8,000 people globally may b eimpacted
Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
German chemical company BASF, which has a significant presence in India, will slash about 3,700 jobs by 2013 as part of its restructuring measures.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
It reported a loss of Rs 36 crore (Rs 360 million), the first such negative result in 10 years.
Large retailers are allegedly importing apparel made of Chinese fabric from Bangladesh at nil duty, under our free trade agreement with the latter country. However, the same agreement does not permit duty-free export from here.
The company which posted results for the latest quarter said restructuring efforts are underway that will include a workforce reduction of around 5,000 employees.
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
United Spirits wants to align its resources to meet its goals of becoming a trusted and respected consumer goods company.
Some of external candidates being considered for the post of CEO include Bhaskar Ghosh of Accenture, Ritesh Idnani of Tech Mahindra, Ravi Kumar S of Infosys, and Nitin Rakesh of Mphasis, among others.
Cash-strapped retail player Subhiksha has said that almost all its lenders and shareholders are working together to revive the company and it is on its way to completing the ongoing corporate debt restructuring (CDR) programme on schedule by the end of July.
The sector will see a minimum of 3-5 per cent of the weight being shed in almost every IT company - particularly the big 20 - because of Covid and not performance-related issues.
Shoppers Stop returns to its core business after divestments. The retailer plans growth through web and private labels.
Employers are now looking to hire professionals who can demonstrate their skills rather than reel off a catalogue of undirected theoretical qualifications.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
The petition was filed in 2003 by NGO Centre for Public Interest Litigation.
Economists praise Das for his pragmatism and willingness to face challenges head on. And in doing so with the finesse of an able administrator.
The world is full of family businesses that withered away with the passing of generations, creating much bitterness and ill will. Entire clans that used to be household names have become pale shadows of their once-mighty empires.
It is unrealistic to expect that change will happen in one year: Birla
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
Wipro Infotech - the Asia-Pacific and West-Asia arm of the $4 billion Wipro Limited - has restructured its operations. The company has transferred majority of its business to global IT division, Wipro Technologies. Wipro Infotech has also undergone other management changes, and re-alignment of various verticals. According to the mail, Anand Sankaran is being appointed chief executive of Wipro Infotech.
The Reserve Bank of India (RBI) has offered some leeway to banks for early detection and resolution of bad loans. Under the new regime kicking off from April 1, lenders can finance 50 per cent of the outstanding loan value, RBI said in Framework for Revitalising Distressed Assets in the Economy, released on Thursday.
Jack Ma, founder of China's e-commerce giant Alibaba suffered a major setback on Tuesday as Shanghai and Hong Kong Stock Exchanges suspended dual listing of the shares of his world's biggest initial public offer of $39.7 billion of the group's subsidiary - the Ant Group, 48 hours before the highly-anticipated trading was due to start. The Shanghai Stock Exchange surprised market investors with an abrupt announcement late on Tuesday that it will suspend Ant Group's IPO, as regulators and the public debate the balance between financial innovation and risk control, state run Global Times reported. According to media reports, the Hong Kong exchange followed suit several minutes later.
It is to be noted that the total cases referred under CDR increased to 19 in the second quarter from 16 in the first quarter of the current fiscal.
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
Companies hit by the sudden appreciation of foreign currencies such as Swiss franc and yen are finding it difficult to restructure their currency options as banks have become cautious in extending fresh credit limits to them.
The initiation of IBC proceedings in respect of a debtor has certain drastic consequences on both day-to-day running of the business of a debtor and on all creditors generally.
These together account for 40 per cent of bad loans of around Rs 4 trillion.
Reducing dependence on wholesalers will give the company better control over its inventory, besides offering greater visibility to new brands, reports Avishek Rakshit.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
Canadian handset maker BlackBerry on Friday said it has narrowed its net loss for the second quarter ended August 31, 2014 to $207 million compared to the previous year helped by increased adoption of its BlackBerry Enterprises Service (BES) and handset sales.
In a bid to enhance shareholders' value, the Kinetic group is restructuring operations to house its two-wheeler and auto-component businesses in Kinetic Motor Company and Kinetic Engineering, respectively.
Three months after the Foreign Investment Promotion Board put its entry into India on hold, US coffee retail giant Starbucks has sent a revised application to operate single-brand retail stores under a restructured entity.
Financial Services Secretary Rajiv Takru said banks were trying to make a distinction between wilful defaulters and those genuinely stressed.
World's largest cell phone maker Nokia on Wednesday said up to 300 jobs would be cut in India by end of 2012, as the company embarks on restructuring that would affect 7,000 employees worldwide.
It may hit Kingfisher, Paramount restructuring.
The power ministry is planning to start a second version of UDAY, aimed only at reducing the losses of discoms and improving the quality of power supply.
Experts said the new framework has ensured that the focus has moved to creditor protection from debtor protection.
