The Hindu Business Line : ‘Will I be able to keep my job’

Mack (an American expat working in India) is mulling over accepting a job offer in Kuwait when his friends Bidyut (an economics professor), Divya (a journalist) and Jogin (a student) arrive at his house.

Divya: Have you decided, Mack?

Mack: Nope, but I am not sure I want to take it up.

Jogin: Several finance professional were eyeing

the Middle-East considering it to be more resilient,

especially with Eurozone in recession.

Bidyut: But remember that a court in Kuwait

has ordered that the stock exchange be closed till

November 17 as a protectionist measure.

Jogin: Speaking of protectionism, Bush has maintained

at the G-20 meet that free market principles are crucial

for economy’s revival. Does that mean BPO jobs will

be safe? After all, offshoring is an offshoot of free

market practices.

Bidyut: On the one hand they are pro-capitalist, on the

other they approve bailouts. Bailouts and state support

are not part of free-market principles.

Mack: I am not against the bailout but I do wish

regulators would learn from this crisis.

Jogin: Do you think the US auto industry would also

get a bailout?

Mack: Obama’s chief of staff called the industry an

essential part of the US. If you take that as a sign, a

lifeline might be drawn till Detroit.

Bidyut: I am getting tired of reading about bailouts and

stimulus plans.

Divya: Look, Bidyut, IT firms are cutting jobs, exports

are down and unorganised sector is badly hit. Textile,

leather, handicraft and jewellery are among the

industries being ravaged, and the worst is not over some

say. You don’t expect the government to ignore such

factors. Job losses could lead to several issues, in India it

could even mean social unrest. You don’t want that,

especially when the slowdown is temporary.

Jogin: The financial sector has seen some hiring, at

least in senior levels.

Bidyut: I hope they are not using the bailout money for

the hiring. They are supposed to be cost cutting.

Divya: Speaking of cost-cutting, media has received a

copy of letter from Ratan Tata to his lieutenants asking

them to exercise prudence in financial matters. No

mention of job cuts, but he has said some recent

acquisitions are causing trouble.

Jogin: One good news is that inflation has come down.

Mack: Yeah, and RBI could cut repo again.

Bidyut: Let us not forget that lesser inflation could also

be because of lower demand. Besides, growth rate is also

showing signs of slowing.

Jogin: That reminds, most global leaders are saying the

G-20 meet was fruitful and will help in combating the

crunch. Manmohan Singh is claiming there was a

genuine dialogue with emerging countries.

Mack: Developed nations have no choice but to

involve emerging economies more. After all, the

markets are interlinked.

Divya: The outcome of the meet will be known when

developed nations start implementing the promised

regulations to strengthen banks and economy.

Jogin: What until then?

Mack: Keep wondering, ‘Will I have my job?’

Ram with inputs from Badri

Blog at http://MarketChat.blogspot.com

More Stories on : Stock Markets | Chat

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
‘Will I be able to keep my job’

Most Indian counters rule near October lows in US markets

Lupin (Rs 581.25): Sell

Day Trading Guide

Indices may fluctuate within a broader range