ASBM Business
Updates is a Weekly Selective Compilation of Business News from Various
Sources. To find details follow the links.
ASIAN BUSINESS
Asian
markets were getting a much-needed reprieve on Wednesday as US borrowing costs
eased and investors everywhere hunkered down for minutes of the Federal
Reserve's July policy meeting -- though some feared they might only sow more
confusion.
Japanese
and Korean shares both started marginally firmer after steep falls on Tuesday,
while Asian currencies were steadier as the recent exodus of Western funds
abated.
MSCI's
broadest index of Asia-Pacific shares outside Japan was flat after four straight sessions of losses
took it to the lowest since July 9.
Japan's
Nikkei edged up 0.6%, aided perhaps by strong words from Bank of Japan
Governor Haruhiko Kuroda who declared he would not hesitate to expand the
bank's already massive asset buying campaign if the economic outlook darkened.
The lull
in selling was partly due to a pullback in US Treasury yields, with yields on
the 10-year note easing to 2.83%, from Monday's peak of 2.90%.
The
inexorable rise of US borrowing costs has been a headache for emerging market
countries which had come to rely on cheap foreign money to support domestic
demand and fund current account deficits.
Ironically,
though, the pullback in yields was largely caused by the very turmoil in
emerging markets which had grown alarming enough to prompt safe haven flows to
Treasuries.
However,
the longer term fate of yields rests on when and how the Fed scales back its
stimulus plans, and that remains highly uncertain. Most analysts assume it will
begin tapering in September, but at what pace is open to question.
There is
also a chance the Fed will try to reassure markets that an actual tightening in
policy is still far distant, perhaps by lowering the level at which
unemployment would warrant consideration of a rate rise.
Unfortunately
the Fed itself is divided on all this and the minutes of its last meeting are
likely to show many competing voices, perhaps leaving the market as confused as
ever.
Asian shares marked an upbeat end to a mostly grim
week on Friday as economic data suggesting the global economy is improving took the edge off persistent
fears that the U.S. Federal Reserve will start withdrawing stimulus next month.
European stocks were seen rising, with financial
spreadbetters expecting Britain's FTSE 100 to open around 18 points higher, or
up 0.3 percent; Germany's DAX to open 32 points higher, or up 0.4 percent; and
France's CAC 40 to open 12 points higher, or up 0.3 percent.
MSCI's broadest index of Asia-Pacific shares outside
Japan finished up 0.6 percent, bouncing decisively off a six-week low touched
on Thursday and snapping a six-session losing streak, its longest since March
2012. Still, it looked set to end down 3.1 percent for the week, its worst in
nine weeks.
Japan's Nikkei stock average outperformed, surging
2.2 percent, as a weaker yen gave a tailwind to exporters' shares. The Nikkei
eked out a weekly gain of 0.1 percent, up for the second straight week, although
market participants said Friday's rally was not necessarily a harbinger of a
major shift in sentiment.
"It doesn't look like investors are going long.
It's merely short-covering, but compared to a few days ago when fears about
emerging countries weighed, we are finally seeing bright signs in the world
economy," said Isao Kubo, equity strategist at Nissay Asset Management in
Tokyo.
Asian gains tracked those in overseas markets in the previous session. European shares registered
their best session since early this month and all three U.S. indexes ended
higher despite a system glitch that stopped trading of more than 3,000
Nasdaq-listed shares for almost three hours.
Purchasing managers surveys showed
better-than-expected growth in the euro zone, a Chinese manufacturing rebound
and U.S. manufacturing activity rising to a five-month high this month.
U.S. Labor Department data also showed new claims
for jobless benefits held near a six-year low last week, adding to signs that
the U.S. labour market is stabilising.
ASIAN MANAGEMENT
Two top executives of Millennium
Management LLC are preparing to start a $1.4 billion Asia hedge fund,
people familiar with the matter told Reuters, in what would be the region's
largest such fund launch.
The Millenium spin-out could raise hopes of adding a
spark to Asia's hedge fund industry, which has suffered from poor returns in
the past few years from volatile and sinking markets across the region. The
hedge fund will be based in Hong Kong and
be named Symmetry
Investment Management, the people said, and will be led by Millennium
portfolio manager Feng Guo and the firm's Asian regional manager, Michael
Robinson. The firm plans to open for business in the first quarter of 2014, the
people said, after receiving licenses and setting up its office.
The duo will get as much as $1.2 billion from
Millennium and another $200 million from external investors. The launch breaks the record
set by former Goldman Sachs
trader Morgan Sze, who started Azentus Capital in 2011 with $1 billion.
BANKING
ICICI Bank and Vodafone India
launched mobile banking service ‘M-pesa’ in Mumbai today.
M-Pesa
provides access to financial services via the mobile phone to the unbanked and
under-banked sections of the population.
The
service leverages Vodafone’s mobile services with its distribution and ICICI
Bank’s security of financial transactions.
This
service will now be available through 1,400 authorised agents in Mumbai. Apart
from Mumbai, the service has been rolled out in Kolkata, West Bengal, Bihar,
Jharkhand, Rajasthan and Delhi/NCR.
The
service can help deposit and withdraw cash from designated outlets, transfer
money to any mobile phone in the country, remit money to any bank account in
India make payments to clear utility bills and online shopping among others.
N R
Narayanan, Senior General Manager- Retail Business Head (West), ICICI Bank,
“With ‘M-Pesa’, the Bank offers a unique service that provides basic banking
facilities to millions of Indians who still depend on informal channels for
their banking needs.”
Banking services at Indian Overseas Bank, which had been hit across all its
branches in the last few days due to a technical glitch in a server at the
headquarters here, have been sorted out, bank sources said.
Considered one of the largest public sector banks with 3,000 branches nationwide, the glitch "largely affected" transactions, hampering day-to-day operations, they said.
IOB Chairman and Managing Director M Narendra said services were affected on Monday and restored on Tuesday.
However, for the fourth day today, banking as well as ATM services continued to remain affected.
A senior IOB official told PTI that "the issue was sorted out and system is working today".
The bank had registered 8.95% increase in total business for the quarter ending June 30, 2013 at Rs 3,63,087 crore, compared to Rs 3,33,250 crore during the corresponding period of previous year.
The bank has about 2,000 ATM networks across the country.
Considered one of the largest public sector banks with 3,000 branches nationwide, the glitch "largely affected" transactions, hampering day-to-day operations, they said.
IOB Chairman and Managing Director M Narendra said services were affected on Monday and restored on Tuesday.
However, for the fourth day today, banking as well as ATM services continued to remain affected.
A senior IOB official told PTI that "the issue was sorted out and system is working today".
The bank had registered 8.95% increase in total business for the quarter ending June 30, 2013 at Rs 3,63,087 crore, compared to Rs 3,33,250 crore during the corresponding period of previous year.
The bank has about 2,000 ATM networks across the country.
BUSINESS
Reliance Industries Ltd. (RIL) and its partner BP
have said that they have discovered a new gas condensate off the east coast in
the Cauvery basin. The discovery has been named D-56. “The discovery, in the
deep water block CY-DWN-2001/2 (CYD5), is the second gas discovery in the
block,’’ a release said.RIL is the operator with 70 per cent equity and BP has
a 30 per cent share. Well CYIII-D5-S1 was drilled in a water depth of 1,743 meters,
to a total depth of 5,731 meters, with the primary objective of exploring
Mesozoic-aged reservoirs,” RIL said in a statement on Friday.
The company said preliminary evaluation of well data
and fluid samples indicated presence of gas condensate in the reservoir
interval with a gross column of 143 meters.
“The well, which had the initial reservoir pressure
of 8000 psi, flowed gas at the rate of 35.2 million metric standard cubic feet
per day with condensate at the rate of 413 barrels per day through 52/64 choke
during DST. Well flow rates during such tests are limited by the rig and well
test equipment configuration,” the release added.
The rupee's sharp fall will boost earnings from oil
and gas sales for ONGC, Cairn India, Reliance Industries and Oil India as the
dollar-linked price has risen about 17% in four months, but this is bad news
for households as they will have to pay more for piped gas in their kitchen as
well as petrol and diesel. State-run ONGC, the biggest producer of natural gas
in India, may gain more than 400 crore in a quarter from natural gas alone, oil
ministry officials said requesting anonymity. The gain for the other state
explorer Oil India would be smaller, in line with its size.
The rupee's value has depreciated from about 54 to a
dollar in the middle of April to 63.2 on Tuesday, after the currency hit a
record low of 64. The rupee's rollercoaster ride has shaken up financial
planning of oil firms as India imports 80% of crude oil it processes and pays
in dollars.
"Financial planning gets disturbed in such
volatile situation. One rupee depreciation would mean Rs 9,000-crore loss to
the oil industry," Oil India Director-Finance TK Ananth Kumar said.
India controls retail prices of diesel, kerosene and
cooking gas and partly compensates state retailers for their revenue losses.
Apart from the government, state exploration firms and the state retailers also
share the burden. Retailers' revenue losses in 2012-13 were Rs 161,029 crore.
BUSINESS
MANAGEMENT
Shareholders in RSM Tenon, the UK’s only listed
accountancy firm, have seen the value of their investments wiped out after the
company called in the administrators.
Lloyds Banking Group, the firm’s sole lender, is
also facing a substantial hit, but no job losses are expected among Tenon’s
2,300 employees after rival Baker Tilly – which ruled out a bid for the company’s
shares – stepped in to buy its operating subsidiaries for an undisclosed sum.
The “pre-pack” deal, overseen by administrators from
Deloitte, comes less than a month after Baker Tilly revealed it had made an
unsolicited approach for debt-laden Tenon, and shareholders were warned last
week that they stood to gain little if a deal went through.
In an update to the stock market today, Baker Tilly
said it would not be pressing ahead with an offer for Tenon’s entire issued
share capital, and its target’s shares were suspended from trading. A
subsequent statement from Tenon said that Clare Boardman, Nick Edwards and Matt
Smith of Deloitte had been appointed as joint administrators and had agreed the
sale of Tenon’s trading entities.
The deal comes amid increasing consolidation in the
sector, following BDO’s merger with PKF earlier this year, and needs the
all-clear from regulators and Baker Tilly shareholders. Smith said this should
be “a formality”.
He added: “We believe the proposed sale to Baker
Tilly represents the best outcome for the RSM Tenon group.
“The management of the group have stabilised the
business, returning it to profitability over the past 18 months and making this
transaction possible to secure its future.”
Tenon, the UK’s seventh-largest accountancy
practice, had struggled to recover after revealing a black hole in its accounts
last year. That pushed the group to a £100 million loss and led to the
departure of its chairman and chief executive.
INDIA BUSINESS
Iraq Friday invited Indian business to participate
in the rebuilding of the war-weary country which is moving toward normalcy.
"India's experience will help, we are depending
much on India's experience," visiting Iraqi Prime Minister Nouri Kamil al-Maliki
said here.
"Iraq is in the process of rebuilding its
democratic system," he added.
The Iraqi premier was addressing a meeting of Iraqi
and Indian business leaders organised by industry chambers Confederation of
Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry
(FICCI) and Associated Chambers of Commerce and Industry of India (Assocham).
Iraq, he said, is rich not only in oil and gas, but
offered greater opportunities for India in other sectors like infrastructure,
ports, airports, health and education.
This is the first visit by an Iraqi Prime Minister
to India, and during the trip, the two countries will sign four agreements.
Two of the agreements deal with energy and water
management.
The other two are at the diplomatic level for
enabling consultation between both countries on foreign affairs and training of
diplomats at the foreign services institutions of both the countries.
Iraq is now India's second largest supplier of crude
oil. The agreement on energy cooperation is expected to be of significant
upgrading of energy relationship from a buyer-seller one to a "strategic
engagement", sources said.
INDIA MANAGEMENT
Coca-Cola India announced an organizational rejig on
Friday to bring about greater synergies between the company's management and its bottling partners. The changes come a
day after Coca-Cola International president Ahmet C Bozer said the beverage
maker's $5-billion investments
were on track despite the sluggish economic conditions in the country and that
it was committed to the India market.
Coca-Cola India said in a statement that Debabrata Mukherjee, currently VP, strategy and still beverages, will take on the role of VP, marketing & commercial. The marketing and commercial roles are being brought together under one head for a deeper and combined focus on commercial and shopper marketing as well as product commercialization, the company said. Mukherjee, a Coke veteran, joined the company in 1998 and was the head of marketing for Coca-Cola in Korea before coming back to India in 2011.
Venkatesh Kini, deputy business unit president, India and south west Asia, said, "Building our talent pipeline and developing people capability is one of our key pillars for success. The new senior level management changes being announced today is a step in that direction.
Coca-Cola India said in a statement that Debabrata Mukherjee, currently VP, strategy and still beverages, will take on the role of VP, marketing & commercial. The marketing and commercial roles are being brought together under one head for a deeper and combined focus on commercial and shopper marketing as well as product commercialization, the company said. Mukherjee, a Coke veteran, joined the company in 1998 and was the head of marketing for Coca-Cola in Korea before coming back to India in 2011.
Venkatesh Kini, deputy business unit president, India and south west Asia, said, "Building our talent pipeline and developing people capability is one of our key pillars for success. The new senior level management changes being announced today is a step in that direction.
INSURANCE
In a few weeks, insurance buyers will be able to
convert all their policies into electronic records under one common folio,
irrespective of the company or even the nature of policy. Be it life, health or
motor — all policies can be dematerialized and maintained under one account.
The electronic insurance account will do away with
the need for providing address and identity proof for every purchase and will
bring in all the benefits of demat to the insurance business, including
automatic reminders for premium. Insurance regulator IRDA has issued licences
to five promoters to set up insurance repositories — National Securities
Depository (NSDL), Central Securities Depository (CDSL), Stock Holding
Corporation's SHCIL, Karvy Group and Cams. These five firms have their systems
in place, which are being betatested with a small number of policies. The
official launch is expected to take place in September.
According to IRDA chief T S Vijayan, insurance
companies will have a huge cost incentive in encouraging customers to hold
their policies in electronic form as costs will come down substantially from
around Rs 600 per policy.
This is similar to the development that has taken
place in the mutual fund business where asset management companies do not even
have to maintain a physical presence for servicing. Most of the mutual funds
today are serviced by Cams and Karvy who have centralized the functions of
sending consolidated statements to customers. The fund houses now restrict
their activities largely to sales and fund management.
MARKETING
The Reserve Bank of India on Wednesday opened a
forex swap window for public sector oil
marketing companies on Wednesday to calm volatile forex markets. The
central bank will lend dollars to oil marketing companies for equivalent rupees
which the marketing companies would return over a period of time. "Under
the swap facility, the Reserve Bank will undertake sell/buy USD-INR forex swaps
for a fixed tenor with the oil marketing companies through a designated bank.
The swap facility gets operationalised with immediate effect and will remain in
place until further notice," said the central bank in a notification.
This is done with an aim to reduce volatility in the
rupee market
which has been losing ground against the dollar. With its 4% slide on Wednesday
to a life low of 68.82 to the US dollar, the rupee has lost a fifth of its
value this year.
"There are no counterparties from whom oil
marketing companies can purchase dollars. There are no sellers in the market.
Dollar sellers are available at a very high price. An oil marketing company,
entering the market to buy dollars, will affect the rupee further,'' said
Ashutosh Khajuria, president - treasury at Federal Bank.
"With this facility, the Reserve Bank is trying
to reduce volatility in the rupee market. Oil marketing companies can now swap
rupee for dollars and after a definite time period return the dollars back to RBI," he said.
"This will give time to the oil marketing companies to return dollars and
also not affect the country's reserves. Even if the oil marketing company is
not able to return the dollars in the said time frame the central bank has the
option of rolling over the swap," said Khajuria.
Brand Networks, a leading provider of integrated
social software solutions and digital marketing services, today announced that
it has partnered with Planalytics, Inc., the leading global source of Business
Weather Intelligence. Brand Networks' Social Marketing Stack™ has been
integrated with Planalytics' WeatherSmart(SM) Marketing technology to fuse
actionable weather analytics and social media. Marketers will now have the
ability to tailor their strategies according to advanced weather insights and
hyper-responsive, hyper-local, social marketing capabilities, Brand Networks'
specialty.
"Weather has an enormous impact on retail
businesses' operations, inventory decisions and ultimately sales," said
Jamie Tedford, CEO and founder of Brand Networks. "However, retail
marketers have lacked real-time and hyper-local advertising vehicles to make
weather intelligence work at scale. The Social Marketing Stack with
WeatherSmart changes all that for our clients."
Planalytics is the pioneer and premier source of
Business Weather Intelligence which translates raw weather data into powerful
insights that clients use to increase sales, improve margins and capture
greater market share. Weather data alone does not account for the unique
attributes of geography, product/service, time of the year and other variables
(e.g. gender, age, etc.) that influence demand. Planalytics' comprehensive
market-by-market weather-driven demand models, which are based on years of
actual category sales data, reveal a more complicated, nuanced and accurate
picture of how weather affects consumer buying behavior. Weather projections
layered over these detailed demand signatures enable Planalytics to clearly
identify the best opportunities for marketers.
ODISHA BUSINESS
Promising to promote oil palm cultivation in Odisha through partnership with
farmers, leading FMCG player Ruchi Soya today said it plans to set up a processing plant
in the state at a cost of Rs 30 crore.
"Ruchi Soya is the largest player in Odisha with access to 28,000 hectares land in Mayurbhanj, Balasore, Bhadrak and Kendrapara districts," Dinesh Shahra, Founder and Managing Director of Ruchi Soya told reporters here.
Under a tripartite agreement with Odisha government and farmers, Ruchi Soya has exclusive rights to procure Fresh Fruit Bunches (FFB) of oil palm from farmers. Upon receipt of the raw material from the farmers, the company will pay to the farmers on every 20th day directly through their bank accounts. There are no middlemen in the transaction, he said.
"The entire process is transparent. Rates of FFB are linked to international prices of palm, thus availing benefits of global markets to local farming community," he said.
Since Odisha occupies an important position in the company's operations, Ruchi Soya has decided to establish a plant in the state to manufacture crude palm oil at an investment of Rs 30 crore, Shahra said, adding, the plant will be operational in one of the four districts under oil palm cultivation in two years.
Ruchi Soya may initially set up 10 tonnes per hour FFB processing mill. Presently, we are associated directly with over 4,000 farmers. At present, over 6,000 persons are directly or indirectly linked with this project which has a larger employment generation potential, he said.
Voicing concern over huge imports of edible oil, he said over 50% of edible oil consumed in India comes through import. Total imports of vegetable oil, including crude and refined, is set to hit a new record of 10.8 to 11 million tonnes this year, Shahra said.
"Ruchi Soya is the largest player in Odisha with access to 28,000 hectares land in Mayurbhanj, Balasore, Bhadrak and Kendrapara districts," Dinesh Shahra, Founder and Managing Director of Ruchi Soya told reporters here.
Under a tripartite agreement with Odisha government and farmers, Ruchi Soya has exclusive rights to procure Fresh Fruit Bunches (FFB) of oil palm from farmers. Upon receipt of the raw material from the farmers, the company will pay to the farmers on every 20th day directly through their bank accounts. There are no middlemen in the transaction, he said.
"The entire process is transparent. Rates of FFB are linked to international prices of palm, thus availing benefits of global markets to local farming community," he said.
Since Odisha occupies an important position in the company's operations, Ruchi Soya has decided to establish a plant in the state to manufacture crude palm oil at an investment of Rs 30 crore, Shahra said, adding, the plant will be operational in one of the four districts under oil palm cultivation in two years.
Ruchi Soya may initially set up 10 tonnes per hour FFB processing mill. Presently, we are associated directly with over 4,000 farmers. At present, over 6,000 persons are directly or indirectly linked with this project which has a larger employment generation potential, he said.
Voicing concern over huge imports of edible oil, he said over 50% of edible oil consumed in India comes through import. Total imports of vegetable oil, including crude and refined, is set to hit a new record of 10.8 to 11 million tonnes this year, Shahra said.
The Energy Resources Institute (TERI), a Delhi based organisation dealing with sustainable
use of finite resources, has raised reservations over Odisha’s demand for free power from thermal power plants
and energy stations based on coal washery rejects.
“TERI is not okay with the demand for free power raised by the state government. It has instead suggested availability of power at a subsidised rate but the quantum has not been specified,” said a source at the energy department.
The Planning Commission had urged TERI to conduct a study on the issue after Odisha and some other coal bearing states pitched for free power from coal-based power plants coming up in their respective states.
It may be noted that Odisha had demanded 25 per cent free power from coal-based power plants and 33 per cent free power from power plants based on coal washery rejects.
Later, the state government is understood to have scaled down its power demand from plants based on washery rejects to 13 per cent in line with the provision under National Hydro Policy.
The demand was also stiffly opposed by the independent power producers (IPPs) who argued that the condition of supply of free power will make the power projects unviable.
A team of TERI had recently visited Odisha for a study on equitable sharing of benefits arising from coal mining and power generation amongst resource rich states. The objective of the study was also to examine the impact of allowing free power at variable cost from coal based plants in the host state.
TERI has sought information from the state government on various facets of the power sector like capacity of coal-based power plants, state share of power from these units, cess (if any) levied on the generators, current rate of electricity duty on consumption and tariff at which electricity is supplied from the power plants.
“TERI is not okay with the demand for free power raised by the state government. It has instead suggested availability of power at a subsidised rate but the quantum has not been specified,” said a source at the energy department.
The Planning Commission had urged TERI to conduct a study on the issue after Odisha and some other coal bearing states pitched for free power from coal-based power plants coming up in their respective states.
It may be noted that Odisha had demanded 25 per cent free power from coal-based power plants and 33 per cent free power from power plants based on coal washery rejects.
Later, the state government is understood to have scaled down its power demand from plants based on washery rejects to 13 per cent in line with the provision under National Hydro Policy.
The demand was also stiffly opposed by the independent power producers (IPPs) who argued that the condition of supply of free power will make the power projects unviable.
A team of TERI had recently visited Odisha for a study on equitable sharing of benefits arising from coal mining and power generation amongst resource rich states. The objective of the study was also to examine the impact of allowing free power at variable cost from coal based plants in the host state.
TERI has sought information from the state government on various facets of the power sector like capacity of coal-based power plants, state share of power from these units, cess (if any) levied on the generators, current rate of electricity duty on consumption and tariff at which electricity is supplied from the power plants.
RETAIL
The bright
spot for retailers such as Shoppers
Stop Ltd and Future
Retail Ltd is the fact that same-store-sales (SSS) growth was healthy in
the quarter ended 30 June.
For the
quarter, growth in SSS, or sales in shops that were open for at least one year,
for Future Retail’s value retailing and home retailing business segments stood at
10.4% and 3.7%, respectively—the best seen in several quarters. The home retail
segment saw positive growth after seven quarters, while value retailing SSS
growth registered double-digit growth after eight quarters. What helped the
value retailing business, according to the company, is its focus on increasing
the share of sales in the high-margin fashion category.
The June
quarter also had a good wedding season this time around, boosting the
performance of retailers. No wonder, Titan
Industries Ltd reported strong jewellery volume last quarter, which also
got a boost on account of a drop in gold prices.
Shoppers
Stop’s like-to-like sales growth for the June quarter increased by 12%, more
than the 10% growth seen in the March quarter. Of course, most of this growth
was led by pricing. True, sales volume was better too but then that could have
also been helped to some extent because they had declined in the June 2012
quarter.
The trend
is likely to continue in the current quarter for both Future Retail and
Shoppers Stop. That’s primarily because of the discount-sale season during the
quarter. “While people seem to be postponing big purchases such as real estate
or travelling, the saving grace is that people still seem to be spending on
apparel, food and theatre,” said Govind
Shrikhande, managing director of Shoppers Stop.
The
National Retail Federation today issued the following statements from NRF
President and CEO Matthew Shay and NRF Chairman Stephen I. Sadove of Saks
Incorporated on the opening of the U.S. Manufacturing Summit, which brought
1,500 government and business leaders together in Orlando this week to discuss
the importance of domestic sourcing and how best to harness the potential of
American manufacturing and retailing.
"This
summit is testament to the importance the retail industry plays in
America," Shay said. "By leveraging our resources and applying our
expertise, we can help re-build American manufacturing, create new jobs and
opportunities, and spur economic growth across the country."
"Domestic
sourcing creates good paying careers for American workers who will spend more
in our stores, benefiting retailers large and small," Shay said. "By
bringing together retailers, suppliers, manufacturers and key government
officials, we can jointly identify areas of opportunity that will help to drive
a renewal of American manufacturing. It's already happening, and we're proud to
be a part of it."
Shay will
host a morning discussion with U.S. Commerce Secretary Penny Pritzker, GE
Chairman and CEO Jeff Immelt and other executives. Shay will also moderate an
afternoon panel, featuring Governors Butch Otter, R-Idaho; Paul LePage;
R-Maine.; and Earl Ray Tomblin, D-W.Va., and the CEOs of Chobani, and Hampton
Products International. The summit is being hosted by Walmart and NRF.
"The
NRF board and our members are pleased to be a partner in this summit,"
Sadove said. "There is no mystery behind the logic and intent of this
event. This is a much needed cooperative effort to build a strong, competitive
and thriving manufacturing industry sector for the U.S. economy."
_______________________________________________________________
Source of
Information for this issue: Google alert accessed on 26th and 30th Aug 2013
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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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