Weekly news ended 3rd October

SEBI slams the door on non-compliant FIIs

• Over 500 foreign portfolio investors were barred from trading in the Indian stock market from Friday for their failure to comply with a SEBI norm required to invest in the country. 

• 197 foreign institutional investors (FIIs) and 342 sub-accounts have not complied with the ‘broad base structure

• The regulator also received applications from some of the non-compliant entities for surrender of registration. 

Govt. asks India Inc to submit quarterly report

• Govt of india has asked for quarterly report on number of jobs they have created for SCs, STs, and other weaker sections.

• The report to be submitted to the department of industrial policy and promotion.

• The job to weaker section in private sector was part of national common minimum programme in the first term of the UPA government.

Govt approves common recruitment exam for PSBs

• The common recruitment programme will be conducted by institute of banking personnel selection

• IBPS is an autonomous body engaged in recruitment and internal promotion in banks and financial institutions.

• Banks have plan to recruit – 34000 officers– 51000 clerksDuring next three years.

Foreign brands in love with India

• Cadini, DKNY, Gant and Bogi Milano, which till now imported entire merchandise for retailing in India now plan to source locally in a bid to expand their presence here.

• The advantages:– Higher profits– Lesser lead time– Competitive price pointsThese are now shedding their inhibition towards

sourcing from India.

Contd….

• Arvind brands is in talks with Gant to start sourcing its merchandise in India.

• Arvind mills is set to launch Italian menswear label energie in India.

• International players are playing safe while choosing the right supplier in India.

• Increase of labour cost in china has also added to sourcing of merchandise from India.

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IMF warns against currency wars

• The head of the International Monetary Fund is warning countries against devaluing their currencies in order to boost exports.

• such measures could threaten recovery from the global economic crisis.

• Some countries, such as China, have been criticized for maintaining their currencies low to shore up exports.

Fiat to launch new models end-2011

• Italian automaker has decided to launch new products only at the end of 2011 or early 2012 due to the weakness of the market.

• "New models will arrive at the end of 2011, early 2012. Launching new products in a market that is so structurally weak has no sense," CEO Sergio Marchionne.

Aadhaar: How to get your unique ID from Govt of India

• India's ambitious Unique ID project dubbed "Aadhaar", which aims to give every Indian citizen a unique number mapped to biometrics, was launched on Wednesday in the Nadurbar district of Maharashtra.

• The Technoholik.com team got a sneak peek at the UIDAI (Unique ID Authority of India) tech centre in Bangalore, to tell you everything you need to know about the enrolment process.