Newsflash

A District program established to invest in small businesses that would in turn create jobs for city residents has yielded just 31 new jobs at a cost of $76 million, according to a report by D.C. Auditor Deborah K. Nichols.

Nichols is recommending that the city terminate the Certified Capital Companies program, known as CAPCO, which is managed by the Department of Insurance, Securities and Banking. Its commissioner and a director struggled to explain the program's benefits at a D.C. Council hearing yesterday.

According to the report, the program had $54 million in start-up and administrative costs and invested $22 million. Over five years, the investment money was poured into businesses that employed 205 people. After the investments, they employed 236 workers, an increase of 31 jobs.

"It is clear that the District's CAPCO program has not had the desired economic impact," Nichols wrote in the report.

Firms that invest in small companies through the program are given tax credits. Originally, it was thought that the lost revenue would be offset by rises in income, sales and business taxes.
 


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ANZ denies it is offshoring 500 jobs to India
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Written by Administrator   
Wednesday, 07 July 2004

ANZ has denied media reports it will send 500 new jobs overseas to join the 3,000 Indian staff it employs at its Bangalore "centre for technology excellence and operations."

In a statement to the media, the bank said it "did not announce" job losses in Australia, but also didn't rule out the creation of new jobs in the Bangalore facility.

"While ANZ is continuing to look at opportunities for developing its Bangalore facility to create efficiencies in its business in Australia, New Zealand and Asia Pacific... its growth has not meant fewer jobs in Australia," the bank said.

Last Updated ( Monday, 16 March 2009 )
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Spends through IIFCL to save jobs
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Written by Administrator   
Monday, 09 August 2004

Spends through IIFCL to save jobs: World Bank
The World Bank has said that India’s attempt to agree to its infrastructure finance company IIFCL bring up Rs 40,000 crore to fund core sector would help the country to liven up lull demand and also protect jobs in the middle of the economic slowdown.

According to World Bank, the government through its recent stimulus packages agreed IIFCL to raise Rs 40,000 crore through tax free bonds to aid the financing of infrastructure projects which were being carried out as public-private partnerships.

Presently, IIFCL is allowed to raise only Rs 10,000 crore and the decision on the remaining Rs 30,000 crore would be taken in 18 months, if required.

 

Last Updated ( Monday, 16 March 2009 )
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Focus on career
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Written by Administrator   
Monday, 09 August 2004
Paromita Pain

You must be sick of the word social networking now, what with constant talk of the action in the space.

So, what’s new that’s happening here, you might ask.

But Apna Circle ( http://www.apnacircle.com/) says it is different. Unlike other networking sites, ApnaCircle says it focuses more on career aspects.

“Most networking sites either focus on the social aspect or the professional aspect. We are trying to provide a healthy mix of both. Most professional sites only provide serious information. We try to incorporate the fun element as well. Some applications on the site make the users’ experience very local, such as SMS, and job searches which are fun and useful,” says Yogesh Bansal, Founder & CEO, ApnaCircle.com.
Last Updated ( Monday, 16 March 2009 )
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