Rupee extend gains, up 6 paise against dollar in early trade
Donnerstag, 9. Juni 2016
Rupee is trading at 66.59 against the US dollar.
Moreover,
weakness in dollar against other currencies overseas on expectations
that the US Federal Reserve will keep benchmark interest rates low for
longer also supported the rupee at the Interbank Foreign Exchange
market.
Mumbai:
The rupee advanced by 6 paise to trade at a fresh four-week high of
66.59 against the US dollar in early trade on June 9 on sustained
selling of the American currency by banks and exporters.
Moreover, weakness in dollar against other currencies overseas on
expectations that the US Federal Reserve will keep benchmark interest
rates low for longer also supported the rupee at the Interbank Foreign
Exchange market, dealers said. They said, however, a lower opening in
the domestic equity market, capped the rupee's gain.
On June 8, the rupee firmed up by 12 paise to close at a four-week
high of 66.65 on sustained selling of the American currency by banks and
exporters amid persistent foreign capital inflows. Meanwhile, the
benchmark BSE Sensex fell by 90.74 points or 0.33 per cent at 26,929.92
in early trade on June 8.
Source:
http://www.deccanchronicle.com/business/in-other-news/090616/rupee-extend-gains-up-6-paise-against-dollar-in-early-trade.html
Telangana offers land to create South Korean industrial cluster
Mittwoch, 8. Juni 2016
A team led by Industry Minister and officials will also visit South Korea before December end.
The
offer to create the cluster, which may also include residential
localities and school which can cater to their specific needs, was again
made to the South Korean Ambassador to India Cho Hyun
Hyderabad:
Telangana government has offered to create an industrial cluster for
South Korean companies to set up manufacturing facilities in the state,
officials said today.
"Recently, Ministry of External Affairs appointed (facilitated) a
meeting of Telangana Chief Secretary and state's Industry officials with
Korean delegation where the state government offered a land parcel
depending upon the requirement of South Korea where various Korean
companies can set up their base at one place ... so it will be a
mini-cluster of Korean companies," Telangana (Industries, Commerce and
Power) Principal Secretary Arvind Kumar said.
Speaking to reporters on the sidelines of Korea Caravan 2016
organised here, he said the offer to create the cluster, which may also
include residential localities and school which can cater to their
specific needs, was again made to the South Korean Ambassador to India
Cho Hyun here today.
"Yesterday, they (a Korean industrial delegation) went and visited
some sites here. We are hopeful that some of the companies have
expressed their interests and it will be followed by one and one
meetings and we are hopeful we will be able to attract Korean companies
in a big way," Kumar said.
"In terms of manufacturing base, IT base or electronics base,
presence of South Korean companies in Telangana is not much as of now.
"Our effort is to make South Korea as the focus partner for us.
A team led by Industry Minister and officials will also visit South
Korea before December end," he added. On power sector in Telangana,
Kumar claimed that the state has overcome power deficit.
"Through GENCO we are adding 6,000 MW, Singareni Collieries 2,000 MW,
NTPC 4,000 MW and 2,000 MW from Chattishgarh which will make a total of
14,000 MW within next three years," the officer said.
"We have a solar energy generation target of 5,000 MW till 2018 and
out of this, PPAs were signed for 2,500 MW and most of them are likely
to be operational by April of next year," he added.
In addition, Telangana would be getting more power generation from
central generating stations and there will be some more PPAs and, in
all, about 20,000 MW plus capacity would be added in the state in the
next three years, he said.
Source:
http://www.deccanchronicle.com/business/in-other-news/080616/telangana-offers-land-to-create-south-korean-industrial-cluster.html
'India has lowest annual base salaries among APAC nations'
Dienstag, 7. Juni 2016
The findings are based on a survey that covered over 5,500 companies in the APAC region.
In the APAC region, entry-level salaries for white-collar professionals are among the lowest in India
New Delhi:
Annual base salaries in India across levels are the lowest in the Asia
Pacific region, says a survey. Willis Towers Watson today also said that
China's base salaries across all job grades are higher than in India by
64-100 per cent.
The annual base salaries in India are the "lowest in the Asia Pacific
(APAC) region and significantly lower than China", it said.
The findings are based on a survey that covered over 5,500 companies
in the APAC region and around 313 firms from India participated. In the
APAC region, entry-level salaries for white-collar professionals are
among the lowest in India and the Philippines at an average annual base
salary of around USD 11,000.
Their peers in China receive almost twice as much, The survey said.
"At approximately USD 66,000, India offers the lowest average annual
base salary across the region, which is almost half that of China," it
added. In terms of highest paying countries, Australia tops at entry and
mid-management levels while Singapore is on top when it comes to senior
and top management positions.
"China salaries are notably higher across levels as compared to India
- 81 per cent higher at entry-level, 84 per cent at mid-level, double
at senior level and 64 per cent at top management level," it noted.
Sambhav Rakyan, Data Services Practice Leader, Asia Pacific at Willis
Towers Watson said that a young and tech-savvy workforce as well as
comparatively lower salaries, especially at the entry level, augur well
for India's quest to emerge as a top manufacturing destination.
These factors, combined with a focus on skilling, could give India an
advantage in comparison to China, where an ageing population and
shrinking workforce mean salaries would remain higher, he added. Willis
Towers Watson offers global advisory, broking and solutions.
Source:
http://www.deccanchronicle.com/business/in-other-news/070616/india-has-lowest-annual-base-salaries-among-apac-nations.html
India Post issues first My Stamp on ecommerce; features Amazon
Samstag, 4. Juni 2016
Department of Post has released 'My Stamp' to commemorate a milestone with an ecommerce marketplace.
The company gets access to service customers in over 19,000 pin-codes through 1,55,000 post-offices .
New Delhi:
India Post today released first 'MyStamp' on e-commerce featuring
Amazon to commemorate three years of its partnership with the e-tailer.
"This is the first time that the Department of Post has released 'My
Stamp' to commemorate a milestone with an ecommerce marketplace.
The launch reinforces the Amazon and India Post relationship,"
Karnataka Circle Chief Chief Post Master General Usha Chandrashekar said
in a statement. My Stamp are customised stamp on which any one can get
their photo published on one side.
The picture on the postage stamp features a boy carrying a box with
Amazon.in written on it. Amazon uses India Post as a delivery channel.
The company gets access to service customers in over 19,000 pin-codes
through 1,55,000 post-offices which includes a majority of outlets in
rural areas across all 35 states and union territories in the country.
"Over the last three years we have relentlessly focused on providing
customers with massive selection, fast and reliable delivery, and a
trustworthy shopping experience.
India Post has been a valuable partner to us and we look forward to
our continued association," Amazon India Vice President and Country
Manager Amit Agarwal said.
The speed post revenue of the department has increased from Rs 1,372
crore in 2013-14 to Rs 1,600 crore in 2015-16 and cash on delivery
collections for e-commerce parcels has increased from Rs 100 crore to Rs
1,300 crore in the same period.
Source:
http://www.deccanchronicle.com/business/in-other-news/040616/india-post-issues-first-my-stamp-on-ecommerce-features-amazon.html
Media report on RBI chief Rajan's re-appointment hits forex markets
Mittwoch, 1. Juni 2016
Rajan has previously declined to say whether he would accept such a re-appointment saying it would be speculative to discuss.
Reserve Bank of India Governor Raghuram Rajan
The rupee headed
to a one-week low against the dollar on Wednesday following a report
from a major regional newspaper that Reserve Bank of India Governor
Raghuram Rajan did not want to remain at the central bank, citing
unidentified sources.
The rupee fell to as low as 67.45 per dollar, down 0.3 per cent from
its close, after Anandabazar Patrika, a Kolkata newspaper, reported that
Rajan would prefer to go back to the United States after his three-year
term expires in early September, citing sources close to him.
The RBI did not immediately reply to requests for comment. Foreign
investors have been on edge about whether Rajan, a former chief
economist at the International Monetary Fund, will be re-appointed by
the government for a second two-year term.
Reuters on Wednesday reported the government would re-appoint the
governor, should he wish to stay on, citing government officials. Rajan
has previously declined to say whether he would accept such a
re-appointment saying it would be speculative to discuss.
Still, most analysts expect Rajan will remain at the helm of the RBI
for another two years, and despite widespread speculation, markets have
not been significantly hit by fears he would leave in September.
"Some rumours that the governor may not go for a second term led to
reducing of short positions," said Ashtosh Raina, head of foreign
exchange trading at HDFC Bank in Mumbai.
"Otherwise the rupee was expected to be strong today on the good GDP numbers."
India on Wednesday said gross domestic product expanded at a
stronger-than-expected rate of 7.9 percent, extending its lead as the
world's fastest growing large economy.
Rajan has been popular with foreign investors who cheered him for his
efforts to lower India's inflation and clean up state-run banks'
massive bad loans.
But he has also attracted the opposition of some local politicians
for not lowering interest rates enough, raising some concerns about his
future.
Source:
http://www.deccanchronicle.com/business/in-other-news/010616/media-report-on-rbi-chief-rajan-s-re-appointment-hits-forex-markets.html
Arun Jaitley meets investors, pitches for Infrastructure funding
Dienstag, 31. Mai 2016
The Minister also highlighted various avenues
for investment, including in the renewable energy space, during the
hour-long meeting.
Finance Minister Arun Jaitley
Tokyo:
Pitching for investment in India's first sovereign wealth fund NIIF,
Finance Minister Arun Jaitley on May 31 met global investors and
promised them an "advantageous" tax regime in the country.
The Rs 40,000-crore National Investment and Infrastructure Fund
(NIIF) was set up in December and is an investment vehicle for funding
commercially viable greenfield, brownfield and stalled projects.
During his meeting with global investors, the Minister highlighted
the second-generation reform measures undertaken by the government by
way of opening up various sectors to FDI as well as making India an
investor friendly environment.
According to sources, the Minister also pitched for further
infrastructure investment saying that efforts are on to make India the
most advantageous tax jurisdiction. Also, the Minister said the
government has followed fiscal discipline following the rule book of
fiscal consolidation.
During the meeting, Japanese investors were positive about
infrastructure investment, sources said. The Minister also highlighted
various avenues for investment, including in the renewable energy space,
during the hour-long meeting.
The government is in the process of appointing a CEO for the NIIF, in
which 49 per cent is held by the government and remaining would be held
by private investors.
Source:
http://www.deccanchronicle.com/business/in-other-news/310516/arun-jaitley-meets-investors-pitches-for-infrastructure-funding.html
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