New Delhi, Nov 19 (ANI): With the aim of enhancing co-operation between India, Brazil and South Africa (IBSA) in the field of small industries, the third tri-nation summit for small business development began here today.

Inaugurating the Summit the Union Minister of Micro, Small and Medium Enterprises Shri Mahabir Prasad raised hope that the summit will help the small industries of IBSA countries to meet global challenges.

The Minister said that in order to achieve this objective, it is essential to have synergy between the complimentary strengths of MSMEs of these three countries. This synergy will not only improve the competitiveness of small enterprises but will also enable them to enhance their participation in global market.

Stating that the government is preferring promotional approach to protection approach for MSMEs, Prasad said that the Government, in the post reform period, has taken many steps to build up their competitive strengths and improve their product quality.

India, Brazil and South Africa share a similar economic atmosphere and have stood together on various multilateral forums.

The delegates from the participating countries are hopeful that the tri-nation summit will provide a platform for meaningful business linkage between small enterprises of the three countries.

55 delegates representing Brazil and South Africa are participating in this important programme. After a series of successful talks organized earlier in South Africa and Brazil the third tri-nation summit promises to strengthen the existing relationship between the IBSA countries. (ANI)

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London, Nov.19 (ANI): Woolworths, one of the United Kingdom's largest retailers with 800 shops, is in talks to sell its troubled retail arm to restructuring specialist Hilco.

According to The Telegraph, the talks are still at a "very early stage".

Any deal is likely to see the retail business sold to Hilco for a nominal sum. But even if Hilco and the Woolworths board can agree on a deal they will also have to secure the support of the retailer's lenders, the paper said.

Although best known for its retail business the group's media and distribution businesses - DVD publisher 2entertain and EUK, a specialist distributor - generate the majority of the group's profits.

Hilco specialises in restructuring retail businesses. Earlier this year it bought fashion chain Mk One. Three weeks after acquiring the business Hilco placed the chain into administration. Hilco were also involved in the recent restructuring of MFI. (ANI)

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Ahmedabad, Nov 19 (ANI): The summer campus placements at Indian Institute of Management, Ahmedabad (IIMA) remain unaffected for the present by the global economic meltdown, says director Samir Barua.

All 300 students in the Post-Graduate Programmes (PGP) in the management and the entire 21 PGP Agri-Business management 2008-10 batch have been placed for the next year's on-job training projects, as per officials.

Barua said that the major recruiters of the previous years were present for the placements reaffirming their commitment to select talent from IIMA campus but actual position would be clear only after long-term recruitment commitments are out.

"As far as the summer placements go, yes I don't think the global meltdown or the chaos in the financial markets has really impacted it. But it would be premature to say that we have been spared the pain because unless we see how the final placement pans out.t is a very short-term commitment and therefore organisations may be willing to make that commitment. But whether they would make a commitment for a longer-term recruitment that is yet to be seen," he added.

However, he was quick to acknowledge that global economic meltdown has affected the placements in the financial sector and the students have shifted to others sectors.

"The turmoil has essentially taken place in the financial markets. So I am not surprised that the percentage of offers either being offered or being accepted by students has come down from 57 per cent to 32 per cent because the turmoil is there. The major issues and chaos are in the financial markets and sector," he said.

Barua further added that despite the tough market conditions summer placements have reaffirmed the strength of the relationships that IIM Ahemdabad has with the corporate world.

The impact of global turmoil has reached India with the economy showing clear indications of the impact. (ANI)

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Washington, Nov 7 (ANI): The International Monetary Fund (IMF) has predicted that advanced economies might continue to face recession during the next year, and that their economies would shrink by 0.3 percent in 2009 instead of registering a 0.5 percent growth, as estimated earlier.

The 185-nation financial institution said this in an update of its October World Economic Outlook (WEO) report.

In sharp downward revisions to its last economic projections made less than a month ago, the IMF said that the advanced economies would contract next year for the first time since World War II and called for government spending to battle the global financial crisis.

The IMF also lowered its global economic growth forecast by 0.8 point to 2.2 percent. "Prospects for global growth have deteriorated over the past month, as financial sector deleveraging has continued and producer and consumer confidence have fallen," The News quoted the IMF as saying.

"In advanced economies, output is forecast to contract on a full-year basis in 2009, the first such fall in the post-war period," the IMF said and added that the downturn in advanced economies would be "broadly comparable in magnitude" to recessions in 1975 and 1982, but that "a recovery is projected to begin late in 2009."

"Our forecasts are based on current and currently announced policies. It is likely that policies will be more expansionary than we assume. We'll advocate at the G20 a global fiscal expansion," IMF chief economist Olivier Blanchard said at a news conference. (ANI)

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