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BANKING
The Royal Bank of Scotland will spend £30m deploying
a new generation of cash machines that offer customers more everyday banking
facilities, as the industry rapidly moves towards greater automation.
Customers will be able to deposit cash and cheques
from the new breed of street ATMs as well as withdraw cash.
The new chief executive of Royal Bank of Scotland,
Ross McEwan, made the announcement on Friday morning in an address to delegates
at a business conference at the Scottish Parliament.
He said significant changes will be made the
business, in a speech hinting at a move away from branch banking.
"Consumers are becoming less and less willing
to tolerate service that doesn’t meet their needs," he said.
"Consumer empowerment is also being supported and accelerated by rapid
technological advances." The bank expects to have more than four million
customers using its mobile banking app by the end of next year, Mr McEwan said.
"At the same time, we are seeing less and less
activity in our branches. Since 2010, branch transactions are down almost
30pc," he said.
The bank should also look at putting 24-hour
self-service centres in places such as Waverley railway station in Edinburgh,
he said.
"These machines can address the vast majority
of the day-to-day banking needs of customers. Then instead of answering balance
inquiries at a branch, branches should be the places where people go because
they need advice, they need a mortgage, they need actual help with their
financial position.
BUSINESS
Buoyed by a firming demand graph from automakers for
high-grade steels, Mahindra Intertrade, a wholly owned subsidiary of Mahindra
& Mahindra, is planning to set up three new service centres in India across
north, west and south. This would entail an investment of `450-500 crore, Harsh
Kumar, managing director, told dna.
Mahindra Intertrade, which has five steel service
centres in India and one in the Middle-East, on Monday announced a joint
venture with the Taiwan-based China Steel Global Trading Corporation and
Singapore based Mitsui & Co (Asia Pacific) to set up an automotive steel
service centre at MIDC’s Chakan Industrial Area near Pune. While Mahindra
Intertrade will hold a share of 51% in the JV, the other two will hold 24.5%
each. The `150 crore-steel service plant would have an annual processing
capacity of 1,30,000 tonnes. The merchant service centre aims to cater to auto
companies like General Motors, Tata Motors and Volkswagen, while the core load
will come from its parent M&M. The plant is expected to start operations in
the fourth quarter of fiscal 2015.
Generally, such service centres are either embedded
in a steel plant or with an automobile manufacturing facility. However, Mahindra
Intertrade is focusing on having independent operations by which it will be
free to buy steel from any player and sell it to any original equipment
manufacturer. Kumar also added that the steel service centre will provide
just-in-time or same day delivery to OEMs. Currently, there are very few such
merchant service centres in the country. The facility will produce steel blanks
and profiles used in passenger vehicles. The company would need nearly 10,000
tonnes of steel every month for the plant and will import its 25% requirements
from China Steel.
State-run
gas utility would foray into international
trading in liquid
gas with part of supplies it has tied up from the US, a company statement
quoted chairman B C Tripathi as saying in Paris.
"GAIL has allocated one million tonne per annum of LNG (industry name for liquefied natural gas) volume sourced from the US to its subsidiary GAIL Global (Singapore) Pte. Ltd for trading in the global market," Tripathi was quoted as saying after receiving the Best LNG Executive Global Award at the 14th World LNG Summit.
GAIL set up the trading subsidiary in Singapore in 2011 for sourcing natural gas and trading in LNG and petrochemicals. It was the first Indian company to sew up LNG supplies from the US, with a contract for 3.5 million tonnes of LNG over 20 years from Sabine Pass Liquefaction project. The US subsidiary of GAIL also contracted half of Dominion's capacity for 20 years.
GAIL also executed a long-term Gas Sale and Purchase Agreement with Gazprom Marketing and Trading Singapore Ltd for supply of 2.5 million tonne of LNG per annum from its Shtokman production facilities over a period of 20 years.
Going forward, Tripathi said GAIL plans to venture into LNG shipping to wheel US gas to India, double the capacity of Dabhol LNG terminal, invest in acquiring stake in an exploration block in Tanzania sector and setting up floating terminal for importing gas in ships.
"GAIL has allocated one million tonne per annum of LNG (industry name for liquefied natural gas) volume sourced from the US to its subsidiary GAIL Global (Singapore) Pte. Ltd for trading in the global market," Tripathi was quoted as saying after receiving the Best LNG Executive Global Award at the 14th World LNG Summit.
GAIL set up the trading subsidiary in Singapore in 2011 for sourcing natural gas and trading in LNG and petrochemicals. It was the first Indian company to sew up LNG supplies from the US, with a contract for 3.5 million tonnes of LNG over 20 years from Sabine Pass Liquefaction project. The US subsidiary of GAIL also contracted half of Dominion's capacity for 20 years.
GAIL also executed a long-term Gas Sale and Purchase Agreement with Gazprom Marketing and Trading Singapore Ltd for supply of 2.5 million tonne of LNG per annum from its Shtokman production facilities over a period of 20 years.
Going forward, Tripathi said GAIL plans to venture into LNG shipping to wheel US gas to India, double the capacity of Dabhol LNG terminal, invest in acquiring stake in an exploration block in Tanzania sector and setting up floating terminal for importing gas in ships.
BUSINESS
MANAGEMENT
Epicor
Software Corporation, a global leader in business
software solutions for manufacturing, distribution, retail and services
organizations, today announced Jenzabar selects the latest version of the
Epicor IT Service Management (ITSM) 2013. Epicor
ITSM delivers next generation IT service desk application which enables
businesses to manage and measure every aspect of their IT service and support
processes.
Based in
Boston, Massachusetts Jenzabar,
Inc. is a leading provider of enterprise software, strategies, and services
developed exclusively for higher education. Jenzabar has international sites
and four offices in the US with nearly 400 employees. The company offers
integrated, innovative solutions to advance the goals of academic and
administrative offices across the campus and throughout the student lifecycle.
As a trusted partner serving more than 1,000 campuses worldwide, Jenzabar has
over four decades of experience supporting the higher education community.
Jenzabar
has been an Epicor customer since the 1990's when they first purchased Epicor
Clientele, a complete customer relationship management (CRM) solution. Since
then Jenzabar has purchased other Epicor solutions to create a centralized
system to support several operations of the company, including IT help desk,
business management, CRM, service management and financial systems. Recently
the company made the decision to upgrade their IT help desk and CRM software to
improve visibility and accessibility of their IT service backlogs.
"Epicor
ITSM provides ease of integration with other systems, mobile interaction and
additional visibility for employees, saving them time by not requiring them to
look for information in different portals," said Bill Wolfe, Business
Systems Analyst at Jenzabar.
HUMAN RESOURCE
MANAGEMENT
India and Malaysia today signed a Memorandum of Understanding (MoU)
to strengthen co-operation in public administration and governance as part of
the efforts to enhance their strategic partnership.
The MoU covers eight areas of co-operation including human resource management, e-governance, public delivery system, accountability and transparency, skills and capacity building and quality results.
The MoU was signed by Malaysia's Public Service Department Director-General Mohamad Zabidi Zainal and the Secretary of India's Department of Administrative Reforms and Public Grievances of Ministry of Personnel, Public Grievances and Pensions, Sanjay Kothari.
Zabidi said the MoU was a strategic cooperation and collaboration to strengthen ties between the two countries.
He added that apart from that it could also assist in socio-economic development through an efficient, accessible, transparent and accountable civil service. The MoU envisages cooperation via tours, workshops and conferences, sharing of public administration and governance information and expertise, common project implementation mechanisms and exchange of publications, state-run news agency Bernama said.
The MoU covers eight areas of co-operation including human resource management, e-governance, public delivery system, accountability and transparency, skills and capacity building and quality results.
The MoU was signed by Malaysia's Public Service Department Director-General Mohamad Zabidi Zainal and the Secretary of India's Department of Administrative Reforms and Public Grievances of Ministry of Personnel, Public Grievances and Pensions, Sanjay Kothari.
Zabidi said the MoU was a strategic cooperation and collaboration to strengthen ties between the two countries.
He added that apart from that it could also assist in socio-economic development through an efficient, accessible, transparent and accountable civil service. The MoU envisages cooperation via tours, workshops and conferences, sharing of public administration and governance information and expertise, common project implementation mechanisms and exchange of publications, state-run news agency Bernama said.
INSURANCE
Insurance
Auto Auctions, Inc. (IAA), the leading live and live-online salvage auto
auction company and wholly-owned subsidiary of KAR Auction Services, Inc. KAR -0.65% , today
announced the launch the Market Value Tool mobile app for iPhone, as part of
the suite of products from IAA's industry leading CSAToday® platform. IAA is
the first company in the industry to launch an iPhone app which will provide
its customers the ability to estimate the value of their vehicles anytime,
anywhere.
The Market
Value Tool is quick and efficient, allowing CSAToday customers to research and
compare vehicle values. To begin, users can scan the VIN with their phone,
enter a VIN manually and type or speak a year/make/model. The Market Value Tool
uses historical auction data to compare customers' vehicle criteria to vehicles
sold previously through an IAA auction. The company looks at criteria such as
damage details, location information, vehicle specifics and model options.
Intuitive filters, such as loss type, damage, run & drive capability,
engine size and more, help users further refine results. Customers can also
select from the matching vehicles to customize the Market Value Tool and print,
save or share the results.
"We
remain steadfast in our commitment to invest in mobile technologies that better
anticipate and address our customers' buying and selling needs," said Tom
O'Brien, chief executive officer of Insurance Auto Auctions. "IAA was the
first to introduce payment services for salvage buyers via an app in the
industry. Our latest Market Value Tool is yet another industry first and allows
our clients to gather critical intelligence and run their businesses more
efficiently from the palm of their hand."
IAA
launched its Market Value Tool mobile app as part of its comprehensive salvage
analysis platform. This iPhone application will offer CSAToday customers the
latest operating platform and enable users to be at the forefront of
technology. It can be downloaded by visiting the Apple Store.
INTERNATIONAL BUSINESS
Yum Brands Inc
(YUM.N: Quote)
said it would combine the U.S. and international divisions of KFC, Pizza Hut
and Taco Bell and keep its China and India units separate as part of a
reorganization.
The reorganization will be effective from January 1
and beginning fiscal year 2014, the company will report results for KFC, Pizza
Hut and Taco Bell and for its China and India divisions.
"We believe that having 100 percent focused
brand teams will enable us to more aggressively accelerate growth," Chief
Executive David Novak said.
The China and India units will remain separate given
their "strategic importance and enormous growth potential", the
company said.
Yum is the biggest U.S. restaurant operator in China
and that market traditionally accounts for more than half of the company's
operating profit.
But sales at restaurants in China have taken a
beating since chemical residues were found in chicken from some of its poultry
suppliers in China late last year.
The company has also been investing heavily in
India.
MANAGEMENT
KB Management
Partners, LLC, an upstart property management company located in East
Rutherford, New Jersey, realized they needed a modern software solution if
their business was to be successful in the long run. Relying on over 20 years
of industry experience and knowledge of the property management solutions
available, KB Management knew that MRI would be the best fit for their new
business due to its ease-of-use, flexibility, and robust reporting
capabilities.
"MRI
is a comprehensive software that has proven to be beneficial to our team
throughout our property management careers. We have fully utilized all aspects
of the program and would recommend the product to colleagues and clients,” said
Kelly Buckley, Principal at KB Management. “The customer service is outstanding
and the pricing is competitive. The one-on-one training that is provided as
part of the platform was very thorough. We are very pleased with our decision
to utilize MRI for our Property Management software requirements.”
KB
Management will rely on MRI Commercial
Management(CM) to organize their portfolio. The solution is a fully
integrated software suite designed to streamline all aspects of property
management and accounting. By providing detailed information, users are able to
better optimize their business by making more informed decisions. Additionally,
there is a significant reduction in the time it takes to compile financial
reports as the product features flexible, robust reporting functionality.
ODISHA BUSINESS
Global technology and consultancy company Accenture Service Pvt Ltd has identified tentative areas
for development of mobile governance applications for the state government.
The company had signed a pact with the government for development of five mobile governance applications on specific areas without any financial commitments from the state.
"It has tentatively identified mobile applications like payment of electricity bill through mobile for Bhubaneswar, bus timing tracker and ticketing, traffic violations and congestions, women at risk, secretariat passes, application for skill development etc," said an official. The final decision will be taken only after discussion with the concerned officials and departments, the official added.
The company executives met with top officials of the IT department recently to discuss the matter.
Accenture Services in the MoU with the government has also agreed to develop a roadmap for skill development that will help prepare the state to attract investment in various IT and ITes (IT enabled services) sectors.
The company will also explore the possibility of establishment of a state technology resource centre. It is keen to have a mutually beneficial tie-up with the state government in areas like policy framework, research and solutions in the field of innovation and technology, solution management, outsourcing and skill promotion.This will have advantages like savings in caustic consumption by 10-15 kg per tonne of alumina, minimising land requirement by 50-60 per cent, and doing away with wet red mud storage thereby eliminating environmental hazards, he said.
The company had signed a pact with the government for development of five mobile governance applications on specific areas without any financial commitments from the state.
"It has tentatively identified mobile applications like payment of electricity bill through mobile for Bhubaneswar, bus timing tracker and ticketing, traffic violations and congestions, women at risk, secretariat passes, application for skill development etc," said an official. The final decision will be taken only after discussion with the concerned officials and departments, the official added.
The company executives met with top officials of the IT department recently to discuss the matter.
Accenture Services in the MoU with the government has also agreed to develop a roadmap for skill development that will help prepare the state to attract investment in various IT and ITes (IT enabled services) sectors.
The company will also explore the possibility of establishment of a state technology resource centre. It is keen to have a mutually beneficial tie-up with the state government in areas like policy framework, research and solutions in the field of innovation and technology, solution management, outsourcing and skill promotion.This will have advantages like savings in caustic consumption by 10-15 kg per tonne of alumina, minimising land requirement by 50-60 per cent, and doing away with wet red mud storage thereby eliminating environmental hazards, he said.
The powdery red mud can easily be utilised in cement
industry as well as in other industries, he said.
Vedanta Aluminium Ltd has commissioned a red mud powder
producing unit at Lanjigarh refinery in Odisha, describing it as first of its
kind in alumina industry tackling major environmental hazards.
“The unique project of producing red mud powder has
been commissioned in a fully mechanised and automatic plant. The system has
been developed in-house after continuous research for more than three years,” a
senior company official said in a statement today.
Giving details of the project, Mukesh Kumar,
President and COO, Vedanta Aluminium, said the project, which was commissioned
last week, is the first of its kind in the world and has been set up with a
capital expenditure of around Rs 50 crore.
This will have advantages like savings in caustic
consumption by 10-15 kg per tonne of alumina, minimising land requirement by
50-60 per cent, and doing away with wet red mud storage thereby eliminating
environmental hazards, he said.
The powdery red mud can easily be utilised in cement
industry as well as in other industries, he said.
RETAIL
In yet another sign that luxury retail is on an upswing in India, Italian high-end
brand Stefano Ricci has decided to enter the country with 100 per
cent foreign direct investment (FDI). So far, the company specialising in men's luxury
fashion has only 34 stores across Europe, Asia and the US. Its flagship store
is in Florence.
While the company did not respond to an email questionnaire from Business Standard on its India plans, sources said Stefano Ricci is likely to open its India store either in Mumbai or Delhi once its application is cleared by the Foreign Investment Promotion Board (FIPB).
Stefano, which has been around for 40 years and recently hit the headlines for creating the interiors of a luxury yacht, is among the few international companies coming to India with 100 per cent FDI. Under single brand retail policy, up to 100 per cent FDI is allowed, while foreign investment has been capped at 51 per cent in the multi-brand segment.
Earlier this month, Austrian crystal jewellery maker Swarovski had filed its application for 100 per cent FDI. The top-end brand currently operates in India through franchise stores, but now wants to run the business in the country independently.
India's luxury market was pegged at $7.5 billion in 2012 and is slated to grow at a compounded annual growth of 16 per cent over the next three years. According to a joint study by market research firm IMRB and the Confederation of Indian Industry, the market is expected to effect a turnaround, growing by 14 per cent in 2013 ($8.65 billion), and cross the $10-billion mark in 2014, with a 17 per cent year-on-year growth.
While the company did not respond to an email questionnaire from Business Standard on its India plans, sources said Stefano Ricci is likely to open its India store either in Mumbai or Delhi once its application is cleared by the Foreign Investment Promotion Board (FIPB).
Stefano, which has been around for 40 years and recently hit the headlines for creating the interiors of a luxury yacht, is among the few international companies coming to India with 100 per cent FDI. Under single brand retail policy, up to 100 per cent FDI is allowed, while foreign investment has been capped at 51 per cent in the multi-brand segment.
Earlier this month, Austrian crystal jewellery maker Swarovski had filed its application for 100 per cent FDI. The top-end brand currently operates in India through franchise stores, but now wants to run the business in the country independently.
India's luxury market was pegged at $7.5 billion in 2012 and is slated to grow at a compounded annual growth of 16 per cent over the next three years. According to a joint study by market research firm IMRB and the Confederation of Indian Industry, the market is expected to effect a turnaround, growing by 14 per cent in 2013 ($8.65 billion), and cross the $10-billion mark in 2014, with a 17 per cent year-on-year growth.
SUPPLY CHAIN
What keeps
most supply chain directors awake at night is developing the most optimal
supply chain model to drive business performance and meet strategic business
objectives. This involves balancing the cost to serve with a supply chain model
that will ensure positive impact on the organisation's bottom line.
"Having
the ability to model your end-to-end operations, analyse 'what-if' scenarios
and explore how potential changes affect service, costs, sustainability and
risk, is critical today," says Joe Blau, Associate Consultant at Aperio
FMCG Consulting, a business consulting company focused on accelerating growth
of FMCG brands in South Africa and sub-Saharan Africa.
"With the explosion of data and requirements for true business modelling, organisations need to move beyond manual supply chain data modelling via Excel," he says.
"Tools have evolved and advancements in cognitive reasoning engines, advanced visualisation, text mining, advances in predictive analytics and big-data pattern recognition are changing the game. While companies think they can do it in Excel, the truth is that Excel has its limitations not to mention human errors which have proven to creep in with multiple people and versions of the original data and formulas."
Business and network modelling tools today allow for actual testing of the various scenarios providing a bigger picture of the impact to the business and the contribution of these scenarios to bottom line. Your business is able to make better decisions as these modelling tools help you decide on whether you need to increase capacity, payoff on capital expenditure, how to structure resources, and the best design and model to use to reach business strategic imperatives. In essence you are able to get the model of the future answering all of your business 'what-ifs'.
"With the explosion of data and requirements for true business modelling, organisations need to move beyond manual supply chain data modelling via Excel," he says.
"Tools have evolved and advancements in cognitive reasoning engines, advanced visualisation, text mining, advances in predictive analytics and big-data pattern recognition are changing the game. While companies think they can do it in Excel, the truth is that Excel has its limitations not to mention human errors which have proven to creep in with multiple people and versions of the original data and formulas."
Business and network modelling tools today allow for actual testing of the various scenarios providing a bigger picture of the impact to the business and the contribution of these scenarios to bottom line. Your business is able to make better decisions as these modelling tools help you decide on whether you need to increase capacity, payoff on capital expenditure, how to structure resources, and the best design and model to use to reach business strategic imperatives. In essence you are able to get the model of the future answering all of your business 'what-ifs'.
Airbus and
Boeing agreed to triple purchases of parts and materials from Abu Dhabi in
deals worth over $5 billion on Monday, as Gulf states seek a reciprocal boost
to their economies from huge orders they have placed with the planemakers.
A shift of
emphasis on day two of the Dubai Airshow accelerated the growth in aircraft
parts manufacturing in countries where demand is strongest and will spread part
of the profits generated by $150 billion of brand-new plane orders.
“We have
always had industrial partnerships in countries where we have done business,”
said Boeing’s Chairman and Chief Executive Jim McNerney.
“It is not
just a marketing quid-pro-quo; it benefits us and so reduces our risk to have
more partnerships around the world,” he told reporters at the Middle East trade
gathering.
Airbus
agreed to a new deal with Abu Dhabi’s state investment fund Mubadala, whose
aerospace unit already builds lightweight parts for Airbus and Boeing.
Separately,
Boeing said it had signed a deal with Mubadala for Abu Dhabi to supply as much
as $2.5 billion in advanced composites and machine metals to the U.S.
planemaker. The deal with Mubadala Development Company won’t affect employment
levels at either Boeing’s Frederickson or Salt Lake City plants where 787 and
777 composite parts are made, said Boeing spokesman Doug Alder.
The
expansion of production rates for both planes requires greater supply of the
composite parts being produced at both plants, he said.
“We had
always envisioned obtaining those parts from multiple sources,” he said.
The deals
will benefit the mainly female workforce of a $250 million plant in the remote
oasis town of Al-Ain. Competition also from South Korea and Japan is intense,
but Mubadala Aerospace, owned by Abu Dhabi’s sovereign investment fund, aims
for a top-three spot in the industry by 2020.
_____________________________________________________
Source of
Information for this issue: Google alert accessed on 25th Nov 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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