ASBM Business Updates is a Weekly Selective Compilation of Business News from Various Sources. To find details follow the links.
INTERNATIONAL
BUSINESS
Just
a day after the Union cabinet approved divestment of national carrier Air
India, private carrier IndiGo – India's largest airline in terms of market
share - has expressed an interest to buy the international business of the
airline. Civil aviation secretary Rajiv Nayan Choubey confirmed the budget
carrier owned by InterGlobe Aviation Ltd, which has shown profitability for
nine consecutive years with more than a 40-per cent market share, was keen to
take over the international business of the state-owned airline.
In a
letter to civil aviation minister Ashok Gajapathi Raju, IndiGo president Aditya
Ghosh said the airline's strong balance sheet, profitability, and a robust
domestic network made it an ideal candidate to acquire the international
business of Air India.
''As
the Indian government embarks on the journey of privatising Air India and given
IndiGo's track record of having created a consistently profitable airline with
a strong balance sheet, we express interest to acquire the international
operation of the airline,'' Ghosh wrote in the letter which has been unveiled
in a filing to the bourses.
LOGISTICS
Alibaba-backed Best Logistics has filed for a $1bn
New York listing in what could be the biggest US float of a Chinese company
this year The initial public offering is seeking to tap investor interest in
Chinese ecommerce and the country’s fast-growing logistics industry, which
delivered 31bn parcels last year, some 50 per cent up on the previous year.
Best Logistics, which will be known as Best Inc in the US, was valued at $3bn
in a funding round last year. Alibaba — a driving force in the development of
delivery and logistics in China because of its commanding online presence — is
the biggest single shareholder with 23.4 per cent. Founder Johnny Chou holds
14.7 per cent. Best plans to use the cash raised to fund the group’s expansion
plans. Revenues have almost trebled in the past three years to $1.3bn. Losses
meanwhile have nearly doubled to $198m last year. China’s logistics industry
now accounts for a quarter of the $9tn-a-year global industry.
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Source of Information for this issue: Google alert accessed on Jul 3, 2017
Knowledge Is Power. Be Informed, Be Knowledgeable, Be Powerful.
Best wishes
Compilation
Sabita Sahu
Asst Librarian
Information and Documentation Division, 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,
Sabita Sahu, Asst 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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