Employment News 21 September 21, 2013
RBI to offer two consumer price inflation linked savings products
The Reserve Bank of india is working on two savings products where returns will be linked to consumer price inflation, a move aimed at weaning retail investors away from gold and real estate.
It will pay a lump sum amount at the end of the maturity period based on annual consumer prices, similar to fixed deposits that have always been attractive to retail investors.
RBI governor Rajan-We have started the process to issue two kinds of retail inflation-indexed retail certificates— one with lump sum payment at the end and the other with indexed interest payments.
Hamilton tops first Singapore GP practice
Lewis Hamilton topped the timesheets as his Mercedes team and Red Bull ruled Friday’s first free practice session for the Singapore Formula One Grand Prix.
Vettel commands the standings with 222 points from 12 of 19 races in his bid for a fourth straight world title.
Vettel and Alonso have two wins each in Singapore, and Hamilton one. Germany’s Vettel is coming off two straight wins for a season-leading tally of six top spots.
L'Oreal buys Mumbai-based Cheryl's Cosmeceuticals
The world's largest cosmetics maker L'Oreal SA has bought Mumbai-based Cheryl's Cosmeceuticals to enter the professional salon skincare market.
Cheryl's Cosmeceuticals, founded by Oscar and Cheryl Pereira in 1986, is known for its skincare products and treatments across the country, selling products worth approximately Rs 20 crore a year through more than 10,000 beauty salons.
The buy will also help L'Oreal compete with lower-priced hair and skincare products in small towns.
Cheryl's products cost anywhere between Rs 500 and Rs 2,000 while L'Oreal products generally costs at least 50% higher.
India to build world's largest solar power plant in Rajasthan
India to build world's largest solar power plant in Rajasthan to generate 4,000 mw from sunlight near the Sambhar lake in Rajasthan that will sell electricity at an estimated rate of Rs 5.50 per unit by a joint venture of five public sector utilities Bhel Powergrid Corporation of India, Solar Energy Corporation of India, Hindustan Salts limited and Rajasthan Electronics & Instruments Limited.
The current cost of solar power in the country is around Rs 7 per unit.
With the project setting the benchmark cost Rs 5.50 per unit, it is expected to bring down the cost of solar power further.
The first phase of the project, which would be 1,000 mw is expected to be commissioned in 2016.
RBI to offer two consumer price inflation linked savings products
The Reserve Bank of india is working on two savings products where returns will be linked to consumer price inflation, a move aimed at weaning retail investors away from gold and real estate.
It will pay a lump sum amount at the end of the maturity period based on annual consumer prices, similar to fixed deposits that have always been attractive to retail investors.
RBI governor Rajan-We have started the process to issue two kinds of retail inflation-indexed retail certificates— one with lump sum payment at the end and the other with indexed interest payments.
Lewis Hamilton topped the timesheets as his Mercedes team and Red Bull ruled Friday’s first free practice session for the Singapore Formula One Grand Prix.
Vettel commands the standings with 222 points from 12 of 19 races in his bid for a fourth straight world title.
Vettel and Alonso have two wins each in Singapore, and Hamilton one. Germany’s Vettel is coming off two straight wins for a season-leading tally of six top spots.
L'Oreal buys Mumbai-based Cheryl's Cosmeceuticals
The world's largest cosmetics maker L'Oreal SA has bought Mumbai-based Cheryl's Cosmeceuticals to enter the professional salon skincare market.
Cheryl's Cosmeceuticals, founded by Oscar and Cheryl Pereira in 1986, is known for its skincare products and treatments across the country, selling products worth approximately Rs 20 crore a year through more than 10,000 beauty salons.
The buy will also help L'Oreal compete with lower-priced hair and skincare products in small towns.
Cheryl's products cost anywhere between Rs 500 and Rs 2,000 while L'Oreal products generally costs at least 50% higher.
RBI Raises policy rate by 0.25%
RBI Governor Raghuram Rajan on Friday surprised the
industry and shocked the stock markets by hiking the short-term policy rate by
0.25 percent to keep worrisome inflation under check, a move that may increase
EMIs for home and auto loans in the medium term.
Contrary to the expectations of the industry and
experts, Rajan in his maiden policy opted for a hawkish monetary policy stance
ahead of the festive season instead of shifting the focus to promotion of
growth by lowering interest rates to generate demand.
The RBI Governor, however, eased liquidity through a
reduction in the marginal standing facility rate, at which banks borrow from
the central bank, by 0.75 percent to 9.5 percent and eased the minimum daily
maintenance of the cash reserve ratio (CRR).
The repo rate, or the short-term lending rate, has been
increased by 25 basis points to 7.5 percent from 7.25 percent with immediate
effect. Other policy rates will be adjusted accordingly.
Current Rates are
1. Repo Rate – 7.50%
2. Reverse Repo Rate – 6.50%
3. CRR – 4%
4. MSF – 9.50%
5. Bank Rate - 9.50%
6. SLR – 23%
India to build world's largest solar power plant in Rajasthan
India to build world's largest solar power plant in Rajasthan to generate 4,000 mw from sunlight near the Sambhar lake in Rajasthan that will sell electricity at an estimated rate of Rs 5.50 per unit by a joint venture of five public sector utilities Bhel Powergrid Corporation of India, Solar Energy Corporation of India, Hindustan Salts limited and Rajasthan Electronics & Instruments Limited.
The current cost of solar power in the country is around Rs 7 per unit.
With the project setting the benchmark cost Rs 5.50 per unit, it is expected to bring down the cost of solar power further.
The first phase of the project, which would be 1,000 mw is expected to be commissioned in 2016.
Govt approves 10% DA hike, to benefit 80 lakh employees,
pensioners
The Central Government employees (both in service and
retired) have cause for cheer.
The Government has announced an additional instalment of
dearness allowance (DA) and dearness relief (DR).
The Cabinet approved a 10 per cent additional
instalment of DA to Central Government employees and DR to pensioners with
effect from July 1. This will benefit around 50 lakh serving employees and 30
lakh retired employees.
The latest hike will raise the effective rate of DA and
DR to 90 per cent and require additional expenditure of Rs 7,253 crore in
2013-14 and Rs 10,879 crore 2014-15 onward.
DA and dearness relief are revised twice a year, first in
January 1 and second from July 1.
The revisions are based on the change in the consumer price index for industrial workers (CPI-IW)
UK to open 8 Sikh 'faith schools' to inculcate tolerance
UK government has now officially announced opening of 15 similar new "faith schools", including eight Sikh schools.
The objective is to arrest the problem of racism and intolerance for other religions.
The plan, as part of 102 new "free schools", which are to be opened from 2014 and beyond, was approved in July this year by UK education secretary Michael Gove.
Free schools in the UK are run by teachers rather than a local or central government authority and have the freedom to decide the length of the school day and term, the curriculum, and how they reward their teachers and spend their money.
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The revisions are based on the change in the consumer price index for industrial workers (CPI-IW)
UK to open 8 Sikh 'faith schools' to inculcate tolerance
UK government has now officially announced opening of 15 similar new "faith schools", including eight Sikh schools.
The objective is to arrest the problem of racism and intolerance for other religions.
The plan, as part of 102 new "free schools", which are to be opened from 2014 and beyond, was approved in July this year by UK education secretary Michael Gove.
Free schools in the UK are run by teachers rather than a local or central government authority and have the freedom to decide the length of the school day and term, the curriculum, and how they reward their teachers and spend their money.
MORE NEWS,,,,,,,,,,,,,,,,,,
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