Briefly Business

The Reserve Bank is likely to take tougher action than Fridays revision in its key policy rates if headline inflation aggravates,says chief statistician Pronab Sen.

More steps if inflation worsens: Pronab Sen

New Delhi: The Reserve Bank is likely to take tougher action than Fridays revision in its key policy rates if headline inflation aggravates,says chief statistician Pronab Sen. If the non-agricultural inflation goes up,the RBI is likely to take much stronger action (in its forthcoming annual monetary policy announcement next month), Sen said. The central bank is slated to review its monetary policy on April 20,when further hikes in policy rates are feared.

March inflation to guide Apr policy: Basu

New Delhi: Chief economic advisor Kaushik Basu has said the Reserve Bank is likely to assess inflation trends in March before finalising the forthcoming annual monetary policy to be announced on April 20. The RBI raised repo and reverse repo rates (short-term lending and borrowing rates) to give a signal to markets on inflationary expectations as inflation has slightly spilled over to manufactured products, Basu said.

CommMin against FDI in LLP firms

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New Delhi: The Commerce and Industry Ministry is not in favour of allowing foreign direct investment through automatic route in companies of limited liability partnership (LLPs) structure due to security concerns,an official said on Sunday. LLP,the new form of business structure,is a hybrid of companies and partnership firms,which allows unlimited number of partners in an entity but their liability is restricted to the extent of the stake held by them.

AI resumes pilot recruitment process

Mumbai: National carrier Air India has put the selection process for 40 pilots back on track after having put it on hold for more than a year following charges of favouritism. While plans were afoot last year to hire 90 pilots,40 commercial pilot licence (CPL) holders have so far successfully completed 90 per cent of the selection process.

Dubai World to seek 8 years to repay debt

London: The crisis-ridden conglomerate Dubai World is likely to ask its creditors another eight years to repay its debt worth about $22 billion,according to a media report. The Dubai government-owned group rattled world markets late last year after it sought more time to pay back debt,running into billions of dollars. The Sunday Times has reported that Dubai World would promise its lenders that it would be able to pay back all the money it owes if it can get the extension.

Siemens to axe 4,200 jobs from IT business

Frankfurt/New Delhi: Diversified German conglomerate Siemens AG has said it will reduce headcount by 4,200 people from its IT business worldwide by 2011 as a part of reorientation. In a statement,the company said it would eliminate 4,200 jobs at Siemens IT Solutions and Services (SIS) worldwide by the autumn of 2011. The company currently employs about 35,000 people in its IT business globally. Siemens Group has a good presence in India,where it provides direct employment to over 17,000 people.