Already Existing Business:
When choosing a what business you want to pursue, there are not only many different kinds of businesses you can run, but there are also a wide variety of business models that you should consider when deciding what is the right business for you.
The system identifies 1170 industries each of which include a number of specific types of businesses. The 1170 industries are grouped into 20 general categories:
Agriculture, Forestry, Fishing and Hunting
• Farming
• Fishing
• Logging
• Ranching
• Timber Tract Operations
Mining
• Coal Mining
• Metal Mining
• Nonmetallic Mineral Mining
• Oil and Gas Operations
• Support Activities for Mining
Utilities
• Natural Gas Distribution
• Power Generation
• Sewage Treatment Facilities
• Steam and Air-Conditioning Supply
• Water Supply and Irrigation Systems
Construction
• Commercial Building Construction
• Drywall Contractors
• Electrical Contractors
• Flooring Contractors
• Framing Contractors
• Glass and Glazing Contractors
• Highway, Street, and Bridge Construction
• Land Subdivision Construction
• Masonry Contractors
• New Housing Construction
• Oil and Gas Pipeline Construction
• Painting Contractors
• Plumbing Contractors
• Poured Concrete Foundation
• Power and Communication Line Construction
• Residential Remodelers
• Roofing Contractors
• Siding Contractors
• Structural Steel Contractors
• Water and Sewer Line Construction
Manufacturing
• Aircraft Manufacturing
• Apparel Manufacturing
• Arts and Crafts
• Breweries
• Cement Manufacturing
• Chemical Manufacturing
• Clay Product Manufacturing
• Commercial Bakeries
• Commercial Printing
• Computer Equipment Manufacturing
• Distilleries
• Electronic Manufacturing
• Fabricated Metal Product Manufacturing
• Food Manufacturing
• Foundries
• Furniture Manufacturing
• Glass Product Manufacturing
• Iron and Steel Mills
• Machine Shops
• Machinery and Equipment Manufacturing
• Metal Manufacturing
• Mineral Product Manufacturing
• Motor Vehicle Manufacturing
• Paper Product Manufacturing
• Petroleum Refineries
• Plastics Product Manufacturing
• Retail Bakeries
• Rubber Product Manufacturing
• Sawmills
• Textile Product Milling
• Tobacco Product Manufacturing
• Tradebinding
• Wineries
• Wood Preservation
• Wood Product Manufacturing
Wholesale Trade
• Business to Business Electronic Markets
• Commercial Equipment Wholesalers
• Construction Material Wholesalers
• Durable Goods Wholesalers
• Electronic Parts Wholesalers
• Equipment Wholesalers
• Farm Product Wholesalers
• Grocery Wholesalers
• Hardware Wholesalers
• Home Furnishing Wholesalers
• Industrial Wholesalers
• Motor Vehicle Wholesalers
• New Parts Wholesalers
• Personal Service Wholesalers
• Professional Equipment Wholesalers
• Supplies Wholesalers
• Wholesale Trade Agents and Brokers
Retail Trade
• Art Dealers
• Automotive Parts and Accessories Stores
• Boat Dealers
• Book Stores
• Building Material Dealers
• Clothing Stores
• Crafts Stores
• Department Stores
• Electronic Auctions
• Electronic Shopping
• Electronics Stores
• Farm Supply Stores
• Florists
• Fuel Dealers
• Garden Centers
• Gasoline Stations
• Gift, Novelty, and Souvenir Stores
• Health and Personal Care Stores
• Hobby, Toy, and Game Stores
• Home Centers
• Home Furnishing Stores
• Household Appliance Stores
• Internet Auctions
• Jewelry Stores
• Liquor Stores
• Luggage and Leather Goods Stores
• Mail-Order Houses
• Manufactured (Mobile) Home Dealers
• Motor Vehicle Dealers
• Musical Instrument and Supplies Stores
• News Dealers and Newsstands
• Nurseries
• Office Supplies and Stationery Stores
• Outdoor Power Equipment Stores
• Pet and Pet Supplies Stores
• Pharmacies and Drug Stores
• Prerecorded Tape, Compact Disc, and Record Stores
• Sewing, Needlework, and Piece Goods Stores
• Sporting Goods Stores
• Supermarkets
• Tobacco Stores
• Used Merchandise Stores
• Warehouse Clubs and Supercenters
• Vending Machine Operators
Transportation and Warehousing
• Air Traffic Control
• Air Transportation
• Bus Transit Systems
• Charter Bus Industry
• Couriers
• Employee Bus Transportation
• Freight Transportation Arrangement
• Limousine Service
• Local Delivery
• Local Messengers
• Marine Cargo Handling
• Motor Vehicle Towing
• Packing and Crating
• Pipeline Transportation
• Port and Harbor Operations
• Postal Service
• Railroads
• Scenic and Sightseeing Transportation
• School Bus Transportation
• Special Needs Transportation
• Taxi Service
• Trucking
• Warehousing and Storage
• Water Transportation
Information
• Archives
• Book Publishers
• Cable and Other Program Distribution
• Cable Programming
• Cellular Telecommunications
• Data Processing
• Directory Publishers
• Greeting Card Publishers
• Internet Publishing
• Internet Service Providers
• Libraries
• Mailing List Publishers
• Motion Picture Production and Distribution
• Motion Picture Theaters
• Music Publishers
• News Syndicates
• Newspaper Publishers
• Paging
• Periodical Publishers
• Radio Networks
• Radio Stations
• Record Production and Distribution
• Satellite Telecommunications
• Software Publishers
• Sound Recording Studios
• Teleproduction Services
• Television Broadcasting
• Video Production and Distribution
• Web Hosting
• Web Search Portals
• Wired Telecommunications Carriers
Finance and Insurance
• Claims Adjusting
• Commercial Banking
• Consumer Lending
• Credit Card Issuing
• Credit Unions
• Direct Health and Medical Insurance
• Direct Life Insurance
• Direct Property and Casualty Insurance
• Direct Title Insurance Carriers
• Financial Planners
• Insurance Agencies and Brokerages
• Investment Advice
• Investment Banking
• Mortgage Loan Brokers
• Nonmortgage Loan Brokers
• Pension Funds
• Portfolio Management
• Real Estate Investment Trusts
• Sales Financing
• Savings Institutions
• Securities and Commodity Exchanges
• Securities Dealing
• Trust, Fiduciary, and Custody Activities
Real Estate and Rental and Leasing
• Appliances Rental
• Consumer Electronics Rental
• Equipment Rental and Leasing
• Formal Wear and Costume Rental
• General Rental Centers
• Home Health Equipment Rental
• Lessors of Real Estate Property
• Offices of Real Estate Agents and Brokers
• Property Managers
• Real Estate Appraisers
• Vehicle Rental and Leasing
• Video Tape and Disc Rental
Professional, Scientific, and Technical Services
• Advertising Agencies
• Architectural Services
• Building Inspection Services
• Certified Public Accountants
• Computer Related Services
• Drafting Services
• Engineering Services
• Environmental Consulting Services
• Geophysical Surveying and Mapping Services
• Graphic Design Services
• Human Resources Consulting Services
• Industrial Design Services
• Interior Design Services
• Landscape Architects
• Lawyers
• Marketing Consulting Services
• Marketing Research
• Notaries
• Payroll Services
• Photography Studios
• Public Opinion Polling
• Public Relations Agencies
• Research and Development Agencies
• Surveying and Mapping Services
• Tax Preparation Services
• Testing Laboratories
• Title Abstract and Settlement Offices
• Translation and Interpretation Services
• Veterinary Services
Management of Companies and Enterprises
• Offices of Bank Holding Companies
• Offices of Other Holding Companies
• Corporate, Subsidiary, and Regional Managing Offices
Administrative and Support and Waste Management and Remediation Services
• Armored Car Services
• Carpet and Upholstery Cleaning Services
• Collection Agencies
• Convention and Trade Show Organizers
• Convention and Visitors Bureaus
• Copy Shops
• Court Reporting
• Credit Bureaus
• Employment Agencies
• Exterminating and Pest Control Services
• Hazardous Waste Collection
• Investigation Services
• Janitorial Services
• Landscaping Services
• Locksmiths
• Office Administration Services
• Packaging and Labeling Services
• Private Mail Centers
• Repossession Services
• Security Guards
• Security Systems Services
• Septic TankServices
• Solid Waste Collection
• Sports Tour Operators
• Stenotype Services
• Telemarketing Bureaus
• Telephone Answering Services
• Temporary Services
• Travel Agencies
• Tour Operators
Educational Services
• Apprenticeship Training
• Automobile Driving Schools
• Business Schools
• Colleges
• Computer Training
• Cosmetology and Barber Schools
• Educational Support Services
• Elementary Schools
• Exam Preparation
• Fine Arts Schools
• Flight Training
• Junior Colleges
• Language Schools
• Management Development Training
• Professional Schools
• Secondary Schools
• Secretarial Schools
• Sports and Recreation Instruction
• Tutoring
• Universities
Health Care and Social Assistance
• Ambulance Services
• Ambulatory Surgical and Emergency Centers
• Audiologist Offices
• Blood and Organ Banks
• Child and Youth Services
• Chiropractor Offices
• Community Food Services
• Day Care Services
• Dentist Offices
• Diagnostic Imaging Centers
• Emergency and Other Relief Services
• Family Planning Centers
• HMO Medical Centers
• Home Health Care Services
• Homes for the Elderly
• Hospitals
• Kidney Dialysis Centers
• Medical Laboratories
• Mental Health Practitioner Offices
• Nursing Care Facilities
• Occupational Therapist Offices
• Optometrist Offices
• Outpatient Mental Health Centers
• Physical Therapist Offices
• Physician Offices
• Podiatrist Offices
• Residential Mental Health Facilities
• Residential Mental Retardation Facilities
• Speech Therapist Offices
• Substance Abuse Facilities
• Temporary Shelters
• Vocational Rehabilitation Services
Arts, Entertainment, and Recreation
• Agents and Managers
• Amusement and Theme Parks
• Botanical Gardens
• Bowling Centers
• Casinos
• Country Clubs
• Dance Companies
• Dinner Theaters
• Fitness Centers
• Golf Courses
• Historical Sites
• Independent Artists
• Independent Performers
• Marinas
• Museums
• Musical Groups and Artists
• Nature Parks
• Promoters
• Racetracks
• Recreational Sports Centers
• Skiing Facilities
• Sports Recreation Guides
• Sports Teams and Clubs
• Sports Trainers
• Theater Companies
• Writers
• Zoos
Accommodation and Food Services
• Bars
• Bed-and-Breakfast Inns
• Campgrounds
• Caterers
• Hotels
• Restaurants
• RV Parks
Other Services (except Public Administration)
• Automotive Repair
• Barber Shops
• Beauty Salons
• Business Associations
• Car Washes
• Cemeteries and Crematories
• Civic and Social Organizations
• Conservation Organizations
• Diet and Weight Reducing Centers
• Electronics Repair and Maintenance
• Environment Organizations
• Equipment Repair and Maintenance
• Funeral Homes
• Grantmaking Foundations
• Household Goods Repair and Maintenance
• Human Rights Organizations
• Labor Unions and Organizations
• Laundries and Drycleaners
• Linen Supply
• Machinery Repair and Maintenance
• Parking Lots and Garages
• Personal Goods Repair and Maintenance
• Pet Care (except Veterinary) Services
• Photofinishing Laboratories
• Political Organizations
• Private Households
• Professional Organizations
• Religious Organizations
• Social Advocacy Organizations
• Voluntary Health Organizations
• Wildlife Organizations
Public Administration
• Administration of Public Programs
• American Indian and Alaska Native Tribal Governments
• Correctional Institutions
• Courts
• Electric, Gas, and Other Utilities
• Executive Offices
• Fire Protection
• International Affairs
• Legal Counsel and Prosecution
• Legislative Bodies
• National Security
• Parole Offices and Probation Offices
• Police Protection
• Public Finance Activities
• Regulation of Agricultural Marketing and Commodities
• Space Research and Technology
There is more to deciding on the right business other than settling on the actual product or service you will be producing. Here are a number of other factors that may be a consideration in identifying the right model for your business.
Buy a Franchise vs. Join a Direct Marketing Business vs. Start From Scratch
This is a question of how ready you are to plan and implement every aspect of your business. Direct marketing businesses and franchises train and support you, but your flexibility of what you offer is limited. It also can be costly to buy into an established business. Franchises do usually have a track record and marketing that can be a bonus to get your business going. Look carefully into any direct marketing businesses you might consider. They can require tremendous investments that often cannot be recovered if you decide it is not the right path for you.
Home-based vs. Office-based
Some people are looking for a business they can operate out of their home; others feel more productive when they separate their business from their home life. Zoning laws may limit the types of businesses you can do from your home. You also may have space limitations that limit your choices. Home-based businesses can be lonely. Office-based businesses may bring hassles with other tenants if you are renting or cashflow if you purchase.
Invent Something New vs. Produce a Product vs. Offer a Service vs. Consult as an Independent Contractor
Inventions are usually solitary activities that require a lot of creativity. Products require manufacturing facilities, supplies, and distribution; services are more people-oriented, often facing deadlines not of your own choosing. Independent contracting can be the best of all worlds, although continually finding new contracts can cause cash flow problems.
Long Term Commitment vs. Build a Business to Sell
Some people have every intention of staying in this business forever. It is the realization of a dream. Others dream of making their money through starting new businesses, then selling them. The rush for them is the joy of starting something new over and over. Such folks are sometimes called "serial entrepreneurs." Each way of operating requires a very different financial model. Be honest with yourself about what is right for you so that you can structure your business plan accordingly.
Not-for-profit vs. Profit-based
Not-for-profits can be very emotionally rewarding, but are often low pay, although as with any business you can set your own pay within the budget of the business. There also extra legal hoops to jump through to run a not-for-profit business. If you dream of a solid nest egg or even fame and fortune, a profit-based business may be the best path for you.
Online vs. Physical Business (or Both)
Online businesses are often the choice of people who want a home-based business, but they are not synonymous. Online businesses can be any size and in any location. They can be worldwide or local. Physical businesses are almost always local unless there is a mail-order or ecommerce component. Each of these types of businesses is different to manage and run. Don't let other factors like wanting to be home-based influence your decision on this. If you like activity and hate computers, the internet is not the right spot for you. Grow vegetables instead.
Sell Your Product or Service in a Physical Location vs. Contracting Your Goods or Services Out to the Federal or State Government
Selling as a contractor has lots of rules, regulations, and paperwork, but can provide a lot of flexibility and a great cash flow. Selling locally (or nationally) is a totally different kind of marketing effort, but in many ways less hassle. One of the biggest areas of contracting is the federal government. The Small Business Administration has a number of programs to help with selling to the government. So, do take a look at some of the pros and cons if you think this might be something of interest to you.
Size of Business
Some entrepreneurs simply want to make enough to live simply. Others are looking to build another Microsoft. There are two components to consider in size. What is a comfortable size to start for you and how big do you eventually want to get? Some folks who are new to business want to be on their own to learn the ropes before adding employees, others who have managed before may be more comfortable having at least a few employees to share the workload. Your strengths and weaknesses will help you assess your short-term objective. Your own personal goals will help you determine your long-term objective.
Skills Needed
You may have a dream of what business you want to have eventually, but not have the skills yet. Education may need to be part of your business plan. Even for those of you who have a basic idea of what the business entails, the more you can learn about it, the better a business you will have. Make certain you know what skills are required for a business and how your strengths and weaknesses fit with those skills.
Urban vs. Rural
Urban businesses and rural businesses frequently have different constraints and different models. Marketing can be very different. It can make a difference in what business you choose. You may have always wanted to move to a rural location or vice versa and are taking the opportunity of starting a business to explore such a change. Do be aware of the differences in population density, consumer behavior and zoning laws, to name only a few of the differences you will experience by changing location. Learn as much as you can before taking this leap.
Right Business
There are literally thousands of types of businesses you could choose to operate. Making the choice can be very difficult. You don't want to make a major commitment of time and money to something that is not something you will love, or that is not financially viable.
One way to start is to look at lists information about different types of businesses to help explore possibilities; however, all lists have limitations. They are nice to scan, through -- and great if they describe precisely the business you want to start, but even lists with hundreds of possibilities barely scratch the surface. I have put together a resources on a variety of businesses. It is far from comprehensive, but is an information resource that I am constantly building on.
Certainly, the most common advice is that any business you operate should be something you love. Even if you are certain about what you love and/or want to do, finding the right business that best utilizes your skills and interests needs to be considered carefully. For instance, someone who loves art can be an artist, run an art gallery, do restoration, or teach art. Each requires different skills, but all fit with loving art. Part of knowing yourself is finding the right fit for what you find fun to do.
For those of us have do not have a clearcut passion, deciding what is the "right" business is often a major stumbling block in taking the big step. Most of us have an assortment of skills and interests that are not focused towards one particular field of endeavor. In some ways we are blessed because a wide variety of things can make us happy, but it can also provide confusion when there are so many different directions one could go. How do you make the choice?
It is not uncommon to get pulled into scams because of this indecision. Potential entrepreneurs know they want to take the big leap, but can't decide. Along comes a friend or an ad with promises of making riches overnight using their program. If the deal seems too good to be true, it is. No one is making money overnight. A successful business is built slowly based on a well-designed business plan.
So, how do you know what kind of business to start? You need to start with writing down what you personal goals are for the business as a start. Are you seeking certain income level? Do you want to grow into a major company or will something small be sufficient? Is this a means of making money so you can do other things or are you seeking a business that is fun in-and-of itself? Describe the ideal business as thoroughly as you can.
You next step involves using a technique common in strategic planning -- SWOT analysis. What you should have at the end of this assessment is a clear set of attributes a business must have to be "right" for you. The next step is to consider how to choose the right one.
This is where you need to get creative. Hopefully, by this point you have some sense of the general area you would like to work in, be it sports, computers, or any of the other hundreds of possible industries. Take the SWOT analysis developed earlier and apply it to the industry of interest. What businesses in this industry are best considering your strengths and weaknesses? What businesses are best for the opportunities and threats that are confronting you?
While brainstorming with a friend is useful at the preliminary stages to identify possibilities, this is where you really need to make your own decisions. You are the one who has to live with this business day-after-day for years to come. It is a major life decision. It is, of course, always possible to close or sell a business, but if you are going to put a positive effort into it, it needs to be something you are comfortable with committing to for a significant period of time.
To make the decision, write down your SWOT analysis, your long-term goals, and your preferences from the choices listed above. Take a moment to peruse my list of business characteristics that may be an additional factor in your decision. All this information you have compiled should give you a relatively detailed overview of the qualities you need for a business to have for it to be satisfying.
All these decisions can be overwhelming. For people who hate to make decisions, it is a near impossibility. But decisiveness is a necessity in entrepreneurship. If that is one of your weaknesses, perhaps you need to team up with someone else for this venture -- or reconsider entrepreneurship.
If you know what you want to do, but are concerned about the financial aspects, write a simple business plan. While time consuming, it will give you all the information you need (given that you are realistic in your planning) to tell you what your financial obligations will be. If the financing looks like it will be a problem, visit my financing information to see what options may be available to you.
If you feel that you are ready to go, move on starting a business. And, remember to have fun!
Types and Kinds of Business Possibilities
Essar to buy Britain’s 2nd-largest oil refinery
Shell hopes to pocket up to 1.5 billion pound from the sale, the Sunday Times said.
Shell's Stanlow complex, near Ellesmere Port,
"Among the bidders are
However, the company officials of Essar were not available for comments.
The daily further said that "American refining giant Valero and an investment vehicle controlled by the Saudi royal family are also expected to make offers."
The auction is being run by Lazard and final bids are due on August 17, the newspaper said.
Shell has put its Stanlow complex up for sale as it tries to rein in its huge cost base and struggles with the effects of an oil price that is half the level of the historic high hit last year.
Shell last month reported a sharp fall in profits and its chief executive Peter Voser has launched a savage efficiency drive that is expected to cost thousands of jobs.
The involvement of Essar and the Libyans reflects a wider interest by developing-world groups that produce oil and want to break into the European market, the report said.
Meanwhile, PetroChina is in talks with chemicals maker Ineos, about taking a stake in its Grangemouth refinery.
"Stanlow, which employs more than 800 people, has seen much controversy recently. Next week, construction engineers will be balloted on strike action over pay, and it has also been targeted by fuel protesters over petrol prices," the Sunday Times added.
India launches First Nuclear Submarine -INS Arihant
India reached a milestone on Sunday when Prime Minister Manmohan Singh and his wife Gursharan Kaur launched the country's first indigenous nuclear-powered submarine 'INS Arihant' for sea trials. Kaur broke a coconut and performed a puja after which she unveiled a plaque naming the 112-metre-long submarine."I name it INS Arihant. All the best to the submarine," she said. Declaring that India has achieved a "historic milestone in the country's defence preparedness" with the launch of the submarine, the Prime Minister said, "We don't have any aggressive designs nor do we seek to threaten anyone. "We seek an external environment in our region and beyond that is conducive to our peaceful development and protection of our value systems," Singh said in his speech congratulating everyone associated with the advanced technology vessel (n-submarine) programme.
Singh said, "Nevertheless, it is incumbent upon us to take all measures necessary to safeguard our country and to keep pace with technological advancements worldwide". With the sea trials, India has announced to the world that it possesses underwater platforms capable of launching nuclear weapons, completing its nuclear triad (land, air and sea) capability and strengthening its strategic deterrence. It also made its entry into an elite club of nations comprising the US, Russia, France, the UK and China which possess capabilities to develop nuclear submarine.
Code-named Advanced Technology Vessel (ATV), the submarine christened 'INS Arihant' (destroyer of enemy) was launched for sea trials at the Matsya naval dockyard in Vishakapatnam. As India has declared "no first use" of nuclear weapons, the country's weapons system must survive a first strike for retaliation. Therefore, Arihant's primary weapon is stealth as it can lurk in ocean depths of half a kilometre or more and fire its missiles from under the sea. The 6000-tonne submarine is powered by an 85 megawatt capacity nuclear reactor and can acquire surface speeds of 22 to 28 kmph (12-15 knots) and submerged speed upto 44 kmph (24 knots). It will be carrying a crew of 95 men and will be armed with torpedoes and missiles including 12 ballistic missiles. Four more nuclear-powered submarines of this class have already got government's nod and these would add to the Navy's underwater combat potential in the years to come.
Defence Minister A K Antony, Navy chief Admiral Sureesh Mehta and Andhra Pradesh Chief Minister Y S Rajasekhara Reddy witnessed the event. The Prime Minister flew to Vishakapatnam this morning by the IAF's newly acquired Boeing business jet and reached the venue of the submarine launch by road. Sea trials of the submarine will be conducted in the Bay of Bengal off Vishakapatnam, where the vessel was under construction for the last two decades. The Rs 30,000-crore secret nuclear submarine project was started in the 1980s though it was conceived by then Prime Minister Indira Gandhi in the 1970s. The first official admission of the project nearing completion came this February when Antony had announced it during the AeroIndia show in Bangalore.
INS Arihant can also be armed with cruise missiles. The Defence Research and Developmen Organisation is already working on an equally secretive Sagarika project for a 700-km K-15 missile, capable of carrying nuclear weapons. With US, Russia and China already fielding 5,000-km range SLBMs, the DRDO too has recently tested an SLBM based on the design of 3,500-km range Agni-III. The induction of ATV will help India to complete the nuclear weapons triad, as envisaged under its nuclear doctrine to deliver nuke-tipped missiles from land, air and sea. India has land-based nuclear-capable Agni ballistic missiles, apart from IAF fighters such as Mirage-2000 that can deliver tactical nukes. Two decades ago, India had operated a Charlie-class nuclear submarine, christened INS Chakra, leased from Russia for three years between 1989 and 1991. Moscow will again lease out two Akula-class nuclear submarines to New Delhi for 10 years. Plans to deliver the submarines this June were hit by a mishap during sea trials late last year. But hopes have soared for its delivery in 2010 after Russia took out the repaired vessel for sea trials again early this month.
ICICI to deduct credit card dues from salary account
In their constant pursuit of recovering dues from credit card customers, banks are empowering themselves with a tool that allows them to ask employers to deduct the outstanding amount from the salary.
Employees who may have defaulted on payment, however, cannot object to this deduction of dues at source, according to the new clause introduced in the `terms and conditions` by the country`s largest private sector lender ICICI Bank and expected to be adopted by others as well.
Such deductions will be remitted to the bank and will continue till the entire dues are recovered.
The amended `terms and conditions` say that "no law or contract" governing either the card holder or employers prevents the bank from seeking such deduction and subsequent payment by the employer to the bank.
When contacted, an ICICI Bank spokesperson confirmed the new clause. "This clause is applicable only for customers who default on their credit card payments. Prior notice has already been sent to all out customers to make them aware of this clause," the spokesperson said.
"Only the defaulters in repayment need to be concerned and it is not of concern to regular customers," he added.
With this clause, ICICI Bank is now "entitled and authorised to contact and require the card holder`s/card member`s employers to make deduction/s from the salary/wages payable by the employer to the card holder/card member and to remit the same to ICICI Bank until all of the card holder/card member dues outstanding from the card holder/card member to ICICI Bank is/are completely discharged."
Besides, as per the new clause, it would be the bank which would decide upon the quantum of the deduction.
"The deductions shall be of such amounts, and to such extent, as ICICI Bank may communicate to (and instruct) the card holder`s/card member`s employers," says the revised terms and conditions of the bank.
"The card holder/card member shall not have, or raise/ create any objections to such deductions. No law or contract governing the card holder/card member and/or the card holder`s/card member`s employer prevents or restricts in any manner the aforesaid right of ICICI Bank to require such deduction and payment by the card holder`s/card member`s employer to ICICI Bank," it adds.
The revised credit card terms and conditions, after incorporating the new clause, have come into effect from July 23, 2009.
Kickstart Your Resolution to Save Money -10 Ways
You can't save money if you don't even know how much you're spending. Before you get down to the business of saving your money, take a week to track every single penny you spend. At the end of the week, you'll have a good idea of what you need to tackle first--for example, you might consider switching to a bank that's close to your office or home and offers no-fee withdrawals if you find out you're spending a lot on ATM fees.
Sell Out
The quickest way to get some cash in your hands? Sell things you don't need. Have a garage sale, put your old laptop up for sale on Craigslist, or sell your used books on Half.com. The extre money lining your pockets might inspire you to see how much you can save if you put in a little effort.
Ask Your Man Questions
Is your relationship getting serious? Before you move in or marry your guy, make sure you know all the intimate details of his financial situation. The five things you need to know? How much he makes, how much debt he has, how you plan to split expenses once your married or living together, how many kids you'll need to put through college, and where he sees himself in five to ten years, whether it's as CEO or as a starving grad student.
Keep Your Hands Off Your 401(K)
Dipping into your 401(K) early should be used only as a last resort. It'll cost you a penalty of at least 10% for cashing in before you're 59. Add the taxes Uncle Sam collects and you've already lost a sizeable chunk of your savings.
Ask for Forgiveness
Not from a higher power--from your bank. A late payment charge isn't written in stone, despite what they would have you think. If you've got a clean record, you may be able to get away with not paying it if you slip up--as long as you ask. Make a call to your credit card company to see if they'll waive it, just this once. Just don't make a habit out of it!
Invest
Think it's a bad time to invest your hard-earned cash? Think again. "Although the market's not going to go up right away," buying stocks or mutual funds now, when they are less expensive, is like "buying a dress from Banana Republic for $50 instead of $100," says senior financial adviser James E. Law of Law, Chemtob, and Associates.Tthe less you spend initially, the less risk is involved, and the greater returns could be. If, and only if, you have extra cash (your grocery money doesn't count!), consider putting your money into stocks, bonds, or even your office's 401(k).
Don't Make Stupid Mistakes
Late payment fees, bounced checks, and overdraft charges, besides wrecking your credit score, are easily-avoidable money-suckers. Start balancing your checkbook and keeping track of your cashflow and bill payment due dates on a service like mint.com and you'll never have to spend shoe money on bank fees instead.
Get Specific
Instead of vowing to spend less, give yourself a fighting chance by deciding exactly what you'll be spending less on. Will you be eating breakfast at home instead of buying something on your way to work? Will you drop the expensive membership to the gym you've been to twice in the past year and buy a pair of running sneakers instead? Giving yourself guidelines and following them makes you an active participant in your quest to save cash, instead of a helpless bystander to your spending sprees.
Get Insured
It might be tempting to go without health insurance if you're only going to a couple of doctors' appointments each year, but keep this in mind: a recent Harvard study found that nearly half of all bankruptcies today are attributable to overwhelming medical costs. Feeling healthy? Even minor injuries that end with a trip to the emergency room can leave you thousands of dollars in debt. Don't risk it.
Save On Your Energy Bills
Start by saving money in your home--if you're smart, you can save as much as 30% on your energy bills every month. Start by investing in compact fluorescent light bulbs (they use less power and last on average ten times longer than incandescent bulbs), using cold water for your laundry, and unplugging electronics when you're not using them. These small changes can make a big difference in your wallet.
Volkswagen plans merger with Porsche
The board of the giant German carmaker Volkswagen agreed Thursday to to forge a new global automotive powerhouse by mounting a two-step 8-billion-euro, ($11.4 billion) takeover of the legendary sports vehicle group Porsche.
Announcing the agreement, Volkswagen (VW) chief Martin Winterkorn said the way was now free for the creation of an integrated VW-Porsche group with the sports carmaker to remain an independent brand.
The new combined VW-Porsche group would be "a major force" in the world car business.
Meeting in Stuttgart, the VW supervisory board decision turns the tables on Porsche, which had been forced to abandon an audacious bid to acquire VW after wracking up about 10 billion euros in debt in a David-and-Goliath battle to buy Europe's biggest carmaker.
The prospect of Volkswagen now seizing control of Porsche came in the wake of the luxury sportscar maker's announcement Thursday that its chief, Wendelin Wiedeking was stepping down after opposing VW's takeover ambitions for Porsche.
The Volkswagen decision to back the takeover plan represents a major victory for its supervisory board chairman Ferdinand Piech, after the protracted merger battle triggered a power struggle among the two families controlling Porsche and VW.
Under the VW takeover plan, the Wolfsburg-based motor vehicle group is expected to pick up an initial 49.9-percent stake in Porsche and then buy the rest at a later date at a total cost of about 8 billion euros.
The ownership of the new merged VW-Porsche group would be split between a more-than-50-percent stake held by the current controlling clans - the Porsche and Piech families.
Another 19 percent stake would then be held by the Qatar Investment Authority and about 20 percent would be in the hands of the German state of Lower Saxony, where Volkswagen is based.
Under the integration plan, VW and Porsche would together forge a carmaker with 10 brands.
This includes VW's nine brands from premium saloons such as Lamborghini and Bentley through to its more mass market brands such as Skoda and its flagship Volkswagen. Porsche will be the 10th brand in the new group.
But analysts say the VW takeover push has left open several key questions including the details of the link between the new VW-led carmaker and the oil-rich Qatar.
Held in Porsche's hometown of Stuttgart in southern Germany, the VW board meeting followed an all-night extraordinary session of the Porsche board, which gave the green light to talks aimed at securing a deal worth up to 5 billion euros with Qatar.
This could enable the state-owned Qatar Investment Authority to buy a stake in Porsche SE, the group's holding company, which Porsche said would help lay the foundations for integration moves with VW.
In addition, the Porsche board meeting approved a plan to raise 5 billion euros in capital.
Samsung reports biggerst profit in 2.5 Years
Samsung Electronics, the world's top maker of memory chips and LCD screens, posted its best quarterly profit in 2-½ years thanks to a turnaround in its memory chip business but maintained caution for the rest of the year.
Samsung looks poised to make the most of a nascent recovery in the global memory chip sector following a 2-year-old industry slump, as it enjoys a technological edge over rivals such as Elpida.
Higher chip prices also helped Hynix Semiconductor, the No. 2 maker of memory chips, post a sharply narrowed net loss on Friday. Hynix is expected to swing to an operating profit in the current quarter.
"Samsung Electronics will benefit the most from the current chip sector recovery as it is the market leader in the most advanced mass produced DDR3 chips," said Kim Sung-in, chief technology analyst at Kiwoom Securities.
Hawala link in Satyam case - CBI
In a startling revelation, a highly placed source in the CBI today confirmed the hawala trail of money from Satyam Computers traced by the agency. The accused persons in the multi-crore scam allegedly routed some Rs 12 crore every month through hawala channels outside India since 2002 till the scam was unearthed, said the source. The money was illegally sent out of the country every month leading to the loss of some Rs 1,008 crores since 2002 till 2008.
CBI officials are already trying to identify the transactions and money routed by B Ramalinga Raju, Satyam’s founder chairman and main accused, in countries including the US, Mauritius and European nations. CBI sources alleged that Raju had fraudulently increased the number of employees (fictitious employees) in its offices in India and abroad to give a broader scope for the use of the hawala network.
“As we have come to know after preliminary investigations into hawala transactions, it has been learnt that Rs 12 crore every month was being sent abroad through hawala on the pretext of paying around 10,000 employees who never existed,” said the source.
