June 2009
Business News from Netherlands, India and the World
June 14-15, 2009
Haven Rotterdam: bodem is bereikt
ROTTERDAM - Na een beroerd eerste half jaar heeft het Rotterdamse havenbedrijf de indruk dat de bodem van het dal is bereikt. De overslagcijfers daalden met 13,4 procent, maar slechter dan dit wordt het niet, taxeert havendirecteur Hans Smits. Read more
Chipindustrie ziet verbetering in tweede kwartaal
Rotterdam, 15 juli. Hoewel technologiebedrijven ASML en Intel verliezen rapporteren over het afgelopen kwartaal, zien ze tekenen van verbetering in de markt voor halfgeleiders. Die is door de crisis hard getroffen. Read more
Philips neemt Amerikaans lichtbedrijf over
AMSTERDAM (AFN) - Het elektronicaconcern Philips neemt het Amerikaanse Teletrol Systems over. Dat heeft Philips donderdag bekendgemaakt zonder financiële details te vermelden. Read more
Optimisme op Europese beurzen
AMSTERDAM - Europese beleggers waren woensdag optimistisch gestemd door goed bedrijfsnieuws en meevallende macrocijfers uit de Verenigde Staten. Banken en technologieaandelen waren de sterkste stijgers. Read more
Govt on fast track to boost expressways
The government is looking to set up an Expressway Authority of India on lines of National Highways Authority of India to develop and manage expressways across the country, Road Transport and Highways Minister Kamal Nath said on Tuesday. Read more
Stimulus has started showing results - Pranab
NEW DELHI (Reuters) - The raft of fiscal stimulus steps taken by the government since late 2008 are now yielding results, the finance minister told parliament on Wednesday. Read more
Better tax kitty spells recovery
NEW DELHI: If the surge in tax collection
can be taken as an indicator of economic revival, then the signs are evident that Indian economy has passed the worst phase and is on a recovery path. After the advance corporate tax collection, which showed a growth of around 6% in Q1 (April-June) over the same period last year, there are indications that indirect tax collection is also improving. Read more
Business News from Netherlands, India and the World
June 10-12, 2009
Inflation declines to -1.55 pc
Inflation further declined to minus 1.55 per cent for the week ended June 27 even though prices of food items like pulses, fish marine, and fruit and vegetables turned expensive.read more
Factory output shows domestic econ resilience
NEW DELHI (Reuters) - Industrial output grew for a second successive month in May as strong domestic demand offset faltering exports, which analysts said added weight to a view the central bank would not cut rates further. read more
Interest rates won’t rise, says Pranab
JANGIPUR: The high public expenditure and consequent heavy market borrowing will not lead to an upward revision of interest rate in near future. read more
De beste werknemer mag vooralsnog blijven
haarlem - Menig bedrijf heeft te veel personeel. Werkgevers houden liefst de productiefste medewerkers binnen. Dat is sinds vrijdag makkelijker geworden. read more
EconomiePhilips boekt onverwacht winst
Amsterdam, 13 juli. Elektronicaconcern Philips heeft in het tweede kwartaal beter gepresteerd dan analisten hadden verwacht. Het bedrijf boekte een nettowinst van 45 miljoen euro. Marktvorsers hadden gerekend op verlies. De winst is wel 94 procent lager dan in hetzelfde kwartaal vorig jaar. read more
Bos wil banken aanpakken
DEN HAAG - Minister Bos (Financiën) wil dat de Nederlandse banken snel veranderen. Ze moeten kleiner, degelijker en transparanter worden. read more
Europe gas line deal to be signed�
Four European countries are meeting in Turkey to sign a five-nation agreement for the long-planned 3,300km Nabucco natural gas pipeline.read more
‘Most expensive’ city ranking reveals currency tumult
There are a number of ways to measure the financial turbulence of the past year: the billions of dollars in public funds used to prop up banks; the cliff-drop in exports from any major economy; or the latest unemployment report. read more
Business News from Netherlands, India and the World
June 7, 2009
India wants concerted global response to counter slowdown: PM
With the economic slowdown affecting exports and impacting capital flows, Prime Minister Manmohan Singh on Tuesday said India wants a concerted and well-coordinated global response to address systemic failures and to stimulate the real economy. Read more
Battered IT boots up for a holiday
IT is facing tough times, with a decline in global outsourcing orders and growing protectionist cries in developed markets. And, the IT industry desperately needed some solace. And that’s what India’s international showpiece sector got from the budget. Read more
Kleine bedrijven krijgen lastig krediet
ZOETERMEER - Middelgrote en kleine ondernemingen in de bouw en de detailhandel hebben steeds meer moeite om krediet te krijgen. Van de bouwbedrijven die de afgelopen negen maanden een verzoek om financiering indienden, kreeg 61 procent nul op het rekest. Read more
ING helpt huiseigenaren
ING wil huiseigenaren die door de economische crisis (tijdelijk) zonder baan zijn komen te zitten, tegemoetkomen. Als deze klanten voldoen aan de voorwaarden - zelf onvoldoende financiële buffers bezitten maar wel een ‘reëel uitzicht’ om binnen een jaar weer werk te hebben - hoeven zij gedurende maximaal een jaar geen hypotheekrente te betalen. Read more
Euroministers: geen gevaar voor deflatie
Brussel, 7 juli. De ministers van Financiën van de eurolanden zien geen gevaar voor deflatie, een aanhoudende daling van de prijzen waardoor consumenten hun aankopen alsmaar uitstellen. Read more
Worst of the recession ‘is over’
Printing company MD, Richard Cockerill: “We’ve got a lot more confidence”
The worst of the UK’s recession is over, according to the British Chambers of Commerce (BCC) business group, but talk of a recovery is premature. Read more
U.S. judge approves sale of GM assets
NEW YORK (CNN) — A U.S. federal judge in the GM bankruptcy case late Sunday approved the sale of the troubled automaker’s assets to a “new GM,” court documents showed. Read more
Business News from Netherlands, India and the World
June 6, 2009
Indian shares seen positive on budget hopes
MUMBAI: Indian shares are seen rising on Monday on expectations that the federal budget, due later in the day, will include measures to boost economic growth.read more
Pranab Mukherjee presents Union Budget 2009-10
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Finance Minister Pranab Mukherjee began presenting India’s budget for this fiscal in the Lok Sabha Monday, promising all that his government can do to ensure inclusive growth and address the growing aspirations of the country’s young population.read more
Budget backs infrastructure, farmers
NEW DELHI (Reuters) - The government on Monday outlined measures to speed infrastructure development and unveiled increased spending for farmers and the poor in its first budget since Prime Minister Manmohan Singh’s government was reelected by a resounding margin in May. read more
Rustige handelsdag op Europese beurzen
AMSTERDAM - De Europese beurzen beleefden vrijdag een rustige handelsdag, waarbij de indices de hele dag rond het nulpunt bewogen. De Amsterdamse AEX-index eindigde op de valreep nog in de plus. read more
‘Ik wist niet dat energie zo’n wezenlijk issue is’
Deze week werd in Qatar besloten dat Nederland waarnemend lid wordt van het forum van gasexporterende landen (GECF). Deze club behartigt de belangen van zestien gasproducerende landen, een divers gezelschap met onder meer Rusland, Iran, Bolivia, Equatoriaal Guinee, Algerije en Libië. Westerse landen zitten er niet bij, behalve waarnemer Noorwegen en nu dus Nederland. ‘Zo kunnen wij de vinger aan de pols houden bij de internationale ontwikkelingen op gasgebied’, zegt Van der Hoeven. read more
Economie Bos wilde een sneller crisisplan
Den Haag, 4 juli. PvdA-leider Bos heeft al in december en januari geprobeerd om samen met premier Balkenende een akkoord te sluiten over maatregelen tegen de economische crisis. read more
Sahara gas pipeline gets go-ahead�
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Nigeria, Niger and Algeria have signed an agreement to build a multi-billion dollar pipeline to take Nigerian gas across the Sahara to the Mediterranean. read more
Wall Street’s reality check
A second-quarter rally has given way to what could be a rocky third quarter as investors contend with quarterly results, economic reports.
A dismal jobs report has set the stage for what could be a month of reality checks on Wall Street as the spring stock rally hits a wall. read more
Business News from Netherlands, India and the World
June 3, 2009
INDIA
Huge potential for Japanese investments in India: Official
Investments by Japanese companies has been steadily rising in India and there is scope for more, said Kazuo Minagawa, Consul General of Japan. read more
Mamata Banerjee presents Rail Budget
NEW DELHI: Amid expectations of improvement in railway amenities and food served in trains, railway minister Mamata Banerjee began presentation of Railway Budget 2009-2010 in Lok Sabha. read more
India economic survey ahead of budget
India could see growth this year of roughly 7 percent and then resume the faster expansion of recent years, provided it makes sweeping reforms including removal of fuel subsidies and accelerates infrastructure development, a key government. read more
NETHERLANDS
Omzet supermarkten blijft groeien
AMSTERDAM - Ondanks de economische crisis blijft de omzet van supermarkten groeien. In het eerste halfjaar zag de sector de omzet stijgen met 4,3 procent, van 14,9 miljard euro in de eerste helft van vorig jaar naar naar 15,6 miljard in dezelfde periode dit jaar. Dat blijkt uit cijfers die GfK Panel Servies donderdag heeft bekendgemaakt.read more
Kamer wil meer geld voor deeltijd-WW
DEN HAAG - Minister Donner (Sociale Zaken) moet meer geld vrijmaken voor de deeltijd-WW. De Tweede Kamer vindt het nieuwe budget van 175 miljoen euro te laag. Dat bleek donderdag tijdens overleg in de Kamer. read more
EconomieFortis betaalt 34 miljard aan leningen terug
Fortis Bank Nederland heeft 34 miljard euro van haar schuld bij de Nederlandse staat afgelost. Daarmee heeft het bankbedrijf de volledige kortlopende lening terugbetaald die het in oktober kreeg toen minister Wouter Bos (Financiën) de Nederlandse delen van Fortis nationaliseerde. read more
THE WORLD
Euro interest rates kept on hold
The European Central Bank’s (ECB) rate-setters have kept their key rate unchanged at 1.0% for another month following their regular meeting. read more
Obama: Job figures sobering, but show recession is slowing
WASHINGTON (CNN) — President Obama on Thursday called the nation’s latest unemployment figures sobering, but said the economic recession is slowing.read more
Asian Stocks Fall in Sign of Pullback
HONG KONG - The declines in Asia’s stock markets on Friday were more muted than those on Wall Street and in Europe on Thursday, but they illustrated the same point: That a pullback after a three-month rally that began in mid-March is in full swing as investors take a more realistic view of the economic challenges ahead. read more
Business News from Netherlands, India and the World
July 2, 2009
INDIA
Ruppe clims as shares gain
MUMBAI: The rupee erased early losses and climbed on Wednesday after the stock market nosed higher, while a weakening of the dollar against major currencies also helped. read more
Hyderabad’s SoftPro acquires SA firm for $19 mn
Johannesburg: Hyderabad-based software solutions provider SoftPro Systems has acquired South Africa’s Cura Software Solutions for $19 million. read more
‘Collecting to invest more in India’
With the markets in overdrive and FIIs investing over Rs 20,000 crore in May alone, Rukhshad Shroff, managing director and investment manager at JP Morgan, is gung-ho on the Indian market. Shroff, who manages $4.5 billion worth of India-dedicated funds of JP Morgan, told Sandeep Singh that he is collecting more to invest in India. read more
NETHERLANDS
Hypotheek te fors voor klanten DSB
AMSTERDAM - DSB Bank heeft te weinig gedaan om te voorkomen dat zijn klanten zich te diep in de schulden staken. Dit oordeelt toezichthouder AFM die de bank van Dirk Scheringa daarom een boete van 96 duizend euro oplegt. read more
‘Generaals willen IJslands water’
Het Nederlandse bedrijf Dalphin uit Winterswijk gaat water in flessen leveren aan het Amerikaanse leger dat actief is in het Midden-Oosten en de lokale bevolking. read more
Ons land proeftuin elektrische auto’s
Den Haag - Nederland moet uitgroeien tot dé proeftuin voor elektrische auto’s in de wereld. Tot 2011 trekt het kabinet 65 miljoen euro uit om juist in ons land de marktdoorbraak te bereiken van met stroom aangedreven automobielen. In 2025 zoeven volgens de ministers Eurlings (Verkeer), Cramer (Milieu) en Van der Hoeven (Economische Zaken) al ruim een miljoen van deze schone, zuinige en stille exemplaren over onze snelwegen. read more
THE WORLD
Signs of recovery for UK industry
The pharmaceutical industry is one of the more successful parts of the sector UK manufacturing activity shrank at its slowest pace for a year in June, a survey has indicated, adding to hopes that the worst of the downturn is over. read more
Stocks rise on recovery hopes
Wall Street gains as investors welcome signs of improvement in housing and manufacturing reports. NEW YORK (CNNMoney.com) — Stocks climbed Wednesday, with investors starting off the third quarter on a positive note, after reports on manufacturing and housing added to bets that the pace of the recession is slowing. read more
Life saving drugs, LCD TV cheaper
Select life saving drugs, LCD TVs, mobile phones, branded jewellery, sports and leather products, packaged software and footwear are among items that would cost less, while gold bars and coins, silver, set-top boxes and cosmetic surgery would turn costlier after the Budget. Read more
TCS wins award for Best IT Outsourcing Project in the Netherlands
Hoofddorp, The Netherlands, June 15, 2009; Tata Consultancy Services (TCS), a leading IT services, business solutions and outsourcing firm has won the Netherlands Outsourcing Award 2009, at a ceremony conducted by Outsource Magazine (OM) in cooperation with Platform Outsourcing Netherlands (PON).
TCS won the award in conjunction with its client, NXP Semi Conductors. In May 2008 NXP had selected TCS as the technology partner in a 5 year, $100 million engagement. TCS provides a full range of IT Services, including application services and product creation, bringing efficiencies to NXP’s Supply Chain Management (SCM) process worldwide.
“This is a proud moment for us and recognition for being a technology partner of choice for firms in the Netherlands. We are committed to building on this success and further deepening our relationships in this strategic growth market.” said Shankar Narayanan, Director of the Benelux (Belgium, Netherlands & Luxembourg) region at TCS.
The award recognizes the superior results that have been achieved rapidly over a 1 year period. TCS has consolidated and ensured the integrity of NXP’s complex application landscape, delivering considerable operational cost savings and enabling the Eindhoven-based manufacturer to focus on its core business activities. TCS’ research and development teams are also engaged in developing innovative and specialist applications on a risk/reward basis to deliver competitive advantage to NXP across all stages of the product cycle.
Louis Luijten, Senior Vice President and Chief Information Officer, NXP said: “We are delighted that TCS has won this award and would like to congratulate the entire team at the company. TCS has proven to be a highly reliable partner in every step of the way and thanks to them; we have accomplished many of our goals in even less time than we had anticipated. TCS’s tagline ‘Experience Certainty’ is not just a motto but a fact! ”
Towards this engagement, TCS had established a new High Tech Delivery Centre in Eindhoven, which was launched formally in April 2009. TCS delivers services to NXP through its Global Network Delivery ModelTM involving Delivery Centers situated in Bangalore, Bangkok and Eindhoven.
Carol Wilson, Vice President and Global Business Unit head of TCS’ Hi-Tech business unit commented “Leading high technology firms like NXP semiconductors demand nothing but the best. We are pleased that our new Hi-tech center in Eindhoven has been able to rapidly meet their standards. This award is a source of pride and satisfaction for us globally.”
About TCS’ High-Tech Center of Excellence in Eindhoven
In April 2009, TCS had announced the inauguration of its Hi-Tech Center of Excellence in Eindhoven, Netherlands. TCS is the first Indian company to set up a Delivery Center in the Netherlands. Located in the heart of the Eindhoven city, TCS Delivery Center currently supports customers like NXP semiconductors and Rabo bank. Going forward, this centre could be a near site location for Benelux (Belgium, Netherlands and Luxemburg) customers.
About NXP
NXP is a top 10 semiconductor company founded by Philips more than 50 years ago. Headquartered in Europe, the company has 37,000 employees working in more than 20 countries and posted sales of USD 6.3 billion in 2007. NXP creates semiconductors, system solutions and software that deliver better sensory experiences in mobile phones, personal media players, TVs, set-top boxes, identification applications, cars and a wide range of other electronic devices. News from NXP is located at www.nxp.com.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 148,000 of the world’s best trained IT consultants in 47 countries. The company generated consolidated revenues of US $6 billion for fiscal year ended 31 March 2009 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com. (www.nicct.nl)
Hindustan Unilever’s Profit Rises
BANGALORE — Hindustan Unilever Ltd. reported lower-than-expected 3.7% growth in first-quarter net profit, stung by charges.
Sales volume at the company’s domestic consumer-goods business fell
as increasingly price-sensitive customers opted for less-expensive
brands in a weakening economy.
India’s largest consumer-goods maker by sales on Sunday reported net
profit of 3.95 billion rupees ($80.3 million), compared with 3.81
billion rupees a year earlier. Analysts had forecast 4.39 billion
rupees in net profit, according to a survey by Dow Jones Newswires.
The company said the quarter included a loss of 1.07 billion rupees,
primarily because of provisions for retirement benefits and
restructuring costs. It booked a 25.2-million-rupee gain a year
earlier. Excluding items, profit after tax rose 20%.
Sales rose 6% to 39.88 billion rupees from 37.63 billion rupees.
Domestic sales of consumer goods fell 4% by volume. That followed growth of 2.3% in the fourth quarter.
Sales of personal-care products, which include Ponds and Fair and
Lovely skin creams, Sunsilk and Dove shampoos, and Pepsodent and
Closeup toothpaste, rose 2% in the quarter. Toothbrush and toothpaste
sales fell.
India’s manufacturing production may recover in coming months: DBS
NEW
DELHI: The manufacturing sector in India is likely to recover in the
months to come even as the country’s industrial production contracted
2.3 per cent in March, Development, Bank of Singapore said today.
“Purchasing managers’ index (PMI) for April has risen above the 50
mark to 53.3 suggesting industrial output expanded in sequential terms
in April. Therefore, we continue to expect a recovery in manufacturing
production in the months ahead,” says a report by DBS.
PMI gives an indication of the country’s manufacturing activity and its future outlook.
India’s industrial production declined 2.3 per cent in March
compared to a rise of 5.5 per cent in the same month in 2008, mainly on
account of poor performance by the manufacturing sector.
“This outcome is actually not surprising and is in line with trends
in the PMI survey. PMI readings have been below the neutral 50 mark in
the first quarter. Importantly, the outlook for manufacturing growth in
the coming quarters still is positive,” the report said.
Besides, March consumer durable goods output preserved the
turnaround in January and February implying a 2.5 per cent rise in
durables output in the first quarter, the report added. Source
Apollo Tyres to buy Dutch firm for $300 mln - paper
MUMBAI
(Reuters) - Tyre maker Apollo Tyres is all set to fully acquire Dutch
company Vredestein Banden, the Hindustan Times said in a report on
Thursday.
The deal is expected to be closed in a fortnight for a consideration of around $300 million, the paper said.
“We are looking at closing the deal by the middle of this month,”
the paper quoted Apollo Tyres’ Neeraj Kanwar, vice chairman and joint
managing director, as saying.
“Vredestein is a premium tier I tyre manufacturer with a portfolio
of high-end, high speed rated passenger car tyres going up to a speed
of 300 kilometers per hour. We have a high synergy, but will be able to
give you details on this only once we achieve closure,” Kanwar was
quoted in the paper.
Netherlands eyes more skilled Indian professionals
NEW
DELHI: The Netherlands is hoping to attract more skilled Indian
professionals into the country by relaxing the terms of an existing
“We are working towards making the KM scheme even more flexible
whereby the skilled workers who go to the Netherlands under this scheme
are able to move to other countries in EU seamlessly if their work
demands. This is a good time for skilled Indian professionals to move
to the Netherlands and we are working towards making the immigration
process easier for them,” said Robert Schipper, executive director
(India) of the Netherlands Foreign Investment Agency (NFIA).
Over 3,000 Indian professionals, mainly from the information
technology and communication segments, have so far moved into the
Netherlands ever since the KM scheme was launched in 2006 targeting
skilled non-EU workers. This makes them the largest such group,
according to the Dutch national statistics office CBS.
Even the current downturn will not ease certain skills shortages inthe Dutch economy, and besides, the Netherlands has not been hit as
badly by the slowdown as certain other European nations, Mr Schipper said.
For 2009, the minimum annual salary requirement under KM scheme is Euro 49,087 for employees who are 30 years or older, and Euro 35,997 for
employees younger than 30 years. For persons who have obtained a diploma in the Netherlands, the minimum annual salary requirement is
Euro 25,800.
The two countries are also in the final stages of inking a social security treaty which will benefit Indian workers in the Netherlands.
Mr Schipper said that the Dutch government’s Orange carpet visa scheme was taking care of immigration issues faced by Indian companies
doing business in the Netherlands. “This visa facility has been extended to companies that send a lot of people to the Netherlands for
visits that are less than three months. This is a business friendly and fast track system which authorises a few senior employees in the
company to sign the visa application papers. The visas are then issued almost immediately.
