ASBM Business
Updates is a Weekly Selective Compilation of Business News from Various
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ASIAN BUSINESS
China, Japan and South Korea are inching ahead with
talks for a free trade zone that would rival the European Union and North
America in economic heft. Despite the achievement of setting aside their often
acrimonious relations to begin negotiations, progress will be slow. An
agreement to start talks took 10 years. After three days of meetings in Seoul
that finished Thursday, South Korea said officials agreed to hold two more
rounds of negotiations this year, with the second meeting to be held in China
either in June or July. Negotiations will cover goods, services and investment
and might be extended to intellectual property rights and electronic commerce.
Striking an optimistic tone on the first day of talks,
Japan's negotiator Koji Tsuruoka said the "integration of three economies
which are very significant economies in this area as well as globally will
provide very fruitful results to industries ... and to people."
Trade between the three Asian powers totaled $684
billion in 2011, an increase of more than five times from 1999, underlining
Asia's growing weight in the world economy after more than two decades of
breakneck growth in China and the earlier rise of Japan and South Korea as
manufacturing powerhouses. Those booming commercial ties are one of the few
bright spots for relations among the three. The legacy of Japan's colonial
occupation of South Korea until 1945 and its World War II-era atrocities in
China has provided fertile ground for animosity.
German airline Lufthansa said it’s looking at
establishing a long-haul, low-cost venture to help sustain its market share on
routes to Asia as rival operators syphon more and more traffic through hubs in
the Gulf.
Lufthansa may form an intercontinental subsidiary
similar to its Germanwings short-haul unit, Chief Financial Officer Simone
Menne said at a briefing in New York.
Other options include an alliance with a Middle
Eastern or Asian airline.
Europe’s second-largest carrier won’t be able to
keep pace with rivals such as Dubai-based Emirates and Etihad Airways PJSC of
Abu Dhabi without a change in strategy, Menne said, adding that the company
ended services to Hyderabad and Calcutta in India last year because the routes
were uneconomic.
“The threat from Gulf carriers, for us, is Southeast
Asia and it’s India,” Menne said. “That is a concern for investors, and the
answer is we look at all strategic options. That can be partnerships, it can be
joint ventures, it can be our own platform or it can be a retreat from this
market.”
Lufthansa is reviewing its strategy with
Asia-Pacific passenger traffic poised to expand at a 6.7 percent annual rate
through 2016, according to the International Air Transport Association - half
as fast again as forecast growth in Europe.
The German company won’t be able to exploit that
market unless it changes course, Menne said.
Gulf carriers are tapping Asia by utilising the
position of their home bases to build intercontinental transfer hubs where
people can switch plane for flights to and from dozens of cities across India,
China and countries such as Thailand and Malaysia.
ASIAN MANAGEMENT
Singapore Exchange (SGX) today said it will add
Asian foreign exchange (FX) futures, including Indian rupee/US dollar contract,
to its derivatives market in the third quarter of 2013.
The proposed FX futures would be subject to
regulatory approval, SGX said in a statement.
The FX futures suite will include deliverable and
non-deliverable Asian currencies cleared in currencies such as the US dollar,
Japanese yen and Singapore dollar.
SGX would initially offer four currency pairs: the
Australian dollar/US dollar, Australian dollar/Japanese yen, Indian rupee/US
dollar and US dollar/Singapore dollar.
SGX said the introduction of FX futures for trading
and clearing was in response to strong client demand for currency management
tools to complement its suite of highly liquid Asian equity derivatives.
SGX was the world’s largest offshore market for
Asian equity derivatives with a record $5 trillion notional of contracts traded
in 2012, the statement said.
SGX also clears non-deliverable FX forwards in seven
Asian currencies.
Anchored in AAA-rated Singapore, Asia’s leading hub
for foreign exchange, SGX said its award-winning derivatives market enjoyed
over 100 per cent growth in open interest in 2012 as international customers
continued to leverage SGX’s position as the leading Asian clearing counter
party meeting the highest international standards.
“The Asian forward currency markets continue to grow
strongly alongside trade and capital flows. Price discovery naturally happens
in our time zone where the relevant policymakers, central banks and capital
market stakeholders are located,” SGX Chief Executive Magnus Bocker said.
“As Asian capital markets increase their share of
global investments, investors can seek to manage Asian currency risk as
specific sources of out-performance,” he said.
“SGX’s proposed suite of Asian FX futures offers
customers a transparent, robust and margin-efficient platform for Asian
currency risk management, and further cements Singapore’s lead as the price
discovery centre for Asian foreign exchange,” he said.
Meanwhile, the SGX has signed a licensing agreement
with global index provider MSCI for 14 new regional and country indices. With
this, SGX has licensed a total of 19 MSCI indices, encompassing almost all of
Asia’s key capital and other growth markets.
Asian bond yields experienced much lower volatility
in the wake of the uncertainty which surrounded the Cypriot debt talks,
according to HSBC Global Asset Management.
HSBC chief investment officer for fixed income in
Asia Pacific Cecilia Chan says that insulation from the eurozone crisis is just
one of many reasons for choosing Asia over developed world bond markets.
"While we are seeing some noise in bond markets
from the Cyprus bailout talks, the impact on Asian bonds has been far less
marked," she said.
Chan added that diversity of the Asian bond market
is giving portfolio managers the scope to pick and choose their investments
carefully, boosting the value they can add to their portfolios.
"We expect the best returns to come from new
carries but we are being very selective. The volume of new issues means we are
able to cherry-pick the bonds that offer the best value," she said. HSBC
director and senior product specialist for Asian fixed income Geoff Lunt added
that more and more investors were becoming familiar with the strength of the
bond story in Asia and that improving fundamentals were seeing the market reach
maturity.
"The story is simple and powerful. Developed
bond markets, particularly in Europe, are seeing their credit ratings fall
while the Asian markets are appreciating," he explained.
"Asia differs slightly from emerging markets
debt markets as a whole because the market offers real diversity across the
credit rating spectrum."
The likes of Singapore and Hong Kong are among the
highest quality in the world with Triple A ratings from Standard & Poor's.
Meanwhile, at the other end of the quality spectrum, Kazakhstan and India have
ratings of BBB+ and BBB- respectively.
ASIAN SCHOOL OF
BUSINESS MANAGEMENT
6th Annual Convocation of Asian School of
Business Management was held on 6th of April, Saturday here amidst
much fanfare.
Chief Guest on the occasion, Shri V.P. Agarwal, Chairman, Airports Authority of India, addressing
to the students of the Institute said, "Management students are future
action leaders. They need to be not only competent managers, but also great
managers. For that, they should be unconventional, out-of-box thinkers and
should take decisions by utilizing their inner sense.
Guests of Honour on the occasion, Mr. Santosh Varalwar, Managing Director & CEO, Vivimed
Labs Ltd., and Mr. Rod Solomons , former Trade & Investment Commissioner,
Australia, congratulate students for opting management
profession as their career.
Mr. Sunand Sharma, Country President, India & South Asia,
Alstom in
his address said," India as a developing Nation, needs Rs. 90 lacs crore
of investment in Infrastructure and another Rs. 10-15 lacs crore in
Renewable energy sector. The more investment inflow into India will be, more
employment opportunities will be generated. Hence, there is a greater scope for
management professionals in the days to come.
Founder and Director ASBM, Prof. Biswajeet Pattanayak said, "The
D-day has arrived. It is the day which all the students look forward to lots of
joy, enthusiasm and happiness. It is the most important day in the life of any
student, as it is a culmination of hard work and dedication of the students in
curricular, co-curricular and extra-curricular activities in two years of their
stay in the campus. It is a day devoted to celebrate an important landmark in a
student's journey towards excellence-a day to rejoice.
BANKING
This week's deal to rescue Cyprus and its banks from
financial collapse has renewed fears about Europe's shaky financial system and
where trouble might next appear.
Many banks across Europe have been struggling for
more than three years as losses on government bonds and bad loans piled up.
Some governments, meanwhile, have taken on more debt trying to prop up their
lenders to the point where they have needed bailing out themselves. In Cyprus's
case, its banking sector became much bigger than the country's government could
afford to rescue, seven times the size of the country's economy. When the banks
were hit by large losses and Cyprus could not afford to bail it out on its own,
the country turned to the other 16 European Union countries that use the euro.
Rather than making Europe's taxpayers foot the
entire bill for bad banking, Cyprus and the other eurozone countries agreed to
make the banks' bondholders and big depositors contribute to the rescue. One
bank, Laiki, is to be split up, with its nonperforming loans and toxic assets
going into a ``bad bank.'' The healthy side will be absorbed into the Bank of
Cyprus. Savers with more 100,000 euros in both Bank of Cyprus and Laiki will
face big losses, possibly as much as 80 cents on the euro.
Daniel Gros, director of the Centre for European
Policy Studies in Brussels, said the Cyprus deal ``could be a strategic change.''
Depositors and investors have taken note of the
Cyprus deal and are warily looking around at other countries where the
financial sector appears too big or too unstable. The STOXX Europe 600 Banks
index have fallen 7 percent since a first bailout deal, later rejected, was
reached March 16.
The country’s top three private sector banks appear
to be outdoing each other in expanding their ATM network.
As at January-end 2013, their collective ATM network
witnessed an average year-on-year growth of 31 per cent.
HDFC Bank led the private sector banks pack in
expanding its ATM network.
India’s second largest bank ramped up its ATM
network to 10,583 as on January, 2013, up by 44 per cent as compared with 7,346
in January last year.
According to the Reserve Bank of India data, the
country’s largest private sector lender, ICICI Bank, increased its ATM network
by 26 per cent (year-on-year) to 10,040 in January 2013 from 7,952 a year ago.
Similarly, Axis Bank’s ATM network increased by 22.6
per cent to 10,391 from 8,475 last January.
Paresh Sukthankar, Executive Director, HDFC Bank,
said, “We had fallen short on ATM expansion. So we wanted to catch up. If you
look at our transaction pie-chart, a large volume of transactions go through
Internet and ATM.
“It is important for us to have adequate number of
ATMs. If our customer uses other banks’ ATMs, it costs us. So, we certainly
want to ensure that our customers use our ATMs.”
As the first five transactions at other bank ATMs is
free-of-charge for customers, banks, which have issued the ATM cards, have to
pick up the tab.
Birendra Sahu, Senior Executive Vice-President,
Direct Banking Channels, HDFC Bank, said, “The interchange charges are Rs 15
for a withdrawal and Rs 5/balance enquiry. This cost is incurred by us if our
customer uses other banks’ ATMs.”
Sukthankar said, “Though the revenue is not very
significant, the idea is to service the customers 24 by 7.
“Once, the branch hours are over, ATM is an
alternative to branch banking.”
BUSINESS
MANAGEMENT
Pilat
Media
has announced the launch of IBMS Express, a modular and
flexible entry-level business management system based on the company's
award-winning, robust, and proven broadcast management solutions. Deployed as a
cloud-based platform, IBMS Express is fast and easy to install and addresses
the full spectrum of broadcast business management functions.
"Media companies large and small are faced with
the complexities of today's multiplatform TV environment. The challenge is how
to remain efficient and generate revenues while dealing with increased
workloads, more services, and a growing number of channels." said Fabrice
Beer-Gabel, senior vice president of sales and marketing at Pilat Media.
"In response to this challenge, we have taken our many years of experience
in broadcast management best practice to create a cloud-based solution that is quick
to implement and easy to maintain, and that lets everyone — from smaller
specialty networks to broadcast stations to pay-TV platform operators - stay
competitive."
As a cloud-based service, IBMS Express dovetails
with a broadcaster's outsourced IT strategy. A "pay as you grow"
software-as-a-service pricing model gets stations up and running with minimal
upfront investment. IBMS Express is designed to be easily configured and ready
for use in a matter of weeks, with Pilat Media's professional services team providing
configuration, training, and ongoing maintenance of the live system.
Credit Suisse will buy Morgan Stanley's wealth
management arm in Europe, the Middle East and Africa with $13 billion in
assets, as it seeks to offset its exposure to more volatile investment banking.
The assets being acquired are tiny for Credit
Suisse's private bank, which has the world's fifth-largest private banking
operation, managing 798.5 billion Swiss francs on behalf of wealthy clients.
"Credit Suisse sees more daily fluctuation of
their assets under management due to market movements and foreign currency
swings than this deal size," said Venditti, who has a "market
weight" rating on Credit Suisse stock.
But the deal underscores an effort to beef up its
private banking operation, which tends to bring a smoother stream of revenue
than investment banking.
Details of the deal - one of Credit Suisse's first
notable acquisitions since it bought out the remainder of Brazilian investment
fund Hedging-Griffo in 2011 - were not disclosed. It said it expected to
complete the purchase later this year.
Hometown rival UBS has also focused on private
banking, but began reducing its exposure to fixed-income investment banking
dramatically last October.
While beefing up the private banking business,
Credit Suisse is also trying to slash its costs by 1 billion Swiss francs by
2015. As part of that effort, the private bank swallowed the group's smaller
asset management arm in November.
In 2011, Credit Suisse said it would integrate
Clariden Leu, a private bank that it had owned but allowed to operate
independently.
Credit Suisse has argued that the integration was a
success, but some clients have withdrawn funds.
INDIA BUSINESS
Corporate group restructurings are altering India’s
economic architecture and will ultimately benefit consumers as more companies
get involved in cross-border mergers and acquisitions (M&As) than ever
before.
Most segments of Indian industry have traditionally
been quite fragmented, which has led to fragmented capacity as well. This will
change as new business models evolve and companies consolidate to scale up
operations and maximise long-term value of stakeholders, according to Ashok
Chawla, chairman of the Competition Commission of India.
“The interplay of market forces calls for a broad
regime to avoid adverse practices and improve businesses for consumer
satisfaction,” he said. “We will encourage creation of entities across central
and south Asia which can deliver faster and better goods and services.”
Sachin Pilot, the federal minister for corporate
affairs, said emerging markets were compelling places to be in for
international companies.
“M&A activity is likely to pick up worldwide in
years to come due to higher growth and the desire of companies to invest cash
hoarded during recession,” he said.
In the wake of uncertainties and risks due to the
2008 financial meltdown, companies worldwide began to strengthen their balance
sheets and over the subsequent years have also acquired large cash piles.
There is a growing perception about widening gulf
between India’s reality and its immense potential. Mr Pilot said there was a
need to move beyond the comfort zone. “Industry leaders must gather confidence,
and facilitate regulators and policymakers to ensure sustainable inclusive
growth for the well-being of all stakeholders in the society.”
Kroll Advisory Solutions, a global leader in risk
mitigation and response, says that as Indian companies grow restless operating
within the domestic market, many are engaging in ambitious outbound M&A and
making daring transactions across industries.
INDIAN
MANAGEMENT
Government is considering giving the management
control of the new Kolkata and Chennai airports, built by the Airports
Authority of India (AAI), to global operators through a competitive bidding
process.
Civil Aviation Minister Ajit Singh said today that the AAI could set up joint ventures with major foreign airport operators to carry out operations and management of these two crucial metro airports.
Addressing a Confederation of Indian Industries (CII) meet on aviation in New Delhi, he said, "The AAI could give management control of these airports through a competitive bidding process."
Earlier, the AAI had suggested to a Planning Commission Task Force that the management and operation of these airports could be undertaken through the public-private partnership mode by setting up joint ventures between it and foreign airport operators.
Referring to the crucial issue of taxation on jet fuel, Mr Singh said his Ministry was in consultations with the Petroleum and Finance Ministries for notifying aviation turbine fuel (ATF) under the Petroleum and Natural Gas Regulatory Board Act to protect the interests of airlines. "We are also trying to convince the state governments to reduce sales tax on ATF."
Civil Aviation Minister Ajit Singh said today that the AAI could set up joint ventures with major foreign airport operators to carry out operations and management of these two crucial metro airports.
Addressing a Confederation of Indian Industries (CII) meet on aviation in New Delhi, he said, "The AAI could give management control of these airports through a competitive bidding process."
Earlier, the AAI had suggested to a Planning Commission Task Force that the management and operation of these airports could be undertaken through the public-private partnership mode by setting up joint ventures between it and foreign airport operators.
Referring to the crucial issue of taxation on jet fuel, Mr Singh said his Ministry was in consultations with the Petroleum and Finance Ministries for notifying aviation turbine fuel (ATF) under the Petroleum and Natural Gas Regulatory Board Act to protect the interests of airlines. "We are also trying to convince the state governments to reduce sales tax on ATF."
Cooling
domestic and foreign demand dragged on Indian manufacturing growth in March,
with the sector expanding at its slowest pace since November 2011, a business
survey showed on Monday.
The HSBC
manufacturing Purchasing Managers’ Index (PMI), which gauges business activity
in Indian factories but not its utilities, fell to 52 in March, after a surge
to 54.2 in February.
The PMI
has held above 50—the level that divides growth and contraction—for four years,
but the March headline reading was the biggest month-on-month drop since
September 2011.
“Manufacturing
activity lost momentum in March, with output growth slowing notably on the back
of a deceleration in new orders,” said Leif Eskesen, economist at HSBC.
Electricity
outages across India over the last month also crimped factory production,
Eskesen said.
The new
orders index fell from 56.3 in February to 52.8, the weakest pace of growth
since November 2011. In turn, overall output grew at its weakest pace in more
than a year.
Growth in
new export orders also cooled to its lowest level since November 2011,
reflecting the deepening global economic fallout from Europe’s three-year
sovereign debt crisis.
That is a
disappointing signal for an economy with a wide current account deficit that
hit a record high at 6.7% of gross domestic product in the December quarter.
However,
most recent official data showed India’s industrial output grew an annual 2.4%
in January as merchandise exports snapped a falling trend. Exports grew for the
second straight month in February.
INSURANCE
Future Generali India Insurance, the insurance arm
of the Kishore Biyani-led Future Group, will merge itself with L&T General
Insurance, a subsidiary of engineering and construction major Larsen and Toubro
Ltd. Future Group and L&T have signed a non-binding agreement in this
regard.
At present, Future Generali is a joint venture between Future Group and Italy’s Generali in which the foreign partner holds a 26 per cent stake – the maximum allowed as per the existing foreign direct investment norms in the sector. Pantaloon Retail, a Future Group firm, holds around 50 per cent stake in the venture, while the rest is with a promoter group entity, Sprint Advisory Services.
After the merger, L&T will hold a 51 per cent stake and Future Group 23 per cent in the new entity, while the foreign partner will maintain its 26 per cent holding, according to the deal structure. Though the companies haven’t disclosed the transaction details, people close to the development say the deal size is estimated at Rs 600 crore.
The completion of the deal is subject to due diligence by both the parties, execution of mutually agreed definitive binding documents and requisite approvals from the Insurance Regulatory and Development Authority and other regulators, as well as related corporate bodies.
N Sivaraman, president and whole-time director of L&T Finance Holdings, said it would be difficult to predict a timeline for the proposed merger. “We are committed to the insurance business. Once the deal is completed, purchase of shares would take place. Further, the issues related to personnel and human resources will be taken care of, after the deal closure,” he said. Sivaraman is responsible for and oversees L&T General Insurance among other group companies.
Xpress Money to offer short-term life insurance cover for customers
At present, Future Generali is a joint venture between Future Group and Italy’s Generali in which the foreign partner holds a 26 per cent stake – the maximum allowed as per the existing foreign direct investment norms in the sector. Pantaloon Retail, a Future Group firm, holds around 50 per cent stake in the venture, while the rest is with a promoter group entity, Sprint Advisory Services.
After the merger, L&T will hold a 51 per cent stake and Future Group 23 per cent in the new entity, while the foreign partner will maintain its 26 per cent holding, according to the deal structure. Though the companies haven’t disclosed the transaction details, people close to the development say the deal size is estimated at Rs 600 crore.
The completion of the deal is subject to due diligence by both the parties, execution of mutually agreed definitive binding documents and requisite approvals from the Insurance Regulatory and Development Authority and other regulators, as well as related corporate bodies.
N Sivaraman, president and whole-time director of L&T Finance Holdings, said it would be difficult to predict a timeline for the proposed merger. “We are committed to the insurance business. Once the deal is completed, purchase of shares would take place. Further, the issues related to personnel and human resources will be taken care of, after the deal closure,” he said. Sivaraman is responsible for and oversees L&T General Insurance among other group companies.
Xpress Money to offer short-term life insurance cover for customers
Xpress Money Services Ltd, a global money transfer
brand, plans to offer short term life insurance cover to customers remitting
money using its network.
According to Vinesh Venugopal Nair, Vice-President –
Global Marketing and Communications of Xpress Money, the service would be
initially offered to customers in West Asia. The company has tied up with Union
Insurance to offer the service.
“We are launching a scheme which will provide short
term (30 days) life cover to customers using our remittance service. We plan to
roll out first in Middle East before moving into other geographies including
Europe,” Nair said at a select media briefing to talk about the company’s CSR
activities, here on Tuesday.
Under the short-term insurance, customers would be
provided life cover of about Rs 2 lakh free of cost. “There have been cases
where people have lost lives working in difficult working conditions. Under
this scheme we hope to provide short term life cover to such customers,” he
said.
LOGISTICS
Mumbai-based Aqua Logistics has decided to hive off
three of its Hong Kong-based units, given the global economic scenario. The
company will scout for potential buyers for the companies CIT Logistics
Limited, TAG Logistics Limited and AGI Logistics Limited, it said in a
communication to the Bombay Stock Exchange.
“The continued weakness in the global economic
scenario and enormous pressure developing in the system to support working
capital management of these companies has prompted the decision to hive off the
acquired Companies in Hong Kong,” the company said.
In 2010, the third-party logistics service provider
had agreed to acquire the three Hong Kong-based companies through its
wholly-owned subsidiary, Aqua Logistics Hong Kong, for Rs 32 crore.
The acquisitions were expected to help Aqua increase
its geographical presence and better compete with multinational players.
XPO
Logistics Inc., which provides a variety of freight management services, is
planning to expand its national operations center in North Carolina's
Mecklenburg County.
Gov. Pat
McCrory's office announced Tuesday that XPO plans to create 287 new jobs in the
state by the end of 2014 and invest $688,000 in its Charlotte location.
XPO
provides freight management, expedited transportation and freight forwarding
services. XPO serves its customers by using a network of relationships with
ground, sea and air carriers to provide the best transportation solutions for
shippers.
The
company employs 245 people in Charlotte and has additional locations across the
country and in Canada.
Compensation
will vary by job function, but total payroll is estimated to be $14.8 million
plus benefits. The average annual wage in Mecklenburg County is $57,144.
MARKETING
McCann Worldgroup India, part of the US-based
advertising and marketing services holding firm Interpublic Group, has bought a
majority stake in Bangalore-based End To End
Marketing Solutions, one of the largest database marketing companies in the
country.
Prasoon Joshi,
executive chairman & CEO of McCann Worldgroup India and president - South
Asia, said the deal will boost the group's database marketing capabilities and
enhance its presence in the technology sector. He refused to share the deal
size. "We will retain the top executives as well as individualistic
identity of the company," he said. This is MWG India's first acquisition
in five years, and Joshi said the group is bullish on more buys as it chases a
long-term goal of being a complete marketing solutions provider. End To End has
synergies with MWG's arms such as MRM, McCann Health and Momentum, and will
help enhance the services offered by each, he said. End To End's bouquet of
services spans direct marketing, targeted and niche marketing, lead generation,
e-mail marketing, telemarketing, demand generation events and channel marketing.
PN Shanavas, CEO and founder of End To End, said, "To be part of a global
network like McCann Worldgroup is the catalyst that End To End required."
B2B marketers use a wide variety of marketing
materials to drive leads and sales. These include emailers, social media,
whitepapers, research findings, case studies and so on. However, in most cases
these tend to be tediously technical and will not attract any social media
interest. So what shall one propose to spice up the marketing?
For instance, a social media tool like “Share This” action button added to a whitepaper can increase the perceived influence of the document. In a recent research involving B2B customers across the world, more than 80 per cent of the respondents voted content types having the “Share This” button as more influential than the ones without the same. Interactive elements in marketing collateral will always increase the social media appeal. And this is a trend that is fast catching up.
For instance, the perceived influence of any content having an interactive element is much more than one with none. More than 75 per cent of respondents felt that having an audio embedded into a written document improves appeal to the content. If it is a video that is embedded, then more than 90 per cent felt the influence is improved even better. The positive and very positive ratings for such interactive elements indicate the changing perspectives of the marketing fraternity. It is estimated than more than 50 per cent of marketers will use embedded content this year either with audio or video. Even attractive layouts with charts, graphics and other tables will overall improve the importance of a whitepaper. This is because such visual representations can improve the understanding of the concept to the recipient and facilitate easy reading.
For instance, a social media tool like “Share This” action button added to a whitepaper can increase the perceived influence of the document. In a recent research involving B2B customers across the world, more than 80 per cent of the respondents voted content types having the “Share This” button as more influential than the ones without the same. Interactive elements in marketing collateral will always increase the social media appeal. And this is a trend that is fast catching up.
For instance, the perceived influence of any content having an interactive element is much more than one with none. More than 75 per cent of respondents felt that having an audio embedded into a written document improves appeal to the content. If it is a video that is embedded, then more than 90 per cent felt the influence is improved even better. The positive and very positive ratings for such interactive elements indicate the changing perspectives of the marketing fraternity. It is estimated than more than 50 per cent of marketers will use embedded content this year either with audio or video. Even attractive layouts with charts, graphics and other tables will overall improve the importance of a whitepaper. This is because such visual representations can improve the understanding of the concept to the recipient and facilitate easy reading.
ODISHA BUSINESS
Peak power demand in Odisha is poised to grow at the
rate of 16 per cent in 2013-14, the highest since 2007-08, mainly on the back
of additional power load of around 1,200 Mw needed for implementing Rajiv
Gandhi Grameen Vidyutikaran Yojana (RGGVY) and Biju Gram Jyoti Yojana (BGJY).
The state’s peak power requirement for the next fiscal has been pegged at 4,491 Mw up from 3,871 Mw in 2012-13, energy minister Arun Kumar Sahoo said in a written reply in the state assembly.
Quoting information provided by bulk power purchaser Gridco, the minister said, the growth in power demand in the first two financial years, 2012-13 and 2013-14, of the 12th Plan will remain robust at 10.2 per cent and 16 per cent respectively. In the succeeding years of the Plan, the demand will largely moderate, registering fairly modest growth of five per cent in 2014-15, 4.8 per cent in 2015-16 and 3.8 per cent in 2016-17.
By the end of 11th Plan in 2011-12, the state’s peak power demand stood at 3,511 Mw, but it is projected to rise significantly to 5,132 Mw in 2016-17, the last year of the 12th Plan period (2012-17).
According to the 18th Electric Power Survey (EPS) conducted by the Central Electricity Authority (CEA), Odisha was to face peak power shortfall of 1,646 Mw during 2012-13. But the state government is poised for a comfortable power surplus situation in the remaining four years of the 12th Plan, as per the CEA report. To secure its long-term energy need, the state government had signed memorandum of understanding (MoU) with 29 independent power producers (IPPs).
Sterlite Energy, a unit of London listed metals & mining major Vedanta Resources Plc, had commissioned its 2400 coal-fired power station at Burkhamunda near Jharsuguda. GMR Energy Ltd has also operationalized its 350 Mw at Kamalanga near Dhenkanal. Monnet Power is expected to commission its 525 Mw unit of its 1,050 Mw power plant at Malibrahmani near Angul by September this year.
The state’s peak power requirement for the next fiscal has been pegged at 4,491 Mw up from 3,871 Mw in 2012-13, energy minister Arun Kumar Sahoo said in a written reply in the state assembly.
Quoting information provided by bulk power purchaser Gridco, the minister said, the growth in power demand in the first two financial years, 2012-13 and 2013-14, of the 12th Plan will remain robust at 10.2 per cent and 16 per cent respectively. In the succeeding years of the Plan, the demand will largely moderate, registering fairly modest growth of five per cent in 2014-15, 4.8 per cent in 2015-16 and 3.8 per cent in 2016-17.
By the end of 11th Plan in 2011-12, the state’s peak power demand stood at 3,511 Mw, but it is projected to rise significantly to 5,132 Mw in 2016-17, the last year of the 12th Plan period (2012-17).
According to the 18th Electric Power Survey (EPS) conducted by the Central Electricity Authority (CEA), Odisha was to face peak power shortfall of 1,646 Mw during 2012-13. But the state government is poised for a comfortable power surplus situation in the remaining four years of the 12th Plan, as per the CEA report. To secure its long-term energy need, the state government had signed memorandum of understanding (MoU) with 29 independent power producers (IPPs).
Sterlite Energy, a unit of London listed metals & mining major Vedanta Resources Plc, had commissioned its 2400 coal-fired power station at Burkhamunda near Jharsuguda. GMR Energy Ltd has also operationalized its 350 Mw at Kamalanga near Dhenkanal. Monnet Power is expected to commission its 525 Mw unit of its 1,050 Mw power plant at Malibrahmani near Angul by September this year.
National Aluminium Co Ltd (Nalco) has signed an MoU
with the Ministry of Mines for a sales target of Rs 7,757 crore for 2013-14.
The target figure marks 10 per cent higher than that of the current fiscal.
Nalco has set an annual production target of 64.50 lakh tonnes (lt) of bauxite,
21.5 lt of alumina, 4.05 lt of aluminium and power generation of 6,341 million
units. The proposed project milestones for the next fiscal would be a new
alumina refinery in Gujarat, addition of a new stream of 10 lt in the existing
alumina refinery at Damanjodi in Odisha based on still unexplored Pottangi bauxite
deposit nearby, a wind power project at Damanjodi and a solar power project at
any suitable location in the country. Besides, the company has set targets for
ongoing Utkal-E coal mine project at Angul in Odisha and upgradation of fourth
stream of alumina refinery at Damanjodi.
RETAIL
L&T Finance will buy Pantaloon Retail's 50 per
cent stake in the general insurance business of Future Generali for an
estimated Rs 560 crore.
The deal values Future Generali India Insurance
Company at around Rs 1,100 crore.
Pantaloon Retail would be exiting the venture by
selling 50 per cent stake through direct and indirect transfer to L&T
Finance, sources said, adding the deal could be valued around Rs 560 crore.
The contours of the deal are being finalised and an
official announcement is expected tomorrow.
Currently Future Group holds 74 per cent stake in
the Future Generali India Insurance Company, while the remaining 26 per cent is
with Italy-based Generali Group.
Out of Future Group's 74 per cent stake, 50 per cent
was with Pantaloon Retail and 24 per cent was with the promoter of the retail
chain -- Kishore Biyani family.
Earlier this month, Pantaloon Retail had sold 22.5
per cent stake in Future Generali Life Insurance to investment company IITL for
an estimated value of over Rs 300 crore. The deal valued the JV at over Rs
1,330 crore.
Multinational retail giant Walmart has said that the
company is expected to incur financial losses in view of ongoing investigation
into alleged corruption cases pertaining to its foreign subsidiaries. "We
expect to continue to incur costs (in addition to the USD 157 million of costs
incurred in fiscal 2013) in conducting our on-going review and
investigations", the company said in a filing to US Securities and
Exchange Commission.
The company claimed that Audit Committee comprising
its independent directors (on board) is conducting an internal investigation
into, among other things, alleged violations of the Foreign Corrupt Practises
Act ("FCPA") and other alleged crimes or misconduct in connection
with certain of our foreign subsidiaries, including Wal-Mart de M xico, SAB de
CV, or Walmex. On the scale of loss the company said, "We believe that it
is probable that we will incur a loss from these matters, we cannot reasonably
estimate any loss or range of loss that may arise from these matters."
"Although we do not presently believe that
these matters will have a material adverse effect on our business, given the
inherent uncertainties in such situations, we can provide no assurance that
these matters will not be material to our business in the future", it
stated. It also mentioned that investigations regarding allegations of
potential FCPA violations have been commenced in a number of foreign markets
where the Company operates, including, but not limited to, Brazil, China and India.
In India, a government-appointed inquiry committee, looking into the US
lobbying activities of Wal-Mart Stores for Indian market foray, has recently
met senior executives of the global retail giant and sought details on the
issue.
SUPPLY CHAIN
The funding will support 35 projects across the UK
in developing new technologies for the construction, operation and
decommissioning of nuclear power plants.
This will bring together over 60 experienced
organisations including Laing O’Rourke, and EDF. They will work alongside
innovative SMEs and universities.
The £18 million joint funding between the Technology
Strategy Board, the Department of Energy and Climate Change (DECC), the Nuclear
Decommissioning Authority (NDA) and the Engineering and Physical Sciences
Research Council (EPSRC) is expected to leverage in an additional £13 million
making the total value of the projects £31 million.
“There are huge global opportunities that the UK is well
placed to take advantage of in the nuclear industry. Our strong research base
will help develop exciting new technologies that can be commercialised here and
then exported across the globe,” said UK business secretary Vince Cable.
“The Technology Strategy Board is playing a vital
role in helping UK businesses realise their potential and compete on a bigger
scale. There are many innovative SMEs across the nuclear sector and this joint
funding reinforces the government’s commitment to a nuclear strategy that will
create jobs and growth.”
The announcement has been made alongside the
publication of the Government’s nuclear industrial strategy, which sets out the
objectives to develop a strong and sustainable nuclear industry in the UK.
Nike has joined
an innovative partnership that can more quickly clean up its supply chain by
giving the company easy access to sustainable materials and chemicals.
Through Switzerland-based Bluesign Technologies -- which has created
a tool for improving supply chains in the textile industry -- Nike's suppliers
will have access to online tools that help them find the most sustainable
materials available.
Nike is the world's largest sportswear brand and its
supply chain spans 50 countries, 800 contract factories and hundreds of textile
manufacturers that supply them. And in 2011 Nike announced it would eliminate
all releases of hazardous chemicals across its global supply chain by 2020.
Using the "bluefinder" tool, a supplier
can access pre-screened and more sustainable textile preparations -- including
dye systems, detergents and other process chemicals used in the manufacturing
process. It enables suppliers to effectively manage restricted substances and
provides the opportunity to increase water and energy efficiency.
_________________________________________________________________
Source of
Information for this issue: Google alert accessed on 1st and 5th Apr 2013
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
Junior Librarian
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
E-mail:library@asbm.ac.in, chieflibrarian@asbm.ac.in
Sabita Sahu :Junior Librarian 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
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