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Night_Raven
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Biocon among world's top pharma employers
BANGALORE: Bangalore based biotechnology firm Biocon has been named by 'Science' magazine as one of the top 20 employers in global pharma sector. The 2012 Top Biotech and pharma employers survey, has rankled Biocon in the 19 thposition and it is the only Asian firm to be in the top 20.
"We are in the distinguished company of leading global Biotech companies and we will wear this badge of honour with a sense of leadership and responsibility that will enable us to take greater strides to move up the leader board," said MD Kiran Mazumdar-Shaw.
Some of the criteria included loyalty of employees and quality of work done. . "The Biocon employer brand has been growing stronger with each passing year, and our increased success in attracting and retaining top talent in the sector is a testimony to this," said Ravi C Dasgupta, HR Head of the company
US-based Regeneron Pharmaceuticals topped the list .
Biocon among world's top pharma employers - The Economic Times
BANGALORE: Bangalore based biotechnology firm Biocon has been named by 'Science' magazine as one of the top 20 employers in global pharma sector. The 2012 Top Biotech and pharma employers survey, has rankled Biocon in the 19 thposition and it is the only Asian firm to be in the top 20.
"We are in the distinguished company of leading global Biotech companies and we will wear this badge of honour with a sense of leadership and responsibility that will enable us to take greater strides to move up the leader board," said MD Kiran Mazumdar-Shaw.
Some of the criteria included loyalty of employees and quality of work done. . "The Biocon employer brand has been growing stronger with each passing year, and our increased success in attracting and retaining top talent in the sector is a testimony to this," said Ravi C Dasgupta, HR Head of the company
US-based Regeneron Pharmaceuticals topped the list .
Biocon among world's top pharma employers - The Economic Times
Standard and Poors (S&P) warned that India GDP could drop below 5%
Sep 25 2012
New Delhi: Within a week of the dramatic policy changes announced by the government, the international rating agency Standard and Poors (S&P) scaled down the countrys growth projections and warned that in the worst-case scenario it could even drop below 5%, signalling that more needs to be done to fix whats wrong with the economy.
S&P cuts India GDP growth forecast to 5.5% - Livemint
Sep 25 2012
New Delhi: Within a week of the dramatic policy changes announced by the government, the international rating agency Standard and Poors (S&P) scaled down the countrys growth projections and warned that in the worst-case scenario it could even drop below 5%, signalling that more needs to be done to fix whats wrong with the economy.
S&P cuts India GDP growth forecast to 5.5% - Livemint
illusion8
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Washington: India seems insulated from the worst of effects of global financial crisis as it has relatively low degree of exposure to international banking, IMF has said.
"India and Malaysia appear insulated from foreign banks by almost all indicators when compared with all peer groups, except developing Asia and the economies that make up the BRIC group," said the report released Tuesday in which IMF asked if some banking systems withstand international contagion because they are less globally integrated.
"Australia, Canada, India, and Malaysia have a relatively low degree of exposure to international banking and also avoided the worst of the effects of the global financial crisis," the report said.
Both India and Malaysia have low foreign bank presence, and banks there have a very low level of foreign assets in their balance sheet, it said.
Malaysia had relatively low reliance on foreign liabilities compared with other peers, whereas in 2007 India was close to the BRIC (Brazil, Russia, India China) average, the report said.
Observing that the recent episode of global financial turmoil highlights the risk of international contagion and the potential resiliency of less integrated banking systems, the report explore the banking system "openness" and regulatory frameworks of four jurisdictions generally regarded as less globally integrated, all of which fared relatively well in the financial crisis.
It concludes that the funding structure of banks could be more important than lack of foreign bank ownership for financial stability.
According to a table mentioned in the IMF report, India has less than 10 percent globalisation of its banking system.
India and Malaysia explicitly restrict entry by foreign banks, although both economies have relaxed the policy somewhat, it said.
IMF report said the number of branches a subsidiary can set up had been restricted.
"The maximum foreign ownership stake in a domestic bank is 30 percent. In India, foreign bank entry has been through branches, and the number of approvals (including expansion of branch networks) is strictly controlled," it said.
"Foreign banks that already have operations in India are not permitted to own more than 5 percent of shares in domestic banks.
Other foreign banks must seek approval to own more than 10 percent of shares in an Indian bank.
The authorities are currently considering encouraging the use of subsidiaries. The share of foreign-owned bank assets in total assets is subject to a ceiling, the report said.
PTI
New Delhi: Remittances from Non-Resident Indians (NRIs) in the current fiscal are likely to exceed USD 75 billion, up from USD 66 billion in the 2011-12, an industry body study has said.
NRIs remittances jumped 19 percent to USD 66 billion in the last fiscal compared to the previous financial year owing to a sharp decline in the rupee value against dollar, Assocham said in a study.
"Even though the rupee may not see as much depreciation as it did in the last 12 months, the remittances would remain robust and may well cross USD 75 billion in 2012-13," it said.
It said the rupee depreciated by about 25 percent in the last one year which had a positive impact on the remittances by NRIs, making up more than the negative impact that could have been seen on the inflows due to severe slowdown in the western economies.
The study said expensive dollar results in better yields for NRIs when the foreign currency is converted into the Indian currency.
Besides, it said, when the going gets tough in developed economies, Indians living abroad tend to save more and would like to park their surpluses in their home country.
"A robust repatriation of money by Indians abroad prove a great support for India's current account deficit, which otherwise remains a matter of concern in view of continuous and worrisome deceleration in exports of merchandise goods," Assocham President Rajkumar N Dhoot said.
During 2012-13, the current account deficit is projected to be 3.5 percent of the country's Gross Domestic Product (GDP). In the last fiscal, it was 4.2 percent of the GDP.
Referring to the RBI data, the study said, North America, the Gulf countries and Europe are the major sources of repatriation of money from Indians abroad.
However, it said the remittances from Europe are very likely to come under pressure as the rate of unemployment increases in the troubled area, especially in the Euro zone, except in Germany.
PTI
"India and Malaysia appear insulated from foreign banks by almost all indicators when compared with all peer groups, except developing Asia and the economies that make up the BRIC group," said the report released Tuesday in which IMF asked if some banking systems withstand international contagion because they are less globally integrated.
"Australia, Canada, India, and Malaysia have a relatively low degree of exposure to international banking and also avoided the worst of the effects of the global financial crisis," the report said.
Both India and Malaysia have low foreign bank presence, and banks there have a very low level of foreign assets in their balance sheet, it said.
Malaysia had relatively low reliance on foreign liabilities compared with other peers, whereas in 2007 India was close to the BRIC (Brazil, Russia, India China) average, the report said.
Observing that the recent episode of global financial turmoil highlights the risk of international contagion and the potential resiliency of less integrated banking systems, the report explore the banking system "openness" and regulatory frameworks of four jurisdictions generally regarded as less globally integrated, all of which fared relatively well in the financial crisis.
It concludes that the funding structure of banks could be more important than lack of foreign bank ownership for financial stability.
According to a table mentioned in the IMF report, India has less than 10 percent globalisation of its banking system.
India and Malaysia explicitly restrict entry by foreign banks, although both economies have relaxed the policy somewhat, it said.
IMF report said the number of branches a subsidiary can set up had been restricted.
"The maximum foreign ownership stake in a domestic bank is 30 percent. In India, foreign bank entry has been through branches, and the number of approvals (including expansion of branch networks) is strictly controlled," it said.
"Foreign banks that already have operations in India are not permitted to own more than 5 percent of shares in domestic banks.
Other foreign banks must seek approval to own more than 10 percent of shares in an Indian bank.
The authorities are currently considering encouraging the use of subsidiaries. The share of foreign-owned bank assets in total assets is subject to a ceiling, the report said.
PTI
New Delhi: Remittances from Non-Resident Indians (NRIs) in the current fiscal are likely to exceed USD 75 billion, up from USD 66 billion in the 2011-12, an industry body study has said.
NRIs remittances jumped 19 percent to USD 66 billion in the last fiscal compared to the previous financial year owing to a sharp decline in the rupee value against dollar, Assocham said in a study.
"Even though the rupee may not see as much depreciation as it did in the last 12 months, the remittances would remain robust and may well cross USD 75 billion in 2012-13," it said.
It said the rupee depreciated by about 25 percent in the last one year which had a positive impact on the remittances by NRIs, making up more than the negative impact that could have been seen on the inflows due to severe slowdown in the western economies.
The study said expensive dollar results in better yields for NRIs when the foreign currency is converted into the Indian currency.
Besides, it said, when the going gets tough in developed economies, Indians living abroad tend to save more and would like to park their surpluses in their home country.
"A robust repatriation of money by Indians abroad prove a great support for India's current account deficit, which otherwise remains a matter of concern in view of continuous and worrisome deceleration in exports of merchandise goods," Assocham President Rajkumar N Dhoot said.
During 2012-13, the current account deficit is projected to be 3.5 percent of the country's Gross Domestic Product (GDP). In the last fiscal, it was 4.2 percent of the GDP.
Referring to the RBI data, the study said, North America, the Gulf countries and Europe are the major sources of repatriation of money from Indians abroad.
However, it said the remittances from Europe are very likely to come under pressure as the rate of unemployment increases in the troubled area, especially in the Euro zone, except in Germany.
PTI
illusion8
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There are enough indications that the Indian economy’s growth rate would pick up in the second half of this fiscal. It will touch 6.7 per cent for 2012-13, Prime Minister’s Economic Advisory Council Chairman C. Rangarajan said on Monday.
The Hindu : Business / Economy : Growth rate will pick up in second half of fiscal: Rangarajan
Windjammer
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India ranked 111th in economic freedom list
New Delhi, Sept 25, 2012 (PTI)
India ranks very low at 111th position in terms of economic freedom, behind countries like China, Nepal and Bangladesh, a global study has claimed in a worldwide index of 144 nations.
The annual ranking, titled 'Economic Freedom of the World: 2012', is topped by Hong Kong, followed by Singapore, New Zealand, Switzerland (8.24) and Australia in the top-five.
The index has been prepared by Canada-based public policy think-tank, Fraser Institute, in cooperation with independent institutes in 90 nations and territories, and claims to measure the degree to which the policies and institutions of countries support economic freedom.
India's ranking has fallen from 103rd last year, while Hong Kong has retained its top slot, the report said.
Canada is ranked sixth on the list, while others in the top-ten include Bahrain, Mauritius, Finland and Chile. The countries with lowest level of economic freedom are -- Myanmar, Zimbabwe, Republic of Congo and Angola.
India shares its 111th position with two other countries, Iran and Pakistan, while those ranked lower include Guyana, Syria and Nigeria.
India has scored an overall rating of 6.26 in the economic freedom index as against an average global scrore of 6.83.
In the economic freedom index, China is at 107th position with a score of 6.35, Bangladesh at 109th with a score of 6.34 and Nepal is at 110th position (6.33).
The report said that Hong Kong offers the highest level of economic freedom worldwide, with a score of 8.90 out of 10, followed by Singapore (8.69), New Zealand (8.36), Switzerland (8.24), Australia and Canada (each 7.97), Bahrain (7.94), Mauritius (7.90), Finland (7.88) and Chile (7.84).
"Governments around the world embraced heavy-handed regulation and extensive spending in response to the US and European debt crises, reducing economic freedom in the short term and prosperity over the long term," the report noted.
"But the slight increase in this year's worldwide economic freedom score is encouraging. Impressively, all five continents are represented in the global top 10," it added.
The report noted that on an average, the poorest 10 per cent of people in the freest nations are nearly twice as rich as the average population of the least free countries.
Interestingly, the US, which is considered a champion of economic freedom among large industrial nations, continues its protracted decline in the global rankings. This year, the US plunged to its lowest-ever ranking of 18th, after being ranked at as high as second position in 2002.
The decline is attributed to higher spending and borrowing on the part of the US government.
The rankings and scores of other major economies include -Japan (20th), Germany (31st), Korea (37th), France (47th), Italy (83rd), Mexico (91st), Russia (95th) and Brazil (105th).
India ranked 111th in economic freedom list
New Delhi, Sept 25, 2012 (PTI)
India ranks very low at 111th position in terms of economic freedom, behind countries like China, Nepal and Bangladesh, a global study has claimed in a worldwide index of 144 nations.
The annual ranking, titled 'Economic Freedom of the World: 2012', is topped by Hong Kong, followed by Singapore, New Zealand, Switzerland (8.24) and Australia in the top-five.
The index has been prepared by Canada-based public policy think-tank, Fraser Institute, in cooperation with independent institutes in 90 nations and territories, and claims to measure the degree to which the policies and institutions of countries support economic freedom.
India's ranking has fallen from 103rd last year, while Hong Kong has retained its top slot, the report said.
Canada is ranked sixth on the list, while others in the top-ten include Bahrain, Mauritius, Finland and Chile. The countries with lowest level of economic freedom are -- Myanmar, Zimbabwe, Republic of Congo and Angola.
India shares its 111th position with two other countries, Iran and Pakistan, while those ranked lower include Guyana, Syria and Nigeria.
India has scored an overall rating of 6.26 in the economic freedom index as against an average global scrore of 6.83.
In the economic freedom index, China is at 107th position with a score of 6.35, Bangladesh at 109th with a score of 6.34 and Nepal is at 110th position (6.33).
The report said that Hong Kong offers the highest level of economic freedom worldwide, with a score of 8.90 out of 10, followed by Singapore (8.69), New Zealand (8.36), Switzerland (8.24), Australia and Canada (each 7.97), Bahrain (7.94), Mauritius (7.90), Finland (7.88) and Chile (7.84).
"Governments around the world embraced heavy-handed regulation and extensive spending in response to the US and European debt crises, reducing economic freedom in the short term and prosperity over the long term," the report noted.
"But the slight increase in this year's worldwide economic freedom score is encouraging. Impressively, all five continents are represented in the global top 10," it added.
The report noted that on an average, the poorest 10 per cent of people in the freest nations are nearly twice as rich as the average population of the least free countries.
Interestingly, the US, which is considered a champion of economic freedom among large industrial nations, continues its protracted decline in the global rankings. This year, the US plunged to its lowest-ever ranking of 18th, after being ranked at as high as second position in 2002.
The decline is attributed to higher spending and borrowing on the part of the US government.
The rankings and scores of other major economies include -Japan (20th), Germany (31st), Korea (37th), France (47th), Italy (83rd), Mexico (91st), Russia (95th) and Brazil (105th).
India ranked 111th in economic freedom list
grey boy 2
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shuttler
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Everyone in the chart curbs their country's inflation well, except one!
JayAtl
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well the region is seeing it, just that your state media and govt fudges it numbers. How's your food prices doing? high aint it.
shuttler
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last time they reported a 5.3% growth, may be their so called "reform" could spur their stagnancy by 0.2% extra
grey boy 2
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What a contrast to India, my hometown Hongkong happened to rank NO 1
Hong Kong Remains World's Freest Economy - PR Newswire - The Sacramento Bee
shuttler
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India's Iron-Ore Exports Likely to Slump This Year
WSJ, September 25, 2012
India's Iron-Ore Exports Likely to Slump This Year - WSJ.com
NEW DELHI--India's exports of iron ore could fall by as much as 75% this financial year due to a combination of low global prices making exports unfeasible and government restrictions on mining operations in two of the country's largest producing states.
India, the world's third-largest iron-ore exporter, is importing increasing volumes of iron ore, as miners will find it hard to meet domestic demand given lingering restrictions in the southern state of Karnataka and a complete ban on iron-ore mining imposed earlier this month in the western state of Goa.
Reduced exports from India will likely support international iron-ore prices, which hit a three-month low earlier this month of $86.70 per ton due to weak demand from China, though prices have recovered to around the $100/ton level since then.
"I doubt whether the iron-ore export business is very profitable at the current price level," said A.S. Feroz, an economist at India's ministry of steel, adding that a recent diesel price hike rail freight costs are also hurting the trade.
Earlier this month, India's Supreme Court eased a ban on iron-ore mining that had been in effect for more than a year in Karnataka over allegations of illegal mining and ecological damage, prompting expectations that output could stage a recovery--but the government of Goa, which accounts for about half of the country's iron-ore shipments, imposed a complete ban on mining just a week later.
Meanwhile, the Karnataka court order only opened the door for 18 mines to reopen, while hundreds more remain closed.
The Supreme Court is scheduled to hold a hearing this week that could ease the ban on more Karnataka mines, Basant Poddar, vice-president of the Federation of Indian Mineral Industries told Dow Jones Newswires, adding that output may not rise significantly even if the court's ruling is favorable, as many mining leases are expiring in the next three to four months.
"The product will vanish from the markets," he said.
India's exports could be as low as 15 million metric tons in the year that began April 1 if the mining ban on Goa isn't lifted, Mr. Poddar said. India exported 60 million tons in 2011-12, which itself was down 39% on year.
An executive with Sesa Goa Ltd., 500295.BY -1.69% who didn't wish to be named, said that two separate panels set up by the federal environment ministry and the Goa government were scrutinizing documents to ensure that India's largest iron-ore exporter isn't engaging in any illegal mining operations and that all environmental clearances are in order. Neither the ministry nor the Goa government has said when the ban on mining in Goa will be lifted, the executive said.
Steelmakers who lack their own captive iron-ore mines are increasingly relying on imports. "Iron-ore prices globally are quite conducive for imports, and we have already started importing shipments," Essar Steel Chief Executive Dilip Oomen
Iron-ore imports will be a "significant" portion of total iron-ore supplies this financial year, he said.
WSJ, September 25, 2012
India's Iron-Ore Exports Likely to Slump This Year - WSJ.com
NEW DELHI--India's exports of iron ore could fall by as much as 75% this financial year due to a combination of low global prices making exports unfeasible and government restrictions on mining operations in two of the country's largest producing states.
India, the world's third-largest iron-ore exporter, is importing increasing volumes of iron ore, as miners will find it hard to meet domestic demand given lingering restrictions in the southern state of Karnataka and a complete ban on iron-ore mining imposed earlier this month in the western state of Goa.
Reduced exports from India will likely support international iron-ore prices, which hit a three-month low earlier this month of $86.70 per ton due to weak demand from China, though prices have recovered to around the $100/ton level since then.
"I doubt whether the iron-ore export business is very profitable at the current price level," said A.S. Feroz, an economist at India's ministry of steel, adding that a recent diesel price hike rail freight costs are also hurting the trade.
Earlier this month, India's Supreme Court eased a ban on iron-ore mining that had been in effect for more than a year in Karnataka over allegations of illegal mining and ecological damage, prompting expectations that output could stage a recovery--but the government of Goa, which accounts for about half of the country's iron-ore shipments, imposed a complete ban on mining just a week later.
Meanwhile, the Karnataka court order only opened the door for 18 mines to reopen, while hundreds more remain closed.
The Supreme Court is scheduled to hold a hearing this week that could ease the ban on more Karnataka mines, Basant Poddar, vice-president of the Federation of Indian Mineral Industries told Dow Jones Newswires, adding that output may not rise significantly even if the court's ruling is favorable, as many mining leases are expiring in the next three to four months.
"The product will vanish from the markets," he said.
India's exports could be as low as 15 million metric tons in the year that began April 1 if the mining ban on Goa isn't lifted, Mr. Poddar said. India exported 60 million tons in 2011-12, which itself was down 39% on year.
An executive with Sesa Goa Ltd., 500295.BY -1.69% who didn't wish to be named, said that two separate panels set up by the federal environment ministry and the Goa government were scrutinizing documents to ensure that India's largest iron-ore exporter isn't engaging in any illegal mining operations and that all environmental clearances are in order. Neither the ministry nor the Goa government has said when the ban on mining in Goa will be lifted, the executive said.
Steelmakers who lack their own captive iron-ore mines are increasingly relying on imports. "Iron-ore prices globally are quite conducive for imports, and we have already started importing shipments," Essar Steel Chief Executive Dilip Oomen
Iron-ore imports will be a "significant" portion of total iron-ore supplies this financial year, he said.
shuttler
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India to Cut Losses of Power Distribution Firms
WSJ,September 25, 2012
India to Cut Losses of Power Distribution Firms - WSJ.com
NEW DELHI--The Indian government on Monday approved a plan to cut state-run electricity-distribution companies' piled up losses of about 1.9 trillion rupees ($35.5 billion) as it seeks to revive the
ailing power sector and growth in the economy.
The plan has been approved by a cabinet panel headed by Prime Minister Manmohan Singh and includes measures such as regular revisions in power tariffs and state governments taking over half of 1.2 trillion rupees short-term debt of distribution companies, most of which are owned by state governments.
Distribution companies have been under severe financial stress due to electricity thefts and their failure to increase power tariffs over the years due to fears of a political and consumer backlash.
This has forced the companies to borrow heavily from state-run financial institutions to pay-off their suppliers. They have also been buying less power, forcing producers to scale back production.
The latest plan will help cut the mounting losses of distribution companies and revive the sector which has become a major impediment to growth in Asia's third-largest economy.
It will also benefit government-owned financial institutions as they provide loans to distribution companies to buy electricity.
The plan is crucial for achieving the government's target of expanding generation capacity by 44% to 288 gigawatts by March 2017 and comes at time when factories and households in the country continue to face frequent power cuts, stifling economic activity.
Late July, India faced its worst power outage ever when a grid collapsed, plunging 680 million people into darkness, a grim reminder of the dismal state of its power infrastructure.
Under the plan, state governments will take over half of the short-term debt of the distribution firms over the next two to five years, the government said in a statement. The distribution companies will issue bonds to lenders backed by the state governments against this debt.
For the remaining short-term debt, lenders will relax the terms, including extending the time of repayment, it said. The federal government will also provide fiscal incentives to states which adopt the plan.
The implementation of the plan is at the discretion of states, which could be a hurdle in its success.
A similar plan introduced more than a decade ago didn't yield the desired results due to unwillingness of states to share the debt burden and increase power tariffs, fearing popular backlash.
A power ministry official in July said that the losses of distribution companies are likely to rise to 2.0 trillion rupees in 2012 from 1.9 trillion rupees in 2011.
On Sept. 10, Standard & Poor's said such a proposal to recast debt of distribution firms would only provide them temporary relief.
"An increase in investments to the sector is possible only with transparent tariff regulations and reliable fuel supply," it said.
"A reliable fuel supply, in turn, hinges on availability of timely clearances and a transparent framework for producing fuel, and the presence of adequate infrastructure for transporting fuel."
WSJ,September 25, 2012
India to Cut Losses of Power Distribution Firms - WSJ.com
NEW DELHI--The Indian government on Monday approved a plan to cut state-run electricity-distribution companies' piled up losses of about 1.9 trillion rupees ($35.5 billion) as it seeks to revive the
ailing power sector and growth in the economy.
The plan has been approved by a cabinet panel headed by Prime Minister Manmohan Singh and includes measures such as regular revisions in power tariffs and state governments taking over half of 1.2 trillion rupees short-term debt of distribution companies, most of which are owned by state governments.
Distribution companies have been under severe financial stress due to electricity thefts and their failure to increase power tariffs over the years due to fears of a political and consumer backlash.
This has forced the companies to borrow heavily from state-run financial institutions to pay-off their suppliers. They have also been buying less power, forcing producers to scale back production.
The latest plan will help cut the mounting losses of distribution companies and revive the sector which has become a major impediment to growth in Asia's third-largest economy.
It will also benefit government-owned financial institutions as they provide loans to distribution companies to buy electricity.
The plan is crucial for achieving the government's target of expanding generation capacity by 44% to 288 gigawatts by March 2017 and comes at time when factories and households in the country continue to face frequent power cuts, stifling economic activity.
Late July, India faced its worst power outage ever when a grid collapsed, plunging 680 million people into darkness, a grim reminder of the dismal state of its power infrastructure.
Under the plan, state governments will take over half of the short-term debt of the distribution firms over the next two to five years, the government said in a statement. The distribution companies will issue bonds to lenders backed by the state governments against this debt.
For the remaining short-term debt, lenders will relax the terms, including extending the time of repayment, it said. The federal government will also provide fiscal incentives to states which adopt the plan.
The implementation of the plan is at the discretion of states, which could be a hurdle in its success.
A similar plan introduced more than a decade ago didn't yield the desired results due to unwillingness of states to share the debt burden and increase power tariffs, fearing popular backlash.
A power ministry official in July said that the losses of distribution companies are likely to rise to 2.0 trillion rupees in 2012 from 1.9 trillion rupees in 2011.
On Sept. 10, Standard & Poor's said such a proposal to recast debt of distribution firms would only provide them temporary relief.
"An increase in investments to the sector is possible only with transparent tariff regulations and reliable fuel supply," it said.
"A reliable fuel supply, in turn, hinges on availability of timely clearances and a transparent framework for producing fuel, and the presence of adequate infrastructure for transporting fuel."
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