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NEWS ABSTRACTS
From MCCIA

International & National Business and Economy
Updates
For the week ended on 3 rd December 2011
Dear Members,
The Chamber organized a variety of programs during the week. The training
program on “Smart Workers – An organizational strength” which was meant for
shop floor workers, junior office staff, clerks and peons saw huge participation.
MCCIA organised a 34 member delegation to Polyhydron Pvt. Ltd., Belgaum.
This was an excellent opportunity for the members to have hands on
experience of the world class manufacturing facilities. Professor Nomura of the
Department of Management System, AICHI, Institute of Technology, Japan,
along with two representatives of AOTS, Japan, visited two companies of the
MCCIA Auto Component Cluster. The Visit was followed by an interactive
meeting with Prof. Nomura, in which more than 35 representatives from Auto
Component Cluster and White Goods Cluster participated. Prof. Nomura
highlighted various aspects associated with ‘Kaizen’ and provided valuable
guidance to our members on various components involved in Lean
manufacturing activities.
The HR forum panel discussion on “Can HR contribute in judicious corporate
growth – A scenario after liberalization” was interesting indeed. The discussion
was held under the leadership of Dr. Ashok Joshi.
MCCIA jointly with EEPC India – Western region organized a presentation on
‘India engineering sourcing show and seminar on export potential and
incentives for engineering exports’.
We always look forward to your suggestions and feedback. Kindly read through
the weekly updates on the national and international economy with “NEWS
ABSTRACTS from MCCIA”.
ANANT SARDESHMUKH
EXECUTIVE DIRECTOR GENERAL

INTERNATIONAL ECONOMY AND BUSINESS NEWS
US Stocks soar on big shopping weekend
A weekend of strong holiday shopping in the U.S. and radical proposals for stanching
Europe's debt crisis sent stocks soaring Monday. The Standard & Poor's index broke a
seven-day losing streak and the Dow Jones industrial average jumped 291 points, its
biggest gain in a month. Markets in Europe also surged as leaders there discussed
previously unthinkable approaches for containing the region's debt troubles, such as
joint bond sales and much tighter fiscal controls.
Japan jobless rate rises to 4.5%
A troubled economy has raised Japan's jobless rate. Unemployment rose in October
and the availability of jobs were unchanged, suggesting firms are cautious about
hiring due to worries about the impact of the euro zone debt crisis and a strong yen.
The seasonally adjusted unemployment rate rose to 4.5 percent from 4.1 percent in
September, compared with economists' median forecast of 4.2 percent, figures from
the Internal Affairs ministry showed on Tuesday.
US new home sales up in October but prices fall back
Americans bought slightly more new homes in October but prices fell, according to
the US Commerce Department. New-home sales increased 1.3% last month to a
seasonally adjusted annual rate of 307,000. However, the figure is less than half the
700,000 annual rates that experts believe is needed to sustain a recovery.
Brazil Central Bank lowers rate for third meeting to 11% as economy
slows
Brazil’s central bank cut borrowing costs by half a point for a third straight meeting as
a global economic slowdown threatens to exacerbate a slump in domestic demand.
The bank’s board, led by President Alexandre Tombini, today voted unanimously to
reduce the benchmark Selic rate to 11 percent from 11.5 percent, as forecast by 64 of
65 analysts surveyed by Bloomberg. One analyst predicted a full-point cut.
China manufacturing weakest since 2009
China’s manufacturing recorded the weakest performance since the global recession
eased in 2009, underscoring the case for monetary stimulus as Europe’s crisis weighs
on the world’s second-largest economy. A purchasing managers’ index compiled by
the China Federation of Logistics and Purchasing slid to 49 in November, lower than
all but two of 18 forecasts in a Bloomberg News survey. Readings below 50 signal a
contraction. Separate reports showed slowing retail sales and an industrial slump in
Australia, which relies on China as its biggest export customer.

INDIAN ECONOMY AND BUSINESS NEWS
GDP growth seen falling to 9 Q low of 7%
India's growth will slump to its lowest in nine quarters as a string of interest rate rises
and lack of policy initiatives hamper industrial output and erode the already dented
business sentiment, an ET survey shows. The gross domestic product in Asia's third
largest economy will grow at an average 7% in the three months to September,
according to a poll of 11 leading economists. The economy grew at 7.7% in the April-
June quarter. The government is due to announce the GDP growth rate for the second
quarter on Wednesday.
India no. 2 in 'most-confident' list
Indians have emerged as the second most confident people about their economy,
across the world, on account of higher consumption and increased foreign investment,
according to a report by research firm Ipsos. The report said that India's economic
confidence grew by 6 points to 75 per cent in the month of October compared to the
previous month, becoming the second most economically confident country after
Saudi Arabia.
Gold, silver surge on seasonal demand
Both the precious metals, gold and silver kick started the week on a positive note
today, on brisk buying by stockists and jewellers for the ongoing marriage season amid
a firming global trend. Gold surged by Rs 240 to Rs 29,180 per 10 grams, silver rose
by Rs 700 to Rs 55,900 per kg on pick-up in demand from jewellers and industrial
units. The trading sentiment turned bullish on heavy buying by retail customers for
the ongoing marriage season and stockists creating fresh positions to meet the
demand from jewellers.
Food inflation rises to 8%
Food price index rose 8 per cent, at its slowest pace in nearly 4 months, and the fuel
price index climbed 15.53 per cent in the year to November 19, government data on
Thursday showed. In the previous week, annual food and fuel inflation stood at 9.01
per cent and 15.49 per cent, respectively. The primary articles price index was up
7.74 per cent, compared with an annual rise of 9.08 per cent a week earlier.
India's exports rise 10.8% in October

India's October exports rose an annual at $19.6 billion. Oil imports for the month grew
21 10.8 percent to $19.9 billion, while imports for the month rose 21.7 percent to
$39.5 billion, the government said in a statement on Thursday. India's trade deficit in
October was percent to $10.1 billion, the statement released by the trade ministry
said.
Eight core sector industries grow 0.1%
Growth of eight infrastructure industries slowed down to 0.1 per cent in October this
year, from 7.2 per cent expansion witnessed in the same month last year. The eight
industries -- crude oil, petroleum refinery products, natural gas, fertilisers, coal,
electricity, cement and finished steel-- have a weight of 37.90 per cent in the overall
Index of Industrial Production (IIP). Barring electricity, cement and steel, all the
remaining segments registered negative growth in October 2011.
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