PENSION PLANS
Unorganised sector employees — Australian consortium to submit pension plan report by April
A FIVE-MEMBER consortium headed by Mr Chris Butel of the Australia-based New South Global Pty Ltd, a wholly owned subsidiary of the University of New South Wales, is working out a pension scheme for the approximately 37-crore workforce employed ... More

OUTSOURCING
JobAccord begins BPO operations
STAFFING firm JobAccord has started its BPO operations in Bangalore. It has set up a 50-seat centre to cater to its US customers. A subsidiary of Aceon Tech Inc, JobAccord enables and enhances human capital recruiting process and delivers ... More

AWARDS & HONOURS
Padmakumar gets management award
KOCHI: Mr K.P. Padmakumar, Chairman, Federal Bank Ltd, has been selected for the Management Leadership Award of Kerala Management Association for the year 2004. His visionary zeal in guiding Federal Bank to be the largest private sector ... More

FOREX
Rupee up 15 paise; securities decline
MUMBAI: The domestic currency closed stronger by about 15 paise at 46.3325/3450 against the dollar on Monday, with the US currency weakening overseas. Also, there was a bout of greenback selling by banks, said dealers. The rupee opened ... More

INSURANCE
IRDA to consider brokers' plea on special discount
THE Insurance Regulatory and Development Authority (IRDA) has assured the insurance broking community that it would examine the five per cent special discount currently offered by insurers directly in favour of the corporate entities, which ... More

IRDA revokes suspension
THE Insurance Regulatory and Development Authority (IRDA) has announced a decision revoking the suspension imposed on the licence of one of the direct insurance brokering companies - Mass Insurance Brokers Pvt Ltd based at Noida. According ... More

FINANCIAL PERFORMANCE
Oriental Insurance logs record Rs 322-cr net
ORIENTAL Insurance Co Ltd registered a record net profit of Rs 322 crore for the fiscal ended March 31, 2004, as against Rs 63.99 crore in the previous year. Profit before tax rose to Rs 454.33 crore against Rs 175.89 crore in the previous ... More

NBFCS
Crisil expects better earnings for select NBFCs
NON-BANKING Finance Companies (NBFCs) that have restructured their business models in the past three-four years are expected to report better earnings in the future. A study by rating agency Crisil on the 25 rated NBFCs shows that those that ... More

LIFE INSURANCE
Insurers offer `indexation options'
INSURANCE companies are offering indexation options to clients with a view to providing a hedge against inflationary pressures. The options are being packaged attractively, often as an `additional benefit' being given to a policy ... More

GENERAL INSURANCE
`With increasing outsourcing, auto part makers are at high risk' — Few takers for product liability cover
"Indian auto component makers do not realise the need for such a cover and hence don't factor it as the cost of doing business in the US and Europe. " More

Toyota vehicles to have New India cover
TOYOTA Kirloskar Motor Company and New India Assurance has announced a near cashless insurance service and point of sale insurance for all Toyota vehicles. Under the tie-up, Toyota customers would be able to insure and avail post-accident, ... More

HUMAN RESOURCES
ICSI mulls new cadre for banks
THE Institute of Company Secretaries of India (ICSI) is now looking at creating niche job for its professionals in the banking sector. It proposes to initiate talks on the issue with the Reserve Bank of India and Indian Banks' ... More

PRIVATE BANKS
TMB launches ATM network from Chennai
TAMILNAD Mercantile Bank (TMB) plans to set up a network of 150 ATMs over the next year and a half, according to its Chairman, Mr R. Natarajan. The bank initiated this network on Monday with two ATMs in Chennai. Addressing reporters after the ... More

FOREIGN BANKS
HSBC to expand exim trade financing
HSBC is looking at new ways of financing export-import trade in India in keeping with the requirements of its customers. The bank is among the better-known players in the foreign trade financing market. Mr Rajeev Bhargava, Head - Trade ... More

FINANCIAL INSTITUTIONS
US warns of Al-Qaeda threats to financial institutions
THE federal government has increased the threat level to "high" for certain specific financial institutions in New York, Washington D.C., and New Jersey amidst latest intelligence assessment of terror outfits plotting to strike targets with car ... More

CORPORATE BONDS
Corporate floaters not appealing enough to investors
WHAT do investors in corporate papers want? A fixed rate instrument or a floating rate mechanism? Or a finer priced instrument which reflects the market rates movement? Finding takers for a fixed rate instrument is difficult in a rising ... More

TRADE & LABOUR UNIONS

ALLIANCES & JOINT VENTURES
Magma Leasing ties up with National Insurance
MAGMA Leasing Ltd, buoyed by an impressive June quarter earnings through commercial vehicles financing and with a nationwide network of eight regional and 52 branches, has entered into a tie-up with the National Insurance Company Ltd (NIC) for ... More

INTERVIEW
PFC will tap cheaper funds via banking foray
ESTABLISHED in July 1986 as a Development Financial Institution dedicated to the power sector, the Power Finance Corporation has emerged as the premier lending agency for the beleaguered power sector. The mini-ratna company has been chalking out ... More