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ASIAN BUSINESS
Asian stock markets rose Monday in
holiday-thinned trade as sluggish U.S. growth figures boosted hopes for more
measures from the Federal Reserve to help the world’s No. 1 economy.
South Korea’s Kospi added 0.2 percent to
1,980.27 amid improving business sentiment among manufacturers. Australia’s
S&P/ASX 200 gained 0.7 percent to 4,393.30 as rising commodities prices
helped push up its mining sector.
Stan Shamu of IG Markets in Melbourne
said that investors shrugged off the weaker-than-expected U.S. economic growth,
as well as a second downgrade this year by S&P of Spain’s debt, amid hopes
that the Fed will launch a new round of bond buying to keep interest rates low.
The Fed has already carried out two
rounds of bond-buying known as quantitative easing to stimulate spending and
drive down long-term interest rates. Low bond yields generally encourage
investors to shift money to buying stocks.
LG Electronics will steal a march on its rivals by
bringing forward the launch of a 55-inch flat TV using next-generation
technology, raising the stakes in a cut-throat battle for the living room
between Asia's top tech powerhouses.
The South Korean firm will introduce its organic light
emitting display (OLED) TV in several European countries in May, well ahead of
an original plan to launch in the second half, a source familiar with the
matter told Reuters. That would edge out cross-town rival Samsung Electronics and
cement, at least for now, South Korean dominance in the television market over
long-time leaders Japan, but it also highlights the fierce competition
reshaping Asia's flat panel industry.
"(In the past) if you wanted a top quality TV you had to buy a Sharp, Panasonic or Sony. Those days are gone," said Steve Durose, Senior Director and Head of Asia-Pacific at FitchRatings.
"(In the past) if you wanted a top quality TV you had to buy a Sharp, Panasonic or Sony. Those days are gone," said Steve Durose, Senior Director and Head of Asia-Pacific at FitchRatings.
ASIAN
MANAGEMENT
Kelvin Woo and Joe Zhang are leaving GLG Partners
Inc., the London-based hedge fund bought by Man Group Plc
(EMG) in 2010, to set up their own Asia-focused macro hedge fund, said four
people with knowledge of the matter.
The two, both emerging-markets managers based in Hong
Kong, may start the fund in July, said the people who asked not to be
identified because the information is private. Angela Fung, a Hong Kong-based
spokeswoman for Man, confirmed Zhang’s departure. Woo declined to comment when
reached by phone.
Woo and Zhang join managers such as former Perry
Capital LLC Asia head Alp Ercil and Carl Huttenlocher, who had led Highbridge
Capital Management LLC’s regional business, in leaving big global companies to
start their own hedge funds.
Two state-backed Asian oil companies have tapped the
U.S. dollar bond markets with major offerings this week to healthy investor
interest.
China’s Cnooc Ltd., raised US$2 billion worth of
10-year and 30-year bonds at lower yields than expected.
“The deal was so heavily oversubscribed that the
investor call was canceled,” said Jesse Fogarty, portfolio manager at Cutwater
Asset Management in New York, referring to a planned call with U.S. bankers.
Mr. Fogarty said he wasn’t planning to buy the bonds.
The bonds received $12 billion of orders from Asian
buyers and $3 billion from the U.S., he added.
Cnooc’s 30-year bond was stronger in initial trading
on Thursday, trading around 1.72 to 1.75 percentage points over Treasurys. The
bond was priced to yield 1.9 percentage points over comparable Treasurys.
ASIAN
SCHOOL OF BUSINESS MANAGEMENT
Asian School of Business Management (ASBM) has entered
into two prestigious agreements. The institute has signed MoUs with
internationally reckoned centre of learning and excellence, St. Cloud State
University of US and University of Enterprise, Argentina.
The MoU which was signed during the visit of Dr. Earl
H. Potter III, President of St. Cloud State University, USA to ASBM would
enable the exchange of student, Faculty and research scholar to promote
cross-cultural learning & research activities. It would also encourage
co-operation like joint research lectures, symposia and country visits for
students and faculty members, exchange of data, documentation and research
materials, in the field of mutual interest.
BANKING
Spain's latest credit rating downgrade has thrown into
sharp relief the need to revive a banking sector that could need another 100
billion euros to cover bad debts in order to avoid exposing another weak flank
in the euro zone crisis.
The options are clear: Spain's troubled banks seek
fresh capital themselves, the government comes to their aid or euro zone funds
are somehow pushed in their direction.
But while the need for new funds is pressing,
policymakers have no clear idea how to proceed.
The problem is the banks are in no shape to attract
investment, Madrid cannot offer much more help since a domestic bailout would
worsen Spain's already parlous debt position, while Brussels rules out direct
euro zone aid to banks.
The youngest private sector lender Yes
Bank has set a target of achieving a balance sheet
size of Rs 1.5 trillion by the turn of 2015.
"The remaining three years will see the bank
witnessing accelerated growth with the objectives to achieve a balance sheet
size of Rs 1,50,000 crore (Rs 1.5 trillion), deposit base of Rs 125,000 crore
and advances of Rs 100,000 crore," Yes Bank Managing Director & CEO
Rana Kapoor said. He was addressing the top management, investors and analysts
on the completion of two years of its Version 2.0 vision yesterday.
This confidence comes on the back of significant
momentum on Casa and retail liabilities front, he said, adding going forward,
the bank will focus on branch
expansion.
"We have a target of 900 branches, along with
increasing headcount to 12,750 by March 2015," Kapoor said.
BUSINESS
Drugmaker Elder Pharmaceuticals is exploring options
to sell its nutrition products business, two sources with direct knowledge of
the development said.
One of the sources said that Elder is looking for a valuation of roughly $60 million to $75 million for the business, which includes about 20 brands, and that discussions are at a very early stage.
Elder Pharma Joint Managing Director Alok Saxena denied that the company was looking to sell the business.
"We are not selling anything, nor are we discussing this with anybody," Saxena said in an emailed reply to a query from Reuters.
One of the sources said that Elder is looking for a valuation of roughly $60 million to $75 million for the business, which includes about 20 brands, and that discussions are at a very early stage.
Elder Pharma Joint Managing Director Alok Saxena denied that the company was looking to sell the business.
"We are not selling anything, nor are we discussing this with anybody," Saxena said in an emailed reply to a query from Reuters.
A team of Indian business tycoons made history on Sunday when they crossed the Radcliffe line at the India-Pakistan border at Attari to meet their counterparts in Pakistan.
The group of business leaders form part of the 45-member delegation, led by Confederation of Indian Industry (CII) president and Godrej chairman Adi Godrej, who will be meeting key Pakistani businessmen, ministers and officials in Lahore at the two-day Aman ki Asha Indo-Pak Economic Conference.
The first such Aman ki Asha meet was held in New Delhi in 2010. The Lahore conference will be inaugurated on Monday by Pakistan Prime Minister Yousuf Raza Gilani.
A team of Indian business tycoons made history on Sunday when they crossed the Radcliffe line at the India-Pakistan border at Attari to meet their counterparts in Pakistan.
The group of business leaders form part of the 45-member delegation, led by Confederation of Indian Industry (CII) president and Godrej chairman Adi Godrej, who will be meeting key Pakistani businessmen, ministers and officials in Lahore at the two-day Aman ki Asha Indo-Pak Economic Conference.
The first such Aman ki Asha meet was held in New Delhi in 2010. The Lahore conference will be inaugurated on Monday by Pakistan Prime Minister Yousuf Raza Gilani.
BUSINESS
MANAGEMENT
SilverSun Technologies, Inc. /quotes/zigman/5754317/quotes/nls/ssnt
SSNT +43.75% (otcqb:SSNT), a preferred source for best-of-breed business
management applications and professional consulting services, today announced
the successful launch of a proprietary series of cloud-based software solutions
created specifically to meet the unique business management needs of the U.S.
craft beer brewing and distribution industry.
Jointly developed and distributed by
SWK Technologies, the Company's principal operating subsidiary, and branded as
BeerRun, BrewPub and the Distributor Relationship Management System (DRM),
these new SWK-hosted solutions represent SilverSun's initial introduction of
Software-as-a-Service (SaaS) offerings -- all of which were brought to market
in the first quarter of 2012.
Infor, a leading provider of
business application software serving more than 70,000 customers, today
announced that UK-based defense leader AWE has selected Infor10 EAM, supported
by Infor10 ION Suite, Infor's unique, lightweight middleware, and Infor10 ION
Workspace, which provides in-context business intelligence, to support business
transformation across its asset management operations.
The application is expected to
instill greater visibility, business intelligence and rigor across AWE's plant
equipment portfolio comprising approximately 315,000 assets, which, in turn,
helps the company reduce risk, boost productivity and extend the lifecycle of
its assets. ION in particular will help the defense company to achieve a more
comprehensive picture of its assets, processes and people, through integrating
multiple databases and applications, and will help equip AWE with the agility
to react quickly to defense program demands.
FINANCE
The International Financial
Corporation (IFC) is planning to invest Rs 50 crore in Ujjivan Financial
Services Ltd, a microfinance company that lends to urban and semi-urban poor,
especially salaried and self-employed women.
The funds are for a project that
will expand and carry out Ujjivan's strategic and operational changes in order
to cope with the changed regulatory and business environment, and meet its
regulatory capital adequacy requirements for the next 3-5 years. Recently, Ujjivan Financial
raised $25.5 million by diluting a minority stake in its latest round of PE
funding. Netherlands Development Finance Company, Wolfensohn Capital Partners
and existing investors participated in this round of fund raising, the company
said in a statement.
Branded or unbranded gold jewellery will
not attract excise duty. The Finance Ministry has rolled back the budgetary
proposal of levying such a duty.
Buckled under severe pressure, the
Finance Minister, Mr Pranab Mukkherjee, announced: “The proposal to levy excise
duty was aimed with the Goods and Services Tax (GST), but it seems that people
are not ready for it, so I withdraw it.’’
This withdrawal will be in effect from
March 17.
This budget proposal had not gone well
with the bullion merchants. They went on strike for 21 days. They were
demanding a complete rollback as they were apprehending such a provision would
bring inspector raj.
INDIA BUSINESS
The first annual US-India Business
West Coast Summit attended by 300 top business leaders from the two countries
has highlighted the dynamic potential that exists in present and future
collaboration between them.
Hosted by the US-India Business Council (USIBC) and
the Federation of Indian Chambers of Commerce and Industry (FICCI), the summit
held at the Rosewood
Sand Hill in Silicon Valley over the weekend attracted prominent business
and policy leaders from both countries. Themed "Building Bridges,
Fostering Innovation," the conference focused on the most pressing
political and economic issues impacting US-India relations, as well as
technology and innovation, renewable energy and trade and investment, according
to USIBC.
Former US Secretary of State Condoleezza Rice,
describing India as "a wonderful example of what democratic institutions
can achieve", said: "The Indian democracy cannot be
underestimated."
After chief economic adviser Kaushik Basu and Standard
& Poor's, it's the International
Monetary Fund (IMF) which has cited governance concerns and the tardy pace
of project approvals for a moderation in economic growth.
In fact, in the Asia Pacific Economic Outlook, IMF on Friday said that the global economic environment is unlikely to have a significant impact on the Indian economy, which is relatively less integrated with the world economy. But the domestic policy concerns were sufficient for the multilateral agency to forecast 6.9% economic growth in 2012, marginally lower than the earlier estimate of 7%.
IMF, however, said that GDP growth is expected to pick up to 7.3% in 2013.
In fact, in the Asia Pacific Economic Outlook, IMF on Friday said that the global economic environment is unlikely to have a significant impact on the Indian economy, which is relatively less integrated with the world economy. But the domestic policy concerns were sufficient for the multilateral agency to forecast 6.9% economic growth in 2012, marginally lower than the earlier estimate of 7%.
IMF, however, said that GDP growth is expected to pick up to 7.3% in 2013.
INDIA
MANAGEMENT
Foreign portfolio investors seem to have taken a fancy
for equity mutual funds these days, even as their domestic counterparts are
reducing exposure to such funds.
Better onshore fund management capabilities of Indian
fund managers coupled with high levels of transparency and exposure to quality
second-line stocks are prompting international pension funds and insurance
pools to invest in domestic equity funds, industry sources said. According to
AMFI data, FII investments in equity funds
stood at Rs 1,212 crore over 87 folios at March 31, 2012 against Rs 1,048 crore
in September 2011 and Rs 1,027 crore in March 2011. Though the increase in
allocation is only marginal, there's a feeling in industry that this could be
just the beginning of large long-only funds giving core investment mandates to
Indian fund managers.
Amul, the country's largest food brand, has widened its
lead over nearest competitor Nestle, leaving the world's largest food company a
distant second despite having completed 100 years of business in India.
Gujarat
Co-operative Milk Marketing Federation (GCMMF), owners of Amul brand of milk
and dairy products, posted sales of Rs 11,670 crore for the year ended March
2012, almost 55% more than Nestle India's Rs
7,541-crore sales. Exactly a decade ago, the gap was much narrower when Amul
reported sales of Rs 2,336.48 crore against Nestle India's Rs 2,075 crore.
"We have managed to post 20% sales growth this
year with over 12% value growth due to price hikes and around 8% contributed by
volume or demand," GCMMF Managing Director R S Sodhi said.
Amul, which has been around for less than four
decades, dominates the dairy products business in the country with more than
85% share in butter and 70% share in cheese.
INSURANCE
The Reserve Bank of India (RBI) has
said there is a case for hiking FDI cap in insurance and some other sectors in
view of India's growing integration with the global economy, if local economic
and political scenario permits.
"... as the economy integrates
further with the global economy and domestic economic and political conditions
permit, there may be a need to relook at the sectoral caps (especially in
insurance) and restrictions on FDI flows (especially in multi-brand
retail)," RBI has said in a study, released earlier this month, on FDI
flows to India
Life
insurance has been invented by the society as a financial tool for creating
a corpus to be utilised when financial support or protection is needed the most
in someone's life. Insurance, therefore, is very different from savings,
banking, and investment. Any insurance scheme or policy is based on the
principle of mutual pooling of small amounts of money by large numbers of
people; using the amount for those few unfortunate members of the society who
suffer financial loss or loss of financial support because of some tragic
event. Insurance helps in recovery from an unfortunate situation; takes away
stress from the social fabric; and helps the affected person in bringing life
back to normalcy at least financially.
With the very first installment of premium paid to a
life insurance company, the policy holder makes sure that the family acquires
an umbrella of financial protection which is guaranteed to the family in the
event of the unfortunate demise of the policy holder. It is, therefore, rightly
said that there is no substitute for life insurance.
INTERNATIONAL
BUSINESS
Apple, the world's most profitable technology company,
doesn't design iPhones here. It doesn't run AppleCare customer service from
this city. And it doesn't manufacture MacBooks or iPads anywhere nearby.
Yet, with a handful of employees in a small office
here in Reno in a company subsidiary named Braeburn Capital, Apple has done
something central to its corporate strategy: It has avoided millions of dollars
in taxes in California and 20 other states. Apple's headquarters are in
Cupertino, Calif. By putting an office to collect and invest the company's
profits out of Reno, just 200 miles away, Apple sidesteps state income taxes on
some of those gains.
California's corporate tax rate is 8.84 percent.
Nevada's? Zero.
Britain on Wednesday officially slipped back into
recession with its GDP shrinkingfor the second consecutive quarter, putting
further pressure on an already beleaugered government. Initial GDP estimates
showed the economy shrank by 0.2% in the first quarter of 2012, following a
0.3% drop in the previous quarter.
A defiant David Cameron,
insisted that the government will not deviate from its plan for deficit
reduction and spending cuts, which is being widely blamed as a key factor for
the dreaded double dip. Opposition leader Ed Milliband categorically blamed the
cuts, pointing out that the government had cut too far, and too fast. Cameron,
currently under immense pressure as his key cabinet colleague Jeremy Hunt,
culture secretary, is embroiled in a scandal about his connections to the
Murdochs, had to continue to defend his plans to keep cutting public spending,
putting economic recovery at risk.
LOGISTICS
Hubli-based logistics major VRL
Logistics has raised Rs 175 crore from New Silk Route (NSR), an Asia-focussed
private equity fund. The company plans to use the funds to retire its high cost
debt amounting to Rs 100 crore and also fund expansion plans.
“After deferring our public offer
plan last year due to the unfavourable market conditions, three to four
investors had approached us for investing in our company. We have now signed
the agreement with NSR and raised Rs 175 crore. The purpose is to clear our
high cost debt, which is of the order of Rs 500 crore raised from select banks
and financial institutions. We will also use part of the funds for our
expansion plans,” Vijay Sankeshwar, chairman, VRL Logistics, told Business Standard.
AAI Logistics & Technical
Services, an operating unit of Textron Systems, a Textron Inc. TXT
-2.26% company, announced today that the business has received a
competitive award to provide C-17 Globemaster maintenance training for the
United Arab Emirates' (UAE) Advanced Military Maintenance Repair Overhaul Centre
(AMMROC), a joint venture company owned by Mubadala Aerospace, Sikorsky
Aircraft Corporation and Lockheed Martin Corporation.
AAI Logistics & Technical
Services will provide C-17 maintenance training for AMMROC mechanical and
avionics technicians. This will include classroom training featuring AAI's
modular C-17 maintenance training courseware, developed and honed throughout
more than a decade of experience with multiple customers around the world. With
that comprehensive academic background, AAI instructors will then lead AMMROC
trainees through hands-on instruction with the aircraft.
MANAGEMENT
HR executives grapple with keeping hundreds of
thousands of staffers, across 45 countries and mostly below 30 years, fully
utilised and motivated
Apart from being a $10-billion company, Tata
Consultancy Services (TCS), the country’s largest information technology
services company, is also a high-magnitude employer. It increased its personnel
to 238,000 over 2011-12 and these numbers are to go up, since the plan is to
hire another 50,000 for 2012-13. These plans would be reviewed, based on staff
utilisation. If the latter rate goes above 82 per cent, it may instead hire
only lateral replacements. For the quarter ended March 31, the utilisation rate
(excluding trainees) was 80.6 per cent and including trainees was 71.3 per
cent. The company has said its comfort level in terms of utilisation was 82 per
cent
Britain's largest asset management company Schroders has
acquired a 25% stake in Axis Bank-promoted Axis Mutual
Fund for an undisclosed amount. The deal will help the Indian fund house
access Schroders' global distribution network and advise overseas funds
invested in Indian securities.
The Economic Times had written on March 14 that Schroders Investment Management was in talks with Axis Bank to acquiring stake in its mutual fund arm. As part of the deal, Schroders will have one board member each on the AMC's board and Axis Mutual Fund trustee company.
Schroders Investment Management is a UK-based firm managing $291 billion worldwide. Schroders had applied to the Securities and Exchange Board of India (Sebi) in April 2008 to start a mutual fund business in India, but did not secure a licence till last year. Axis Mutual, which started operations in 2009, has equity assets worth Rs 640 crore. Axis Mutual Fund's total assets under management (AUM) stood at Rs 8,815 crore as on March 31.
The Economic Times had written on March 14 that Schroders Investment Management was in talks with Axis Bank to acquiring stake in its mutual fund arm. As part of the deal, Schroders will have one board member each on the AMC's board and Axis Mutual Fund trustee company.
Schroders Investment Management is a UK-based firm managing $291 billion worldwide. Schroders had applied to the Securities and Exchange Board of India (Sebi) in April 2008 to start a mutual fund business in India, but did not secure a licence till last year. Axis Mutual, which started operations in 2009, has equity assets worth Rs 640 crore. Axis Mutual Fund's total assets under management (AUM) stood at Rs 8,815 crore as on March 31.
MARKETING
Research In Motion Ltd stock slumped again on
Wednesday, even as the company said it was close to hiring a marketing boss to
fashion a unified message for a next-generation BlackBerry that will likely
determine its future. Speaking at an annual showcase event that has gone over
like a lead balloon, RIM Chief Executive Thorsten Heins admitted RIM spoke with
more than one voice when it marketed its current BlackBerry 7 smartphones and
its PlayBook tablet. He said that would change. 'One thing that really became
obvious when I looked at the various parts of the company is that we needed
focus,' Heins, who took over from longtime co-CEOs Mike Lazaridis and Jim
Balsillie earlier this year. He was speaking at the companys BlackBerry World
conference in Orlando, Florida. RIM stock had fallen almost 6 percent on
Tuesday after the company gave investors a glimpse of its next-generation
BlackBerry 10 smartphone and the tools they would need to create apps for the gadget.
But RIM has announced no specifics on how it would recover from its prolonged
slump
PepsiCo Inc.
is going on a reunion tour with The King of Pop. The company on Thursday is
announcing a deal with the estate of Michael
Jackson to use the late pop star's image for its new global
marketing push.
The promotion will vary by country but will include a
TV ad, special edition cans bearing Jackson's image and chances to download
remixes of some of Jackson's most famous songs. Pepsi, which first partnered
with Jackson in 1983, did not disclose the terms of its deal.
The promotion is part of a global marketing blitz
planned for the year ahead by Pepsi, which is looking to revive its brand and
win back market share from The Coca-Cola Co.
Pepsi has a lot riding on its new push. Although the
company has a diverse portfolio of brands including Frito-Lay,
Quaker Oats and Tropicana, it's often judged by the performance of its namesake
cola. And in 2010, Pepsi was knocked out of the No. 2 spot among sodas in the
US by Diet Coke, with Coke remaining in the No. 1 position, according to the industry
tracker Beverage Digest.
ODISHA
BUSINESS
The move by Gujarat Mineral Development Corporation
(GMDC) to ship coal from Odisha to meet the requirement of end user power
plants in its home state has come a cropper.
GMDC was
allocated the Naini coal block in Odisha to meet the requirement of its
proposed coal-based power station at Angul. However, the company later made a
U-turn and wanted to shift the venue of its power station to Gujarat, causing
much heartburn for the Odisha government. “We have
already written to the Coal ministry, urging it to cancel the Naini coal block.
The company has no concrete proposal for any end-use plant and is also
non-serious about the development of the block,” a highly placed official
source told Business Standard.
Ministry of Coal is also understood
to be peeved over GMDC's lack of seriousness on the matter. The ministry has
given April 30 deadline to the Gujarat PSU as a last ditch measure to obtain
the views of the Odisha government and the Union ministry of power on change of
site of its power plant.
Domestic steel major Jindal Steel
and Power Ltd has said it would invest more than Rs. 10,000 crore in the
current financial year towards capacity expansion in Odisha, Jharkhand and
Chhattisgarh. The company reported a 16% increase in net profit at Rs.
1,161.6 crore for the quarter
ended March 31 while turnover grew
by 42% to Rs. 5,482.3 crore during the quarter. It attributed better sales of
steel and pellets and higher power generation during the quarter for the
improved financial performance.
“We will be spending more than Rs.
10,000 crore in 2012-13 to part-finance the ongoing expansions in our company,”
said Sushil Maroo, group financial officer, JSPL.
RETAIL
Despite volatile markets, weak
sentiments and a faltering growth story, retail investors are not fleeing the
market. On the contrary, they are adopting a new strategy to counter the
current situation: shifting investment from high risk, high-return equity
schemes of mutual funds to low risk,
low-return debt schemes of MFs.
The number of folios in equity
schemes of mutual funds declined to 37 million at the end of March 2012 from 38
million at the end of March 2011, whereas the number of folios in debt schemes
grew to 4.5 million at the end of March 2012 from 3.9 million at the end of
March 2011.
“It shows that there are investors
who do not rush to open fixed deposit just because there is volatility in the
market,” said Arindam Ghosh, vice-president and head, retail sales, JP Morgan
Asset Management. “They rather go for less-risky instrument available in the
market.”
Infiniti Retail Ltd, a 100% subsidiary of Tata Sons
Ltd, on Monday entered the ecommerce space, launching cromaretail.com to
compete alongside the group’s retail store chain Croma and with sites such as
Flipkart.com.
“The online store and the physical retail store chain
would be two separate entities and will have individual strategies in terms of
deals available and will compete with each other,” said Ajit Joshi, chief
executive officer, Infiniti Retail, who expects the website to equal the
six-year-old retail chain’s revenue in the next “18 to 24 months.” The launch
saw the attendance of Ratan Tata, chairman, Tata Sons, and his designated
successor, Cyrus Mistry, currently deputy chairman, besides R.K. Krishna Kumar,
chairman, Infiniti Retail, and director, Tata Sons.
SUPPLY CHAIN
Amazon
has launched a new online e-commerce offering — AmazonSupply.com — which is
aimed at business, scientific and commercial customers and offers products like
abrasives & finishing, cutting tools, fasteners, fleet & vehicle
maintenance, hydraulics, pneumatics & plumbing, janitorial &
sanitation, lab & scientific, materials, occupational health & safety,
office, power & hand tools for sale. It offers more than 500,000 items and
the same shipping terms as its regular customers – free two-day shipping for
purchases above $50 and Amazon Prime members. It also offers a free 365-day
return policy, a dedicated customer service center and lines of credit for
businesses. [1]
New Zealand makes up just a tiny fraction of
Rabobank's network, but is one of the most important cornerstones of the global
food and agribusiness lender's strategy to fund the supply chain to a hungry
world.
On a whistle-stop tour of New Zealand and Australia
Rabobank chairman Piet Moerland says the two countries are among a group of key
food basket nations in a world that will need to feed a population forecast to
balloon from seven billion to nine billion by 2050.
The giant Dutch financial co-operative is a banker to
farmers and agribusiness in 48 countries around the world with 10 million
customers and total assets of 732 billion (NZ$1421b).
Food production will need to double over the next 40
years to feed the extra mouths.
In addition to population growth, people in developing
Asian countries with burgeoning middle classes are switching to a more
protein-based diet, including meat and dairy products.
______________________________________________________________________
Source of
Information for this issue : Google alert accessed on 30th and 4th April &
Google search accessed on 7th May 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
3 comments:
Thanks for sharing such a nice information on School of business management, for more details click on School of business management.
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Chief Librarian, ASBM
Its a nice blog.. this blog is about ASBM Business And Management Updates.
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