Industry News 22 Feb 2008
Bihar's first step in software export
In the news for many a positive change, Bihar is set to add another feather to its cap in the form of its first software technology park (STP). Located in Patna, the park 49th of its kind in the country will have facilities to accommodate around ten small and medium level software firms. Chief minister Nitish Kumar will inaugurate the park on Feb 22 at a function which will also be attended by Union minister of state for communication and information technology Shakeel Ahmed. A team of senior officials of the Software Technology Park of India (STPI), including director (east) P K Das and New Delhi-based senior director Omkar Rai reached Patna on Feb 21 to supervise the preparations for the inauguration. Earlier the state had just one regulatory office of the STPI and software exported from Bihar were routed through the STP located in Bhubaneswar.
The building of the park has already been completed and additional facilities would be in place within a month's time. "Though this park can accommodate only small and medium level software firms, it can provide a launching pad to entrepreneurs for setting up larger firms," Patnaik added. He hoped the park would not face much problem as far as optimum utilisation of the facilities is concerned since Bihar has as many as 11 registered software export firms.
Bank of Baroda cuts prime lending rate by 50 bps
State-run Bank of Baroda said on Friday it had cut its prime lending rate by 50 basis points to 12.75 per cent.
The reduction, to be effective from February 27, is aimed to stimulate demand for consumer and investment credit in a slowing economy, it said in a statement.
SBI and Canara Bank cut their rates by 25 basis points each while Bank of India and Union Bank of India cut rates by 50 basis points each. Ahead of the news, shares in Bank of Baroda ended 0.71 per cent down at Rs 377.50 in a weak Mumbai market.
No hike in power tariff in capital this year
With an eye on the forthcoming assembly polls, Delhi government today decided not to hike power tariff this year.
The government also decided to enforce the proposed subsidy on power to domestic electricity consumers from April one.
The Minister said the proposed subsidy for all domestic consumers of electricity up to 200 units per month during peak winter and summer months declared last year would be enforced from April one.
Fake CVs: Firms increase check points
With candidates of questionable background swamping the job market, enterprises are now beefing up their security thresholds by adding more layers to the hiring process.
A number of players, including big ones like KPMG and Hong Kong-based Quest Research, have stepped in to make the recruitment procedure for companies more stringent with compulsory pre-employment screening, background checks, including criminal record checks and credential validation and verification.
Fed's rate cuts force Asia back to control regime
Ben S Bernanke, the champion of free markets, is driving Asia’s governments back to controlled economies. Under Bernanke’s chairmanship, the Federal Reserve’s steepest interest-rate cuts since 1990 are limiting his Asian counterparts’ options to curb inflation. Instead of raising their own borrowing costs or letting their currencies appreciate faster, governments are resorting to regulating meat and egg prices in China, stockpiling cooking oil in Malaysia and subsidising utility bills in Indonesia and the Philippines.
Such measures may backfire. Artificial price curbs and subsidies only feed more demand for oil and other commodities, and ultimately will make it harder to contain inflationary pressures worldwide, officials from the Group of Seven nations warned at their February 9 meeting in Tokyo.
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