Budget 2008-09….. some relief for employees from Chidambaram

Friends today our finance minister brings some relief to the employees of india from his budget 2008-09.The highlights of budget are..

• TAX: exemption raised from Rs 1,10,000 to Rs 1,50,000
• TAX: Women exemption threshold streched from Rs 1,45,000 to 1,80,000
• TAX: Senior citizens’ exemption raised from Rs 1,95,000 to 2,25,000
• TAX: Corporate income tax unchanged
• Central sales tax: Reduced to 2%

So now revised your saving plan accordingly to next year.But one thing i didn’t get that why Tax exemption is more for womens.Any way cheers to Mr.P.chidambram….

“Full details below..

• Indirect tax proposals to incur a loss of Rs 5,000 cr
• 
• Direct tax proposals would be revenue neutral
• Dividend of subsidiary company will be released from DDT
• Banking transaction tax to be exempted
• Central sales tax: Reduced to 2%
• 15% rise in short term capital gains tax
• 5-yr tax holiday for building hospitals in tier-II, tier III regions
• Short-term capital gains rises to 15 pc
• Excise duty of Rs 1.35/litre applied on unbranded petrol
• Excise duty of Rs 4.6/litre applicable on unbranded diesel
• Introduction of Commodities Transactions Tax
• Securities Transaction Tax would be considered like deductible expenditure
• Star hotels: 2,3,4 star hotels to get 5-yr tax holiday in UNESCO’s heritage sites
• FBT exempted on creche, employee sports facilities
• Duty on two wheelers slashed from 16 to 12 pc
• Tax slab for Rs 3-5 lakh would be 25 pc
• TAX: exemption raised from Rs 1,10,000 to Rs 1,50,000
• TAX: Women exemption threshold streched from Rs 1,45,000 to 1,80,000
• TAX: Senior citizens’ exemption raised from Rs 1,95,000 to 2,25,000
• TAX: Coporate income tax unchanged

• Hike of duty on non filter cigarettes
• Excise duty reduced to 8% on water purification items
• Duty taken off on naptha for production of polymers
• Refigeration components to get less expensive
• Reduction of excise duties on anti-AIDS drugs
• Tax-GDP ratio raised at 12.5%
• Step down of excise on paper and its products
• Reduction of excise duties on buses, chassis
• Excise on small cars stepped to 14%
• Excise on pharma goods reduced to 14%
• General CENVAT rate: dipped from 16% to 14%
• 5% cut of customs duty on some bulk drugs
• Crude sulphur: duties stepped down to 5%
• Relieve of duties on coral
• Fiscal Deficit & Revenue Deficit: pegged at 3.1% & 1.4%.
• Duties on convergence products dipped to 5%
• Set top boxes: 100% exemption
• COMMONWEALTH GAMES: allocated Rs 624 cr.
• Steel melting & aluminum scrap: duties reduced
• Peak rate of customs duties unchanged
• Sixth central pay commission would submit report by March
• Revenue Deficit would be 1.4 % agt Budget Estimate of 1.5%
• Planning Commission to assess major schemes
• PROTECT TIGER: Rs 50 cr to Natl Tiger Conservation Authority to get Rs 50 cr
• Rs 75 cr for ICCR for cultural development
• Defence allocation raised by 10% to Rs 1,05,600 cr
• PDS to get Rs 32,676 as subsidy
• Smart-card based PDS system to come up in Haryana, Chandigarh
• PDS to be toned up
• Grant of Rs 44 cr to 22 Sainik schools each
• Rs 75 cr to given to Agri Ministry to set up soil testing labs in 250 districts
• Rs 15,000 cr to be given for a non-profit body for dev programme
• Set up a world-class skilled development programme
• PAN requirement extended to all securities transactions
• Set up bond, derivative market
• More clarity in Derivative market
• Risk Capital Fund to be established in SIDBI
• Allocation of Rs 12,966 cr for National Highway Dev programme
• Rs 8,000 cr for accelerated power development programmes
• Ultra mega power project to come up at Tilana shortly
• NHDP to get Rs 12,956 Cr
• Banks would be bucked up to embrace total financial inclusion
• Foreign invt: Oil block exploration anticipated to get up to $8 bn

• Setting up of Coal regulator
• Health Insurance for 17 lakh families of weavers
• Approval of State data centres scheme and gets Rs 275 cr
• 1 lakh broadband-enabled common service centres to be set up in villages
• Better allocation of NHDP programme
• Power distribution to get Rs 800 cr
• Public Sector Bank: Around 288 branches to be opened in districts with minority community concentration.
• Manufacturing rate of growth planned to be doubled
• RIDF corpus to be raised to Rs 14,000 cr
• Education: 20% hike from Rs 28,674 cr to Rs 34,400 cr
• Total amount of loans being waived is Rs 50,000 cr
• Debt waiver scheme to end up by June 30
• Minority Affairs Ministers alloted Rs 1000 cr.
• Total amount of loans being waived is Rs 50,000 cr
• Debt waiver scheme to end up by June 30
• Interest subvention would prove negative for banks
• Waiver forms up to 4% of total bank loans
• Sensex dipped to 210 points
• 500 soil testing labs would be established in the country
• Marginal,small farmers gets 100% waiver on all loans. Benefit to 4 crore farmers
• Farmers would provided with scheme of debt waiver and debt relief
• Allocation for NRHM hiked to Rs 12,050 cr
• National Horticulture Mission would be allocated Rs 1,100 cr
• Rs 50 cr for Weather based crop insurance scheme
• Tea Research Association would be given a special grant of Rs 20 cr

• Rashtriya Krishi Vikas Yojana would be allocated Rs 2,80,000 cr.
• 53 minor irrigation programmes would come into action
• Coffee, cardamom growing gets more funds

• Child specific schemes would be given Rs 34,334 crores
• Rs 2.80 lakh cr has been set for agri-credit in 2008-09
• Ministry of Woman and Child Development to be alloted Rs 7,200 cr
• 24% hike in allocation for child development
• Border area development gets Rs 500 cr
• Anti-Polio drive gets Rs 1,042 cr
• Hospital sector likely to gain Interest subvention has been increased in the year 2007-08
• Jawaharlal Nehru Urban Renewal Mission would be alloted Rs 6,865cr
• Development of agri-credit has been impressive
• Minority Affairs Ministry fund raised to Rs 1,000 cr
• Setting up of 288 PSU bank branches in minority districts
• Rs 540 cr to be given for the development plan for minority districts
• LIC would entail all women SEGs
• Rs 200 crore to be given for potable water in schools
• Rural health services would be alloted Rs 12,050 cr for its development
• Publishing market would gain from education boost
• Sanitation programmes would be alloted Rs 1200 cr
• More number of minority placements in central para-military forces
• Higher Education: more institutions in the 11th plan.
• Anganwadi helpers & workers remuneration hiked to Rs 750 & Rs 1,500
• National Programme for elderly citizens at Rs. 400 crore
• Rajiv Gnadhi Natl Fellowship Programme would be alloted rs 75 cr
• Rs 9 cr for Nat Handicap Development Corp
• Natl Minorities Development Corp would be alloted Rs 75 cr
• Rs. 500 crore for Arunachal and north eastern states

• Education spend to be raised by 20% to Rs 34,400 cr
• NE region would be granted Rs 1, 350 cr for development
• Rajiv Gandhi Drinking Water mission allotment would be raised
• NREG scheme to be implemented in 596 districts
• National Rural Health Mission allocation raised by 15%
• Rs 30,000 health cover allotment for every worker in unorganised sector
• Increase of Health allocation to 15%
• supply safe drinking water as per Rajiv Gandhi’s plan
• 3 IIScs would be set up in Bhopal and Trivandrum
• National Programme for the Elderly to be set up
• Secondary education Scheme: Rs 4,554 crore
• 2 schools would be set up for planning and architecture
• Rs 4,554 crore Secondary education Scheme
• Rs 100 cr would be given to Ministry of Science and tech for Natl Knowledge Network
• All knowledge bodies would be connected through broadband
• Rs 85 crore for the setting up of a knowledge society
• Scholarships would be given for science and research
• Education and Health allocation up 20%
• Service Sector to rise at 10.7%
• Setting up of 3 IITs in AP, Bihar and Rajasthan
• 16 central universities would come up
• Mid-day meal scheme: for upper primary classes also. Budgetary allocation Rs 8,000
• Navodiya Vidyalayas to start up in 6,0-00 districts
• 6,000 model high schools to be established
• Agricultural growth rate planned at 2.6%
• reforms for Education, health remains a major concern
• 2008-09 would be a year of integration
• He remains to be convicted to sustain 8% growth
• Effect of global mkts on local mkts is hazy
• Govt, RBI will to take a conjoint step to manage capital inflow
• Govt to monitor all foreign fund inflow
• Govt. to check foreign inflow to stabilise Indian mkts
• Rashtriya Krishi Vikas Yojna launched
• Food grains overall output is 219.32 mn tonnes
• We should remain wakeful for downside risk
• Crude oil has seen a step down
• Agriculture condition was disatisfactory
• Capital inflows proves to be point of consideration against monetary management
• Growth rate at 8.8%
• Service sector remains the propelling force for Budget
• Since Aug 2007 financial economies has seen a great ups and downs 2007-08 has been a challenging year
• Chaos in the parliament as Opposition interrupts speech
• Finance Minister P Chidambaram starts up to address Parliament

• This Union Budget 2008-09 would be UPA government’s last Budget before elections next year.
• The next Union Budget will be a vote-on-account because of general elections.
• FM might not deliver a populist Budget as against the general speculations.”

Now every thing is free in Picnik….

Well Today picnik ,an online photo editing tool, all the premium user features for free to all its customers.All ready they join hands with flickr, and now they make entire features available for free which may boost up there user count.They say the following reason to make it free

“We want to make everyone feel like a photo editing superstar. Picnik is already the world’s leading online photo editor, but there are still a lot of people living tragic, gloomy lives believing that powerful photo editing tools cost hundreds of dollars, come in unopenable boxes, and are impossible to use. By offering an ad-supported version of Picnik, we can make much richer, deeper, and ultimately better photo-editing functionality available to more people around the globe: Photo editing awesomeness for everyone.“

Well this makes all other online photo editors to think..

Yahoo rejection letter to Microsoft…

Today yahoo gave its rejection letter to yahoo which is as follows.

YAHOO! BOARD OF DIRECTORS SAYS MICROSOFT’S PROPOSAL SUBSTANTIALLY UNDERVALUES YAHOO!

Sunnyvale, Calif., February 11, 2008 — Yahoo! Inc. (Nasdaq: YHOO), a leading global Internet company, today said the Yahoo! Board of Directors has carefully reviewed Microsoft’s unsolicited proposal with Yahoo!’s management team and financial and legal advisors and has unanimously concluded that the proposal is not in the best interests of Yahoo! and our stockholders.

After careful evaluation, the Board believes that Microsoft’s proposal substantially undervalues Yahoo! including our global brand, large worldwide audience, significant recent investments in advertising platforms and future growth prospects, free cash flow and earnings potential, as well as our substantial unconsolidated investments. The Board of Directors is continually evaluating all of its strategic options in the context of the rapidly evolving industry environment and we remain committed to pursuing initiatives that maximize value for all stockholders.

Goldman, Sachs & Co., Lehman Brothers and Moelis & Company are acting as financial advisors to Yahoo!. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Yahoo!, and Munger Tolles & Olson LLP is acting as counsel to the outside directors of Yahoo!.

Well this is a good thing but will they stay to it for futhere higher bid of Microsoft..?

Hard time for Software employees…..

 

UPDATE:-Yahoo cutting its work force by 1000 to 3000 ..more here.(21/10/08)  

Recent drop in share market not only creates problems for Big software organizations bust also effects its employees.Yes friends the down of this market value makes a heard time for the organization employees,i.e in order to over come these losses they simply firing off there employees mostly in Asian countries.In order to hide this hey simply conduct a test and on that basis they ask there employees to write a self resignation letter stating ‘that due to some personal reasons i am resigning my job’.Where as mostly the freshers are the sufferers to this.Furtherer there is rumor that they can reduce the salary of a employee.Among these following are some organizations :-

 

• TCS:-fire 500 employees in india.And thinking to cut down the salaries.here
• IBM:-about 2000 peoples.
• Accenture:-Its too around 2000.
• Yahoo:-in between 500 to 2000 .here.

Lets Hope the market comes to steady state so that we employees can breath freely.

Will Yahoo get Acquired by Microsoft…. for $44.6 Billions

Well the high drama of Yahoo will get acquired by Microsoft is now get to public open when Microsoft made its bid of $44.6 billion for yahoo which is 60% more than its current share market value.Is this is due to affect of the stock market ,well i don’t know.Well if yahoo get acquired by Microsoft then google will have only one big competitor to it.Any how here Erick schofeld in TechCrunch made his analysis this two get combined.Below is the letter wrote by Steven CEO of Microsoft to yahoo..

January 31, 2008

Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089
Attention: Roy Bostock, Chairman
Attention: Jerry Yang, Chief Executive Officer

Dear Members of the Board:

I am writing on behalf of the Board of Directors of Microsoft to make a proposal for a business combination of Microsoft and Yahoo!. Under our proposal, Microsoft would acquire all of the outstanding shares of Yahoo! common stock for per share consideration of $31 based on Microsoft’s closing share price on January 31, 2008, payable in the form of $31 in cash or 0.9509 of a share of Microsoft common stock. Microsoft would provide each Yahoo! shareholder with the ability to choose whether to receive the consideration in cash or Microsoft common stock, subject to pro-ration so that in the aggregate one-half of the Yahoo! common shares will be exchanged for shares of Microsoft common stock and one-half of the Yahoo! common shares will be converted into the right to receive cash. Our proposal is not subject to any financing condition.

Our proposal represents a 62% premium above the closing price of Yahoo! common stock of $19.18 on January 31, 2008. The implied premium for the operating assets of the company clearly is considerably greater when adjusted for the minority, non-controlled assets and cash. By whatever financial measure you use – EBITDA, free cash flow, operating cash flow, net income, or analyst target prices – this proposal represents a compelling value realization event for your shareholders.

We believe that Microsoft common stock represents a very attractive investment opportunity for Yahoo!’s shareholders. Microsoft has generated revenue growth of 15%, earnings growth of 26%, and a return on equity of 35% on average for the last three years. Microsoft’s share price has generated shareholder returns of 8% during the last one year period and 28% during the last three year period, significantly outperforming the S&P 500. It is our view that Microsoft has significant potential upside given the continued solid growth in our core businesses, the recent launch of Windows Vista, and other strategic initiatives.

Microsoft’s consistent belief has been that the combination of Microsoft and Yahoo! clearly represents the best way to deliver maximum value to our respective shareholders, as well as create a more efficient and competitive company that would provide greater value and service to our customers. In late 2006 and early 2007, we jointly explored a broad range of ways in which our two companies might work together. These discussions were based on a vision that the online businesses of Microsoft and Yahoo! should be aligned in some way to create a more effective competitor in the online marketplace. We discussed a number of alternatives ranging from commercial partnerships to a merger proposal, which you rejected. While a commercial partnership may have made sense at one time, Microsoft believes that the only alternative now is the combination of Microsoft and Yahoo! that we are proposing.

In February 2007, I received a letter from your Chairman indicating the view of the Yahoo! Board that “now is not the right time from the perspective of our shareholders to enter into discussions regarding an acquisition transaction.” According to that letter, the principal reason for this view was the Yahoo! Board’s confidence in the “potential upside” if management successfully executed on a reformulated strategy based on certain operational initiatives, such as Project Panama, and a significant organizational realignment. A year has gone by, and the competitive situation has not improved.

While online advertising growth continues, there are significant benefits of scale in advertising platform economics, in capital costs for search index build-out, and in research and development, making this a time of industry consolidation and convergence. Today, the market is increasingly dominated by one player who is consolidating its dominance through acquisition. Together, Microsoft and Yahoo! can offer a credible alternative for consumers, advertisers, and publishers. Synergies of this combination fall into four areas:

Scale economics: This combination enables synergies related to scale economics of the advertising platform where today there is only one competitor at scale. This includes synergies across both search and non-search related advertising that will strengthen the value proposition to both advertisers and publishers. Additionally, the combination allows us to consolidate capital spending.

Expanded R&D capacity: The combined talent of our engineering resources can be focused on R&D priorities such as a single search index and single advertising platform. Together we can unleash new levels of innovation, delivering enhanced user experiences, breakthroughs in search, and new advertising platform capabilities. Many of these breakthroughs are a function of an engineering scale that today neither of our companies has on its own.

Operational efficiencies: Eliminating redundant infrastructure and duplicative operating costs will improve the financial performance of the combined entity.

Emerging user experiences: Our combined ability to focus engineering resources that drive innovation in emerging scenarios such as video, mobile services, online commerce, social media, and social platforms is greatly enhanced.

We would value the opportunity to further discuss with you how to optimize the integration of our respective businesses to create a leading global technology company with exceptional display and search advertising capabilities. You should also be aware that we intend to offer significant retention packages to your engineers, key leaders and employees across all disciplines.

We have dedicated considerable time and resources to an analysis of a potential transaction and are confident that the combination will receive all necessary regulatory approvals. We look forward to discussing this with you, and both our internal legal team and outside counsel are available to meet with your counsel at their earliest convenience.

Our proposal is subject to the negotiation of a definitive merger agreement and our having the opportunity to conduct certain limited and confirmatory due diligence. In addition, because a portion of the aggregate merger consideration would consist of Microsoft common stock, we would provide Yahoo! the opportunity to conduct appropriate limited due diligence with respect to Microsoft. We are prepared to deliver a draft merger agreement to you and begin discussions immediately.

In light of the significance of this proposal to your shareholders and ours, as well as the potential for selective disclosures, our intention is to publicly release the text of this letter tomorrow morning.

Due to the importance of these discussions and the value represented by our proposal, we expect the Yahoo! Board to engage in a full review of our proposal. My leadership team and I would be happy to make ourselves available to meet with you and your Board at your earliest convenience. Depending on the nature of your response, Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo!’s shareholders are provided with the opportunity to realize the value inherent in our proposal.

We believe this proposal represents a unique opportunity to create significant value for Yahoo!’s shareholders and employees, and the combined company will be better positioned to provide an enhanced value proposition to users and advertisers. We hope that you and your Board share our enthusiasm, and we look forward to a prompt and favorable reply.

Sincerely yours,

/s/ Steven A. Ballmer

Steven A. Ballmer

Chief Executive Officer

This is the biggest news for today as yahoo is one of my dream company to work.So what would you say should Yahoo accept this Microsoft offer……