Europe: Lots of cloud opportunity to tap GigaOM And, in March, results of a Tata Consultancy Services survey showed that, in aggregate, 12 percent of European companies' total applications run in the cloud now, but they expect that percentage to hit 25 percent by 2014. One big question is what's... See all stories on this topic »
LONDON (AP) - Europe is edging closer to recession, dragged down by the crippling debt problems of the 17 countries that use the euro, official figures showed Tuesday.
Eurostat, Europe's statistics agency, revealed that the economies of both the eurozone and the European Union, which has 27 countries, shrank by a quarterly rate of 0.2 percent in the second quarter of the year. In the first quarter, output for both regions was flat. A recession is officially defined as two straight quarters of falling output.
Europe's debt woes have been blamed for the sharp deterioration in the global economic outlook over the last few months. The region is the U.S.'s largest export customer and any fall-off in demand will hit order books - as well as President Barack Obama's election prospects.
The 17-country eurozone is grappling with sky-high debt levels and record unemployment of 11.2 percent. Compared with the second quarter of last year, the eurozone's economy is 0.4 percent smaller.
The region's economy would have slipped into recession had it not been for better-than-expected GDP figures from its two leading economies, Germany and France. Germany, Europe's biggest economy, posted quarterly growth of 0.3 percent, better than the 0.2 percent uptick forecast. France also beat expectations of a small contraction in its output to record no change in its economy for the second quarter.
The European Union, which has a population of 500 million people, recorded a GDP last year of $15.5 trillion - slightly more than the U.S.'s output. It is also a major source of sales for the world's leading companies. Forty percent of McDonald's global revenue comes from Europe - more than it generates in the U.S.. General Motors, meanwhile, sold 1.7 million vehicles in Europe last year, a fifth of its worldwide sales.
The region's stumbling economy is making it harder for other economies to grow. Policymakers around the world are urging more decisive action - particularly from the European Central Bank - to deal with the crippling debt crisis to restore confidence to the global economy.
"The ECB's recent announcement that it will do 'whatever it takes' to save the euro is welcome, but clarity over what will be done is crucial," said Tom Rogers, a senior economic adviser for accounting firm Ernst & Young.
Markets have grown more optimistic recently that Europe's firefighting efforts will pick up the pace. That positive tone continued Tuesday, largely because of the figures out of Germany. The Stoxx 50 index of leading European shares was up 0.6 percent while the euro rose another 0.1 percent to $1.2350.
Germany currently benefits from strong demand for its products, but its high-value exporters are finding it increasingly difficult to tap international markets. Forward-looking surveys, including Tuesday's closely monitored ZEW survey of German investor sentiment, are suggesting that confidence is taking a knock as Europe moves from one crisis point to another.
The other 16 countries that use the euro are Germany's biggest export market and six of them - Greece, Spain, Italy, Cyprus, Malta and Portugal - are in recession. The U.S. recently recorded GDP growth of 0.4 percent in the second quarter, according to Eurostat, which was less than the growth in the first quarter.
Slower economic growth is also making it harder for governments and central banks to control the debt crisis in Europe. Shrinking economies mean less tax revenue while forcing up the cost of social benefits.
"The big picture is that the economic growth required to bring the region's debt crisis to an end is still nowhere in sight," said Jonathan Loynes, chief European economist at Capital Economics.
For those countries at the front-line of Europe's debt crisis, the figures make for grim reading. Unsurprisingly, Greece is faring the worst - its economy is 6.2 percent smaller than a year ago and back at the level it was in 2005.
Portugal suffered a big 1.2 percent drop in output in the second quarter, compared with the previous quarter's modest 0.1 percent drop.
Both Greece and Portugal have received financial bailouts from the other eurozone countries and the International Monetary Fund and were required to adopt tough austerity measures in return.
Italy and Spain, the eurozone's third- and fourth-largest economies, shrank by 0.7 percent and 0.4 percent respectively in the second quarter. Both countries are struggling to convince markets they have a strategy to get a grip on their debts. Spain has even agreed to a bailout of its banks.
Alexander Schumann, chief economist at The Association of German Chambers of Industry and Commerce, urged Europe's indebted countries to carry on with their reforms and said it won't be long before they start reaping the rewards.
"We need to be patient but there are positive signs that in 18 or 24 months we might see light at the end of the tunnel in Portugal, Spain, Italy and Greece, "he said. "We can get there if politicians don't block the tunnel with ideas that add new uncertainty."
A section of pilots of near-bankrupt Kingfisher Airlines today went on strike, second time in the month, demanding immediate payment of March salaries, leading to cancellation of seven flights from Mumbai.
"A section of Mumbai-based pilots have gone on strike due to repeated failure to keep up with the promises (made by the airline management)," airline sources told PTI. Some flights from Mumbai have already been cancelled due to the pilots strike and many more cancellations are to follow, they said.
Seven Kingfisjer Airlines flights from Mumbai have been cancelled, a Mumbai International Airport Limited (MIAL) spokesperson said. The strike comes after a meeting between a group of pilots and airline Chief Executive Sanjay Aggarwal in the city to enquire about the March salaries, ended without yielding any results, sources said.
"About 15 pilots had gone to meet the CEO to enquire about the March salary since the pilots were promised by the managment that every one would be paid by August 17. They were made to wait for an hour and half and then told that the chairman (Vijay Mallya) has said they will be paid by Tuesday," they said. The pilots did not accept the assurance as the Chairman has repeatedly backtracked on his earlier commitments on payment of salary dues and, therefore, decided to strike work, sources said.
Kingfisher Airlines, whose accounts are under Corporate Affairs Ministry's scanner, has not made payments to majority of its employees since March. The corporate affairs ministry has recently ordered an inspection of the account books of debt-ridden airline after receiving complaints from stakeholders alleging violation of certain provisons of company law.
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AVIATION MINISTRY'S ROAD SHOW Nigerian Tribune The Minister for Aviation, Princess Stella Oduah, was recently caught out on a rainy night. She was right in the middle of an imbroglio between her ministry and the Committee on Aviation in both chambers of the National Assembly. The matter had to do ... See all stories on this topic »
In India, Canada is represented by the High Commission of Canada in New Delhi. Canada also has consulates in Chandigarh, Chennai and Mumbai and trade offices in Ahmedabad, Bangalore, Hyderabad, and Kolkata.
India is represented in Canada by a High Commission in Ottawa, and by consulates in Toronto and Vancouver.Canada and India have longstanding bilateral relations, built upon shared traditions of democracy and pluralism and strong interpersonal connections. The bilateral relationship is supported by a wide range of bilateral agreements in fields such as agriculture, energy, mutual legal assistance, and air services. In November 2009, Prime Minister Stephen Harper visited India and met with Prime Minister Manmohan Singh. Both leaders also met when Prime Minister Singh visited Canada in June 2010. Among issues discussed were bilateral, regional, and global issues of common interest.
In November 2009, the Prime Ministers of Canada and India set a combined annual trade target of CDN$ 15 billion (up from just under CDN$ 5 billion in 2009) to be reached by 2015.
Security
Canada and India maintain a dialogue on regional security and global strategic issues of common interest through the annual Canada-India Strategic Dialogue and through regular meetings of the Canada-India Joint Working Group on Counter-Terrorism, as well as annual Foreign Policy Consultations.
Trade and Investment
India is a vital trade partner for Canada. Canada’s commerce strategy for India involves the coordination of efforts by Canada's missions in India, federal government departments, provinces, and the private sector. This strategy has defined priority sectors to increase two-way trade, investment and technology partnerships. These priority sectors include: education, clean technologies (including renewable energy), information and communications technology and infrastructure.
According to Statistics Canada, bilateral merchandise trade between Canada and India in 2010 totalled approximately C$4.2 billion, an increase of 46.6 percent since 2005.
While Canadian merchandise exports to India in 2010 totalled C$2.1 billion (a 2.7 percent decrease from 2009), imports from India reached C$2.1 billion (a 6.0 percent increase from 2009). Despite the small decrease in Canadian exports to India in 2010, exports to India have increased by 92.2 percent since 2005.
Top Canadian exports to India include vegetables (mostly peas and lentils), fertilisers, paper and paperboard, machinery, wood pulp, precious stones, and iron and steel. Canadian imports from India include organic chemicals, precious stones and metals, knit apparel, woven apparel, machinery, and iron and steel.
Canada and India signed a Canada-India Agreement for Scientific and Technological Cooperation in November 2005 to foster greater bilateral S&T collaboration in five priority areas. Under this Agreement and fostered by a Joint Committee on S&T which meets annually, the five priority sectors are: nanoscience and nanomedicine; information and communications technology; biotechnology, health research and medical devices; sustainable and alternative energy and environmental technologies; and earth sciences and disaster management. From 2005 to 2010, joint funding from Canada and India for S&T collaboration totalled C$13.5 million.
Environment and Energy
The two countries have established the Canada-India Forum for Environmental Collaboration in order to work more closely together on key global environmental issues, including climate change. Canada and India also initiated a Canada India Energy Forum following the signing of the energy Memorandum of Understanding in November 2009.
Immigration and Visas
India is currently the second largest source country of immigrants to Canada, with a rapidly growing Indo-Canadian community estimated to be nearing one million.
Recently, fast-track processes have been instituted to expedite processing of visas for designated business travellers and students applying to designated publicly-funded post-secondary colleges and universities in Canada. The Business Express program is able to approve over 99% of applications, most within two working days. Partly as a result of the Student Partners program, the number of students who received student permits in 2010 increased more than three-fold in just two years, from 3,250 in 2008 to 11,530 in 2010..
Stakeholder Involvement
In support of Canada’s growing engagement with India, the Government of Canada is committed to consulting regularly with all Canadian stakeholders: provinces and territories; municipalities; non-governmental organizations; the private sector; civil society and the Canadian public. To seek input from these various groups, the Department of Foreign Affairs and International Trade Canada (DFAIT) regularly convenes a multi-sectoral group entitled "Focus India." These meetings help DFAIT to broaden considerations related to Canada’s policy and programming approach to Canada-India relations.
Development Assistance
After 55 years of bilateral programming in India totalling C$2.39 billion, Canada’s bilateral development assistance program came to an end in 2006 following a change in Indian government policy regarding aid. However, the Canadian International Development Agency (CIDA) continues to provide assistance to India through partnerships between Indian and Canadian NGOs and multilateral programs. In addition, the Canadian High Commission in New Delhi manages the Canada Fund for Local Initiatives, to support local projects in India focusing on gender equality, human rights, and good governance. For further details see the “Development Cooperation” link on the left hand side of this page.
At Rs 1.86L cr, CAG shows coal allocation is a bigger 'scam' than 2G spectrum auction
CAG says Rs 1.86 lakh crore likely to accrue to private coal block allottees due to allocation made without competitive bidding - previous figure of loss to country released by CAG had been over Rs 10 lakh crore. PMO downplays CAG report and slams the CAG. CAG is not following its mandate, says MoS PMO V Narayanasamy.
The Prime Minister's Office (PMO) says the CAG report on coal block allocation is preliminary and has to be tested.
CAG tabled three reports in Parliament today - total loss to govt in all three pegged at Rs 2.5 lakh crore.
On coal: CAG says Rs 1.86 lakh crore likely to accrue to private coal block allottees due to allocation made without competitive bidding - previous figure of loss to country released by CAG had been over Rs 10 lakh crore.
The 2G spectrum scam was lesser than this amount by a bit. CAG's spectrum loss was pegged at Rs. 1.76 lakh cr. This was referred to as 'completely erroneous' by Telecom Minister Kapil Sibal.
On Ultra Mega Power Project (UMPP):* CAG says bidding process was vitiated by allowing Reliance Power to use excess coal from three blocks allocated to Sasan project - gained Rs 29,003 crore.
On aviation: In the so-called Delhi Airport scam, CAG slams levy of development fee on passengers at Delhi Airport; says it vitiated sanctity of bidding process.
CAG says DIAL to get undue benefit of Rs 3,415.25 cr from levy of development fee on passengers at Delhi Airport.
Three crucial CAG reports on coal block allocation, implementation of public-private partnership in IGI Airport and ultra mega power projects were tabled in the Parliament on Friday, which alleged huge losses to the exchequer were caused by PM Manmohan Singh-led UPA govt.
CAG says benefit of this money should have gone to the people of India/govt but instead it has gone to private companies.
To put things in perspective, the 'benefits' that are going to accrue to these companies will be over a period of 20 years and not immediately.
Opposition parties are accusing the UPA govt of looting the public in the name of opening up of the economy. The BJP has said that govt has broken all previous corruption records.
According to reports, the CAG is believed to have concluded that 25 private sector companies such as Hindalco, Tata Group entities (Tata Steel, Tata Power), Jindal Steel & Power, Anil Agarwal Group firms, Essar Group''s power ventures, Adani Group, Arcelor Mittal and Lanco were the major beneficiaries.
CAG estimates Rs. 1.86 lakh crores loss to exchequer on allocation of coal blocks. The Prime Minister, Dr. Manmohan Singh, held the coal portfolio between 2006-09.
The CAG draft report on implementation of public-private partnership in IGI Airport had claimed that the Delhi International Airport Ltd (DIAL) was given land at a highly concessional lease rent.
DIAL is a joint venture consortium in which the GMR group holds 54 percent, Airports Authority of India (AAI) 26 percent, Frankfurt and Malaysian airports 10 percent each.
As per the draft CAG report, DIAL was leased 4,799.09 acre by the AAI, of which 239.95 acres were allowed for commercial exploitation for Rs 100 a year.
CAGSpeak: "Delay in introduction of the process of competitive bidding has rendered the existing process beneficial to the private companies. Audit has estimated financial gains to the tune of Rs 1.86 lakh crore likely to accrue to private coal block allottees," CAG said in a report on allocation of coal blocks.
The CAG said it has arrived at the estimates based on the average cost of production and average sale price of opencast mines of Coal India in the year 2010-11.
"A part of this financial gain could have accrued to the national exchequer by operationalising the decision taken years earlier to introduce competitive bidding for allocation of coal blocks," CAG said.
The auditing body said it is "of strong opinion that there is a need for strict regulatory and monitoring mechanism to ensure that benefit of cheaper coal is passed on consumers".
The concept of allocation of captive coal blocks through competitive bidding was announced in 2004. However, government is yet to finalise the modus operandi of competitive bidding.
American Airlines has warned the state of Florida of four layoffs at Miami International Airport as part of the beleaguered carrier’s restructuring.
The airline warned of the layoffs at MIA’s Concourse E in a Worker Adjustment and Retraining Notification (WARN) notice filed with the state on Monday.
The layoffs are part of restructuring at the airline, whose parent company AMR Corp. (Pink Sheets: AAMRQ) filed for bankruptcy in November.
“Regrettably, reducing our costs requires a number of tough decisions,” said Tiffany Schildge, manager of talent services, in a letter to the state. “Several of these very difficult decisions include a reduction in force. As a result, approximately 4 Premium Travel Representative positions will be impacted at the Miami International Airport.”
“At this time, we can’t anticipate the final reduction in force numbers because the affected employees will have the opportunity to participate in the competitive selection process for other Premium Services positions,” said Martha PantÃn, a Miami spokeswoman for the airline. “In addition, final reductions numbers will also be affected by normal attrition and other voluntary departures.”
U.S. Airways (NYSE: LCC) has sought a merger with American, which maintains plans to come out of bankruptcy as an independent carrier.
American has about 9,000 South Florida employees. The carrier’s second-busiest hub is at MIA.
Related links: Miami, Economic Snapshot
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