Around the Globe

Around the Globe

Banks need $65b capital to meet Basel III norms

Indian banks will require about $65 billion in additional capital, lower than estimated earlier, to meet the Basel III capital adequacy norms by March 2019 and push loan growth, according to a US-based rating agency.

Only 19% firms may hire in Q3

India is among the most optimistic globally in terms of hiring outlook of companies, but the pace has faltered considerably over the past year, as companies still remain cautious, ManpowerGroup said on Tuesday.

The most optimistic fou­r­th-quarter hiring intentions were reported in Japan (23 per cent), Taiwan (22 per cent), Costa Rica (19 per cent), India and Hungary while Switzerland, Brazil and the Czech Republic formed the weakest.

Online hiring up 14% in Aug

The online recruitment posted a 14 per cent growth in August, driven by segments such as home appliances, BFSI and FMCG, and the job outlook for coming months looks sanguine, says a report. The Monster employment index for August stood at 279, a 14 per cent jump over the same period a year ago when it stood at 244. The August index registered a slight improvement from 274 in July.

E-commerce to drive temp staffing

The e-commerce sector is hiring temporary staff in large numbers ahead of the festive season. It will be one of the key sectors driving temporary staffing in the second half of the year.

“E-commerce will be one of the key drivers of flexi-st­affing and is expected to hire around 75,000 people this festive season, which will be 12-15 per cent increase in last year’s numbers. The customer base has grown over last year and hence the demand for manpower will be higher,” said Suchita Dutta, executive director of Indian Staffing Federation.

RSS back story: Men and events behind its rise

The history of RSS dates back to September 27, 1925 when Dr Keshav Baliram Hedgewar, popularly known as “Doctorji”, laid the foundation of the “Sangh” on Vijaydashmi. The humble beginning was made in Doctorji’s own house “Sukravari” in Nagpur with the purpose of training people physically and intellectually. In the initial days, the activities of RSS were limited to holding discourses on national affairs on Thursdays and Sundays.

Sangh at the helm

Prime Minister Narendra Modi on Monday reminded the country about India’s 9/11, which, according to him, happened in Chicago in 1893 when Vivekananda delivered the famous speech at the Parliament of World Religions. The Modi government is celebrating the 125th anniversary of the lecture which the Prime Minister described as 9/11 of peace and brotherhood.

Economists point to GST’s role in August retail inflation rise

Retail inflation reached its five-month high of 3.36 per cent in August due to costlier vegetables and fruits dampening chances of a rate cut by the Reserve Bank of India (RBI) in a policy review next month. But it still remains under the comfort zone of below 4 per cent.

Economists said the increase in prices is in line with expectations, with the new indirect tax regime also being a reason for part increase in inflation.

New formula to check iron ore price volatility

The steel ministry wants to go ahead with its plan to introduce a new formula for the commodity that would check excessive volatility in iron ore prices.

It comes at a time when inter ministerial differences have surfaced over regulation of iron ore pricing.

The government has indicated that it backs market determined pricing for most resources to make the industry globally competitive, while targeting subsidy for the most needy.

GST panel suggests quarterly rate reviews

The GST fitment committee comprising tax officers from the Centre and the states has suggested reviewing of tax rates only in three months as frequent changes could be counter productive. The move comes days after industry captains raised the issue of inconsistency in tax rates under the new indirect tax regime. The recommendation is part of an approach paper prepared by the panel advising the GST Council.