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Friday, April 10, 2009
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K Ramalingam named Chairman of Maytas Infra board
HYDERABAD: K Ramalingam, former Chairman of the Airports Authority of India (AAI), and Maytas Infra's newly inducted board member, has been named Chairman of the board.
Ramalingam and Anil K Agarwal, past president of Assocham were appointed in the first week of April as additional directors on board by the Company Law Board.
The government had last month appointed noted tax lawyer O P Vaish and past president of Institute of Chartered Accountants of India Ved Jain on the board of Maytas Infra following an order by the Company Law Board in this regard.
Maytas Infra is promoted by B Teja Raju, son of B Ramalinga Raju disgraced founder of Satyam Computers. The firm was starved of funds after Ramalinga Raju confessed to perpetrating a Rs, 7,000 crore financial fraud at Satyam.
The government wanted to supersede the Maytas board, but this was turned down by the Company Law Board. The CLB instead issued a directive to the government to appoint four nominee directors.
Maytas Infra is now undergoing a corporate debt restructuring (CDR) exercise. CDR is done to re-organise the outstanding obligations to financial institutions.
Banks have an exposure of around Rs 5000 crore in the firm.
It has an order book of about Rs 8,000 crore, apart from the prestigious Rs 12,000 crore Metro Rail Project, which is in a limbo.
Ramalingam and Anil K Agarwal, past president of Assocham were appointed in the first week of April as additional directors on board by the Company Law Board.
The government had last month appointed noted tax lawyer O P Vaish and past president of Institute of Chartered Accountants of India Ved Jain on the board of Maytas Infra following an order by the Company Law Board in this regard.
Maytas Infra is promoted by B Teja Raju, son of B Ramalinga Raju disgraced founder of Satyam Computers. The firm was starved of funds after Ramalinga Raju confessed to perpetrating a Rs, 7,000 crore financial fraud at Satyam.
The government wanted to supersede the Maytas board, but this was turned down by the Company Law Board. The CLB instead issued a directive to the government to appoint four nominee directors.
Maytas Infra is now undergoing a corporate debt restructuring (CDR) exercise. CDR is done to re-organise the outstanding obligations to financial institutions.
Banks have an exposure of around Rs 5000 crore in the firm.
It has an order book of about Rs 8,000 crore, apart from the prestigious Rs 12,000 crore Metro Rail Project, which is in a limbo.
Laid-off US workers finding new jobs, less pay
http://economictimes.indiatimes.com/News/News-By-Industry/Jobs/Laid-off-US-workers-finding-new-jobs-less-pay/articleshow/4378455.cms
NEW YORK: Half of US workers laid off in the past year who were questioned in a survey released on Wednesday reported finding new jobs, bur often with less pay and in different field.
The survey of 807 adults who lost full-time jobs in the past year showed that 49 percent had found new jobs but of those, 49 percent now earn less money.
The survey was conducted for CareerBuilder.com, an online jobs site. Those questioned for the survey were chosen as representative of workers in an array of industries at various job levels around the nation, CareerBuilder.com spokeswoman Jennifer Grasz said.
Of those with new jobs, 38 percent said they are now employed in a different field, the survey found. Eight percent reported finding part-time work.
One-sixth of those with new jobs said they had to relocate, one-sixth are now working more hours and one-sixth reported getting higher pay, the survey found.
"This is encouraging news for the job seekers out there," Grasz said. "There is a popular misconception that if you lose your job today you won't be able to find another opportunity."
"There are companies out there hiring today," Grasz said.
Workers aged 35 to 44 were most likely to find new jobs, while workers aged 18 to 24 were least likely, according to the survey. More men than women found new jobs.
A third of the laid-off workers said they got severance packages from their employers, and two-thirds of those said the severance lasted for two months or less. Forty-five percent of the laid-off workers said they had to tap into long-term savings.
The survey was conducted between February 20 and March 11 by Harris Interactive. Its margin of error was plus or minus 3.4 percentage points.
CareerBuilder.com is owned by Gannett Co, Tribune Co, the McClatchy Co and Microsoft Corp.
NEW YORK: Half of US workers laid off in the past year who were questioned in a survey released on Wednesday reported finding new jobs, bur often with less pay and in different field.
The survey of 807 adults who lost full-time jobs in the past year showed that 49 percent had found new jobs but of those, 49 percent now earn less money.
The survey was conducted for CareerBuilder.com, an online jobs site. Those questioned for the survey were chosen as representative of workers in an array of industries at various job levels around the nation, CareerBuilder.com spokeswoman Jennifer Grasz said.
Of those with new jobs, 38 percent said they are now employed in a different field, the survey found. Eight percent reported finding part-time work.
One-sixth of those with new jobs said they had to relocate, one-sixth are now working more hours and one-sixth reported getting higher pay, the survey found.
"This is encouraging news for the job seekers out there," Grasz said. "There is a popular misconception that if you lose your job today you won't be able to find another opportunity."
"There are companies out there hiring today," Grasz said.
Workers aged 35 to 44 were most likely to find new jobs, while workers aged 18 to 24 were least likely, according to the survey. More men than women found new jobs.
A third of the laid-off workers said they got severance packages from their employers, and two-thirds of those said the severance lasted for two months or less. Forty-five percent of the laid-off workers said they had to tap into long-term savings.
The survey was conducted between February 20 and March 11 by Harris Interactive. Its margin of error was plus or minus 3.4 percentage points.
CareerBuilder.com is owned by Gannett Co, Tribune Co, the McClatchy Co and Microsoft Corp.
Make calls from U.S. to India for 1 cent per minute
http://www.siliconindia.com/shownews/Make_calls_from_US_to_India_for_1_cent_per_minute_-nid-54959.html/1/1
New Delhi: Telecom service provider Bharti Airtel Wednesday launched a new offer for its U.S. customers which will enable them to make calls to India at 1 cent per minute using online calling cards.
"With our IndiaOne Offer, we are delighted to take the lead in offering the best value for US to India calling. Our tariff at 1 cent per minute is a compelling customer proposition and is in line with Airtel's commitment to make calling to India more affordable," Airtel executive director Syed Safawi said.
"Through this offer, we are looking at delivering unmatched value to the three million strong NRI population in the U.S., who reach out to their friends and family in India," he added.
Airtel has also launched a number of new features for its US consumers, including auto recharge, free SMS from the web and audio conferencing facilities.
Airtel subscribers can buy this calling card for $10 by logging on to the company's website.
New Delhi: Telecom service provider Bharti Airtel Wednesday launched a new offer for its U.S. customers which will enable them to make calls to India at 1 cent per minute using online calling cards.
"With our IndiaOne Offer, we are delighted to take the lead in offering the best value for US to India calling. Our tariff at 1 cent per minute is a compelling customer proposition and is in line with Airtel's commitment to make calling to India more affordable," Airtel executive director Syed Safawi said.
"Through this offer, we are looking at delivering unmatched value to the three million strong NRI population in the U.S., who reach out to their friends and family in India," he added.
Airtel has also launched a number of new features for its US consumers, including auto recharge, free SMS from the web and audio conferencing facilities.
Airtel subscribers can buy this calling card for $10 by logging on to the company's website.
Techies now happy to work for small firms
http://www.siliconindia.com/shownews/Techies_now_happy_to_work_for_small_firms-nid-54954.html/1/1
California: Despite the widely held perception that SMEs are most vulnerable during the recessionary setbacks, the attraction of working for a small company has not been diminished for technical staff, reported Microscope.
Figures available with the IT Job Board shows that 60 percent of technical staff think small firms are vulnerable in the current economy, but 53 percent said that it had not kept them away from applying for roles in smaller companies.
Alex Farrell, managing director of The IT Job Board, said that there was still an open mind from technical applicants which was encouraging.
Of course, some are avoiding seeking work at smaller outfits but the proportion is not as high as might have been expected.
"Techies certainly seem to think that small companies are suffering more in the current climate. However, it is good to see that this hasn't affected the choices many would make in the size of organization they would work for," Farrell said, adding, "Bigger companies seem to have more draw when it comes to training and salary benefits. But, small organisations still have their place, and it is encouraging to see that techies relish jobs in IT that offer more challenging work."
California: Despite the widely held perception that SMEs are most vulnerable during the recessionary setbacks, the attraction of working for a small company has not been diminished for technical staff, reported Microscope.
Figures available with the IT Job Board shows that 60 percent of technical staff think small firms are vulnerable in the current economy, but 53 percent said that it had not kept them away from applying for roles in smaller companies.
Alex Farrell, managing director of The IT Job Board, said that there was still an open mind from technical applicants which was encouraging.
Of course, some are avoiding seeking work at smaller outfits but the proportion is not as high as might have been expected.
"Techies certainly seem to think that small companies are suffering more in the current climate. However, it is good to see that this hasn't affected the choices many would make in the size of organization they would work for," Farrell said, adding, "Bigger companies seem to have more draw when it comes to training and salary benefits. But, small organisations still have their place, and it is encouraging to see that techies relish jobs in IT that offer more challenging work."
India to launch spy satellite to fight terrorism
http://www.siliconindia.com/shownews/India_to_launch_spy_satellite_to_fight_terrorism-nid-55005.html/1/1
New Delhi: Brimming with terror threats, India aims to launch a spy satellite to control infiltration and terrorist operations. The satellite to be launched by Indian Space Research Organisation (ISRO) would primarily keep an eye on India's borders round-the-clock.
The 300-kg radar-imaging spy satellite, which is built by Israel, will be launched on April 20. It is set to blast-off with India's home-grown rocket 'Polar Satellite Launch Vehicle (PSLV) onboard'. "The satellite will be positioned 550 km above the earth, this remote-sensing advanced imaging satellite, has all-weather capabilities, including under cloud cover, a capability that Indian satellites do not have," an anonymous ISRO official told PTI. He also pinpoints that the satellite also has good application in the area of disaster management and in managing cyclones, floods and agriculture-related activities.
The spy satellite, which will primarily be used for used for defense and surveillance, would carry Synthetic Aperture Radar (SAR) payload, which can take images during day and night.
New Delhi: Brimming with terror threats, India aims to launch a spy satellite to control infiltration and terrorist operations. The satellite to be launched by Indian Space Research Organisation (ISRO) would primarily keep an eye on India's borders round-the-clock.
The 300-kg radar-imaging spy satellite, which is built by Israel, will be launched on April 20. It is set to blast-off with India's home-grown rocket 'Polar Satellite Launch Vehicle (PSLV) onboard'. "The satellite will be positioned 550 km above the earth, this remote-sensing advanced imaging satellite, has all-weather capabilities, including under cloud cover, a capability that Indian satellites do not have," an anonymous ISRO official told PTI. He also pinpoints that the satellite also has good application in the area of disaster management and in managing cyclones, floods and agriculture-related activities.
The spy satellite, which will primarily be used for used for defense and surveillance, would carry Synthetic Aperture Radar (SAR) payload, which can take images during day and night.
47 Indian firms in Forbes Global 2000 List
http://www.siliconindia.com/shownews/47_Indian_firms_in_Forbes_Global_2000_List-nid-55030.html/1/1
Washington: With $34 billion in sales from its oil and gas operations, Reliance Industries tops 47 Indian companies that figure in the Forbes list of the world's biggest 2,000 companies.
Ranked 121st, Mukesh Ambani-led Reliance also makes it to the list of top 200 companies with two other Indian entities, State Bank of India (150) and Oil and Natural Gas Corporation (152), in the list compiled by the US business magazine.
However, five Indian companies - scam-hit IT firm Satyam, realty firm Unitech, Suzlon Energy and two Anil Ambani group firms - Reliance Power and Reliance Capital - have been dropped from the Forbes 'Global 2000 List' this year.
Four Indian companies - Hero Honda Motors, Sun Pharma, Indian Bank and Jindal Steel and Power Ltd - are the new entrants to the list.
The top 10 Indian companies are: Reliance Industries (121), State Bank of India Group (150) Oil & Natural Gas Corporation (152) Indian Oil Corporation (207) NTPC (317), ICICI Bank (329), Tata Steel (463), Bharti Airtel (508), Steel Authority of India (582) and Reliance Communications (689).
"This year's list reveals the dynamism of global business," Forbes said, noting the rankings span 62 countries, with the US still dominant at 551 members, but 200 fewer than in 2004, when Forbes first published the global list.
This year, China has 91 members, south Korea 61, and India 47. Even Kazakhstan is now a Global 2000 member. Also gaining a significant presence on the Forbes list are corporations from Arab countries: Kuwait, Saudi Arabia and the United Arab Emirates each have at least 10 entries on this year's list.
In total, the Global 2000 companies now account for $32 trillion in revenues, $1.6 trillion in profits, $125 trillion in assets and $20 trillion in market value.
"The Global 2000 continues to amass revenue and assets, but lately, that has not translated into wealth creation or profits," the magazine said. In the past year, combined profits were down 31 percent while market value was down 49 percent.
Forbes said an analysis of the Global 2000 shows that despite the turmoil in the banking industry, banks still dominate, with 307 companies in the 2000 lineup, thanks in large measure to their asset totals.
The oil and gas industry, with 126 companies, scores high in sales, profits and stock-market value, yet these sectors were not the leaders in growth over the past year.
Drug and biotech companies (up 59 percent) led all sectors in sales growth, while the leaders in profit growth were telecom service firms (up 51 percent).
Washington: With $34 billion in sales from its oil and gas operations, Reliance Industries tops 47 Indian companies that figure in the Forbes list of the world's biggest 2,000 companies.
Ranked 121st, Mukesh Ambani-led Reliance also makes it to the list of top 200 companies with two other Indian entities, State Bank of India (150) and Oil and Natural Gas Corporation (152), in the list compiled by the US business magazine.
However, five Indian companies - scam-hit IT firm Satyam, realty firm Unitech, Suzlon Energy and two Anil Ambani group firms - Reliance Power and Reliance Capital - have been dropped from the Forbes 'Global 2000 List' this year.
Four Indian companies - Hero Honda Motors, Sun Pharma, Indian Bank and Jindal Steel and Power Ltd - are the new entrants to the list.
The top 10 Indian companies are: Reliance Industries (121), State Bank of India Group (150) Oil & Natural Gas Corporation (152) Indian Oil Corporation (207) NTPC (317), ICICI Bank (329), Tata Steel (463), Bharti Airtel (508), Steel Authority of India (582) and Reliance Communications (689).
"This year's list reveals the dynamism of global business," Forbes said, noting the rankings span 62 countries, with the US still dominant at 551 members, but 200 fewer than in 2004, when Forbes first published the global list.
This year, China has 91 members, south Korea 61, and India 47. Even Kazakhstan is now a Global 2000 member. Also gaining a significant presence on the Forbes list are corporations from Arab countries: Kuwait, Saudi Arabia and the United Arab Emirates each have at least 10 entries on this year's list.
In total, the Global 2000 companies now account for $32 trillion in revenues, $1.6 trillion in profits, $125 trillion in assets and $20 trillion in market value.
"The Global 2000 continues to amass revenue and assets, but lately, that has not translated into wealth creation or profits," the magazine said. In the past year, combined profits were down 31 percent while market value was down 49 percent.
Forbes said an analysis of the Global 2000 shows that despite the turmoil in the banking industry, banks still dominate, with 307 companies in the 2000 lineup, thanks in large measure to their asset totals.
The oil and gas industry, with 126 companies, scores high in sales, profits and stock-market value, yet these sectors were not the leaders in growth over the past year.
Drug and biotech companies (up 59 percent) led all sectors in sales growth, while the leaders in profit growth were telecom service firms (up 51 percent).
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