"The situation is bad. Some people are leaving and some are being asked to leave. And more important, several positions are remaining vacant. The selected candidates for these posts are not coming," said an associate, as the employees are called. "There is talk now that the new company, whichever that is, will cut at least 10,000 jobs gradually. We are praying that this is unfounded," a senior associate said.
Prime Minister Manmohan Singh said India is in favour of sharing tax information and monitoring tax havens more closely.
The buzz refuses to die down even though other PE players, investment bankers and analysts say such an alliance is highly unlikely. Wilbur Ross, meanwhile, is understood to have completed the due diligence of the scam-tainted IT company. When contacted, a company official declined comment.
While a company spokesperson said Bharti would either dilute its stake or exit the venture, the fund house is trying to rope in a bank to strengthen its distribution network. In addition, an asset management venture is seen to have closer links with banks, which are looking to offer a wide range of financial products.
The bank, which had announced a similar cut in January, will see its mortgage prime rate fall to 13.75 per cent from April 1. In a statement, the bank said that the benefit will be available to all its existing customers on floating rate loans. A bank spokesperson said that, depending on loan tenure and amount as well as the customer's relationship with the bank, he could get a loan at up to 50 basis points lower than the benchmark rate.
Industry estimates show that the business news channels generate about Rs 300 crore a year in advertising. However, with the economic slowdown, ad revenue is expected to drop by about 15-20 per cent this year.
The bidders had started sending teams from departments like human resources, finance and legal, who were holding discussions with their counterparts at Satyam, the sources added. The Satyam stock was up 4 per cent at Rs 42.20 on BSE. It had dropped a little over 10 per cent in the past month. "Between this week and next week, there will be several meetings between various bidders and company officials," confirmed Satyam's Hari Tallapalli.
The Satyam board said corporate governance, a clean record, management and organisational ability in operating a global company will be considered, apart from the financial bid and other technical criteria. The bidders will furnish an irrevocable and unconditional performance bank guarantee of Rs 100 crore to guarantee the deposit of funds required for the preferential allotment and the requisite escrow amounts for the public offer within four days of being selected.
The financial meltdown and heavy taxes on works of art imported or sold in India has caused many art galleries to shut down in recent times.
Board to meet investment advisors Goldman Sachs and Avendus today.
The supply of Tata Motors' much-awaited small car, the Nano, is going to be well below the demand for quite some months.
The newly appointed (by the government) board members, O P Vaish and Ved Jain, said the company and its lenders were expected to reach an agreement in this regard by March 25. The board met in Hyderabad under the chairmanship of Vaish and sought information on the state of the company and the various projects it was implementing and negotiating. Vice-Chairman B Teja Raju and Additional Director B Narasimha Rao were present.
The news of global IT giant IBM buying Sun Microsystems has been doing the rounds for years. So, despite the Wall Street Journal reporting that an approximately $6.5 billion buyout is imminent, analysts remain sceptical.
As the problem of job losses in the domestic economy continues to grow, Prime Minister Manmohan Singh will again take up the issue of "protectionist policies" by advanced countries during his G-20 tour. The Union government feels that these policies will add to the massive job losses in the country, especially in labour intensive sectors engaged in exports.
On February 18, CEO Kunal Das Gupta had put in his papers. Company sources say around a dozen senior executives also resigned with Almeida on Thursday. Based on viewership ratings, Sony TV is currently a distant fourth in the rankings of entertainment channels, behind Star Plus, Colors, and Zee TV.
Trai has fixed a minimum 'contention ratio number' of users who can share the same bandwidth. Earlier, there was no such restriction on operators and they were offering the service at a contention ratio of 1:80 to 1:100 (which means the same bandwidth would be used by 80 to 100 customers). Under the new guidelines, the contention ratio for broadband at home has been fixed at 1:50 and for business at 1:30.
Cash flows from RPL will help Reliance to step up investments on explorations. Reliance Industries, which owns the world's biggest refinery complex, is looking at additional cash flows, tax benefits, continuity of export status and other synergies in its attempt to merge Reliance Petroleum with itself, after a 54 per cent decline in stock prices.
The USFDA has accused Ranbaxy of falsifying data and test results of medicines. A Daiichi Sankyo statement said it takes the issue very seriously. 'Both Daiichi and Ranbaxy have formed a team to solve the issue. Ranbaxy will be responding to the FDA and will continue to cooperate with the agency.' Ranbaxy shares fell more than 18 per cent to Rs 169.85 today on the Bombay Stock Exchange, while Daiichi stock dropped about 10 per cent to yen 1,680 on the Tokyo Stock Exchange.
Finance Minister Pranab Mukherjee on Tuesday announced a stimulus package for the economy, the third this financial year, cutting excise duty and service tax two percentage points each, effective midnight, and extending previous excise cuts beyond March 31, 2009.
Full-service carrier Kingfisher Airlines has sought permission from the petroleum ministry to extend the date for paying dues to public sector oil companies for aviation turbine fuel.
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