MONDAY PRIME MINISTER Manmohan Singh is scheduled to attend the Nuclear Security Summit in Washington D.C., in which 47 countries including Pakistan are partici pating. Singh is expected to meet US President Barack Obama for bilateral talks during his twoday visit.
THE CENTRAL Statistical Commission will release the index of industrial pro duction (IIP) for February. IIP for Janu ary stood at 16.7%, second highest since 1994.
THE SECOND National Rural Develop ment Summit: Forging Partner ships--Converging Strengths begins in New Delhi. The twoday summit will focus on opportunities for participation in matters concerning livelihood cre ation, skills, financial inclusion, rural con nectivity, etc. Key speakers include B.K.
Sinha, secretary, department rural devel opment and Arun Maira, member plan ning commission.
TUESDAY THE FOURTH International Learning Exchange Programme begins in New Delhi. The tenday programme is a col laborative effort between the UNICEF and the department of drinking water supply to provide a platform to profes sionals from other developing countries for knowledgesharing from recent suc cesses in, and challenges to, India's water and sanitation sector.
WEDNESDAY THE INFLATION number for March will be released by the Central Statistical Organisation. The number is widely regarded as a critical input for the cen tral bank's quarterly monetary policy announcement in the subsequent week.
MAYAWATI'S BAHUJAN Samaj Party will stage demonstrations against the Women's Reservation Bill across the nation. The Uttar Pradesh Chief Minister had boycotted the passage of the Bill in Parliament. 14 April also marks the birth anniversary of B.R Ambedkar. THURSDAY THE BUDGET session of Parliament resumes after an almost monthlong recess. The session, which began on 22 February, saw the passage of the controversial Women's Reservation Bill in the Rajya Sabha. The Lok Sabha is now expected to decide on the fate of the Bill.
PRIME MINISTER Manmohan Singh will attend a conference of BRIC (Brazil, Rus sia, India and China) nations in Brasilia.
Russian President Dmitry Medvedev, Brazilian President Lula daSilva and Chinese President Hu Jintao will also be present at the two day conference. The meeting of BRIC leaders will focus on improving the current global economic situation and strengthening joint cooperation.
THE FIRST fully Indian made GSLV satellite launcher, codenamed GSLVD3, with the critical indigenous cryogenic upper stage, stands ready at its launch pad and will be flown on 15 April from the Sriharikota space centre. The three stage rocket will put in orbit the 2.2tonne advanced communication and navigation satellite, GSAT4.
Kiminobu Tokuyama, managing director and chief executive officer of Nissan Motor India Pvt. Ltd, will hand over the keys to a Nissan GTR supercar to Indian Formula One racer Narain Karthikeyan at the Madras Motor Sports Club race track at Irrungattukottai, near Chennai.
RESULTS NEXT WEEK The week marks the beginning of the earnings season, or when firms will start declaring their financial results for the quarter ended 31 March 2009.
Some of the companies that will declare earnings: 12 April: Gati Ltd 13 April: Infosys Technologies Ltd and Essar Oil Ltd 16 April: IndusInd Bank Ltd
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Saturday, April 10, 2010
Thursday, April 8, 2010
Indian auto plants in world Top 10
Plants of Maruti Suzuki and Hyundai figure at third and seventh slots; China at eight and 10; no US factory on the list
TOP GEAR
THE NEWS
Car plants of Maruti Suzuki and Hyundai in India have figured among the world’s Top 10.While only two plants In China figure on the list, there are none from the US.
THE BACKGROUND
While global car sales in 2009 fell 2.4%, sales gained by 12.5% in India.
THE IMPLICATIONS
More factories in the country could make it to the list. Several global auto firms have invested or are investing in building car factories in India.
TOP GEAR
THE NEWS
Car plants of Maruti Suzuki and Hyundai in India have figured among the world’s Top 10.While only two plants In China figure on the list, there are none from the US.
THE BACKGROUND
While global car sales in 2009 fell 2.4%, sales gained by 12.5% in India.
THE IMPLICATIONS
More factories in the country could make it to the list. Several global auto firms have invested or are investing in building car factories in India.
Wednesday, April 7, 2010
Financial fraud hit 87% of Indian companies in past two years
With white-collar crime almost doubling from last year, financial fraud by insiders remains the single greatest fear of Indian companies, ac- cording to the results of a survey by audit and consulting firm KPMG. The results were released on Tuesday.
Of the 1,000 companies covered in the survey, 87% said they had incurred losses of at least Rs10 lakh due to fraud in 2009.
The previous survey, carried out in 2008, had only 47% complaining on this count. At least 75% of Indian firms said in- stances of fraud had increased over the past two years.
A lack of objective and independent internal audits, inadequate oversight of senior management's activities by the audit committee, and weak regulatory environment were pinpointed as culprits for the spike in financial statement frauds.
The 10th biennial India Fraud Survey Report 2010 reveals that 81% of the companies surveyed feel that financial statement fraud is the biggest threat in India, with at least 60% of them saying inadequate enforcement of regulations has increased such fraud.
The findings of the report suggest that weak internal control systems, eroding ethical values and lack of legal action against fraudsters create an environment conducive to such crimes.
Indian companies, according to the study, remain highly vulnerable to fraud in the absence of “inadequate internal control framework“ that can identify and deal with such crimes. The report suggests that 41% of Indian firms do not have fraud risk management systems.
45% of the firms have experienced fraudulent activities in the past two years, with financial services and consumer markets showing the highest levels of risk.
Satyam Computer Services Ltd, in which founder and chairman B. Ramalinga Raju admitted to showing non- existent income over the years of Rs7,136 crore, the trend in fraud detection has changed.
“Companies are more open to discuss and take action against fraudsters.
According to the World Bank, bribes paid annually amount to more than $1 trillion (Rs44.5 trillion) globally.
India scores poorly on corruption and bribe payments in the list of organizations such as Transparency International, which ranks countries based on corruption and propensity to demand bribes.
India's corruption perception index score in 2009 was 3.4 on a scale of 0-10, with 10 being the least corrupt. In 2008, it was one of the bottom four on the global bribe payers index, with a score of 6.8.
Of the 1,000 companies covered in the survey, 87% said they had incurred losses of at least Rs10 lakh due to fraud in 2009.
The previous survey, carried out in 2008, had only 47% complaining on this count. At least 75% of Indian firms said in- stances of fraud had increased over the past two years.
A lack of objective and independent internal audits, inadequate oversight of senior management's activities by the audit committee, and weak regulatory environment were pinpointed as culprits for the spike in financial statement frauds.
The 10th biennial India Fraud Survey Report 2010 reveals that 81% of the companies surveyed feel that financial statement fraud is the biggest threat in India, with at least 60% of them saying inadequate enforcement of regulations has increased such fraud.
The findings of the report suggest that weak internal control systems, eroding ethical values and lack of legal action against fraudsters create an environment conducive to such crimes.
Indian companies, according to the study, remain highly vulnerable to fraud in the absence of “inadequate internal control framework“ that can identify and deal with such crimes. The report suggests that 41% of Indian firms do not have fraud risk management systems.
45% of the firms have experienced fraudulent activities in the past two years, with financial services and consumer markets showing the highest levels of risk.
Satyam Computer Services Ltd, in which founder and chairman B. Ramalinga Raju admitted to showing non- existent income over the years of Rs7,136 crore, the trend in fraud detection has changed.
“Companies are more open to discuss and take action against fraudsters.
According to the World Bank, bribes paid annually amount to more than $1 trillion (Rs44.5 trillion) globally.
India scores poorly on corruption and bribe payments in the list of organizations such as Transparency International, which ranks countries based on corruption and propensity to demand bribes.
India's corruption perception index score in 2009 was 3.4 on a scale of 0-10, with 10 being the least corrupt. In 2008, it was one of the bottom four on the global bribe payers index, with a score of 6.8.
Financial fraud hit 87% of Indian companies in past two years
With white-collar crime almost doubling from last year, financial fraud by insiders remains the single greatest fear of Indian companies, ac- cording to the results of a survey by audit and consulting firm KPMG. The results were released on Tuesday.
Of the 1,000 companies covered in the survey, 87% said they had incurred losses of at least Rs10 lakh due to fraud in 2009.
The previous survey, carried out in 2008, had only 47% complaining on this count. At least 75% of Indian firms said in- stances of fraud had increased over the past two years.
A lack of objective and independent internal audits, inadequate oversight of senior management's activities by the audit committee, and weak regulatory environment were pinpointed as culprits for the spike in financial statement frauds.
The 10th biennial India Fraud Survey Report 2010 reveals that 81% of the companies surveyed feel that financial statement fraud is the biggest threat in India, with at least 60% of them saying inadequate enforcement of regulations has increased such fraud.
The findings of the report suggest that weak internal control systems, eroding ethical values and lack of legal action against fraudsters create an environment conducive to such crimes.
Indian companies, according to the study, remain highly vulnerable to fraud in the absence of “inadequate internal control framework“ that can identify and deal with such crimes. The report suggests that 41% of Indian firms do not have fraud risk management systems.
45% of the firms have experienced fraudulent activities in the past two years, with financial services and consumer markets showing the highest levels of risk.
Satyam Computer Services Ltd, in which founder and chairman B. Ramalinga Raju admitted to showing non- existent income over the years of Rs7,136 crore, the trend in fraud detection has changed.
“Companies are more open to discuss and take action against fraudsters.
According to the World Bank, bribes paid annually amount to more than $1 trillion (Rs44.5 trillion) globally.
India scores poorly on corruption and bribe payments in the list of organizations such as Transparency International, which ranks countries based on corruption and propensity to demand bribes.
India's corruption perception index score in 2009 was 3.4 on a scale of 0-10, with 10 being the least corrupt. In 2008, it was one of the bottom four on the global bribe payers index, with a score of 6.8.
Tuesday, April 6, 2010
Important events, coming up!!!
US TREASURY secretary Timonthy Geitherner will visit India. On the first day his visit, he and finance minister Pranab Mukherjee will launch the US-India economic and financial partnership in New Delhi. Geitherner is expected to hold talks with Prime Minister Manmohan
Singh and Planning Commission deputy chairman Montek singh Ahuluwalia. He’ll visit Mumbai on 7 April.
WEDNESDAY
INDIAN COUNCIL for research on international Economic Relations, in partnership with Konrad-Adenauer-Stiftung, is organizing the 3rd ICRIER-KAS monthly seminar series on macro-economy and financial sector in New Delhi.
A lecture will be delivered on “Financial integration in Asia: trends and interruptions “ by Prakash Loungani, adviser in the research department of the international Monetary Fund.
THE WORLD Health Organization will celebrate World Health Day to mark its foundation. Each year a key global heal issue is selected to be highlighted through the year. This year, the focus will be on urbanization and health.
FRIDAY
THE DEPARTMENT of Telecom will start the auction of spectrum needed for third generation (3G) technology as well as broadband wireless access (BWA). A mock auction is slated to being on 5 April and is primarily for potential bidders to become accustomed to the way the auction will be held
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