ET News

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ET News

  1. 1. ET News <ul><ul><li>Ritika Wadhwa </li></ul></ul><ul><ul><li>MBA-IIC </li></ul></ul>
  2. 2. <ul><li>American CEOs pocket hefty payouts amid massive layoffs: Study </li></ul>NEW YORK: Cost-cutting moves might have cost thousands of US jobs, but many CEOs at companies' that resorted to massive layoffs saw their pay packets fatten in 2009, says a study. An in-depth survey of 50-listed American companies by the Institute of Policy Studies showed that many of them, which slashed the most number of jobs, also paid around 42 per cent higher compensation to their respective CEOs. The study on the 50 companies in the broader S&P 500 Index that had laid off the maximum number of workers, revealed that their CEOs enjoyed larger payouts in comparison to their peers heading other S&P firms. &quot;Setting the right tone in the short-term is very important for meeting long-term goals, hence they view huge manpower costs as a major hindrance to optimum productivity levels,&quot; Agrawal noted. Interestingly, five of the 50 top firms that laid off workers were also recipients of major state bailouts. Out of them, American Express CEO Kenneth Chenault pocketed a compensation of $16.8 million, one of the highest in 2009. The company has laid off at least 4,000 workers since the financial meltdown. Commenting on the study, an expert said that CEOs should not be rewarded for slashing jobs. &quot;Realigning the interests of CEOs with their employees and the rest of our country would be good for the economy and national morale,&quot; the expert noted
  3. 3. 2. India to miss $200 bn export target: Assocham <ul><li>NEW DELHI: Industry body Assocham has said that India may miss the $200 billion export target for 2010-11 due to sluggish demand in Europe, contrary to the government's assertion of meeting the target. &quot;India's exports would be around $180 billion against the target level of $200 billion by the end 2010-2011,&quot; Assocham Secretary General . D S Rawat said in a statement. The sluggish demand in several European countries would adversely affect India's exports, the chamber said. Europe accounted for about $39 billion of the $179 billion exports in the last fiscal </li></ul><ul><li>While the government is confident of achieving the $200 billion exports, it too has expressed apprehensions of a slowdown as the developed countries may go for fiscal consolidation by partially rolling back the economic stimulus packages. After posting a robust growth of over 32 per cent in the first quarter of this fiscal, exports growth slipped to 13.2 per cent in July. India's exports entered into positive territory in November 2009, after contracting for 13 months in a row due to global economic slowdown </li></ul>
  4. 4. 3 . Videocon may sell majority stake in wireless venture <ul><li>MUMBAI: Billionaire Venugopal Dhoot’s Videocon group may sell a controlling stake in its wireless unit to an overseas partner to help fund expansion of the business. “We need a partner that’s globally focused on telecom to help us carry this forward,” Suresh Hegde, a director at the group, said in an interview in Mumbai on Thursday. Videocon may sell as much as a majority stake in Videocon Telecommunications after investing Rs 50 billion ($1.1 billion) in the network and spectrum for the mobile phone company, he said. Any bidder would compete with Vodafone Group and Bharti Airtel in India, where Videocon had a 0.3% share of the world’s second-largest wireless market by subscribers. A sale may also allow Videocon to inject funds into the group’s other businesses, which include consumer electronics, home appliances, and crude oil and natural gas. </li></ul><ul><li>Videocon, whose 700 billion won ($593 million) offer along with RHJ International to buy South Korea’s Daewoo Electronics was rejected by creditors in 2007, applied for mobile phone licences the same year. At the time, Mr Dhoot said the group planned to sell a 26% stake in the wireless venture to a US-based telecommunications company. The Indian company started mobile phone services in March this year and had 1.9 million subscribers at the end of June, according to data from India’s telecommunications regulator. India ended June with 636 million wireless subscribers after adding 18 million users in the month. China, with 805 million mobile-phone customers, is the largest market </li></ul>
  5. 5. 4. IDBI Bank may go for FPO, rights issue, QIP in 12-15 months <ul><li>KOLKATA: The public sector IDBI Bank may go for follow-on public offer (FPO), rights issue or qualified institutional placement in the next 12 to 15 months, a top bank official said here Saturday. &quot;Now the government has 65 percent stake in the bank after it infused Rs.3,000 crore into the bank. It allows us to raise money by way of either right issue, qualified institutional placement, preferential placements or FPO,&quot; the bank's chairman and managing director R.M. Malla told reporters on the sidelines of a press meet. Noting this would help the bank get more capital, he maintained that the bank would take such a decision at appropriate time. The bank recently borrowed $350 million from foreign markets. It would mobilise $1 billion in the next 12 months from foreign markets, Malla said. At present, the bank only has one international branch at Dubai. &quot;We plan to open representative branches in Singapore and China,&quot; he said. It also plans to add 280 more branches across the country this fiscal to the existing 730 branches and another 400-500 ATMs, he said </li></ul>
  6. 6. 5. Super Religare Laboratories plans IPO in 2011 <ul><li>MUMBAI: Fortis Healthcare Ltd plans to launch an initial public offer (IPO) for its diagnostics business unit, Super Religare Laboratories (SRL), in the next calendar year (2011), a top company official said on Wednesday. SRL had acquired the diagnostics business of Piramal Healthcare for Rs 600 crore in the first quarter of this fiscal. &quot;We have decided to list our diagnostics business unit Super Religare Laboratories in the next calendar year,&quot; Fortis Chairman Malvinder Singh told reporters on the sidelines of the inauguration of the Fortis Cancer Institute at Mulund. This is the second cancer institute launched by the Fortis group after its NCR facility We are looking for the right (acquisition) opportunities. We are open to acquisitions in India and in Asia,&quot; Singh said, even as the group eyes consolidation of its Asian business. In the next 2-3-years, the hospital chain will add another 3,000 beds to take its total bed capacity to 10,000, he said. </li></ul>
  7. 7. 6. Shilpi Cable plans over Rs 50-cr IPO, to file DRHP this week <ul><li>MUMBAI: Radio frequency (RF) cables manufacturer, Shilpi Cable Technologies, is eyeing an IPO of over Rs 50-crore by end-2010 and plans to file its draft red herring prospectus (DRHP) with Sebi this week, a top company official said. &quot;We plan to launch our IPO of around Rs 56-crore by end-this year. We will be filing our DRHP with Sebi for the same this week,&quot; Shilpi Cable's Director, Manish Goel, told PTI here. The Delhi-based company will use the IPO proceeds to set-up a wire and cable assembly shop, expand its product portfolio and manufacture cables for 3G networks, Goel said. Shilpi Cable set-up a new division to cater to the passive telecom infra space about three-months ago. &quot;This division will look after operations and maintenance of networks and also be active in the in-building wireless solutions space,&quot; its chief, Rajesh Suri, also a Director in the company, said. The company would also be active in the cell-site roll-out across India for independent power infrastructure companies, he added. The company is understood to be eyeing overseas markets in Africa and the Middle-East where there is a tremendous scope for its services. </li></ul>
  8. 8. Thank You

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