ASIAN BUSINESS
The stock markets closed in the red on
Monday on the back of disappointing inflation data and weak global cues amidst
a volatile trading session.
Moody’s downgrade of three private banks
ICICI, HDFC and Axis further dampened market sentiment.
The Nifty was down 0.43 per cent or 22
points to close at 4,908 while the Sensex fell 0.47 per cent or 78 points and
closed at 16,216. Realty, banks and oil and gas sector stocks were the worst
hit.
Head of Fundamental Research, Kotak
Securities Mr. Dipen Shah said: “After opening higher, Indian indices slid fast
into the negative territory as soon as the inflation numbers were announced. At
7.23 per cent, the rate of inflation was higher than expected. The RBI will have
to take this higher number into account as it tries to support the growth rate
through any future rate cuts. The only silver lining is that the core inflation
has not risen at a fast pace.”
Despite the widespread view this is the Asian century,
underscored by the imminent release of Ken Henry's white paper on the issue,
Pratt is a critic of the big four banks' ability to leverage the economic
change.
The National Australia Bank "really hasn't
discovered Asia", he says, while the ANZ is the most advanced with its
super-regional plan, but the payoff for shareholders will take longer than
expected, potentially increasing the risk as management seeks profit momentum.
As for the Commonwealth Bank, its approach is more
patient and possibly smarter, involving investment plays before starting to
"get its hands dirty".
Westpac is seemingly tied to its home base, with a
multi-brand approach. "I think for Westpac, a house of brands strategy in
a market growing at 2-3 per cent where all you do is cannibalise the other
brands in the group. . . I struggle to make strategic sense of it," Pratt
says.
ASIAN
MANAGEMENT
Asian shares slid on Friday, driving declines in other
risk assets, as deepening euro zone political turmoil and weak economic data
from China raised growth concerns, while a huge hedging loss from JPMorgan
added to market jitters.
European shares will likely open lower, with financial
spread betters predicting that major European markets
would open down as much as 0.9%. US stock futures were
down 0.6%.
MSCI’s broadest index of Asia-Pacific shares outside
Japan fell more than 1% to its lowest in nearly four months. At current levels,
the index will see a weekly fall of more than 4%, the biggest weekly loss since
late November.
Riley Paterson Investment Management Pte, which
generated a 21 percent return in the global industry’s worst year, decided to
shut its only hedge fund because assets are expected to decline to a 10th of
its peak.
“Assets under management looked as though they were
going to $30 million by June this year as we fell below institutional size,”
Singapore-based Co-founder Daren Riley said in an e- mailed reply to Bloomberg
today. “We feel it’s better to return the money to investors than being forced
to cut resources employed below the high standard all our investors deserve.”
Riley Paterson Asian Opportunities Fund’s assets fell
to $47.9 million by the end of March, after peaking at
$335 million at the end of January 2010, according to data compiled by
Bloomberg and confirmed by Riley. He added that it became difficult to raise
money in a “bear market
or if you have bearish views.”
ASIAN
SCHOOL OF BUSINESS MANAGEMENT
SAGE India
Journals News - May 2012
SAGE India now publishes 50 academic journals in the
Social Sciences and related fields, seven of which are indexed in the Thomson
Reuters Journal Citation Reports®. These and other titles are available online
at your library!
They developed this newsletter to keep you updated
with journals news and offers from SAGE and hope you find the information in
this e-mailer useful.
If you have any comments, questions, or suggestions
with regard to SAGE India Journals News, please feel free to contact via email or Social Media.
BANKING
When JPMorgan Chase
revealed its $2 billion loss
last week, it looked as though the big Wall Street banks were up to their old
tricks, using their government-backed funds to make risky trades in a misguided
effort to improve their profits.
But even banks that focus mainly on good, old-fashioned
lending do their fair share of high-stakes trading.
While few other banks, if any, pursue the complex
strategies that led to JPMorgan’s losses, many traditional lenders regularly
buy and sell securities, and make bets with derivatives,
as part of their core operations. Financial firms say such activities allow
them to earn a basic return on the deposits they collect and to offset risks on
their balance sheets.
European shares hit new four-month
lows on Wednesday, with banks weighing on concerns about new, dilutive cash
calls at Spanish
banks and a political stalemate in crisis-struck Greece.
Spanish banks were among top fallers after financial
sources said Spain would demand its banks raise around a further 35 billion
euros in provisions against loans that are currently sound in their property
portfolios, piling further pressure on banks as they battle to find extra capital.
(ID:nL5E8G8H7H)
The move came as the Spanish government was rescuing
troubled Bankia, down 6.7 percent on Wednesday, and devising plans for banks to
siphon real estate
assets into separate holding companies, in a bid to rebuild confidence in a
sector where huge losses have raised fears the country may need an
international bailout.
BUSINESS
Yahoo to sell back 20 pc of holding to Alibaba Group
Struggling Internet firm Yahoo Inc has said it will
sell half of its stake in Alibaba Group back to the Chinese e-commerce company
for USD 7.1 billion.
Yahoo, which bought 40 per cent stake in Alibaba Group
in 2005 for about USD 1 billion, will sell 20 per cent of its holding to the
Chinese firm.
In
an agreement reached yesterday, Yahoo said they would receive USD 7.1 billion
from Alibaba composed of at least USD 6.3 billion in cash and up to USD 800
million in newly-issued Alibaba preferred stock. As part of
the deal, Yahoo would sell the remainder of its Alibaba stake in stages.
"The deal provides for a staged
exit over time (to Yahoo), balancing near-term liquidity and return of cash to
shareholders with the opportunity to participate in future value appreciation
of Alibaba," Yahoo said in a statement.
Business hub BKC will get bigger
Bandra-Kurla Complex (BKC) has rapidly
turned into the central business hub of Mumbai, and BKC’s G Block has gained
prominence as a key location within this unique micro-market.
The current vacancy level at Bandra-Kurla Complex
stands at 16%. The two big game changers in the BKC micro-market will be the
redevelopment of the Mhada government colony, and the development of the
18-acre Reliance plot, which will also release 2-3 million square feet of
office supply into the market, apart from Reliance’s HQ.
Currently, BKC has a total stock of 8 million sqft of
office space. According to a report published by Jones Lang LaSalle India
(JLL), an additional supply of 2.5 million sqft is expected in 2012, with the
completion of The Capital, FIFC and TCG Finance Centres.
BUSINESS
MANAGEMENT
Business process outsourcing provider Covergys Corp
reported first-quarter results that trumped Wall Street estimates and said
Chief Operating Officer Andrea Ayers will become the CEO as Jeffrey Fox
assumes the role of executive chairman.
The company also said CFO Earl Shanks, who has been
with the company for the last eight years, will quit. Andre Valentine,
who had earlier worked as a senior vice-president and controller, will replace
Shanks. The management changes will be effective in the third and fourth
quarters, the company said.
Convergys
expects its customer management business, in which it handles billings and
client service management, to generate revenue of $1.975 billion to $2 billion
this year.
It had earlier said it expected the segment's revenue
to exceed $1.96 billion.
JPMorgan Chase & Co's trading position that led to
a $2-billion loss may call for increased Federal Reserve scrutiny of risk
management as the central bank steps up its post-crisis supervision of lenders.
Fed
officials are gathering more information about the trading position, which they
have known about for several weeks, according to a person familiar with the
matter. They don't view it as their role to approve or reject
individual trades, the person said. Rather, their job is to ensure firms have
enough capital to withstand losses, said the person, who wasn't authorized to
discuss the matter and asked not to be identified.
JPMorgan Chief Executive Officer
Jamie Dimon announced the "egregious" trading loss on May 10, saying
there were "many errors, sloppiness and bad judgment."
Dimon said on a conference call with
analysts that while the firm kept its regulators "up to date," he
"didn't have great information" to share with them.
FINANCE
Finance ministry wants Central PSUs to go for listing
Unfazed by the current stock
market volatility, the government has advised the central public sector
enterprises (CPSEs) to go for listing in order to improve corporate governance
and reduce their dependence on government finance for their capital
requirement.
The financial advisers, who are the board of CPSEs, are requested to emphasise the benefits of listing and get them listed in compliance with the disinvestment policy, the finance ministry said its communications to CPSEs.
"Further, financial advisers advise the CPSEs that consequent to listing such companies would be better able to tap the capital market for capital expenditure requirements instead of depending on government finances," it said.
The financial advisers, who are the board of CPSEs, are requested to emphasise the benefits of listing and get them listed in compliance with the disinvestment policy, the finance ministry said its communications to CPSEs.
"Further, financial advisers advise the CPSEs that consequent to listing such companies would be better able to tap the capital market for capital expenditure requirements instead of depending on government finances," it said.
India pushes for higher Fitch ratings; cites good FDI inflows, fiscal ...
India
made a strong case for higher ratings from global agency Fitch, citing good
foreign direct investment inflow and commitment to keep fiscal
deficit under control.
The finance ministry is keen to avoid a repeat of the
embarrassing rating cut by the Standard & Poor's that lowered India's
rating outlook to 'negative' from 'stable' because of poor fiscal health and
deteriorating economic indicators. "We told them to look at the FDI
inflows and market returns that India has to offer. We told them that India is
committed to cap subsidy at 2%," said a finance ministry official after a
meeting with Fitch representatives on Thursday. The US-based rating agency is
likely to come out with its assessment within a month.
Riding on some big-ticket investments, India received
highest annual FDI at nearly $50 billion in 2011-12 despite poor investment
sentiment, but other capital flows remained muted.
The current account deficit is expected to have widened
to 4% of GDP in the last financial year.
The policy inaction and the continuing slide of the
Indian rupee amidst global volatility loomed large over the discussion between
the government and the rating agency officials.
INDIA BUSINESS
The
income-tax authorities will pursue all targeted cases that concern overseas transactions involving Indian assets, said a
senior finance ministry official, making it clear the
intent of retrospective tax was not merely to penalise Vodafone, and the
exemptions announced by the finance minister earlier this week will not benefit
most of the deals being investigated.
The controversy over the retrospective amendment to law that will allow the government to tax past overseas transactions involving Indian assets has so far centred around the multi-billion dollar demand on the Vodafone-Hutchison transaction.
But the stage is now set for a showdown between tax authorities and other affected companies, which are exploring legal options to challenge the constitutional validity of the amendment.
The controversy over the retrospective amendment to law that will allow the government to tax past overseas transactions involving Indian assets has so far centred around the multi-billion dollar demand on the Vodafone-Hutchison transaction.
But the stage is now set for a showdown between tax authorities and other affected companies, which are exploring legal options to challenge the constitutional validity of the amendment.
German
sportswear giant Adidas
has petitioned the Indian law enforcement authorities to open a criminal
investigation into alleged financial irregularities uncovered in its Indian arm
Reebok India.
A "criminal complaint" was filed with the Indian law enforcement authorities in order to bring formal charges in connection with the "commercial irregularities uncovered at Reebok India", an Adidas spokesman told PTI.
An Adidas team is currently in India to assist in the investigations. Further details cannot be made public at this stage as investigations were continuing, the spokesman said.
Adidas claimed earlier this month that it had uncovered commercial irregularities to the tune of 125 million euros in its subsidiary Reebok India and announced plans to close one-third of around 900 Reebok stores as part of a restructuring strategy.
A "criminal complaint" was filed with the Indian law enforcement authorities in order to bring formal charges in connection with the "commercial irregularities uncovered at Reebok India", an Adidas spokesman told PTI.
An Adidas team is currently in India to assist in the investigations. Further details cannot be made public at this stage as investigations were continuing, the spokesman said.
Adidas claimed earlier this month that it had uncovered commercial irregularities to the tune of 125 million euros in its subsidiary Reebok India and announced plans to close one-third of around 900 Reebok stores as part of a restructuring strategy.
INDIA MANAGEMENT
Soon after the Delhi High Court on Wednesday declared
that the Air India Pilot's strike is illegal, the Air India management acted
and sacked 10 more pilots. Admonishing Air India pilots union Indian Pilots
Guild, the court said that the strike should be halted until hearings in the
case are completed and also said no pilots should call in sick.
Pilots represented by the union the Indian Pilots
Guild called in sick on Monday. At least five domestic and two international
flights were cancelled on Wednesday morning.
The court observed that Air India is a public utility
services company and the Supreme Court through various orders has said that
such a company cannot be held to ransom by using methods like strike of calling
in sick.
Renault Nissan Automotive India Pvt Ltd (RNAIPL) is
looking at localising its top India management in five to 10 years, according
to a senior executive with the Franco-Japanese car manufacturing joint venture.
The company is planning to manufacture around 0.25 million units of vehicles
from its facility in Oragadam on the outskirts of this metro.
RNAIPL
senior vice president Koji Takei said on Monday at a seminar that the
city-based company was hiring 10 management people from the “local area”. The
company’s policy mandates localisation of its top management within five to 10
years, he said. The event, with focus on the
opportunities for business cooperation between Tamil Nadu and Japan’s Kanagawa
Prefecture, was organised by the Confederation of Indian Industry along with
Tamil Nadu Industrial Guidance and Export Promotion Bureau besides Japan
External Trade Organisation.
INSURANCE
The Cabinet on Thursday deferred a decision on two
important Bills — on insurance and a coal regulator — even as it cleared a Bill
to make the Reserve Bank the regulator of all microfinance companies. The
insurance Bill is one of the main pieces of legislation for financial sector
reform.
The
Cabinet postponed the Insurance Laws (Amendment) Bill, which had been diluted
from an earlier version that proposed to raise the foreign direct investment
(FDI) cap to 49 per cent from the existing 26 per cent in private insurance
companies. The Bill was expected to retain the
cap at 26 per cent as recommended by Parliament’s standing committee on
finance.
The Cabinet referred the Coal
Regulatory Authority Bill to a Group of Ministers (GoM).
Banking giant HSBC may exit its Indian
insurance venture, becoming the second foreign company and the third from the
financial services industry to give a thumbs down to the local market.
"HSBC is evaluating possible ways to exit the business," said a
person close to the business. A decision is expected soon, he added.
HSBC, which does not run any insurance company
anywhere in the world, has a three-way joint venture in India - called Canara
HSBC Oriental Bank of Commerce Life Insurance Company. Canara Bank
and Oriental Bank of Commerce together own 74% in the JV with HSBC holding 26%.
Indian insurance laws do not allow foreign companies to own more than 26% in
local ventures. New York Life recently exited its life insurance JV with Max
India, while mutual fund giant Fidelity sold its business to L&T. ING Life
is also said to be weighing an exit.
INTERNATIONAL
BUSINESS
South Korea's main airport operator is interested in
buying London's Stansted from the British Airports Authority in a bid to expand overseas business, an official
said on Monday.
State-owned Incheon International Airport Corp is "watching with interest" Stansted as well as Glasgow airport, the Incheon official told AFP on condition of anonymity.
"We also have an interest in other British airports to be put up for sale in the near future," he said, adding no specific plans had been made yet including how to finance a potential bid.
Britain's Competition Commission in 2009 ordered BAA, owned by Spanish conglomerate Ferrovial, to offload London's Gatwick and Stansted airports as well as either Edinburgh or Glasgow to meet anti-competition requirements.
State-owned Incheon International Airport Corp is "watching with interest" Stansted as well as Glasgow airport, the Incheon official told AFP on condition of anonymity.
"We also have an interest in other British airports to be put up for sale in the near future," he said, adding no specific plans had been made yet including how to finance a potential bid.
Britain's Competition Commission in 2009 ordered BAA, owned by Spanish conglomerate Ferrovial, to offload London's Gatwick and Stansted airports as well as either Edinburgh or Glasgow to meet anti-competition requirements.
With its growth slowing down in the face of global
economic downturn, China has decided to lower banks' reserve requirement ratio
(RRR) by 0.5 percentage points starting May 18 to pump prime the economy.
The cut, the second of its kind this year, will bring
down the RRR for the country's large financial institutions to 20 per cent and
the medium and small-sized financial institutions to 16.5 per cent, the People's Bank of China announced today. China had previously lowered the RRR
by 0.5 percentage points on February 24.
The bank's latest move came in the backdrop of newly
released economic indicators showing that China's economy continued to slow in
April, raising expectations that the government will resort to greater policy
easing to help stimulate the GDP.
LOGISTICS
Jaguar Land Rover (JLR) will invest an additional one
billion pound (over Rs 8,500 crore) in sourcing parts from the UK-based
suppliers for its latest sports utility vehicle Range Rover Evoque over the
next four years, the Tata Motors-owned British multinational automotive company
said today.
Besides,
300 people will be hired at the logistics unit, which would be be managed by
DHL, at JLR’s Halewood plant in the UK. “JLR has increased the value of UK
supply contracts by one billion pounds, in addition to the £2-billion supply
contracts it awarded to more than 40 UK suppliers in March 2011,” the
2008-founded company saidin a statement.
The additional investment will be
over the next four years, it added.
These suppliers will provide
components, facilities and services to support the Range Rover Evoque
production at Halewood plant in Merseyside of North West England.
Japanese investors are looking at the
food processing and logistics sectors for investments in the State, Shinya
Fuji, director-general, Japan External Trade Organisation, and Masanori Nakano,
Consul-General, have said.
Addressing reporters after a business
meet here on Friday, they said that automotive components and supply chain
management were two other major sectors in which they were keen on investing.
India is already a major export base for Japanese entrepreneurs. This would be
consolidated further, they said.
Inkel Managing Director T. Balakrishnan
said that Kerala proposed to pitch its position as an investment base for
specified Japanese investments. Mr. Balakrishnan, who is also the chairman and
managing director of Kerala High Speed Rail Corporation, which is setting up
the country's first high-speed rail corridor, said that this project, expected
to cost Rs.1.5 lakh crore, had seen some Japanese connection with the Japan
International Cooperation Agency being the prime lender.
MANAGEMENT
IT giant Infosys paid
its top management personnel a total remuneration of USD 10.7 million (over Rs
50 crore) during the last fiscal, marking an increase of about 50 per cent from
the previous year.
The remuneration paid to its key management personnel,
which includes directors and executive council members, had remained almost
unchanged at about USD 7 million for fiscals, 2009-10 and 2010-11, as per an
annual regulatory filing by the US-listed Infosys with the US market regulator
SEC. But it rose sharply in 2011-12 despite a fall in the individual pay
packages of some top executives, including its Executive Co-Chairman S Gopalakrishnan, CEO S D Shibulal
and Chief Financial Officer V Balakrishnan.
A total of 31 multi-national companies
on Thursday expressed interest in supplying suitable technology to the Chennai
Corporation for its massive solid waste management initiative that includes
remediation and scientific closure of the Perungudi and Kodungaiyur dumpyards.
The Corporation Council on Thursday
approved private participation in solid waste management of the city. Officials
from Tamil Nadu Urban Infrastructure Financial Services Ltd will help the
Chennai Corporation zero in on the right technology.
A few months ago, the Chennai
Corporation intensified its search for sustainable world class technology in
the wake of the National Green Tribunal setting aside the environmental
clearance granted by the Tamil Nadu government to the integrated solid waste
management facility at Perungudi.
The civic body will identify alternative
regional landfills and commence work on remediation of the Perungudi and
Kodungaiyur dumpyards where garbage is being dumped in an unscientific manner
for over three decades.
MARKETING
Stem cell banking companies are looking
at aggressive marketing initiatives to move into the mass market segment.
Direct marketing to customers and reduction in price tag for storing umbilical
cord blood are on the cards.
The umbilical cord blood and cord tissue
are one of the richest sources of stem cells and have potential to treat over
75 serious ailments.
The average cost for storing these for a
period of 21 years ranges between Rs 75,000 and Rs 90,000 in India.
According to Chennai-based Life Cell,
high price points and lack of proper marketing have limited the penetration of
cord blood banking in India. “Affordability is the key factor in India.
Only when the prices come down will we
see more customers opting for the service. We are working on it (bringing down
prices),” Mr Mayur Abhaya Srisrimal, Executive Director Life Cell, told Business
Line.
India on Thursday pitched for higher
ratings from global agency Fitch citing good inflow of foreign funds, high
returns from the market and steps being taken by the government for fiscal
consolidation.
"We pitched for a rating upgrade. We told them look at the FDI inflows, look at the returns in the market. We said we are committed to capping subsidy at 2 per cent," said a Finance Ministry official after a meeting with the representatives of Fitch in New Delhi.
Fitch had last rated India in 2010, giving India's foreign and local currency rating at 'BBB-/stable'.
Last year, the agency had affirmed the 'BBB-' rating for India indicating moderate degree of safety regarding timely servicing of financial obligations.
The representatives of the US-based credit rating agency would meet the officials of the Finance Ministry again on Friday and Fitch is likely to come out with its assessment within a month.
"We pitched for a rating upgrade. We told them look at the FDI inflows, look at the returns in the market. We said we are committed to capping subsidy at 2 per cent," said a Finance Ministry official after a meeting with the representatives of Fitch in New Delhi.
Fitch had last rated India in 2010, giving India's foreign and local currency rating at 'BBB-/stable'.
Last year, the agency had affirmed the 'BBB-' rating for India indicating moderate degree of safety regarding timely servicing of financial obligations.
The representatives of the US-based credit rating agency would meet the officials of the Finance Ministry again on Friday and Fitch is likely to come out with its assessment within a month.
ODISHA
BUSINESS
With ArcelorMittal making it clear that the company's
investment in India may not materialise for another five years, Odisha
government today said it would review the progress made by the steel maker
regarding its proposed project in Keonjhar district.
"The state government will certainly want to know
the reason for the delay in execution of the project by ArcelorMittal. We will
raise the issue at the next review meeting with the company executives",
state Steel and Mines Minister Raghunath Mohanty told reporters here.
"The
company is yet to submit its detailed project report to
the state government", he said while conceding that there was 'little bit
of opposition' to the 12 mtpa greenfield steel mill in Keonjhar.
ArcelorMittal, which requires 8,000
acres at Patana tehsil, is yet to begin land acquisition and has not completed
'palli sabha' (village meeting) in the 15 villages demarcated for the proposed
steel plant, he said.
ArcelorMittal, which signed an MoU
with the state government on December 21, 2006, had proposed to invest Rs
40,000 crore in the project.
GMDC has put on hold its plans to set up
indigenous coal-based thermal power plants with an estimated investment of Rs
20,000 crore to generate 4,000 MW.
Uncertainties over the coal blocks
allocated to the state PSU appears to be a key reason for the decision.
Five years ago, the Ministry of Coal had
allocated the Morga coal block in Chhattisgarh and the Naini block near Angul
in Odisha to GMDC, which prompted it to put in place pit-head power generation
plans.
But GMDC’s 2,000 MW power plans went
awry when the Ministry of Environment and Forests declared Morga a “no-go” area
on environmental concerns. In the Naini case, GMDC faced a new situation when
Adani Power and Torrent Power, which were to jointly set up a power plant near
this coal block as “end-users”, wanted the power plant shifted to Gujarat, in
which case GMDC would be shipping the Naini coal to the western state.
RETAIL
The financial year ending March 2012 saw a visible trend
of investors’ affinity for debt funds at a time when the equity markets
remained weak and volatile.
Higher interest rates leading to risk-free guaranteed
returns of as high as nine to 10 per cent attracted retail investors to other
investment options offered by the fund industry. In 2011-12, pure retail folios
in the debt category increased by half a million to 4.5 million as on March,
compared with 3.9 million during the corresponding month last year. Even gilt
funds, which primarily invest in government securities, saw a rise in the
number of investors from 23,310 to 26,222 during the period. Last year, Subir
Gokarn, the Reserve Bank’s deputy governor, had stressed there was a need for
mutual funds, especially gilt funds, to promote retail holding in government
securities.
While Mukesh Ambani’s Reliance Retail showed a jump of
25 per cent in consolidated revenue in 2011-12, some of his other major
retailing units are still posting losses, according to parent company Reliance
Industries Ltd (RIL)’s 2011-2012 annual report.
Reliance Retail, set up by RIL six years ago, runs
1,300 stores. It made Rs 7,599 crore in revenue in 2011-12, but didn’t disclose
consolidated net profit. Reliance Fresh Ltd posted a loss of Rs 273.8 crore on
a revenue of Rs 3,860.4 crore. Reliancedigital Retail posted a loss of Rs 55.1
crore on a revenue of Rs 1,234 crore. Reliance Brands, which has agreements
with global brands such as Diesel, posted a loss of Rs 18.7 crore on a turnover
of Rs 30.9 crore. Reliance Trends, which runs fashion stores, incurred a loss
of Rs 11.35 crore on a turnover of Rs 489 crore. However, some of RIL’s
speciality retail units have reached break-even or are nearing the point.
SUPPLY
CHAIN
The crisis in its top India leadership
team is ballooning into a major problem for Reebok India.
In what could bring the entire supply
chain for Reebok India to a halt, accumulating payments due from the company to
franchisees and a stop in the issuance of fresh stock is leading to high
uncertainty about the future of the sportswear firm among channel partners.
Sources told Business Line that
no fresh supply of apparel and footwear have been issued by parent Adidas Group
since March 26. Meanwhile, payments running into crores of rupees are stuck in
the spat between the company, distributors and franchisees.
To manage the crisis brewing at the
ground level, newly appointed Group sales head for India, Mr Frederic Serrant,
is meeting the 34 distributors across the country. His mandate will be to
soothe the nerves of the essential distributor partners, while chalking out a
plan to pay existing dues.
Jaguar Land Rover has given Britain’s car parts
industry a £1 billion shot in the arm and will also push ahead with plans to
create a further 300 jobs.
The Indian-owned carmaker is currently riding a high
thanks to the success of its Range Rover Evoque model, which has enjoyed strong
global demand.
Jaguar Land Rover (JLR) said the £1bn investment would
come on top of supply contracts worth £2bn signed in March with UK suppliers.
The company – owned by Indian conglomerate Tata – is
due to open a logistics operation this summer in Ellesmere Port, Cheshire,
which will create 300 jobs.
Solid demand for new models from the Far East and
North America has helped offset weak car markets in many eurozone nations.
______________________________________________________________________
Source of
Information for this issue : Google alert accessed on 14th and 18th May &
Google search accessed on 19th and 21st 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
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Documentation Division, Chanakya Central Library
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