ASBM Business Updates is a Weekly Selective Compilation of Business News from Various Sources. To find details follow the link.
INDIA BUSINESS
The world's third largest smartphone maker that has,
on Friday morning put out a public announcement addressing all its consumers in
India stating that it has been "forced to suspend sales" of its
smartphones in India, its second largest market after China.
The company has put out the announcement on its India website, which now contains only one page that shows the letter from its global vice president Hugo Barra, has took out all other information, including the product info, after the Delhi High Court, on 8 December, restrained the company from selling handsets that run on technology patented by Ericsson.
However, Xiaomi's Facebook page on Indian market is still live.
In an open letter to Indian consumers, Hugo Barra, Xiaomi's global vice president, said: "We have been forced to suspend sales until further notice due to an order passed by the Delhi High Court. As a law abiding company, we are investigating the matter carefully and assessing our legal options." The latter has been posted on the company's India website and Barra has also posted the same on his personal Facebook page.
The company has put out the announcement on its India website, which now contains only one page that shows the letter from its global vice president Hugo Barra, has took out all other information, including the product info, after the Delhi High Court, on 8 December, restrained the company from selling handsets that run on technology patented by Ericsson.
However, Xiaomi's Facebook page on Indian market is still live.
In an open letter to Indian consumers, Hugo Barra, Xiaomi's global vice president, said: "We have been forced to suspend sales until further notice due to an order passed by the Delhi High Court. As a law abiding company, we are investigating the matter carefully and assessing our legal options." The latter has been posted on the company's India website and Barra has also posted the same on his personal Facebook page.
BANKING
China's
Tencent Holdings Ltd <0700.HK> has been given approval to start its
banking operations, the banking regulator said, making the internet firm the
first of five recently approved private banks to open its doors to clients.
The launch
of Tencent's private bank marks a gradual opening of China's closely guarded
banking sector that is currently dominated by state giants.
As part of
broader efforts to channel more loans to the country's cash-starved small
businesses, the banking regulator has so far approved the development more than
10 private lenders in Tianjin, Shanghai, Zhejiang and Guangdong.
Shenzhen
Qianhai Weizhong Bank, funded by Tencent, Shenzhen Baiyeyuan Investment Co. and
Shenzhen Liye Group, had a registered capital of 3 billion yuan ($484.93
million), the China Banking and Regulatory Commission said in a statement late
on Friday.
BUSINESS COMMUNICATION
Google
updated its Hangouts app on Wednesday so the multipurpose communication tool
can detect when people are trying to find each other and make it easier to
connect.
The updated app, available for Google's Android
mobile operating system first but submitted to Apple for approval on iOS, also
lets people express themselves with stickers and video filter effects, Bradley Horowitz, vice president of product at
Google, said at the LeWeb conference here.
The
new app works by using natural-language processing to discover when one person
has asked -- in a variety of ways -- where the other person is. That app then
offers the other person an option to send location information with
customizable precision.
"This
is one of the most familiar experiences -- people are trying to connect in
physical world," Horowitz said. It's cumbersome for people at movies, in conferences
and in the rain to leave their messaging app, retrieve location information,
then move back and share it. "We use machine learning and natural language
processing to give an assist. With one click, you can share your location. This
is entirely optional," he said.
The
Hangouts update is one step on a very ambitious path for Google to become the
middleman in communications, one of the most important and personal things
humans do. Google wants Hangouts to be all things to all people, not just a tool
for this or that niche.
FINANCE
Tata Power Company after market hours yesterday, 11
December 2014 said it has signed a memorandum of understanding (MoU) with
Russian Direct Investment Fund (RDIF) to develop investment opportunities in
the energy sector. The agreement was signed during the state visit of Russian
President Vladimir Putin to India. RDIF and Tata Power will cooperate
on identifying and targeting investment opportunities in the energy sector
across Russia in order to develop mutually beneficial
transactions.
Wipro
after market hours yesterday, 11 December 2014 said that Wipro Inc Benefit
Trust sold 18.10 lakh shares of Wipro (over 9 December 2014 to 11 December
2014) at an average market price of Rs 552.43 per share.
IDFC
after market hours yesterday, 11 December 2014 in a clarification with regard
to news item titled "Essar Oil to sign 10-year deal with Rosneft
today" said that a Memorandum of Understanding to promote joint
investments helping in accelerating economic cooperation between Russia and India has been executed between IDFC and Russian Direct
Investment Fund, however the company has not yet entered into any binding
agreement and is subject to compliance of various conditions in this respect.
Since the said transaction is at a very preliminary stage, the company is not
considering the above information as price sensitive, IDFC said.
INSURANCE
In order to further support its latest SMS initiative, the Road
Transport Authority (RTA) has linked its database with all major vehicle
insurance companies in the State.
Apart from helping its field staff to obtain data easily during
inspections, the link-up will also help the companies weed out fake insurance
cards of vehicles, which are found during inspections some times, said RTA officials.
The project was completed a month ago, and is also being used to send updates
and reminders to citizens about their insurance policies/renewals, said an
official.
“The insurance policy of a vehicle is linked to road safety of a
vehicle owner and the driver as well. We have updated information from all the
major 10 or so insurance companies for their and our benefit as well,” said B.
Venkateswarulu, Joint Commissioner, RTA. He further mentioned that sharing
information will also benefit the RTA’s field staff to cross check with a
company’s data.
A senior official from the RTA explained that often during inspections,
fake insurance policies are found, and that it takes time to cross-check data
with insurance companies when their officers are doubtful. “Now they can simply
send a message to the server and they will get the relevant information.
Likewise, it will also help us make the RTA people-friendly by sending out
insurance renewal reminders to vehicle owners,” he said.
ODISHA BUSINESS
Country’s fifth largest software services firm, Tech Mahindra has lined up Rs 500 crore for investment in
Odisha over next five to seven years.
“We would like to take an additional space for 5,000 people. We have plans to invest Rs 500 crore over the next five to seven years in Odisha,” C P Gurnani, chief executive officer and managing director of Tech Mahindra told media persons. Gurnani said, the new jobs would include technical associates, data scientists, business analysts etc.
The company today inaugurated a new block at its existing campus to house 615 more IT professionals taking the total headcount in the state to 1,111. The new block is built at a cost of Rs 55 crore.
State IT minister Pranab Prakash Das said, the government and Tech Mahindra are in talks for developing a second campus at the proposed Infovalley, located on the outskirts of the city.
The software firm, which crossed $10 billion market capitalisation in December, employs around 100,000 workforce and provides customer services to more than 650 clients globally. The company today said, it is ready to contribute for the development of Bhubaneswar into a digital city.
“We would like to take an additional space for 5,000 people. We have plans to invest Rs 500 crore over the next five to seven years in Odisha,” C P Gurnani, chief executive officer and managing director of Tech Mahindra told media persons. Gurnani said, the new jobs would include technical associates, data scientists, business analysts etc.
The company today inaugurated a new block at its existing campus to house 615 more IT professionals taking the total headcount in the state to 1,111. The new block is built at a cost of Rs 55 crore.
State IT minister Pranab Prakash Das said, the government and Tech Mahindra are in talks for developing a second campus at the proposed Infovalley, located on the outskirts of the city.
The software firm, which crossed $10 billion market capitalisation in December, employs around 100,000 workforce and provides customer services to more than 650 clients globally. The company today said, it is ready to contribute for the development of Bhubaneswar into a digital city.
________________________________________________________________
Source of
Information for this issue : Google alert accessed on Google alert on Dec 15 , 2014
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Compilation
Sabita
Sahu
Junior
Librarian
Concept,
Layout and Editing
Syamaghana
Mohanty
Chief
Librarian
Information
and Documentation Divison, Chanakya Central Library
Asian
School of Business Management
Shiksha
Vihar Bhola,
Barang
Khurda Road, Chandaka
Bhubaneswar-754012
www.asbm.ac.in
Tel:
0674-2374832, 2374833
E-mail:
library@asbm.ac.in, chieflibrarian@asbm.ac.in
Sabita Sahu :Junior Librarian Knowledge and Information Services Unit, Chanakya Central Library, Asian School of Business Management, Bhubaneswar. library@asbm.ac.in ; www.asbm.ac.in
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