The Tribune, Chandigarh, India

	Employers hesitant to recruit, says survey 1 in 4 Indian firms uncertain about Q4 hiring plans: Manpower New Delhi, September 13 One in every four Indian employers is uncertain about their hiring plans during the fourth quarter of 2011, says a report by global staffing services firm Manpower. Nevertheless, India has one of the most bullish employment outlooks across the globe, according to the Manpower Employment Outlook Survey released today. India’s net employment outlook — an indicator of recruitment intentions— stood at 30 per cent for the October-December quarter of 2011, the strongest in the 41 countries and territories surveyed, but is likely to witness the slowest pace of hiring since the first quarter of 2010, as per the survey. “In the wake of uncertainties in global markets, employers in India are adopting a wait-and-watch policy. This is probably the reason we are not seeing them commit to the same optimistic hiring plans they reported at the beginning of 2011,” Manpower India Managing Director Sanjay Pandit said. Pandit further said though the hiring forecast in India still remains one of the most optimistic across the globe, "one in every four employers is uncertain about their hiring plans for the last quarter of the year — an unusually high percentage when compared to past quarters." The report further said though all seven industry sectors and all four regions of India have positive hiring plans for the fourth quarter of 2011, the employment outlook for all sectors has declined vis-a-vis the previous quarter. Employees in the services sector have the most bullish hiring plans, with a net employment outlook of 37 per cent for the last quarter of 2011. However, the sector]s outlook was down by 10 percentage points compared to the previous quarter. Similarly, in the manufacturing sector, the net employment outlook stood at 32 per cent for Q4 of the 2011 calendar year, 12 percentage points lower compared to the previous quarter. The weakest hiring outlook was seen in the public administration and education sector (16 per cent), the report said. A zonal-wise analysis shows that hiring activity has declined quarter-on-quarter among employers in three out of four Indian regions. Employers in the southern region have the strongest hiring expectations for the fourth quarter, with a net employment outlook of 42 per cent, unchanged when compared to the previous quarter. However, the forecast in the eastern region (39 per cent) was 7 percentage points lower than in the previous quarter, while the northern region's (31 per cent) net employment outlook fell by 17 percentage points in comparison to the previous quarter. Employers in the western region (25 per cent) reported the weakest hiring plans, with the net employment outlook declining by 19 percentage points vis-a-vis the previous quarter. — PTI Though seven industry sectors and all four regions of India have positive hiring plans for the fourth quarter of 2011, the employment outlook for all sectors has declined vis-a-vis the previous quarter Employees in the services sector have the most bullish hiring plans
	Rupee at 15-month low; euro zone in focus Mumbai, September 13 The rupee plunged to its lowest level in more than 15 months on Tuesday, weakening for a seventh straight session, as deepening concerns of a Greek debt default continued to drag local and world equities and channelled flows towards dollar. Dollar buying from corporates along with the weakness in Asian currencies also aided the rupee's fall, dealers said. A jump in spot dollar demand triggered receiving in the forward dollar market and sent the one-year onshore premium tumbling to 16-month lows, they said. The partially convertible rupee ended at 47.59/60 to a dollar, after touching 47.6550, its lowest since May 25, 2010, and 0.8 percent weaker from Monday’s close of 47.22/23. Compared with the unit's strongest level this year of 43.8550 touched on July 27, the rupee has shed nearly 8 percent against the dollar. "The short term will remain volatile, while we await news from Europe - the momentum on rupee weakness is very strong," said Ananth Narayan G., head of fixed income, currencies and commodities at Standard Chartered Bank. Heightened worries that the euro zone's inability to deal with debt problems may now spur another banking crisis have shaken the global financial markets for the past few days. India’s benchmark share index fell for a third day in a row to close at its lowest in two weeks after being up by as much as 1.6 per cent in early trade. The euro was at $1.3678 at the end of the rupee trade, after touching a low of $1.3559, versus its $1.3623 close on Monday. The index of the dollar against six major currencies was at 77.094 points. — Reuters
	SpiceJet to raise Rs 130 cr by issuing fresh shares New Delhi, September 13 Low-fare carrier SpiceJet will raise Rs 130 crore by issuing fresh shares at Rs 36 a share to its majority-owner Kalanithi Maran to cover its operational losses and fund expansion, its chief executive said. The fresh shares will be issued by October and raise Maran's stake to 43 per cent from 38.7 per cent now, Neil Mills told Reuters. The share issue will be at a significant 50 per cent premium to Monday’s closing price of Rs 24. Shares jumped over 10 per cent in trade on Tuesday. “The fact that we made losses in the previous two quarters is not a secret and obviously with our growth and regional operation, we need capital,” Neil Mills said. Spicejet reported a loss of about Rs 72 lakh in the April-June quarter, against a profit of Rs 55.2 lakh in the year-ago period. — Reuters
	Bank of America to cut 30,000 jobs by 2014 New York, September 13 In a move that directly goes against US President Barack Obama’s $447 billion jobs plan, announed last week, Bank of America today said it will eliminate 30,000 jobs over the next few years as part of its plan to reduce $5 billion dollars in costs annually by 2014 under a restructuring exercise. The restructuring is being carried out under the bank's cost-cutting 'Project New BAC' initiative, aimed at making it "a more focused, leaner and more efficient company" that provides its customers with the "best financial services, generating strong revenues, carefully managing expenses and risks and delivering long-term value for shareholders." The first phase of the BAC restructuring involves the bank’s consumer banking operations, home loan, technology and support operations. In the second phase, which begins in October and would continue through March, 2012, other parts of the business, including Bank of America Merrill Lynch, will be reviewed. As Project New BAC is implemented, "employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years." The company, which currently employs 288,000 people, expects that attrition and the elimination of appropriate unfilled roles will constitute a significant part of the anticipated decrease in jobs. The job cuts will help reduce $5 billion in expenses annually by 2014. — PTI OBAMA FOR HIGHER TAXES US President Barack Obama has asked lawmakers to again consider increasing taxes for high earners, private equity managers and oil and gas companies to pay for his $447 billion job-creation package.
	India, UAE sign MoU on manpower New Delhi, September 13 India and the UAE today inked an Memorandum of Understanding (MoU)on manpower, revising existing mechanisms to protect the interests of Indian workers in that country, including measures to ensure that their employment contracts are followed in letter and spirit. The agreement was signed by Minister for Overseas Affairs Vayalar Ravi and UAE Labour Minister Saqr Gobash Saeed Gobash here. The agreement provides a boost to the initiative of implementing a programme of web-based attestation for employment contracts. A huge movement of human capital from India to UAE is a crucial feature of the relationship between the two countries, with over 1.7 million Indian workers working in the Emirates at present. Ravi claimed that over the last five years there has been a considerable improvement in the condition of Indian workers in the UAE and complaints from them have gone down substantially. The MoU, a revision and upgradation of a 2006 MoU, aims to set tight procedures for workers and lay down clear responsibilities on both the employers and the employees to make sure the interests of the immigrants are not compromised. “While the last five years have seen steady improvement in treatment of workers, some concerns like the role of intermediary agents remain,” Ravi said. “Through the web-based attestation programme that we are trying to initiate, we want to ensure that no changes or substitutions can be made in the terms of contracts by the employers without the consent of the worker,” he said. — PTI
	ZTE bags contract from Power Grid New Delhi, September 13 Chinese telecom equipment maker ZTE Corporation today won a major enterprise solutions contract from the Power Grid Corporation of India Ltd (PGCIL) to provide fixed-network transmission services across the country at a undisclosed amount. This is the maiden foray by the Chinese company into the enterprise solutions space in India to help the power generator state-run firm to reduce costs. As part of the agreement, ZTE will deploy equipment and devices that will enhance PGCIL’s network coverage and service quality, ZTE said. The India enterprise solutions market is estimated to be worth $3 billion and its size is projected to grow to $8 billion by 2014, said the statement. — PTI
	Claas India targets new export markets Ruchika M Khanna/ TNS Chandigarh, September 13 Claas India, the Indian subsidiary of German combine harvestor manufacturer, Claas , is targeting South East Asia as well as South America, for export of its high-end combine harvestors from its Morinda facility. Though the company exports harvestors to South Korea, Pakistan and South Africa, it will now start exporting the machines to Thailand, The Phillipines, South American countries and Indonesia. Pradeep K Malik, president and MD, Claas India, said that the focus for the coming fiscal ( the company’s year begins October 1) was on increasing exports from their facility. “In the next two years, our target is to export 30 per cent of the total units manufactured. Last year, we exported 700 units from here - which was almost 20 per cent of our total manufacturing,” he said. Malik said: “In the current fiscal, the domestic market has grown by 5 per cent. But this does not mean that there is a slowdown in growth in the domestic market. In fact, the eastern states, Andhra Pradesh, Tamil Nadu and Karnataka are growing at a good pace.” With labour shortage in most agrarian states, mechanisation was the way to go, he added. Last year, Claas India manufactured 970 units, and this year (ending on September 30), the company has manufactured 1,100 units. The company has an installed capacity for 1,500 units, they were looking at increasing it to 2,000 units.
	Frankfurt Auto show September 15-25 Carmakers hit the future road The world’s carmakers showed off the next generation of cleaner, smaller, and higher-mileage vehicles at the Frankfurt auto show Tuesday, but all the thumping sounds systems, slick videos and glossy concept cars could not obscure the anxiety about Europe's financial crisis. However, demand for the glitzy luxury cars that some might call ostentatious remains astonishingly high. The show is more cheerful than its 2009 predecessor, which took place during the recession. Organisers say 1,007 exhibitors have signed up — up from 781 last time. For the first time, the Frankfurt car show even devoted an entire hall to electric cars, and every carmaker has some sort of electric vehicle in its plans. Journalists and industry executives are getting a sneak peak on Tuesday and Wednesday of the show at Frankfurt Messe exhibition centre. — Agencies