ASBM
Business Updates is a Selective Compilation of Business News from Various
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ASIAN
BUSINESS
Piper Jaffray, a mid-sized U.S. investment bank may
sell its Asian business to a Chinese securities firm, sources said on Friday,
one of several options under consideration.
The mid-sized U.S. investment bank set up shop in Asia
in 2006, but failed to gain much ground in a market that became crowded with
Western banks and brokers seeking to tap Asia's growth.
In 2007, Piper Jaffray expanded its Asian presence by
buying Hong Kong-based investment bank, Goldbond Capital Holdings Ltd. That
move was aimed at helping Piper Jaffray tap business from small and mid-sized
Chinese companies accessing global capital markets.
Sun Life Financial Inc. (TSX:SLF), Canada's
third-largest insurer, has appointed one of its senior executives in Canada to
head the financial company's operations in Asia.
Kevin Strain, currently senior vice-president of
individual life insurance and investments for Sun Life's Canadian division,
will become president of Sun Life Financial Asia later this year
Strain will take over the Asian business in June and
succeed Dikran Ohannessian, who is retiring after more than 35 years with the
company.
Sun Life's Asian operations range from the
Philippines, Hong Kong and Indonesia to India and China and include life
insurance, wealth management and other financial services.
ASIAN
MANAGEMENT
China’s manufacturing expanded at a faster pace last
month and a gauge for India showed sustained growth, indicating that Asian
economies are maintaining momentum even as the eurozone debt crisis caps
exports.
In China, the purchasing managers’ index (PMI) rose
for a third month to 51 last month from 50.5 in January, the Chinese National
Bureau of Statistics and China Federation of Logistics and Purchasing said in a
statement yesterday.
In India, a purchasing managers’ index released by
HSBC Holdings PLC and Markit -Economics was close to an eight-month high.
The mining industry is witnessing an unprecedented
merger attempt between two of its biggest players—Glencore International AG and
Xstrata PLC—and BlackRock, the world's largest money manager, plays a key role
in the deal.
By sheer volume of what it manages, BlackRock has a
shareholding of more than 5% in more than 2,000 companies across the world,
including a 5.8% stake in Xstrata, making it the second-largest shareholder
after Glencore. The mining companies are in talks to create a commodities giant
with a market value of nearly $90 billion. Under the current structure, the
deal could be blocked if just over 16% of Xstrata's shares are voted against
the deal, giving BlackRock sizable influence.
BANKING
In a closely watched display of its
firepower, the European Central Bank (ECB) on Wednesday issued to euro zone
banks another massive round of the cheap, three-year loans that have helped
avert a banking crisis but have not yet revived lending to business and
households.
Banks borrowed euro 529.5 billion,
or $713 billion, compared to euro 489 billion in December. The ECB said that
800 banks took out loans, compared to 523 in December, as many smaller lenders
took advantage of the central bank’s broader collateral rules. The ECB wanted
to encourage borrowing by community banks that are likely to lend the money in
turn to businesses and consumers.
U.S. stocks rose on Thursday, moving back to 2008
highs, after a jump in bank shares and further upbeat data on the labor market,
though sharp gains in oil prices limited the advance.
After losses on Wednesday, the rebound took the
S&P 500 back above its 1,370 resistance level, which is seen as key to
maintaining momentum in this five-month rally.
Bank shares ranked among the best performers on hopes
that the European Central Bank's second long-term liquidity injection would
ease the region's financial crisis. The S&P financial sector gained 1.2
percent, led by a 2.9 percent gain in JPMorgan Chase & Co to $40.37.
BUSINESS MANAGEMENT
Wärtsilä has signed a contract to
acquire the assets and business of MMI Boiler Management Pte Ltd., the
Singapore-based company specialising in the service and maintenance of boilers for
marine and industrial applications. MMI Boiler Management has its main
operations in Singapore and coverage throughout Southeast Asia and the Pacific
region.
The acquisition further strengthens
Wärtsilä's boiler services offering and enhances its leading position in the
global marine services market. Furthermore, it supports Wärtsilä Services'
strategy of constantly developing the offering with value-enhancing services
within existing customer segments.
MMI Boiler Management has a strong
market position in Southeast Asia and the Pacific region, particularly within
the offshore segment. The company's activities include the service,
maintenance, repair and installation of boilers, for both marine and land-based
customers. MMI Boiler Management's net sales were approximately EUR 5.3 million
in 2011, and the company currently has 138 employees.
Coordinated Business Systems,
Minnesota's premier information management technology provider, has added
unified communications capabilities with the acquisition of Innovative Systems,
Inc., effective immediately. According to Jim Oricchio, President of
Coordinated Business Systems, "The addition of unified communications to
Coordinated's branded managed services positions us as the single source for
virtually every aspect of information management and business
communications."
"Coordinated is now able to
automate and unify telecommunication voice systems, data communication
networks, IT systems, mobile devices and videoconferencing into one common
context and experience. This will help our customers make faster business
decisions and affordably enhance their communications and network
systems," added Oricchio. "This new solution includes scalable
systems to suit the size and goals of organizations with five to 1,000
employees.
INDIA BUSINESS
Tata Communications Ltd is eyeing Cable & Wireless
Worldwide Plc --- a London-listed telecommunications giant with origins steeped
in British imperialist history --- signaling the return of India's largest
private conglomerate to bulge-bracket global buyouts. The $84 billion Tata
Group's telecom arm may be vying with Vodafone Plc for the potential
acquisition, which is still in early stages, said sources directly briefed on
the matter.
C&W is best known in India as the former sponsors of the West Indian cricket team.The company's association with India goes back to 1870 when it laid the world's biggest submarine cable connection from Mumbai (then Bombay) to Porthcurno in England.
C&W is best known in India as the former sponsors of the West Indian cricket team.The company's association with India goes back to 1870 when it laid the world's biggest submarine cable connection from Mumbai (then Bombay) to Porthcurno in England.
Bharti
Airtel plans to replicate its Indian model in the African markets as the
company seeks to grow faster, Airtel Africa Manoj Kohli, CEO (international)
and joint MD of Bharti Airtel said.
In a ground-breaking move, Airtel in 2003 outsourced its entire backend operations to Ericsson to focus specifically on customer management and brand building, which has since become a norm for the industry across the world.
In a ground-breaking move, Airtel in 2003 outsourced its entire backend operations to Ericsson to focus specifically on customer management and brand building, which has since become a norm for the industry across the world.
INDIA MANAGEMENT
Vodafone
India Ltd. has made key changes to its top management, creating roles of a
chief operating officer and chief commercial officer, according to an internal
email seen by Dow Jones Newswires Friday, as the Vodafone Group PLC unit
prepares for a possible listing.
India's
third-largest mobile phone company by users named Sunil Sood and Sanjoy Mukerji
as chief operating officer and chief commercial officer, respectively, Chief
Executive Marten Pieters said in the email sent to employees
Unpaid
for months and fed up with hollow promises of getting their dues, pilots of Air
India-domestic have decided to put the airline on "cash-and-carry "
from April 1.
After a meeting of their union on Sunday, it has been left to individual pilots to tell the management that they will fly from next month only if their dues - five months' performance-linked incentive (PLI) and three months' salary - are paid fully or at least substantially.
While many agitated members wanted some immediate action, the union, Indian Commercial Pilots' Association (ICPA), decided against giving a strike call as such protests have only led to promises from the government in the past, which were never kept.
After a meeting of their union on Sunday, it has been left to individual pilots to tell the management that they will fly from next month only if their dues - five months' performance-linked incentive (PLI) and three months' salary - are paid fully or at least substantially.
While many agitated members wanted some immediate action, the union, Indian Commercial Pilots' Association (ICPA), decided against giving a strike call as such protests have only led to promises from the government in the past, which were never kept.
INSURANCE
Greece has not yet triggered payment on controversial
bond insurance contracts but market participants still expect Athens' efforts
to reduce its debt burden to prompt an eventual payout on credit default swaps.
The International Swaps and Derivatives Association
decided on Thursday that Greece had not breached the terms of the insurance
contracts by preparing to force losses on private bondholders while exempting
official creditors.
However, the story does not end there and holders of
the net $3.25 billion in default insurance contracts must wait and see if the
next steps in the largest-ever sovereign restructuring will lead to a payout.
A cadre of corrupt doctors and scam artists sought to
cheat auto insurance companies out of $279 million in bogus medical claims —
the largest-ever fraud involving New York's no-fault law, authorities said
Wednesday.
The investigation resulted in federal racketeering,
health care fraud, mail fraud and money laundering charges against 36 people,
mainly of Russian descent. They include 10 physicians and three lawyers. One
had the nickname "KGB."
At a news conference, U.S. Attorney Preet Bharara said
while the false claims totaled $279 million, the actual loss to private
insurers was $113 million. Some of the ill-gotten gains were spent on vacations
in Mexico, shopping sprees at Saks Fifth Avenue and rides in limousines, he
said.
INTERNATIONAL
BUSINESS
Over the past couple of years,
Iceland has started to see a rising interest from foreign businesses wanting to
invest in the country. These businesses have either acquired stakes in
Icelandic enterprises or made strategic purchases in production and services
related to their own international activities.
The growing number of investments is
due to the fact that Iceland has systematically made its business environment
increasingly attractive for foreign investors and organisations. The country’s
investor-friendly environment supports high professional standards and makes it
an ideal base for large and small companies.
Wal-Mart Stores
Inc. is raising its dividend by 9 percent, continuing a tradition of increasing
its annual shareholder payout, but limiting the boost to its smallest
percentage since fiscal 2009.
The world's biggest retailer said it will pay a
quarterly dividend of 39.75 cents on April 4 to shareholders of record on March
12. That works out to $1.59 per share for the year. The increase follows an
almost 21 percent gain in fiscal 2012, which ended in January. And it compares
with a hike of just less than 8 percent in fiscal 2009.
LOGISTICS
Western policymakers are itching to release strategic
oil stocks after their Iran policies triggered a potentially damaging surge in
crude prices, but the logistics issues that dampened the impact of last year’s
emergency oil sales are more daunting now.
The temptation to release stocks is great. Leaving
aside election year concerns, Western governments have a legitimate concern
that rising energy costs may derail the still-fragile economic recovery.
Issues of diplomatic prestige make it very difficult
for Western governments to reverse their latest sanctions imposed on Iran over
its nuclear program, meaning some sort of palliative for the oil price impact
is needed.
DHL Express, the world’s leading express provider,
marks its 30th anniversary, celebrating three successful decades of providing
services and logistics solutions to exporters and importers in the country.
DHL’s commitment to Pakistan over the last 30 years
has seen business evolve and expand over the years. Established in 1982, DHL
was the first international express company to provide exporters with
fast-tracked international express service.
MANAGEMENT
European
fund managers increased their equity
holdings in February to a seven-month high, cutting bonds and cash, as the
European Central Bank's cheap loans to banks boosted investor risk appetite, a
Reuters poll showed on Wednesday.
A monthly survey of 17 asset managers based in
continental Europe showed a typical balanced portfolio held 46.6 percent of its
assets in equities, the highest since July , against 45.8 last month and up
from a cycle low of 41.2 percent in August.
Manufacturing probably accelerated for a fourth
straight month in February after Americans picked up the pace of spending a
month earlier, economists said before reports today.
The Institute
for Supply Management’s factory index rose to an eight-month high of 54.5 from
54.1 in January, according to the median estimate of 78 economists surveyed by
Bloomberg News. Readings above 50 signal growth. Consumer purchases in January
rose 0.4 percent, the biggest gain in four months, a Commerce Department report
may show.
Manufacturers remain at the forefront of the more than
two- year-old expansion, aided by corporate investment in equipment, inventory
rebuilding and a pickup in the auto industry. Risks to
the industry that accounts for about 12 percent of the economy include higher
fuel costs and a slowdown in Europe
linked to its debt crisis.
ODISHA
BUSINESS
NTPC on Saturday said it would invest
over Rs 24,000 crore to set up two power projects in Odisha in the 12th
five-year plan with a view to augmenting generating capacity by about 4,500 mw
in the state.
“Two super thermal power projects will
be set up at Darlipali in Sundargarh district and Gajmara in Dhenkanal district
at an approximate cost of Rs 24,000 crore,” NTPC Regional Executive Director
(East-II), Mr Jayadeb Nanda told reporters here.
Stating that both the projects were
proposed to be commissioned during the 12th five-year plan, Mr Nanda said land
acquisition was likely to be completed by June this year while the company
ready for global tendering for procurement of equipment and machinery.
Paradip Port Trust (PPT) Saturday offered Posco-India
to use its facility located barely 12 km from the steel major's proposed
captive port site at Jatadhar mouth in Odisha's Jagatsinghpur district.
"PPT has all facilities required by a mega steel manufacturing company. We have proposed the Posco-India authorities to make use of PPT's berths for import and export of materials," PPT Chairman G Jagannath Rao said.
Stating that PPT was quite efficient to handle any cargo of the proposed steel plant, Rao said Paradip Port had skilled man power, extra land, berths and other facilities.
"PPT has all facilities required by a mega steel manufacturing company. We have proposed the Posco-India authorities to make use of PPT's berths for import and export of materials," PPT Chairman G Jagannath Rao said.
Stating that PPT was quite efficient to handle any cargo of the proposed steel plant, Rao said Paradip Port had skilled man power, extra land, berths and other facilities.
RETAIL
Americans stepped up their spending
in February, boosting sales at many stores and offering the latest sign that
shoppers are feeling more confident in the economy.
As merchants reported their monthly
sales figures Thursday, a diverse group including Target and Macy's reported
sales gains that exceeded Wall Street estimates.
In Fort Worth, Pier 1 Imports said
its fiscal fourth-quarter sales at stores open at least a year rose 10.3
percent.
Only a small group of retailers
report monthly sales figures. But industry watchers say those merchants that do
post monthly numbers offer a snapshot of consumer spending, which accounts for
more than 70 percent of all economic activity.
Retail sales rose 0.3 per cent in
January, following a 0.1 per cent drop in December, according to the Australian
Bureau of Statistics. The market had expected 0.3 per cent growth.
The traditional retail sector has
fallen on hard times in recent years pressured by slumping domestic demand and
the coming of age of online shopping in Australia.
Total annual growth in retail sales,
measured by the ABS in 2011, was the weakest on record since 1984.
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The dollar rose as high as $US1.0814
on the retail data, defying weak
construction data that was released at the same time. The currency was
recently trading at $US1.08, up from $US1.0789 before the announcement.
SUPPLY CHAIN
In mid-February the US Food and
Drugs Administration (FDA) announced that several oncologists in California,
Texas and Illinois had received what appeared to be a fake replacement for the
cancer drug Avastin from their suppliers.
Unlike the genuine article
produced by Roche subsidiary Genentech, the false medication did not contain
the active ingredient Bevacizumab. According to the FDA it was dangerous as
well as ineffective.
The oncologists were most likely not sourcing the drug directly from the
manufacturer for price reasons. A 400mg dose of the medication costs around
SFr2,000 ($2,189). Depending on the illness, a patient has to pay SFr5,000 to
SFr10,000 per month for treatment. The costs for a treatment cycle can run
from SFr60,000 to SFr100,000.
Supply chain will be ready by autumn for next big quake: Toyota |
Toyota Motor will have in place by autumn a more
resilient supply chain that would recover within two weeks of another massive
earthquake hitting Japan, a top executive said on Friday.
Japanese automakers have been working to
disaster-proof their sprawling supply chains ever since last year's March 11
earthquake and tsunami devastated the country's north-eastern coast, forcing
many to halt or reduce car production for more than six months.
______________________________________________________________________
Source of Information for this issue
: Google alert accessed on March 5, 2012
We welcome your
suggestions in improving this information updating service.
Knowledge
Is Power. Be Informed, Be Knowledgeable, Be Powerful.
Best wishes
Compilation
Sabita Sahu, B.A., PGDCA, MLISc,
Professional Library Trainee
Sabita Sahu, B.A., PGDCA, MLISc,
Professional Library Trainee
Concept, Layout and
Editing
Rajashekhar Devarai
Chief Librarian
Chief Librarian
Information and
Documentation Division, Chanakya Central Library
Asian School of
Business Management
Shiksha Vihar Bhola,
Barang Khurda Road,
Chandaka
Bhubaneswar-754012
Tel:0674-2374832, 2374833
Sabita Sahu : Professional Library Trainee and R.S.Devarai : Chief Librarian, Knowledge and Information Services Unit, Chanakya Central Library, Asian School of Business Management, Bhubaneswar. chieflibrarian@asbm.ac.in ; www.asbm.ac.in
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