Mangalore: The Union Minister of State for Civil Aviation, Mr Praful Patel, has said that the country will be in the top-five civil aviation markets in the world in the next five years.
Inaugurating the new integrated terminal building of Mangalore airport here on Saturday, he said that the country's civil aviation sector was not recognised in the world until a few years ago. Today, India is the ninth largest civil aviation market in the world.
“Within the next five years, India will be in the top-five civil aviation markets all across the world. That, I think, is a great achievement in the remarkably short period of time,” he said. Stating that substantial improvements have been made in the civil aviation sector in the country, he said today flying is no more a luxury for the common man.
Mr Patel said that country's infrastructure is undergoing a sea change under the leadership of the Prime Minister, Dr Manmohan Singh.
For the first time there is a Cabinet Committee on Infrastructure headed by the Prime Minister. That is why projects were being monitored and implemented on time, he said.
Runway extension
Later in an informal chat with presspersons, Mr Patel said that the runway of Mangalore airport will be extended by another 1,000 ft, from the existing 8,000 ft.
Asked when the airport will get international status, he said that one of the requirements for declaring Mangalore as an international airport is the 9,000 ft runway. That is why it has been decided to extend the runway by another 1,000 ft. The work for this will be awarded soon, he said.
The extension of runway is essential for handling larger aircraft to international destinations in West Asia and beyond that. The extension will help bring larger cargo aircraft for import and export out of Mangalore, he said.
The Union Government will take a decision on declaring Mangalore as an international airport at the earliest, he added.
Success in my Habit
Tuesday, May 18, 2010
Wednesday, May 12, 2010
How the $1 trillion euro zone aid affects Asian markets
The relief rally from the $1 trillion bailout package in Europe lost steam in Asia on 11 May as stocks fell, but bonds remained firm and prompted companies to sell debt.
Asian shares dropped, while the euro slipped and was off its Monday high as doubts persisted on the ability of the eurozone countries to cut swelling budget deficits and mounting debt.
The MSCI index of shares outside Japan fell 1.1 per cent, reversing a 3.4 per cent gain on Monday, its biggest single-day rise since May 2009.
Asian currencies, except for the Philippine peso, also retreated. The Korean won and the Singapore dollar gave up earlier gains as the market turned cautious over possible intervention by the central bank.
The peso gained over 1 per cent to 45.005 per dollar after a generally peaceful presidential election on Monday.
Bonds were resilient, as Asian spreads and the cost of insuring debt against default continued to ease on Tuesday from 10-month highs reached last week.
Signs that the debt market was stabilising were further affirmed when Macau casino operator Melco Crown Entertainment released pricing terms for its planned sale of up to $600 million in eight-year bonds.
Melco's debt sale has so far attracted $500 million in orders with US accounts driving the deal, according to IFR Asia.
* Renhe Commercial Holdings was expected to price its 5-year bonds this week after delaying the pricing last Friday. Steelmaker China Oriental and Korea Exchange Bank are also expected to issue bonds.
* The broad Asia ex-Japan iTraxx investment-grade index narrowed 4 bps on Tuesday to 107/109 from Monday's close and as much as 43 bps from Friday's peak of 150 bps, the highest since July 2009.
* The credit default swaps (CDS) of Indonesia and the Philippines, the region's most active issuers in the global debt market, eased after climbing to their highest since July 2009 on Friday.
* Indonesia's five-year CDS was 10 bps tighter at 164/169, while the Philippines' five-year CDS tightened 5 bps at 160/170, traders said.
* Japanese government bond futures erased earlier losses as Tokyo shares slid.
* Indian federal bond yields fell on short covering, with the yield on the most traded 8.20 per cent bond due in 2022 down 4 bps to 7.90 per cent
Asian shares dropped, while the euro slipped and was off its Monday high as doubts persisted on the ability of the eurozone countries to cut swelling budget deficits and mounting debt.
The MSCI index of shares outside Japan fell 1.1 per cent, reversing a 3.4 per cent gain on Monday, its biggest single-day rise since May 2009.
Asian currencies, except for the Philippine peso, also retreated. The Korean won and the Singapore dollar gave up earlier gains as the market turned cautious over possible intervention by the central bank.
The peso gained over 1 per cent to 45.005 per dollar after a generally peaceful presidential election on Monday.
Bonds were resilient, as Asian spreads and the cost of insuring debt against default continued to ease on Tuesday from 10-month highs reached last week.
Signs that the debt market was stabilising were further affirmed when Macau casino operator Melco Crown Entertainment released pricing terms for its planned sale of up to $600 million in eight-year bonds.
Melco's debt sale has so far attracted $500 million in orders with US accounts driving the deal, according to IFR Asia.
* Renhe Commercial Holdings was expected to price its 5-year bonds this week after delaying the pricing last Friday. Steelmaker China Oriental and Korea Exchange Bank are also expected to issue bonds.
* The broad Asia ex-Japan iTraxx investment-grade index narrowed 4 bps on Tuesday to 107/109 from Monday's close and as much as 43 bps from Friday's peak of 150 bps, the highest since July 2009.
* The credit default swaps (CDS) of Indonesia and the Philippines, the region's most active issuers in the global debt market, eased after climbing to their highest since July 2009 on Friday.
* Indonesia's five-year CDS was 10 bps tighter at 164/169, while the Philippines' five-year CDS tightened 5 bps at 160/170, traders said.
* Japanese government bond futures erased earlier losses as Tokyo shares slid.
* Indian federal bond yields fell on short covering, with the yield on the most traded 8.20 per cent bond due in 2022 down 4 bps to 7.90 per cent
Friday, May 7, 2010
Huawei part of Chinese spy network, says R&AW
NEW DELHI: Chinese telecom major Huawei may aggressively deny any link to the China’s People’s Liberation Army, but independent assessments of Indian intelligence agencies so far clearly point out that PLA remains a customer of the company and has become more involved with it. The security concerns of Indian intelligence agencies about Huawei’s close connection with the Chinese security establishment are shared by the US administration and had led the latter to cancel Huawei’s 2008 bid to pick up stake in 3Com.
Even British intelligence agencies have warned that the Chinese could cripple IT-dependent telecom infrastructure and critical services like water, power and food supplies by embedding malware in equipment installed by firms such as Huawei and ZTE.
According to security assessments of Huawei Technologies put together by R&AW, the Chinese firm not only shares ties with the Chinese security establishment but is also suspected to be a part of its intelligence set-up. Not only was it founded by retired PLA officer Ren Zhengfei, a former director of the Information Engineering Academy of the PLA’s general staff department, in 1988, but one of the members on the company’s board was an officer of the PRC ministry of state security.
Huawei, intelligence inputs collected over a period of time point out, is responsible for sweeping and debugging all Chinese embassies and their expertise extends to bugging of the target telecommunication and computer systems. This explains Huawei’s involvement in projects for military purposes in Iraq during the Saddam Hussein regime and also in telecom projects in Afghanistan during the Taliban rule.
Given the adverse reports of Huawei’s alleged role in bugging systems for the benefit of the Chinese security establishment, the communication ministry has warned BSNL to test all equipment supplied by the Chinese firm for “trapdoors, black box, malwares” and check if it is susceptible to remote hacking before it can be allow to be operational.
Though BSNL was allowed to award telecom network contract to Huawei, it was to restrict the orders to southern states as they do not share borders with sensitive countries such as China, Pakistan, Bangladesh and Myanmar. The communications ministry also warned that networks provided by Huawei could go live only after all requisite audits were completed.
Security concerns over Huawei links with PLA are not restricted to Indian agencies alone. The Chinese telecom major’s proposal to purchase stake in 3Com, the US firm manufacturing internet router and networking equipment, was shot down after the US administration questioned the deal’s security implications. A reluctance of approval followed and the lucrative $2.2-billion deal — wherein Huawei had invited Boston-based private equity firm Bain Capital to jointly acquire 3Com — was cancelled in February 2008. The fact that 3Com makes anti-hacking computer software for the military and that Huawei has ties with PLA raised an alarm with the US authorities, leading them to disallow the deal.
According to R&AW reports, the US administration was concerned that Huawei would be able to alter the electronic equipment and computer software sold to the military in a way that would make these less effective in real-time operations.
Adverse security assessments of Huawei have also led British security agencies to warn of China’s attempts to hit telecom infrastructure as well as water, power and food supplies through equipment installed by Huawei through covert modifications to compromise systems in ways that are difficult to detect and could later be disrupted or disabled
Even British intelligence agencies have warned that the Chinese could cripple IT-dependent telecom infrastructure and critical services like water, power and food supplies by embedding malware in equipment installed by firms such as Huawei and ZTE.
According to security assessments of Huawei Technologies put together by R&AW, the Chinese firm not only shares ties with the Chinese security establishment but is also suspected to be a part of its intelligence set-up. Not only was it founded by retired PLA officer Ren Zhengfei, a former director of the Information Engineering Academy of the PLA’s general staff department, in 1988, but one of the members on the company’s board was an officer of the PRC ministry of state security.
Huawei, intelligence inputs collected over a period of time point out, is responsible for sweeping and debugging all Chinese embassies and their expertise extends to bugging of the target telecommunication and computer systems. This explains Huawei’s involvement in projects for military purposes in Iraq during the Saddam Hussein regime and also in telecom projects in Afghanistan during the Taliban rule.
Given the adverse reports of Huawei’s alleged role in bugging systems for the benefit of the Chinese security establishment, the communication ministry has warned BSNL to test all equipment supplied by the Chinese firm for “trapdoors, black box, malwares” and check if it is susceptible to remote hacking before it can be allow to be operational.
Though BSNL was allowed to award telecom network contract to Huawei, it was to restrict the orders to southern states as they do not share borders with sensitive countries such as China, Pakistan, Bangladesh and Myanmar. The communications ministry also warned that networks provided by Huawei could go live only after all requisite audits were completed.
Security concerns over Huawei links with PLA are not restricted to Indian agencies alone. The Chinese telecom major’s proposal to purchase stake in 3Com, the US firm manufacturing internet router and networking equipment, was shot down after the US administration questioned the deal’s security implications. A reluctance of approval followed and the lucrative $2.2-billion deal — wherein Huawei had invited Boston-based private equity firm Bain Capital to jointly acquire 3Com — was cancelled in February 2008. The fact that 3Com makes anti-hacking computer software for the military and that Huawei has ties with PLA raised an alarm with the US authorities, leading them to disallow the deal.
According to R&AW reports, the US administration was concerned that Huawei would be able to alter the electronic equipment and computer software sold to the military in a way that would make these less effective in real-time operations.
Adverse security assessments of Huawei have also led British security agencies to warn of China’s attempts to hit telecom infrastructure as well as water, power and food supplies through equipment installed by Huawei through covert modifications to compromise systems in ways that are difficult to detect and could later be disrupted or disabled
Monday, May 3, 2010
India to produce more MNCs than any other country: PwC
New Delhi: India is expected to produce the highest number of new multinational companies (MNCs), overtaking China as the emerging world’s largest such source. Over 2,200 Indian companies are likely to open operations outside the country over the next 15 years, says a new report by PricewaterhouseCoopers (PwC) on emerging MNCs.
The report says the number of companies from emerging markets choosing to set up operations abroad has increased in the past five years, partly due to the rapid pace of globalisation and the revolution in information and communication technologies. This trend is expected to continue over the next 15 years, as new MNCs from emerging economies rise in prominence on the global economic stage.
Indian and Chinese companies would lead the way in seeking new markets abroad, who will be joined by companies from Singapore, Russia, Malaysia and South Korea, who will continue to produce a large number of new MNCs.
Jairaj Purandare, India Leader for Markets and Industries, PwC, said: “It is encouraging to know that India will replace China as the largest source of new multinationals in the emerging world from 2018 onwards. The key drivers for this are the relative increase in both investment intensity and openness that the Indian economy offers.”
PwC used econometric techniques to project the number of new MNCs that would arise from a representative sample of 15 emerging economies over the next 15 years. The countries were: Argentina, Brazil, Chile, China, Hungary, India, Malaysia, Mexico, Poland, Romania, Russia, Singapore, South Korea, Ukraine and Vietnam.
The report says the number of companies from emerging markets choosing to set up operations abroad has increased in the past five years, partly due to the rapid pace of globalisation and the revolution in information and communication technologies. This trend is expected to continue over the next 15 years, as new MNCs from emerging economies rise in prominence on the global economic stage.
Indian and Chinese companies would lead the way in seeking new markets abroad, who will be joined by companies from Singapore, Russia, Malaysia and South Korea, who will continue to produce a large number of new MNCs.
Jairaj Purandare, India Leader for Markets and Industries, PwC, said: “It is encouraging to know that India will replace China as the largest source of new multinationals in the emerging world from 2018 onwards. The key drivers for this are the relative increase in both investment intensity and openness that the Indian economy offers.”
PwC used econometric techniques to project the number of new MNCs that would arise from a representative sample of 15 emerging economies over the next 15 years. The countries were: Argentina, Brazil, Chile, China, Hungary, India, Malaysia, Mexico, Poland, Romania, Russia, Singapore, South Korea, Ukraine and Vietnam.
GDP growth in FY11 at 8.1 per cent: NCAER
New Delhi: According to the National Council of Applied Economic Research (NCAER), the Indian economy is expected to grow by 8.1 per cent in 2010-11 driven by an anticipated expansion in agriculture, industry and service sectors.
NCAER's agriculture projection for the current fiscal year stands at around four per cent. Shashanka Bhide, Senior Research Counsellor, NCAER said that they have projected an 8.1 per cent GDP growth along with a positive growth in agriculture production.
According to Bhide, the four per cent projected growth in agriculture production will be a big contribution to the change in overall growth.
NCAER's agriculture projection for the current fiscal year stands at around four per cent. Shashanka Bhide, Senior Research Counsellor, NCAER said that they have projected an 8.1 per cent GDP growth along with a positive growth in agriculture production.
According to Bhide, the four per cent projected growth in agriculture production will be a big contribution to the change in overall growth.
Wednesday, April 14, 2010
Microsoft outsources internal tech care to Infosys
SAN FRANCISCO: Microsoft has outsourced its internal tech support to Indian technology services firm Infosys, the companies have announced
The move was first revealed in an Infosys press release Tuesday announcing a three-year deal to "manage internal IT services for Microsoft worldwide" and later confirmed by the US software giant.
"As part of this managed services agreement, Infosys will streamline implementation processes, simplify support and service, while at the same time lowering the enterprise costs through the use of the latest Microsoft solutions such as Windows 7," Infosys said in a statement.
No financial or other terms of the deal were released. But Microsoft said that it would still retain strategic functions in its internal IT management and was engaging Infosys to consolidate service previously provided by a variety of outside vendors.
The move will see Infosys providing help desk support for 450 Microsoft locations worldwide as Microsoft looks to cut costs by outsourcing jobs to the Indian tech services firm.
"The fully integrated solution developed by Infosys will help us enhance how we deliver end-user computing services to our internal employees and partners while leveraging the innovation and investments we make in developing new technologies," said Jim DuBois, Microsoft's general manager of service management.
The move was first revealed in an Infosys press release Tuesday announcing a three-year deal to "manage internal IT services for Microsoft worldwide" and later confirmed by the US software giant.
"As part of this managed services agreement, Infosys will streamline implementation processes, simplify support and service, while at the same time lowering the enterprise costs through the use of the latest Microsoft solutions such as Windows 7," Infosys said in a statement.
No financial or other terms of the deal were released. But Microsoft said that it would still retain strategic functions in its internal IT management and was engaging Infosys to consolidate service previously provided by a variety of outside vendors.
The move will see Infosys providing help desk support for 450 Microsoft locations worldwide as Microsoft looks to cut costs by outsourcing jobs to the Indian tech services firm.
"The fully integrated solution developed by Infosys will help us enhance how we deliver end-user computing services to our internal employees and partners while leveraging the innovation and investments we make in developing new technologies," said Jim DuBois, Microsoft's general manager of service management.
China's Q1 GDP up about 11.9 pc y/y: Report
China's Q1 GDP up about 11.9 pc y/y: Report
BEIJING: China's economy grew about 11.9 percent in the first quarter from a year earlier, topping expectations and expanding at the fastest annual
pace in nearly three years, according to two market sources.
Consumer price inflation in March was roughly 2.4 percent, one of the sources said. That would be a deceleration from the 2.7 percent rate in February and below forecasts of 2.6 percent.
China is scheduled to publish its first-quarter GDP growth rate and a suite of economic data for March on Thursday.
The numbers heard by Reuters matched those reported earlier on Wednesday by China Business News, a Chinese-language newspaper which cited an unidentified source.
BEIJING: China's economy grew about 11.9 percent in the first quarter from a year earlier, topping expectations and expanding at the fastest annual
pace in nearly three years, according to two market sources.
Consumer price inflation in March was roughly 2.4 percent, one of the sources said. That would be a deceleration from the 2.7 percent rate in February and below forecasts of 2.6 percent.
China is scheduled to publish its first-quarter GDP growth rate and a suite of economic data for March on Thursday.
The numbers heard by Reuters matched those reported earlier on Wednesday by China Business News, a Chinese-language newspaper which cited an unidentified source.
Monday, April 12, 2010
Mukherjee: SEBI, IRDA to maintain ULIP status quo ante
Mukherjee: SEBI, IRDA to maintain ULIP status quo ante:
The capital markets and insurance regulators have agreed to maintain current status on unit-linked insurance products, Finance Minister Pranab Mukherjee said on Monday.
"The regulators have agreed to jointly seek a binding legal mandate from an appropriate board. Meanwhile, status quo ante is being restored," Mukherjee told reporters after meeting the heads of the regulatory bodies.
Late last Friday, the Securities and Exchange Board of India (SEBI) said it barred 14 life insurance companies from selling unit-linked insurance products without its approval, saying they needed to register with the capital markets regulator.
Unit-linked insurance products, or Ulips, are similar to mutual funds with an added life cover.
A day later, the Insurance regulatory Development Authority (IRDA), which oversees insurance companies, assured policyholders that their investments were safe and issues arising out of SEBI orders would be addressed in the "appropriate forum".
"SEBI does not have a jurisdiction on Ulip products. SEBI believes otherwise. The SEBI decision will have a negative impact on the financials of policy holders and insurance companies," IRDA Chairman J. Hari Narayan told reporters in New Delhi earlier on Monday.
Regards
Sukumar Balakrishnan
The capital markets and insurance regulators have agreed to maintain current status on unit-linked insurance products, Finance Minister Pranab Mukherjee said on Monday.
"The regulators have agreed to jointly seek a binding legal mandate from an appropriate board. Meanwhile, status quo ante is being restored," Mukherjee told reporters after meeting the heads of the regulatory bodies.
Late last Friday, the Securities and Exchange Board of India (SEBI) said it barred 14 life insurance companies from selling unit-linked insurance products without its approval, saying they needed to register with the capital markets regulator.
Unit-linked insurance products, or Ulips, are similar to mutual funds with an added life cover.
A day later, the Insurance regulatory Development Authority (IRDA), which oversees insurance companies, assured policyholders that their investments were safe and issues arising out of SEBI orders would be addressed in the "appropriate forum".
"SEBI does not have a jurisdiction on Ulip products. SEBI believes otherwise. The SEBI decision will have a negative impact on the financials of policy holders and insurance companies," IRDA Chairman J. Hari Narayan told reporters in New Delhi earlier on Monday.
Regards
Sukumar Balakrishnan
Thursday, April 8, 2010
Monday, April 5, 2010
'Budget steps to put eco back on 9% growth track'
New Delhi: Finance minister Pranab Mukherjee on Friday said measures initiated in Budget 2011 would help revive private investments and put the economy back on 9% growth. He said for 2009-10, GDP growth has been "impressive" at 7.2%.
Mukherjee said the measures that would help revive private investments include enhancing allocation to the MSME sector to Rs 2,400 crore, increasing the limit for presumptive taxation, raising the threshold for compulsory auditing of accounts of small businesses, extension of interest subvention for exports in certain sectors and exemption from capital gains tax to facilitate conversion of small businesses to limited liability partnership (LLP) format.
"I am optimistic that the measures I have outlined in this year's Budget will revive private investment and put the economy back on the growth path of 9% per annum," the FM said on the sidelines of Small Industries Development Bank of India's foundation day celebration.
Elaborating on the role of micro finance, FM said it has emerged as a new channel of economic empowerment and attainment of Millennium Development Goals. "The government aims to double credit flow to MSME sector within five years," he said and promised to implement recommendations of a report of the PM's Task Force on MSMEs set up to address various issues and concerns of the sector.
"We expect the economy to grow by 7.2% in 2009-10 which is impressive by global standards," the FM said and added that the growth rate will climb back to 8.25%-8.75% in 2010-11.
"The good news is that the world economy today seems to be recovering from the meltdown crisis of 2008-09," the FM said. The fast-paced recovery of the Indian economy underscores the effectiveness of the policy response of the government in the wake of this financial crisis, he added.
Mukherjee said the measures that would help revive private investments include enhancing allocation to the MSME sector to Rs 2,400 crore, increasing the limit for presumptive taxation, raising the threshold for compulsory auditing of accounts of small businesses, extension of interest subvention for exports in certain sectors and exemption from capital gains tax to facilitate conversion of small businesses to limited liability partnership (LLP) format.
"I am optimistic that the measures I have outlined in this year's Budget will revive private investment and put the economy back on the growth path of 9% per annum," the FM said on the sidelines of Small Industries Development Bank of India's foundation day celebration.
Elaborating on the role of micro finance, FM said it has emerged as a new channel of economic empowerment and attainment of Millennium Development Goals. "The government aims to double credit flow to MSME sector within five years," he said and promised to implement recommendations of a report of the PM's Task Force on MSMEs set up to address various issues and concerns of the sector.
"We expect the economy to grow by 7.2% in 2009-10 which is impressive by global standards," the FM said and added that the growth rate will climb back to 8.25%-8.75% in 2010-11.
"The good news is that the world economy today seems to be recovering from the meltdown crisis of 2008-09," the FM said. The fast-paced recovery of the Indian economy underscores the effectiveness of the policy response of the government in the wake of this financial crisis, he added.
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