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ASIAN BUSINESS
Asian
Paints
lost 0.11% to Rs 487 at 11:57 IST on BSE after a block
deal of 4.5 lakh shares was executed on BSE at Rs 491 per share at 10:47 IST.
The block deal constitutes 0.04% of Asian Paints' equity.
Meanwhile, the S&P BSE Sensex was down 266.39
points or 1.31% at 19,997.32.
On BSE, 4.99 lakh shares were traded in the counter
as against average daily volume of 90,571 shares in the past one quarter.
The stock was volatile. The stock lost as much as
0.89% at the day's low of Rs 483.20 so far during the day. The stock rose as
much as 1.54% at the day's high of Rs 495.10 so far during the day. The stock
had hit a record high of Rs 524.70 on 30 July 2013. The stock had hit a 52-week
low of Rs 376.35 on 28 August 2013.
The stock had outperformed the market over the past
one month till 20 September 2013, surging 16.64% compared with the Sensex's
11.06% jump. The scrp had, however, underperformed the market in the past one
quarter, advancing 3.04% as against Sensex's 8.25% rise.
ASIAN MANAGEMENT
Ebates.com, the pioneer
and leader in online cash back shopping, today launched a new Korean-language
site, Ebates.kr, to better meet the needs of its growing member base in Korea,
as well as Korean speakers worldwide. To capitalize on an expanding number of
opportunities in Asia, the company also announced the opening of its Singapore
office and the appointment of David Teng as General Manager of Asia.
With Ebates.com, online shoppers around the globe
enjoy cash-back, online coupons and free shipping from thousands of their
favorite retailers.
“Despite a language barrier and no in-country
marketing, over one hundred thousand (100,000) Koreans have joined Ebates.com
in the last two years. With the launch of a site increasingly tailored to a
Korean audience we expect membership and shopping to climb dramatically,” said
Ebates.com CEO Kevin H. Johnson. “The site gives Koreans who shop online an
easy and convenient way to take advantage of all that Ebates has to offer, and
also serves retailers with a powerful new way to connect to a vibrant market.”
Ebates’ appointment of Teng to head operations in
Asia underscores the company’s commitment to bringing together the world’s most
popular online retailers with Asia’s tremendous consumer market that has
rapidly embraced online shopping. In his new role, Teng is chartered with
developing innovative marketing approaches that broaden the company’s presence
and extend its vision throughout the region.
“With the addition of David Teng to head our Asian
operations, Ebates is quickly fulfilling its vision to provide Asian shoppers
with the same exceptional savings opportunities enjoyed by our shoppers in
North America,” said Johnson. “David’s experience in consumer marketing and
product management make him the perfect choice to guide our initiatives in the
region.”
BANKING
ICICI Bank has launched a new Facebook app that will
enable its customers to transact directly from the social networking site.
Primarily targeted at young customers, the new app
'Pockets' will enable customers of the bank to transfer money, recharge mobile
phones and book movie tickets from their Facebook pages.
There will be no additional charge for using the
application, the bank said.
The "split and share" app on the platform
will allow customers to split and track group expenses and share them with
friends on Facebook. The app also gives the customer the option of sending
messages to remind friends about pending payments.
For every new transaction, the bank will send a
one-time password to the customer. This will ensure safety of the transaction.
"The app will enable young consumers who spend
a lot of time on Facebook to carry out a wide set of transactions without
having to leave the social media site," said Chanda Kochhar, Managing
Director and Chief Executive Officer, ICICI Bank.
Kochhar said one-third of the bank's customers are
under the age of 30.
According to a Comscore report, Facebook users in
India spend about three-and-a-half hours on the social networking site daily.
Telecom watchdog Trai today said seven banks,
including SBI, ICICI and HDFC Bank, were involved
in pesky communications and warned that their telecom resources could be
disconnected if they fail to submit a report on the nature of non-compliance
and action taken.
The errant banks which also include PNB, Citi, Axis and Kotak
Mahindra are found to be marketing their products and services using
unregistered telemarketers, Telecom
Regulatory Authority of India (TRAI) said in a statement.
Issuing stringent rules last month, TRAI had said
phone connections of banks, insurance firms and realty players would be
disconnected if they or entities on their behalf flouted the rules.
The new rules issued by the authority include a fine
of Rs 5,000 per complaint on a telecom firm if found that the UCC (Unsolicited
Commercial Communication) was made by unregistered telemarketers using its
network.
On receipt of third complaint, the telecom resources
of the entity on whose behalf the communication was sent should be
disconnected, Trai said.
However, despite that it has come to TRAI's notice
that some of the major banks and financial institutions have continued
violation of the provisions by marketing their products and services through
unregistered telemarketers.
"In terms of the regulations, the service
providers are mandated to disconnect all the telecom resources of these
banks," it said.
However, keeping the larger public interest in view
and to prevent public inconvenience, the Authority has decided to exercise
temporary regulatory forbearance.
INDIA BUSINESS
British telecom major Vodafone is planning to
buy out stakes held by its Indian partners, including Ajay Piramal-led Piramal
Healthcare and Analjit
Singh,
in Vodafone India to gain complete control of the country's second largest
telecom operator.
"Work is going on in this regard (to take parent stake to 100% by buying stakes held by Indian partners)," a source familiar with the development told PTI.
No immediate comments were received from the company.
Vodafone has raised it stake to 74% in Vodafone Essar Ltd (VEL) by buying shares of Essar in the company in 2011. The British major bought Essar's 33% stake in VEL for $5.46 billion in July, 2011.
After buying Essar's 33%, Vodafone's stake in VEL was going above the 74% FDI limit permitted at that time. Vodafone transferred 1.35% stake to an Indian investor to remain compliant with the existing sectoral FDI norms.
Piramal Healthcare in August, 2011 bought 5.5 per stake in the Vodafone India for about Rs 2,900 crore.
According to sources, Piramal Healthcare now holds about 11% stake in Vodafone India and Max India's founder Analjit Singh owns about 6%.
Vodafone has already started the exercise for equity valuation to buy out entire stake of its India partners, sources said.
In April 2013, Piramal Group Chairman Ajay Piramal had said the company had invested in Vodafone with 24-36 month exit plan and would sell the stake either sometime this year or the next.
The government in August approved 100% foreign direct investment (FDI) in the telecom sector, meeting a key demand of the fund-starved industry. It was decided to increase FDI cap in telecom to 100% from 74%.
"Work is going on in this regard (to take parent stake to 100% by buying stakes held by Indian partners)," a source familiar with the development told PTI.
No immediate comments were received from the company.
Vodafone has raised it stake to 74% in Vodafone Essar Ltd (VEL) by buying shares of Essar in the company in 2011. The British major bought Essar's 33% stake in VEL for $5.46 billion in July, 2011.
After buying Essar's 33%, Vodafone's stake in VEL was going above the 74% FDI limit permitted at that time. Vodafone transferred 1.35% stake to an Indian investor to remain compliant with the existing sectoral FDI norms.
Piramal Healthcare in August, 2011 bought 5.5 per stake in the Vodafone India for about Rs 2,900 crore.
According to sources, Piramal Healthcare now holds about 11% stake in Vodafone India and Max India's founder Analjit Singh owns about 6%.
Vodafone has already started the exercise for equity valuation to buy out entire stake of its India partners, sources said.
In April 2013, Piramal Group Chairman Ajay Piramal had said the company had invested in Vodafone with 24-36 month exit plan and would sell the stake either sometime this year or the next.
The government in August approved 100% foreign direct investment (FDI) in the telecom sector, meeting a key demand of the fund-starved industry. It was decided to increase FDI cap in telecom to 100% from 74%.
LOGISTICS
Publicis Groupe announced yesterday that all the
brands of Publicis Groupe Production Platforms, its production pole, are
changing their name to ‘Prodigious’ and simultaneously launches brand
logistics, an innovative brand asset production offering.
Publicis Groupe Production Platforms brings together
specialist production brands such as Mundocom in print, WAM in video or Bosz
Digital in digital. Their role is to help global brands produce and deliver
their messages by bringing to life creative concepts efficiently as they enter
production.
This change to one global brand marks the evolution
of the business to create a single cross-media production service company able
to deliver on a global scale. In recent years, Publicis Groupe has made
acquisitions and investments to integrate many different production
disciplines, in particular in the digital field, and to expand the global
presence of its production facilities that now span over nearly 20 locations in
Europe, North America and Latin America with highly skilled offshore hubs in
Costa Rica, Colombia and Mauritius.
Publicis Groupe’s production pole now operates
across print, video and digital from Paris, London, Nottingham, Milan, Turin,
Rome, Frankfurt, Madrid, Brussels, Copenhagen, Oslo, Stockholm, New York,
Chicago, Detroit, San José, Bogotá and Ebene.
“Over the years we have pioneered new businesses and
made strategic acquisitions in order to build the leading provider in the world
of cross-media production solutions,” commented Jean-Yves Naouri, COO of
Publicis Groupe. “Rebranding those skills across the globe as a single,
recognisable brand, Prodigious, allows us to show the market that we have
become that leader.”
Allcargo
Logistics
has bought US-based Econocaribe
Consolidators
for about $50 million ( Rs 312.25 crore), an acquisition that enables the
Indian firm to enter the North American market, pushing its share price up as
much as 13% on the BSE. The buyout gives Allcargo the much-needed access to the
world's largest economy, and many big
clients.
Econocaribe Consolidators is one of the largest non-vessel operating common carriers (NVOCC) in US, with 9 offices in the country and 22 receiving terminals in the US and Canada. The deal, Allcargo's seventh acquisition in the last eight years, is expected to immediately add to its earnings.
Econocaribe, the revenue of which grew 15% last year, is a zero-debt company. Operators like Econocaribe don't own vessels but buy space in other logistics companies to ship cargo. They are more resilient to economic slowdowns. "When we don't have a presence in the US, many customers don't want to work with us. There are many global customers who want one company to serve all their requirements," said Shashi Kiran Shetty, executive chairman of Allcargo.
With this buyout, Allcargo, a part of the Avvashya Group, can now tap the US business of big logistics companies like DHL and UPS, the company said. Allcargo already serves these companies elsewhere in the world. Allcargo expects that with the addition of new clients, volume in and out of the US will grow, aiding overall profitability. The acquisition also gives Allcargo a share of the growing trade within the Americas.
Econocaribe Consolidators is one of the largest non-vessel operating common carriers (NVOCC) in US, with 9 offices in the country and 22 receiving terminals in the US and Canada. The deal, Allcargo's seventh acquisition in the last eight years, is expected to immediately add to its earnings.
Econocaribe, the revenue of which grew 15% last year, is a zero-debt company. Operators like Econocaribe don't own vessels but buy space in other logistics companies to ship cargo. They are more resilient to economic slowdowns. "When we don't have a presence in the US, many customers don't want to work with us. There are many global customers who want one company to serve all their requirements," said Shashi Kiran Shetty, executive chairman of Allcargo.
With this buyout, Allcargo, a part of the Avvashya Group, can now tap the US business of big logistics companies like DHL and UPS, the company said. Allcargo already serves these companies elsewhere in the world. Allcargo expects that with the addition of new clients, volume in and out of the US will grow, aiding overall profitability. The acquisition also gives Allcargo a share of the growing trade within the Americas.
MANAGEMENT
Goldman
Sachs Asset Management ("GSAM") announced today it has entered into
an agreement with Deutsche Asset & Wealth Management ("DeAWM") to
acquire DeAWM's stable value* business, with total assets under supervision of
$21.6 billion as of June 30, 2013. The transaction represents the latest step
by GSAM to grow its defined contribution (DC) franchise following last year's
acquisition of Dwight Asset Management ("Dwight"), a premier stable
value asset manager based in Burlington, VT.
"GSAM's
acquisition of DeAWM's stable value business affirms our strong commitment to
providing defined contribution plan participants with capital preservation
investment options," said Eric S. Lane and Timothy J. O'Neill, co-heads of
the Investment Management Division at Goldman Sachs. "The expert talent
and potential client relationships that we gain from this transaction will
complement our existing stable value business."
Jerry W.
Miller, Head of DeAWM Americas, said: "We are investing significantly in
our Americas business and are committed to providing clients with an enhanced
range of investment solutions across fixed income, equity and alternative asset
classes. As we focus on growing the rest of our platform, we have opted not to
participate in the consolidation of the stable value sector. Consequently, we
are pleased with the sale of our stable value business to one of the leaders in
the space."
This
transaction follows GSAM's July 2013 announcement of its intent to establish a
new stable value collective trust.
As part of
this transaction, John Axtell, DeAWM's Head of Stable Value, and other key
members of the DeAWM stable value management team will join GSAM. Prior to the
closing, DeAWM will be working with clients to ensure a seamless transition to
GSAM or other stable value managers. GSAM currently manages over $55 billion in
defined contribution mandates, including more than $34 billion in stable value
assets under supervision.**
MARKETING
Experian Marketing Services, a global provider of
integrated consumer insights and targeting, data quality and cross-channel
marketing, will introduce a retention-based email solution this week at the
Shop.org Annual Summit in Chicago, Sept. 30 through Oct. 2, 2013. The email
consortium, Email Insights, gives marketers a more holistic view of their
customers by linking traditionally siloed databases and insights, such as
in-store shoppers, loyalty program members and mobile app users, to their email
marketing list. Email Insights is compatible with any email service provider
(ESP), offering members access to a more comprehensive database of email
activity information.
The Email Insights model allows marketers to gain
insights about their email subscriber database through access to a broader,
privacy-protected database consortium in order to verify inactive and active
subscribers. With this information, marketers can focus fully on reengaging
these subscribers, significantly reducing cost by not pursuing inactive email
addresses while also improving their sender reputation scores. Inactive
subscribers, those email subscribers that may not open or respond to email
messages, often comprise as much as 40 percent to 50 percent of an email
marketing database and can damage a sender's reputation with Internet service
providers (ISP). Marketers using Email Insights have been able to verify 10
percent to 40 percent of email addresses previously identified as inactive subscribers
as active accounts.
As an ESP agnostic database, the Email Insights
product caters to a diverse set of companies, including retailers, publishers
and manufacturers, as well as brands with smaller databases.
ODISHA BUSINESS
Peeved over the inordinate delay in implementation
of their power
projects,
the state energy department has decided to scrap memorandum of understanding (MoUs)
signed with three independent power producers (IPPs) – Vijayaa Ferro &
Power Ltd, Adhunik Power & Natural
Resources
Ltd and Astaranga Power.
"The progress achieved by these IPPs is far from satisfactory. They have not even signed power purchase agreements (PPAs) with Gridco. The fate of their proposed projects is almost sealed since the state government has decided in principle to cancel their MoUs”, said a senior state government official.
Astaranga Power Ltd had entered into an MoU with the state government in February 2009 for establishment of 2640 Mw coal fired power plant at Astaranga in Puri district at a cost of Rs 11,200 crore.
Both Vijayaa Ferro & Power Ltd and Adhunik Power & Natural Resources had signed MoUs with the state government in April 2010. Vijayaaa Ferro & Power had proposed 120 Mw plant at Turlakhamar in Kalahandi district at an investment of Rs 550 crore. Adhunik Power & Natural Resources' 1320 Mw power project was to come up at Biramaharajpur in Sonepur district at a cost of Rs 8079.74 crore.
Earlier, the state government had decided against renewing lapsed MoU of Essar Power due to lack of progress on its project. The company had inked an MoU with the state government in September 2006, committing an investment of Rs 4602 crore on its 1000 Mw coal-fired power project.
The state government had signed MoUs with 30 IPPs that promised a combined generation capacity of around 37,000 Mw. The state's share from these projects was pegged at about 6000 Mw.
"The progress achieved by these IPPs is far from satisfactory. They have not even signed power purchase agreements (PPAs) with Gridco. The fate of their proposed projects is almost sealed since the state government has decided in principle to cancel their MoUs”, said a senior state government official.
Astaranga Power Ltd had entered into an MoU with the state government in February 2009 for establishment of 2640 Mw coal fired power plant at Astaranga in Puri district at a cost of Rs 11,200 crore.
Both Vijayaa Ferro & Power Ltd and Adhunik Power & Natural Resources had signed MoUs with the state government in April 2010. Vijayaaa Ferro & Power had proposed 120 Mw plant at Turlakhamar in Kalahandi district at an investment of Rs 550 crore. Adhunik Power & Natural Resources' 1320 Mw power project was to come up at Biramaharajpur in Sonepur district at a cost of Rs 8079.74 crore.
Earlier, the state government had decided against renewing lapsed MoU of Essar Power due to lack of progress on its project. The company had inked an MoU with the state government in September 2006, committing an investment of Rs 4602 crore on its 1000 Mw coal-fired power project.
The state government had signed MoUs with 30 IPPs that promised a combined generation capacity of around 37,000 Mw. The state's share from these projects was pegged at about 6000 Mw.
RETAIL
Finnish handset maker Nokia on Thursday unveiled its
much-awaited 41 megapixel camera phone Lumia 1020, which will be available in
stores across India starting October 11.
Though the company did not reveal the price of the handset yet, it is being sold for almost $800 (Rs 48,000) in the other parts of the world.
The handset offers a second generation 41 megapixel sensor and optical image stabilisation (OIS).
“Consumers are increasingly demanding a high quality smartphone camera that they can rely on to capture and share their lives. The Nokia Lumia 1020 is the first smartphone which also exceeds many standalone digital cameras for quality,” Vipul Mehrotra, director - smartphone devices, Nokia India, Middle East and Africa, said.
The device is equipped with leading hardware technology combined with a new application called Nokia Pro Camera, which makes it easy for anyone to take professional quality images.
Either before a picture is taken or after it has been shot, the zoom capability enables people to shoot first and then zoom later to discover and rediscover stories that contain more detail than the eye can see, the company said.
The handset has a dual capture feature which simultaneously takes a high resolution 38 megapixel image for endless editing opportunities.
“The response to the Nokia Lumia range in India has been extremely encouraging,” said P Balaji, managing director, Nokia India. “The 1020 is a stunning device with imaging capabilities like no other smartphone. We believe it will further strengthen Nokia’s leadership in imaging, which today plays a pivotal role in the lives of consumers,” he said.
Though the company did not reveal the price of the handset yet, it is being sold for almost $800 (Rs 48,000) in the other parts of the world.
The handset offers a second generation 41 megapixel sensor and optical image stabilisation (OIS).
“Consumers are increasingly demanding a high quality smartphone camera that they can rely on to capture and share their lives. The Nokia Lumia 1020 is the first smartphone which also exceeds many standalone digital cameras for quality,” Vipul Mehrotra, director - smartphone devices, Nokia India, Middle East and Africa, said.
The device is equipped with leading hardware technology combined with a new application called Nokia Pro Camera, which makes it easy for anyone to take professional quality images.
Either before a picture is taken or after it has been shot, the zoom capability enables people to shoot first and then zoom later to discover and rediscover stories that contain more detail than the eye can see, the company said.
The handset has a dual capture feature which simultaneously takes a high resolution 38 megapixel image for endless editing opportunities.
“The response to the Nokia Lumia range in India has been extremely encouraging,” said P Balaji, managing director, Nokia India. “The 1020 is a stunning device with imaging capabilities like no other smartphone. We believe it will further strengthen Nokia’s leadership in imaging, which today plays a pivotal role in the lives of consumers,” he said.
Some of the world's largest retailers are turning
their stores into mini distribution hubs to help them compete better online against
Amazon.com.
Instead of fulfilling Web orders from warehouses
hundreds of miles from shoppers' homes, companies including Wal-Mart, Best Buy
and Gap are routing orders to stores nearby.
Store employees pick products from shelves, pack
them into boxes and drop them into waiting FedEx and UPS trucks that zip off to
homes a few miles away.
The trend, known as Ship from Store, saves money
through shorter delivery routes. More important, it speeds deliveries, avoids
costly markdowns and recoups sales that have been lost to Amazon, the world's
largest Internet retailer.
"This is the most important thing that will
change physical retailers over the next five years," said Matt Nemer, a
retail industry analyst at Wells Fargo Securities.
A network of large stores — with high overhead costs
— has become a liability rather than an asset in recent years. Amazon, which
has no stores, won market share with lower prices and huge selection. But
retailers have begun fighting back by using technology to get more sales out of
stores — and ship-from-store is a big part of the effort.
SUPPLY CHAIN
Foxconn, world's leading manufacturer of computer
components and systems, has entered into the supply chains of Mercedes Benz and
BMW with its auto parts and components. Foxconn has also approached electric
car vendors to negotiate possible orders.
Foxconn's development in the car product business is
not limited to infotainment devices, but also high-technological systems
related to car electromechanical, central control security and car electronics,
which will generate high profits.
Foxconn also established an exhibition room at its
headquarters in Taiwan to demonstrate its latest technologies and devices for
the car product business. Foxconn has also been aggressively expanding in
China's electric car business.
_____________________________________________________________
Source of
Information for this issue: Google alert accessed on 30th Sept 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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