The financial losses due to economic meltdown and Mumbai terror attack notwithstanding, the Indian hotel industry is gearing up for the Commonwealth Games next year to make the most of the likely spurt in tourist traffic.
The effects of the global financial meltdown are not restricted to the corporate sector, but have also precipitated to the savings and investment pattern of Indian households.
In these times of economic turbulence, more Indians prefer life insurance policies than fixed deposits, as an option to safeguard their capital, says a survey.
With industry buckling under the impact of global meltdown, Indian IT outsourcing firms are adopting a 'zero tolerance' policy on fraudsters who have managed to get IT jobs using fake resumes.
England should instead celebrate the fact that, among all speculation, intimation and finally confirmation, Kevin Pietersen made it absolutely clear that he wants to carry on as a player.
In an interview published in the Sunday Times on Sunday, Ratan Tata admitted with hindsight that he might have gone too far too fast, but that nobody saw the economic recession coming.
The economy is scheduled to dominate the seventh annual Pravasi Bharatiya Divas in Chennai, January 7-9. Minister for Overseas Indian Affairs Vayalar Ravi told Rediff India Abroad that the ongoing economic meltdown has affected the Diaspora and could even impact on the numbers participating in the PBD, but said such impact could be marginal. "We are not getting any alarming report, so far," the minister said, adding that at least 1,200 prominent NRIs are expected to attend.
The plan includes raising the capacity of its aluminium smelter to 2 million tonne, Lanjigarh alumina refinery capacity to 5 million tonne per annum and generation of 4,000 MW power in the state. About 700 small and medium enterprises can come up in the proposed aluminium park. Vedanta will not only supply the metal required for these units, but also supply them power from its 4,000 MW power plant in the locality.
In the first quarter of 2008, the company had a net loss of $4.3 million, Orient Express said. The net loss from continuing operations for the period was $13.6 million compared with a net loss of $2.4 million in the first quarter of 2008.
Expressing concern over the 'effects' of global slowdown on the Indian economy, Prime Minister Manmohan Singh on Saturday cautioned that the next fiscal could be 'more difficult'.
There have been cancellations in inbound air bookings as well as in hotels after the November 26 terror strikes in the western metropolis, industry experts said. According to the ministry, the growth rate in the foreign tourist arrival during January-November 2008 was only eight per cent as compared to growth rate of 14.8 per cent during the same period in 2007.
Plastic is shaping up to be the next chapter in the financial meltdown. What Americans need to know.
We have a few tips that will help you to tide over the crisis.
The President, who has become chief shareholder in several US firms, said, "I don't want to run auto companies. I don't want to run banks. So the sooner we can get out of that business, the better off we are going to be".
Projecting an up to 7 per cent economic growth rate in the current fiscal for India, credit card firm Mastercard on Wednesday said the country could recover from the global meltdown faster than many other markets as it has been less capital intensive in its development.
A stable government and more reforms are needed to hike growth beyond 6%.
'When you don't have food to eat, will you be worried about the virus or the next meal?'
In view of the current global financial meltdown, the Reserve Bank on Tuesday said it is holding back plans for liberalising the operation of foreign banks in the country.
Other regions where the New York Stock Exchange-listed firm is targeting to expand its presence include China and Latin America. In an investor presentation, it said that as part of measures to cut costs in "corporate and other overhead, the company has slashed its headcount by 14 per cent," in addition to which finance, HR and IT staffing have also been reduced.
A sample study conducted for the period August-October 2008 by department of commerce for 121 export related companies also revealed loss in export orders to the tune of Rs 1792 crore (Rs 17.92 billion), he said during Question Hour in Lok Sabha.
In view of financial constraints, government has taken a policy decision to open new post offices, wherever necessary, by redeployment of existing employees and within the available resources with the department, minister for communication and IT A Raja said in the Lok Sabha during Question Hour.
Such employees will get an allowance in cash equal to half of their wages computed on the basis of average salary for their entire service, labour minister Oscar Fernandes said during the question hour. Such employees will get an allowance in cash equal to half of their wages computed on the basis of average salary for their entire service, labour minister Oscar Fernandes said during the question hour.
Experts say that until the market bounces back to a respectable level and creates confidence among investors, who could look forward to some price appreciation, IPOs will not be successful.
Lessons from entrepreneurs who have launched businesses in the last 18 months.
Throughout the developing world, he emphasised, billions of dollars needed for healthcare, education, clean water and infrastructure are being drained by bribes and other forms of corruption. The head of the UN Office on Drugs and Crime called for greater adherence to the UN Convention Against Corruption that has been signed by 130 nations.
Soccer legend Diego Maradona left Kolkata in the wee hours on Monday marking the end of the football wizard's two-day sojourn to the "city of joy".
On the back of a global meltdown, big-ticket firms may not be flocking at the premier Indian Institute of Technology campuses. IITians, however, have not lost all hope. Many are looking at start-ups for their first jobs.
The last several quarters of tight monetary policy has weakened the industry and put it in a situation of being less capable to weather this storm.
Although investments have been few and far between in the valley, which has had to live under the shadow of attacks by militants from across the border since 1989, the economist said there was a risk that even those who had invested could wind up operations.
According to Jagat M Sarkar, head of HR, e-Rev Max, a product company which has its main development centre in Kolkata and presence in 60 countries, "In the given scenario, there will be increased focus on getting quality manpower. Salary hikes too would be hit. Those on the bench and non-performers are jittery too as companies plan on pink slips.
As the miasma of the global economic downturn accelerates its pace, Indians abroad are worried about their future but still remain positive.
Trump's verbal barbs directed at Alicia Machado, who won the Miss Universe title in 1996, started after the first presidential debate Monday when Hillary Clinton mentioned her and claimed that Trump used to call her "Miss Piggy" and "Miss Housekeeping."
As US business magazine Forbes puts its, the deals being offered would not last forever as they would "evaporate" as the economy improves in the coming months. In its list of '10 Things To Buy Before the Economy Improves', the publication has named houses, diamonds, toys, cars, laptops and women's clothing, among others. Other goods and services which are part of the list are vacation, 'high-dividend stocks', television and furniture.
"If the government is going to borrow from the market to fill the fiscal deficit, then they are going to suck up all the money available in the banks and we will be crowded out," the new CII president Venu Srinivasan told reporters in New Delhi. Pitching for monetisation of the budget deficit, he said, "It means printing notes. Which means you have the risk of increasing inflation but at the same time you will keep the economy afloat".
The moot issue is whether the consumers have money to spend at a time when they have no jobs and income.
However, bookings for 13 cars had been completed in India, Rod Wallace, Managing Director of Precision Cars India, official importer of the Porsche range of cars, told PTI in Chennai.
To shore up the tottering the US economy, President-elect Barack Obama and the Democrats are planning a new massive fiscal stimulus package that could run into as much as $700 billion over the next two years, rivalling the bailout sum Congress committed last month.
The number of companies invited sees a 50 per cent jump over last year.
Coal India Ltd, Steel Authority of India Ltd, Bharat Heavy Electrical Ltd and Oil and Natural Gas Corporation were among the 15 top PSUs, which went about head hunting at the IIM-L. CIL and SAIL recruited 12 students each. "Out of the total of 267 IIM-L students graduating this year, PSUs recruited 65 students," IIM-L Placements Chairman Sushil Kumar told the media in Lucknow.
The meltdown impact was clearly visible in October, when exports declined by 15 per cent. The government has set a target of $200 billion in the backdrop of $162 billion in 2007 08. However, several agencies like global consultancy firm Dun and Bradstreet have expressed doubts whether the growth momentum could be sustained.
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