ASIAN
BUSINESS
Beijing has included its South
China Sea territorial claims on maps printed inside new Chinese passports,
infuriating at least one of its neighbours. Vietnam has made a formal complaint
to Beijing about the new passports. "The Vietnamese side has taken note of
this matter and the two sides are discussing it, but so far there has been no
result," said Vietnam's embassy in Beijing.
Other countries that have clashed
with China over its assertions in the South China Sea, in particular the
Philippines, are also worried China is trying to force their immigration
officials to implicitly recognise Chinese claims every time a Chinese citizen
is given a visa or an entry or exit stamp in one of the new passports.
Valerie
and Ed Sammels enjoy going to Asian restaurants, but recently Valerie developed
an interest in trying to replicate some of her favorite dishes at home.
That
culinary ambition brought the couple Friday afternoon to Asian Supermarket, a new,
16,000-square-foot specialty grocer and wholesaler in Dearborn Heights that
bills itself as the largest Asian foods store in the state.
Located
at 8641 N. Telegraph Rd., the business formally opened Thanksgiving Day in a
space once occupied by a Checker Drugs.
Southeast
Michigan is home to many small grocers with loyal followings that specialize in
foods of a specific Asian nationality.
Asian
Supermarket attempts to stock foods from all of those countries to reach a
wider audience.
Kenneth
Dalto, a Farmington Hills-based retail analyst, said the supermarket could be
the latest example of a trend in ethnic grocers going larger and more upscale
to appeal to suburban shoppers with adventurous palates, particularly from the
white and black non-Asian population, he said.
This
breed of store will often compete with high-end grocers, such as Whole Foods
Market, he said.
ASIAN MANAGEMENT
Bring-your-own-device
(BYOD) initiatives might be more costly than was previously thought, and the
extra expenditure is one reason why Asian companies are holding back from
embracing the idea of allowing consumer devices into the workplace.
Ben
Cavender, associate principal at China Market Research Group (CMR), said
companies in the region recognize they may save money on reduced hardware spend
when employees use their personal computing devices for work. But they are also
increasingly aware those savings might not be enough to cover the cost for
supporting multiple device platforms and managing their access to the corporate
network in the long run.
One
example of additional costs is in data plans. Cavender explained that companies
can no longer negotiate corporate or group discounts for devices, services and
data plans, and paying for a large number of individual subscription plan is
almost always more expensive than a bundled service contract.
The
additional IT
management and support required for BYOD also mean having to hire more tech
professionals or reduced efficiency in attending to internal IT requests, the
analyst pointed out.
Companies
would often have to fork out more money for additional management tools to
secure and ensure compliance of corporate data when workers access the network
using their personal devices.
Southeast
Asia is one of the next growth markets where smart stock pickers can invest in
emerging companies that are about to take off as the region's economies evolve,
said Matterhorn Investment Management LLP.
The
London-based emerging-market fund management company plans to launch a new
long-short hedge fund early next year to give investors a new avenue to invest
in Southeast Asia.
The
fund will invest mostly in Indonesia and the Philippines and focus on growth
opportunities in the consumer, infrastructure and banking sectors, said Paul
Bate, Matterhorn's founder and chief investment officer, in an interview with
The Wall Street Journal.
"I
have seen absolutely enormous change" in the economies of the region over
the past decade, he said. "There are a very large number of companies that
have very good prospects because it is such an early stage and they have so
much more growth to go."
Of
course, promising growth doesn't always translate into strong stock
performance. While most of the mutual funds invested in the members of the
Association of Southeast Asian Nations, or Asean, have done well-climbing
between 15% and 20% in dollar terms so far this year-most of the funds that
have been around five years have returned less than 5% per year over the last
five years, according to Morningstar
Inc.
BANKING
Bank deposits of Rs 38 lakh crore,
accounting for 67 per cent of the total deposits, do not have cover from the
Deposit Insurance and Credit Guarantee Corporation (DICGC) as of September
2011.
The figure was Rs 32 lakh crore a
year ago. This is based on data from the Reserve Bank of India.
The falling insurance cover is due
to the rising proportion of high-value deposits. Bank depositors enjoy
insurance cover on deposits up to Rs 1 lakh. This means that if a bank goes
belly up, each account will still recover up to Rs 1 lakh from the Corporation.
Some experts feel that the situation
calls for a revision in the insurance cover offered. The insurance limit of Rs
1 lakh per account was set way back in 1993. With inflation averaging 6.5 per
cent in the last two decades, a Rs 1 lakh deposit then would equal Rs 3.3 lakh
at today’s prices.
Banks
have asked the Reserve Bank of India to allow them to buyback gold which is not
allowed at present, though banks are allowed to sell gold coins.
In
an interaction with Subir Gokarn deputy governor, RBI,
at the annual banking conclave BANCON, State Bank of India’s chairman Pratip
Chaudhuri suggested such a move which will in turn will improve market
liquidity. “Today all the banks are selling gold but RBI does not allow to
buyback their own gold. Suppose somebody has taken gold from my bank and the
same gold, without opening the seal, comes back, banks are not allowed to
buyback. What would be the underlying thoughts as it is impeding the liquidity
of gold holdings,” Chaudhuri asked the regulator in an interaction which
followed by a speech by Gokarn on the country’s gold import problem.
In 2011, the country imported 969 tonnes of the yellow metal, according to World Gold Council data. The country, which is the largest importer of gold, had increased the import duty to discourage gold imports.
RBI had announced to set up a committee under K U B Rao to look at the issue of lending by NBFCs against gold and to assess the trends in demand for gold loans. The group was also examining to study the factors influenced gold imports and analyse the implication of gold imports for external and financial stability. The committee's report will be in the public domain shortly.
In 2011, the country imported 969 tonnes of the yellow metal, according to World Gold Council data. The country, which is the largest importer of gold, had increased the import duty to discourage gold imports.
RBI had announced to set up a committee under K U B Rao to look at the issue of lending by NBFCs against gold and to assess the trends in demand for gold loans. The group was also examining to study the factors influenced gold imports and analyse the implication of gold imports for external and financial stability. The committee's report will be in the public domain shortly.
BUSINESS
Prices
of CTC
(crush-tear-curl) grade tea in India rose at last week's auction on good
demand, while prices of dust grade eased on higher supplies.
The
price of CTC (crush-tear-curl) tea rose 2.4 per cent to 152.07 rupees per kg,
while the dust variety eased 1.07 per cent to 150.92 rupees per kg.
"Supplies pressure pulled down dust. Demand was steady from local
buyers," an official at Calcutta Tea Traders' Association said.
"Prices
will remain stable in the coming weeks as winter season demand is picking
up," he said.
Tea
consumption rises in India during the winter months as people prefer it over
cold drinks. Tea plucking in India usually rises between July and October.
India's
tea production in the first nine months of the year fell 1.3 per cent
year-on-year to 772.5 million kg as dry weather in Assam hampered
plucking earlier in the year.
The
country's 2012 tea output is expected to ease 1.5 per cent to 973 million kg
from a record 988.3 million kg in 2011.
Sundaram
Infotech Solutions, the IT subsidiary of non-banking finance company Sundaram
Finance, has signed its second deal with Australian company engaged in
online ticketing and management -EasyBookings.
As
part of the deal, Sundaram Infotech will build online auctioning and shopping
platform, develop a new mobile applications for EasyBookings. The new platform
developed by Sundaram Infotech will also provide EasyBookings to launch its
offering in the New Zealand market, Chennai-based Sundaram Infotech said in a
statement.
Sundaram
Infotech had earlier signed a pact with EasyBookings to build an online
ticketing engine, it said. "We chose India-based Sundaram Infotech for
their deep domain technical expertise and for having the right mix of onshore
presence and the offshore capability." EasyBookings, Managing Director
John Pereira said.
He
said before signing this deal, EasyBookings was scouting for a company within
Australia and overseas for this partnership to build the online platform for
his company.
"The
visible results achieved by our client in terms of gaining customer traction
within months of rolling out their services on the online platform developed by
us, is a strong testimony to our team's capabilities and domain expertise in
this space and augurs well for future expansion in Australia," Sundaram
Infotech Director Srinivas Acharya said.
BUSINESS
COMMUNICATION
As
part of its continued regional expansion plans, Avaya, a global leader of
business communications and services, weekend announced the inauguration of its
office in Nigeria.
This office, according to Avaya will support local
customers, cater to the needs of its nearby partners, and effectively manage
business in Lagos and surrounding areas.
The company’s plans for the African market is to
provide the state of the art next-generation business collaboration and
communications solutions, providing unified communications, real-time video
collaboration, contact centers, networking solutions and related services to
firms of all sizes throughout the continent. Avaya disclosed that it had signed
a five-year multi-million dollar deal with Airtel to manage its contact centres
across 16 countries across Africa.
Hatem Hariri, managing director, Africa for Avaya,
in an interview said the firm sees tremendous opportunities in investing in
local talent and partners to assist in not only identifying new business
opportunities but expanding its regional customer base. Nigeria is a critical
market for Avaya, according to Hariri. “It harbors thousands of businesses and
organisations and has one of the largest populations in Africa with close to
162 million people. The capital Lagos alone has a population of 7 million,
which also houses over 100 international business and organizations. The
Nigerian office will be the fourth office placed in Africa, following Kenya,
Egypt and South Africa. Its major functions will be to offer customer service,
as well as marketing and sales and the opportunity to service the West African
market.”
Today,
at the official unveiling of the new MTN Business structure, MTN provided
insight into the reorganised business; the vision for the company going forward
and how the company aims to change the traditional business landscape.
Opening
the morning’s procession, MTN SA CEO Karel Pienaar said: “As with any leading
organisation, there is a constant need for introspection and the flexibility to
adapt within so as to remain at the forefront of the industry. We have done
exactly this, and over the last few months have embarked on a transformation
journey to strengthen the capability of the MTN Business brand.”
Talking
through the vision, Zunaid Bulbulia, Chief Financial Officer (CFO) and Acting
Chief Enterprise Business Officer of MTN South Africa, said: “Today I am proud
to share our vision and strategy with you – a vision that speaks to an
evolution of MTN Business from one of processing requests to serving as a
strategic business enabler.
“As
a full 360-degree ICT player, we are at the forefront of providing integrated,
reliable and specialised communication services to corporates, multinational
companies and government clients alike. Our goal is to foster long term
trusted-partner relationships with our customers and by working closely with
relevant stakeholders we are determined to revolutionise the ICT landscape,”
added Bulbulia.
FINANCE
With
the new pharmaceutical policy, approved by the Cabinet, bringing 348 essential
medicines under price cap, the industry may get some relief in the area of
non-scheduled drugs to offset the possible losses in the scheduled segment to a
certain extent.
Besides, the National Pharmaceutical Pricing Authority (NPPA) is also going to play a bigger role in controlling the prices under the new pharma policy, it is learnt.
Under the present price control regime, the prices of non-scheduled drugs are monitored, and in case the prices of such drugs are increased by more than 10 per cent in a year, the NPPA is empowered to fix the price of such drugs. The criteria for this include the turnover of that particular formulation pack is more than Rs.1.00 crore, the product is one of the top three brands or the formulator has 20 per cent market share in that segment of formulation.
However, the government is likely to take a more lenient stand now. The prices of non-scheduled drugs thus will be fixed by market forces. But the cap on the increase of prices may be hiked from 10 per cent to 15 per cent per annum while keeping a check on overall drug prices.
As per the new policy, the price of the essential medicines will be capped based on a simple average method, instead of the earlier proposal for going for a weighted average price. Accordingly, the price of the medicine will be finalized at the arithmetic average of all drugs in a particular segment with more than one percent market share, as suggested by the GoM.
Apart from controlling the prices of 348 drugs, instead of the present basket of 74 drugs, the NPPA will have a major role under the new policy. The agency will be periodically reviewing the prices, instead of the current practice of reviewing them once in five years.
Besides, the National Pharmaceutical Pricing Authority (NPPA) is also going to play a bigger role in controlling the prices under the new pharma policy, it is learnt.
Under the present price control regime, the prices of non-scheduled drugs are monitored, and in case the prices of such drugs are increased by more than 10 per cent in a year, the NPPA is empowered to fix the price of such drugs. The criteria for this include the turnover of that particular formulation pack is more than Rs.1.00 crore, the product is one of the top three brands or the formulator has 20 per cent market share in that segment of formulation.
However, the government is likely to take a more lenient stand now. The prices of non-scheduled drugs thus will be fixed by market forces. But the cap on the increase of prices may be hiked from 10 per cent to 15 per cent per annum while keeping a check on overall drug prices.
As per the new policy, the price of the essential medicines will be capped based on a simple average method, instead of the earlier proposal for going for a weighted average price. Accordingly, the price of the medicine will be finalized at the arithmetic average of all drugs in a particular segment with more than one percent market share, as suggested by the GoM.
Apart from controlling the prices of 348 drugs, instead of the present basket of 74 drugs, the NPPA will have a major role under the new policy. The agency will be periodically reviewing the prices, instead of the current practice of reviewing them once in five years.
Wheat
prices fell by 0.44% to Rs 1,591 per quintal in futures trade today as speculators trimmed
their positions, triggered by reports of a likely record output this year.
Besides,
higher supplies in the physical market also kept pressure on the wheat prices
at futures trade here. At the National Commodity and
Derivatives Exchange, the January contract fell by Rs 7, or 0.44%, to Rs 1,591
per quintal, with an open interest of 12,230 lots.
The December contract lost Rs 5, or
0.31%, to Rs 1,594 per quintal, with an open interest of 22,080 lots.
Marketmen attributed the fall in wheat futures to increased supplies in the spot market amid reports that the country's wheat production is likely to touch a new record this year as improved soil moisture due to late monsoon rains and early winter would boost crop prospects.
Meanwhile, wheat production stood at a record 93.90 million tonnes in the 2011-12 crop year (July-June).
Marketmen attributed the fall in wheat futures to increased supplies in the spot market amid reports that the country's wheat production is likely to touch a new record this year as improved soil moisture due to late monsoon rains and early winter would boost crop prospects.
Meanwhile, wheat production stood at a record 93.90 million tonnes in the 2011-12 crop year (July-June).
INDIA BUSINESS
Dairy
giants Danone
and Fonterra are among potential acquirers of a controlling stake in
Hyderabad-based Tirumala
Milk Products after promoters and private equity investor Carlyle Group
started work on a share sale plan. The 15-year-old Tirumala , the second
largest private supplier of liquid milk in the southern states, will ask around
Rs 2,500 crore, or $450 million, in enterprise valuation, said sources directly
familiar with the process.
Carlyle, which invested less than three years ago, holds 20% stake. A group of five first-generation rural entrepreneurs jointly own the remaining majority shares. The PE investor and the promoters have short-listed three global investment banks as they get ready to launch a sale. "Investment banker/s will be mandated shortly after a few global buyers show interest. The sale will be open only to foreign strategic acquirers and the original founders plan to retain a part of their stake," said a source mentioned earlier.
Carlyle, which invested less than three years ago, holds 20% stake. A group of five first-generation rural entrepreneurs jointly own the remaining majority shares. The PE investor and the promoters have short-listed three global investment banks as they get ready to launch a sale. "Investment banker/s will be mandated shortly after a few global buyers show interest. The sale will be open only to foreign strategic acquirers and the original founders plan to retain a part of their stake," said a source mentioned earlier.
INSEAD,
the leading international business school, today announced that its 2nd
India Business Dialogue is set for 24 November at Taj Vivanta at Yeshwantpur,
Bangalore. The marquee event, one of many highlighting INSEAD’s global approach
to management innovation, will focus on “Building New Ventures,” offering
participants from business, government and academia valuable understanding
about the latest factors driving India’s economic growth.
The
India Business Dialogue will feature top INSEAD faculty experts in
entrepreneurship and marketing, as well as senior business executives, who will
explore a range of critical factors for success within India’s complex, dynamic
market environment. Participants will gain important insights about how to
transition from a promising entrepreneurial idea to an up-and-running business
as well as building human capital in fast growing ventures. INSEAD thought
leaders will address key strategic issues, such as how to attract top talent
and smart funding while overcoming ecosystem bottlenecks that constrain growth.
INSURANCE
Bharatiya
Samrudhi Finance (BSFL), better known as Basix, which is into providing
livelihood services along with microfinance, is looking at adding three new
insurance products for rural customers before the end of this year, along with
its partners Aviva Life Insurance and Royal Sundaram. The company would also
set up more of their own internet kiosks that serve as one point stop for their
customers, known as convenience outlets.
The three products include two wheeler and motor insurance, travel insurance and a health insurance meant for the rural affluent. These products along with other five products, like life, livestock and enterprise insurance, would be available online at these newly set up centers
“At these outlets, a customer can not only repay or apply for a micro-loan, but also avail e-commerce services like mobile top ups, e-tickets and buy seeds or other basic requirements. The newer regulations mandate customers to repay only at common points, so, going forward, such centres would help us convert the challenge into opportunity,” said Mohhamed Riaz, chief operating officer, BSFL.
The three products include two wheeler and motor insurance, travel insurance and a health insurance meant for the rural affluent. These products along with other five products, like life, livestock and enterprise insurance, would be available online at these newly set up centers
“At these outlets, a customer can not only repay or apply for a micro-loan, but also avail e-commerce services like mobile top ups, e-tickets and buy seeds or other basic requirements. The newer regulations mandate customers to repay only at common points, so, going forward, such centres would help us convert the challenge into opportunity,” said Mohhamed Riaz, chief operating officer, BSFL.
Bharti
Walmart's insurance
cover against litigations and scandals faced by its directors and senior
officers may be triggered as the probe into potential violations of America's anti-bribery
laws by the Indian unit Walmart gathers pace.
The
company has a directors & officers' liability cover (or D&O policy)
worth $5 million from HDFC
Ergo General Insurance. The insurance policy partly protects the company and
its directors and officers for wrongful actions that cause financial
harm and result in a lawsuit. If there is a litigation filed against the
executive for any decision taken by the person, the cover ensures that the
concerned insurer bears the legal expenses. "If the directors are accused
of any misconduct, then the policy will get triggered," said Mukesh Kumar,
head of Strategic Planning, HDFC ERGO General Insurance at HDFC Ergo.
"Since the company has taken a pre-emptive step to suspend some people,
the chances of a claim are higher now. But there is no certainty unless a legal
suit is filed against them," he said.
On
Thursday, Bharti
Walmart suspended its chief
financial officer (CFO) and the entire legal team as part of a high-profile
global investigation into potential violations of America's antibribery laws.
INTERNATIONAL
BUSINESS
Honda
Motorcycle & Scooter India
(HMSI) has recalled its premium bike model CBR 250R due to problems relating to
its front braking application, the company said in a statement. The recall will
be effective for 11,500 units of the CBR 250R "standard" model
manufactured in India
between March 2011 and September 2012.
"There
is a possibility of limited ineffectiveness in front brakes application though
this concern doesn't impact the overall braking functionality and effectiveness
of front and rear brakes under normal riding conditions," the company said
in the statement.
HMSI
said that the recall move is to further enhance customer trust in the brand and
claimed that it is the first two-wheeler manufacturer in India to recall the
vehicles voluntarily. "This voluntary move, the first time by any
two-wheeler manufacturer in India, is intrinsic to Honda's pro-activeness as a
responsible manufacturer, which will further enhance ownership experience and
strengthen customer trust and confidence in the brand," as given in the
company statement.
Indian stocks advanced Tuesday as
sentiment was buoyed on hopes that the U.S. will avoid "fiscal
cliff," while encouraging housing data also added to the sentiment. The
30-share BSE Sensex gained 0.18 percent or 33.33 points to 18372.33 and the 50
share NSE Nifty advanced 0.20 percent or 10.95 points to 5582.60.
Markets
opened on a positive note, tracking the positive cues from the Asian peers as
sentiment turned positive overnight on hopes that the White House
and Republicans would find common ground to avoid a “fiscal cliff,” a term used
to describe a raft of tax increases and spending cuts that will automatically
be poised to start next year if nothing is done.
U.S.
stock markets rallied Monday as all Dow Jones
Industrial average surged 1.7 percent or 207 points. Better than expected U.S.
housing data offered further support. The National Association of Realtors home
sales report that measures the change in the annualized number of existing
residential buildings sold during the previous month rose to 4.79 million units
in October, up from 4.69 million units in September.
LOGISTICS
Major
changes are underway at the Kieserling Group. On 1 January 2013, the
long-standing, Bremen-based enterprise will merge with the owner-operated
Indian logistics service provider Compass Ocean Logistics to form Compass
Logistics International AG with 40 branches in 18 countries. The new company
will have dual headquarters in Bremen/Germany and Dubai/UAE.
Up
until now, the Kieserling Foundation, set up by the owner Karsten Kieserling
who died in 2006, has held a majority shareholding in the Group. The Group's
business activities include ground transportation, contract logistics and
project development. To date, the new partner company Compass Ocean Logistics
has been particularly active in the Middle East and in India. Its business is
focused on freight forwarding (sea & air), ground transportation, project
logistics, customs clearance, warehousing, tank container leasing and tank
operations connected to a global agency network.
Abdul
Sameer Mohamed and Michael Müller will act as board members for the limited
company. Michael Müller will start work with the company on 1 January. Müller
was previously a member of top management at Fiege, a pioneer in contract
logistics. Both, Michael Müller and Abdul Sameer Mohamed are the shareholder of
Compass Logistics International AG. The Kieserling brand will be retained.
China Air Transport Association
(CATA) on Monday announced its decision to put four domestic logistics firms on
its no-fly list due to security flaws.
A fire started in a storage bin of flight CZ6524 on October 22 after the plane landed at Dalian Zhoushuizi Airport due to the spontaneous combustion of inflammable materials belonging to logistics firms, according to the CATA announcement posted on its official website on Monday.
Courier firms Shanghai YTO, Yunda Express, Huixing and Qihang will have to suspend their airfreight services until their business procedures improve, said CATA, an association that calls most Chinese airlines members.
According to relevant industrial rules, "all member carriers of the association should refuse to transport cargo for the four couriers during the suspension," said the announcement.
Shanghai YTO was to blame for its incorrect classification of lithium batteries, while the other logistics firms were punished for transporting the prohibited article vesuvian, which caused the fire, according to CATA.
In an online statement Sunday, Shanghai YTO admitted negligence in security checks concerning its cargo transported on flight CZ6524, claiming that the efficiency of its express deliveries will not be affected.
A fire started in a storage bin of flight CZ6524 on October 22 after the plane landed at Dalian Zhoushuizi Airport due to the spontaneous combustion of inflammable materials belonging to logistics firms, according to the CATA announcement posted on its official website on Monday.
Courier firms Shanghai YTO, Yunda Express, Huixing and Qihang will have to suspend their airfreight services until their business procedures improve, said CATA, an association that calls most Chinese airlines members.
According to relevant industrial rules, "all member carriers of the association should refuse to transport cargo for the four couriers during the suspension," said the announcement.
Shanghai YTO was to blame for its incorrect classification of lithium batteries, while the other logistics firms were punished for transporting the prohibited article vesuvian, which caused the fire, according to CATA.
In an online statement Sunday, Shanghai YTO admitted negligence in security checks concerning its cargo transported on flight CZ6524, claiming that the efficiency of its express deliveries will not be affected.
MANAGEMENT
The
Archaeological Survey of India (ASI) is planning to prepare site management
plans for world heritage monuments in Tamil Nadu on the lines of the one
adopted in Hampi, Karnataka, according to G. Maheshwari, ASI Superintending
Archaeologist.
She
told The Hindu on Sunday that a site management plan was essential for
the conservation of world heritage monuments, lest they become endangered with
growing urbanisation.
Initially,
ASI would prepare the site management plan for Mamallapuram monuments and Big
Temple at Thanjavur, both of which are world heritage monuments.
Stakeholders
would be involved in the preparation as well as implementation of the plan. As
a prelude to the preparation, a stakeholders’ meeting would be held. Local
people, HR and CE Department officials, district authorities and local body
officials, youth and media representatives would be invited to discuss the dos
and don’ts prescribed by the UNESCO to protect monuments.
Zones
such as core zone, buffer zone and peripheral zones had been formed around
monuments to prevent certain activities that could damage the monument.
“But,
ASI is certainly not against development or human welfare activities. These
should be regulated in such a way that they don’t endanger the monuments,” Ms.
Maheshwari said.
Indian
companies having foreign stakes will now face a much closer scrutiny of their
management and decision-making structures as the government decides to tighten
the rules to determine who controls them.
The
department
of industrial policy promotion (DIPP), the nodal department responsible for
FDI policy, is looking to design the control definition on the lines of the one
in the Sebi's takeover code, a government official told ET. Under the present
definition in the FDI policy, control is defined as the ability to appoint
majority of directors. This definition does not take into account indirect ways
of exercising control such as lien over voting rights and share purchase
agreements, giving room to investors to skirt norms via quasi-equity instruments.
In
contrast, the definition on control in the takeover code and the proposed Companies
Bill take into account these two instruments, commonly used globally by
corporates to exercise control.
MARKETING
In
what could mean a major setback for Ranbaxy Laboratories’ ongoing consent decree
with the US regulatory authorities, the company has voluntarily recalled some
batches of its generic version of cholesterol-lowering drug Lipitor from the US market.
“The
recall is being conducted at the retail level for such select batches that may
contain a foreign substance (small glass particles less than 1 mm in size),”
Ranbaxy said on the website of its US company (Ranbaxy Pharmaceuticals Inc). When
contacted, the company said it was a temporary disruption in the US and it had
already initiated an investigation, which was expected to be over in two weeks,
after which it was likely to resume supplies. “The investigation with regard to
the issue is expected to be completed within two weeks and thereafter the
company expects to resume supplies,” it also said in a statement to the Bombay
Stock Exchange ( BSE).
The
oil ministry plans a uniform marketing margin for natural gas produced in the
country as it moves decisively in the dispute between key customers and
suppliers such as Reliance
Industries and Gail
India Ltd.
Government
sources said that the ministry would make an exception only for liquefied
natural gas (LNG), piped supply to households and auto gas. It would be free to
negotiate the levy with buyers under watchful eyes of downstream regulator.
"This is as per recommendations of the downstream regulator. A decision in
this regard is expected to be announced soon," one of the officials with
direct knowledge of the development told ET. The oil ministry had sought the
Petroleum & Natural Gas Regulatory Board's (PNGRB) opinion on having a
uniform marketing margin in the country after buyers, particularly fertiliser
companies, alleged that suppliers such as Gail
India and Reliance Industries had arbitrarily fixed the levy in the
short-supplied market.
ODISHA BUSINESS
The
Odisha government today said it is planning to introduce e-auction mode of
selling bulk minerals like iron ore, manganese and chrome to infuse
transparency into the mining sector.
"We
have already discussed the matter with the Kolkata-based MSTC Ltd, a
public sector company, for providing facilities for Electronic sale of
minerals. The state government is planning to introduce the e-auction system
from next fiscal," Director of Mines, Odisha, Deepak Mohanty told
reporters here.
He
said the basic objective for such initiative is to bring total trasnparency in
the sell of minerals. We are ready to provide e-auction
facilities to Odisha government. We have expertise in the sector," said B
B Singh, the director (commerce) of MSTC (Metal Scrap Trading Corporation).
Meanwhile, the state government has
set up a five- member panel headed by steel and mines secretary Rajesh
Verma to decide the roadmap for e-auction.
The
state government has approved an inter-corporate loan proposal under which the
cash-rich miner Odisha Mining Corporation (OMC) has been asked to
provide Rs 500 crore loan to Grid Corporation of Odisha Ltd (Gridco), the
government’s power trading company.
In
the high-level official meeting headed by Chief Secretary, B K Patnaik, it was
decided that the rate of interest should be fixed at 10% per annum. However, as
it is widely expected that interest rates are likely to come down in next
couple of quarters, it was also decided that the rates would be floating in
nature. The rate of interest on the Rs 500 crore inter corporate loan has been
pegged at short term (between one to two year) deposit rate of State Bank of
India, plus 1.5%.
The loan approval comes as a fresh doze of oxygen for Gridco, which is yet to complete the formalities to float a bond to raise Rs 1,000 crore from open market after banks showed it exit door. The company is also in the final stage of clinching a deal with Power Finance Corporation (PFC) to avail Rs 500 crore loan.
In October, Gridco had given a proposal to raise Rs 500 crore loan from any profit-making PSU for a period of six years with one year moratorium period, at nine% per year interest rate.
The loan approval comes as a fresh doze of oxygen for Gridco, which is yet to complete the formalities to float a bond to raise Rs 1,000 crore from open market after banks showed it exit door. The company is also in the final stage of clinching a deal with Power Finance Corporation (PFC) to avail Rs 500 crore loan.
In October, Gridco had given a proposal to raise Rs 500 crore loan from any profit-making PSU for a period of six years with one year moratorium period, at nine% per year interest rate.
RETAIL
Dubai
announced plans for a huge tourism and retail development including the largest
shopping mall in the world, a fresh sign that the glitzy emirate has recovered
its commercial ambitions after a crippling corporate debt crisis three years
ago.
The
development, on the outskirts of Dubai's current downtown area, will include a
park 30 percent bigger than Hyde Park in London, said Dubai's ruler Sheikh Mohammed
bin Rashid al-Maktoum, also prime minister of the United Arab Emirates. A
retail complex named the "Mall of the World" will be able to host 80
million visitors a year and include over 100 hotel facilities, Sheikh Mohammed
said in a statement on Saturday.
A
family entertainment centre linked to the mall, developed with Hollywood's Universal
Studios, a unit of Comcast Corp ,
would be designed for 6 million visitors each year.
The
development, named "Mohammed Bin Rashid City", would also include a
district of art galleries and an area where entrepreneurs could develop
businesses.
Sheikh
Mohammed did not say how much the development would cost or when it would be
finished, but his description indicated investment would total many billions of
dollars. It would be built by Dubai Holding, a conglomerate owned by him, and
Dubai's leading real estate firm Emaar
Properties.
IKEA,
the world's largest furniture retailer, is poised to become the first major
foreign company to open wholly owned stores in India after it received a crucial
government clearance to invest Rs 10,500 crore ($1.9 billion).
The Swedish company's investment proposal, the biggest so far by a foreign retailer, was cleared by the Foreign Investment Promotion Board on Tuesday and will now have to be approved by the Cabinet Committee for Economic Affairs. All foreign investment proposals over Rs 1,200 crore have to be approved by the Cabinet panel, but this clearance is expected to be a formality since the government is keen to project a foreign investment-friendly image.
IKEA,
which operates 336 stores in 44 countries, plans to invest $778 million to set
up 10 furnishing and homeware stores as well as allied infrastructure over 10
years. It subsequently plans to invest $1.7 billion to open 15 more stores. The
company has said it will take three years to build a supply chain to roll out
its first outlet in the country.
SUPPLY CHAIN
The
world's largest chocolate company, Mondelēz International, yesterday announced
plans to invest $400 million over the next 10
years to help suppliers enhance productivity and improve sustainability
efforts.
Dubbed
"Cocoa Life," the program is modeled on subsidiary Cadbury's
successful Cocoa Partnership initiatives in Ghana, India and the Dominican Republic,
which have already helped thousands of farmers boost productivity while
reducing environmental impacts and accelerating development efforts.
Cadbury's
had already committed to invest $70 million in its sustainable supply chain
programs between 2008 and 2018, and has already seen significant successes in
Ghana where the company reports cocoa yields for farmers taking part in the
program have increased 20 percent.
Now
Mondelēz International has said it will increase investment in similar programs to
$400 million by 2022, including $100 million that has been earmarked to support
75,000 farmers in Côte d'Ivoire, the world's largest cocoa-producing country.
The
company said the program would help boost the livelihoods and living conditions
of 200,000 cocoa farmers globally, while also accelerating the adoption of
sustainability best practices that serve to reduce biodiversity loss and soil
erosion at the same time as enhancing water efficiency and yields.
The
Union of Small and Medium Enterprises (Unisame) has urged Abid Javed Akbar, the
new chief executive officer (CEO) of Trade Development Authority of Pakistan
(TDAP), to revisit the matter of Quality Review Committee (QRC) for basmati
rice export pre-shipment inspection (PSI).
According
to a statement, President Unisame Zulfikar Thaver invited the attention of the
new CEO TDAP that the QRC is a mockery of PSI of rice and it should be demoted
to a simple quality review committee and not function as a PSI agency. It can
function as a complaint centre in TDAP and also help exporters to get their
quality analyzed.
In
order to function as a PSI, QRC needs to be qualified and registered as a PSI
by Pakistan Standard Quality Control Authority (PSQCA) which ensures that the
PSI is a joint stock company, has a laboratory, has trained and experienced
officers and is eligible to carry out PSI of cargo as per international
standards.
He
invited the attention of the CEO TDAP to the fact that the supply chain of rice
is in a terrible mess and the grains arriving from the farms are being mixed
with non basmati rice by the farmers and millers. The QRC is helpless and
overlooking the drawbacks for the influential but raising objections for the
SMEs. Secondly non basmati rice variety 1121 is accepted as basmati by the QRC
and also 386 which is a forbidden variety, is grown in abundance and accepted
by QRC.
______________________________________________________________________
Source of
Information for this issue: Google alert accessed on 26th, 30th Nov 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
Sabita Sahu
Professional Library
Trainee
Concept, Layout and
Editing
Syamaghana Mohanty
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 Syamaghana Mohanty : Chief Librarian, Knowledge and Information Services Unit, Chanakya Central Library, Asian School of Business Management, Bhubaneswar. chieflibrarian@asbm.ac.in ; www.asbm.ac.in
1 comment:
Insurance part of article is rally informative and useful for me . Even i recently bought two- wheeler insurance for my bike.
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