India is in a better position to ward off the effects of a steep depreciation of the US dollar when compared to its BRIC (Brazil, Russia, China and India) peers, having least exposure to the US sovereign bonds as a percentage of its total reserves.
As of September 2009, India had just 12.81 per cent of its foreign exchange (forex) reserves in US treasury bonds, according to data released recently by the US Department of Treasury.
This is significantly lower than its May 2009 exposure level of 14.79 per cent.
Comparatively, Brazil had an exposure of 64.63 per cent of their forex reserves to US bonds as of September 2009, while Russia had 29.46 per cent and China 35.15 per cent. Even in absolute terms, Indian investments in US treasury bonds were less than one-third of all the other BRICs peers.
Less exposure to US treasury bonds means that India is least vulnerable to US dollar depreciation in comparison to its BRIC peers
The reduction in forex exposure to US bonds by nearly two per cent between May and September 2009 could be attributed to India's intention to rechannelise its forex resources into non- dollar assets
The recent acquisition of 200 tonnes of gold by India from the International Monetary Fund (IMF) is also strengthening this view. With Asia expected to emerge as the world's economic growth engine, the dollar is expected to further lose its dominance as the reserve currency in the decades to come.
The dollar for quite some time will be an important reserve currency. Over time, central banks should start to look at a mix of euro, yen(Japanese currency), renminbi( literally people's currency is the currency of the People's Republic of China ,whose principal unit is the yuan )and possibly the Indian rupee. That is only to be expected with the center of economic activity shifting from the West to the East.
In the wake of the global financial crisis arising from the US sub-prime crisis, the US slipped into recession about 14 months back, and is facing a huge fiscal deficit. Economists fear the US dollar, which has been the reigning reserve currency for over the last few decades, is expected to weaken steeply before the US economy recovers.
Many economists have already predicted that the US dollar will lose its status as the reserve currency within a decade or two. About 64 per cent of the global sovereign reserves are in US dollars, against about 27 per cent in euro, the currency of the European Union. The greenback (US dollar) dropped to a 15- month low against a basket of six major currencies this week.
Further weakening of the US dollar is expected to hurt countries like China, which had nearly $800 billion of forex assets in US bonds by September 2009. This is compared to Brazil's $145 billion, Russia's $ 122 billion and India's $35 billion.
Hence, any eventual crisis in the US economy can leave more severe scars on the economies of China, Japan, Brazil and Russia than that of India. This, in fact, is forcing China to lobby in the international circles to find an alternative to dollar as the reserve currency of the world.
As on November 13, 2009, India had total forex reserves of $ 286 billion, of which foreign currency reserves and gold constituted $263 billion and $17.5 billion, respectively.
Wednesday, November 25, 2009
Saturday, November 21, 2009
Forbes Billionaires list
The Forbes Billionaires list saw a decline of 332 members. It's the first time since 2003 that the number of billionaires worldwide has dropped from one year to the next. There were 1,125 billionaires last year, whereas we have just 793 billionaires in 2009. That means a drop of 23%.
Almost all billionaires recorded a loss in their net worth due to the global recession. Bill Gates lost US $ 18 billion but regained the top spot with a net worth of US $ 40 billion. Average net worth of the individuals on the list is US $ 3 billion.
Indian billionaires seem to have been hit the hardest. The total number of Indian billionaires is 24. 29 billionaires dropped off the list. Anil Ambani, who was the biggest gainer on last year's Forbes' list was the biggest loser this year. His net worth fell down by US $ 32 billion and the current net worth is US $ 10.1 billion. His rank slipped from 6th in 2008 to 34th this year. His elder brother Mukesh is the richest Indian with a net worth of US $ 19.5 billion.
According to the this report the combined net worth of India’s 100 richest people, at $276 billion, is almost a quarter of the country’s GDP.
Another noteworthy aspect is that India’s billionaires have done better than their global counterparts in accumulating their wealth. For instance, the 100 richest Indians are worth $276 billion, while their Chinese counterparts have a net worth of $170 billion only. The three richest Indians are worth $79.5 billion, while it takes 24 Chinese billionaires to make the $80-billion figure.
This is very much credit-worthy for a nation which constitutionally advocates socialism and is vowed to prevent accumulation of wealth in few hands. As a matter of fact, the world bank reports (on the basis of 2005 data) 456 million people in India earn less than $1.25 a day. Modern India seems to be incubating a few islands of immense luxury to thrive upon the vast sea of utter destitution. Forget about the euphoric picture of a tide taking us all up into the heavens, one should be really lucky if ever manage to get in to a boat !!!
The Indian billionares list :
Almost all billionaires recorded a loss in their net worth due to the global recession. Bill Gates lost US $ 18 billion but regained the top spot with a net worth of US $ 40 billion. Average net worth of the individuals on the list is US $ 3 billion.
Indian billionaires seem to have been hit the hardest. The total number of Indian billionaires is 24. 29 billionaires dropped off the list. Anil Ambani, who was the biggest gainer on last year's Forbes' list was the biggest loser this year. His net worth fell down by US $ 32 billion and the current net worth is US $ 10.1 billion. His rank slipped from 6th in 2008 to 34th this year. His elder brother Mukesh is the richest Indian with a net worth of US $ 19.5 billion.
According to the this report the combined net worth of India’s 100 richest people, at $276 billion, is almost a quarter of the country’s GDP.
Another noteworthy aspect is that India’s billionaires have done better than their global counterparts in accumulating their wealth. For instance, the 100 richest Indians are worth $276 billion, while their Chinese counterparts have a net worth of $170 billion only. The three richest Indians are worth $79.5 billion, while it takes 24 Chinese billionaires to make the $80-billion figure.
This is very much credit-worthy for a nation which constitutionally advocates socialism and is vowed to prevent accumulation of wealth in few hands. As a matter of fact, the world bank reports (on the basis of 2005 data) 456 million people in India earn less than $1.25 a day. Modern India seems to be incubating a few islands of immense luxury to thrive upon the vast sea of utter destitution. Forget about the euphoric picture of a tide taking us all up into the heavens, one should be really lucky if ever manage to get in to a boat !!!
The Indian billionares list :
Tuesday, November 17, 2009
IT-BPO Industry 2008-09 Performance
India's IT-BPO industry grew by 13.1% during 2008-09 clocking revenues of US $58.8 bn. As per NASSCOM data released on last week of July 09, export segment went up by 14.6% with IT software & services exports going up by 14.7%. BPO exports by 16.5% and engineering services and product exports by 10.9%. The domestic market recorded a growth of 7.8% (21.3% in rupee terms from Rs.470 bn to Rs.570 bn). NASSCOM projection from 2009-10 envisages a 4-7% growth for exports to US $48-50 bn and a 15-18% growth in rupee terms for the domestic market to Rs. 650-670 bn.
IT-BPO Industry 2008-09 Performance
India's IT-BPO industry grew by 13.1% during 2008-09 clocking revenues of US $58.8 bn. As per NASSCOM data released on July 29, export segment went up by 14.6% with IT software & services exports going up by 14.7%. BPO exports by 16.5% and engineering services and product exports by 10.9%. The domestic market recorded a growth of 7.8% (21.3% in rupee terms from Rs.470 bn to Rs.570 bn). NASSCOM projection from 2009-10 envisages a 4-7% growth for exports to US $48-50 bn and a 15-18% growth in rupee terms for the domestic market to Rs. 650-670 bn.
Sunday, November 1, 2009
Infrastructure
The six infrastructure industries with a 26.68 per cent weightage in the Industrial Production Index cumulatively recorded a substantial 7.1 per cent year on year growth in August 2009, compared to a modest growth of 2.5% recorded in the previous month (July 2009) and an even lower 2.1 per cent a year earlier (August 2008). The August 2009 growth rate of 7.1 per cent is the highest monthly growth rate attained during the last one year.
Telecom Sector
Mobile phones accounted for 92.19 per cent of the total phone connections in the country as at the end of July 2009. Total telephone connections in the country numbered 497.07 million: 441.66 million mobile and 37.41 million landline
Agriculture Sector
Agricultural sector exports went up by 4.14 per cent during 2008-09, with plantation segment going up by 10.72 per cent and agri & allied products by 5.56 per cent but with marine exports falling by -10.77 per cent. Overall the sector accounted for a share of 9.26 per cent in India's total exports.
Thursday, October 29, 2009
Indian Economy
India's external debt on March 31, 2009 amounted to Rs 11,69,575 crore. External debt to GDP ratio for 2008-2009 worked out to 22 per cent.
Indian Economy
India's industrial output rose 10.4 per cent in August from a year earlier, higher than estimates and the highest in 22 months
Indian Economy
CPI-UNME(Consumer Price Index-Urban Non-Manual Employees ) for August 2009 went up by seven points to 631 with the inflation rate for the month at 12.88 per cent down 0.16 percentage points from the July 2009 figure of 13.04 per cent.
Indian Economy
The PM's Economic Advisory Council has forecast the overall GDP growth during the current financial year at 6.5 per cent at factor cost in constant (1999-2000) price terms. The report projects the industrial and services sectors to grow by 8.2 per cent each. However, agricultural sector would see a -2.0 per cent decline. GDP for the year will amount to Rs. 38.8 trillion compared to Rs. 36.1 trillion of 2008-09.
Indian Economy
India's trade with USA declined by -6.64 per cent in dollar terms during 2008-09, with exports recording a growth of 0.46 per cent but imports recording a fall of -13.63 per cent
Indian Economy
India's trade with China during 2008-09 amounted to US$ 40.61 billion, up 7.01 per cent over the 2007-08 bilateral trade level of US$ 37.95 billion.
Monday, October 26, 2009
Development Report 2009 - HDI rankings
The HDI – human development index – is a summary composite index that measures a country's average achievements in three basic aspects of human development: health, knowledge, and a decent standard of living. Health is measured by life expectancy at birth; knowledge is measured by a combination of the adult literacy rate and the combined primary, secondary, and tertiary gross enrolment ratio; and standard of living by GDP per capita (PPP US$).
HOW IS HDI USED?
A) To capture the attention of policy makers, media and NGOs and to draw their attention away from the more usual economic statistics to focus instead on human outcomes. The HDI was created to re-emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth.
B) To question national policy choices - asking how two countries with the same level of income per person can end up with such different human development outcomes (HDI levels). For example, Costa Rica and Iran have similar levels of income per person, but life expectancy and literacy differ greatly between the two countries, with Costa Rica having a much higher HDI value than Iran. These striking contrasts immediately stimulate debate on government policies on health and education, asking why what is achieved in one country is far from the reach of another.
C) To highlight wide differences within countries, between provinces or states, across gender, ethnicity, and other socioeconomic groupings. Highlighting internal disparities along these lines has raised national debate in many countries.
The Human Development Index (HDI) launched by UNDP(United Nations Development Programme) in 1990 has published its 2009 reports in which India slipped to 134th position.once again Norway has topped the list followed by
2. Australia
3. Iceland
4. Canada
5. Ireland
6. Netherlands
7. Sweden
8. France
9. Switzerland
10. Japan
13. United States
21. United Kingdom
22. Germany
92. China
134. India
141. Pakistan
146. Bangladesh
and the last three are following in this ranking
180. Sierra Leone
181. Afghanistan
182. Niger
HOW IS HDI USED?
A) To capture the attention of policy makers, media and NGOs and to draw their attention away from the more usual economic statistics to focus instead on human outcomes. The HDI was created to re-emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth.
B) To question national policy choices - asking how two countries with the same level of income per person can end up with such different human development outcomes (HDI levels). For example, Costa Rica and Iran have similar levels of income per person, but life expectancy and literacy differ greatly between the two countries, with Costa Rica having a much higher HDI value than Iran. These striking contrasts immediately stimulate debate on government policies on health and education, asking why what is achieved in one country is far from the reach of another.
C) To highlight wide differences within countries, between provinces or states, across gender, ethnicity, and other socioeconomic groupings. Highlighting internal disparities along these lines has raised national debate in many countries.
The Human Development Index (HDI) launched by UNDP(United Nations Development Programme) in 1990 has published its 2009 reports in which India slipped to 134th position.once again Norway has topped the list followed by
2. Australia
3. Iceland
4. Canada
5. Ireland
6. Netherlands
7. Sweden
8. France
9. Switzerland
10. Japan
13. United States
21. United Kingdom
22. Germany
92. China
134. India
141. Pakistan
146. Bangladesh
and the last three are following in this ranking
180. Sierra Leone
181. Afghanistan
182. Niger
Sunday, October 25, 2009
The World's Top-Earning Cricketers
1. Mahendra Singh Dhoni
Earnings: $10 million
Primary Club Team: Chennai Super Kings
National Team: India
Major Sponsors: Reebok, GE Money, Pepsi
M.S. Dhoni's $8 million of endorsement income over the last year is more than baseball's Alex Rodriguez, Albert Pujols and Ryan Howard, combined.
2. Sachin Tendulkar
Earnings: $8 million
Primary Club Team: Mumbai Indians
National Team: India
Major Sponsors: Adidas, Canon, Royal Bank of Scotland
Tendulkar, widely considered one of the greatest batsman in cricket history, is one of five IPL cricketers with "icon" status, meaning he's exempt from the league's player auction and instead automatically receives a paycheck 15% larger than his highest paid Mumbai teammate.
3. Yuvraj Singh
Earnings: $5.5 million
Primary Club Team: Kings XI Punjab
National Team: India
Major Sponsors: Fiat, Reebok, Microsoft
Singh earned $4 million over the last 12 months from endorsements and other commercial ventures off the field, including providing a voice in the animated film Jumbo, his Bollywood debut.
4. Rahul Dravid
Earnings: $5 million
Primary Club Team: Royal Challengers Bangalore
National Team: India
Major Sponsors: Castrol, Reebok
A former International Cricket Council Player of the Year, Dravid earns slightly over $1 million annually from Bangalore as one of the IPL's five icon players.
5. Andrew Flintoff
Earnings: $4 million
Primary Club Team: Chennai Super Kings
National Team: England
Major Sponsors: Puma, Volkswagen, Barclays
Flintoff will retire from five-day national team competition next month and is doing his best to go out on top: In July he bowled England to its first Test victory in 75 years over Australia at Lord's, cricket's most storied venue.
6. Sourav Ganguly
Earnings: $3.5 million
Primary Club Team: Kolkata Knight Riders
National Team: India*
Major Sponsors: Puma, Pepsi
Ganguly, captain of the IPL's Knight Riders, ranks fourth all-time in runs on India's national team, a squad he used to also captain.
*Retired from national team play in 2008.
7. Ricky Ponting
Earnings: $3.5 million
Primary Club Team: Kolkata Knight Riders*
National Team: Australia
Major Sponsors: Valvoline, KFC, Adidas
Ponting has slowly shed his bad boy image to become one of Australia's most marketable athletes, earning more than $2 million in commercial endorsements over the last 12 months.
*Did not play in the IPL in 2009
8. Brett Lee
Earnings: $3 million
Primary Club Team: Kings XI Punjab
National Team: Australia
Major Sponsors: Gatorade, Volkswagen
One of the fastest bowlers in cricket history, Lee was once clocked at 99.9 miles per hour on the radar gun, just shy of Pakistan's Shoaib Akhtar's record of 100 mph.
9. Kevin Pietersen
Earnings: $3 million
Primary Club Team: Royal Challengers Bangalore
National Team: England
Major Sponsors: Red Bull, Vodafone, Adidas
Bangalore purchased the rights to Pietersen at auction for a record $1.55 million annual salary--a sum that's tied with Chennai's Flintoff as the highest auction price in the IPL's two year history.
10. Michael Clarke
Earnings: $2.5 million
Primary Club Team: New South Wales Blues*
National Team: Australia
Major Sponsors: Gillette, Slazenger
Clarke is the highest-profile cricketer who has yet to join the IPL, instead preferring to leave money on the table and play club matches in his native Australia.
*Australian first-class cricket team, also known as RTA SpeedBlitz Blues.
Earnings: $10 million
Primary Club Team: Chennai Super Kings
National Team: India
Major Sponsors: Reebok, GE Money, Pepsi
M.S. Dhoni's $8 million of endorsement income over the last year is more than baseball's Alex Rodriguez, Albert Pujols and Ryan Howard, combined.
2. Sachin Tendulkar
Earnings: $8 million
Primary Club Team: Mumbai Indians
National Team: India
Major Sponsors: Adidas, Canon, Royal Bank of Scotland
Tendulkar, widely considered one of the greatest batsman in cricket history, is one of five IPL cricketers with "icon" status, meaning he's exempt from the league's player auction and instead automatically receives a paycheck 15% larger than his highest paid Mumbai teammate.
3. Yuvraj Singh
Earnings: $5.5 million
Primary Club Team: Kings XI Punjab
National Team: India
Major Sponsors: Fiat, Reebok, Microsoft
Singh earned $4 million over the last 12 months from endorsements and other commercial ventures off the field, including providing a voice in the animated film Jumbo, his Bollywood debut.
4. Rahul Dravid
Earnings: $5 million
Primary Club Team: Royal Challengers Bangalore
National Team: India
Major Sponsors: Castrol, Reebok
A former International Cricket Council Player of the Year, Dravid earns slightly over $1 million annually from Bangalore as one of the IPL's five icon players.
5. Andrew Flintoff
Earnings: $4 million
Primary Club Team: Chennai Super Kings
National Team: England
Major Sponsors: Puma, Volkswagen, Barclays
Flintoff will retire from five-day national team competition next month and is doing his best to go out on top: In July he bowled England to its first Test victory in 75 years over Australia at Lord's, cricket's most storied venue.
6. Sourav Ganguly
Earnings: $3.5 million
Primary Club Team: Kolkata Knight Riders
National Team: India*
Major Sponsors: Puma, Pepsi
Ganguly, captain of the IPL's Knight Riders, ranks fourth all-time in runs on India's national team, a squad he used to also captain.
*Retired from national team play in 2008.
7. Ricky Ponting
Earnings: $3.5 million
Primary Club Team: Kolkata Knight Riders*
National Team: Australia
Major Sponsors: Valvoline, KFC, Adidas
Ponting has slowly shed his bad boy image to become one of Australia's most marketable athletes, earning more than $2 million in commercial endorsements over the last 12 months.
*Did not play in the IPL in 2009
8. Brett Lee
Earnings: $3 million
Primary Club Team: Kings XI Punjab
National Team: Australia
Major Sponsors: Gatorade, Volkswagen
One of the fastest bowlers in cricket history, Lee was once clocked at 99.9 miles per hour on the radar gun, just shy of Pakistan's Shoaib Akhtar's record of 100 mph.
9. Kevin Pietersen
Earnings: $3 million
Primary Club Team: Royal Challengers Bangalore
National Team: England
Major Sponsors: Red Bull, Vodafone, Adidas
Bangalore purchased the rights to Pietersen at auction for a record $1.55 million annual salary--a sum that's tied with Chennai's Flintoff as the highest auction price in the IPL's two year history.
10. Michael Clarke
Earnings: $2.5 million
Primary Club Team: New South Wales Blues*
National Team: Australia
Major Sponsors: Gillette, Slazenger
Clarke is the highest-profile cricketer who has yet to join the IPL, instead preferring to leave money on the table and play club matches in his native Australia.
*Australian first-class cricket team, also known as RTA SpeedBlitz Blues.
Friday, July 31, 2009
America's Top ten paid CEO
Sanjay Jha,Motorola's co-CEO is US highest paid CEO
America's top earning business head, Motorola's co-CEO is India-born Sanjay Jha, who got a package of $104 million in 2008.
In comparison, India's top-paid business chief, Mukesh Ambani of Reliance Industries, got a total remuneration of Rs 44.02 crore (Rs 440.2 million) in 2007-08, the last fiscal year for which the salary data is available.
Ambani's package is just about one-fifth of the same for even Vikram Pandit, also and India-born person and CEO of banking behemoth Citigroup, which had to seek the US government's support to keep running. With a total payout of over $104 million in 2008, Jha is the only CEO to get a compensation package exceeding $100 million. Jha joined Motorola in 2008 and serves as co-chief executive officer of Motorola, Inc. and chief executive officer of Motorola's Mobile Devices business.
He is also a member of Motorola's board of directors. Prior to joining Motorola, Jha served as chief operating officer of Qualcomm Incorporated where he oversaw corporate research and development. Jha began his career at Qualcomm in 1994 as a senior engineer.
Ray Irani comes second among the top paid CEOs
Ray Irani comes second among the top paid CEOs. Irani has been chairman and CEO of Occidental since 1990.
He was chief operating officer from 1984 to 1990.
He was chairman of the Board of Directors of Nexen Inc. from 1987 to 1999.
He is also a director of Wynn Resorts, Limited and TCW Group.
Walt Disney's CEO Robert Iger
Walt Disney's CEO Robert Iger ($49.7 million) at the third position. Iger is the sixth CEO in The Walt Disney Company's 82-year history.
Iger has also served as president and chief operating officer of The Walt Disney Company since June 2000. Iger is also became a member of Disney's board of directors at this time.
He began his career at ABC in 1974. He officially joined the Disney senior management team in 1996 as chairman of the Disney-owned ABC Group and in 1999, was given the additional responsibility of president, Walt Disney International.
Vikram Pandit, Citigroup is 4th highest paid CEO
India-born Vikram Pandit is the 4th highest paid CEO with a total compensation of $38.22 million.
He has now vowed to take just $1 as salary till Citigroup returns to profitability.
Pandit was named Citigroup CEO in December 2007 and received three million stock options and almost 1.1 million shares of restricted stock in January 2008 as a signing bonus.
Louis C Camilleri 5th highest paid CEO
With a total salary package of $36.36 million, Louis C Camilleri is the 6th highest paid CEO in the US.
Camilleri became chairman and chief executive officer of Philip Morris International on 28 March 2008, following the spin-off of Philip Morris International from Altria Group, Inc.
Prior to this, he had been chairman and chief executive officer of Altria since 2002.
He has also served as Altria's senior vice president and chief financial officer since November 1996.
Jack A Fusco 6th highest paid CEO
Jack A Fusco is the president and chief executive officer of Calpine Corporation and as a member of its Board of Directors since August 10, 2008.
From July 2004 to February 2006, Fusco served as the chairman and CEO of Texas Genco LLC. From 2002 through July 2004, Fusco was an exclusive energy investment advisor for Texas Pacific Group.
He started his career as an operator at power plants in California and has 25 years of experience in the power industry.
Kenneth I Chenault, CEO, American Express; 7th highest paid CEO
Kenneth I Chenault, CEO, American Express is the 7th highest paid CEO with a salary package of $28.56 million.
He joined American Express in 1981 as a strategy planner.
He became the president and COO in 1997. In 2001, he became the third black CEO of a Fortune 500 company in history
Gregory Q Brown co-CEO of Motorola
Gregory Q Brown, co-CEO of Motorola comes next in the list with a package of $27.49 million.
Brown joined Motorola in 2003 and was elected to the company's board of directors in 2007.
Brown oversees the strategic and operational direction of the Illinois based, $30.1 billion telecommunications and enterprise company.
John J Donahoe 9th highest paid CEO
John J Donahoe with a compensation of $24.41 is the 9th highest paid CEO.
Donahoe became the president and CEO of eBay Inc on March 31, 2008. He has the global responsibility for growing each of the company's business units, which include eBay Marketplaces, PayPal and Skype.
John came to eBay in February 2005 as president of eBay Marketplaces, responsible eBay's global ecommerce businesses.
Prior to eBay, John worked with Bain & Company, a worldwide consulting firm for 20 years.
James Hackett 10th top paid CEO
James Hackett with a total compensation $21.62 million, is the 10th top paid CEO in the US.
Hackett was named president and chief executive officer of Anadarko Petroleum in December 2003, and chairman of the board of the company in January 2006.
Prior to joining the company, Hackett was the chief operating officer of Devon Energy Corporation from April 2003 to December 2003.
America's top earning business head, Motorola's co-CEO is India-born Sanjay Jha, who got a package of $104 million in 2008.
In comparison, India's top-paid business chief, Mukesh Ambani of Reliance Industries, got a total remuneration of Rs 44.02 crore (Rs 440.2 million) in 2007-08, the last fiscal year for which the salary data is available.
Ambani's package is just about one-fifth of the same for even Vikram Pandit, also and India-born person and CEO of banking behemoth Citigroup, which had to seek the US government's support to keep running. With a total payout of over $104 million in 2008, Jha is the only CEO to get a compensation package exceeding $100 million. Jha joined Motorola in 2008 and serves as co-chief executive officer of Motorola, Inc. and chief executive officer of Motorola's Mobile Devices business.
He is also a member of Motorola's board of directors. Prior to joining Motorola, Jha served as chief operating officer of Qualcomm Incorporated where he oversaw corporate research and development. Jha began his career at Qualcomm in 1994 as a senior engineer.
Ray Irani comes second among the top paid CEOs
Ray Irani comes second among the top paid CEOs. Irani has been chairman and CEO of Occidental since 1990.
He was chief operating officer from 1984 to 1990.
He was chairman of the Board of Directors of Nexen Inc. from 1987 to 1999.
He is also a director of Wynn Resorts, Limited and TCW Group.
Walt Disney's CEO Robert Iger
Walt Disney's CEO Robert Iger ($49.7 million) at the third position. Iger is the sixth CEO in The Walt Disney Company's 82-year history.
Iger has also served as president and chief operating officer of The Walt Disney Company since June 2000. Iger is also became a member of Disney's board of directors at this time.
He began his career at ABC in 1974. He officially joined the Disney senior management team in 1996 as chairman of the Disney-owned ABC Group and in 1999, was given the additional responsibility of president, Walt Disney International.
Vikram Pandit, Citigroup is 4th highest paid CEO
India-born Vikram Pandit is the 4th highest paid CEO with a total compensation of $38.22 million.
He has now vowed to take just $1 as salary till Citigroup returns to profitability.
Pandit was named Citigroup CEO in December 2007 and received three million stock options and almost 1.1 million shares of restricted stock in January 2008 as a signing bonus.
Louis C Camilleri 5th highest paid CEO
With a total salary package of $36.36 million, Louis C Camilleri is the 6th highest paid CEO in the US.
Camilleri became chairman and chief executive officer of Philip Morris International on 28 March 2008, following the spin-off of Philip Morris International from Altria Group, Inc.
Prior to this, he had been chairman and chief executive officer of Altria since 2002.
He has also served as Altria's senior vice president and chief financial officer since November 1996.
Jack A Fusco 6th highest paid CEO
Jack A Fusco is the president and chief executive officer of Calpine Corporation and as a member of its Board of Directors since August 10, 2008.
From July 2004 to February 2006, Fusco served as the chairman and CEO of Texas Genco LLC. From 2002 through July 2004, Fusco was an exclusive energy investment advisor for Texas Pacific Group.
He started his career as an operator at power plants in California and has 25 years of experience in the power industry.
Kenneth I Chenault, CEO, American Express; 7th highest paid CEO
Kenneth I Chenault, CEO, American Express is the 7th highest paid CEO with a salary package of $28.56 million.
He joined American Express in 1981 as a strategy planner.
He became the president and COO in 1997. In 2001, he became the third black CEO of a Fortune 500 company in history
Gregory Q Brown co-CEO of Motorola
Gregory Q Brown, co-CEO of Motorola comes next in the list with a package of $27.49 million.
Brown joined Motorola in 2003 and was elected to the company's board of directors in 2007.
Brown oversees the strategic and operational direction of the Illinois based, $30.1 billion telecommunications and enterprise company.
John J Donahoe 9th highest paid CEO
John J Donahoe with a compensation of $24.41 is the 9th highest paid CEO.
Donahoe became the president and CEO of eBay Inc on March 31, 2008. He has the global responsibility for growing each of the company's business units, which include eBay Marketplaces, PayPal and Skype.
John came to eBay in February 2005 as president of eBay Marketplaces, responsible eBay's global ecommerce businesses.
Prior to eBay, John worked with Bain & Company, a worldwide consulting firm for 20 years.
James Hackett 10th top paid CEO
James Hackett with a total compensation $21.62 million, is the 10th top paid CEO in the US.
Hackett was named president and chief executive officer of Anadarko Petroleum in December 2003, and chairman of the board of the company in January 2006.
Prior to joining the company, Hackett was the chief operating officer of Devon Energy Corporation from April 2003 to December 2003.
India ranks 75th in world’s best nations for business: Forbes
India has slipped 11 positions to be ranked 75th in a list of world’s best countries for business, compiled by US publication Forbes, as the country lost ground in areas like trade freedom, technology, corporate tax rate and corruption.
The list has been topped for the second year in a row by Denmark, while India has moved down from its 64th position in Forbes’ annual list, which ranks 127 nations on the basis of business climate in a country for entrepreneurs, investors and workers.
The US has moved up two position to be ranked second on the list. Besides, Canada and Singapore have moved up four spots each to number three and four respectively. Other countries in the top 10 this year include New Zealand, UK, Sweden, Australia, Hong Kong and Norway.
Three countries -- New Zealand, Australia and Norway -- are new to the top-ten this year, while three others -- Finland, Ireland and Switzerland -- have fallen out of this league.
“Sliding the most this year was Ireland (No. 14, down 12), which even saw plans for a Guinness mega-brewery shelved by parent Diageo as exports slowed,” Forbes said, adding Uruguay, Armenia, Paraguay and Latvia also moved down considerably
The list has been topped for the second year in a row by Denmark, while India has moved down from its 64th position in Forbes’ annual list, which ranks 127 nations on the basis of business climate in a country for entrepreneurs, investors and workers.
The US has moved up two position to be ranked second on the list. Besides, Canada and Singapore have moved up four spots each to number three and four respectively. Other countries in the top 10 this year include New Zealand, UK, Sweden, Australia, Hong Kong and Norway.
Three countries -- New Zealand, Australia and Norway -- are new to the top-ten this year, while three others -- Finland, Ireland and Switzerland -- have fallen out of this league.
“Sliding the most this year was Ireland (No. 14, down 12), which even saw plans for a Guinness mega-brewery shelved by parent Diageo as exports slowed,” Forbes said, adding Uruguay, Armenia, Paraguay and Latvia also moved down considerably
Saturday, January 24, 2009
Appreciation of rupee
Appreciating Rupee means that now the Dollar is now cheaper than what it used to be earlier (from $1~50 Rs, now to 40 Rs.), in other words you can buy more from the international market spending the same amount of Rupees. There are very direct effects of the appreciating Rupee in both national and international scenarios.
To put it simply we must consider the whole situations through two points of view: Import and Export
Import: When you import (buy from foreign markets) goods, you have to pay in dollars. India's chief import is crude oil. Suppose a barrel of oil costs $100, as per earlier rates a company would have to pay aout 4800 rupees($1=48 Rs) to buy a barrel, now can buy the same for 4000 Rs ($1=40 Rs.). so oil companies are the biggest gainers from the appreciating rupee. They are now getting oil at reduced prices but selling them to the customers at old rates, hence increasing their profits.
Export: When you sell goods/services in foreign market you get payed in dollars. A lot of companies that have been asking the govt. and RBI for control of the appreciating rupee, are export driven companies like big IT cos. who export software solutions and provide out-sourcing services. There are many others too like garment exporters and even automotive companies. the scene here is that, supposing a BPO company charged $100 for its services, it would be getting payed an equavalent amount to Rs 4800 as per old exchange rates, but because of the appreciating rupee, it now gets payed Rs 4000, and as the market gets increasingly competative the company cannot increase the fee it charges the client to $120 to cover this loss, as it risks losing the client to some other company. Garment exporters are hit even stronger as they mostly survive on large dedicated orders and charging more to cover their losses can even result in cancellation of large orders and massive loss to a garment exporter.
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