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Davos 2010: Bill Clinton makes impassioned Haiti appeal

BBC News - ‎1 hour ago‎

Former US President Bill Clinton has made a renewed appeal for aid at a special session on Haiti at the World Economic Forum in Davos, Switzerland. ...

World Economic Forum in Davos, Switzerland - Day 1 The Hindu

Davos talk turns to Haiti Reuters AlertNet (blog)

Davos 2010: Clinton makes Haiti appeal to business BBC News

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Davos 2010: George Soros warns gold is now the 'ultimate bubble' Telegraph.co.uk

MiamiHerald.com

Davos 2010: Is gold the 'ultimate bubble'?

Israel Diamond Portal - Uri Haviv - ‎4 hours ago‎

Soros was speaking at the World Economic Forum's annual meeting in Davos, Switzerland. According to the Daily Telegraph, Soros, who is one of the most ...

Davos 2010: Soros calls for break-up of big banks BBC News

George Soros warns booming gold is the 'ultimate bubble' Citywire.co.uk

TIME - Mirror.co.uk

all 205 news articles »

Davos 2010: Reshaping the world's financial systems

BBC News - ‎6 hours ago‎

Dozens of government leaders are spending the next few days mixing with hundreds of top executives from global corporations at the World Economic Forum 2010 ...

Davos 2010: French president Nicolas Sarkozy attacks flaws of market capitalism

Telegraph.co.uk - Kamal Ahmed - ‎2 hours ago‎

Nicolas Sarkozy attacks the greed and irresponsibility of market capitalism at the WEF in Davos. Photo: Bloomberg In a speech at the World ...

French president calls for global accounting standards Victoria Times Colonist

Globalisation rules must take India, others on board: Sarkozy Economic Times

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Davos 2010: Barclay's Diamond warns of dangers of splitting up 'banks too big ...

Telegraph.co.uk - Edmund Conway - ‎9 hours ago‎

Barclays president Bob Diamond warns against ban on proprietary trading at the 2010 WEF meeting in Davos. ...

Davos 2010: Barclays' Bob Diamond attacks Obama's banking plans The Guardian

You're making a big mistake, banks tell Darling in Davos Citywire.co.uk

Davos: Diamond geezer says bank reform would damage job creation Telegraph.co.uk (blog)

all 67 news articles »

Davos 2010: Bank bonus payments 'wrong' says Soros

BBC News - ‎3 hours ago‎

Billionaire investor George Soros has told the BBC that although the banking sector needs a radical overhaul, there is no rush as the situation in 2008 is ...

India, China to be engine of global growth: WEF experts

Economic Times - ‎2 hours ago‎

28 Jan 2010, 1804 hrs IST, PTI DAVOS: Led by India and China, Asia will not only become the global engine for growth but will also increasingly exercise its ...

Economy has turned positive, says Premji CIOL

Worst is over, 2010 looks positive: Premji The Hindu

Post-crisis, India, China mainstay of world economy: CEOs Economic Times

all 33 news articles »

George Soros warns of double-dip recession

Davos 2010: Bankers hit out at regulation plans

BBC News - ‎Jan 27, 2010‎

The World Economic Forum in Davos has begun with bankers and regulators clashing on plans for more regulation. "We need good regulation, better regulation ...

Davos 2010: the arrogance of bankers risks reversing finance's role in ...

Telegraph.co.uk - Jeremy Warner - ‎4 hours ago‎

And so the tone was set for what's likely to be a frantic few days of debate and argument here in Davos on the merits or otherwise of the Obama ...

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Davos 2010: Bill Clinton makes impassioned Haiti appeal

Former US President Bill Clinton has made a renewed appeal for aid at a special session on Haiti at the World Economic Forum in Davos, Switzerland.

Mr Clinton started by praising the people of Haiti who he said had behaved "magnificently" in the aftermath of the devastating earthquake.

He then called for more aid and pick-up trucks to help with distribution saying: "If anyone knows where I can get some trucks, I need 100 yesterday".

World Economic Forum, Davos 2010

Leaders from 90 nations to discuss global challenges

PTI

AP Participants walk by the Congress Center which will host the World Economic Forum meeting at Davos, Switzerland on January 26, 2010.

Over 30 heads of state or governments and 1,400 business leaders, including nearly 100 from India, will begin a five-day brainstorming session here tomorrow, to try to "rebuild and redesign" the global economy and institutions after nearly 18 traumatic months.

The theme for the famous World Economic Forum (WEF) annual meeting this year is: 'Improve the State of the World: Rethink, Redesign and Rebuild' begins in the midst of a World Bank warning that the global economy may see a "double dip" (second recession) in 2011 if the fragile recovery that is underway is "mishandled".

The CEOs who have assembled in this picturesque town nestled by the snow-laden Alpine peaks for the 40th WEF Summit, seem positive about 2010, but their optimism is well guarded.

"We look at the stock exchanges and feel that we are coming back to the world as we had it. But this would be a false assumption. We still have many unresolved issues. We have a fundamental issue of government debt...unemployment," WEF founder Klaus Schwab said in a preview interview.

The global economy may see the fragile growth wilting, the World Bank has warned in its latest report despite projecting a 2.7 per cent expansion this year and 3.2 per cent in 2011.

The world economy had contracted 2.2 per cent in 2009 under the impact of a financial crisis set off in September 2008 unseen since World War II.

However, there are opportunities like building purchasing power of people in the poor and developing countries and also promoting ecologically sustainable growth models in the face of the rising threats from the climate change.

These issues and opportunities will be explored by 2,500 participants from 90 countries comprising head of governments, ministers, central bank chiefs, CEOs and public figures.

"Last 12-18 months have been obviously very difficult for the global economy. However, I think the worst is over. 2010 looks positive," said Wipro chairman Azim Premji who is one of the six global CEOs co-chairing the WEF summit.

Mr. Premji is among the nearly 100-member Indian delegation comprising Road Transport Minister Kamal Nath, Commerce and Industry Minister Anand Sharma, Planning Commission Deputy Chairman Montek Singh Ahluwalia and industry representatives.

The Indian CEOs list is a virtual who's who of India Inc. Among the prominent names are Reliance Industries chairman Mukesh Ambani, State Bank of India chairman OP Bhatt, ICICI Bank chief Chanda Kochar, UB Group chairman Vijay Mallya, Mahindra & Mahindra vice-chairman Anand Mahindra and Bajaj Auto chairman Rahul Bajaj among others.

India and Indians would feature prominently among the scores of WEF sessions, which have been taking place for the last 40 years, discussing the contemporary issues. The first WEF summit was held in 1971.

Apart from Wipro chairman Premji, the other co-chairs of the sessions include Deutsche Bank chairman Josef Ackermann, Melinda French Gates of the Bill & Melinda Gates Foundation, Standard Chartered Bank Group chief executive Peter Sands, Google's Eric Schmidt, Aetna chairman Ronald A Williams, and Patricia Woertz of Archer Daniels Midland.

French President Nicolas Sarkozy will deliver the opening address. "His speech will start the debate on the theme of the summit," the WEF said.

As the chair of the 2010 G-20 meeting South Korean President Lee Myung—bak will deliver a special address. The G-20, a grouping of advanced developing countries and the developed nations, is expected to play a big role in reducing the global governance gap and making the world economy stronger, more sustainable and more balanced.

Keywords: World Economic Forum, recession, World Bank, economy

Growth is coming back, say global CEOs

IANS

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Workers labour at a construction site in Seoul. According to PricewaterhousseCoopers (PWC), CEOs worldwide are now confident about growth bouncing back. Photo: AP

AP Workers labour at a construction site in Seoul. According to PricewaterhousseCoopers (PWC), CEOs worldwide are now confident about growth bouncing back. Photo: AP

"The fears of a global economic meltdown have receded and CEOs are more upbeat about their prospects," said Chris Clark, CEO and senior partner of PwC, said in a statement.

With their worst fears of a prolonged recession over, CEOs worldwide are now confident about growth bouncing back, PricewaterhouseCoopers (PwC) said in its annual global survey here.

The survey found that 81 per cent of CEOs worldwide were confident about growth for the next 12 months. Only 19 per cent were pessimistic about the return of growth. Thirteen per cent CEOs went on to say that the global recovery has actually begun.

But amazingly 67 per cents CEOs in China said that the recovery actually began in 2009 itself.

"The fears of a global economic meltdown have receded and CEOs are more upbeat about their prospects," said Chris Clark, CEO and senior partner of PwC, said in a statement here Wednesday.

"However CEO confidence is tempered by the slow pace of recovery and the fragile state of the economy," he said.

The survey said the rising confidence is reflected in proposed fresh recruitments, with nearly 40 per cent of CEOs saying they will increase their staffing this year.

In Canada and Asia Pacific, about half of CEOs are looking to increase employment in 2010, and this figure jumps to over 60 per cent in Brazil.

On the other hand, only 25 per cent CEOs said they might cut jobs over the next year, down half from those who cut staff in the past 12 months, the survey said.

As reflected by the much better performance of the Canadian economy as compared to other G8 economies, the survey found Canadian CEOs much more optimistic about short- and long-term growth than their counterparts elsewhere.

"Canadian CEOs are more optimistic than their peers in other developed nations, as many of them managed through the recession while keeping an eye to the investments needed to sustain their organisations over the longer term," Clark said.

As against 81 per cent CEOs worldwide, 87 per cent CEOs in Canada said they were confident about future prospects.

It was the 13th Annual Global CEO Survey which involved 1,198 interviews with CEOs from 52 countries.

PwC said 535 interviews were conducted in Europe, 289 in Asia Pacific, 167 in Latin America, 139 in North America, and 68 in the Middle East and Africa.

Keywords: PWC, global CEOs, growth, Chris Clark, CEO, annual survey

RBI hints at monetary tightening to contain inflation

PTI

Hinting at some tightening of the monetary policy on Friday, the Reserve Bank said inflation is a major challenge and would address it without hurting the growth.

"Returning to high growth path while avoiding the situation of generalised increase in inflation through monetary policy action has emerged as a delicate challenge for the RBI," the apex bank said in its macroeconomic developments issued on the eve of the third quarterly review of the monetary policy.

Noting that inflation of food items soared to 21.9 per cent, the RBI said, "in December 2009, there have been signs of emergence of generalised inflation."

Moreover, it added, the high inflation arising from rising food prices could spill over to non-food items and further add to inflationary pressures.

The WPI-based inflation, which rose from sub-zero level last year to 7.3 per cent in December, is expected to cross 9 per cent by the end of March, as indicated by the Chief Statistician of India, Pronab Sen.

On the positive side, the RBI-sponsored survey revised the GDP growth forecast for the fiscal to 6.9 per cent from 6 per cent earlier.

The instruments, which RBI usually utilises to contain money supply, include Cash Reserve Ratio, Statutory Liquidity Ratio, repo and reverse repo rates.

PTI

Won't accept 'second place' as India, China close gap, Obama declares!

Reforms to Bail Out Galaxy War Economy Zionist Dominates DAVOS Meet. India, the US Periphery would be represented by Azim Premjee while Home Front is engaged in Economics of Exclusion, Politics of Coding Decoding and Maniufacturing of Consent for Mass Destruction and Economic Ethnic Cleansing in Aboriginal Indigenous India as Chettiyar Chidambaram has waged War against the People of India. Pranab is all set to kill the Constitution and the Republic with his accomplishment of making up the Twenty years deficit in Economic reforms while Chidamabaram focuses on Home reforms. The Brahmin bania Combination is all set to kill every constitutional Safeguard in the US Promoted Free Market sensex democracy where FIIs and foreign Capital Inflow hold on the Economy destroying Production system, Peasantry, Rural world, Economy and Livelihood. Military Option with Zero Intolerance is the only Option for Interactions with the Excluded Persecuted Executed Landsacpe as well as humanscape alienated from the Mainstream. India Incs does all the tasks of Governance, Legislation and Policy making. Politics as well as Government have been reduced into TOOLS Robotic with human face for the Imminent Mass Destruction and Man Made Calamities as well as Pandemics!

Meanwhile, Investors remained unsure of the direction for the US dollar in the wake of President Barak Obama's State of the Union Address last night. By mid-morning trading in Europe, the euro gained slightly to 1.4025 dollars from 1.4019 dollars late in New York on Wednesday while the yen lost ground, falling to 90.38 yen from 89.94 yen late yesterday.

Thus,the world's elite business leaders and powerful government officials gathered in the Swiss mountain resort of Davos to discuss a wide range of issues, from the world economy to climate change. With Rajendra pachauri Exposed naked with his damned Corporate Interests the Eco Concern and Global Warming logic happen to be Nullified. So US President Barrack Obama is all set to decide the Tune with War Cry against so Called Terror which ENSLAVES South Asia as well as Indian Ocean Peace Zone converted into Warfields Infinite, into Strategic realliance intiated by Global Hindutva and Indian Manusmriti regime Zionist under the lead of US Corpoarte Imperialism and Israeli Zionism altogether!However, There is overwhelming global pressure on the world's leaders, who gather in Copenhagen, to act on climate change despite the Melting Glacier gate!

Over 2,500 global leaders in business and politics arrived in this Swiss resort on Wednesday to put their minds together on how best to support the fragile recovery following the worst economic crisis since the 1930s.

From India, Road Transport Minister Kamal Nath is leading a contingent comprising ministers and 100 CEOs to the 40th edition of World Economic Forum that will discuss over five days starting today, among others things, the need for stimulus measures to support economic growth.

The theme of this year's conference is 'Improve the State of the World — Rethink, Redesign and Rebuild'

The International Monetary Fund on Tuesday forecast the global economy to expand at nearly 4 per cent in 2010, better than its October 2009 estimate of 3.1 per cent, but said growth still depends on stimulus.

"What we want to do in Davos is look into all issues on the global agenda, but we want to do so in a systematic, integrated and strategic way, particularly addressing the issue of global cooperation", WEF founder Klaus Schwab said ahead of the meeting, second since the 2008 economic crisis.

Meanwhile,Citing India and China as countries that are going ahead with economic revamp, President Barack Obama today said the US cannot accept

World's most powerful people
Obama's Asian influence
Power Couple: Obama and Michelle

"second place" and should get serious about fixing its problems since the worst of the financial crisis is over. ( Watch )

"Washington has been telling us to wait for decades, even as the problems have grown worse. Meanwhile, China's not waiting to revamp its economy. Germany's not waiting. India's not waiting," Obama said in his first State of the Union address to the Congress.

"These nations aren't standing still. These nations aren't playing for second place. They're putting more emphasis on maths and science. They're rebuilding their infrastructure. They are making serious investments in clean energy because they want those jobs," Obama said in his 69-minute-long prime-time speech.

Obama, who took over as the first black-American President on January 20 last year, said he will not accept a second place of America, the only superpower.

"Well, I do not accept second-place for the United States of America. As hard as it may be, as uncomfortable and contentious as the debates may be, it's time to get serious about fixing the problems that are hampering our growth," he said.

Obama, who delivered his first State of the Union address against a backdrop of an American public worried about the fallout of the meltdown, said the "worst of the storm has passed. But the devastation remains."

Obama said one in 10 Americans still could not find work, many businesses have shuttered and small towns and rural communities have been hit especially hard. The recession has also compounded the burdens of American families, he said.

"So, I know the anxieties that are out there right now. They're not new," he said, adding "Some are frustrated; some are angry".

To overcome the crisis, Obama proposed a USD 30 billion plan under which the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.

"These steps won't make up for the seven million jobs that we've lost over the last two years... The only way to move to full employment is to lay a new foundation for long term economic growth," Obama said.

On Afghanistan, he said US is increasing troops and training Afghan security forces so they can begin to take the lead in July of 2011 and American troops can return home.

Also Read

→ Tackling inflation without hurting growth key challenge: RBI

→ India needs $250 bn worth investment to drive growth: ICICI Bank

→ Worst is over; bumps and opportunity go together: Premji

→ IMF bullish on India, ups growth outlook projections for 2010

On Iraq, Obama said the US will support the Iraqi government will continue to partner with the Iraqi people to promote regional peace and prosperity. "This war is ending, and all of our troops are coming home."

"We are working through the G-20 to sustain a lasting global recovery. We are working with Muslim communities around the world to promote science, education and innovation," he said pointing out his country's pledge to reach out to the Islamic world.

Among those attending the high-profile conference are French President Nicolas Sarkozy and Swiss President Doris Leuthard. Besides Nath, the Indian side includes Commerce and Industry Ministry Anand Sharma, Planning Commission Deputy Chairman Montek Singh Ahluwalia and corporate honchos Anand Mahindra, Sunil Mittal and Kris Gopalakrishnan.

The risks of an uneven global economic recovery - powered by a booming China and held back by unemployment in the U.S. and other wealthy nations - dominated the agenda Wednesday as the World Economic Forum opened in the Swiss Alps.

The five-day gathering of movers and shakers was assessing a host of issues facing the planet, from disaster aid in the aftermath of Haiti's devastating earthquake to reforms aimed at preventing another financial markets collapse.

But the most pressing concern was steadying a shaky world economy that is likely to face tough challenges in 2010, as governments are forced to pull back from lavish bailouts and stimulus packages that have propped up banks and other industries.

"China alone cannot be the only engine of global economic growth," warned economist Nouriel Roubini, who gained prominence as a soothsayer of the current economic crisis. "In the first half, you are going to see the effects of the fiscal stimulus. In the second half of the year you will see a fall in the U.S., Europe and Japan."

Some 2,500 participants - from presidents and CEOs to philosophers and artists - will debate economic recovery, job creation and the way forward in this picturesque Swiss resort, celebrating its 40th birthday as host of the world's pre-eminent forum for economic and political brainstorming.

French President Nicolas Sarkozy will formally open the event later Wednesday, with other headliners including Presidents Luiz Inacio Lula da Silva of Brazil and Jacob Zuma of South Africa. Former U.S. President Bill Clinton will encourage big business to support Haiti's reconstruction, while "Avatar" director James Cameron and classical pianist Lang Lang are the event's top cultural representatives.

While in the past Davos has often been a key site for diplomacy, the focus of this year's meeting was clearly the economy and how to rebound from record unemployment.

The U.N. labour agency said 27 million people lost their jobs last year, with almost half of the losses in North America, Japan and Western Europe. The agency predicted an additional 3 million people in the rich world could lose their jobs or fail to find employment in 2010.

Dennis Nally, global chairman of PriceWaterhouseCoopers, said he was "cautiously optimistic" about growth this year. But, he warned that a number of problems remained, not least the stubbornly high unemployment in the United States and other industrialized economies.

"It's not a robust recovery from a job creation standpoint," he said.

Roubini, once dubbed "Dr. Doom" for his grim economic assessments, saw some scope for optimism despite crunched credit markets and constrained banks.

"Obama's proposals on banking regulation are finally going in the right direction, but they are not enough," he said Wednesday. "We should separate commercial banking from investment banking."

Roubini also warned against a return to the "business as usual" approach that created the crisis, but the chief executive of Britain's Standard Chartered Bank said his industry has been "fundamentally changed" by tighter regulations and supervision.

Governments may even be over-regulating the private sector and stifling growth, Peter Sands suggested.

"The stakes are very high," he said. "If we get it wrong in one dimension, we will end up stifling growth. If we get it wrong in the other dimension we end up with another crisis."

For emerging economies, the mood was mostly positive. While there was concern about an over-reliance on these new engines of growth, Nally suggested that China and India no longer be included among their ranks.

"It's a little bit unfair to call China an emerging market, India an emerging market and they're in the same category as Chad or Mozambique," Nally said. "In 2014, the GDP of the emerging markets will surpass the GDP of the developed markets. Some of these countries have emerged already. We should come up with a better term."

Some participants found the current economic uncertainty oddly reassuring.

"You see that everyone else is as worried as you are, that they have the same doubts," said Angel Gurria, who heads the Organization for Economic Cooperation and Development.

Food inflation accelerates, RBI action imminent

28 Jan 2010, 1437 hrs IST, REUTERS
NEW DELHI: India's annual food price inflation accelerated for the first time in four weeks, with the Reserve Bank of India (RBI) looking set to

Burst the Inflation balloon
Implications of a rising inflation rate

tighten its policy on Friday to prevent it spilling over to the broader economy. ( Watch )

Economists widely expect a 50-basis point rise in banks' cash reserve ratio (CRR), the proportion of deposits lenders must keep with the RBI in cash. ( Watch )

"Even as food supply is expected to normalise in the coming months, higher energy costs and strong consumer demand will ensure (headline) inflation inches towards 9 percent by March 2010, with risks clearly to the upside," said Rahul Bajoria, an economist with Barclays Capital in Singapore.

The food price index rose 17.40 percent in the 12 months to Jan. 16, higher than an annual rise of 16.81 percent in the previous week, data released on Thursday showed. The index rose 0.4 percent from a week earlier.

The fuel index rose to an annual 5.70 percent, lower than an annual rise of 6.34 percent in the previous week.

Higher food prices following a bad harvest of summer-sown crops are expected to keep headline inflation elevated, with some analysts forecasting the wholesale price index to touch double digits by March from 7.3 percent in November.

Also Read

→ Food inflation rises to 17.40% on January 16

→ Inflation to peak at 8.7%, RBI tightening from Jan: BofAML

→ Left blames UPA for food inflation

→ Inflation may trigger tighter monetary policy

The debt markets have already priced in a 25-50 basis point increase in the CRR, with some dealers also hedging in anticipation of a 25-basis point rise in policy rates on Friday.

However, 24 out of the 25 economists polled by Reuters do not foresee any change in policy rates on Friday and expect a rise in key rates only in March.

"Current inflationary pressures are not driven by excessive aggregate demand," Rajiv Malik, an economist with Macquarie Securities, said in a note on Wednesday.

"So hiking of policy rates now will be relatively less helpful in checking food inflation, but could cause a negative impact on growth."

Dealers expect bond prices to rally and yields to touch 7.45 percent if the RBI hikes only the CRR and keeps interest rates unchanged.

India's economy is expected to expand at 7 percent in the current fiscal year to end-March, faster than 6.7 percent last year, helped by a recovering global economy and rapid expansion in domestic industrial output, a Reuters poll showed.

The economy grew 7.9 percent in the quarter through September, its fastest in 18 months, while industrial production grew in November at its fastest pace in more than two years at 11.7 percent.

That growth, however, has largely been fuelled by government stimulus spending and cheap credit following policy rate cuts totaling 425 basis points between October 2008 and April 2009.

Non-oil imports, which foretell production and capacity creation in the economy as India primarily imports capital goods and basic raw materials, fell an annual 5.9 percent in November.

The growth in bank loans, a barometer for private investment in the economy, continues to be sluggish. Bank loans grew an annual 13.7 percent as of Jan. 1 compared with the RBI's forecast of 18 percent for the current fiscal year ending March.

Bill late , govt tallying local rules with global a/c norms

28 Jan 2010, 0537 hrs IST, Souvik Sanyal , ET Bureau

NEW DELHI: The government will tweak existing rules rather than wait for a comprehensive law to get Parliament's approval to quicken the

transition towards a new global accounting standard that the country must embrace by next year.

Policymakers and regulators, such as the corporate affairs ministry, Reserve Bank of India (RBI) and Insurance Regulatory Authority of India (Irda), are bracing for speedy amendments to their respective regulations to enable companies to change their accounting practices as per the International Financial Reporting Standards (IFRS) that will kick in from April 1, 2011.

The corporate affairs ministry is preparing a new bill that will specifically address issues related to changes required for switching over to the IFRS regime, and is likely to introduce it in the forthcoming budget session of Parliament, a government official said.

The move comes after sluggish progress of the Companies Bill 2009, which aims to overhaul the present rules. The bill is pending before the Parliamentary Standing Committee and is likely to take many more months before it can be enforced.

"A bill is being prepared to address and amend the regulatory differences that exist in the present company law to bring it in line with the IFRS," said Dolphy D'souza , partner, E&Y , who is part of the government's core group that prepared the road map for IFRS convergence.

As the shift towards IFRS also requires big changes to banking rules and the Insurance Act, RBI and Irda could also change their laws, the official added. India is a signatory to the G20 summit that announced the convergence to IFRS, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is fast becoming the global standard for the preparation of public company financial statements.

IFRS is expected to benefit investors, customers and other key stakeholders in India and overseas as it will result in a more transparent financial reporting of a company's activities. For companies, it means improved access to global capital markets, benchmarking with global peers, enhanced brand value, avoidance of multiple reporting, reflecting true value of acquisitions.

"The amendments to present laws are required to lay to rest the ambiguity in application of the regulations," said N Venkatram, IFRS country leader, Deloitte, Haskins & Sells, adding that with India having committed itself to IFRS convergence, they are a must.

The first part of the convergence process will include all companies listed on the BSE, NSE and foreign bourses, besides those with a net worth of over Rs 1,000 crore. A panel set up by the corporate affairs ministry is overseeing the various aspects surrounding the convergence process. While the road map for IFRS convergence in the country has been designed in three phases, the course for banks will be set next month.
http://economictimes.indiatimes.com/News/Economy/Indicators/Bill-late-govt-tallying-local-rules-with-global-a/c-norms-/articleshow/5507367.cms

US bank curbs set to cause ripples

Greek fiscal issues induce uncertainty as choppy trade is expected

Special to Gulf News
Published: 00:00 January 24, 2010

In the coming week, markets will focus on: 1) the Greek fiscal issues 2) increasing worries about the prospect of China overheating; and 3) the US banks sector proposals.

US President Barack Obama's plan to strip banks of some of their clout is keeping investors on their toes. It adds another cloud of uncertainty to markets already struggling with rising sovereign debt risk, a disappointing Wall Street earnings season and macroeconomic headwinds ranging from rising inflation to stubborn unemployment.

The US dollar forged ahead to five months highs last week against the euro, a month high against its Canadian counterpart and multi-week highs against both the Australian and New Zealand dollar. With China announcing its intentions to cool its economy and markets, and US President Obama proposing a limit on the size and risk-taking activity of the nation's largest banks, the world's largest governments are taking an active role in slowing speculative positioning.

Euro

The euro declined at the start of the week against the dollar on speculation Greece's struggle to contain its budget deficit will deter investors from buying the region's assets. The Greenback also posted gains across the board as the euro extended its decline. The European currency fell to its lowest level in five months against sterling, after triggering stop losses, and after Kraft Foods agreed to buy British chocolate-maker Cadbury Plc, increasing demand for pounds. The euro's slide below its 200-day moving average of around $1.4296 initially gave investors a technical sign to sell the currency.

In the coming weeks, the pair is likely to respond sharply to not only European and US economic indicators, but also any news relating to the financial sector.

Range for previous week: $1.4025 - $1.4415 (Dh5.1513 - Dh5.2946)

Range for this week: $1.3980 - $1.4220

Sterling

Sterling started the week on a firm note, having gained on firmer UK housing data and as speculative players chased it higher on reports that French utility GDF was in talks with Britain's International Power for an asset swap. International Power however stated the talks were over and no deal was reached. The pound strengthened testing highs above $1.6370 levels, its highest level in a month, on expectations of positive merger-and-acquisition flows while other currencies remained confined to narrow ranges on account of Martin Luther King Jr Day holiday in the US. Expectations that Kraft Foods will raise its bid for Cadbury as well as news that France's GDF Suez SA has made a takeover approach to the UK's International Power have encouraged hopes of friendly merger and acquisition flows for the pound.

Range for previous week: $1.6073-$1.6377

Range for this week: $1.6120 — $1.64300

Yen

The yen surged across the board as Obama's proposal to curb excessive risk taking by banks sent US stocks broadly lower. The widespread exodus from risky assets did not leave carry trades unscathed, pushing the Yen sharply higher against the spectrum of its major counterparts as investors sold high-yielding currencies covered their short positions in the low-yielding Japanese unit. The short-term correlation between a trade-weighted index of Yen's value and the 10-year US Treasury note, the benchmark safe-haven instrument, now stands at 88 per cent versus just 66 per cent at the beginning of the week.

Range for previous week: 90 yen - 93 yen (Dh 0.03949 - Dh0.04081)

Range for this week: 90.42 yen - 91.87 yen

— HSBC Bank Middle East

US, UK preferred markets for Indian IT services

28 Jan 2010, 2017 hrs IST, PTI
NEW DELHI: America and Britain are the most preferred markets for Indian IT service providers, with about 71 per cent planning to expand their

presence in the two countries, a study said.

According to a study by PricewaterhouseCoopers and CII, "The US and the UK are still considered attractive markets for expanding into with 71 per cent of service providers who were surveyed, keen to expand in the US and the UK market."

The English speaking demographic was one of the key reasons why it was initially easy for Indian companies to align themselves with businesses in the US and UK.

However, with the demand slowing down, new markets across Continental Europe, Latin America and the Asia Pacific are poised to gain importance in the coming years.

The study further said the smaller players are more excited about the US and UK while the bigger players prefer Eastern European countries.

Former Satyam chief declared 'pauper' in US court

28 Jan 2010, 0812 hrs IST, PTI
NEW YORK: Ramalinga Raju, former chairman of Satyam Computers, who last year confessed to have inflated his company's assets by over $ 1 billion,

Satyam's rise, fall and resurrection
Decoding the Satyam buy
The crux of the scam in Satyam

was declared a pauper by a court here exempting him from paying court costs.

New York judge Barabara S Jones approved 'pauper' status for Raju, his brother Rama Raju, Satyam's former chief executive officer, and Srinivas Vadlamani, the company's former head of finance.

In October 2009, the defendants filed an "in forma pauperis" and for the appointment for a pro bono counsel.

According to court documents, the accused stated they are "unable to engage an attorney in the US to defend (themselves) in the class action litigation and to pay any court fees or to meet any financial obligations which might be imposed by this court".

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"The court finds that defendants have adequately demonstrated that they are unable to pay costs as described in the federal law," US District Judge Jones said.

The judge however denied the request for a pro bono counsel as the "defendants are incarcerated in a foreign country and it would be unusually difficult for the appointed counsel to meet and otherwise competently represent Defendants under the circumstances".

On 7 January 2009, Raju, 55, admitted that Satyam's accounts had been falsified by over $ 1 billion, in what became India's largest corporate scandal.

In November, the CBI said that fraud was 40 per cent larger than originally estimated. The former CEO of Satyam is being held in India.

"It was like riding a tiger, not knowing how to get off without being eaten," he said, after the scandal broke. The IT company was taken over by Tech Mahindra.

India, China to be engine of global growth: WEF experts

PTI

India and China continued to grow at reasonable rates even when several developed countries witnessed economic contraction, experts at WEF said.

AP India and China continued to grow at reasonable rates even when several developed countries witnessed economic contraction, experts at WEF said.

Led by India and China, Asia will not only become the global engine for growth but will also increasingly exercise its influence on the rest of the world, experts at the World Economic Forum (WEF) annual meeting here have said.

"As their economic might grow, the region's (Asia) various societies will become more assertive and influential," WEF said in a statement, summing up the discussions on a session on 'The Rise of Asia' on Wednesday.

Among the speakers, who participated in the session, include President of Asian Development Bank Haruhiko Kuroda and President and CEO of Genpact India Pramod Bhasin.

India and China continued to grow at reasonable rates even when several developed countries witnessed economic contraction. While India grew 6.7 per cent in 2008-09 and is expected to rebound to 8 per cent this fiscal, China jumped to 10.7 per cent during the quarter ending December 2009 from a low of 6.8 per cent during the period a year ago.

Speakers, while stating that it is not clear what will be the impact on the world with the rise of Asia as it is a diverse region, said focus on family and the primacy of relationships over written contracts in business may be two influential 'values' MNCs often find it difficult to understand that employee loyalty in Asia is to the boss - the individual - rather than to the company and brand name.

The rise of consumerism in Asia may also bring changes in the way Western and other companies relate to customers, the summary said.

Keywords: World Economic Forum, India, China, economy, Davos

New income-tax rules on perks to replace FBT notified

Special Correspondent

Perquisites given by an employer such as residential accommodation, conveyance facility and other benefits to the family of the employee would be liable to tax from April 2010.

The Hindu Perquisites given by an employer such as residential accommodation, conveyance facility and other benefits to the family of the employee would be liable to tax from April 2010.

The Central Board of Direct Taxes (CBDT) has notified the new rules for valuation of perquisites such as accommodation, conveyance and other benefits provided by employers to the salaried staff for calculation of tax liability.

According to the notification dated December 18, the new rules, called the 'Income-tax (13th Amendment) Rules, 2009', "shall be deemed to have come into force on April 1, 2009," to replace the already abolished Fringe Benefit Tax (FBT).

Hitherto, the tax on perquisites extended to salaried employees was paid by the employer in the form of the FBT. However, with Finance Minister Pranab Mukherjee scrapping the levy in the Budget 2009-10 owing to the persistent demand of corporates, perks such as residential accommodation, conveyance facility and other benefits provided to employees would henceforth be added to their individual salaries for computation of personal income tax. On final count, a large section of the corporate salaried class may have to cough up more as personal income tax each year. According to the CBDT notification, the perks to be included in the taxable salary of employees — subject to specific clauses and conditions pertaining to valuation norms — include residential accommodation given by the employer, expenses incurred on motor car for official or personal use, salaries of services such as driver, gardener, sweeper, watchman, personal attendant (if paid by the employer) and concessional education provided to their children.

Apart from conventional perks such as accommodation and conveyance, other benefits such as holiday/vacation travelling, free food and non-alcoholic beverages provided by the employer, gift or vouchers received by the employee on ceremonial occasions, reimbursements for club membership and tour allowances would also come under the ambit of the new income tax valuation norms.

Till last fiscal, although the perquisites were added to the salary for computation of income-tax, the tax leviable on them — if specified as FBT — were paid by the employer and not the employee who received the benefits.

With regard to government employees, the new rules appear to be the same as were applicable before, barring the staff on deputation who may have to pay a comparatively higher amount as income-tax.

Keywords: income tax, FBT, CBDT, tax on perks, Fringe Benefit Tax, The Central Board of Direct Taxes

http://beta.thehindu.com/business/Economy/article68185.ece

Business pleads for 2010 trade deal amid scepticism

Thu Jan 28, 2010 1:04pm GMT

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By Paul Taylor and Tamora Vidaillet

DAVOS, Switzerland (Reuters) - Global business leaders appealed to governments on Thursday to make good on their commitment to conclude stalled trade liberalisation talks this year and boost a world economic recovery.

But trade negotiators were sceptical of the political will to overcome disputes between the United States and key emerging nations that thwarted a deal in 2008, before the financial crisis plunged much of the world into recession.

U.S. mid-term congressional elections in November and a Brazilian presidential election are among political hurdles.

The International Business Council called at the World Economic Forum in the Swiss resort of Davos for world leaders to follow through on their pledge made at last September's Pittsburgh G20 summit to clinch a trade deal in 2010.

"This is a time for governments around the world to show commitment to the system which has helped create growth and development in the last 60 years," the IBC said in a statement, adding that a trade pact would "put decent jobs at the heart of the recovery".

South Korean President Lee Myung-bak, who heads the G20 grouping of major economies this year, vowed in an address to the Davos forum to put the issue at the top of the agenda of a G20 summit he will host in Seoul in November.

"In particular, concluding the Doha Development Agenda before the end of the year should be given the highest priority," he said of World Trade Organisation negotiations launched in 2001 in the Qatari capital.

U.S. President Barack Obama said in his State of the Union address on Wednesday he would push for a world trade agreement that opened up global markets, but he did not mention the 2010 target date set by the G20. Continued...

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