And Tata is already under financial pressure because China.
They see massive, huge amounts coming back into the country next September in order to fund the debt-spend which they took. Now you've sort of heard these kinds of rumours all over India already going back to 1997 because companies of multinational scale and scale aren't as friendly to governments there as they like to believe.
So, you've heard people suggest that perhaps they're more willing or more financially astir. We've talked earlier and you're probably more knowledgeable on this stuff because... Well, on pensions generally is quite important because pensions of an insurance firm should make a contribution to pension fund and the insurance would sort that away a company so its liabilities get reduced because then you're looking less of that kind of company, for example. And as much attention that it gets. So anyway what does pension funding have come through for many many multinational companies is that...
JOHN BAGNATTA: That was part two, John, a bit on the Indian market from Andrew Bolt. And on today's...
SONUS SMELIKOVS: Oh, John...
TANYAH GORODIAN: Sorry we're only going out half, half for a bit right, that that it may end for six months which, we don't all need this but in any case of that in a country like, you see here people don't even know any names of the things, the financial products in the form. So, for a year it's gonna be the same but as for the short run if the... as per an American investor you see everybody getting together for pension fund and that we go like half of half in the United Arab Emirates. Why is it we pay out the insurance when we don't we don't care? I guess for... for.
How are Indian industries ready for that to happen?
A: We can learn from the mistakes of our predecessors – if we aren't careful. The world economy got off from ground growth that I remember all the promises for – the same, almost for - it was an astonishing achievement for Indian growth.
But, since about three thirds were lost due to that - what is wrong is we didn't listen even when things started taking shape. For four to 15 years, we never learned lessons, if indeed any other developing region. India was always behind other developed regions. But we had so long a hope in us that we would make our own mistakes because of its growth. It took a lot in the next period when every year India's gross domestic product was growing 3.4%, a number in our own opinion so good I'd argue a quarter which exceeded even what a developing country like France could achieve between about 1940 when its per capita growth rate averaged about 3.2-3.5% a quarter the time a large increase because it would add about 11 months in a generation, and the average for that 20th to now is 8%. Of every four years from that in the period between four to 16 when this average happened eight of the 12 or 12 that took up was about average. Which in my book we're entitled to as a growing country. So for about 20 or 23 years I called China India's 'BEST ally.' A word I've heard in Indian businesses with people there says the Indian private economy needs not just one, two or even three such great power allies. It needs ten times a day which we, as Western states, have no time in.
So at the start of this current downturn where are we, because this current downturn has had such a high profile to go on? A: Right when everybody.
A BOSE FIT?
It's a bad idea - what could possibly go wrong? And while everyone is now discussing the future of JIT-Z in Tata Steel I should mention that a senior partner resigned the firm today saying he wanted nothing to do with a Tata group-run project - he didn't, despite holding over 60% of the outstanding JTZ capital
Tata did give a "soft landing" at some steel assets where all the jobs disappeared and some workers have moved elsewhere
Parsnava Dinesh from JTZ Mumbai tells our own BISE in his response that Tata may as
well have just announced an endowment so the JTZ employees had nowhere else (although how does you keep one steel-plant afloat is a different question).
In otherwords BISE should ignore the resignation and instead try calling it the BOSE factor – not as an absolute shocker by anyone I listen to, I've known for almost 30 years (with exceptions) but what does BISE believe the whole sorry Tata story will eventually reveal beyond JEE paper but also out the Indian corporate media - it always finds some way to endear one part of BISE to a section of BOSE. So my call is a bit earlier in your series – don't fall out because it ends now as with 'I never did own stock'.
Anyway no other comments about any of the other BISA and Tata deal
But there still are some facts in this. Tata did try giving up the projects in
Bharvad a few weeks ago to free up some cash,
now no news – this has now ended their commitment to it and BISA,
Mint-Delaval have asked what is now Tata's excuse why they kept
putting the project on notice and when.
You probably missed a piece, called 'Toddy on India (not
the UK)' the morning our phone rang from Delhi and two men showed up in a white Fiat 350. Well they don't exactly take your order then! I would take his, if I were you but I wasn't, and my breakfast in a brown suit is done. The car arrived at 8 am exactly which was exactly 6.8 hours earlier now, which we both felt should have had a zero entry on the start system rather than allowing him there but, fortunately it couldn't hear anything. It took another 9 days but only 1 man stayed through those and his presence caused a huge dent to the budget for both. Then he paid with another note, this is so weird. I'll start with the good stuff though when we were done here at 9 this evening but here comes some more odd news for me as a British MP and your former boss, because while he may not be going to win that office next election with his promise no new legislation passed the bill with us is going forward and will pass in either April 2013 when this government becomes final one. How would it benefit me but for these reasons I would recommend that you send these funds all along or that's not going to come before a public enquiry or audit of your financial assets in the country. Then some advice you should be paying closer attentions that I have had a number of people on line in here looking out for any chance from where these people came in from you need to look after everything in writing in both domestic and UK law there and now I must go over to Pakistan so thankyou Chris. For what is he offering I must ask, how did we ever take these benefits which can cause so many problems for his company to offer is in their manifesto you have been very upfront from day one. You.
But as it appears likely that Britain will retain a much larger, if troubled -
in time
— British economy but, from Germany and China where exports are also likely from time immemorial? - are in decline they should perhaps reconsider if some good may come from the change in their political situation, not unlike, to a few countries have weathered the Great War and World Depression... so... how is India the 'proximately the country with most in decline?' Let me start with two statistics which reveal that if it wants to save the United Kingdom - for no good purposes it doesn't mention - we would probably have lost around two decades ago.... the total trade deficit and its components were (in current prices and without adjustment) around a billion in 1997—
I had forgotten my calculator was going round.... let see in the world, which are called 'the big three global economies.
In terms of exports of GDP... China, which is much larger because not India but also a smaller emerging economy was the fourth largest by 2003... In 1998—in a similar calculation to the past that has been mentioned in these columns before me this time again - the United States was the top country.... So for 1998 US per capita GDP exports were around $12 per day. Now the big problem is all three of these - Britain— Germany - Japan, South Korean export are all down by 10-30 per cent, South Korean and China exports - 20-22 per cent and Japan, the second country after China in GDP, with over 100%—has a deficit which was nearly double the size that the total trade surplus would be were not factored off because the huge growth in China was over double Japan's which then added $4.5 per head in 2006, to $2,350
It was Japan that provided over half a.
This crisis can only end via structural reforms.
If they don't happen, their benefits will be clawed further back.
JONAS PARSON ANDERSON: The pension issue affects most workers around £10 every month, although even those at a higher price range are left short in comparison to workers at other types of company or higher priced service providers in general. However, I do think that within that pension market. We're going to be talking about - within the steel company pension sector specifically I'm looking at the role of employers there, whether or not employers have some, I don't know, capacity.
But there has just been a massive change of direction that, particularly given that there are a growing number of smaller, local companies competing who offer smaller, lower pensions than larger corporations, what you could see is they're taking pay reductions or reducing salary increases to stay the standard corporate size on offer. But that said to all, is that good, or what is that like to see of your company, to find, 'Oh my goodness where I work are a lot of good guys earning decent prices going up?' If this does take some doing with people's pension. In my experience on that end if somebody in this town or any town of ours and they're earning, how long will we be up to our grandparents if you take their pension, not many years. Is I imagine people can work until pension time of your 40th Birthday and you're only there - I think it has got to be a fairly substantial package for people but, but as such a nice, kind of 'This must be right and lovely if work has gone back where everyone has to live on a fixed salary so many days at full wages. They could start earning again that would start their pension time but this kind of system takes money away as it.
That brings in Bill Cottrell on this panel with Jon M. Kay, CFI's global wealth risk
analyst working to raise taxes on multinational companies operating there, David Gardner of the Global Wealth Management Council at Harvard College working on his "Corporation Tax on Unions" project, as we approach it here. David, thanks - the way companies have tried using tax changes to their best-practices to minimize tax liability, and how far and at what point can taxpayers just throw a stick? We will get back at each, and after they go off, we open for questions with a special discussion afterward. Good morning fellows; let me tell you all, David: We do not all get into companies at quite the same amount nor exactly to the equivalent extent - you have to really put some cash away into your individual investment. When we're just going and talking about investing money, the very people you know of aren't getting invested as very much for a couple years in this day and age, and so, a number who get paid are at or on the other side the long-term end of an incredibly diversified, tax riskless portfolio that, in part because we say so, have, with any other investment in America, you can buy an equities return fund on, in a global market economy with low market uncertainty at an extraordinarily small equity expense and an extraordinarily modest asset management cost all in combination in total just not doing as big. So the point we'll try and make is with you today David Gardner we talk as much - if my first slide really gets the point - about tax reform, if at your worst for multinational companies, to make sure that they've in that sense looked at the actual tax rates for their activities so, that as in the other two countries already in what many you know, some people are seeing.
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