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SCARY MOVIES
In Germany, Chancellor Angela Merkel said she expected the first few months of next year to bear more bad news for Europe`s largest economy, which is now in recession.
Merkel told Welt am Sonntag newspaper that economic development in Germany, Europe and the rest of the world was hard to predict but "we have to expect the coming year, at least in the first months, to be a year of bad news."
The Wall Street Journal said General Motors was considering "all options" because of its liquidity problems. A GM spokesman told the paper that management was doing everything it could to avoid a bankruptcy filing.
Chief Executive Rick Wagoner, along with bosses from Ford Motor Co, and Chrysler, went to Capitol Hill this week to plea for $25 billion to bail out the auto industry.
Citigroup executives, meanwhile, met Federal Reserve and U.S. Treasury Department officials in recent days to discuss its options, which include another capital injection from the Treasury, a person familiar with the matter said.
The bank`s management has also discussed selling off units or finding another bank to merge with.
"It`s fear and panic at this point," said Gerard Cassidy, a banking analyst at RBC Capital Markets in Portland, Maine.
"Investors have seen similar movies this year, and the endings are very unpleasant."
...
In reply to:
Welcome to the world of Obamanomics.
Posted by :
sambala
Obama sees long haul ahead, China offers help
NEW YORK/LONDON (Reuters) - U.S. President-elect Barack Obama said on Saturday he was crafting a two-year plan to fight an economic crisis of "historic proportions" and Chinese leader Hu Jintao said his country was ready to play a big role in the global effort.
In another sober assessment, billionaire investor George Soros said the U.S. economy needed an additional $300 billion to $600 billion in support funds to help it withstand a financial crisis which he said "has exceeded my most daring expectations."
The corporate scenario also darkened, with U.S. automaker General Motors Corp considering "all options," including bankruptcy, because of its liquidity problems, according to the Wall Street Journal.
And banker Citigroup Inc was in talks with the U.S. government amid doubts about its ability to survive.
President George W. Bush, on the last overseas trip of his presidency, urged other leaders at a summit in Lima, Peru, not to let the global financial crisis push the world away from free trade.
Obama, who takes over from Bush on Jan. 20, said, "There are no quick or easy fixes to this crisis, which has been many years in the making, and it`s likely to get worse before it gets better."
He was speaking in a radio address on Saturday, the day after reports that he had chosen the New York Federal Reserve president, Timothy Geithner, as Treasury secretary rallied stock markets.
Obama, a Democrat, said swift and bold action was needed to prevent a deep slump, a spiral of falling prices, and millions of job losses.
He signalled he was prepared to push for a much larger package than the $175 billion stimulus measure he called for in his election campaign. His plan would set a goal of creating 2.5 million more jobs by January 2011 -- a two-year scenario.
"The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions," Obama said.
CHINA TO THE RESCUE?
In Lima, Chinese President Hu said the Asian powerhouse would work alongside the international community to strengthen cooperation and protect international markets.
China has been a major driver of the world economy as its rapid expansion fuelled demand for raw materials. But with so many troubled countries looking to China to ease their financial woes, Beijing has until now been wary of taking a leading role.
"China is within the scope of its abilities taking major efforts to address the financial crisis," Hu said in a speech to business leaders.
This included providing support for liquidity for domestic financial institutions and coordinating macroeconomic policy with other countries.
Hu and Bush are in Lima for a summit of leaders from Asia and the Americas within the Asia-Pacific Economic Cooperation forum, whose countries represent more than half of global output.
They are expected to ratify previous commitments by the Group of 20 powerful world economies to use trade and government spending to combat the economic crisis.
The leaders of Japan, Indonesia, Australia, Canada, Mexico and Russia and other countries join Hu and Bush at the summit.
Soros, one of the world`s first and best-known hedge fund managers, told Germany`s Der Spiegel magazine the United States needed an infrastructure program and a large economic stimulus package to provide its cities and states with sufficient cash.
The U.S. government has launched a $700 billion financial bailout initiative in response to the turmoil. But the U.S. economy needed additional support measures of between $300 billion and $600 billion, Soros said.
He criticized U.S. Treasury Secretary Henry Paulson for having reacted too late to the crisis but said he had high hopes about Obama`s ability to manage the situation.
"The duration of the crisis depends on the success of his policies," Soros said, according to Der Spiegel.
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Obama sees long haul ahead, China offers help
NEW YORK/LONDON (Reuters) - U.S. President-elect Barack Obama said on Saturday he was crafting a two-year plan to fight an economic crisis of "historic proportions" and Chinese leader Hu Jintao said his country was ready to play a big role in the global effort.
In another sober assessment, billionaire investor George Soros said the U.S. economy needed an additional $300 billion to $600 billion in support funds to help it withstand a financial crisis which he said "has exceeded my most daring expectations."
The corporate scenario also darkened, with U.S. automaker General Motors Corp considering "all options," including bankruptcy, because of its liquidity problems, according to the Wall Street Journal.
And banker Citigroup Inc was in talks with the U.S. government amid doubts about its ability to survive.
President George W. Bush, on the last overseas trip of his presidency, urged other leaders at a summit in Lima, Peru, not to let the global financial crisis push the world away from free trade.
Obama, who takes over from Bush on Jan. 20, said, "There are no quick or easy fixes to this crisis, which has been many years in the making, and it`s likely to get worse before it gets better."
He was speaking in a radio address on Saturday, the day after reports that he had chosen the New York Federal Reserve president, Timothy Geithner, as Treasury secretary rallied stock markets.
Obama, a Democrat, said swift and bold action was needed to prevent a deep slump, a spiral of falling prices, and millions of job losses.
He signalled he was prepared to push for a much larger package than the $175 billion stimulus measure he called for in his election campaign. His plan would set a goal of creating 2.5 million more jobs by January 2011 -- a two-year scenario.
"The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions," Obama said.
CHINA TO THE RESCUE?
In Lima, Chinese President Hu said the Asian powerhouse would work alongside the international community to strengthen cooperation and protect international markets.
China has been a major driver of the world economy as its rapid expansion fuelled demand for raw materials. But with so many troubled countries looking to China to ease their financial woes, Beijing has until now been wary of taking a leading role.
"China is within the scope of its abilities taking major efforts to address the financial crisis," Hu said in a speech to business leaders.
This included providing support for liquidity for domestic financial institutions and coordinating macroeconomic policy with other countries.
Hu and Bush are in Lima for a summit of leaders from Asia and the Americas within the Asia-Pacific Economic Cooperation forum, whose countries represent more than half of global output.
They are expected to ratify previous commitments by the Group of 20 powerful world economies to use trade and government spending to combat the economic crisis.
The leaders of Japan, Indonesia, Australia, Canada, Mexico and Russia and other countries join Hu and Bush at the summit.
Soros, one of the world`s first and best-known hedge fund managers, told Germany`s Der Spiegel magazine the United States needed an infrastructure program and a large economic stimulus package to provide its cities and states with sufficient cash.
The U.S. government has launched a $700 billion financial bailout initiative in response to the turmoil. But the U.S. economy needed additional support measures of between $300 billion and $600 billion, Soros said.
He criticized U.S. Treasury Secretary Henry Paulson for having reacted too late to the crisis but said he had high hopes about Obama`s ability to manage the situation.
"The duration of the crisis depends on the success of his policies," Soros said, according to Der Spiegel.
...
In reply to:
Welcome to the world of Obamanomics.
Posted by : sambala
Obama economic plan aims for 2.5M new jobs by 2011
WASHINGTON – President-elect Barack Obama promoted an economic plan Saturday he said would create 2.5 million jobs by rebuilding roads and bridges and modernizing schools while developing alternative energy sources and more efficient cars.
"These aren`t just steps to pull ourselves out of this immediate crisis. These are the long-term investments in our economic future that have been ignored for far too long," Obama said in the weekly Democratic radio address.
The goal is to get the plan quickly through Congress, with help from both parties, after Obama takes office Jan. 20. The plan, which envisions those new jobs by January 2011, is "big enough to meet the challenges we face," he said. The president-elect said he has asked his economic advisers to flesh out the recovery plan — one "big enough to meet the challenges we face. ... We`ll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jump-start job creation in America and lay the foundation for a strong and growing economy."
Obama noted the growing evidence the country is "facing an economic crisis of historic proportions" and said he was pleased Congress passed an extension of unemployment benefits this past week. But, he added, `We must do more to put people back to work and get our economy moving again."
Nonetheless, he said, "There are no quick or easy fixes to this crisis, which has been many years in the making, and it`s likely to get worse before it gets better."
It will take support from Democrats and Republicans to pass the economic plan, Obama said. "I`ll be welcome to ideas and suggestions from both sides of the aisle," he said. "But what is not negotiable is the need for immediate action."
People "are lying awake at night wondering if next week`s paycheck will cover next month`s bills," if their jobs will remain, if their retirement savings will disappear, he added.
Senate Majority Leader Harry Reid, D-Nev., said congressional Democrats will "continue pushing for aggressive but necessary measures. Part of that is passing a substantial economic recovery package, like the one President-elect Obama discussed this morning, that creates good-paying jobs here in America and stabilizes a volatile market."
In a slap at President George W. Bush, Reid added, "We will soon finally have a leader and partner in the White House who recognizes the urgency with which we must turn around our economy, and I look forward to working with him and the new Congress to do so."
The Labor Department reported that claims for unemployment benefits jumped last week to the highest level since July 1992, providing fresh evidence of the weakening job market.
"We`ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels," Obama said. He also made a commitment to fuel-efficient cars and alternative energy technologies "that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead."
Obama pointed to the past, saying that Americans in this country`s darkest hours have risen above their divisions to solve their problems, as a hope for the future.
"We have acted boldly, bravely, and above all, together," Obama said. "That is the chance our new beginning now offers us, and that is the challenge we must rise to in the days to come. It is time to act. As the next president of the United States, I will."
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Citigroup could replace Pandit as CEO: NYT
New York, Nov 22 (IANS) Vikram Pandit, the Indian-American CEO of Citigroup, could well be on his way out as the banking giant is looking at various options, including his sacking, to infuse confidence among its investors and tide over the worst-ever crisis it is facing, a media report here said Saturday.
Citigroup stock has plumbed more than 60 percent in a week, now trading below $4, which is 90 percent below its all time high. Top executives of the Citigroup Friday held a series of frantic meeting and talks with the federal government, discussing the possibilities of overcoming this crisis.
Among possible options being weighed by the Citigroup executives included whether to replace Pandit, 55, or sell part of the company, the New York Times reported.
No other mainstream US media outlet, however, reported that Pandit, who was hired by the company last year to enthuse confidence among the investors, could be fired.
Pandit himself held a series of meetings Friday, which went into Saturday, as the company further plunged into a deeper crisis.
The Wall Street Journal said Pandit told his employees on a conference call that he had `no desire` to sell the Smith Barney brokerage unit or other parts of the financial company.
He lashed out at `fear mongering` by investors, which he complained was partly fuelled by competitors, the Journal reported.
Meanwhile, media reports Saturday said the US government could step in to rescue the Citigroup.
The company top executives and board members Friday held a series of telephonic conversations with federal authorities including Treasury Secretary Henry Paulson and New York Federal reserve Bank president Timothy Geithner, who is being widely speculated to be the next treasury secretary.
...
In reply to:
Job losses....
Posted by : sambala
Citi India may lay off over 1,000 employees: WSJ
Days after Citi`s global CEO Vikram Pandit revealed the group`s plans to reduce headcounts by 52,000, there are reports that the financial major will lay-off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
The Wall Street Journal today reported that the majority job cuts in India will come from CitiFinancial India, the group’s non-banking finance company, where 1,000 employees will face the axe over the next few months.
It said that Citigroup will also cut dozens of additional positions from its investment and corporate banking team though the layoff plans are still being finalised.
When contacted, a Citi India spokesperson said: “We have said before that we`re expecting only minimal impact for India. We continue to hire for the business, especially on campuses where we remain very active."
There could be some cuts in Citi`s domestic workforce due to under performance, a senior bank executive said.
Citi has maintained that a large part of the domestic staff strength has already come down following the sale of its business process outsourcing arm, Citigroup Global Services to TCS about a month ago. The BPO outfit had around 12,000 employees.
Earlier this week, at the Business Standard Banking Round Table Citi South Asia CEO Sanjay Nayar had said that the group’s businesses in emerging markets, including India, are doing very well.
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`Queue up for calls, we are Air India`
Air India has put barriers on local calls for its staff in a desperate measure to cut costs, by insisting that most of its staff must go register with the exchange operator and not dial numbers themselves - even suspending the practice of dialing 9 to get a local dialtone. Given the credit crunch and slowdown mood in the economy, this could well be emulated by India Inc.
in coming days. By cutting the staff`s `lifeline`, the Maharaja intends to save Rs 25 crore a year - or a quarter of its communications costs.
Curbs have also been imposed on the use of stationery and printers, besides restrictions on clothing, electricity, mobile phone and petrol bill allowances for employees. All these are expected to save Rs 200 core a year, said senior officials of the airline famous for its Maharaja mascot, which is expected report losses running into more than Rs.
2,000 crore. The airline believes a lot of time and money is wasted on personal stuff.
"Now we have to give the number to the exchange who then connect the calls. There is no freedom and it is irritating to make a call.
We have to wait for a long time in a queue. Forget personal calls.
Official calls are suffering," said an employee asking not to be identified. Several other officials have confirmed this restriction.
Following an uproar by employees, the self-dialling facility has been restored only for some key departments like flights dispatch, sales and marketing. But more than 60 per cent of the airlines` 23,000 staff who are in non-operational areas are still under restriction.
The move comes days after the Air India management shelved its leave-without-pay scheme for employees due to political pressures after private rival Jet Airways suffered angry staff protests when it tried layoffs
...
In reply to:
Job losses....
Posted by : marketman
Many indians loosing the jobs during this economic crisis....
Pfizer replacing US workers with indians....
PMO tells airlines to keepoff sackings....
Small mills sack 10000 in 3 months....
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Obama economic plan aims for 2.5M new jobs by 2011
WASHINGTON – President-elect Barack Obama promoted an economic plan Saturday he said would create 2.5 million jobs by rebuilding roads and bridges and modernizing schools while developing alternative energy sources and more efficient cars.
"These aren`t just steps to pull ourselves out of this immediate crisis. These are the long-term investments in our economic future that have been ignored for far too long," Obama said in the weekly Democratic radio address.
The goal is to get the plan quickly through Congress, with help from both parties, after Obama takes office Jan. 20. The plan, which envisions those new jobs by January 2011, is "big enough to meet the challenges we face," he said. The president-elect said he has asked his economic advisers to flesh out the recovery plan — one "big enough to meet the challenges we face. ... We`ll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jump-start job creation in America and lay the foundation for a strong and growing economy."
Obama noted the growing evidence the country is "facing an economic crisis of historic proportions" and said he was pleased Congress passed an extension of unemployment benefits this past week. But, he added, `We must do more to put people back to work and get our economy moving again."
Nonetheless, he said, "There are no quick or easy fixes to this crisis, which has been many years in the making, and it`s likely to get worse before it gets better."
It will take support from Democrats and Republicans to pass the economic plan, Obama said. "I`ll be welcome to ideas and suggestions from both sides of the aisle," he said. "But what is not negotiable is the need for immediate action."
People "are lying awake at night wondering if next week`s paycheck will cover next month`s bills," if their jobs will remain, if their retirement savings will disappear, he added.
Senate Majority Leader Harry Reid, D-Nev., said congressional Democrats will "continue pushing for aggressive but necessary measures. Part of that is passing a substantial economic recovery package, like the one President-elect Obama discussed this morning, that creates good-paying jobs here in America and stabilizes a volatile market."
In a slap at President George W. Bush, Reid added, "We will soon finally have a leader and partner in the White House who recognizes the urgency with which we must turn around our economy, and I look forward to working with him and the new Congress to do so."
The Labor Department reported that claims for unemployment benefits jumped last week to the highest level since July 1992, providing fresh evidence of the weakening job market.
"We`ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels," Obama said. He also made a commitment to fuel-efficient cars and alternative energy technologies "that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead."
Obama pointed to the past, saying that Americans in this country`s darkest hours have risen above their divisions to solve their problems, as a hope for the future.
"We have acted boldly, bravely, and above all, together," Obama said. "That is the chance our new beginning now offers us, and that is the challenge we must rise to in the days to come. It is time to act. As the next president of the United States, I will."
...
In reply to:
Welcome to the world of Obamanomics.
Posted by : sambala
Napolitano was an early supporter of candidate Obama among the ranks of Democratic governors, as was Kathleen Sebelius of Kansas. Sebelius has figured prominently in recent days in speculation as possible secretary of labor.
Additionally, retired Gen. James Jones, a former Marine Corps commandant and NATO commander, was among those under consideration for national security adviser. James Steinberg, an Obama campaign aide who served in Clinton`s White House, was another possibility, according to officials.
Obama has repeatedly referred to the economic crisis as the top priority for his new administration.
Geithner held posts in the Treasury Department under three administrations and five secretaries before moving to the New York Fed in 2003. He also held positions at the International Monetary Fund and was employed at the private firm of former Secretary of State Henry Kissinger.
The Dow Jones industrials soared by nearly 500 points late in the day Friday, a sharp rise that coincided with the first reports of Geithner`s possible appointment.
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Napolitano was an early supporter of candidate Obama among the ranks of Democratic governors, as was Kathleen Sebelius of Kansas. Sebelius has figured prominently in recent days in speculation as possible secretary of labor.
Additionally, retired Gen. James Jones, a former Marine Corps commandant and NATO commander, was among those under consideration for national security adviser. James Steinberg, an Obama campaign aide who served in Clinton`s White House, was another possibility, according to officials.
Obama has repeatedly referred to the economic crisis as the top priority for his new administration.
Geithner held posts in the Treasury Department under three administrations and five secretaries before moving to the New York Fed in 2003. He also held positions at the International Monetary Fund and was employed at the private firm of former Secretary of State Henry Kissinger.
The Dow Jones industrials soared by nearly 500 points late in the day Friday, a sharp rise that coincided with the first reports of Geithner`s possible appointment.
...
In reply to:
Welcome to the world of Obamanomics.
Posted by : sambala
Obama moves quickly to fill Cabinet positions
WASHINGTON – President-elect Barack Obama has moved with unusual speed to select officials for his administration, and senior Democratic officials say he intends to name Timothy Geithner as his treasury secretary as soon as Monday.
It was not clear when Obama intended to formally unveil any of his other picks for the administration that takes office at the stroke of noon on Jan. 20. One Democrat said John Podesta, a leader of Obama`s transition team, had told Senate aides on Friday that Obama hoped for speedy confirmation so the new administration could get to work quickly thereafter.
Word of Geithner`s likely selection emerged as New York Sen. Hillary Rodham Clinton, in line to become secretary of state, said through a spokesman that discussions were on track for her appointment but no final arrangement had been made.
Obama`s choice for attorney general, a third critical post as the president-elect rounds out his top Cabinet echelon, is Eric Holder. He held the No. 2 slot in the Justice Department in President Bill Clinton`s administration.
The president-elect plans to announce Geithner`s appointment in Chicago on Monday, barring an unforeseen snag in a background check that is nearly complete, said one of the senior officials, both of whom were familiar with the deliberations. He`s the president of the New York Federal Reserve.
If nominated and confirmed by the Senate, Geithner, 47, would assume chief responsibility for tackling an economic slowdown and credit crunch that threaten to create the deepest recession in more than a generation. In his current post in New York, he has played a key role in the government`s response to the financial crisis and has worked closely with Treasury Secretary Henry Paulson and Ben Bernanke, chairman of the Federal Reserve.
As a Treasury Department official during the Clinton administration, Geithner (pronounced GITE-ner) dealt with international financial crises and played a major part in negotiating assistance packages for South Korea and Brazil.
Lawrence Summers, a former treasury secretary and one-time Harvard University president, was being considered as an economic adviser. Economic posts also seemed likely for Obama`s top two economic advisers during his campaign, Austan Goolsbee and Jason Furman.
Officials said New Mexico Gov. Bill Richardson had emerged as a likely pick as commerce secretary, although he had hoped to be secretary of state. Like Clinton, he was a rival of Obama`s for the Democratic presidential nomination last winter. He dropped out after the early contests, though, and soon threw his support behind the eventual winner.
The officials spoke only on condition of anonymity because they were not authorized to publicly discuss the anticipated appointments.
The president-elect has largely stayed out of public view since his election on Nov. 4, preferring to work quietly with aides and Vice President-elect Joe Biden in a suite of offices in downtown Chicago.
Obama faces unusual challenges and has moved quickly in assembling his team. Former President George H.W. Bush made his first Cabinet pick the day after his election in 1988, but former President Clinton did not name any members until after Thanksgiving. President George W. Bush`s transition was delayed by the contested result in Florida.
While speculation has been rampant about most top-level appointments, there has been relatively little about Obama`s choice for defense secretary. His aides encouraged speculation before the election that Robert Gates, who now holds the position, would remain in office for an interim period.
Other Cabinet selections so far include former Senate Majority Leader Tom Daschle of South Dakota as secretary of health and human services and Arizona Gov. Janet Napolitano, likely to be named as secretary of the Homeland Security Department.
Cont,,,,,
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Obama moves quickly to fill Cabinet positions
WASHINGTON – President-elect Barack Obama has moved with unusual speed to select officials for his administration, and senior Democratic officials say he intends to name Timothy Geithner as his treasury secretary as soon as Monday.
It was not clear when Obama intended to formally unveil any of his other picks for the administration that takes office at the stroke of noon on Jan. 20. One Democrat said John Podesta, a leader of Obama`s transition team, had told Senate aides on Friday that Obama hoped for speedy confirmation so the new administration could get to work quickly thereafter.
Word of Geithner`s likely selection emerged as New York Sen. Hillary Rodham Clinton, in line to become secretary of state, said through a spokesman that discussions were on track for her appointment but no final arrangement had been made.
Obama`s choice for attorney general, a third critical post as the president-elect rounds out his top Cabinet echelon, is Eric Holder. He held the No. 2 slot in the Justice Department in President Bill Clinton`s administration.
The president-elect plans to announce Geithner`s appointment in Chicago on Monday, barring an unforeseen snag in a background check that is nearly complete, said one of the senior officials, both of whom were familiar with the deliberations. He`s the president of the New York Federal Reserve.
If nominated and confirmed by the Senate, Geithner, 47, would assume chief responsibility for tackling an economic slowdown and credit crunch that threaten to create the deepest recession in more than a generation. In his current post in New York, he has played a key role in the government`s response to the financial crisis and has worked closely with Treasury Secretary Henry Paulson and Ben Bernanke, chairman of the Federal Reserve.
As a Treasury Department official during the Clinton administration, Geithner (pronounced GITE-ner) dealt with international financial crises and played a major part in negotiating assistance packages for South Korea and Brazil.
Lawrence Summers, a former treasury secretary and one-time Harvard University president, was being considered as an economic adviser. Economic posts also seemed likely for Obama`s top two economic advisers during his campaign, Austan Goolsbee and Jason Furman.
Officials said New Mexico Gov. Bill Richardson had emerged as a likely pick as commerce secretary, although he had hoped to be secretary of state. Like Clinton, he was a rival of Obama`s for the Democratic presidential nomination last winter. He dropped out after the early contests, though, and soon threw his support behind the eventual winner.
The officials spoke only on condition of anonymity because they were not authorized to publicly discuss the anticipated appointments.
The president-elect has largely stayed out of public view since his election on Nov. 4, preferring to work quietly with aides and Vice President-elect Joe Biden in a suite of offices in downtown Chicago.
Obama faces unusual challenges and has moved quickly in assembling his team. Former President George H.W. Bush made his first Cabinet pick the day after his election in 1988, but former President Clinton did not name any members until after Thanksgiving. President George W. Bush`s transition was delayed by the contested result in Florida.
While speculation has been rampant about most top-level appointments, there has been relatively little about Obama`s choice for defense secretary. His aides encouraged speculation before the election that Robert Gates, who now holds the position, would remain in office for an interim period.
Other Cabinet selections so far include former Senate Majority Leader Tom Daschle of South Dakota as secretary of health and human services and Arizona Gov. Janet Napolitano, likely to be named as secretary of the Homeland Security Department.
Cont,,,,,...
In reply to:
Welcome to the world of Obamanomics.
Posted by : sambala
Set to become the first black U.S. president, Obama will inherit a deeply unpopular war in Iraq and another war in Afghanistan, where violence has soared, and will seek to rebuild relationships with allies, particularly in Europe.
Retired Marine Gen. James Jones has emerged as a leading contender for White House national security adviser, according to Democratic sources. Jones is a former top operational commander of NATO.
Obama is also leaning toward keeping Defense Secretary Robert Gates. Gates, who replaced the combative Donald Rumsfeld in 2006, is praised by both Republicans and Democrats in Congress for overseeing a military strategy shift in Iraq that helped bring the country back from the brink of civil war.
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Citi India staff face downsizing; severance offers made
Mumbai, Nov. 22 Some of Citi India’s employees have been sounded out on severance; this comes close on the heels of the parent bank recently announcing it would cut 52,000 jobs in the US over the next year on the back of mounting loan losses.
The bank’s Indian operations — with a staff strength of around 11,000 — would be downsizing too, said insiders. A senior Citi India official, who declined to be identified, said employees across senior, mid, and junior levels face retrenchment. “The severance package is not too bad. It may not be a bad idea to opt for it as the bank could face a takeover sooner or later,” the official said.
Across the group
Offers of a severance package have been made not only to staff from the bank, but also to employees in Citi’s capital markets arm and Citifinancial, the group’s non-banking subsidiary in India, he added.
Developments at the bank come in the wake of Mr Sanjay Nayar, former CEO for India and South Asia, Citibank, moving to Kohlberg, Kravis, Roberts & Co as its first chief executive officer and country head for India. Citigroup has appointed Mr Mark Robinson in Mr Nayar’s place.
A senior Citifinancial official said: “I have no information as yet about lay-offs. As far as business goes, we have restructured our operations by stopping small-ticket retail advances to customers in the Socio-Economic Categories B and C as we have faced a lot of defaults. We are now focussing only on extending big ticket advances to SEC A customers, who have the wherewithal to repay loans.”
The official pointed out that, as part of the cost-cutting exercise, some of Citifinancial’s unviable branches may be closed down. “Earlier, a customer could get a loan from us with minimum fuss. But with loan defaults rising, we have tightened the credit appraisal procedures. We now also have a fraud check mechanism in place. So, a customer now has to wait longer to get a loan from us,” he said.
Incidentally, Citigroup Inc, which reported a $5.1-billion loss in the first quarter of its accounting year, said in April 2008 that its Indian operations suffered higher credit costs (provisions against bad debt and write-offs) and increased recovery costs.
India driven
It said the Indian operations contributed to the decline in Citigroup’s net income from Asia. The group had also said that under its international consumer finance business, “the net loss of $99 million was mainly due to an increase in credit costs of 92 per cent, primarily driven by India, and a repositioning charge.”
In the financial year ended March 31, 2008, Citibank India reported a 100 per cent jump in its net profit to Rs 1,804 crore, against Rs 900 crore in the previous year.
...
In reply to:
Job losses....
Posted by : marketman
It is pretty much confirmed now that there have been a round of pink slips handed out at Citigroup India. The exact number is as yet not ascertainable. A Wall Street Journal report had quoted sources and said that about 1,000 jobs will be cut at Citi India. The report also alluded to Citi Financial — that is the NBFC or non-banking financial company arm of the company — being likely to lose most of the jobs. The report quoted a Citi official spokesperson as saying that the NBFC is offering new products or rather revamping a product it is offering and therefore some jobs would be rendered redundant. That much is confirmed.Citi Financial possibly is also another place where there have been major job cuts. The exact number is not ascertainable but job cuts are confirmed.
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All of u should watch UPSOUTH its so interesting.. wonder why there is nothing like UPNORTH .. it should be DOWN SOUTH UP NORTH RIGHT EAST AND LEFT WEST isnt it.. why is CNBCTV18 parital to south.. but it is so interesting.. do watch this program where u can get the minutest detail of how the govt functions etc etc...
YOUNG TURKS is also a great porgram.. they showed the enterprenuers of M-CHEK two very unassuming guys who developed technology that allows one to pay their bill using a mobile.... the product was so innovative that airtel has indirectly advertised their product (that famour vidya balan and madhavan ad in the train where she throws the pack of cards at him). They way airtel shows it it seems like AIRTEL developed the technology... hideous money power clout.. its actually these two unassuming gusy who developed this technology.... they are now being funded by venture capitalist to scale up their projects.... i consider them a highly successful brilliant pair... that should be the calber of our youngsters.......
In reply to:
Job losses....
Posted by : radhika_nandlal
ch3,
But the govt is doing its job meticulously is what i gather from all the programs i watch on CNBC.....see the **auditor general and controller** has pulled up Tamilnadu for lack of transparency in its rural employment scheme funded by the center.... they have used only 0.27% of the money meant for this purpose....what else can one can expect from that goggle guy... then when i heard manmohan and chiddu state today that they would not use the particular fund for infrastructure (i forget the name, anyone here remember this) but would use resources from another body etc etc when i see such deligence and attention to details i am so impressed with chiddu.. hoe he continues as the FM of the country.. i wonder if vajpayee knows anything other than to wave the saffron flag.
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ch3,
But the govt is doing its job meticulously is what i gather from all the programs i watch on CNBC.....see the **auditor general and controller** has pulled up Tamilnadu for lack of transparency in its rural employment scheme funded by the center.... they have used only 0.27% of the money meant for this purpose....what else can one can expect from that goggle guy... then when i heard manmohan and chiddu state today that they would not use the particular fund for infrastructure (i forget the name, anyone here remember this) but would use resources from another body etc etc when i see such deligence and attention to details i am so impressed with chiddu.. hoe he continues as the FM of the country.. i wonder if vajpayee knows anything other than to wave the saffron flag....
In reply to:
Job losses....
Posted by : chchch
radhikaji, Without going into the merits of your posting, I may say that Govt. employees got pay hike, just few days back PSE employees being rewarded with pay hike and it will now be the turn of PSU bank/insurance employees who will get the hike as general elections are round the corner. But, it is anybody`s guess whether many of the smaller PSU banks will be able to bear the expenses on account of any pay hike. May be just like petro bonds to oil companies, these pay hikes, loan waiver etc. are left by those in power to be tackled by the next Government with sincere hope that they may not be returned to the saddle again!
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radhikaji, Without going into the merits of your posting, I may say that Govt. employees got pay hike, just few days back PSE employees being rewarded with pay hike and it will now be the turn of PSU bank/insurance employees who will get the hike as general elections are round the corner. But, it is anybody`s guess whether many of the smaller PSU banks will be able to bear the expenses on account of any pay hike. May be just like petro bonds to oil companies, these pay hikes, loan waiver etc. are left by those in power to be tackled by the next Government with sincere hope that they may not be returned to the saddle again!...
In reply to:
Job losses....
Posted by : radhika_nandlal
All banking employees should get the pink slip... they are so ill informed about their own products LOL...PSU bank employees should be pulled up for their rude and govt babu kind of behavior towads customers....
Most banking executives you approach will not know
Which instruments are pledgable
Which instruments can get u an OD
Which products can get u a sweep in
They will brazenly say when u break an FD there are no penalties but they wont tell you that the interest rate they will pay you would be 3% coz u broke the FD sooner.... etc etc.
They are so lacking in spirit, enthusiasm, and in knowledge that the govt`s infrastructure, the customer`s money and patience, is all wasted on these lazy exeuctives. There is no professionalism in most bank executive be it pvt or public sector banks.. terrible terrible terrible... the govt of india should appoint a banking employee vigilant squad to oversee the apathy of these buffaloes in the bank.
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All banking employees should get the pink slip... they are so ill informed about their own products LOL...PSU bank employees should be pulled up for their rude and govt babu kind of behavior towads customers....
Most banking executives you approach will not know
Which instruments are pledgable
Which instruments can get u an OD
Which products can get u a sweep in
They will brazenly say when u break an FD there are no penalties but they wont tell you that the interest rate they will pay you would be 3% coz u broke the FD sooner.... etc etc.
They are so lacking in spirit, enthusiasm, and in knowledge that the govt`s infrastructure, the customer`s money and patience, is all wasted on these lazy exeuctives. There is no professionalism in most bank executive be it pvt or public sector banks.. terrible terrible terrible... the govt of india should appoint a banking employee vigilant squad to oversee the apathy of these buffaloes in the bank....
In reply to:
Job losses....
Posted by : marketman
It is pretty much confirmed now that there have been a round of pink slips handed out at Citigroup India. The exact number is as yet not ascertainable. A Wall Street Journal report had quoted sources and said that about 1,000 jobs will be cut at Citi India. The report also alluded to Citi Financial — that is the NBFC or non-banking financial company arm of the company — being likely to lose most of the jobs. The report quoted a Citi official spokesperson as saying that the NBFC is offering new products or rather revamping a product it is offering and therefore some jobs would be rendered redundant. That much is confirmed.Citi Financial possibly is also another place where there have been major job cuts. The exact number is not ascertainable but job cuts are confirmed.
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It is pretty much confirmed now that there have been a round of pink slips handed out at Citigroup India. The exact number is as yet not ascertainable. A Wall Street Journal report had quoted sources and said that about 1,000 jobs will be cut at Citi India. The report also alluded to Citi Financial — that is the NBFC or non-banking financial company arm of the company — being likely to lose most of the jobs. The report quoted a Citi official spokesperson as saying that the NBFC is offering new products or rather revamping a product it is offering and therefore some jobs would be rendered redundant. That much is confirmed.Citi Financial possibly is also another place where there have been major job cuts. The exact number is not ascertainable but job cuts are confirmed.
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In reply to:
Job losses....
Posted by : marketman
HONG KONG (Reuters) - HSBC will lay off 500 staff in Asia, 90 percent of which will be in Hong Kong, due to deteriorating economic conditions and its cautious outlook for 2009, spokesman Gareth Hewett said.
This will be HSBC`s second round of layoffs in the region. In September, HSBC said it was cutting 1,100 jobs in its investment banking operation, or 4 percent of the unit`s total, including about 100 in Hong Kong, where the bank`s Asian unit is based.
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Waterproof" versions of popular varieties of rice, which can withstand 2 weeks of complete submergence, have successfully passed tests
in farmers` fields in India and Bangladesh, and can tackle the problem of major crop losses due to flooding.
The flood-tolerant versions of the "mega-varieties" of rice, which are high-yielding varieties popular with both farmers and consumers that are grown over huge areas across Asia, are effectively identical to their susceptible counterparts, but recover after severe flooding to yield well.
Several of these varieties are now close to official release by national and state seed certification agencies in India and Bangladesh, where farmers suffer major crop losses because of flooding of up to 4 million tons of rice per year. This is enough rice to feed 30 million people.
The new varieties were made possible following the identification of a single gene that is responsible for most of the submergence tolerance.
For information,with regards
rvk41...
