Brazil, Russia, India & China (known collectively as BRIC) on Sunday sought a re-balancing of representation on the executive board and the International Monetary and Financial Committee of the International Monetary Fund (IMF). The committee is the policy-making arm of the IMF.
The UK government today approved a grant of pound 27 million to Tata Group-owned Jaguar Land Rover
Corus currently employs about 42,000 people and a little over half of them are stationed in the United Kingdom. A company spokesperson told Business Standard that jobs will be cut in three plants - 1,100 in South Wales, 1,400 in the United Kingdom and another 1,000 in Holland.
The economic slowdown, which has come like an avalanche in the last few months, has changed the way the country's top management consultants do business.
Paramount Airway's Managing Director M Thiagarajan insists that his is the only profitable airline in the country, but refuses to share the company's balance sheet with the media.
In an effort to control costs, Chennai-based IT solutions provider Ramco Systems has decided to slash the salaries of senior managers by 10-15 per cent. The move is likely to affect close to 220 of its 1,663 employees.
Mobile telecom service providers are up against a new problem -- unidentified operators have been found to take out subsidised handsets from their 'bundled' connections and ship them to overseas markets at significantly higher prices.
CavinKare, which has successfully competed with multinationals, including Hindustan Unilever, in the sachet segment to retain leadership in key southern markets, will now have to prove its acumen in the bottled shampoo segment, which is increasingly getting competitive after new marketing strategies were adopted by ITC and other players.
K Raghavendra Rao, one of the founding promoters and managing director of Orchid Chemicals and Pharmaceuticals, said he may initiate talks to buy back its 14.7 per cent stake that is now with Rexcel, a unit of pharma major Ranbaxy.
The kits for converting regular two-wheelers to those for the physically challenged will be sold only by select manufacturers who will need prior approval from the government after testing for brakes and the ability to handle gradation. Only workshops approved for fitment of the kits can make the changes to the vehicle. The approval, according to this notification, will be based on competence, availability of necessary equipment, experience in the relevant field and manpower.
The Standing Committee on Emission Regulation - under the Ministry of Shipping, Road Transport & Highways - today approved addition of hydrogen to CNG (compressed natural gas) for use in vehicles. The proposal is to use CNG with 20 per cent hydrogen content.
Cheap imports from China threaten to punch a huge hole in the business of local automobile component makers.
Food and grocery retailer Subhiksha has taken the acquisition route to list its shares on the stock exchanges. The company wants to avoid an initial public offer in view of the turbulence in the capital market.
K K Swamy is between jobs. After spending a little over a decade running Toyota Kirloskar Motors as its deputy managing director, he made a quiet exit a month ago to move to Volkswagen India as its first managing director. He is moving lock, stock and barrel from Bangalore to Pune, where he is set to take charge on July 21.
American car maker Chrysler is in talks with the Tamil Nadu government to set up a greenfield facility in the state. The company has agreed to send a team to Tamil Nadu to study the feasibility of the project in the state. While the discussion with the Tamil Nadu government is at very early stage, a senior official in the government said that Chrysler was looking at expanding its operations in Asia and India is one market the car maker is keen to enter.
Maruti Suzuki India, the country's largest carmaker, may after all do what everyone expects it to: take on Ratan Tata's Nano with its own low-price car. For long, there has been a will-they-won't-they kind of speculation about how Maruti will protect its entry-level consumer base from the Nano, whose lowest variant is likely to cost Rs 1 lakh in some places and about Rs 1.26 lakh in some others. The higher variants may cost Rs 1.5 lakh or more.
The Tamil Nadu government has agreed to help Tata Steel procure nearly 10,000 acres of land for its Rs 2,500-crore (Rs 25 billion) titanium dioxide project in Tuticorin district, 540 km south-west of state capital Chennai. This is the first time the state government has officially said it will get involved in the land acquisition process for Tata Steel's ambitious project, which has been on paper for nearly a year.
Even as Tata Motors is racing against time to get its new Singur plant near Kolkata ready for commercial roll-out of the Nano by October 2008, the company may need an out-of-the-box solution to overcome some delays in the integrated plant and component park structure proposed for the vehicle.
Bhai Mohan Singh came to Delhi from Rawalpindi after the partition, having made big money in road contracts in the northeast region during the Second World War. He was soon in business, lending money to companies based in Delhi. It would be difficult to tell if he would have shared the elation of his grandson, Malvinder Mohan Singh at the family's exit from the company today.
Indian businessmen and executives may not yet be the most meticulous executioners of management principles in the world. But when it comes to keeping the Gods and lady luck happy, they leave no stone unturned.
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