eco times 18 feb

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Economic Times ± 18 feb 2011

H onda recalls 57k citys over faulty engine component. Second recall since last January:

models between nov 2008 and dec 2009 affected. The recall will not impact citys that areproduces now as H onda has carried out all the necessary modifications. Such recalls arebeing made to replace a defective part that could stall engine restarts and will affect 57,853 units of its best selling City model manufactures between nov 2008 and dec 2009.Analyst said such recalls are normal practice in the international auto industry. ³ it isalways a preventive safety measure to recall cars by all global auto makers. There are nostatutory rules to mandate recalls in India, but a few companies have been consciouslydoing it to maintain their brand superiority and restore customer confidence.

Cabinet committee on security spikes Antrix Deal with Devas. The cabinet committee onsecurity has an-nulled the satellite transponder lease between Antrix and devasMultimedia, ending weeks of speculation about the future of the controversial high-techdeal.

Mahindra Satyam plans to sue former management, auditor. Close on the heels of asettlement of a class action law suit in the US for $125 million, Mahindra Satyam isplanning to sue the former Satyam management and the company¶s erstwhile auditor Price Waterhouse for a possible monetary damages claim. The company is looking atmoving the courts both in India and US. This will help Mahindra Satyam bring down its

financial liability arising out of the settlement.

A new religion takes birth in subcontinent. A rocking start in Dhaka. Neither pristine astest nor spiffy like T20, ODI-cricket cash cow for 40 years- now is a doddering whiteelephant. The success of this World Cup in the subcontinent might determine thelongevity of the 50- over version.

Prashant Ruia faces CBI probe. Agency feels Essar group holds more than thepermissible 10% pie in Loop. H e was questioned by the CBI as an investigation intoallotment of telecom license. Ruia was questioned on the Essar group¶s relationship with

Loop Telecom.

Indian Tech firms go to US Campus for recruitment. After years of hiring experiencedprofessionals to serve top customers in the US, Indian tech firms are now seeking to hirefresh engineers from American Universities, as stricter immigration norms and highunemployment rate make local hiring attractive in the country.



Bihar will grow faster than India. CSO projects state growth rate for 2010-11 at 10.49%.The state¶s growth was in double digit in 2008-06, when it had touched 13.06%. in 2009-10 the growth was down to 8.56%. The comeback is at 10.49%, which is likely to bemore than the national average of 8.6%.

JPC to be constituted next Tuesday. Congress- BJP slanging match continues as Modicounters allegations on GST. Tension between the ruling side and the opposition over aparliamentary probe into the 2G spectrum allocation appears to be coming to a close withthe government leaders formally communicating to leaders of opposition about the plansto constitute a JPC. A motion will be moved in parliament for the formation of the panelon feb 22.

Raja sent to Tihar till March 3. After facing sustained custodial interrogation for 14 daysat the CBI headquarters over his role in 2G spectrum allocation scam., former telecom

minister A Raja was sent to Tihar jail on Thursday under judicial custody by a Delhicourt.

GVK in talks for Oz Coal Mine. GVK Power and Infrastructure, which has been scoutingfor coal mines for the past two years to fuel its power plants, is in advanced talks to buy acoal mine owned by Australia¶s H ancock Prospecting. Three sources with directknowledge said on Thursday. The company has offered about $2.25 billion for KevinCorner mine in Queensland State. The final bid amount could differ as the Australianfirm is yet to conclude the bid. GVK Power, which focuses on energy and transportprojects, has hired Ernst & Young as advisor to the deal.

No deadline, but govt will act fast on Cairn deal. The government will expedite adecision on the controversial $9.6billion Cairn-Vedanta deal but it will not accept anydeadline from private companies. The deal, which had shareholders deadline of April 15,has had a roller-coaster ride for about six months since it was announces in august.Largely because of a tussle between Cairn, or ONGC, which has a 30% interest in theblock, over royalty costs.

Reliance goes on a hiring spree to groom future leaders. The recruitment drive is beingspear headed by Mukesh Ambani and advised by McKinsey. It is planning to recruitmiddle management leaders from diverse backgrounds who would eventually begroomed for leadership roles in the company¶s growing operations.

MNC Lure fades as Indian recruiters hold sway on campus. Students eye better pay andbetter job roles. B-school students are no longer in awe of foreign postings. A career withIndian companies, they believe, is as rewarding and challenging.



Missing companies are back on hire ground. While consulting firms and i-banks are still

the favorites at campuses, companies from the IT, ITeS and financial services sectors alsomade a big comeback this year.

Students without work experience will also get fat salaries. With pacement offers pouringin, the salary dipstick has never looked this robust. If lateral placements are an indication,this is just the beginning of more offers to come.

eco times 18 feb

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