2. State Bank of India appoints G D
Nadaf as director
SBI has nominated G D Nadaf as officer-
employee Director on the central board of the
bank.
Nadaf, who joined the bank as cashier in 1972, is
serving as deputy manager at Bangalore.
He is also General Secretary of the All India State
Bank Officers' Federation (AISBOF).
He will be in the board for the period of three
years.
His presence in the central board of SBI will help
the organisation and add value to the
discussions, AISBOF said in a statement.
3. G20 nations should help bridge
infrastructure gap: Manmohan
Singh
Prime Minister Manmohan Singh on Friday said the global
economy now required a new rebalance in which funds
from surplus countries must be pumped into the
infrastructure development of poor and emerging
economies to avoid destabilisation.
Even as we try to avoid destabilizing surge of volatile
capital flows to developing countries, there is a strong case
for supporting long term flows to these countries to
stimulus investment, especially in infrastructure," he said.
His reference was to the huge deficits that countries like
the United States are accumulating, which needs to be
reduced, and the large surpluses in some others like China
that has to be contracted so as not to impact on the global
financial system.
4. FMCG sector set to grow 13% in
FY11: Report
FMCG sector is expected to grow 13 per cent
during 2010/11 on the back of strong economic
growth, a good monsoon and subsequent rise in
rural income.
The report also highlighted the emergence of
strong regional players across categories such as
food, laundry and soaps, further highlighting the
risks of increased competition eating into the
market share of established players.
Faced with rising costs and competition, Indian
FMCG companies are increasingly betting on
expanding their geographical footprint with
overseas acquisitions, expecting higher returns
from international operations to offset lower
5. Upward pressure on interest rates
from inflation: PNB
Interest rates will face upward pressure, if
inflation remains at elevated level.
If inflation rate does do not come down then
deposit rates will go up...but then lending rates
will also rise to maintain the balance.
Against over 8 per cent inflation now, savings
deposits fetch 3.5 per cent interests, while fixed
deposits yield 6-7.5 per cent interest rates.
6. Indra Nooyi keeps mystery alive
on Tata top job offer
Indra Nooyi coyly suggested that she has not been
made a job offer as Ratan Tata’s successor.
Long speculated as one of the top names in an
imagined list of candidates qualified to lead the
country’s oldest and most global conglomerate
because of her Indian roots and international profile,
Ms Nooyi, 55, nevertheless lavished praise on the
salt-to-software Tata group.
When asked if Ratan Tata never offered her a job
she responded that she “will never ever answer that
question either in the positive or in the negative”, and
in the process raised more questions than answers.
