Amidst US Protectionism and Annti OFFSHORING Momentum,Higher EPFO rate to make bank FDs less attractive!EPFO raises PF interest rate to 9.5 per cent for 2010-11
Outsourcing ban won't affect ties: White House tech chief
Relax FDI norms to allow investors to exit early: FICCI, E&Y
Govt to take up 10 fresh SEZ proposals tomorrow
Troubled Galaxy Destroyed Dreams, chapter 559
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
Hike in interest rates on provident fund by one percentage point by the EPFO to 9.5 per cent will make fixed deposits schemes of the banks less attractive for the organised sector employees. Industry chambers on Wednesday said the decision by the EPFO to provide better yield on provident funds would put pressure on the current interest rate regime. In what may be a windfall for crores of employees in public and private sector, the Provident Fund Trustees today decided to give a higher interest rate of 9.5 per cent for 2010-11 on their retirement savings.The steep one percentage points increase has taken the interest on PF deposits of 4.71 crore organised sector workers to a five-year high from the current level of 8.5 per cent.
On the other hand,Outsourcing ban won't affect ties, White House tech chief explains.
Ahead of the festival season, retirement fund manager EPFO''s Trustees today raised interest rate on provident fund deposits by one percentage point to 9.5 per cent that will benefit nearly 4.71 crore employees. This is the highest interest rate declared by the EPFO in five years.
"We have decided to give 9.5 per cent rate of interest to subscribers during the current financial year on their contributions. For over four crore subscribers this is a big gift from EPFO Trustees," Labour Minister Mallikarjun Kharge told reporters after meeting of the Trustees.
The decision would put an additional burden of Rs 1,600 crore on the EPFO, the minister said, adding that it would be met from the surplus of over Rs 1,731 crore in the interest suspense account. The decision, according to bankers, could see diversion of savings towards Provident Funds as the difference between the fixed deposit rates and PF rates would encourage savings towards the latter.
Currently, the State Bank of India and the ICICI bank give maximum interest rate of 7.75 per cent on long term fixed deposits for up to 10 years. Commenting on the decision, a leading industry chamber Ficci said this could put pressure on interest rates of competing saving instruments and would have negative implications for the government finances.
Assocham said that high rate of interest rate will not be sustainable either by the EPFO or by exempted trust on the basis of investment pattern decided by the government. "It is doubtful that this high rate of interest could be sustained," the industry body said.
The EPFO Trustees have said that they have decided not to invest in the stock markets and would continue to follow the existing investment pattern. "We had received a letter from the finance ministry asking for parking of a portion of EPFO funds in the stock market.
We have received huge opposition from the CBT members who oppose the idea of investing in stock markets," Kharge said. The EPFO maintains a huge corpus of over Rs 3,00,000 crore, whereas all recognised PFs managed by it have accumulated funds to the tune of Rs 2,00,000 crore.
About the inoperative accounts, the Minister said that the Board has decided that no interest would be credited in such accounts with effect from April 1, 2011.
The government should modify the rules for foreign direct investment (FDI) in the real estate sector and allow investors to exit before three years, which is the current lock-in period, industry body FICCI said on Wednesday.
According to a report jointly prepared by FICCI and Ernst & Young, investors should be allowed to exit before three years with prior Foreign Investment Promotion Board (FIPB) approval if the project is completed.
It also said that if "the project could not be initiated due to lack of statutory clearances", then also investors should be allowed to leave.
FDI rules should be modified in case a dispute arises between the resident and the non-resident, and the non- resident wishes to exit the project.
The report -- Realty Decoded: Investing Across Borders -- also urged the government to create a realty regulatory body to organise the sector.
The regulator "should play a significant role in organising and lending credibility to the real estate sector by addressing sensitive issues such as the procurement of quality material, project management, architecture, achieving a disciplined workforce, marketing and estate management".
Besides, the report said that various levels of approvals should be streamlined to have better and quick implementation.
"In India, more than 52 approvals are required for housing and real estate projects, which can take up to two years to clear, as several agencies are involved in providing clearances," it pointed out.
FICCI and Ernst & Young also urged the government to award industry status to the realty sector.
The decision to raise the interest rate was taken by the Central Board of Trustees (CBT), the highest policy making body of the Employees Provident Fund Organisation (EPFO), sources said.
Although the decision to provide 9.5 per cent interest rate would result in a deficit of about Rs 1,600 crore, the same would be made good by a surplus of Rs 1,731 crore in the interest suspense account of the EPFO.
The recommendation of the CBT, headed by Labour Minister Mallikarjun Kharge, will be forwarded to the Finance Ministry.
The Finance Ministry, which notifies the provident fund interest rate, usually accepts the recommendation of the CBT.
The high rate of interest by EPFO "could also put pressure on the yeild rates of some of the other competing saving instruments," the Federation of Indian Chambers of Commerce and Industry (FICCI) said.
The retirement fund, popularly known as provident fund, will now yield 9.5 per cent on deposits held with the Employees Provident Fund Organisation (EPFO), higher than 8.5 per cent paid since 2005-06.
"If this new rate becomes a benchmark, then going ahead it will have a negative impact on the government finances," FICCI said.
However, Assocham expressed doubts on whether this high interest rate would be sustainable in the longer term.
While the retirement fund, popularly known as provident fund, will yield 9.5 per cent on deposits held with the Employees Provident Fund Organisation (EPFO), those parking their funds with banks will get a maximum of 7.75 per cent on fixed deposits with maturity of three to ten years.
While the market leader State Bank of India pays 7.75 per cent on fixed deposits for maturity of eight to 10 years, largest private sector lender ICICI Bank gives the same interest rate on deposits ranging between 3 to 10 years.
Senior citizens, however, get an additional rate of up to one per cent on their deposits held with the banks.
An economist at a leading private sector bank said, although the number of people contributing to EPFO is far lower than the bank account holders, there could be some diversion.
However, high interest rate could drive more contribution towards EPFO, even as the lock-in period remains high in this provident fund, he said.
Industry chamber FICCI said the high rate of interest by EPFO "could also put pressure on the yield rates of some of the other competing saving instruments."
Most of the public and private sector banks had raised the interest rates on fixed deposits in August following the tightening of the monetary policy by the Reserve Bank of India.
The central bank is likely to come out with mid-quarterly review of monetary policy tomorrow. Changes in the key policy rates may have a bearing on the interest rates on bank deposits.
The Central Board of Trustees (CBT), the highest decision making body of the EPFO, today decided in favour of raising the interest rate on provident fund by one percentage point to 9.5 per cent, the highest rate in the last five years.
The interest rate on the provident fund deposit has been kept at 8.5 per cent since 2005-06.
The decision of the CBT to hike the interest rate, which is likely to be notified by the Finance Ministry, will directly benefit 4.71 crore subscribers.
A move by the American Ohio state to ban outsourcing projects to emerging markets like India and the shrill political rhetoric in the US on the subject ahead of the November Congressional polls will have no impact on the ties between the two countries, president Barack obama's chief technology officer said here Tuesday.
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"In a democracy you will have voices that say things here and there. But you must look to the core. What is actually happening on the ground ... and in that area there is nothing but growth," said Aneesh Chopra, the White House chief technology officer, when asked about the Ohio state's bill to ban outsourcing of its IT projects and similar actions being mulled by others.
"I am confident these issues will be resolved because good people will sit around the table and think them through," Chopra told reporters on the sidelines of a CII conference.
The Ohio state government's action and President Obama's increasing pitch against outsourcing has created anxiety in Indian IT circles.
Obama last week said his administration will offer tax benefits only to firms that create jobs in the country, a move that may hit Indian IT firms in a big way.
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The move was criticised by Commerce Minister Anand Sharma, among others, who termed the action as "regressive" and warned that protectionist tendencies would deepen recession.
Chopra, who is leading a high-level technology delegation and met government functionaries including the Unique Identity Authority Chairman Nandan Nilekani, said Obama's comments were being mis-read.
"I don't believe that it is a accurate reflection of the President's comments," said Chopra.
"Government investments in technology are modest in the scale of the overall economy. Maybe its an important thing to understand for everybody. The United States economy is very much market based, so whether a government chooses to do X or Y in its particular requirements, these are modest," he added.
According to India's apex IT body, Nasscom, the move was influenced by the November elections to the US Congress and Ohio governorship drawing closer. Nasscom president Som Mittal said more such electoral rhetoric could be expected in the next few months.
Chopra, however, hoped that the whole outsourcing issue would be resolved in a quick and mutually beneficial manner.
"Nobody is wrong, nobody is right. You sit down and think it through and each side needs to have their voice heard. Then you make progress. I am confident that this is the way it will be approached," said Chopra.
Sam Pitroda, chairman of the National Innovation Council, who was also present at the seminar on innovation exchange between India and the US, said: "The commerce minister and other functionaries know what to do. We have to support it."
But Pitroda said too much was being made out of the whole outsourcing ban controversy.
"You can't be hung up on one order cancelled. I mean it hurts someone whose order got cancelled, but as a nation you got to look beyond. Our key challenge is to go up the value chain," said Pitroda, who is also advisor to the Prime Minister on public information infrastructure.
India says US protectionism is regressive
| DATE: 2010-09-14 | PRINT | Share
BANGALORE, Sept 14, 2010 (AFP) - India's trade minister lashed out at perceived protectionist moves by the US on Saturday, calling them "regressive" and saying they could delay economic recovery.
The statement by Trade Minister Anand Sharma came after the state of Ohio banned outsourcing back-office jobs to places such as India in an effort to boost domestic employment.
It also follows a recent US law raising visa fees for skilled workers, that will India says will hit its flagship outsourcing sector.
"We feel these are regressive measures," Sharma told reporters as he visited India's second-largest software exporter by sales, Infosys Technologies, in the southern city of Bangalore.
"The leading economy of the world -- the United State of America -- has to have more confidence to engage with the rest of the world," Sharma said in televised remarks.
Ohio state has banned sending abroad government information technology and back-office projects.
India said earlier in the week it would formally raise its concern over Ohio's ban on offshore outsourcing with the United States at a high-level trade meeting in Washington later this month.
New Delhi will also raise the issue of increased fees for skilled worker visas that will boost annual US visa costs for the outsourcing sector by 200-250 million dollars annually, according to industry estimates.
http://www.haveeru.com.mv/english/details/32256
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Beware new US protectionism
GLOBAL TRENDS
By MARTIN KHOR
Last week's complaint against Chinese clean-energy subsidies and recent actions against outsourcing are signs of growing US protectionism affecting developing countries.
WITH the US economy in bad shape, and a Congressional election approaching, various actors in the country seem to be preparing the ground for a bout of protectionism, with developing countries the target.
There were two examples of this last week.
First, an American trade union filed a legal case with the government accusing China of illegally subsidising exports of clean energy equipment.
It wants the US government to take action against China at the World Trade Organisation.
Meanwhile, the New York Times published a front page article giving details of how Chinese authorities subsidise producers of solar and wind technology in allegedly unfair ways.
This is truly ironic for many reasons.
On one hand, developing countries, especially China, are under tremendous pressure to reduce their greenhouse gas emissions.
The most important measure advocated is to switch from carbon-intensive coal and oil to renewable clean energy like solar and wind.
This pressure is being applied at the global climate negotiations.
In addition, the US House of Representatives has passed a Bill that authorises the President to impose a "border adjustment measure" (with the effect similar to a tariff) on carbon-intensive imports of countries that are deemed not to have taken sufficient action on climate change.
Yet, when China takes measures to promote the production of solar panels and wind turbines, it is asked to stop these measures on the ground that they violate WTO rules.
The United Steelworkers union has filed a 5,000-page legal case with the US administration accusing China of subsidising exports of wind turbines, solar panels, nuclear power plants and other clean energy equipment.
The union claims that the central and provincial governments have used land grants, low-interest loans and many other measures that allow Chinese companies to gain market share at the expense of jobs in the US.
The US administration has to decide within 45 days whether to pursue a case against China in the WTO to remove the subsidies.
International trade expert Bhagirath Lal Das has pointed out that the WTO's subsidies agreement is biased in favour of developed countries because it allows types of subsidies that they use (especially research and development grants) while forbidding or restricting types of subsidies that developing countries tend to use.
Developing countries, because of lack of resources, cannot match the R&D subsidies that the rich countries provide.
They can however provide assistance to firms for infrastructure (such as land and utilities) and credit (bank loans at preferential rates) to encourage production.
In many developing countries, such subsidised facilities are given, including land and utilities in free trade zones and credit through development banks and to small and medium enterprises.
It would be most unfortunate if developed countries, facing high unemployment and other economic woes, were to make scapegoats of developing countries and take them to court in the WTO for using these measures.
The New York Times article, while criticising China's clean-energy subsidies, also reported that the US itself has approved US$10bil (RM31bil) in grants and financing to new companies and another US$10bil for economic stimulus programmes in the clean energy sector, besides investing in infrastructure that benefits industry.
Moreover, the US (and European countries) have spent trillions of dollars to rescue their financial institutions and automobile companies.
If free enterprise and free trade principles were to apply, these measures should not be allowed. Yet no developing country has taken WTO action against these countries.
Another imbalance in the trade rules is that the US and Europe have been allowed to continue their massive agricultural subsidies.
These enable their farm products to be sold abroad at artificially low prices, often below production cost, thus displacing the products of local farmers in developing countries.
It is thus most unfortunate that some US groups are attacking China's measures promoting clean-energy technology. The developed countries should be encouraging developing countries to develop green technologies instead of placing obstacles.
If the WTO rules restrict the measures needed towards climate-friendly technologies, then these rules should be reviewed and reformed to allow developing countries to use them to promote environmental technology.
A second case of potential US protection was in last week's economic policy speech by President Barack Obama, that he planned to cut tax incentives given to companies that outsource their work to other countries.
"For years, our tax code has actually given billions of dollars in tax breaks that encourage companies to create jobs and profits in other countries," said Obama.
"I want to change that.
"Instead of tax loopholes that incentivise investment in overseas jobs, I'm proposing a more generous, permanent extension of the tax credit that goes to companies for all the research and innovation they do right here in America.
"If we're going to give tax breaks to companies, they should go to companies that create jobs in America – not those that create jobs overseas."
The Indian newspaper The Hindu has voiced concern that this may yet be another protectionist move that will affect the Indian IT industry.
Obama's speech follows the recent passing of an executive order by the Ohio state governor to ban outsourcing. Reacting to the order, the Indian IT sector, which gets 60% of its export revenue from the US, termed the move as discriminatory and said it amounts to a trade barrier.
This move in turn follows a controversial legislation that increased fees for visas in the H-1B and L1 categories, which also hit India's IT industry.
As politicians court voters in an environment of economic downturn in the US, developing countries should be prepared and should try to counter various types of protectionism in trade, investment and fiscal measures.
http://thestar.com.my/columnists/story.asp?file=/2010/9/13/columnists/globaltrends/7025229&sec=globaltrends
India says US protectionism is regressive
Haveeru Online - 1 day ago
BANGALORE, Sept 14, 2010 (AFP) - India's trade minister lashed out at perceived protectionist moves by the US on Saturday, calling them "regressive" and ...
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"Protectionist tendencies are unhealthy and negative, and lessons from the past make it abundantly clear they end up deepening the recession, they do not help in recovery of economies," Sharma said.
"Any mindset, which is isolationist and inward-looking ends up hurting the economies and societies," he said.
The US measures have come as the country seeks to combat unemployment, which is nearing 10 percent.
The row comes ahead of US President Barack Obama's visit to India in November.
Govt to take up 10 fresh SEZ proposals tomorrow
The Centre will take up ten new requests for setting up Special Economic Zones here on Thursday, even as some entrepreneurs have expressed fears that the proposed Direct Taxes Code (DTC) will hit employment and drive away investors from the zones.
The inter-ministerial Board of Approval (BoA) scheduled to meet here on Thursday is also likely to take a decision on the country's largest stainless steel producer JSL's request for de-notification of its sector-specific project in Orissa.
Realty major Raheja Universal Ltd has also approached the government to surrender its SEZ, located in Maharashtra.
The board, headed by Commerce Secretary Rahul Khullar, may also come out with strict norms for units in SEZs engaged in recycling of plastic.
"Currently, there is no specific provision in the SEZ Act for such units," he said.
Those who have approached the BoA for setting up new tax free zones include Infosys Technologies Ltd, Lepakshi Knowledge Hub Pvt Ltd, Wipro and Suryo Infra Projects.
The board will also decide on the applications of over 20 developers, including Wipro, Mahindra and Mahindra and Ansal SEZ Projects, for additional time to execute their projects.
While SEZs have emerged as a major source for attracting investment and increasing exports, entrepreneurs have expressed serious concerns over the DTC Bill introduced in the Lok Sabha last month, saying the proposed tax provisions would adversely impact employment and investment in SEZs.
The Export Promotion Council for EoUs and SEZs (EPCES) said that by altering the SEZ Act through the proposed Direct Tax Code (DTC), the government is sending the wrong message to investors.
Direct employment in SEZs has gone beyond 5.5 lakh people and investments have crossed Rs 1.66 lakh crore.
Exports from 114 operational SEZs in the last fiscal were valued at Rs 2.20 lakh crore.
Concerns have also been raised on the proposed sunset clause on tax breaks for SEZs in the proposed DTC.
The Bill has proposed that only SEZs notified on or before March 31, 2012, will get tax benefits. Furthermore, only those SEZ units that commence commercial operations by March, 2014, shall be allowed profit-linked deductions permitted under the Income Tax Act, 1961.
6 Sep, 2010, 05.20AM IST,ET Bureau
Kill EPS to resuscitate pensions, launch PF-plus-annuity plan: Panel
NEW DELHI: In medical parlance, the Employees Pension Scheme (EPS) of 1995—where 4.45 crore formal sector workers' monthly retirement income is expected to come from—is in the intensive care unit for several years.
The Centre-appointed expert group on the EPS has said the only sustainable way of fixing the scheme's problems is to put it out of its misery and substitute it with a new provident fund-cum-annuity scheme.
Launched by the Narasimha Rao government with much fanfare and noble intentions, the scheme hasn't given pensioners any respite from inflation for a decade now. While the hole in its heart has grown to `54,000 crore, its ailment hasn't been officially diagnosed since 2004.
Labour minister Mallikarjun Kharge has asked for the expert group's report to be discussed with the EPFO's board of trustees at its meeting on September 15.
The symptoms
Most criticism of the EPS is centred on its abysmally low pension income. But it also offers other benefits – pension for spouse and children till the age of 25, orphans, dependent parents and even unrelated nominees. Although a minimum 10 years of service is required to be eligible for pension, withdrawals are allowed after six months of contribution.
"There are cases where the pensioner gets only `4 a month, but if he dies, we have to pay the spouse and daughter `750 each per month," central PF commissioner Samirendra Chatterjee told ET.
In 2008, the labour ministry did slash some benefits to cut the scheme's liabilities by about `40,000 crore, but the scheme's deficit is still growing.
Meanwhile, trade unions and Parliament panels have been demanding that the Centre not only restore the scrapped benefits, but also raise the wage ceiling, provide inflation-indexed annual relief and assure a minimum pension of `1,000 per month.
Even if some of those demands are met in the current scheme, the expert group has found that liabilities will soar exponentially. Raising the wage ceiling to `15,000 per month will push the deficit to nearly `70,000 crore.
If the benefits withdrawn in 2008 are restored with the assurance of a minimum pension of `1,000 and a 3% annual hike, the scheme's deficit would go up to, hold your breath, `4,67,000 crore.
Hobson's choice
The expert group led by the then additional labour secretary, SK Srivastava, looked at seven alternative courses of treatment. Srivastava joined the mines ministry after submitting the report last month. "These were basically permutations of the various demands being made and the liabilities they would create," a key member of the group said.
If the core pension income and the coverage have to rise, the present contribution rate of 9.49% of employees' salary going into the EPS too would have to incresae. Given the EPS' precarious state, to keep the rate hike reasonable, fringe benefits like nominees' pension would also have to be curbed.
The committee has prescribed six alternatives that offer higher pension but with some benefit sacrificed. Also, workers would need to raise contributions by 1% of salary to 10% of salary in these scenarios. "The minimum pension and wage ceiling prescribed would again fall short of expectations after some years," states the panel, whose report is exclusively with ET.
A permanent solution to EPS' woes, according to the panel, is to introduce a new arrangement altogether — a provident fund-cum-pension annuity scheme. The new system will enable workers to take control of their own retirement – on the lines of the New Pension Scheme.
The proposed system envisages two accounts to be maintained for each member – a PF account and an annuity contribution (or pension) account. A higher 13.5% of a workers' salary would be routed to the pension account – which includes a government subsidy of 2%. The EPS gets a subsidy of 1.16%.
17 Jun, 2010, 01.29AM IST, Nishanth Vasudevan,ET Bureau
Revised DTC proposal may boost National Pension Scheme's popularity
MUMBAI: The revised proposal in the Direct Taxes Code (DTC) to scrap taxes on withdrawals from the New Pension Scheme (NPS) may boost its popularity, but investment advisors will wait for the final norms to consider recommending this product to clients. The main reason for this scepticism is that, going by the current proposals, the product will be taxed like a debt mutual fund scheme, as NPS investment in equities is capped at 50% of the corpus.
Only mutual fund schemes with at least 65% of their corpus in stock market enjoy the tax advantages of equity products. There is no long-term capital gains (investments beyond a year) tax for equity funds, while for debt funds it is 10%. For withdrawals before a year, a short-term capital gains tax of 15% is applicable on equity schemes, while it is 30% for debt schemes.
"We need to look at the final draft to take a decision on investing in NPS because of the grey area involving the 50% limit on investments in equities," said Gaurav Mashruwala, a Mumbai-based investment advisor. "The proposal to remove taxation on withdrawals from NPS has just taken care of only one part of the concern," he said.
The government on Monday proposed the EEE (exempt-exempt-exempt) method of taxation as against the EET (exempt-exempt-tax) system recommended earlier.
This means the product will be tax exempt at all the stages of its tenure. The move is aimed at pushing NPS as the most preferred route for retirement planning, as India lacks social security systems.
Investment advisors said the product has the potential to compete with the equity balanced schemes or monthly income plans of mutual funds, if NPS' investment cap in equities is relaxed to at least 65%.
"The best part about NPS would be that the investment manager would be able to invest money into shares for the long run, unlike open-ended schemes of mutual funds, which are forced to churn frequently and hold 10-20% cash," said Sunil Jhaveri, chairman, MSJ Capital, a New Delhi-based investment advisor.
" But, assuming that the 50% limit stays, the product may become popular if its given special tax status like the erstwhile US-64, " he said.
Investors in NPS can choose the investment mix between equity and fixed income instruments or allow the fund to move between the two asset classes as per a pre-determined formula. The equity portion in the NPS is allowed in invest only in a portfolio that replicates the Sensex or Nifty, while the debt portion is invested in various government and corporate bonds.
"If I were to recommend this product to build a retirement corpus, it will be in the debt portion, if not in the equity portion," said Om Ahuja, head-wealth management, Emkay Global Financial Services.
Six fund managers including UTI Mutual Fund, State Bank of India, ICICI Prudential Mutual Fund, Kotak Mutual Fund, IDFC Mutual Fund and Reliance Mutual Fund have been assigned with the task to open and manage NPS accounts.
No offense taken! Says Bangalore to Obama
NDTV.com - 6 hours agoBangalore: US President, Barack Obama, has made it clear many times that he views India as an economic threat. In his latest mention of Bangalore, ...
Obama: Work harder to beat the Bangalore challenge
NDTV.com - 12 hours agoPTI, Updated: September 15, 2010 12:17 IST Washington: US President Barack Obama has exhorted American students to toil harder at school, saying their ...
Get ready for competition from India, China: Obama to kids
Economic Times - 12 hours agoWASHINGTON: US President Barack Obama has counselled American children to aim high as the country's success in the 21st century depends on them in the face ...
| In his latest mention of Bangalore, while talking to students, he said, "When students around the world in Beijing, or Bangalore, are working harder than ever, your success in school is not just going to determine your success, it's going to determine America's success in the 21st century." more by Barack Obama - 6 hours ago - NDTV.com (41 occurrences) |
US to compete with India, China in R&D
Oneindia - 14 hours agoWashington, Sep 15: President Barack Obama said his administration had made the largest investment in research and development so that the US can compete ...
Investment in R&D must to compete with India: Obama
Times of India - 20 hours agoPresident Barack Obama says his administration had made the largest investment in research and development in history so that the US can compete with China ...
Food, technology to boost US ties
Hindustan Times - 22 hours agoIndia and the US are focusing on expanding ties through food security, agriculture and technology innovation cooperation in the run-up to President Barack ...
US technology delegation heading to India
The Hindu - Narayan Lakshman - Sep 14, 2010Aneesh Chopra, Chief Technology Officer in the Obama administration, and Alec Ross, the State Department's Senior Advisor for Innovation, ...
Obama's CTO coming with tech team
Times of India - Sep 14, 2010WASHINGTON: With less than two months for his planned visit to India, US President Barack Obama will soon send his top IT czar Aneesh Chopra to the country ...
R&D investment will determine US competitiveness: Obama
Times of India - Sep 13, 2010WASHINGTON: The investment in the field of research and development would determine America's competitiveness with India, China and Germany, US President ...
India-US jointly to identify "innovation projects" for immediate investment
India Infoline.com - Sep 14, 2010A high level US Innovation Delegation is in India to identify concrete projects for immediate investment and market delivery to address specific needs with ...
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IT industry worried over Ohio's outsourcing ban
NDTV.com - Tuhina Pandey - 1 hour ago
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Barack Obama cracks down on offshoring firms
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14 Sep, 2010, 03.13AM IST,ET Bureau
What are MIPs and how are they different from FDs?
Monthly Income Plans, or MIPs, are hybrid instruments that invest a small part of their portfolio (around 5-25 %) in equities and the remaining (75-95%) in debt and money market instruments. Their portfolio is essentially biased towards debt, but a small exposure to equity is added as a kicker. MIPs aim to give a monthly income to investors. The investor can decide the periodicity at which he wants dividends, which could be monthly, quarterly, half-yearly or annually. In addition to this, a growth option is also available, where gains come in the form of capital appreciation.
MIP returns are market-driven. That means, the fund manager is under no obligation to declare a monthly dividend, though most fund houses try their level best to declare dividends regularly. This is the main difference between MIPs and fixed deposits (FDs) that offer assured interests. However, compared with FDs, MIPs are tax-efficient as dividends declared under MIPs are tax-free.
Typically, retired people or those nearing retirement (in their late 50s) can opt for MIPs as they can generate an adequate income flow that can help them meet their monthly expenses. However, investors should remember that dividends are not guaranteed. If the stock market runs into rough weather, the fund manager may not declare dividends for that period. This is a risk the investor should be able to factor in. In short, MIPs can only be an additional source of income to the regular income form pension, annuity and so on.
Apart from retirees, novices to the market who wish to take a small exposure to equity can also consider investing in equity. The modest equity exposure will generate extra income, while the debt portion will preserve the capital. They can also pocket extra returns, thanks to the stocks in the portfolio. However, always remember that equity is a risky investment option, despite the fund manager's best effort it could underperform in certain periods due to bad market conditions.
http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/What-are-MIPs-and-how-are-they-different-from-FDs/articleshow/6550252.cms
Nation should be called United States of India: MDMK
KANCHEEPURAM: MDMK, a strong votary of state autonomy, on Wednesday demanded that the Constitution be "thoroughly reviewed" to give the country a "true federal set up" and the nation be called United States of India, instead of Union of India.
At a special conference here, Marumalarchi Dravida Munnetra Kazhagam (MDMK) said DMK founder late C N Annadurai had given up the demand for a separate Dravidian state, but while doing so, had stated that reasons for that concept remained and the party wanted autonomy for states.
"To establish a true federal nation, the Constitution should undergo a thorough review and the nation should be called United States of India, instead of Union of India," the MDMK, an offshoot of the DMK and floated by Vaiko, said in a resolution passed at the meet.
Reiterating its commitment to set up a separate homeland for Sri Lankan Tamils in their country, another resolution said Tamils in India were duty-bound to remove them from the 'slavery' of Sri Lankan government.
"The MDMK will not compromise on its basic demand of establishing Tamil Eelam," the resolution said.
Another resolution said the party would fight next year's polls to the Tamil Nadu assembly in alliance with AIADMK to defeat the ruling DMK, which it alleged had imposed an 'unannounced emergency' in the state.
13 Sep, 2010, 01.33AM IST,ET Bureau
Govt plans policy to attract funds for building manufacturing hubs
BANGALORE: The Union commerce & industry ministry is in the process of formulating a draft policy to attract investments for setting up mega manufacturing hubs in the country.
Delivering the keynote address at the EEPC India National Awards for Export Excellence for 2008-09 here on Friday, Union commerce & industry minister Anand Sharma said the ministry is in the final stages of formulating the policy and is most likely to be placed before the inter-ministerial group by the end of October this year.
Mr Sharma said such policy will facilitate timely approval and clearances of investments needed for the large manufacturing hubs.
The minister stressed that engineering and manufacturing need to go hand-in-hand to have an meaningful impact on the economy. "India has tremendous potential in manufacturing though our share in global exports is just 1%," he remarked. However, Mr Sharma said before these investments are made, efforts should be directed towards skill training and upgradation of the workforce, given that millions are going to join the labour pool in the near future.
Dwelling upon the ongoing situation of the global economy and its impact on the country, the minister said, "We have not emerged fully out of this economic situation." He said various government incentives and stimulus packages provided the necessary cushion effect to the economy, thereby limiting the damaging consequences.
"Every economy has been affected by this crisis. It was universal but not uniform in the impact," Mr Sharma said. Given that the global recession occurred in the heart of the developed economy starting with the financial crisis, the minister said that impact was felt worldwide.
The minister, however, expressed confidence that economic recovery was taking place in the country though it was a bit uneven. "We are confident that the economy would register 9% growth in the current fiscal."
Speaking on the occasion, EEPC India chairman Aman Chadha said, "The impact of global economic recession still persists despite signs of green shoots recover. 2009-10 was a particularly difficult year when engineering exports fell by 19.21% and our share in total exports fell to 18.31%."
Mr Chadha said an Ernst & Young strategy paper for growth of engineering exports has set an export target of $110 billion by 2014. Achieving this target will also have a considerable impact on the Indian economy as it is expected to lead to a sustainable increase of 0.5-0.6% in India's real GDP growth rate and create an additional 8.9 to 9.4 million jobs.
Rahul hints at hard bargaining with Trinamool
Congress general secretary Rahul Gandhi Wednesday yet again signalled that his party would resort to hard bargaining with the Trinamool Congress during alliance formation for next year's West Bengal assembly polls.'We want to defeat the Communist Party of India-Marxist (CPI-M). We want and we will discuss an alliance. But there can be no alliance without dignity. We will extend our hand but not bow our heads,' Gandhi said while addressing potential Youth Congress candidates at Jalpaiguri in North Bengal.
Gandhi exhorted Youth Congress workers to provide leadership to the younger generation not only in the state but also across the nation.
During an interaction with the youth leaders, Gandhi refused to attach any importance to the recent development of some party leaders deserting. 'Let them join, there is no reason to worry when Youth Congress has leaders like you,' Gandhi told a youth who broached the issue.
On the second day of his three-day tour to revive the party ahead of the polls, Gandhi toured three north Bengal districts of Jalpaiguri, Coochbehar and South Dinajpur.
He also addressed a convention of tea plantation workers at Jalpaiguri and listened to their woes.
Besides, Gandhi attended a Scheduled Castes' convention at Coochbehar.
Security meet on strategy to counter Hurriyat strike call
Top Security and civil administration officials today met at the Army Corps headquarters here to devise a joint strategy to counter the agitation call given by hard-line faction of Hurriyat Conference led by Syed Ali Shah Geelani in Kashmir valley. "A special Core Group meeting which was chaired by the Security Adviser to the Chief Minister Lt Gen N C Marwah was held here.It discussed measures to effectively counter the protest calendar issued by the Hurriyat and formulated a detailed joint strategy to restore normalcy in Kashmir. The strategy will be implemented with immediate effect," a defence spokesman said after the meeting.
Director General of Police Kuldeep Khoda, Inspector General S M Sahai, top CRPF and intelligence officials attended the meeting. Although the spokesman did not elaborate, highly placed sources said as part of the strategy, the security forces will reduce movement to avoid confrontation with protestors.
"The whole idea is not to be in confrontation with the crowds to avoid loss of life and property. Maximum restraint on part of the security forces was emphasised and all concerned agencies were directed to ensure that the message percolates to their personnel on ground," the sources said.
The meeting was held in response to the call given by Geelani to people to march towards the security forces'' camps on September 21 to press for demilitarisation of the state. Geelani yesterday issued a fresh protest calender which read "there will be no shutdown from 7 pm to 7 am during the strike days.
All the business establishments, including manufacturing units, flour mills, cement factories will remain open. Shops and other establishment can do the normal business during late night hours.
Transporters can ply normally during late night hours." PTI MIJ.
Trade deficit likely to be all-time high at $135 bn in FY''11
With imports rising at a scorching over 33 per cent but exports losing steam in April-August, India seems to be heading for an all-time high trade gap of USD 135 billion this fiscal. India''s trade deficit--difference between imports and exports--in April-August of 2010-11 is USD 56.6 billion."(This) comes to roughly a trade deficit of USD 11.2 billion per month and that comes to USD 135 billion (for the fiscal). Now that will be very very large," Commerce Secretary Rahul Khullar told reporters here.
The estimated trade gap in 2009-10 was USD 102 billion and for 2008-09 at USD 118 billion. In the first five months of the fiscal, while exports grew by 28.6 per cent to touch USD 85.27 billion, imports increased at a faster rate of 33.2 per cent to total USD 141.89 billion.
The trade gap in April-August 2009-10 was USD 38.17 billion. "We have concerns primarily about the size of deficit.
At the pro rata basis close to USD 135 billion trade gap (in 2010-11) is much higher. So therefore, a matter of concern," Khullar said.
The Secretary, though added that the gap is "manageable". Though trade gap can impact India''s current account position, the services exports would compensate for it, sources said.
With the economy growing at a healthy rate of over 8.5 per cent, both imports and exports would also reach record levels. Economists, however, see the rising imports as " a sign of increasing commercial activities" in the country.
Centre moots strict norms for private and state JVs
In the wake of rising number of joint ventures between PSUs and private firms for mining, the Centre today said it is framing a stricter and transparent policy on such alliances and has sought state''s response to it by the next week. The Ministry of Mines issued the draft guidelines for tightening the disclosure norms, after a stern message by Mines Minister BK Handique that private firms would not be allowed to avail the concessions given to the state PSUs through "backdoor" entry.Many state PSUs have tied up with private firms to launch their projects in absence of an independent mining lease. Orissa Mineral Corporation (OMC) and Mysore Mineral Ltd (MML) have tied up with with Vedanta Group firm, which was denied permission to mine bauxite at Niyamgiri recently on certain violations, and JSW Steel Ltd for mining,respectively.
"In the name of PSUs, no more back door entry will be allowed. Yes, they (private companies) have made back door entries," Handique told reporters here.
In the proposed guidelines, on which the states have to give their comments by September 20, the Mines Ministry has said that its approval would be necessary for handing out any concessions to these JVs even though there is a provision for the same in the MMDR Act. It asked states to exercise restrain from forming such pacts "indiscriminately" .
"An MoU for exploitation of a mineral resource at a specific location in anticipation of a concession or reservation will be deemed to be incompatible with the principles of fair play," the Ministry said. State governments, at present, taking advantage of the existing MMDR Act provisions sign MoUs with private firms under "special reason".
The Centre will discuss the subject with the state governments here on September 21 in a meeting. There must be a clear policy and norms for allowing the benefits under the special reasons.
Disclosure on investment size and technology etc should be given, it said. Presently pacts under special reason give the MoU applicant an unfair advantage in relation to other applicants for the same area, it said and added, "it would contradict the policy of first in time for non-notified areas (for mining) or most meritorious for notified areas.
It said the pacts signed by the state governments "must be in conformity with the State Mineral Policy and must be entered into in a transparent manner and suitably notified in the State Website." The Mines Ministry is working to bring in transparency in the sector through a new legislation which is likely to be presented in the Winter Session of Parliament.
Vaccine makers to lobby for higher immunization coverage
Vaccine manufacturers in India Wednesday formed a pressure group to lobby for increasing the immunization coverage in India, which is lower than even in the African countries.Five leading manufacturers announced the formation of Vaccine Manufacturers' Association (VAM) which will work as the mouthpiece of the Indian vaccine industry.
A representative told a news conference here that they would urge the government to increase public healthcare aid which is currently one percent of the GDP and to add new vaccines to the list of vaccines under the national immunization programme.
The association, which has brought together Bharat Biotech, Biological E, Panacea Biotech, Serum Institute and Shantha Biotechnics, will urge the government to add new vaccines to the programme.
Krishna Ella, President of VAM and CMD of Bharat Biotech, pointed out that the number of vaccines in India's national immunization programme remained at five since 1975 while countries like Brazil with less population had 15 vaccines in their national programmes.
The vaccine manufacturers pointed out that while they were exporting vaccines for measles to 140 countries the same were not being utilized in India.
'The immunization coverage in India is 50 to 53 percent, which is much lower than even the African countries who have achieved the UN Millennium Development Goal with a coverage of 80 percent,' said S.S. Jadhav, executive director, Serum Institute of India Limited.
Even a small country like Bangladesh has 95 percent immunization coverage, he said.
Sensex continues bull run, rises 125 points in early trade
A benchmark index for Indian equities Wednesday built on its two-day rally, rising more than 125 points in opening trade.The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 19,343.74 points, was at 19,472.12 points, 125.16 points or 0.65 percent up from its previous close at 19,346.96 points.
At this level, the Sensex touched a new 32-month high.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.77 percent higher at 5,840.05 points.
Broader markets indices were also in the green with the BSE midcap 0.5 percent up and the BSE smallcap index 0.44 percent higher.
Offshore outsourcing
From Wikipedia, the free encyclopedia
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 * | This article is missing citations or needs footnotes. Please help add inline citations to guard against copyright violations and factual inaccuracies. (August 2008) |
Offshore outsourcing is the practice of hiring an external organization to perform some business functions in a country other than the one where the products or services are actually developed or manufactured. It can be contrasted with offshoring, in which the functions are performed in a foreign country by a foreign subsidiary. Opponents point out that the practice of sending work overseas by countries with higher wages reduces their own domestic employment and domestic investment. Many customer service jobs as well as jobs in the information technology sectors (data processing, computer programming, and technical support) in countries such as the United States and the United Kingdom - have been or are potentially affected.
Contents[hide] |
[edit] Types
There are four basic types of offshore outsourcing:- ITO — Information Technology Outsourcing
- BPO — Business Process Outsourcing covers things like running call centers, processing insurance claims.
- Software R&D — offshore software development
- KPO - Knowledge Process Outsourcing covers things that require a higher skill set such as reading X-Rays, performing investment research on stocks and bonds, handling the accounting functions for a business or executing engineering design projects.
- Marketing Outsourcing - Marketing Outsourcing is the process of contracting an external marketing agency to develop and carry out marketing campaigns.
[edit] Criteria
The general criteria for a job to be offshore-able are:- There is a significant wage difference between the original and offshore countries;
- The job can be telework;
- The work has a high information content;
- The work can be transmitted over the Internet;
- The work is easy to set up;
- The work is repeatable.
The driving factor behind the development of offshore outsourcing has been the need to cut costs while the enabling factor has been the global electronic internet network that allows digital data to be accessed and delivered instantly, from and to almost anywhere in the world.
One of the main factors influencing the beginnings of the offshore outsourcing movement were a combination of pressures to reduce labor costs, save on operational cost such as payroll, administrative cost, utilities and to improve productivity, and an expanding, economical labor in other countries. When companies outsource the idea is to save money if they can keep the prices of their product lower than competitors.
[edit] Countries involved
Some of the major countries/districts that provide such services are India (Full Spectrum Services), Mexico (Full Spectrum Services), Ukraine (Programming and R&D), Bolivia (Web & Software Programming, Game Development, IT Support, Network Solutions, Offshore Outsourcing Service), Brazil (Web & Software Programming, Game Development, IT Support, Network Solutions, Offshore Outsourcing Service), Argentina (Full Spectrum Services), Indonesia (Programming, R&D, IT Support, Data Entry, Customer Support), China (Programming, Data Entry, Customer Support, F&A), Philippines (Customer Support, IT Support, Programming, Animation, Transcription), Russia (Programming and R&D), Pakistan (Full Spectrum Services), Panama (Programming, Customer Support), Nepal (Programming, Customer Support), Bangladesh (Web & Software Programming, Game Development, IT Support, Network Solutions, Offshore Outsourcing Service), Bulgaria (Programming and R&D), Belarus (Programming, R&D), Romania (Programming and IT), the Philippines (Programming, R&D, Data Entry and Customer Support, Egypt (Customer Support and Programming), Malaysia (Customer Support and R&D), Mauritius (ITO and BPO) and many others.[edit] Impact of the Internet
The widespread use and availability of the Internet has enabled individuals and small businesses to contract freelancers from all over the world to get projects done at a lower cost due to lower wages and property prices. Crowdsourcing systems such as Mechanical Turk have added the element of scalability, allowing businesses to outsource information tasks across the Internet to thousands of workers.This trend runs in parallel with the tendency towards outsourcing in larger corporations, and may serve to strengthen small business' capacity to compete with their larger competitors capable of setting up offshore locations, or of arriving at major contracts with offshore companies. See Freelancing on the Internet.
[edit] Source of conflict
There are different views on the impact on the various societies affected, which reflects the attitude of Protectionism versus Free Trade. Some see it as a potential threat to the domestic job market in the developed world and ask for government protective measures (or at least closer scrutiny of existing trade practices), while others, including the countries who receive the work, see it as an opportunity. Free-trade advocates suggest economies as a whole will obtain a net benefit from labor offshoring, but it is unclear if the displaced receive a net benefit.One issue offshoring of technical services has brought more attention to is the value of education as an alleged solution to trade-related displacements. Education may no longer be a comparative advantage of high-wage nations because the cost of education may be lower in the nations involved in the controversy. [1] While it is true that education is usually considered helpful to competitiveness in general, an "education arms race" with low-wage nations may not pay off.
[edit] Sources
Economist.Com Recommendations from November 11, 2004 Special Survey EditionFor a new topic, outsourcing has produced a huge volume of research, not all of it worthwhile. Here is a sprinkling of some of the better stuff:
From the McKinsey Global Institute
"Offshoring: Is It a Win-Win Game?", August 2003
"New Horizons: Multinational Company Investment in Developing Economies", October 2003
"Can Germany Win from Offshoring?", Diana Farrell, July 2004
"Exploding the Myths of Offshoring", Martin Baily and Diana Farrell, July 2004
From the Boston Consulting Group
"China: The Pursuit of Competitive Advantage and Profitable Growth", July 2003
"Capturing Global Advantage", April 2004
From the Offshoring Research Network
"A Dynamic Perspective on Next-Generation Offshoring: The Global Sourcing of Science and Engineering Talent", Stephan Manning, Silvia Massini and Arie Y. Lewin, in: Academy of Management Perspectives, Vol. 22, No.3, October 2008, 35-54.[2]
"Offshoring 2.0: Contracting Knowledge and Innovation to Expand Global Capabilities", Vinaj Couto, Mahadeva Mani, Vikas Sehgal, Arie Y. Lewin, Stephan Manning and Jeff W. Russell, Duke University and Booz & Co., 2008.
"Next Generation Offshoring: The Globalization of Innovation", Arie Y. Lewin and Vinaj Couto, Duke University and Booz Allen Hamilton, 2006.
From The Brookings Institute
"Offshoring Service Jobs: Bane or Boon - and What to Do?", Lael Brainard and Robert Litan, April 2004
"Offshoring, Import Competition, and the Jobless Recovery", Charles Schultze, August 2004
"The Outsourcing Bogeyman", Daniel Drezner, Foreign Affairs, May/June 2004
"Hardheaded Optimism About Globalisation", Amar Bhide, Columbia University, forthcoming
From the Bureau of Labour Statistics
"Occupational Employment Projections to 2012", Daniel Hecker, Monthly Labour Review, February 2004
"The 1988-2000 Employment Projections: How Accurate Were They?", by Andrew Alpert and Jill Auyer, Occupational Outlook Quarterly, Spring 2003
From Forrester
"3.3m US Services Jobs To Go Offshore", John McCarthy, November 2002
"Low-Cost Global Delivery Model Showdown", John McCarthy, August 2004
"Two Speed Europe: Why 1 Million Jobs Will Move Offshore", Andrew Parker, August 2004
From Other Research
"The New Wave of Outsourcing", Ashok Deo Bardham and Cynthia Kroll, University of California at Berkeley, Fisher Centre for Real Estate and Urban Economics Research Report, Fall 2003
"Globalisation of IT Services and White Collar Jobs: The Next Wave of Productivity Growth", Catherine Mann, Institute for International Economics, December 2003
[edit] See also
- outsourcing
- offshoring
- nearshoring
- Global labor arbitrage
- Globally Integrated Enterprise
- list of international trade topics
- labor shortage
- Free trade controversy
- Offshoring IT Services
- Borderless Selling
- guest worker
- Bangalore
- Pune
- business process outsourcing
- offshore software development
- Offshoring Research Network
- Global_delivery_model
[edit] External links
- Offshoring Research Network
- Risks, Rewards, Challenges and Opportunities in Offshore Outsourcing by Akshay Upadhye (Source Paradigm UK)
- The Hidden Costs of Offshore Outsourcing by Stephanie Overby (CIO.com)
- Top 10 Risks of Offshore Outsourcing by Dean Davison (zdnet-techupdate)
- An Atlas of Offshore Outsourcing by David E. Gumpert (BusinessWeek online)
- Weighing the Benefits of Offshore Outsourcing - A CIO Research Report by Lorraine Cosgrove Ware
Retrieved from "http://en.wikipedia.org/wiki/Offshore_outsourcing"
Categories: Offshoring | International trade
15 Sep, 2010, 07.00AM IST, Pankaj Mishra,ET Bureau
IT future looks hazy as US cos turn wary of offshoring
NEW DELHI: America's worsening economic climate and incendiary political rhetoric could end up hurting the fortunes of India's $50-billion outsourcing industry as US firms start avoiding overseas contracts fearing a backlash from skittish politicians.At least six customers of India's top three IT companies — Wipro, Infosys and TCS — have postponed decisions on new contracts in the past quarter, triggering concern in Bangalore and Mumbai, the headquarters of the big Indian IT firms.
"What we see from customers is that they are committing short term; they also reserve the right to cancel, so clearly, everybody is playing the short-term game at this point in time," said S 'Kris' Gopalakrishnan, chief executive of India's second-biggest software exporter, Infosys.
The trend, if it continues, will be a body blow to the outsourcing industry, just recovering from the worst slowdown in its history. Hiring in IT companies has picked up in the past few quarters and so has earnings growth. But another round of weakness, bound to be triggered if American firms pull the plug on new orders, will definitely damage confidence and financial performance, experts said.
"Customers are not pulling any trigger yet on big contracts, and unfortunately, the November election is making them even more cautious," John C McCarthy, vice-president and principal analyst at US-based Forrester Research said. Indian firms, he added, were hoping that customers in the US would start doling out large contracts after the European debt crisis, which didn't happen. Large banks and manufacturing companies in the US are wary about demand for their products, and have been trimming their payroll to boost profits. This has resulted in high unemployment rates of 9.6%, the biggest slump in hiring since the post World War-II era.
US economic growth too has slipped to about 1.6% in the second quarter, less than the 3.7% growth in the first quarter. A group of economists recently cut GDP forecast for both 2010 and 2011 and predicted that unemployment will stay high.
"They are not actually increasing their own recruitment, which means that unemployment unfortunately will continue to be high," Mr Gopalakrishnan added. Since the recession began in December 2007, the US economy has shed 8.4 million jobs, and according to a research note put out by the Federal Reserve Bank of San Francisco, up to 2,94,000 new jobs will need to be added every month for bringing the unemployment rate below 8%.
Infosys, which counts Bank of America and several American retailers among its top customers, is among the first ones to flag the bumps ahead for the sector. "The customers are making it clear that if we have to pull back, we will pull back suddenly," said Mr Gopalakrishnan. According to Mr McCarthy, the uncertainty along with the November elections could affect the IT budgets of customers next year.
"The momentum we saw until first quarter has slowed, we could now see the budgets grow by 2% instead of 3% forecast earlier," he added. Analysts at brokerage firms tracking the sector said Indian tech firms are seeing project delays and deferrals for the first time in four quarters.
"Our channel checks at Wipro indicate that the company has seen signs of project delays/push-out in ramp-up plans by a few large clients due to the uncertain macro environment," Morgan Stanley analysts Vipin Khare and Gaurav Rateria said in a research note on September 9. "This is the most concrete data point we have come across so far that tends to explain the caution in recent management commentary across large vendors," they added.
While customers such as Citibank and JP Morgan have resumed spending on projects they shelved over past 18 months, the focus has shifted to more short-term results. This poses difficult questions for vendors seeking to address the immediate demand because they need to hire additional staff.
"We are taking risks in terms of recruiting. We have realised that in the short term there is visibility, so we want to take advantage of the growth. If the growth slows down again, we will have a larger bench," said Mr Gopalakrishnan.
15 Sep, 2010, 04.16AM IST,ET Bureau
US ready to hear out India's concerns on outsourcing
The US will listen to concerns of India on outsourcing, but companies are happy with the current business environment in both the countries, the US White House chief technology officer Aneesh Chopra said at a CII seminar on Indo-US Innovation Exchange Forum here. "We will surely listen, if there are any concerns. But my sense is that companies in both the countries are happy (with the current environment). Leaving aside what is there in the media, there is a strong relationship between both the countries. And we want to grow it further," Mr Chopra said. He is leading a US delegation for possible collaboration in areas of clean technology, e-governance, healthcare and education with India.Mr Chopra was referring to the ban on offshoring, levied by the Ohio government last month, from public departments. The ban may mean a loss of potential business for Indian IT services players looking to bag e-governance contracts from the US. But, Mr Chopra allayed the protectionism fears and said: "We have a strong and vibrant relationship between the two countries and it is growing. We are looking at creating an ecosystem where companies in both the countries can thrive together," he said.
Besides Mr Chopra, secretary at Department of Science and Technology T Ramasami and advisor to the Prime Minister on Public Information Infrastructure and Innovations Sam Pitroda were also present at the event. The Indo-US joint working groups on e-governance and clean technology also suggested some innovative models on ad-funded e-governance content, clean technology and solar-powered lights. On the issue of Ohio ban, Mr Pitroda said that there are broader IT challenges before India to be tackled.
"Companies which lose an order should be concerned, but there are broader IT challenges before India to be tackled. And we should improve them first," he said. Mr Pitroda is advising the government on the creation of a public information infrastructure (PII). The PII aims to make available all data in the public domain to 1.2 billion citizens. Sam Pitroda plans to create a public information infrastructure in India, through kiosks in cities, and 2,50,000 Bharat Nirman e-Centres in 6,00,000 villages, at Rs 15,000 crore. "We plan to put out a Cabinet note soon on it. PII will democratise the availability of information," he added.
| Infotech | |||
| 15 Sep 2010, 23:11 Internet Explorer 9 puts spotlight on website features Microsoft on Wednesday released a lean, muscular new Internet Explorer crafted to spotlight slick websites and beat back competition from Firefox and Google in the Web browser arena. 15 Sep 2010, 22:33 E-textbooks expected to grow with iPad on campus Video and color graphics are key to why many people think Apple Inc's iPad and other tablets will usher in the era of electronic textbooks.
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Vedanta replies to showcause notices; denies violating norms
As the fate of its USD 1.7 billion bauxite mining unit proposed in Orissa hangs in balance, Vedanta Resources today denied violating any laws in connection with the project while replying to the showcause notices served by the environment ministry. "Vedanta Aluminium Ltd has submitted its reply along with supporting documents to both the show cause notices issued by the ministry on August 31," said Mukesh Kumar, chief operating officer (Lanjigarh) of the firm."Once again Vedanta would like to reiterate that no violation has been done by it on any account and Vedanta is a law abiding company and have high respect for the law of the land," he said in a statement here. However, officials in the environment ministry maintained that they were yet to receive the reply from the company.
The ministry had served the showcause notices on the company on the basis of a report submitted by the NC Saxena panel which had accused the company of violating a host of regulations at the site. The UK-based Vedanta Resources has been accused of going ahead with the construction activity for the expansion of its aluminium refinery unit from one mtpa to six mtpa and that of its Captive Power Plant from 75 MW to 300 MW without obtaining prior environmental clearance.
The notice also pointed out that the unregulated expansion of the refinery could cause long-term ecological and environmental impacts due to fugitive emissions. Besides, the ministry observed that 11 out of 14 mines in Jharkhand supplying bauxite to the company were without environmental clearance.
INTERVIEW - Soros warns on gold rally, says nothing safe
Wed, Sep 15 11:41 PM
Enlarge Photo Billionaire financier George Soros speaks at a Reuters Newsmaker event in New York September 15,...Billionaire financier George Soros said on Wednesday that gold prices might continue to rise after hitting record highs this week but he renewed a warning that gold is the "ultimate bubble."
With economic and fiscal weakness crimping the developed world, Soros said all investments are at risk because "this is a period of great uncertainty so nothing is very safe."
On gold, he said that after asset classes set new highs there are almost always immediate reversals that disappoint investors. Soros' hedge fund, Soros Fund Management LLC, has been heavily invested in gold and gold-mining companies.
"Gold is the only actual bull market currently. It just made a new high yesterday. In the present circumstances that may continue," he said at a Thomson Reuters Newsmaker event.
"I called gold the ultimate bubble, which means it may go higher. But it's certainly not safe and it's not going to last forever," he said.
Soros in January at the World Economic Forum in Davos, Switzerland, made the ultimate bubble comment. He no longer is involved in management of his hedge fund.
( Insider video of Soros interview on gold: http://link.reuters.com/mav73p )
Spot gold on Tuesday hit a record $1,274.75 an ounce, and traded about $10 lower on Wednesday.
As of June 30, the Soros fund held 5.24 million shares of the SPDR Gold Trust, a stake worth about $650 million on Tuesday. Soros was the third-largest fund in the exchange-traded fund at the end of the second quarter.
The Soros fund also held equity holdings in miners of gold and other minerals worth almost $250 million on June 30.
Soros, one of the world's greatest investors, said he preferred some steady-earning blue-chip companies that throw off lots of cash over government debt.
Among other comments, he said he saw no sign of return to strong growth in the United States, which is struggling to emerge from its worst downturn since World War II.
"If I had to sum it up in one word, I would say: 'blah.' It may slip into double-dip (recession) or it may not, but it is going to slow down," he said.
"There is no question in my mind because the stimulus is running out, and there is great resistance to any further stimulus."
( Insider video of Soros interview on U.S. economy:
http://link.reuters.com/qaz73p )
Soros said Japan did the right thing when it intervened in foreign exchange markets on Wednesday to bring down the value of the yen -- a move that lifted the U.S. dollar as much as 3 percent.
"Certainly, they are hurting because the currency is too strong so I think they are right to intervene," Soros said.
Japan sold yen in the market for the first time since 2004 and said it would do so again to prevent the currency's rise from hurting exporters and threatening a fragile economic recovery.
"They had a real estate boom and then a crash in banking ... It's 20 years now, and they are still just struggling along," Soros said.
( Insider video of Soros interview on yen: http://link.reuters.com/wuv73p )
(Writing by Herbert Lash and William Schomberg)
(For more business news visit Reuters India)
Business News
Exports rise by 22.5% to $16.64 bn in Aug
IE - Wed, Sep 15Exports grew by 22.5 per cent to USD 16.64 billion in August compared to the same period last fiscal, a senior Commerce Ministry official said on Tuesday.
View: Headlines Only | Include Summaries | Include Photos
- Gold surges to record Rs 19,285 per 10 gms IE - Wed, Sep 15
- Gold prices surged to set a new peak level of Rs 19,285 per ten grams in futures market on Wednesday, as speculators indulged in frantic buying in line with a firming global trend.
- ONGC, HPCL, IOC hit all-time highs IE - Wed, Sep 15
- Shares of major oil companies, including HPCL and ONGC, advanced to all-time highs on the Bombay Stock Exchange on Wednesday, driven by buoyant investor sentiment amid a firm broader market.
- India leaves little room for farmers IE - Wed, Sep 15
- Land is at a premium, especially in industrially super-active India and that has set the stage for an epic clash between the modern and the traditional world.
- SAIL shortlists 6 bankers for FPO IE - Wed, Sep 15
- State-owned Steel Authority of India said that six bankers, including JP Morgan and Deutsche Bank, have been shortlisted for managing the first phase of its upcoming Rs 8,000 crore FPO. "We have shortlisted six banks for our FPO. We have made them the offer, now they have to accept it," SAIL Chairman C S Verma said.
- Tata Steel to buy into Canada project IE - Wed, Sep 15
- Tata Steel said it will acquire 80 per cent stake in an iron ore mining project in Canada for about Rs 1,350 crore, a move which will help the steel maker boost its raw material supply.
- 'Global pharma ups India generics focus' IE - Wed, Sep 15
- Rating agency ICRA said that it expects multinational pharmaceutical companies to increase their focus on branded generics business in India, as a part of their increased focus towards generic business globally.
- Credit card transactions up over 5% IE - Wed, Sep 15
- The country witnessed transactions worth Rs 5,817.46 crore on credit cards in July, a growth of over five per cent from the previous month.
- Silver crosses Rs 32,000/kg; at all-time high IE - Wed, Sep 15
- Silver crossed the Rs 32,000 per-kg level to trade Rs 178, or 0.55 per cent higher, to an all-time high of Rs 32,250 per kg in futures trade on firming global cues.
- Tata Motors' global sales up 29% in Aug IE - Wed, Sep 15
- Tata Motors said on Wednesday its global vehicle sales in August rose 29 per cent from a year earlier to 85,114 units.
- Rupee surges to 46.38 against dollar IE - Wed, Sep 15
- The Indian rupee gained 6 paise to 46.38 against the US dollar in early trade on the Interbank Foreign Exchange on Wednesday, supported by fresh capital inflows from foreign funds.
- Sensex rises 0.5 pct; Reliance, IT lead IE - Wed, Sep 15
- Sensex rose 0.5 percent in early trade on Wednesday, with Reliance Industries and outsourcers leading the rise.
- Cognizant looks to buy Genpact IE - Wed, Sep 15
- IT services firm Cognizant Technology Solutions is on the prowl and the country's largest BPO could be on its radar.
- Wall Street closes mixed IE - Wed, Sep 15
- Wall Street investors opted to keep their wallets relatively shut.
- US stocks closed mixed, paring some earlier losses as traders weighed new fragile US retail sales figures.
- Tata Steel surges 1.6 pct on BSE IE - Wed, Sep 15
- Tata Steel surged by 1.6 per cent in early trade on the BSE on Wednesday, a day after the company said it will acquire an 80 per cent stake in an iron ore mining project in Canada for about Rs 1,350 crore.
- RIL seeks 25 pct hike in gas price IE - Wed, Sep 15
- Reliance Industries is ostensibly seeking a 25 per cent increase in the price of natural gas it produces from the eastern offshore Krishna-Godavari Basin after it wrote to the Oil Ministry saying it has customers willing to pay more than the government-approved price.
- Twitter redesigns website, adds new features IE - Wed, Sep 15
- Microblogging sensation Twitter, which is now signing up 370,000 new users daily on average, is redesigning its website to make it easier for its millions of users to search and navigate the service.
- Domestic FIs in exit mode as Sensex scales yet another peak IE - Wed, Sep 15
- Are domestic institutions skeptical about the ongoing bull rally? Even as the Sensex scaled another peak and foreign institutional investors (FIIs) continued to flood the market with buy orders, figures released by the stock exchanges suggest that domestic institutional investors (DIIs) are on the exit mode.
- India could lead global job growth, says UN trade arm IE - Wed, Sep 15
- Although the withdrawal of government stimuli around the world will likely cause a further slump in worldwide employment, the United Nations' arm on trade and development believes India's long-term projections could put it in a place to dictate growth and employment around the world.
- Heineken JV to merge with UB IE - Wed, Sep 15
- Vijay Mallya's UB group will buy a 54.99 per cent stake in Pioneer Distilleries and merge its breweries, including a venture with Heineken NV, with United Breweries Ltd, the owner of the biggest beer brand in the country, as the first step in the creation of fully integrated brewing entity.
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INTERVIEW - Soros warns on gold rally, says nothing safe
Reuters - Wed, Sep 15Billionaire financier George Soros said on Wednesday that gold prices might continue to rise after hitting record highs this week but he renewed a warning that gold is the "ultimate bubble."
View: Headlines Only | Include Summaries | Include Photos
- Dexia to cut 665 jobs, save 160 mln eur Reuters - Wed, Sep 15
- Belgian-French financial services group Dexia said on Wednesday it would cut 665 jobs as part of a cost-savings plan, leaving it with 80 million euros of cuts to meet its target.
- Shree Renuka raises stake in NCDEX to 12 pct Reuters - Wed, Sep 15
- India's Shree Renuka Sugars has bought 7 percent stake in National Commodity & Derivatives Exchange Ltd from Crisil, the market regulator told reporters on Wednesday.
- U.S. steelmakers warn economy still slow Reuters - Wed, Sep 15
- Three top U.S. steelmakers are warning of depressed third-quarter results, signaling that the economy may not be rebounding from the recession as quickly as originally believed.
- GLOBAL MARKETS - Yen sinks on Japan intervention; stocks drift Reuters - Wed, Sep 15
- The yen tumbled against the dollar on Wednesday after Japan began heavily selling its currency in foreign exchange markets, boosting Treasuries prices, while uncertainty about economic growth kept stocks flat.
- Florida businessman admits $880 mln investor fraud Reuters - Wed, Sep 15
- A businessman pleaded guilty on Wednesday to swindling about $880 million from people throughout the United States who believed they were investing in a grocery distribution business but were instead helping to support his luxury lifestyle.
- HTC unveils new smartphones, pushes into services Reuters - Wed, Sep 15
- Smartphone maker HTC Corp unveiled details of its push into the increasingly important mobile services sector and introduced two new models using Google's Android software.
- UBS's energy investment bankers bolt for Citigroup Reuters - Wed, Sep 15
- UBS's global head of energy investment banking and a number of other investment bankers in the firm's energy group have left for Citigroup , UBS said on Wednesday.
- EXCLUSIVE - Yahoo CEO: no interest in Alibaba stake sale Reuters - Wed, Sep 15
- Yahoo Inc Chief Executive Carol Bartz does not want to sell the Internet search company's stake in Alibaba Group, despite persistent overtures from the Chinese Internet firm.
- FACTBOX - Reaction to EU shortselling, derivatives plans Reuters - Wed, Sep 15
- Reuters - The European Union's executive unveiled a blueprint on Wednesday to curb or ban short-selling and tighten controls on derivatives in one of its most ambitious financial reforms since the economic crisis unfolded.
- FACTBOX - How will EU curb short-selling and derivatives? Reuters - Wed, Sep 15
- The European Union's executive unveiled a blueprint on Wednesday to curb or ban short-selling and tighten controls on derivatives in one of its most ambitious financial reforms since the economic crisis unfolded.
- Soros warns on gold rally, says nothing safe Reuters - Wed, Sep 15
- Billionaire financier George Soros said on Wednesday that gold prices might continue to rise after hitting record highs this week but there are no safe bets in markets nowadays.
- EU unveils short-selling curbs, derivatives controls Reuters - Wed, Sep 15
- The European Union's executive unveiled proposals on Wednesday to curb or temporarily ban short-selling and tighten controls on derivatives in one of its most ambitious financial reforms since the economic crisis.
- ANALYSIS - EU, U.S. supervisors face derivatives test Reuters - Wed, Sep 15
- Differences between new European Union and U.S. rules to crackdown on derivatives will be a key test of how well transatlantic regulators can coordinate to iron out loopholes banks may be tempted to exploit.
- European firms need patience in Russia Reuters - Wed, Sep 15
- European companies looking to the behemoth on their doorstep, Russia, as a source of sales growth will have to combine great patience and local nous to make their investments pay
- Taxes must rise to fight budget deficit - Greenspan Reuters - Wed, Sep 15
- Taxes must rise while fiscal stimulus needs to be wound down in order to reduce the U.S. budget deficit and allow private investment to expand, said former Chairman of the Federal Reserve Alan Greenspan on Wednesday.
- WTO hands over confidential report on Boeing aid Reuters - Wed, Sep 15
- The World Trade Organization delivered an interim ruling on Wednesday into the legality of U.S. government support for Boeing which will help determine the outcome of a trans-Atlantic aerospace industry row.
- ANALYSIS - ThyssenKrupp stainless revamp may precede spin-off Reuters - Wed, Sep 15
- ThyssenKrupp is headed for a major overhaul of its weak stainless steel business, clearing the way for a possible spin-off that could stimulate long-awaited sector consolidation in Europe.
-
- Russia eyes $50bn sell-off, tycoons feud Reuters - Wed, Sep 15
- Russia aims to raise $50 billion from privatisations in five years and will overrule any objections from company chiefs keen to protect their turf, Finance Minister Alexei Kudrin said on Wednesday.
-
- INTERVIEW - LIC says India infra focus to drive stocks growth Reuters - Wed, Sep 15
- India's focus on infrastructure investment will help drive growth in its stock market, a top official at state-run Life Insurance Corporation (LIC), the country's largest portfolio investor, said on Wednesday.
1 2345
Next »Business News
ONGC, HPCL, IOC hit all-time highs
FE - Wed, Sep 15Shares of major oil companies, including HPCL and ONGC, advanced to all-time highs on the Bombay Stock Exchange on Wednesday, driven by buoyant investor sentiment amid a firm broader market.
View: Headlines Only | Include Summaries | Include Photos
- Credit card transactions up over 5% FE - Wed, Sep 15
- The country witnessed transactions worth Rs 5,817.46 crore on credit cards in July, a growth of over five per cent from the previous month.
- RIL seeks 25 pct hike in gas price FE - Wed, Sep 15
- Reliance Industries is ostensibly seeking a 25 per cent increase in the price of natural gas it produces from the eastern offshore Krishna-Godavari Basin after it wrote to the Oil Ministry saying it has customers willing to pay more than the government-approved price.
- Gold surges to record Rs 19,285 per 10 gms FE - Wed, Sep 15
- Gold prices surged to set a new peak level of Rs 19,285 per ten grams in futures market on Wednesday, as speculators indulged in frantic buying in line with a firming global trend.
- Wall Street closes mixed FE - Wed, Sep 15
- Wall Street investors opted to keep their wallets relatively shut.
- US stocks closed mixed, paring some earlier losses as traders weighed new fragile US retail sales figures.
- Sensex rises 0.5 pct; Reliance, IT lead FE - Wed, Sep 15
- Sensex rose 0.5 percent in early trade on Wednesday, with Reliance Industries and outsourcers leading the rise.
- Timex eyes Tendulkar as brand ambassador FE - Wed, Sep 15
- After Australian pacer Brett Lee, cricket icon Sachin Tendulkar may be roped in by Timex to endorse its range of global watches in India.
- IT index touches record high FE - Wed, Sep 15
- Technology counters on Tuesday had a field day with IT bellweather Infosys Technologies leading the charge.
- Twitter redesigns website, adds new features FE - Wed, Sep 15
- Microblogging sensation Twitter, which is now signing up 370,000 new users daily on average, is redesigning its website to make it easier for its millions of users to search and navigate the service.
- Tata Motors' global sales up 29% in Aug FE - Wed, Sep 15
- Tata Motors said on Wednesday its global vehicle sales in August rose 29 per cent from a year earlier to 85,114 units.
- Exports rise by 22.5% to $16.64 bn in Aug FE - Wed, Sep 15
- Exports grew by 22.5 per cent to USD 16.64 billion in August compared to the same period last fiscal, a senior Commerce Ministry official said on Tuesday.
- India leaves little room for farmers FE - Wed, Sep 15
- Land is at a premium, especially in industrially super-active India and that has set the stage for an epic clash between the modern and the traditional world.
- 'Global pharma ups India generics focus' FE - Wed, Sep 15
- Rating agency ICRA said that it expects multinational pharmaceutical companies to increase their focus on branded generics business in India, as a part of their increased focus towards generic business globally.
- Non-financial cos' profit soars 28% FE - Wed, Sep 15
- Net profit of private non-financial companies, which broadly represent the corporate sector, have recorded an impressive growth of more than 28% in 2009-10 as compared with a fall of 18.2% a year ago, according to the September bulletin of the Reserve Bank of India (RBI).
- Silver crosses Rs 32,000/kg; at all-time high FE - Wed, Sep 15
- Silver crossed the Rs 32,000 per-kg level to trade Rs 178, or 0.55 per cent higher, to an all-time high of Rs 32,250 per kg in futures trade on firming global cues.
- Tata Steel surges 1.6 pct on BSE FE - Wed, Sep 15
- Tata Steel surged by 1.6 per cent in early trade on the BSE on Wednesday, a day after the company said it will acquire an 80 per cent stake in an iron ore mining project in Canada for about Rs 1,350 crore.
- Rupee surges to 46.38 against dollar FE - Wed, Sep 15
- The Indian rupee gained 6 paise to 46.38 against the US dollar in early trade on the Interbank Foreign Exchange on Wednesday, supported by fresh capital inflows from foreign funds.
- Markets fail to enthuse meltdown-wary Gujarati investors FE - Wed, Sep 15
- Tejas Mehta, a marketing manager with a private firm in Rajkot, used to be a regular stock trader. But after losing over Rs 2 lakh in the 2008 global meltdown, he has stopped all trading. Even the current Sensex rally has failed to pull 35-year-old Mehta back to the market.
- India Inc hunts for top guns FE - Wed, Sep 15
- Hiring at the top level management across sectors is back thanks to improved market conditions. Companies have started hiring for key top level positions including managing directors, chief executive officers, chief financial officers and chief operating officers to mid-level executives in execution and sales departments.
- Pharma MNCs take localisation route: Icra FE - Wed, Sep 15
- The Indian pharmaceuticals market, expected to grow to $40 billion by 2020, presents a lucrative opportunity for pharma MNCs, who are currently launching branded generics via product localisation, a strategy that involves local branding, sourcing and pricing, says an Icra report released on Tuesday.
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15 Sep 2010 ... Steel Market Update has moved our Price Momentum indicator to ..... Preliminary Import License data and Analysis · Protectionism and the ...
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Why John Boehner caved on tax cuts for the wealthySalon - Andrew Leonard - 2 days agoBut since then, momentum, at least among progressives, has only grown in ..... And they warn that protectionist polices aimed at preventing offshoring are ...Video: RI ousts 10 members of General Assembly WPRI.comA Twenty-First-Century GOP - City Journalall 3301 news articles » | *Los Angeles Times |
Ghosts of the crisis could haunt India againEquitymaster.com - 1 day agoUS is adopting 'protectionist' measures, which will hamper the growth of the ... Indian markets continued to sustain positive momentum in today's session as ... |
How the crisis reinvented the G20Hindustan Times - 2 days agoAnd for a change, with the momentum of very high economic growth firmly behind ... provided policy (prevent the ugly head of protectionism from rising again ... |
Obama may face fury over Chinese currencyWashington Times - Patrice Hill - 17 hours ago... export market — call the legislation protectionist and warn that it would spark ... Moreover, a significant loss of economic momentum this past spring, ...China's cycle turns the world around - Financial Timesall 753 news articles » |  *Telegraph.co.uk |
At the forefront of global investment trendsHedgeWeek - 6 Sep 2010Malta is gaining momentum. The recent Global Financial Centers Index named it ... Furthermore, Malta is not protectionist since professional investor funds ... |
Europe's crisis a win-win opportunity for ChinaBusiness Standard - Pallavi Aiyar - 5 days ago... as fears of the Greek contagion spreading to Spain gathered momentum, ... is motivated by the desire to ward off creeping protectionism in Europe, ... |
G20 to push for new world trade agreementThe Korea Herald - 6 Sep 2010... the WTO including the Doha Development Agenda and resisting protectionism. ... "He intends to use the G20 to inject momentum into concluding the round. ... |
It's about time for open skiesManila Standard Today - 20 Aug 2010It's a protectionist attitude which has no place in a global community. ... it has successfully regained the momentum in the ratings game versus its closest ... |
Doha dilemma: No end to trade talksKhaleej Times - Hugh Corbet - 30 Aug 2010These countries have been more obdurate than the Cairns Group in fighting EU and US agricultural protectionism. The Doha Round has not only suffered from ...Horse-trading can stop Doha going round and round - Nationalall 2 news articles » |
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Obama Said to Consider Placing Elizabeth Warren at TreasuryBloomberg - Robert Schmidt, Hans Nichols - 1 hour agoElizabeth Warren, a Harvard law professor, may be installed in the Treasury Department by ... Gibbs: Consumer Protection Bureau Nominee Could Come This WeekWall Street Journal - Jared A. Favole - 2 hours agoWASHINGTON (Dow Jones)--White House Press Secretary Robert Gibbs on Wednesday said a pick to head the federal ... Consumer bureau conundrumWashington Post - Brady Dennis - 12 hours agoWhen it comes to figuring out how best to ensconce Elizabeth Warren, the much-loved and much-loathed Harvard law professor, as the leader of ...
Opposition mounts for interim appointmentBoston Globe - 12 hours agoWASHINGTON — Several influential senators said yesterday President Obama should not consider appointing an interim head of new Consumer Financial Protection ... Obama considering Warren for Treasury role-BloombergReuters - Ross Colvin, Anthony Boadle - 15 hours agoWASHINGTON, Sept 14 (Reuters) - President Barack Obama is considering installing Elizabeth Warren at the Treasury Department to lead the creation of the new ... Obama should appoint Warren as interim consumer chiefBoston Globe - 17 hours agoIDEALLY, PRESIDENT Obama would nominate Harvard Law School professor Elizabeth Warren to head the Consumer Financial Protection Bureau and the Senate would ... Obama eyes options for naming Warren as regulatorReuters - Richard Clement, Kim Dixon - 18 hours agoCongressional Oversight Panel Chair Elizabeth Warren questions Assistant Treasury Secretary for Financial Stability Herbert Allison on the government's ... Elizabeth Warren has never run anything. Maybe that's a problem, and maybe it ...Slate Magazine - Timothy Noah - 19 hours agoElizabeth Warren It's not yet official, but Elizabeth Warren has the job, a White House aide ... End nears in battle for US loan watchdog roleFinancial Times - Tom Braithwaite - 21 hours agoThe White House is close to bringing an end to the saga over who should run the new Consumer Financial Protection Bureau, ... All 78 related articles » | RelatedElizabeth WarrenChris Dodd Barack Obama Advice and consent Recess appointment Consumer protection Timeline of articles Number of sources covering this story
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News for Obama Offshoring
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The Hindu
IT industry worried over Ohio's outsourcing ban - 1 hour ago
US President Barack Obama's protectionist rhetoric too is mounting. ... We immediately need to continue to offshore as well as hire locally but availability ...
NDTV.com - 72 related articles »
Barack Obama cracks down on offshoring firms - Hindustan Times - 388 related articles »
After offshoring, Obama needs to crack down on farmland grab
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10 Sep 2010 ... Governments and corporations are buying up farmland in other countries to grow their own food – or simply to make money.
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farmlandgrab.org/15438 - Cached
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Can Obama reverse job offshoring? - Computerworld Blogs
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5 Nov 2008 ... US tech firms are sending more work, not less, offshore. President-Elect Barack Obama is going to have a hard time reversing that trend once ...
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blogs.computerworld.com/can_obama_reverse_job_offshoring - Cached - Similar
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Barack Obama cracks down on offshoring firms - Hindustan Times
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US President Barack Obama on Wednesday reiterated his opposition to outsourcing saying there will be no tax cuts for companies outsourcing work to other ...
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www.hindustantimes.com/...Obama...offshoring.../Article1-597963.aspx - Cached
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Barack Obama cracks down on offshoring firms » The Outsource Blog
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11 Sep 2010 ... Barack Obama cracks down on offshoring firms · 'Cos must innovate to beat US protectionism' · Wipro and Oracle to co-develop an integration ...
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www.theoutsourceblog.com/.../barack-obama-cracks-down-on-offshoring-firms/ - Cached
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'Offshoring won't be impacted' - India Business - Business - The ...
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Obama's reiteration of his administration's desire to create incentives for US companies to keep jobs at home instead of offshoring them elicited familiar ...
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timesofindia.indiatimes.com/business/.../Offshoring.../5511288.cms - Cached
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The Obama Administration is Training Offshore Foreign Workers to ...
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5 Aug 2010 ... The Obama administration is spending $36 million dollars to train foreign workers in foreign countries for skills needed to offshore ...
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www.economicpopulist.org/.../obama-administration-training-offshore-foreign-workers-take-your-job - Cached
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For Once, Obama Administration Is Right, Offshore Outsourcing Of ...
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For Once, Obama Administration Is Right, Offshore Outsourcing Of Jobs Must Stop. By Devinder Sharma. 10 September, 2010 ...
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www.countercurrents.org/dsharma100910.htm - Cached
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Ground Reality: For once, Obama adminisration is right. Offshore ...
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9 Sep 2010 ... For once, Obama adminisration is right. Offshore outsourcing of jobs must stop. This is a good beginning. I am talking of the US State of ...
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devinder-sharma.blogspot.com/.../for-once-obama-adminisration-is-right.html - Cached
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Obama Administration | Information about Offshore Outsourcing ...
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May 7th, 2009 · Offshore-Outsourcing. On November 4, 2008, Barack Obama defeated John McCain in the general election with 365 electoral votes to McCain's ...
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blog.rndinfo.com/tag/obama-administration/ - Cached - Similar
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Obama Speaks Out Against Offshore Outsourcing - CIO.com
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2 Sep 2008 ... In his acceptance of the Democratic presidential nomination last Thursday, Senator Barack Obama promised to deny tax breaks to companies ...
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www.cio.com/.../Obama_Speaks_Out_Against_Offshore_Outsourcing - Cached - Similar
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Videos for Obama Offshoring
* Ohio ban reflects Obama's anti-offshoring agenda
6 days ago
ibnlive.in.com
* R&D Offshoring: The Obama Factor
18 min - 31 Jul 2009
espanol.video.yahoo.com
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