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G-20
AI headhunts for COO
NTPC seeks confirmation on gas marketing margin
Excise recovery signals industrial growth
Infra sector grows by over 7 pc
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Air India pilots threaten strike
No hike in interest rates: SBI
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G-20
Pittsburgh, September 25 “First, the problem must be tackled at its root by ensuring the quickest possible return to normalcy in the global economy. This requires a commitment that we will not undertake any premature withdrawal of stimulus," he said, addressing the G-20 Summit here hosted by US President Barack Obama. “We must certainly plan for an orderly exit when the time is right, but that time is not now. The global economy may be bottoming out, but it is not expected to reach 3 per cent growth until the end of 2010," he said. Singh made a strong pitch for a restoring the momentum of growth in the developing world and said there was need to replace lost export demand and to expand investment. He expressed confidence that despite a drought that will effect agricultural production, India expects to grow by 6.3 per cent in 2009-2010 and then recover to 7-7.5 per cent growth next year. After growing at 9 per cent per year for four years, the economy slowed down to 6.7 per cent in 2008-09. “The prospects of convergence, which seemed bright before the crisis, have receded. We must take steps to counter these developments and restore the momentum of growth in the developing world," the Prime Minister said. Facing the crisis, the G-20 Summit in London in April had decided to pump in $1.1 trillion to resurrect the economy from the worst downturn since the depression of the 1930s and there have been voices from the European powers seeking exit from continuing with the stimulus in view of inflation fears. Cautioning against protectionism in world trade, Singh said the collapse in export markets makes it all the more important that the market access of developing countries was not constrained by protectionism. “I recognise that when growth is low, and unemployment is high, it is inevitable that protectionist pressures will arise. It will be a test of the collective political leadership of this group, whether we are able to resist these pressures in our countries. Singh said the leading economies had done a great deal on finance and what remained was easily doable. “We need to address the difficult tasks on the trade front which are now more important for the medium term,” he said. — PTI
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AI headhunts for COO
Pittsburgh, September 25 The COO will be based out of the carrier's headquarters in Mumbai and report directly to the CMD. Air India did not indicate the pay package it was willing to offer but said it would be based on qualifications and experience. “Canvassing in any form is prohibited,” said the airline, adding the contract would be for three years to begin with, which may be extended by another two based on performance. Several Indian carriers, including Naresh Goyal-led Jet Airways and Vijay Mallya's Kingfisher Airlines, have expatriates overseeing the operations as chief executives. The lookout for a chief operating officer was formally announced by chairman and managing director Arvind Jadhav during his first press conference earlier this month as part of his turnaround strategy for the carrier over some 40 months.
— IANS |
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NTPC seeks confirmation on gas marketing margin
New Delhi, September 25 The firm on September 23 wrote to the Power Ministry saying NTPC's board while approving signing of the Gas Sale and Purchase Agreement (GSPA) with RIL had decided to take up the matter of marketing margin separately with the appropriate government authority. NTPC said it had sought legal opinion on Oil Ministry's advice that marketing margin was purely a commercial issue between the seller and the buyer. The legal opinion stated: “This issue is a commercial issue and NTPC would need to look at it accordingly... NTPC should take up the issue of marketing margin separately through the Ministry of Power with the appropriate authority in the government.” The move comes amid the tussle between Ambani brothers on the issue which had RIL slap a notice for discontinuing supplies after Anil Ambani Group firm stopped paying the levy on gas it buys from KG-D6. NTPC said it had discussed the issue of marketing margin with RIL during finalisation of the GSPA. “However, RIL maintained its position that marketing margin is being charged by them from all the customers on a uniform basis and RIL is not in a position to create any exception for NTPC.” — PTI
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Excise recovery signals industrial growth
New Delhi, September 25 The industry is clearly showing signs of revival with excise collection in August up by 22.7 per cent compared to last month. We are hopeful of meeting the target, chairman of Central Board of Excise and Customs V Sridhar said. The indirect tax collection target of the government is set at about Rs 2.7 lakh crore for 2009-10. The growth in excise figures is led by improvement in sectors like sugar that showed an increase of about 16 per cent, petroleum products that grew by about 4-5 per cent and cigarettes, Sridhar said.
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Infra sector grows by over 7 pc
New Delhi, September 25 The growth in six key infrastructure industries - cement, coal, electricity, steel, crude oil and petroleum refinery products - is the best performance in this fiscal so far. On other hand, excise duty collection for August posted 22.7 per cent increase over last month's, raising the government's hope of meeting the indirect tax mop-up target of Rs 2.7 lakh crore for the current fiscal. Economic think tank ICRIER's CEO Rajeev Kumar said if the growth continued for the next two months, the economy would grow by 6 per cent this fiscal. CRISIL's chief economist DK Joshi said while core sector data keeps fluctuating, “the underline trend is positive”. However, the data for services sector, which accounts for the largest chunk of the economy, is not available after the first quarter.
— PTI |
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Air India pilots threaten strike
Mumbai, September 25 On Wednesday, the Air India board decided to slash flying allowance and productivity-linked incentives by 50 per cent. Pilots are saying they were not consulted about this. Air India has 1,200 pilots and if junior pilots join their 400 senior colleagues, who are threatening mass leave, the impact could be much worse than last month’s strike by Jet Airways' pilots. “The executive pilots have taken a decision to go on strike because nobody is in state on mind to work due to the salary cuts. Starting now, we will not work,” representative of executive pilots Captain Bhalla said here amid reports that an unspecified number of executive pilots may take mass leave. But Air India spokesperson Jitendra Bhargava said: “We have no intimation of any strike by the pilots.” It was not immediately known to what extent the airline's operations will be affected if the pilots go ahead with the stir. There are around 300 executive pilots in the national carrier and since they are part of the airlines management, they cannot form a union and also cannot go on strike, official sources said. Citing the massive cut in their PLI as the reason for the strike, Bhalla said: “CMD Arvind Jadhav has cut 70 per cent salary of all executive pilots with 50 per cent being evident and 20 per cent hidden. He is trying to hire foreign pilots at the rate of $13,500 and wants us to work us for peanuts,” he alleged.
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No hike in interest rates: SBI
New Delhi, September 25 “Hike is extremely unlikely,” Bhatt said when asked whether the rates of borrowing could be revised upward in the next few months. He said the SBI was lending at the "lowest rates" and any more cut was not on the cards. In the recent past, the country's largest bank has been aggressive in cutting the lending rates, especially for those buying homes and cars. It is extending both these loans at 8 per cent interest per annum.
— PTI |
IREO to invest Rs 10,000 cr Zylog plans investment in wi-fi sector Coromandel Fertilisers renamed Modicare eyes
Rs 200-cr sales
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