WEEKLY NEWS

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WEEKLY NEWS

  1. 1. Presented by: Ishudeep kaur Mba-2 (Finance) PUNJAB COLLEGE OF TECHNICAL EDUCATION 1 Weekly NEWS (22Nov -28 Nov 2010)
  2. 2. Env Ministry issues showcause notice to Jindal's steel plant Jindal Steel and Power Ltd's proposed integrated steel plant at Angul in Orissa has hit a green hurdle with the Environment Ministry issuing a show cause notice threatening to revoke its clearance for flouting forest norms at the site. While the fate of Vedanta's bauxite mining plans in Niyamgiri have been sealed with the Environment Ministry red-flagging the project, Posco's integrated steel plant at Jagatsinghpur in Orissa is in the limbo following a forest panel recommendations to withdraw its forest clearance. The ministry's action came in the wake of a show-cause notice issued last year by the Division Forest Officer , Angul Forest Division who had pointed out violation of the FC Act, 1980 as work had started on non-forest land prior to clearance.
  3. 3. Dhanlaxmi to open 125 more branches, take 2000 more employees in 2011-12 fiscal The Kerala based Dhanlaxmi bank proposes to open 125 more branches pan india and add another 2000 employees on its pay roll by 2011-12 financial year, a top official of the bank today said. The employee strength is presently 4000, which will go upto 6000 by 2011-12 fiscal when another 2000 employees would be taken in. The thrissur based bank's business has been growing. Second quarter growth was equivalent to last year's full growth. Asked about the bank's low profitability, he said after march 2011, the business of the bank would be on par with other banks.
  4. 4. Bank of Baroda hikes retail term deposit rates by up to 75 bps Public sector lender Bank of Baroda today announced an increase in the interest rate on certain retail term deposit schemes by up to 75 basis points, with effect from November 29. The interest rate on deposits with a maturity period of 271 days and above, but less than one year, has been increased by 50 basis points to 6.75 per cent. Furthermore, the rates for deposits with a tenor of between one year and 443 days have also been hiked by 50 basis points to 7.75 per cent, it added. The maximum hike will be effected on deposits with a tenor between 445 days and three years. The rate of interest on such retail term deposits has been increased by 75 basis points to 8 per cent.
  5. 5. Old-time consumer electronics brands looking to return in new avatars A legion of old-time consumer electronics brands such as Akai, Panorama, Weston, Kelvinator, Oscar and Maharaja Whiteline that once ruled the roost in India , are looking to return in new avatars. Sonodyne once gave big-box brands such as Philips and Panasonic tough fight, but faded into oblivion in the late 1990s when Japanese and Korean rivals entered India and changed the rules of the game with their aggressive marketing and superior products . Almost 15 years hence, the company is riding new-age products such as home theatres, iPod dockers and LCD/plasma televisions to return to the market . Sonodyne’s counterparts such as Akai, Panorama and Weston too are taking aim at a blossoming market with products like LCDs and Plasma TVs, home theatres, microwave ovens and automatic washing machines.
  6. 6. Tata Motors pips RIL to emerge as India’s top brand The Tata Motors-Jaguar-Land Rover combine, with a valuation of $8.45 billion, has over taken Reliance to top the list of the 50 most valuable corporate brands in India. BrandFinance, a London-based global brand valuation firm, did the study in exclusive partnership with The Economic Times.
  7. 7. Japan bends, sets ball rolling for civil N- deal India on Monday made significant progress in its efforts to enter into a civil nuclear deal with Japan. Prime Minister Manmohan Singh and Japanese Prime Minister Naoto Kan, the two leaders welcomed the commencement of negotiations between India and Japan on an agreement for cooperation in the peaceful uses of nuclear energy in June 2010. Cooperation in this sector will open up new opportunities for further developing the India-Japan strategic and global partnership.
  8. 8. Export growth speeds up to 23.2%, makes space for capital flow curbs Exporters rose to a 24-month high in September while imports grew a tad less, lowering the trade deficit and creating policy space for the government to restrict the destabilising capital flows without worrying about funding the large gap between imports and exports. Exports grew 23.2% to $18.02 billion while imports rose 26.1% to $27.1 billion, which helped restrict the trade deficit to $9.12 billion from an alarming more than $13 billion in August.
  9. 9. UK springs a surprise, GDP rises better-than-expected 0.8% in Q2 UK’s economy grew at 0.8% in the third quarter, taking analysts and markets by welcome surprise. GDP grew by 2.8 %, the fastest annual rate in 3 years. Construction was the main driver for growth this quarter.

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