Satyam joins issue with World Bank

HYDERABAD: The embattled Satyam Computer Services joined issue with World Bank over the “eight-year ban” imposed on it demanding immediate revocation of the statements. In a strongly worded statement issued here on Christmas day, it sought an apology from the bank for the “harm done to the company.”
The company said: “Satyam Computer Services vigorously objects to certain inappropriate statements made by World Bank representatives reported recently in the press. Satyam formally requested on Thursday that the World Bank immediately withdraw those statements, that it issue a new statement apologising to Satyam for the harm done to the company due to the Bank’s actions, and that it provide Satyam with a full explanation of the circumstances related to the Bank’s inappropriate statements.
Satyam further advised the bank that the company would “evaluate all possible options in view of both the bank’s inappropriate public statements and its response to Satyam’s requests.”
Satyam usually does not comment publicly on matters involving “our customer relationships. However, the inaccuracy and inappropriateness of the World Bank’s public statements regarding Satyam has forced us to issue this brief statement in order to set the record straight.”
An international banker from New York, on condition of anonymity, says the propaganda is either to malign the company or to gain market share from it.

Indian salaries likely to increase by 16% in 2009: Report

Salaries in India are expected to increase by 16 per cent in 2009, one of the highest in the Asia-Pacific region driven by strong economic growth and pressure on employers due to soaring inflation, a latest report said.As per a report by the Hong Kong based compensation firm HR Business Solutions (HRBS) pay increases in the Asia-Pacific region are likely grow even as the economies are expected to be impacted by the global slowdown."The forecast pay increase in India averaging 16 per cent is one of the highest among all the countries," the report stated. The HRBS 2009 pay increase forecast is based primarily on four economic factors — GDP growth, inflation, unemployment, manpower demand and past pay increase trends.Elaborating further it said that the Indian economy is reported to be cooling, but still it is expected to achieve a growth rate of 7-8 per cent in 2008, which is among the strongest in the region after China."In addition, it has the fourth highest inflation rate of over 12 per cent in 2008 which increases pay rise pressures on employers. Labour demand is still robust and there is a lack of sufficient supply of the skills-set required by India's rapidly growing services, manufacturing, construction and retail industries to boot," the HRBS report added.Economic growth rates in Asia are mostly forecast to be moderately lower in 2008 relative to 2007, while inflation rate across the Asia-Pacific region has soared to an all-time high."In many of the Asian countries, demand for manpower continues and in some cases, while general unemployment rate remains high, the labour market is extremely tight for qualified employees, for example, India, China and Vietnam," it stated.Besides, in some developed economies such as Hong Kong, Singapore and Australia, while the unemployment rate is low, the demand for people has been strong.Meanwhile, Sri Lanka is the other country which is forecast to see a higher double-digit rise in salaries of about 17 per cent in 2009. The country's inflation rate of more than 16 per cent is the next highest in Asia after Vietnam and firms in Sri Lanka are hiring and facing challenges in recruiting and retaining skilled human capital.Most of the neighbouring countries of India - Pakistan, China and Bangladesh are forecast to post around 11 per cent of expected pay increase.In 2008, the salary increase in India had averaged at 14.9 per cent.Other Asia-Pacific countries like China, Vietnam and Indonesia are forecast to see a rise of 11 per cent, 12.4 per cent and 12.7 per cent, respectively in 2009.Earlier, in a separate report on Asian compensations, global HR consultancy Mercer had forecast that India was likely to witness over 14 per cent increase in salaries annually for the next three years as the corporates were facing shortage of talent.The Mercer report had also stated that India, Vietnam and Indonesia were the only three countries in the Asia-Pacific region which are likely to see a double-digit increase in salaries until 2011.Source: Business Standard

Vibrant Gujarat Global Investors' Summit 2009

The Government of Gujarat organized the 4th biennial Global Investors' Summit 2009 during 12-13 January, 2009. Based on the theme – Gujarat Going Global and aimed at bringing together business leaders, investors, corporations, thought leaders, policy and opinion makers; the summit served as a perfect platform to understand and explore business opportunities with the State of Gujarat.Vibrant Gujarat: Global Investors' Summit 2009 had resounding success this year too as it had been in the past. During the course of two days, 8662 MoUs worth US$ 243 billion (over Rs. 12,000 Billion) are signed. The summit witnessed participation of delegates from 45 countries, amounting to over 600 foreign delegates. The who’s who of the Indian industry were present, including Mr. Ratan Tata, Chairman, Tata Group, Mr. KV Kamath, Chairman ICICI and President CII, Mr. Mukesh Ambani, Chairman, Reliance Industries, Mr. Kumar Mangalam Birla, Chairman, Birla Group, Mr. Shashi Ruia, Chairman, Essar Group, Mr, Anil Ambani, Chairman, ADAG Group, Mr. Sunil Mittal, Chairman, Bharti Enterprise among several other dignitaries. Several political dignitaries from various countries such as Japan, UK, China, Russia, Canada, Israel, Poland, Korea, UAE, Malawi, Indonesia, Oman, Kenya, Italy, Singapore, Trinidad & Tobago, Vietnam, Uganda, Zimbabwe and Maldives had participatedJapan was the Partner Country to this Summit. This being the first time any country has agreed to partner with a State of another country. Japan External Trade Organisation (JETRO) was designated as the partner organization. Japan also reciprocated Gujarat’s initiatives for mutual economic cooperation by sending two senior level delegations, led by Mr. Hideaki Domichi, the Ambassador of Japan to India and Mr. Heizo Takenaka, Former Minister of Economic & Fiscal Policy of Japan. The maximum number of delegates was from Japan, totalling to over 70 members. Another major delegation was from USA.The exhibition was organized in a grand way, spread over an area of 19,200 sq. mts. There were 232 stalls, quite impressive and informative, having participation of eminent companies of India. 16 international countries participated in the exhibition from countries such as Japan, Korea, UK, Kenya, Arab League, Russia, Netherlands, Trinidad & Tobago, Czech Republic, El Salvador and Uganda.Earlier Summits were organized in the year 2003, 2005 and 2007. The 2003 Global Investors' Summit was held coinciding with the glorious Navratri Festival where a total of 76 MOUs worth USD 14 billion were signed. The 2005 Summit saw signing of 226 MOUs garnering an investment of USD 20 billion. The year 2007 Summit, resulted in signing of 675 MOUs worth USD 152 billion. In the year 2009, the initiative that began six years ago, was intensified and the state propelled in to the next stage of the development process, focused and intensive growth in the socio-economic index.