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Bank Owned Real Estate in Scripps Ranch

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					                                                                                  INDIA J URNAL
                                                                                                                                                                                                                        B
  September 17, 2010




                                                        BUSINESS
                                                                                                                                                                                                                        SECTION




Ohio Outsourcing Ban Won’t Impact Impact on Indian IT Sector
  Indo-US Business Ties: Roemer   Obama Against Tax Breaks To
NEW DELHI - The US Sept 10        Firms Shipping Jobs Overseas                                        tween the countries was “indis-
                                                                                                      pensable”.
sought to downplay the ban on                                                                                                                       WASHINGTON, D.C. - President
outsourcing clamped by the gov-                                                                       “I would refer you to statements              Barack Obama has made it clear
ernment of its Ohio state, saying                                                                     by Infosys and other Indian com-              that his administration is against
similar actions in the past have not                                                                  panies which recently had said                tax breaks to the US companies
affected Indo-US ties which have                                                                      about Ohio action ...that they had            shipping jobs abroad and said in-
grown to a far greater level.                                                                         very little, if any, impact on US-            centives will be given to those
US ambassador to India Timothy                                                                        Indian business,” he told report-             firms which create employment
Roemer said Ohio banning                                                                              ers here when asked to comment                in the country, a move that may
outsourcing of IT related work                                                                        on the ban.                                   have ramifications for the Indian
would not have any bearing on                                                                         The ambassador said Indo-US re-               IT sector.
Indo-US business ties and as-                                                                         lations have reached to a new stage           “Let’s stop giving tax breaks to
serted that the partnership be-                                                                       which now includes counter terror-            companies that are shipping jobs
                                                                                                      ism, green partnership, apart from            overseas. Let’s stop incentivizing
 Ambani Brothers                                                                                      trade and commerce. “We are talk-
                                                                                                      ing today about the indispensable
                                                                                                                                                    that and let’s give tax breaks to
                                                                                                                                                    companies that are investing
  Lead The List Of                                                                                    partnership between the United                right here in the United States of
                                                                                                                            Contd. on B11
Sour Deals This Year                          Timothy Roemer                                                                                        America,” Obama said in re-            Barack Obama

                                                Global Slowdown Not Yet Over,                                                                       sponse to a question at a White
                                                                                                                                                    House news conference Sept 10.
                                                                                                                                                                                           The Indian IT sector, which gets 60
                                                                                                                                                                                           per cent of its export revenue from the
                                                                                                                                                    His remarks came close on the
                                                India Must Stay Alert: Pranab                                                                       heels of the Ohio state Governor
                                                                                                                                                    passing an executive order to ban
                                                                                                                                                                                           US, has come out strongly against US
                                                                                                                                                                                           moves to ban outsourcing.
                                                                                                                                                                                           New Delhi’s concerns on
                                              KOLKATA - The global economic re-
                                              covery is not yet over and India will                                                                 outsourcing, a development that        outsourcing and the steep hike in
                                              have to remain alert, Finance Minis-                                                                  has raised concerns in India which     H-1B and L1 visa fees is expected to
                                              ter Pranab Mukherjee said Sept 12.                                                                    is often described as the world’s      be raised during Obama’s maiden
 Mukesh Ambani Anil Ambani                    “We will have to stay alert as In-                                                                    back office.                           visit to India in November.
                                              dia is not alienated from the global                                                                  Obama said instead of tax breaks       This is the second time in a week that
 NEW DELHI -Placed among                      situation,” Mukherjee said at an event                                                                that encourage corporations to cre-    Obama has spoken about outsourcing.
 the wealthiest people globally,              in the Hooghly district in West Ben-                                                                  ate jobs overseas, he was for tax      Obama admitted that economic
 the Ambani brothers’ groups                  gal. Referring to the recent global fore-                                                             breaks for companies that create       progress in the US, facing a two-year-
 also have the dubious distinc-               cast of the International Monetary                                                                    jobs in the country.                   long recession, has been “painfully
 tion of accounting for over 90               Fund (IMF), he said the evaluation                                                                    “... we believe in tax breaks for      slow” and “we are not there yet”.
 per cent of the estimated $                  made by the inter-governmental                                                                        companies that create jobs right       “For all the progress we’ve made,
 27 billion merger and acqui-                 organisation was not so rosy.                                                                         here in the United States of           we’re not there yet. And that
 sition deals that could not                  According to the IMF, the Euro-                                                                       America. And so we’ve begun to         means people are frustrated...,”
 fructify so far this year, says              pean recovery will be delayed and                                                                     do that,” Obama said.                  Obama said.
 a research report.                           the same is true for Canada and                                                                       “We believe in investments that        Obama, under fire over the issue of job
 The biggest non-starter was                  North America, he said.                                                                               will make America more competi-        losses, said his proposals are meant to
 Reliance Industries’ $ 14.5 bil-             “Since we are not alienated, we                                                                       tive in the global economy—in-         accelerate job growth in short term and
 lion all-cash bid for acquiring              will have to stay alert,” he said.                      Pranab Mukherjee                              vestments in education and clean       revive small businesses.
 a majority stake in bankrupt                 Mukherjee earlier said that India                       that India’s GDP growth would be              energy, in research and technol-       “Because even though the economy
                     Contd. on B12            was the second largest growing                          in the region of 8.5 per cent to 8.75         ogy—and we’re making those in-         is growing again, and we’ve added
                                              economy after China, pointing out                       per cent in 2010.               (PTI)         vestments,” he said.                                            Contd. on B12
  INSIDE THIS SECTION
  Safe Harbor Rules For
  Foreign Firms Soon               B3
                                                        Vaidya     SULA’s
                                                                  CSULA
                                                 Ashish Vaidya is CSULA’s New Provost
                                                BY A.MATTHEWS                                                                                       Asked to explain the role of a Pro-    ulty, and to continue CSULA’s
  Poor Logistics Costs India                                                                                                                        vost, Vaidya succinctly described      commitment to student success.
  $65 Billion Annually             B4         LOS ANGELES, CA – Dr. Ashish                                                                          a Provost as the chief academic        As to new ideas he was planning to
                                              Vaidya was appointed new Provost                                                                      officer of an institution. The         bring to the table he said
  Eyes on Taxes: Estimated Tax Pay-           and Vice President of Academic                                                                        Provost’s role is to work              “CSULA’s vision of serving a di-
  ment Percentages Changed B10                Affairs at California State Univer-                                                                   collaboratively with internal and      verse and multicultural student
                                              sity, Los Angeles (CSULA) in Au-                                                                      external constituencies to ad-         body in one of the most dynamic
                                              gust. Vaidya will take charge in                                                                      vance the mission of the Univer-       regions of the world resonates
 DOLLAR / RUPEE                               his new position on October 1. He                                                                     sity. As chief academic officer, the   strongly with me. Our responsibil-
  RUPEES                         U.S.         is currently Dean of the Faculty                                                                      Provost oversees all the academic      ity is to ensure that we offer dis-
                                              and Professor of Economics at Cal                                                                     units within the University in-        tinctive academic programs that
  Rs. 46.16 ................... $1                                                                                                                  cluding schools and colleges.          are responsive to local, regional, and
                                              State University Channel Islands.
 MARKET WATCH                                 In an interview with India Jour-                                                                      To a question regarding his key        global needs. I hope to work with
                                              nal Vaidya said he was “thrilled                                                                      contribution as Provost, Vaidya        President Rosser, the faculty, the
  GOLD             NY TRADING
                                              and excited” at the new appoint-                                                                      said he hope d t o w o r k             administration, and staff to help
  $1275.70 ........... 1 ounce                ment. “The opportunity to return                                                                      collaboratively with the aca-          our students achieve their educa-
  SILVER           NY TRADING                 and serve the institution where I                                                                     demic leadership to strengthen         tional goals.”
                                              began my academic career was even                                                                     CSULA’s academic programs,             Being in an administrative position
  $20.54 ............... 1 ounce                                                                                                                    to support the work of the fac-
                                              more special.”                                          Ashish Vaidya                                                                                             Contd. on B11

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