey
pgdm1st
Sebi missive on Indiabulls AGMs forces stock exchanges to act
MUMBAI: India's two leading stock exchanges have questioned the
Indiabulls group's decision to hold shareholder meets of all six group
companies within a 75-minute gap on Monday after the market regulator criticised the move and the exchanges' silence on the issue so far.
The Delhi-based firm with interests in real estate and financial services will hold annual general meetings (AGMs) of all six group companies — Store One Retail IndiaBSE -4.97 %, Indiabulls Wholesale ServicesBSE -1.74 %, Indiabulls SecuritiesBSE 0.46 %, Indiabulls PowerBSE -1.20 %, Indiabulls Real EstateBSE -0.27 %, and Indiabulls Infra
and Power — in the city on Monday within one hour and 15 minutes. The
meetings will start at 10:00 am and conclude by 11:15 am, with each
lasting only 15 minutes.
amit kumar pandey
pgdm-1st
Chidambaram says 59-60 to dollar is right value for rupee;
Finance
minister P Chidambaram today said the right value of the rupee is 59-60
to a dollar and it should not overshoot that level.
According
to the real effective exchange rate of the rupee, "the right level of
the rupee should be at 59-60 to American dollar and the currency should
not overshoot that level," he said.
Chidambaram was talking to reporters after
meeting exporters in Mumbai late afternoon.
The rupee closed at 62.51 to the dollar on Friday.
When
asked what he has offered to exporters, Chidambaram said export credit
should be treated like priority sector lending and his Ministry is
talking to RBI about this.
"The finance ministry supports the
idea of treating bank credit to exporters as priority sector lending;
the Ministry is talking to the Reserve Bank on this."
Currently, priority sector lending (PSL), which comes at a cheaper
rate, is limited to agriculture and other segments like MSMEs. RBI
mandates domestic banks to set aside as much as 42 per cent of their
total loan book towards PSL.
The rupee had been one of the
worst-hit currencies amongst emerging markets and lost over 20 per cent
against the dollar since the beginning of the fiscal. Late last month,
it plunged to a life-time low of 68.85 to the greenback.
The
rupee's trouble began after the US Federal Reserve hinted in late May
that it may stop its USD 85 billion bond buyback programme sooner than
expected, which led to a flight of capital back to the American shores
from emerging markets, including India.
However, within the
first fortnight of the new RBI governor Raghuram Rajan taking charge,
the domestic unit regained more than 10 per cent of its lost value, only
to lose a part of it, following the 0.25 per cent hike in repo rate on
September 20.
anand
pgdm-1sem
Thursday, September 26, 2013
Last date for e-filing of tax audit extended
ET SPECIAL:
However, the last date for regular manual filing of tax audit report remains the same - September 30. A spokesperson for the Income-tax department said: "We have extended the time for e-filing of Tax Audit Report in response to complaints from taxpayers of the difficulty in uploading the data online. However, they have to file the report manually before September 30."
Senior chartered accountant TP Ostwal said: "This is an indirect way of asking the taxpayers to do the data feeding for the department. It would have been better if the date for manual filing of return and tax audit report are also extended" .
The office bearers of the Institute of Chartered Accounts of India have sought an appointment with the finance minister to convey the difficulties faced by the taxpayers and tax professionals by its insistence that they file the tax audit report physically on the due date on September 30, 2013.
MANISH SAINI
PGDM 1
Bharti Airtel’s 3G roaming pacts caused Rs.200 crore loss: CAG
Issue refers to deals signed by Airtel with two other telcos that allowed all three to offer 3G services across the country
Bharti Airtel signed 3G roaming deals with two other telcos, Vodafone and Idea Cellular, that allowed all three to offer 3G services across the country. Photo: Mint
Updated: Fri, Sep 27 2013. 12 40 AM IST
New Delhi: The government’s auditor has said in a report that India’s largest telco Bhari Airtel Ltd caused a loss of more than Rs.200 crore to the national exchequer because of the controversial 3G intra-circle roaming arrangements the company signed with Vodafone India Ltd and Idea Cellular Ltd.
The draft audit report by the Comptroller and Auditor General (CAG), titled Unauthorised
use of 3G spectrum in seven circles by Bharti Airtel Ltd without
winning the bids in the auction and thereby short collection of spectrum
usage charge (SUC) amounting to Rs204.35 crore by DoT, dated 13 September, was sent to the department of telecommunications (DoT) for a reply within 15 days.
The issue refers to 3G intra-circle roaming agreements signed by Bharti Airtel with the other two telcos that allowed all three to offer 3G services across the country.
Bharti won spectrum to offer 3G services in 13 circles
(India is broken up into 22 circles for the purposes of spectrum
allocation), Idea Cellular in 11, and Vodafone nine.
Last month, the auditor sent a similar draft report on Vodafone India causing a loss of Rs.187 crore.
The report on Idea has not been sent.
A spokesperson for Bharti declined comment. Last month, a spokesperson for Vodafone had also declined to comment
The 3G roaming agreements were signed in July 2011.
DoT and the telecom regulator have found the agreements illegal as they amount to spectrum sharing, which is currently not allowed. DoT subsequently sent penal notices to all three telcos for an amount of Rs.50 crore for every circle where they gave spectrum and another Rs.50 crore every circle where they used another telco’s 3G spectrum.
DoT and the telecom regulator have found the agreements illegal as they amount to spectrum sharing, which is currently not allowed. DoT subsequently sent penal notices to all three telcos for an amount of Rs.50 crore for every circle where they gave spectrum and another Rs.50 crore every circle where they used another telco’s 3G spectrum.
The telcos are currently fighting the penalty notices in
the courts. Several experts have also questioned DoT’s policy that
allows fibre and tower sharing, but prohibits spectrum sharing.
On Monday, the Supreme Court asked Bharti Airtel to go
back to the Telecom Disputes Settlement and Appelate Tribunal on a
petition challenging the Delhi high court’s earlier decision to bar the
operators from offering 3G services in circles where they haven’t won
spectrum.
The apex court had earlier barred the operators from
signing on new 3G customers in these circles, but allowed them to
service existing customers.
The CAG’s calculations are based on the higher spectrum
user charge telcos that won 3G spectrum were to pay. It has argued that
those telcos that used the intra-circle roaming agreements offered these
services without paying this charge, thereby causing a loss to the
government.
Bharti paid Rs.12,295.46
crore for spectrum in thirteen circles including Andhra Pradesh, Assam,
Bihar, Delhi, Himachal Pradesh, Jammu and Kashmir, Karnataka, Mumbai,
the NorthEast, Rajasthan, Tamil Nadu, western Uttar Pradesh and West
Bengal.
The auditor has suggested that the telcos should pay a
proportionate amount of the bid amount for the circles where they
offered the contentious services without buying spectrum.
In Bharti’s case, the CAG has calculated that this amount comes to around Rs.521.33 crore, taking into account 31 months of use.
Vodafone paid Rs.11,617 crore for 3G spectrum in nine service areas.
pgdm 1st year
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