The cutback in production has been announced on top of three days' production halt this month and would impact most of Toyota's models made in Japan, excluding those outsourced to subcontractors, the report revealed. Further, sales of new vehicles in Japan slumped to the lowest level in three decades in 2008 as recession hit Asia's biggest economy, piling pressure on its auto giants, an industry group had said.
The need for larger investment in infrastructure that is the biggest shortcoming, says A V Rajwade.
Goldman Sachs had late last month announced appointment of Mittal, estimated to have a net worth of over $50 billion and CEO of the world's largest steelmaker ArcelorMittal, as an independent director effective June 28. Mittal will serve on the Audit, Compensation and Corporate Governance and Nominating Committees of the Board and would take the Goldman Sachs' board strength to 13 directors, including 10 independent directors.
With no signs of financial aid coming from the UK government, Indian conglomerate Tatas have agreed to inject "tens of millions of pounds" into its British car company Jaguar Land Rover, says a media report.
Citi CEO Vikram Pandit in an internal memo to the staff tried to allay fears over debt and its share price, which is hovering around $1. Pandit said in the memo that 'we were profitable through the first two months of 2009 and are having our best quarter-to-date performance since the third quarter of 2007.' He added that in January and February, the bank generated revenues of $19 billion before markdowns.
Arun Sarin, the former chief executive of telecom giant Vodafone, who was reportedly in the race for the CEO post at Internet major Yahoo has decided not to accept the offer, says a media report.
India-born Vikram Pandit led world's biggest bank Citigroup is planning to overhaul its bonus system, aimed to increase co-operation and minimise in-fighting among disparate parts of the conglomerate, a media report said.
The head of Pantaloon, India 's leading retailer, has warned that high property prices in big Indian cities are threatening the country's burgeoning retail industry and adding to the pressures brought on by soaring construction and labour costs
According to the Financial Times, Credit Suisse will be trimming its workforce by 10 per cent leading to job loss for 650 employees, while HSBC said it was slashing 500 jobs. Credit Suisse has been impacted by the loan writedowns, which has led to two quarters of losses for Switzerland's second-largest bank this year, the report said.
According to the newspaper, Lakshmi Mittal said large parts of manufacturing industry would not suffer the same problems as those parts of the world economy more closely linked to banking and finance such as housing and consumer goods. The India-origin billionaire indicated that substantial parts of the broad industrial sector across the world would perform in a satisfactory way in the next one to two years.
NRI steel tycoon Lakshmi Mittal has suffered a $50 billion decline in the value of shares he holds in the ArcelorMittal following the global financial meltdown, a leading economic daily has claimed.
Gains were led by HUL on better-than-expected margins in March quarter and capital goods shares.
News of all that's transpired on and off the football field
While noting few top persons have dared to question the ambitions of the country's MNCs, the daily quoted Kotak as saying that he was worried about corporate India's over-reach amid a period of global financial turmoil. Indian companies announced an estimated 240 outbound M&A deals in 2007 worth more than 32 billion dollars, up from less than 200 deals worth less than $10 billion in 2006 and not even $5 billion in 2005.
They say 'money can't buy you happiness,' but a new study has proved the opposite. Researchers at Wharton Business School have carried out the study and found that inhabitants of richer nations are happier than those of poorer countries, the Financial Times has reported. Their finding contradicts years of wisdom that higher national gross domestic product often did not translate into a greater overall sense of well-being.
Engaging India is an online column analysing the issues, trends and forces behind the business and politics shaping India and its impact on the world. Engaging India appears on Thursday mornings exclusively on FT.com India, a dedicated online section on India, and is written by Jo Johnson, the Financial Times' South Asia bureau chief; Amy Yee, New Delhi correspondent; and Joe Leahy, Mumbai correspondent.
Prime Minister Narendra Modi on Monday told developed countries which powered their way to prosperity on fossil fuels that it would be "morally wrong" if they shift the burden of reducing emissions on developing countries like India.
Anil Ambani, whose flagship company Reliance Communications is in talks with South Africa-based MTN, is looking to buy more than 40 per cent stake in the telecom major, a media report said on Tuesday.
Britain's new points-based immigration system may become a 'retrograde step' as it prevents India and other developing countries from exporting information technology systems and personnels to the country, Commerce Minister Kamal Nath has said. "The new regime can make it harder for software and other IT executives to travel back and forth between India and the UK, imperiling their ability to fulfill service contracts," Nath told the Financial Times.
The Financial Times reported that Ambani hopes to be a major shareholder in RCom and MTN after the firms combine in a reverse takeover. Ambani would pay an extra $4 to $5 billion in cash to bring his stake in MTN to his target level of 34.9 per cent, the ceiling beyond which he would be forced to make a general offer for MTN, the newspaper said in an article published in its online edition.
Dean of ISB, M Rammohan Rao on ISB's new programmes, their unique selling proposition, placement programme, their recently launched pre-doctoral programme and dearth of quality faculty crunch faced by Indian management schools.
The company may employ more than 60,000 people, but Mr Gates's intellectually combative nature still defines its corporate culture and he remains the figurehead for its armies of software developers.
For years, the true nerds of Silicon Valley have obsessed about Bill Gates. They damned Microsoft as an evil empire and proclaimed Gates its Darth Vader. His products? Technically inferior and chronically behind schedule. His company? An evil monopoly bent on world domination and the suppression of truly great software.
A body representing more than 1,000 entrepreneurs and executives from India and Pakistan has warned Alistair Darling, the chancellor, that his proposals for a tax crackdown on non-domiciled UK residents will lead to a much greater exodus from Britain than anticipated.
Companies are going to realise that employees do not have just financial needs. They have spiritual, health and financial needs. They have long-term needs. People always want to be valued and respected for what they like to do.
Google's comments echo figures released recently by AT&T and O2, which carry the iPhone exclusively in the US and UK respectively.
Bharti Airtelis looking to buy assets in emerging markets - the latest sign that India 's biggest mobile phone operator could broaden its base. One would see Bharti, which has a market value of $44bn, make a partial tender offer for a 51 per cent stake in MTN. This would allow MTN to retain its listing in Johannesburg and reduce the debt Bharti would need to take on to finance a deal.
It is Aditya Mittal, son of steel tycoon Lakshmi Mittal and CFO of ArcelorMittal, who persuaded his father to accept a shareholding of below 51 per cent in the company post its takeover of European giant Arcelor. Before Arcelor takeover, Mittal family held an 88 per cent stake in Mittal Steel. Aditya, who visited a steel plant first at the age of eight, joined his father in early 1997, after working for less than a year as an investment banker at CSFB.
The changes afoot in the capital may herald the beginning of the end of India's long infrastructural nightmare.
School of Business (ISB) has been ranked number 20 in the global B-school rankings released today by Financial Times, London.
When Anil Ambani, the billionaire businessman, launched the initial public offering of his company, Reliance Power, this week, he received enough orders to cover the $3bn listing within one minute of its opening.
With the murder of Benazir Bhutto just days before the elections, and with the government coming up with new stories everyday about her death, the report says that Musharaff's position is probably now more insecure and he might not remain in power by the end of the year.
The Tata Group had acquired its UK steel operations as part of a 6.7 billion pounds acquisition from Anglo-Dutch steelmaker Corus in 2009.
The Mumbai traffic police, in a move that runs against the very culture of driving in this city of 18m, have begun cracking down on noisy motorists.
Mark Tully on the India he loves.
In an interview with the Financial Times last week, Jos Luis Duran, Carrefour's chief executive, said he was poised to sign a retail joint venture in India.
Bharti Airtel, India 's leading mobile operator, said it could "move pretty quickly" if the board of MTN, the South Africa-based telecoms group, puts itself up for sale on Monday.
Jim Rogers, expert financial consultant, predicts a US recession in the near future and advises sound investment in agriculture.
The way forward is management innovation: new ways of mobilising talent, allocating resources and building strategies.
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