Fresh News

SBI Capital Markets, the investment banking arm of the State Bank of India, has received the "Bank of the Year" award in the Asia Pacific Awards 2008.

 

The Year 2009 has begun on a bright note for IT initiatives of the Bank. Our Bank has been conferred with 2 prestigious awards for Rural Banking Initiatives and Best IT Architecture at the IBA & TFCI's 5th Annual Banking Technology Awards function on 20-01-2009.   A brief write up along with the photo of the IT Team headed by DMD (IT) and key functionaries can be seen in the attached document. 

Salaries in the Gulf all set to level out this year

It's official now. As the Gulf Business Annual Salary Survey 2009 reveals, pay packages in the GCC once threatening to go through the roof are becoming more realistic as companies tone down their profit expectations and employees become desperate to retain their jobs. In stark contrast to the goings-on of the past few years and perhaps for the first time this millennium, salaries of professional workers in the GCC will witness negative growth (that's an oxymoron, isn't it?).

 

As is obvious from anecdotal evidence stories about cars left in airport carparks with their keys in the ignition, the traffic getting leaner on Dubai roads and the number of requests for transfer certificates that schools across the region have been receiving we are experiencing a slowdown. For those not impressed by hearsay alone, there are numerous reports issued by various research agencies that have revised their growth forecasts for the region downwards. And then there is always that sure-fire barometer of the health of the region the oil price, which was hovering around the $35-mark as Gulf Business went to press. Better still, have a look at the region's stock markets, which did not perk up even after the inauguration of the 44th US President, Barack Hussein Obama.

 

As the various economic forces shape tomorrow's corporate reality and decide the size of your next salary raise it is easy to become bogged down by the gloom surrounding the negative news emanating from various quarters. But before you throw in the towel and resign yourself to the fact that this year is going to be bad, here's the truth that you might have chosen to ignore. If you still have a job by the end of the year and we do realise that is a big 'if', especially if you are a salesperson working for a real estate firm or for one of the most affected sectors (banking and finance, retail...) you will be better off even if you do not receive a raise this year.

 

For, while most economists differ on the extent of the damage that the current crisis will have on the various countries within the GCC , they are unanimous in their view that inflation something that topped policymakers' agenda last year will witness a sharp decline in 2009 and 2010. The UAE, for instance, will see inflation go down from 12 per cent in 2008 to 2.5 per cent this year and 3 per cent the next. The rest of the GCC economies will also witness similar drops. On top of that, the slowdown is reckoned to have a substantial dampening impact on the rentals across the region, with supply threatening to overshoot demand in the next two years.

 

Now you do the maths but it's obvious that, for a professional living in this region, the average annual outgo will definitely be less than what it was last year. And we haven't even started to get into the discount-domain retailers of all colours and hues will have to, willy-nilly, offer huge discounts and improve their customer service in order to keep their tills ringing. If that isn't a silver lining, then nothing will be.

Kerala's express highway project back in focus

After nearly a two-year hiatus, the express highway project is back in focus in Kerala.

 

Public Works Minister Mons Joseph told reporters here yesterday that the draft of the new Road Development Policy was almost ready and it contained a proposal for the north-south access-controlled corridor. Elevated highways and widening of all national highways are other points raised in the draft policy.

 

Inputs by chief engineers in the State and a Bangalore-based agency had gone into the draft policy, which would be put up for the widest possible discussions in the next few months. The policy incorporates the developments until 2021, covering two five-year plans.

 

This is the third Minister pushing the expressway project, after a 507-km corridor was mooted by former Minister MK Muneer and later taken by PJ Joseph, who had to bow out of office prematurely.

 

The alternate North-South Corridor feasibility study by the Rail India Technical and Economic Services Ltd (RITES) is already before the Government. But that needs updating since it was prepared in the initial stages of the expressway debate.

 

It was planned with only 19 interchange points for entry and exit of motor vehicles, passing through 890 hectares of agricultural land, 2,900 hectares of plantations and 238 hectares of households. Gas, power supply cables, irrigation canals and even a bullet train would pass through the express highway.

 

The ambitious road proposal had divided Kerala society, with a minority holding the view that the huge road running through 12 out of the 14 districts would split the State into two. Even Chief Minister VS Achuthanandan held the view.

 

But a strong section in the ruling Communist Party of India (Marxist), especially those in northern districts, had switched over the new road concept since it would reduce traveling time between Kasargod and Thiruvananthapuram to less than six hours instead of the nearly 12 hours now.

 

By the latest estimates, the cost of the project would go up from Rs 64bn to 100bn.

Fresh News

A food processing and agri-business expo, FoodTech Kerala, will begin at the Jawaharlal Nehru International Stadium Kochi.

 

Central government approved four laning of Walayar-Vadakkancherry section and six laning of Vadakkancherry-Thrissur section of NH-47.

 

The United Nations will partner Kerala at a week-long Nishagandi Festival beginning here January 20. The festival would be a cultural extravaganza featuring various dance forms of the state and artistic wealth of India.

 

Kerala state government has planned to set up a massive 4000 MW power project in next 10 years.

 

Kerala got its fourth recent public sector unit (PSU) under the defence ministry for manufacturing military wagons and other items for the forces and railways at Palakkad.

 

Kerala to showcase Pooram in Republic Day parade.

 

Kerala's major cities are all set to become wi-fi with the BSNL’s WiMax service getting ready to be launched by the end of March, enabling access to internet anywhere.

 

Seafood exporters are setting up a common processing centre at Ambalappuzha in coastal Kerala, the first of its kind in the country aimed at raising quality.

 

National carrier Air India has announced a new schedule for its flights between Bahrain and Kerala.

 

Nilambur village panchayat in Malappuram district has launched a year-long campaign to become the country's first dowry-free civic unit.

 

The Cabinet today decided to go ahead with the proposed Rs.3,048-crore Kochi metro rail project on the lines of the Delhi metro linking Tripunithura to Aluva.

Fresh News

Kerala government gave the nod for a path-breaking bill this week that will ensure paddy fields not being converted into land for other purposes.

 

The evergreen forests of Silent valley, Sreepadmanabha Swamy temple in the capital and the Jewish Synagogue at Kochi are among the seven wonders of Kerala chosen by viewers of a television channel through SMS and on-line votes. The other four wonders selected by viewers are the Periyar Wildlife sanctuary, Alappuzha, Kumarakom backwaters and snake temple at Mannarasala near Haripad in Alappuzha district.

 

India plans to allow Persons of Indian Origin (PIO) architects, doctors, engineers and chartered accountants to practise in India.

 

Hundreds of residents of Kanjikode village in Palakkad staged a protest against a proposed rail coach factory.

Dubai's population could decline 8%, says UBS

Dubai's population could fall 8 per cent this year as a global downturn hits its once-booming real estate sector, curbing housing demand and revenues of major developers, UBS said in a research note.

A slowdown in the real estate sector, which employs half of Dubai's workforce, may dent the inflow of expatriates, leading to an oversupply in the property market and see revenues of major Dubai developers such as Emaar Properties fall between 5 and 10 per cent, the note said.

"A slowdown in the housing market in addition to challenging macro-conditions may lead to fewer foreign workers moving to the region for job opportunities and fewer investors engaging in local investments including real estate assets," analyst Saud Masud said in the note.

"This would likely lower net demand growth for property and may actually create incremental headwinds should there be net population outflows," he wrote.

Dubai's construction and real estate workforce could fall by 20 per cent and 10 per cent in 2009 and 2010 respectively, the note said, leading to an overall population decline of 8 per cent and 2 per cent in those same years.

Excess supply in the property market was seen reaching 27 per cent - or 87,000 units - by the end of 2010, Masud wrote.

The Dubai Shopping Festival (DSF) 2009

The Dubai Shopping Festival (DSF) 2009 will take place from January 15 to February 15, while Dubai Summer Surprises (DSS) will be held from June 11 to August 14, said an organiser of Dubai's two main crowd pulling events. The announcement comes amid a huge demand from tour operators to reveal more details of the two events in response to their clients' requests as well as to have ample time to design tour packages for both the events.

 

"The travel and tourism industry in the region is growing at a rapid pace and revealing the dates of our leading events one full year ahead was done in view of the dynamic changes in these sectors,” Ibrahim Saleh, general coordinator of DSF Office said.

 

Saleh stressed on an invigorating change in the upcoming edition of DSS, which will be held from June 19 to August 22 this year. "What we have planned for visitors to DSS this year is unlike any other edition organised yet. DSS visitors will feel a refreshing change in the events organised this year and the emphasis will be on quality entertainment for all. Coupled with the attraction of endless retail promotions, we are committed to making this summer a memorable one for all visitors to Dubai. Indeed, our slogan for DSS 2008 is Dubai - Miles of Smiles,” he said.

Fresh News

Taj Residency, Ernakulam, and Taj Garden Retreat Varkala will be both rebranded as The Gateway Hotel.

 

Kollam district will be the first in Kerala to get the district level IT park in the State developed under the Kerala government's public-private partnership policy is likely to come up in Kundara. Under the initial phase comes preference for Kollam, Alappuzha, Thrissur, Kannur and Kasaragod districts.

 

The Kerala High court today permitted the state government to proceed with the eviction proceedings against the Thiruvananthapuram Golf Club.

 

An exclusive women's network, christened the Organisation of Diaspora Initiatives Women's Network (ODIWNET), has been set up to address the issues of Indian Diaspora women.

 

Prime Minister to inaugurate Pravasi Bharatiya Divas (PBD - NRI Day) at Chennai.

 

Kerala could become the first in India to allow mercy killing if a recommendation by the state law reforms commission gets the government's nod.

 

Among the other radical recommendations of the commission is a law to make it mandatory for all groups holding hartals to give at least one week's notice to the authorities and compensation for damage from those organising them.

 

Prime Minister Manmohan Singh inaugurates the newly-constructed Asia's largest Naval Academy at Ezhimala in Kerala's Kannur.

NRIs remit record $14 bn in Q2

The global economic slowdown has not deterred Indians living abroad from remitting funds back home. In fact, official figures indicate that NRIs are sending even higher amounts to their families.

 

Remittances by NRIs — as reflected in the private transfers portion of the balance of payments — touched a record high during the July-September quarter at $14.2 billion, up 57% over the same period a year ago. Inflows through this route have grown at over 25% in five years. In 2007-08, annual remittances amounted to $41 billion.

 

With the US economy slipping into a recession, it was widely feared that remittances too would take a hit. Remittances, unlike NRI deposits, are a permanent component of forex inflows. They are not repatriable and are used by the NRI for local use and for maintenance of his family. Remittances from overseas are directly linked to job migration. The seventies saw a surge in remittances from the Gulf region following large-scale skilled labour migration on account of the booming construction and oil industry. In the late nineties, migration shifted to North America with many IT professionals moving there following the software boom. India today is the largest recipient of remittances, according to latest data from multilateral agencies.

 

Bankers point that the unofficial option such as the hawala route that was thriving until the early nineties too has been shrinking in terms of value over the last few years due to the banking channels becoming more cost-effective as well as convenient. This would help add to the legal remittance numbers that the banks and exchange companies would report.

 

Of late, liberal outward remittance rules have also attracted more private transfers. Not only is there a surge in pure remittances from the NRIs, locals converting repatriable deposits, treated as private transfer, is also picking up.

 

According to the latest RBI figures, 41% of the private transfer now comprises local conversion of NRI deposits while 52% of the private transfers is pure remittances. The balance is gold brought through baggage, gift and donations to Indians. A portion of the money

is also invested through relatives in real estate and stocks, and the returns can, in turn, be gifted back to the NRI through the overseas remittances route. As Indian markets have relatively been more attractive in certain financial assets such as fixed deposits, banks have been seeing a strong surge in remittance even through the crisis period after September.

 

Going forward, remittance as an industry would continue to grow as, from the investment point of view, interest rates in the country are significantly higher than those overseas. Also, a lot of blue-chip Indian stocks are available at excellent valuations. Lastly, for the NRI, sending money to the family will always be a need irrespective of the economic scenario. However, remittances, unlike NRI deposits or the portfolio investment route, are not driven only by return considerations.

Top 10 NRI Newsmakers of 2008

The selection is based on news value and the degree of interest and concern to NRIs.

1. Lord Swaraj Paul : A consistent NRI newsmaker for over three decades, he just made history by being installed Deputy Speaker in the House of Lords. He is the first Indian to sit on the woolsack, the traditional seat. He has extensive investments in India for his multi-billion pound company Caparo Group. Conferred the Peerage in 1996 and honoured with the Padma Bhushan by India in 1983, 77-year-old Lord Paul is one of the most famous Indian origin entrepreneurs in Britain.

 

2. Sonal Shah: Appointed to the Transition Team of US president-elect Barrack Obama, she is a member of a three-person team to coordinate technology, innovation and government reform during the transition. She earlier headed the philanthropic department of Internet giant Google; and was vice president at Goldman, Sachs and Co and developed and implemented the firm's environmental strategy. Shah, who raised funds for victims of the 2001 earthquake in Gujarat through the Vishwa Hindu Parishad-America, has denied any links to this organisation.

 

3. Vikram Pandit: The Citibank CEO shocked everyone with his sudden appointment to the world's biggest banking company. After a year, he is right in the eye of the global financial tsunami to save his bank and spearhead its recovery. He makes news with the US government's multi-billion dollar recovery package for his bank, job losses, restructuring and reviving an icon of the American financial sector. Facing a difficult recovery, Pandit faces one of the toughest challenges ever seen in the banking industry.

 

4. Karpal Singh: A Malaysian-Indian veteran lawyer and human rights activist, he fought the general election as an opposition candidate for equal treatment of all Malays for government contracts, employment and appointments. He has highlighted the woes of all underprivileged for 30 years and has been compared to Martin Luther King and Nelson Mandela.

 

5. Sir Salman Rushdie: His long-time bestseller 'Midnight's Children' was, following a public vote, declared the Best of the Booker in the award's 40-year history.

 

6. Navanethan Pillay: A South African Indian judge, he was appointed for four years as the UN Human Rights Commissioner - a significant achievement for NRIs. Her grand-parents migrated from Tamil Nadu to South Africa as sugarcane indentured labourers in the late 1800s, and she became the first woman to start law practice in South Africa's Natal Province in 1968. Pillay defended several anti-apartheid activists and successfully fought for the right of political prisoners, including Nelson Mandela.

 

7. Lakshmi Mittal made some news for the wrong reasons this year. The world's largest steel maker after he took over Arcelor, Mittal has had to take tough decisions on staff sackings, respond to environmental concerns and acquisitions and mergers. On the positive side, he was honoured with Padma Vibhushan by India and the third Forbes Lifetime Achievement Award for heroes of entrepreneurial capitalism and free enterprise.

 

8. The Great Khali, Dilip Singh Rana : One of the largest athletes in the World Wrestling Entertainment and World Heavyweight Champion, Khali calls himself after the Hindu Goddess Kali. This towering giant at seven feet three inches enjoyed a hero's welcome during his visit to India this year. He also landed up film contracts.

 

9. Anand Jon: He was convicted of rape after a glamorous career as the fashion designer to Hollywood stars. From Beverley Hills to prison wards, he made headlines with court proceedings when he was accused of luring young women and girls, as young as 14, to an apartment where he acted out sadistic fantasies. The powerful, strident campaign for his innocence mounted by his sister Sanjana claims that he was framed.

 

10. Dev Patel ... Dev who? Well, he is an 18-year actor in the new Hollywood hit 'Slumdog Millionaire'. Based on a novel 'Q&A' by Indian diplomat Vikas Swarup and crafted into a film by the acclaimed director Danny Boyle with music by A.R. Rehman, this film is ready to grab some awards at the next Oscars. Patel plays Jamal, a slum child who becomes a national hero after he reaches the final question on India's TV show 'Who Wants to be a Millionaire?' Watch him! He could win the best supporting actor award.

Fresh News

Hunger-Free Kozhikode project set to be launched on 26 Jan.

 

Waynad farmers mitigate their losses by taking to homestay tourism.

 

Kerala's first district level IT park to come up at Kundara Kollam.

 

American Association of Physicians of Indian Origin (AAPI)has launched a nationwide rural health programme, covering to train rural medical practitioners for early diagnosing and treating several killer diseases and opening at least one free health clinics in every states of India.

 

A five-day food festival was held at Trivandrum to propagate the culinary traditions of the State.

 

SBI opened its 11,111th branch in Assam, inagurated by union home minister PC Chidambaram. SBI also completed its 10,000th ATM. Home loan rates reduced further.

 

Inflation is falling continuously and RBI/banks continue to reduce interest rates. Exports are falling due to global slowdown.

 

All banks including SBI, are expected to reduce interest rate significantly over next few months as banking regulator RBI reduces key rates more than expected.

 

Two companies of commandos would be constituted in Kerala to strengthen the security apparatus in the wake of November 26 Mumbai Attack.

Fun - Light Bulb

Mr. Smart urgently needed a few days off work, but he knew the Boss would not allow him to take a leave. He thought that maybe if he acted "CRAZY" then Boss would tell him to take a few days off.

 

So he hung upside down on the ceiling and made funny noises. His lady co-worker asked him what he was doing? Mr. Smart told her that  was pretending to be a light bulb so that the Boss would think he was "CRAZY" and give him a few days off.

 

A few minutes later the Boss came into the office and asked "What are you doing?" Mr. Smart told him he was a light bulb. Boss said "You are clearly stressed out. Go home and recuperate for a couple of days".

 

Mr. Smart jumped down and walked out of the office happily. Then the co-worker followed Mr. Smart out of office, the Boss asked her "And where do you think you're going?"

 

She said, "I'm going home too, I can't work in the dark!"

Fresh News

National highways in Kerala stretching from the state capital Thiruvananthapuram to the northern city of Kannur will be developed for four-lane traffic within four years.

 

Govt sanctions Rs 40 cr for Kerala to beef up coastal security.

 

The Central Bureau of Investigation (CBI) arrested 17 travel agents in Kochi for allegedly securing emigration clearances for their clients using fake documents.

 

Govt sanctions Rs 40 cr for Kerala to beef up coastal security.

 

Driving tests to become computerised in Kerala.

 

The two-day diaspora meet "Ente Naadu," billed as a platform for the Kerala diaspora to invest in the state’s tourism projects, concluded here Wednesday with an investment of around Rs.10 billion expected in coming years, a minister said.

 

Hundreds of students in colourful costumes danced their way to the main venue of the Kerala School Festival, heralding the 49th edition of Asia’s biggest arts and cultural extravaganza.This event may enter Guinness book of world record for maximum participation.

 

Kerala government will launch Vision 2010, an INR 300 crore development project in the state.

 

Two NRI journalists are among several other professionals of Indian origin to have been included in the Queen’s New year Honours List.

 

Almost 22 years after its foundation stone was laid, the Indian Naval Academy, Ezhimala, on this promontory overlooking the Arabian Sea, is ready for inauguration.