HDFC BANK'S ADITHYA PURI IS
STILL HIGHEST-PAID INDIAN
BANK CEO
HDFC Bank’s managing director,Aditya Puri, continues to remain
the highest paid banking chief in the country, despite taking a lower increment than some
counterparts during 2012-13.
Puri has been leading the country’s second largest private bank since 1994. He earned Rs.5.02 crore in FY13, 2.4 per cent more from a year earlier.
ICICI Bank’s managing director and chief executive, Chanda
Kochhar, earned Rs 4.1 crore.
Axis Bank’s MD & CEO, Shikha Sharma, received Rs 3.41 crore.
Kochhar got 8.7 per cent more pay and Sharma’s income
increased by 14 per cent in 2012-13.
The remunerations mentioned included basic pay, performance bonus, allowance and perquisites, plus retirement benefits such as contribution to provident fund, gratuity and superannuation fund. Typically,the performance bonus accrued during a financial year is paid in the next year.
In the Reserve Bank of India’s (RBI) guideline of January 2012,
the performance bonus of private banks’ chiefs is capped at 70 per cent of their fixed pay.
Also, if the amount of
performance bonus is more than 50 per cent of the CEO’s fixed
pay, the payment needs to be spread over a period of time.
So, while the performance bonus
accrued to Kochhar in 2011-12 was Rs 1.3 crore, she was paid
only 60 per cent of that or Rs.0.78 crore in 2012-13.
Similarly, Puri got Rs 1.24 crore and Sharma Rs 0.38 crore as
performance bonus in FY13.
Earnings According to sector analysts, the
top private banks have performed better than state-run
rivals in the past few years and improved their profitability
despite an uncertain macro-economic environment.
In 2012-13, ICICI Bank’s standalone net profit increased by 29 per cent, HDFC Bank’s by 30 per cent and Axis Bank’s by 22
per cent.
This and the growth in businesses have allowed private lenders to reward their CEOs with higher remuneration, they said.
Friday 31 May 2013
BizArticZ!
MUMBAI'S DESIRE FOR HEIGHT!!!
Mumbai's real estate is among the most expensive in the world.
Partly, of course, this is a result of geographical factors - the city is limited by natural boundaries of
sea, hills and marshland. Partly it
is due to subversion of the real estate market by well-connected builders. But, above all, it is a
function of artificially constrained supply. Mumbai has always been the most vertical of India's cities;and it should perhaps be more vertical still, in order to help ease
its yawning deficit in floor space.
Mumbai today has fewer square metres of floor space available per resident than almost all other
major world cities. A more vertical city would not only ease
that constraint, but also make commuting in Mumbai less of a
nightmare; today, because of the
lack of availability of housing units close to their workplaces,
Mumbai's residents have among the longest average travel times in the world.
It, therefore, could be argued that the ministry of environment and forests should look
favourably upon the Maharashtra government's demand that it ease certain restrictions on
vertical building that it has imposed. In particular, the MoEF
requires the height of a building to be linked to the width of a
road - for example, a 60-metre high building must be on a 30-metre wide road. The MoEF's logic is that this is necessary to reduce congestion. However, the consequences of such rigid rule-making are severe. While such an
approach does little to address problems like congestion through better traffic planning
and management, it also reduces the ability of a city to meet its inhabitants' demands for more
space - and actually stresses infrastructure further as people
commute longer and longer distances.
In any case, the question must be
asked: why, precisely, is the MoEF creating rules for what surely
should be a decision taken at a more local level? The ministry is
insufficiently accountable to the
people of Mumbai for this restriction to come from it. In
addition, it is far from clear why a city-planning decision should be made by a ministry that's
supposed to look at
environmental considerations. As
it is, the ministry's reputation for delays in clearances is not
enviable - not entirely its fault,given the number of such
clearances required and the pace at which they are being applied
for. Nevertheless, the MoEF has sought to increase its domain
and Maharashtra Chief Minister Prithviraj Chavan is right to point out that Mumbai's development and its people's aspirations for more space cannot be held hostage to a single ministry's concerns.
In general, decisions on how vertical or not a city should be
are better left to local authorities, which should be made more
accountable to the people of the city they supervise. Some cities,
like Delhi, may manage to expand more horizontally. Others, like Mumbai, may need to go vertical.
There is no one-size-fits-all method. The Centre could frame
model guidelines on such matters, but should ideally allow
the local authorities to take a more considered view
depending on specific conditions on the ground.
Mumbai's real estate is among the most expensive in the world.
Partly, of course, this is a result of geographical factors - the city is limited by natural boundaries of
sea, hills and marshland. Partly it
is due to subversion of the real estate market by well-connected builders. But, above all, it is a
function of artificially constrained supply. Mumbai has always been the most vertical of India's cities;and it should perhaps be more vertical still, in order to help ease
its yawning deficit in floor space.
Mumbai today has fewer square metres of floor space available per resident than almost all other
major world cities. A more vertical city would not only ease
that constraint, but also make commuting in Mumbai less of a
nightmare; today, because of the
lack of availability of housing units close to their workplaces,
Mumbai's residents have among the longest average travel times in the world.
It, therefore, could be argued that the ministry of environment and forests should look
favourably upon the Maharashtra government's demand that it ease certain restrictions on
vertical building that it has imposed. In particular, the MoEF
requires the height of a building to be linked to the width of a
road - for example, a 60-metre high building must be on a 30-metre wide road. The MoEF's logic is that this is necessary to reduce congestion. However, the consequences of such rigid rule-making are severe. While such an
approach does little to address problems like congestion through better traffic planning
and management, it also reduces the ability of a city to meet its inhabitants' demands for more
space - and actually stresses infrastructure further as people
commute longer and longer distances.
In any case, the question must be
asked: why, precisely, is the MoEF creating rules for what surely
should be a decision taken at a more local level? The ministry is
insufficiently accountable to the
people of Mumbai for this restriction to come from it. In
addition, it is far from clear why a city-planning decision should be made by a ministry that's
supposed to look at
environmental considerations. As
it is, the ministry's reputation for delays in clearances is not
enviable - not entirely its fault,given the number of such
clearances required and the pace at which they are being applied
for. Nevertheless, the MoEF has sought to increase its domain
and Maharashtra Chief Minister Prithviraj Chavan is right to point out that Mumbai's development and its people's aspirations for more space cannot be held hostage to a single ministry's concerns.
In general, decisions on how vertical or not a city should be
are better left to local authorities, which should be made more
accountable to the people of the city they supervise. Some cities,
like Delhi, may manage to expand more horizontally. Others, like Mumbai, may need to go vertical.
There is no one-size-fits-all method. The Centre could frame
model guidelines on such matters, but should ideally allow
the local authorities to take a more considered view
depending on specific conditions on the ground.
BizReporT!
ONE IN FIVE AUTOMOBILE DEALERS EXPECT LOSSES IN INDIA: JD POWER
With the increasing number of automobile dealers in India, one
in five dealers expect to be in red in 2013, more than double the
number compared with 2012,according to a study by market
research firm JD Power.
Only 44% of dealers expect to make a profit for the 2012-2013 financial year, according to 'JD
Power Asia Pacific 2013 India Dealer Satisfaction with
Automotive Manufacturers Index'
released today. "Declining profitability for dealerships in India not only highlights the impact that the
slowdown in new-vehicles sales has on the viability of a growing number of dealers, but also
underlines the importance placed
on automakers to provide adequate support to their
respective networks," JD Power
Asia Pacific Executive Director Mohit Arora said in a statement.
According to the study, there was a need to improve the
supply chain with dealers expressing dissatisfaction over
the time taken in delivery of parts
and ease of ordering parts.
"This highlights the need for some automakers to further
support dealers with an improved and more efficient
supply chain," Arora said.
Improving the speed of parts delivery not only allows for work
orders to be handled more efficiently, but also ensures customers are not troubled by unexpected delays or extended wait times, he added.
The study also said the dealers felt an attractive range of vehicles was critical for them and the
automakers to succeed.
Among the manufacturers included in the 2013 study,Maruti Suzuki India and Toyota
performed particularly well in
overall dealer satisfaction,showing improvement from
2012.
"The success of Maruti Suzuki and Toyota not only demonstrates the automakers' commitment to ensuring the dealers' operations are viable,
but it also shows their active support regarding such areas as training, marketing and sales activities," Arora said.
On average, 88% of dealers believed that they definitely
would continue to work with their automaker for two years,the JD Power study said.
Among dealers in the top quartile of satisfaction, 98% expect to be working with the same automaker in 2015. In contrast,dealers who rate their experience with the automaker
in the bottom quartile of satisfaction, only 72% expect to be working with the same name plate in two years' time, it said.
The 2013 India Dealer
Satisfaction with Automotive Manufacturers Index was based on responses from 618
dealership general managers or dealer principles across all main manufacturers. The study was conducted in association with
the Federation of Automobile Dealers Associations (FADA), and was fielded between February
2013 and April 2013.
With the increasing number of automobile dealers in India, one
in five dealers expect to be in red in 2013, more than double the
number compared with 2012,according to a study by market
research firm JD Power.
Only 44% of dealers expect to make a profit for the 2012-2013 financial year, according to 'JD
Power Asia Pacific 2013 India Dealer Satisfaction with
Automotive Manufacturers Index'
released today. "Declining profitability for dealerships in India not only highlights the impact that the
slowdown in new-vehicles sales has on the viability of a growing number of dealers, but also
underlines the importance placed
on automakers to provide adequate support to their
respective networks," JD Power
Asia Pacific Executive Director Mohit Arora said in a statement.
According to the study, there was a need to improve the
supply chain with dealers expressing dissatisfaction over
the time taken in delivery of parts
and ease of ordering parts.
"This highlights the need for some automakers to further
support dealers with an improved and more efficient
supply chain," Arora said.
Improving the speed of parts delivery not only allows for work
orders to be handled more efficiently, but also ensures customers are not troubled by unexpected delays or extended wait times, he added.
The study also said the dealers felt an attractive range of vehicles was critical for them and the
automakers to succeed.
Among the manufacturers included in the 2013 study,Maruti Suzuki India and Toyota
performed particularly well in
overall dealer satisfaction,showing improvement from
2012.
"The success of Maruti Suzuki and Toyota not only demonstrates the automakers' commitment to ensuring the dealers' operations are viable,
but it also shows their active support regarding such areas as training, marketing and sales activities," Arora said.
On average, 88% of dealers believed that they definitely
would continue to work with their automaker for two years,the JD Power study said.
Among dealers in the top quartile of satisfaction, 98% expect to be working with the same automaker in 2015. In contrast,dealers who rate their experience with the automaker
in the bottom quartile of satisfaction, only 72% expect to be working with the same name plate in two years' time, it said.
The 2013 India Dealer
Satisfaction with Automotive Manufacturers Index was based on responses from 618
dealership general managers or dealer principles across all main manufacturers. The study was conducted in association with
the Federation of Automobile Dealers Associations (FADA), and was fielded between February
2013 and April 2013.
Thursday 30 May 2013
BizTechNewZ!
GOOGLE TO BUILD MOTOROLA'S 'MOTO X'
SMARTPHONE IN US
Smartphone manufacturer Motorola Mobility, which is owned by Google Inc, will become the first company to make smartphones in the
United States, the Company’s Chief Executive said yesterday.
Motorola, which the internet giant purchased last year,
confirmed that it would make a new Android-based phone
called Moto X, and that it would be manufactured in a former Nokia factory near Fort Worth,
Texas.
Motorola Mobility boss Dennis Woodside announced the move
on stage at the 'D: All Things Digital' conference in southern California, claiming it would be
the first smartphone ever to be manufactured in the US. The factory would employ around 2,000 people.
Many of the components will still come from factories in Asia, he said, but most of the assembly will take place in the
US plant.
The phone will be the first to be designed by Motorola Mobility
since Google took over the firm, and smartphone websites have been buzzing for months about what features it would include.
Woodside declined to reveal the phone, even though it was in
his pocket, but said that it would be launched before
October this year.
He said that it would feature two separate processors to
improve battery life and would be “contextually aware” of what is going on around it.
Woodside said that
manufacturing in the US, close to the company’s engineers,
would give Motorola an advantage over rivals, all of whom make their phones
mostly in the Far East. “You lose the ability to innovate. You lose
the ability to make fast changes,” he said.
“We will take it back to the roots of innovation and build
devices that have the potential to change people’s lives,”
Woodside said.
SMARTPHONE IN US
Smartphone manufacturer Motorola Mobility, which is owned by Google Inc, will become the first company to make smartphones in the
United States, the Company’s Chief Executive said yesterday.
Motorola, which the internet giant purchased last year,
confirmed that it would make a new Android-based phone
called Moto X, and that it would be manufactured in a former Nokia factory near Fort Worth,
Texas.
Motorola Mobility boss Dennis Woodside announced the move
on stage at the 'D: All Things Digital' conference in southern California, claiming it would be
the first smartphone ever to be manufactured in the US. The factory would employ around 2,000 people.
Many of the components will still come from factories in Asia, he said, but most of the assembly will take place in the
US plant.
The phone will be the first to be designed by Motorola Mobility
since Google took over the firm, and smartphone websites have been buzzing for months about what features it would include.
Woodside declined to reveal the phone, even though it was in
his pocket, but said that it would be launched before
October this year.
He said that it would feature two separate processors to
improve battery life and would be “contextually aware” of what is going on around it.
Woodside said that
manufacturing in the US, close to the company’s engineers,
would give Motorola an advantage over rivals, all of whom make their phones
mostly in the Far East. “You lose the ability to innovate. You lose
the ability to make fast changes,” he said.
“We will take it back to the roots of innovation and build
devices that have the potential to change people’s lives,”
Woodside said.
BizNewZ!
INDIA AND JAPAN TO
ACCERELATE NEGOTIATIONS
ON NUCLEAR DEAL
India and Japan today agreed to “accelerate” negotiations for
early conclusion of the much anticipated bilateral civil nuclear
deal.
This was stated by Japanese Prime Minister Shinzo Abe
during a joint press conference here along with his Indian counterpart Manmohan Singh.
“The two countries will accelerate negotiations for the
early conclusion of the civilian nuclear agreement,” Abe said.
Negotiations for the civil nuclear cooperation agreement have
not made much headway since
Japan was struck by Fukushima nuclear disaster in March, 2011.
While Japan has backed the Indo-US nuclear deal and the
exemptions given to India from international technology sanctions, successive governments in Tokyo have found the going tough in garnering political support for it
in the face of stiff opposition from the non-proliferation
lobby here.
Ahead of his visit, Singh had said, “I do recognise there are
problems in Japan and there are elections to the upper house
which take place later this year.
“But, I do hope that we can make progress in the civil
nuclear energy cooperation.”
On the issue of security and defence ties, Japanese Prime
Minister said it was agreed to further strengthen maritime
security cooperation between the two countries.
Singh on his part said India and Japan are “natural and indispensable partners for advancing peaceful, stable and prosperous Asia Pacific and
Indian Ocean regions”.
He said, “I had wide ranging discussions over the past two
days characterized by the convergence that is fully consistent with our global and
strategic partnership”.
Singh added, “We attach particular importance to
intensifying political dialogue and strategic consultations and
progressively strengthening the
defence relations including naval exercises and collaboration in defence technology, cooperation in hi-
tech, space, energy security and rare earth minerals.”
Japanese Prime Minister said Tokyo will help India in setting up high-speed rail network.
He said Japan will continue to assist Indian in the construction of the Delhi-Mumbai Industrial Corridor project Ministry of External Affairs
Spokesperson Syed Akbaruddin tweeted that India-Japan
reiterated commitment to freedom of navigation and unimpeded commerce based on
the principles of international law, including UNCLOS.
India and Japan also decide to establish a Joint Working Group
to explore modality for the cooperation on the Japanese US-2 amphibian aircraft, he said.
It was also announced that Emperor and Empress of Japan
will visit India as state guests from the end of November to
early December 2013.
ACCERELATE NEGOTIATIONS
ON NUCLEAR DEAL
India and Japan today agreed to “accelerate” negotiations for
early conclusion of the much anticipated bilateral civil nuclear
deal.
This was stated by Japanese Prime Minister Shinzo Abe
during a joint press conference here along with his Indian counterpart Manmohan Singh.
“The two countries will accelerate negotiations for the
early conclusion of the civilian nuclear agreement,” Abe said.
Negotiations for the civil nuclear cooperation agreement have
not made much headway since
Japan was struck by Fukushima nuclear disaster in March, 2011.
While Japan has backed the Indo-US nuclear deal and the
exemptions given to India from international technology sanctions, successive governments in Tokyo have found the going tough in garnering political support for it
in the face of stiff opposition from the non-proliferation
lobby here.
Ahead of his visit, Singh had said, “I do recognise there are
problems in Japan and there are elections to the upper house
which take place later this year.
“But, I do hope that we can make progress in the civil
nuclear energy cooperation.”
On the issue of security and defence ties, Japanese Prime
Minister said it was agreed to further strengthen maritime
security cooperation between the two countries.
Singh on his part said India and Japan are “natural and indispensable partners for advancing peaceful, stable and prosperous Asia Pacific and
Indian Ocean regions”.
He said, “I had wide ranging discussions over the past two
days characterized by the convergence that is fully consistent with our global and
strategic partnership”.
Singh added, “We attach particular importance to
intensifying political dialogue and strategic consultations and
progressively strengthening the
defence relations including naval exercises and collaboration in defence technology, cooperation in hi-
tech, space, energy security and rare earth minerals.”
Japanese Prime Minister said Tokyo will help India in setting up high-speed rail network.
He said Japan will continue to assist Indian in the construction of the Delhi-Mumbai Industrial Corridor project Ministry of External Affairs
Spokesperson Syed Akbaruddin tweeted that India-Japan
reiterated commitment to freedom of navigation and unimpeded commerce based on
the principles of international law, including UNCLOS.
India and Japan also decide to establish a Joint Working Group
to explore modality for the cooperation on the Japanese US-2 amphibian aircraft, he said.
It was also announced that Emperor and Empress of Japan
will visit India as state guests from the end of November to
early December 2013.
BizNewZ!
‘US PURSUING BILATERAL
INVESTMENT TREATIES WITH
INDIA, CHINA’
Seeking to expand investment across the board, the US is pursuing bilateral investment treaties with India and China,
Vice President Joe Biden has said.
Biden said the United States is coming back from the deepest
recession it’s had since the Great Depression.
“We have added back $16 trillion in wealth, much of which had been lost to our population as a consequence of the crisis.
We’ve had – from the time we’ve taken office, the fifth month in – every month, consecutive months of job growth. Not as strong some months as we wanted, but
consecutive,” he said.
“That’s why we’re also pursuing new bilateral investment
treaties with China, as well as India,” Biden said in his remarks in Rio de Janeiro, where he is travelling. Biden noted that foundations of the US economy are stronger
than ever and the country will become self-reliant to fulfil- its energy requirements.
“We will be energy
independent. We have not only tapped and found, but learned
how to extract 100 years of shale gas, natural gas that can
meet our needs totally if we chose to do that over time,” he said.
“The best research and universities are still located in our hemisphere and in our country. The most vibrant startups and venture capital markets still exist for all the problems we have had,” Biden
said in Rio De Janeiro.
“Like Brazilians, we are optimistic about our future, and we are certain of our capacity, as you are,” he said in his
address, noting that the US and Brazil represent two of the
largest, most innovative, dynamic economies in the
world today.
“It is true both of us can continue to prosper whether or
not we deepen our economic relations. But imagine, just
imagine what these two dynamic economies could do
with greater trade and investment for our people, for
the hemisphere, for the world,”Biden said.
“We’re moving past old alignments, leaving behind old
suspicions and building new
relationships,” Biden said.
INVESTMENT TREATIES WITH
INDIA, CHINA’
Seeking to expand investment across the board, the US is pursuing bilateral investment treaties with India and China,
Vice President Joe Biden has said.
Biden said the United States is coming back from the deepest
recession it’s had since the Great Depression.
“We have added back $16 trillion in wealth, much of which had been lost to our population as a consequence of the crisis.
We’ve had – from the time we’ve taken office, the fifth month in – every month, consecutive months of job growth. Not as strong some months as we wanted, but
consecutive,” he said.
“That’s why we’re also pursuing new bilateral investment
treaties with China, as well as India,” Biden said in his remarks in Rio de Janeiro, where he is travelling. Biden noted that foundations of the US economy are stronger
than ever and the country will become self-reliant to fulfil- its energy requirements.
“We will be energy
independent. We have not only tapped and found, but learned
how to extract 100 years of shale gas, natural gas that can
meet our needs totally if we chose to do that over time,” he said.
“The best research and universities are still located in our hemisphere and in our country. The most vibrant startups and venture capital markets still exist for all the problems we have had,” Biden
said in Rio De Janeiro.
“Like Brazilians, we are optimistic about our future, and we are certain of our capacity, as you are,” he said in his
address, noting that the US and Brazil represent two of the
largest, most innovative, dynamic economies in the
world today.
“It is true both of us can continue to prosper whether or
not we deepen our economic relations. But imagine, just
imagine what these two dynamic economies could do
with greater trade and investment for our people, for
the hemisphere, for the world,”Biden said.
“We’re moving past old alignments, leaving behind old
suspicions and building new
relationships,” Biden said.
BizNewZ!
GMAIL TO GET A NEW LOOK
Google is cutting the clutter from the inboxes of Gmail users.
The web software giant announced a new design for its
popular email service yesterday, which will see incoming mail
pre-sorted into relevant categories.
The update will transform the way Gmail appears both on the desktop and in mobile applications, with the most important emails from family,friends and colleagues appearing in the Primary tab.
Other tabs suggested by Google include Social for notifications
from Facebook, LinkedIn and the like, Promotions for commercial offers, and Updates for things like bills, receipts and confirmation emails. Messages from online groups, discussion
boards and mailing lists will appear in the Forums group.
The inbox organization groups
are optional, and a user can choose which of the five
categories, if any, they want to use. The update will be rolled
out to users in the coming weeks. Users can also manually
configure it through the settings tab in Gmail.
The revamped design comes three years after Google’s
previous attempt at managing email clutter, when it launched the Priority inbox. Numerous
startups such as Sparrow and Mailbox have also launched
apps that attempt to tame Gmail.
Gmail is the world’s most popular email service, with some 288 million users as of October 2012, according to web tracking firm Comscore.
Microsoft’s Hotmail, now known as Outlook.com, has 286 million users, while Yahoo had 281 million users.
Google is cutting the clutter from the inboxes of Gmail users.
The web software giant announced a new design for its
popular email service yesterday, which will see incoming mail
pre-sorted into relevant categories.
The update will transform the way Gmail appears both on the desktop and in mobile applications, with the most important emails from family,friends and colleagues appearing in the Primary tab.
Other tabs suggested by Google include Social for notifications
from Facebook, LinkedIn and the like, Promotions for commercial offers, and Updates for things like bills, receipts and confirmation emails. Messages from online groups, discussion
boards and mailing lists will appear in the Forums group.
The inbox organization groups
are optional, and a user can choose which of the five
categories, if any, they want to use. The update will be rolled
out to users in the coming weeks. Users can also manually
configure it through the settings tab in Gmail.
The revamped design comes three years after Google’s
previous attempt at managing email clutter, when it launched the Priority inbox. Numerous
startups such as Sparrow and Mailbox have also launched
apps that attempt to tame Gmail.
Gmail is the world’s most popular email service, with some 288 million users as of October 2012, according to web tracking firm Comscore.
Microsoft’s Hotmail, now known as Outlook.com, has 286 million users, while Yahoo had 281 million users.
Wednesday 29 May 2013
BizNewz!
NILE DROPS PARTNERSHIP WITH ARMSTRONG'S CHARITY LIVESTRONG
Nike has cut its ties to
Livestrong, the Cancer charity founded by disgraced former
cycling champion Lance Armstrong, Livestrong announced yesterday.
In a statement, Livestrong said it was grateful for Nike’s past support and had made alternative plans to secure the
foundation’s future.
Nike had already cut its nine-year promotional ties with
Armstrong in October after the US Anti-Doping Agency
presented clear cut evidence that Armstrong had been the central figure in a wide-ranging doping scandal.
Armstrong admitted earlier this year to taking banned substances that helped him win the Tour de France a record seven times.
The sportswear giant had raised over 100 million for Livestrong, mainly through the
sale and distribution of the yellow armbands that were the charity’s signature item. But Nike will now stop making
products for the charity at the end of the year.
Armstrong, who is a survivor of testicular cancer, founded the
charity in 1997.
Source: Business Line
Nike has cut its ties to
Livestrong, the Cancer charity founded by disgraced former
cycling champion Lance Armstrong, Livestrong announced yesterday.
In a statement, Livestrong said it was grateful for Nike’s past support and had made alternative plans to secure the
foundation’s future.
Nike had already cut its nine-year promotional ties with
Armstrong in October after the US Anti-Doping Agency
presented clear cut evidence that Armstrong had been the central figure in a wide-ranging doping scandal.
Armstrong admitted earlier this year to taking banned substances that helped him win the Tour de France a record seven times.
The sportswear giant had raised over 100 million for Livestrong, mainly through the
sale and distribution of the yellow armbands that were the charity’s signature item. But Nike will now stop making
products for the charity at the end of the year.
Armstrong, who is a survivor of testicular cancer, founded the
charity in 1997.
Source: Business Line
BizXtraz!
TOYOTA STARTS TRAFFIC DATA SERVICE FOR GOVT,BUSINESSES
Toyota is using live-time traffic information from 700,000
Toyota vehicles on Japanese roads to offer what it calls a
“big data” service to local governments and businesses that helps drivers during
disasters.
Toyota Motor Corp. said today the 200,000 yen ($2,000) a month service will start on June 3 in Japan. Overseas services are being considered but
nothing has been decided, said managing officer Shigeki Tomoyama.
Data from Toyota vehicles on roads is already being collected automatically. The new service processes the data, and makes
that available to clients who sign with the service.
Toyota said it will also offer some of that information for
free on smartphones, and will allow drivers to share their own
observations on road
conditions, including blocked paths and strong winds, with
other drivers.
Toyota is using live-time traffic information from 700,000
Toyota vehicles on Japanese roads to offer what it calls a
“big data” service to local governments and businesses that helps drivers during
disasters.
Toyota Motor Corp. said today the 200,000 yen ($2,000) a month service will start on June 3 in Japan. Overseas services are being considered but
nothing has been decided, said managing officer Shigeki Tomoyama.
Data from Toyota vehicles on roads is already being collected automatically. The new service processes the data, and makes
that available to clients who sign with the service.
Toyota said it will also offer some of that information for
free on smartphones, and will allow drivers to share their own
observations on road
conditions, including blocked paths and strong winds, with
other drivers.
BizNewz!
TCS WINS RS. 1,100 CR
CONTRACT FROM POSTAL DEPT.
The country’s largest software exporter Tata Consultancy
Services has won a Rs 1,100 crore systems integration contract from the Department
of Posts for the latter’s IT modernisation project.
As part of the six-year contract, TCS will develop and support
mail, finance & accounts, HR, customer interaction
management solutions for the DoP. The core systems integrator will also be
responsible for providing end-to-end security solutions,
enterprise Management System
and overall integration of various systems, according to a press statement from TCS.
“We are looking to improve customer service in terms of
service quality, speed and reliability of delivery, and improving operational efficiency
and look forward to our partner, TCS, bringing leading and best Industry practices,”said P. Gopinath, Secretary,
Department of Posts.
As part of ‘India Post 2012’, eight contracts were set to be given out in the fields of
hardware, software and systems integration. The aim of the initiative is to transform the DoP into a ‘technology-enabled,self-reliant market leader’. Once
the project is completed, the DoP is expected to become the largest electronic network in the country.
CONTRACT FROM POSTAL DEPT.
The country’s largest software exporter Tata Consultancy
Services has won a Rs 1,100 crore systems integration contract from the Department
of Posts for the latter’s IT modernisation project.
As part of the six-year contract, TCS will develop and support
mail, finance & accounts, HR, customer interaction
management solutions for the DoP. The core systems integrator will also be
responsible for providing end-to-end security solutions,
enterprise Management System
and overall integration of various systems, according to a press statement from TCS.
“We are looking to improve customer service in terms of
service quality, speed and reliability of delivery, and improving operational efficiency
and look forward to our partner, TCS, bringing leading and best Industry practices,”said P. Gopinath, Secretary,
Department of Posts.
As part of ‘India Post 2012’, eight contracts were set to be given out in the fields of
hardware, software and systems integration. The aim of the initiative is to transform the DoP into a ‘technology-enabled,self-reliant market leader’. Once
the project is completed, the DoP is expected to become the largest electronic network in the country.
Tuesday 28 May 2013
BizHelp!
TAX HELP (PART-2)
Continues...
8) Carried Forward losses
One may forget to
consider the carried forward losses of the
previous years.
We should always
check whether any losses carried forward to the current
assessment year
is considered as it
may reduce the income chargeable to tax and in turn reduce the tax liability
9) Details of Tax Deducted at Source (TDS) and income included in the return
In case of tax deducted at source (TDS), ensure that the
details like Tax Deduction Account Number (TAN) along
with other details of the payer of income are as per the TDS
certificate to avoid
disallowances from AO in future.
Further, one should even check the tax credit available and the correctness of income included in the return by viewing the Form 26AS to avoid any error.
10) On-line return submission
On-line filing can be done with or without digital signature. But,
for those filing it without using the digital signature, it is
mandatory to submit the ITR-V form generated on-line, to the income tax officials at Bangalore,
within the prescribed time.
11) Maintenance of documents of the details disclosed in the return
One is not relieved just by filing the return. Proper maintenance of documents of the details filed in the return in our records is equally essential for future.
Hope that some of these simple
yet important tips mentioned above would make the tax
return filing process hassle free.
We wish you Happy filing!
(The author is senior tax professional, Ernst & Young. The views expressed are personal)
Continues...
8) Carried Forward losses
One may forget to
consider the carried forward losses of the
previous years.
We should always
check whether any losses carried forward to the current
assessment year
is considered as it
may reduce the income chargeable to tax and in turn reduce the tax liability
9) Details of Tax Deducted at Source (TDS) and income included in the return
In case of tax deducted at source (TDS), ensure that the
details like Tax Deduction Account Number (TAN) along
with other details of the payer of income are as per the TDS
certificate to avoid
disallowances from AO in future.
Further, one should even check the tax credit available and the correctness of income included in the return by viewing the Form 26AS to avoid any error.
10) On-line return submission
On-line filing can be done with or without digital signature. But,
for those filing it without using the digital signature, it is
mandatory to submit the ITR-V form generated on-line, to the income tax officials at Bangalore,
within the prescribed time.
11) Maintenance of documents of the details disclosed in the return
One is not relieved just by filing the return. Proper maintenance of documents of the details filed in the return in our records is equally essential for future.
Hope that some of these simple
yet important tips mentioned above would make the tax
return filing process hassle free.
We wish you Happy filing!
(The author is senior tax professional, Ernst & Young. The views expressed are personal)
BizHelp!
TAX HELPLINE
Is your income tax return complete?
Here are some Caution points for Error Free Return Filing
The financial year
has ended and every individual is worried about filing his tax
return before the
due date.The difficulty is to be sure that the
return you are filing is correct or not to avoid
future hassles of
assessments.
As we are again at the tax filing time of the year, some caution
points would ensure an error free tax return filing:
1) Correct Form of Return
The first step is to pick up the correct return form, which is
prescribed by the Central Board of Taxes (CBDT) every year. The
Income Tax Return (ITR) forms by CBDT depends on the various streams of income. Correct form
ensures that the complete details are filed.
2) Correct address and correct
Bank Account number
For timely correspondence with
the income tax authorities as
also for timely delivery of refunds claimed in the return, it is very important to mention the correct address and bank
account details along with the MICR code in the return form.
3) Permanent Account Number (PAN)
PAN is an important
identification number by way of which the income tax authorities identify a particular
taxpayer and records his income, taxes deducted on his
behalf and the taxes paid by him. Quoting of incorrect PAN
may cause hardship to both taxpayers as well as to income tax authorities. So double check your PAN.
4) Staying updated with the current Tax Law
Before you start preparing your return, you should stay updated with the current tax law. The
deductions and exemptions available as per the law or the
provisions of clubbing of income. This ensures that the
income disclosed in the return is complete and the benefit available under the law is considered. Eg. Deduction of INR
10,000 for saving account interest or no deduction available in this assessment year
for investment in infrastructure bonds.
5) Checking your Bank Account statements
One should always review the bank account statements.By
doing this you always get an idea of the various streams of
income which you need to disclose in your return. This clarifies the type of return forms you need to use for filing your
return.
Further the error of not including a particular income is
avoided, e.g. we all earn interest income on our savings bank
accounts and at times due to the insignificant amount; we forget to include the interest income in
our return of income. A common slip up that happens is non-
disclosure of income exempted from tax, such as dividend
income from mutual funds or capital gain on securities.
6) Overseas income
Nowadays, few of us have started investing in the overseas markets or receive some income abroad. The same should be
included in the return as well.
Moreover, one should not forget applicable treaty benefits
available under the law to avoid double taxation.
7) Deduction under Chapter VI
We all make tax saving investments throughout the year
but sometimes even forget to include the same in the return.
To avoid this one should maintain the list of the tax saving investments made.
Is your income tax return complete?
Here are some Caution points for Error Free Return Filing
The financial year
has ended and every individual is worried about filing his tax
return before the
due date.The difficulty is to be sure that the
return you are filing is correct or not to avoid
future hassles of
assessments.
As we are again at the tax filing time of the year, some caution
points would ensure an error free tax return filing:
1) Correct Form of Return
The first step is to pick up the correct return form, which is
prescribed by the Central Board of Taxes (CBDT) every year. The
Income Tax Return (ITR) forms by CBDT depends on the various streams of income. Correct form
ensures that the complete details are filed.
2) Correct address and correct
Bank Account number
For timely correspondence with
the income tax authorities as
also for timely delivery of refunds claimed in the return, it is very important to mention the correct address and bank
account details along with the MICR code in the return form.
3) Permanent Account Number (PAN)
PAN is an important
identification number by way of which the income tax authorities identify a particular
taxpayer and records his income, taxes deducted on his
behalf and the taxes paid by him. Quoting of incorrect PAN
may cause hardship to both taxpayers as well as to income tax authorities. So double check your PAN.
4) Staying updated with the current Tax Law
Before you start preparing your return, you should stay updated with the current tax law. The
deductions and exemptions available as per the law or the
provisions of clubbing of income. This ensures that the
income disclosed in the return is complete and the benefit available under the law is considered. Eg. Deduction of INR
10,000 for saving account interest or no deduction available in this assessment year
for investment in infrastructure bonds.
5) Checking your Bank Account statements
One should always review the bank account statements.By
doing this you always get an idea of the various streams of
income which you need to disclose in your return. This clarifies the type of return forms you need to use for filing your
return.
Further the error of not including a particular income is
avoided, e.g. we all earn interest income on our savings bank
accounts and at times due to the insignificant amount; we forget to include the interest income in
our return of income. A common slip up that happens is non-
disclosure of income exempted from tax, such as dividend
income from mutual funds or capital gain on securities.
6) Overseas income
Nowadays, few of us have started investing in the overseas markets or receive some income abroad. The same should be
included in the return as well.
Moreover, one should not forget applicable treaty benefits
available under the law to avoid double taxation.
7) Deduction under Chapter VI
We all make tax saving investments throughout the year
but sometimes even forget to include the same in the return.
To avoid this one should maintain the list of the tax saving investments made.
BizNewz!
SWAN TELECOM WAS NOT ELIGIBLE FOR 2G SPECTRUM LICENCE; NIIRA RADIA TELLS THE COURT
Appearing in the court for the
first time, former corporate
lobbyist Niira Radia today said
she felt that Swan Telecom Pvt
Ltd “was not eligible” to get the
2G Spectrum licences as it was
said to belong to Reliance ADAG
group company Reliance
Communications.
Testifying as a prosecution
witness in CBI court in the case,
she said that during the time of
grant of spectrum, there was a
very strong public perception
that Swan Telecom Pvt Ltd was
not eligible.
Swan Telecom’s promoters
Shahid Usman Balwa and Vinod
Goenka are facing trial in the
case.
“During the time of grant of
spectrum, there was a very
strong public perception
created by the media of
eligibility and non-eligibility.
Through the public perception
and advice of Tata advocates, I
came to know that this
company (Swan Telecom) was
not eligible,” Radia told Special
CBI Judge O.P Saini.
During her examination-in-chief
by the CBI prosecutor, she told
the court that at the time of
grant of licences, dossiers were
in circulation which said Swan
Telecom Pvt Ltd belonged to
Reliance Communications.
“At that time, there were
dossiers in circulation that the
company (Swan Telecom)
belonged to Reliance
Communications, though I do
not have any authentic or
personal knowledge,” she said.
Radia said her public relations
company was advising Tatas on
telecom matters and Tata
Teleservices Ltd had applied for
dual technology licences in
2007.
Spectrum for Tata
Communications
Radia told the court that Tata
Teleservices was granted a dual
technology licence in 2008 but
it did not get the spectrum.
“Tata Teleservices was advised
that they were in the queue and
would be granted spectrum as
and when it would be available.
I was coordinating the telecom
matters with the Tatas and was
not acting in this field singly.
Tata Teleservices had applied
for dual technology spectrum
for Delhi service area also.”
On this, the CBI prosecutor
asked Radia, “Could you please
tell the court as to what was the
number of Tata Teleservices in
the queue for dual technology
spectrum in Delhi service area?”
Responding to the query, Radia
said, “I was not aware of their
number for dual technology
spectrum in Delhi service area.
However, there was enough
correspondence between Tatas
and Department of
Telecommunications (DoT)
saying that TTSL was ahead in
the queue by virtue of their dual
technology licence. They were
existing CDMA operators.”
The CBI prosecutor asked Radia
to explain as to why TTSL was
not granted spectrum in Delhi
service area despite being
ahead of other applicants.
“Tata Teleservices did not get
the spectrum first as it was
advised by DoT that it was not
ahead of others. TTSL was
advised by DoT orally. Swan
Telecom Pvt Ltd had got
spectrum in Delhi service area.
Reliance Communications had
also got the spectrum,” she
said.
Radia also told the court that
TTSL had opposed the allocation
of spectrum to Swan Telecom
and Reliance Communications
but they were advised that they
were in the queue and as and
when spectrum would be
available they would get it.
The court has deferred
recording of her statement to
July 2.
CBI chargesheet
CBI, in its charge sheet filed on
April 2, 2011 against former
Telecom Minister A Raja and
others, had named Radia as a
prosecution witness in the case.
Radia appeared in the court
today three months after she
was asked on December 2 last
year to testify as a CBI witness.
She had sought three months’
time on the grounds that she
had undergone a surgery for a
neurological ailment.
Radia’s statement assumes
significance as she, in her
statement recorded during the
probe under section 161 of the
CrPC (dealing with examination
of witnesses) before CBI, had
said that Swan Telecom Pvt Ltd,
facing trial in the 2G case, was
not “eligible” to get the Unified
Access Service (UAS) Licences.
“Regarding M/s Swan Telecom,
which was the only applicant to
get the spectrum in Delhi circle,
I would like to state that M/s
Swan Telecom as applicant was
not even eligible for getting a
UAS licence, in view of the cross
holding clause.
“To the best of my
understanding it was controlled
entirely by M/s Reliance
Communications,” Radia had
told CBI in her statement
recorded by the agency on
December 21, 2010.
The CBI, in its charge sheet, had
alleged that Reliance Telecom
Ltd (RTL), an accused in the
case, used Swan Telecom, an
ineligible firm, as its front
company to get licences and the
costly radio waves.
Appearing in the court for the
first time, former corporate
lobbyist Niira Radia today said
she felt that Swan Telecom Pvt
Ltd “was not eligible” to get the
2G Spectrum licences as it was
said to belong to Reliance ADAG
group company Reliance
Communications.
Testifying as a prosecution
witness in CBI court in the case,
she said that during the time of
grant of spectrum, there was a
very strong public perception
that Swan Telecom Pvt Ltd was
not eligible.
Swan Telecom’s promoters
Shahid Usman Balwa and Vinod
Goenka are facing trial in the
case.
“During the time of grant of
spectrum, there was a very
strong public perception
created by the media of
eligibility and non-eligibility.
Through the public perception
and advice of Tata advocates, I
came to know that this
company (Swan Telecom) was
not eligible,” Radia told Special
CBI Judge O.P Saini.
During her examination-in-chief
by the CBI prosecutor, she told
the court that at the time of
grant of licences, dossiers were
in circulation which said Swan
Telecom Pvt Ltd belonged to
Reliance Communications.
“At that time, there were
dossiers in circulation that the
company (Swan Telecom)
belonged to Reliance
Communications, though I do
not have any authentic or
personal knowledge,” she said.
Radia said her public relations
company was advising Tatas on
telecom matters and Tata
Teleservices Ltd had applied for
dual technology licences in
2007.
Spectrum for Tata
Communications
Radia told the court that Tata
Teleservices was granted a dual
technology licence in 2008 but
it did not get the spectrum.
“Tata Teleservices was advised
that they were in the queue and
would be granted spectrum as
and when it would be available.
I was coordinating the telecom
matters with the Tatas and was
not acting in this field singly.
Tata Teleservices had applied
for dual technology spectrum
for Delhi service area also.”
On this, the CBI prosecutor
asked Radia, “Could you please
tell the court as to what was the
number of Tata Teleservices in
the queue for dual technology
spectrum in Delhi service area?”
Responding to the query, Radia
said, “I was not aware of their
number for dual technology
spectrum in Delhi service area.
However, there was enough
correspondence between Tatas
and Department of
Telecommunications (DoT)
saying that TTSL was ahead in
the queue by virtue of their dual
technology licence. They were
existing CDMA operators.”
The CBI prosecutor asked Radia
to explain as to why TTSL was
not granted spectrum in Delhi
service area despite being
ahead of other applicants.
“Tata Teleservices did not get
the spectrum first as it was
advised by DoT that it was not
ahead of others. TTSL was
advised by DoT orally. Swan
Telecom Pvt Ltd had got
spectrum in Delhi service area.
Reliance Communications had
also got the spectrum,” she
said.
Radia also told the court that
TTSL had opposed the allocation
of spectrum to Swan Telecom
and Reliance Communications
but they were advised that they
were in the queue and as and
when spectrum would be
available they would get it.
The court has deferred
recording of her statement to
July 2.
CBI chargesheet
CBI, in its charge sheet filed on
April 2, 2011 against former
Telecom Minister A Raja and
others, had named Radia as a
prosecution witness in the case.
Radia appeared in the court
today three months after she
was asked on December 2 last
year to testify as a CBI witness.
She had sought three months’
time on the grounds that she
had undergone a surgery for a
neurological ailment.
Radia’s statement assumes
significance as she, in her
statement recorded during the
probe under section 161 of the
CrPC (dealing with examination
of witnesses) before CBI, had
said that Swan Telecom Pvt Ltd,
facing trial in the 2G case, was
not “eligible” to get the Unified
Access Service (UAS) Licences.
“Regarding M/s Swan Telecom,
which was the only applicant to
get the spectrum in Delhi circle,
I would like to state that M/s
Swan Telecom as applicant was
not even eligible for getting a
UAS licence, in view of the cross
holding clause.
“To the best of my
understanding it was controlled
entirely by M/s Reliance
Communications,” Radia had
told CBI in her statement
recorded by the agency on
December 21, 2010.
The CBI, in its charge sheet, had
alleged that Reliance Telecom
Ltd (RTL), an accused in the
case, used Swan Telecom, an
ineligible firm, as its front
company to get licences and the
costly radio waves.
BizArticZ!
STARTING A BUSINESS IN INDIA IS NO MORE A JOKE!!!!
I sometimes think that it is necessary for the Finance Minister to be re-designated as
Minister of Economic
Management in order to drive home the point that he is
responsible not just for framing the Budget and making
allocations, but also for the total economic management of the
country, of which overseeing of receipts and expenditure is only a part.
This buttressed role will give him the authority, as also make him accountable, to make good the promises he makes and expectations he arouses through his Budgets.
In the present scheme of things, once the few hours of glory he
enjoys following Budget presentation are over, the people have hardly any scope or opportunity to figure out the exact role the Finance Minister has played, or is playing, in keeping the economy on an
even keel.
Let us start off with something that is of the utmost importance and the highest priority in
giving the economy a flying start towards double-digit growth: Boosting investor
confidence.P.Chidambaram touched the right chord in his
Budget speech by saying that “doing business in India must
be seen as easy, friendly and mutually beneficial”. He even
talked of improving
communication of the
Government’s policies “to remove any apprehension or distrust in the minds of investors, including fears about undue regulatory burden or
application of tax laws.”
BOTTOM OF THE LIST
This is not the first time such laudable sentiments have been
expressed by Finance Ministers. But what is the position on the
ground? The World Bank Group publishes every year the report
of a comparative survey on doing business in 185 countries with reference to issuing of
construction permits,
registration of property, getting
electricity, access to credit, protection of investors, payment of taxes, trading across borders, enforcing
contracts and addressing
insolvency issues.Both for 2012 and 2013, India has been ranked 132 in ease of doing
business and as for starting a business, India has slipped into
the 173rd position in 2013 from 169 in 2012. In investor
protection, it is down to 49 in 2013 from 46 in 2012.
Can you believe it is 184 out of 185 in enforcing contracts both in 2012 and 2013, and 183 and
182 in the issue of construction permits in 2012 and 2013? In
the overall, India’s rank has always hovered around 150,
lumped together at the bottom of the list with 30 other non-
descript countries whose names are not even familiar to
students of geography!
Here’s just one quote (echoing so many similar ones from
investors who have had to deal with India’s power structure). It is from John Flannery, who was
President and CEO, GE India, bemoaning the deterioration in
macro-environment:
“The ease of doing business hasn’t changed much. 2012
was flying pretty low from an investor standpoint….The
sentiment is good but none of the (promises) has translated into actual core activity.” Or, take India’s competitiveness
which the World Economic Forum (WEF) measures by
assigning weights to
parameters such as
performance of institutions,
infrastructure, macro-economic environment,efficiency of markets in goods, labour and financial services, business
sophistication, technology savvy
and innovation capabilities.
GOOD NEWS
As per the report of WEF for 2012-13, India ranks 59th
amongst 144 economies in the
Global Competitiveness Index
for 2012-13, as against 56th position out of 142 economies
covered in 2011-12. The country, which was once ahead
of Brazil and South Africa,now trails them by some 10 places
and is 30 positions behind China. In other words, there is a
serious mismatch between the
optimistic asseverations of
Finance Ministers and India’s unenviable standing in the
global community in most areas
pertaining to efficient economic management. This, in my opinion, is mainly because there is no single focal point in the Cabinet in charge of the levers of economic management in its
totality and to orchestrate the efforts of the various Ministries
on a continuing basis.
The good news is the setting up
by the Government of a committee headed by M.Damodaran, former chief of SEBI
and UTI and one of India’s foremost game changers, for reforming the regulatory environment for doing business in India by making an in-depth study of the entire gamut of
regulatory framework and coming out with a detailed road-map for improving the
business climate in the country.
Damodaran would do well to complete the work of the committee within the next few months so that the launching of
a drive enabling India to forge ahead can begin in the early
months of this fiscal itself.
I sometimes think that it is necessary for the Finance Minister to be re-designated as
Minister of Economic
Management in order to drive home the point that he is
responsible not just for framing the Budget and making
allocations, but also for the total economic management of the
country, of which overseeing of receipts and expenditure is only a part.
This buttressed role will give him the authority, as also make him accountable, to make good the promises he makes and expectations he arouses through his Budgets.
In the present scheme of things, once the few hours of glory he
enjoys following Budget presentation are over, the people have hardly any scope or opportunity to figure out the exact role the Finance Minister has played, or is playing, in keeping the economy on an
even keel.
Let us start off with something that is of the utmost importance and the highest priority in
giving the economy a flying start towards double-digit growth: Boosting investor
confidence.P.Chidambaram touched the right chord in his
Budget speech by saying that “doing business in India must
be seen as easy, friendly and mutually beneficial”. He even
talked of improving
communication of the
Government’s policies “to remove any apprehension or distrust in the minds of investors, including fears about undue regulatory burden or
application of tax laws.”
BOTTOM OF THE LIST
This is not the first time such laudable sentiments have been
expressed by Finance Ministers. But what is the position on the
ground? The World Bank Group publishes every year the report
of a comparative survey on doing business in 185 countries with reference to issuing of
construction permits,
registration of property, getting
electricity, access to credit, protection of investors, payment of taxes, trading across borders, enforcing
contracts and addressing
insolvency issues.Both for 2012 and 2013, India has been ranked 132 in ease of doing
business and as for starting a business, India has slipped into
the 173rd position in 2013 from 169 in 2012. In investor
protection, it is down to 49 in 2013 from 46 in 2012.
Can you believe it is 184 out of 185 in enforcing contracts both in 2012 and 2013, and 183 and
182 in the issue of construction permits in 2012 and 2013? In
the overall, India’s rank has always hovered around 150,
lumped together at the bottom of the list with 30 other non-
descript countries whose names are not even familiar to
students of geography!
Here’s just one quote (echoing so many similar ones from
investors who have had to deal with India’s power structure). It is from John Flannery, who was
President and CEO, GE India, bemoaning the deterioration in
macro-environment:
“The ease of doing business hasn’t changed much. 2012
was flying pretty low from an investor standpoint….The
sentiment is good but none of the (promises) has translated into actual core activity.” Or, take India’s competitiveness
which the World Economic Forum (WEF) measures by
assigning weights to
parameters such as
performance of institutions,
infrastructure, macro-economic environment,efficiency of markets in goods, labour and financial services, business
sophistication, technology savvy
and innovation capabilities.
GOOD NEWS
As per the report of WEF for 2012-13, India ranks 59th
amongst 144 economies in the
Global Competitiveness Index
for 2012-13, as against 56th position out of 142 economies
covered in 2011-12. The country, which was once ahead
of Brazil and South Africa,now trails them by some 10 places
and is 30 positions behind China. In other words, there is a
serious mismatch between the
optimistic asseverations of
Finance Ministers and India’s unenviable standing in the
global community in most areas
pertaining to efficient economic management. This, in my opinion, is mainly because there is no single focal point in the Cabinet in charge of the levers of economic management in its
totality and to orchestrate the efforts of the various Ministries
on a continuing basis.
The good news is the setting up
by the Government of a committee headed by M.Damodaran, former chief of SEBI
and UTI and one of India’s foremost game changers, for reforming the regulatory environment for doing business in India by making an in-depth study of the entire gamut of
regulatory framework and coming out with a detailed road-map for improving the
business climate in the country.
Damodaran would do well to complete the work of the committee within the next few months so that the launching of
a drive enabling India to forge ahead can begin in the early
months of this fiscal itself.
BizNewz!
Samsung
Electronics has
announced a new
category in the
phablet (phone-
cum-tablet)
segment, called the
Galaxy Mega. The first two
models in the series - Galaxy
Mega 5.8 and Galaxy Mega 6.3 -
were launched on Tuesday.
The numbers accompanying the
first two models refer to the size
of the display on each.
Company spokespersons
maintain the Galaxy Mega series
will have three distinctive
features - large screen
experience , portability and
powerful performance.
While Galaxy Mega 5.8 runs on a
1.4GHz dual core processor from
Broadcom, the Galaxy Mega 6.3
runs on Qualcomm 1.7GHz dual
core processor. Both phablets,
however, have similar design and
features.
Both operate on Android v4.2
Jelly Bean and feature a 1.5GB
RAM along with 16GB internal
storage and up to 64GB
expandable memory. Both have
8MP rear cameras and 1.9 MP
front facing cameras and
connectivity options such as
Bluetooth, Wi-Fi, GPS, etc.
"To meet the varying lifestyles of
our consumers, we are very
pleased to offer the Galaxy Mega
which further enriches the
product portfolio," Vineet Taneja,
Country Head, Samsung Mobile
and Digital Imaging Business,
said at the event.
Weighing 182 grams, the Galaxy
Mega 5.8 is 9 mm thick and
packs in a 2600 mAh battery. The
Galaxy Mega 6.3 has a 8mm sleek
thickness, and weighs 199
grams with a 3200 mAh battery.
Samsung has also added its
proprietary software including
the Group Play, Samsung Link
and S Translator on both the
phablets.
The Mega 5.8 will be available in
the market in the next seven
days while the Mega 6.3 will go
on sale by mid-June.
The latest devices from Samsung
are priced competitively. While
the Galaxy Mega 5.8 costs Rs
25,100, Samsung has priced the
Galaxy Mega 6.3 at Rs 31,490.
Electronics has
announced a new
category in the
phablet (phone-
cum-tablet)
segment, called the
Galaxy Mega. The first two
models in the series - Galaxy
Mega 5.8 and Galaxy Mega 6.3 -
were launched on Tuesday.
The numbers accompanying the
first two models refer to the size
of the display on each.
Company spokespersons
maintain the Galaxy Mega series
will have three distinctive
features - large screen
experience , portability and
powerful performance.
While Galaxy Mega 5.8 runs on a
1.4GHz dual core processor from
Broadcom, the Galaxy Mega 6.3
runs on Qualcomm 1.7GHz dual
core processor. Both phablets,
however, have similar design and
features.
Both operate on Android v4.2
Jelly Bean and feature a 1.5GB
RAM along with 16GB internal
storage and up to 64GB
expandable memory. Both have
8MP rear cameras and 1.9 MP
front facing cameras and
connectivity options such as
Bluetooth, Wi-Fi, GPS, etc.
"To meet the varying lifestyles of
our consumers, we are very
pleased to offer the Galaxy Mega
which further enriches the
product portfolio," Vineet Taneja,
Country Head, Samsung Mobile
and Digital Imaging Business,
said at the event.
Weighing 182 grams, the Galaxy
Mega 5.8 is 9 mm thick and
packs in a 2600 mAh battery. The
Galaxy Mega 6.3 has a 8mm sleek
thickness, and weighs 199
grams with a 3200 mAh battery.
Samsung has also added its
proprietary software including
the Group Play, Samsung Link
and S Translator on both the
phablets.
The Mega 5.8 will be available in
the market in the next seven
days while the Mega 6.3 will go
on sale by mid-June.
The latest devices from Samsung
are priced competitively. While
the Galaxy Mega 5.8 costs Rs
25,100, Samsung has priced the
Galaxy Mega 6.3 at Rs 31,490.
Monday 27 May 2013
BizPerson
CORPORATE WOMEN - AVANI SAGLANI DAVDA(Head of Tata-Starbucks)
I feel blessed."says Avani Saglani Davda, the first to head a joint venture of Tatas and Starbucks Coffee Co, which runs 18000 outlets of Tata-Starbucks was mobbed for days and one could spot even the greying affluent waiting patiently outside for a post dinner sip and feel of its ambiance,enhanced by its high-cieling,teak wood tables and leather bound books.
The outlet, located in a Gothic Styled Elphinstone Building,at the Horniman Circle in Mumbai,a garden frequented by the aesthetically inclined for an ocassional poetry or story reading or simply for anyone seeking peace of mind.Yet,it is only a walking distance from the Bombay Stock Exchange,Reserve Bank of India,two main Sub Urban railway terminus stations,as also the Taj Mahal Hotel.
"We are to be aggressive,"says Davda."People have got a hint of the way we are pricing and the way we are going to grow.We are here for the long term and we want to grow respectfully.At Starbucks and Tata ,it is not about putting numbers and driving the team to achieve those targets," she adds.
The 33-year-old Avani got a break as a probationer at Tata Administrative Service in 2002,after a Master's degree in management from Mumbai's NM Institute for Management Studies.Before that ,she Graduated in advertising and nedia from HR College.She had also spent a month at Lowe Advertising.Post her TAS stint,Avani was assingned to Tata Tea Sales(South India) in the Kerala Market.Her 15 months at TAS inculcated considerable leadership skills and helped her grow as a professional.The 26/11 terror attack also gave the Mumbai girl a critical learning experimence in how to steer a company through tough times and dips in the business.
"The way Tata's top management steered out of the situation left a deep impact on me," says Davda."If your heart is in the right place,you will able to come ouy of any difficulty.I attended seven funerals in one day.It was painful but it taught me a lot," says adds.
Source : Business India
I feel blessed."says Avani Saglani Davda, the first to head a joint venture of Tatas and Starbucks Coffee Co, which runs 18000 outlets of Tata-Starbucks was mobbed for days and one could spot even the greying affluent waiting patiently outside for a post dinner sip and feel of its ambiance,enhanced by its high-cieling,teak wood tables and leather bound books.
The outlet, located in a Gothic Styled Elphinstone Building,at the Horniman Circle in Mumbai,a garden frequented by the aesthetically inclined for an ocassional poetry or story reading or simply for anyone seeking peace of mind.Yet,it is only a walking distance from the Bombay Stock Exchange,Reserve Bank of India,two main Sub Urban railway terminus stations,as also the Taj Mahal Hotel.
"We are to be aggressive,"says Davda."People have got a hint of the way we are pricing and the way we are going to grow.We are here for the long term and we want to grow respectfully.At Starbucks and Tata ,it is not about putting numbers and driving the team to achieve those targets," she adds.
The 33-year-old Avani got a break as a probationer at Tata Administrative Service in 2002,after a Master's degree in management from Mumbai's NM Institute for Management Studies.Before that ,she Graduated in advertising and nedia from HR College.She had also spent a month at Lowe Advertising.Post her TAS stint,Avani was assingned to Tata Tea Sales(South India) in the Kerala Market.Her 15 months at TAS inculcated considerable leadership skills and helped her grow as a professional.The 26/11 terror attack also gave the Mumbai girl a critical learning experimence in how to steer a company through tough times and dips in the business.
"The way Tata's top management steered out of the situation left a deep impact on me," says Davda."If your heart is in the right place,you will able to come ouy of any difficulty.I attended seven funerals in one day.It was painful but it taught me a lot," says adds.
Source : Business India
BizNewz
FREE ROAMING NO MORE
TRAI may recommend slashing of national roaming charges through special tariff vouchers instead of the proposed free roaming move.
This was out during the meeting of the TRAI and the telecom industry on Thursday,sources said.
Telecom minister Kapil Sibal had earlier said that the govermnent would try to implement free roaming across the country for customers before October this year.
However,the govt seems to pay no heed to the NTP as it may not adhere to the free roaming proposal announced by the telecom minister.
TRAI may recommend slashing of national roaming charges through special tariff vouchers instead of the proposed free roaming move.
This was out during the meeting of the TRAI and the telecom industry on Thursday,sources said.
Telecom minister Kapil Sibal had earlier said that the govermnent would try to implement free roaming across the country for customers before October this year.
However,the govt seems to pay no heed to the NTP as it may not adhere to the free roaming proposal announced by the telecom minister.
Sunday 26 May 2013
Biz-Xtraz!
About the Book : "The Arab World Unbound" ; by Vijay Mahajan
Think of the Arab world and the images that immediately come to mind are those of political turmoil,armed conflicts.relegious oppression,Somali pirates,Oil rich sheikhes and Women in Veils.The general impression is that of a region whose people have not learnt to live in peace,either among themselves or with the rest of the world.Naturally,not many corporations want to invest in the region ,as the risks far outweigh the returns.
Vijay Mahjan,who teaches business at McCombs School of Business,University of Texas,and had earlier authored Africa Rising,undertook his own Rihla(Journey) across 18 of the 22 Nations that make up the Arab League to understand the region.And what he saw - and describes in his latest offering,The Arab World Unbound - dispelsloads of misconceptions about the region.and points to the huge business opportunity the 350 million consumers there offer.
Mahajan presents many convincing arguments for investing in the region.The Arab League - if considered a single nation- has a Gross Domestic Product of $ 1.99 trillion,which is the nineth largest in the world,higher than India's $ 1.63 trillion (in 2010).A typical Arab household's spend surpasses that of one in China by two thirds,and is three times that of an average family in India.
53 % of the region's population is 25 or younger..It attracts 79 million tourists- more than any single country.Social media is on the rise and cell phone density is higher than that in the United States,China, and India...!
The book also throws some light on what companyies need to do to survive in the region,such as respecting Islam and understanding the local culture.Mahajan feels the Yalla (can do) spirit of the region should ensure greater pace of growth in the future.However,while the book addresses the merits of doing business in the region ,it does not entirely allay corporate fears.
Pages : 408 ; Price : $ 39.95
Source : Business Today
Think of the Arab world and the images that immediately come to mind are those of political turmoil,armed conflicts.relegious oppression,Somali pirates,Oil rich sheikhes and Women in Veils.The general impression is that of a region whose people have not learnt to live in peace,either among themselves or with the rest of the world.Naturally,not many corporations want to invest in the region ,as the risks far outweigh the returns.
Vijay Mahjan,who teaches business at McCombs School of Business,University of Texas,and had earlier authored Africa Rising,undertook his own Rihla(Journey) across 18 of the 22 Nations that make up the Arab League to understand the region.And what he saw - and describes in his latest offering,The Arab World Unbound - dispelsloads of misconceptions about the region.and points to the huge business opportunity the 350 million consumers there offer.
Mahajan presents many convincing arguments for investing in the region.The Arab League - if considered a single nation- has a Gross Domestic Product of $ 1.99 trillion,which is the nineth largest in the world,higher than India's $ 1.63 trillion (in 2010).A typical Arab household's spend surpasses that of one in China by two thirds,and is three times that of an average family in India.
53 % of the region's population is 25 or younger..It attracts 79 million tourists- more than any single country.Social media is on the rise and cell phone density is higher than that in the United States,China, and India...!
The book also throws some light on what companyies need to do to survive in the region,such as respecting Islam and understanding the local culture.Mahajan feels the Yalla (can do) spirit of the region should ensure greater pace of growth in the future.However,while the book addresses the merits of doing business in the region ,it does not entirely allay corporate fears.
Pages : 408 ; Price : $ 39.95
Source : Business Today
BizTipz
Website Designing For Dummies
When several photographers asked Gurpeet singh to create their websites ,the New Delhi based digital designer decided to provide them models so that they could do it themselves.He along with Anuj Sharma,a web technology designer,developed Pixpa.com, a so-it-yourself web designing platform,using which creative professionals can showcase and sell their work online. " You dont need any favours with pixpa.It is easy ," says Singh,the company's CEO.
The company was first incorporated in the United States in January 2011 as Pixpa Inc.A year later,the company was incorporated in India abd called Pixpa Digital Pvt.Ltd.All operations of both the companies are run out of its Okhla office in New Delhi.
Pixpa Digital offers a range of design templates that enable people with little or no technical skills to easily create thier own websites.Photographers,Artists abd videograpkhers can use Pixpa to share their work online - pHotographs,Vedio,slideshows,blogs and social media links - using multimedia tools,all by making a one time payment of Rs. 2000 to Rs. 16000. The cost of getting a custom designed website is more than Rs.20000,apart from Rs.5000 to Rs. 8000 paid to the website host.
Though such platforms are common in Europe and the US. Pixpa is one of the first of its kind in India."Internationally,it is a billion-dollor market,but here in India we don't have any competition" says Singh.
When several photographers asked Gurpeet singh to create their websites ,the New Delhi based digital designer decided to provide them models so that they could do it themselves.He along with Anuj Sharma,a web technology designer,developed Pixpa.com, a so-it-yourself web designing platform,using which creative professionals can showcase and sell their work online. " You dont need any favours with pixpa.It is easy ," says Singh,the company's CEO.
The company was first incorporated in the United States in January 2011 as Pixpa Inc.A year later,the company was incorporated in India abd called Pixpa Digital Pvt.Ltd.All operations of both the companies are run out of its Okhla office in New Delhi.
Pixpa Digital offers a range of design templates that enable people with little or no technical skills to easily create thier own websites.Photographers,Artists abd videograpkhers can use Pixpa to share their work online - pHotographs,Vedio,slideshows,blogs and social media links - using multimedia tools,all by making a one time payment of Rs. 2000 to Rs. 16000. The cost of getting a custom designed website is more than Rs.20000,apart from Rs.5000 to Rs. 8000 paid to the website host.
Though such platforms are common in Europe and the US. Pixpa is one of the first of its kind in India."Internationally,it is a billion-dollor market,but here in India we don't have any competition" says Singh.
Saturday 25 May 2013
Bizcart News
Amazon to allow e-book fan fiction sales in US
Amazon has announced that fan fiction authors will be able to sell some of their work on the firm's Kindle e-book platform.
Fan fiction is literature inspired by popular books, films and TV shows, written by enthusiasts.
Publication outside of blogs and online fanzines is often difficult because of copyright issues.
A deal with a TV division of Warner Brothers enables fan fiction based on three TV series to be self-published.
The three series are Gossip Girls, The Vampire Diaries and Pretty Little Liars, under the arrangement between Amazon and Alloy Entertainment, owned by Warner Brothers Television Group.
Authors will be able to upload their writing for sale via a new platform called Kindle Worlds, which will initially only be available in America.
There is no launch date yet for the platform.
Authors will receive 35% of the overall price of their work in royalty payments if they have written 10,000 words or more, and 20% for works of 5,000-10,000 words under a new pilot scheme for shorter stories.
In return Amazon Publishing willown the global publication rights to the works, says the announcement .
Fan fiction containing sexually explicit scenes will not be accepted, the firm said.
Amazon has announced that fan fiction authors will be able to sell some of their work on the firm's Kindle e-book platform.
Fan fiction is literature inspired by popular books, films and TV shows, written by enthusiasts.
Publication outside of blogs and online fanzines is often difficult because of copyright issues.
A deal with a TV division of Warner Brothers enables fan fiction based on three TV series to be self-published.
The three series are Gossip Girls, The Vampire Diaries and Pretty Little Liars, under the arrangement between Amazon and Alloy Entertainment, owned by Warner Brothers Television Group.
Authors will be able to upload their writing for sale via a new platform called Kindle Worlds, which will initially only be available in America.
There is no launch date yet for the platform.
Authors will receive 35% of the overall price of their work in royalty payments if they have written 10,000 words or more, and 20% for works of 5,000-10,000 words under a new pilot scheme for shorter stories.
In return Amazon Publishing willown the global publication rights to the works, says the announcement .
Fan fiction containing sexually explicit scenes will not be accepted, the firm said.
Delightful Achievements
First Port Of Call
Gujarat was the first state to privatise port construction and to formulate a Port Policy ,which integrated the development of ports with industrial and infrastructural advancement,and power generation. The policy drew a Build Own Operate Transfer(BOOT) principle fron an innovative Public Private Partnership(PPP) model. Gujarat Pipavav Port at Pipavav,in Saurashtra ,and Gujarat Adani Port at Mundra ,in Kutch,were the country's first greenfield Ports to have been developed on this basis.
Pipavav Port,India's first port built on the PPP model,was promoted by entrepreneur Nikhil Gandhi,who incorporated the venture as Gujarat Pipavav Port Ltd(GPPL) way back in August 1992. The naturally protected multi-user port ,situated between Veraval and Alang,commenced general cargo handling operations in November 1996 and container handling activities in April 1998. It was the country's second modern port to be devoloped in a totally planned manner,the first having been Jawaharlal Nehru Port(JNP) AT Nhava-Sheva across the Mumbai harbour.APM Terminals,part of Denmark's A.P Møller Mærsk group,took management control of GPPL in March 2005.
The Essar group is another significant port operator in Gujarat.It is planning to expand the 30 mt dry bulk and break bulk cargo handling capacity of its all-weather deep-draft port at Hazira to 50 mt. Its other port in Gujarat,in Vadinar in Saurashtra, is also an all-weather deep-draft port,for crude oil for its redinery,with a capacity of 58 mt.
"Careftl planning and execution have ensured that the capacity o Gujarat's ports corresponds to the rise in traffic," assert7 Gujarat Maritime Board's Pankaj Kumar."Gujarat's Success would not have been posrible but for the far-sighted policies announced by the state from time to time."
source: Business India
Gujarat was the first state to privatise port construction and to formulate a Port Policy ,which integrated the development of ports with industrial and infrastructural advancement,and power generation. The policy drew a Build Own Operate Transfer(BOOT) principle fron an innovative Public Private Partnership(PPP) model. Gujarat Pipavav Port at Pipavav,in Saurashtra ,and Gujarat Adani Port at Mundra ,in Kutch,were the country's first greenfield Ports to have been developed on this basis.
Pipavav Port,India's first port built on the PPP model,was promoted by entrepreneur Nikhil Gandhi,who incorporated the venture as Gujarat Pipavav Port Ltd(GPPL) way back in August 1992. The naturally protected multi-user port ,situated between Veraval and Alang,commenced general cargo handling operations in November 1996 and container handling activities in April 1998. It was the country's second modern port to be devoloped in a totally planned manner,the first having been Jawaharlal Nehru Port(JNP) AT Nhava-Sheva across the Mumbai harbour.APM Terminals,part of Denmark's A.P Møller Mærsk group,took management control of GPPL in March 2005.
The Essar group is another significant port operator in Gujarat.It is planning to expand the 30 mt dry bulk and break bulk cargo handling capacity of its all-weather deep-draft port at Hazira to 50 mt. Its other port in Gujarat,in Vadinar in Saurashtra, is also an all-weather deep-draft port,for crude oil for its redinery,with a capacity of 58 mt.
"Careftl planning and execution have ensured that the capacity o Gujarat's ports corresponds to the rise in traffic," assert7 Gujarat Maritime Board's Pankaj Kumar."Gujarat's Success would not have been posrible but for the far-sighted policies announced by the state from time to time."
source: Business India
Cörpörate Wörlð(NEWS)
HBO Asia and Eros International Plc recently announced their joint venture to launch two new premium Advertising free movie channels in the Indian market -HBO Hits.This collaboration aims to bring together the best of Hollywood and Bollywood in the pay TV movie space.Additionally,this alliance will also help provide for the development of both the HBO existing formats for India,as well as the creation of original content for the Indian Television market and International distribution.
"There are few global companies that have mastered the premium film and TV space like HBO.We look forward to cultivating new spaces together in India and especially the development of HBO content for TV and the online medium,"says Kishore Lulla,executive chairman,Eros International Plc.
" The opportunity to work with Eros is great and together we will aim to deliver a first class cinema experienc in the comfort of viewers,said Jonathan Spink,CEO,HBO Asia.
The two brands are yet to announce dates regarding the launc of these new channels.
"There are few global companies that have mastered the premium film and TV space like HBO.We look forward to cultivating new spaces together in India and especially the development of HBO content for TV and the online medium,"says Kishore Lulla,executive chairman,Eros International Plc.
" The opportunity to work with Eros is great and together we will aim to deliver a first class cinema experienc in the comfort of viewers,said Jonathan Spink,CEO,HBO Asia.
The two brands are yet to announce dates regarding the launc of these new channels.
WêB WörLð ( Interesting Facts about Web)
Internet turns 30 !!!
The Internet completed 30 years on 1 January 2013.It officially began the historic transformation of the world on January 1 1983,when for the first time the US Department of Defence-Commissioned ARPANET network fully switched to use the Internet protocol suite (IPS) communication system.This new method of linking computers through telecommunication devices and the interlinked hypetext documents invented by British computer scientist Tim Berners-Lee in 1989 eventually led to the World Wide Web.Based on designs by Welsh scientist Donald Davies,the ARPANET network initially began as a military project in the late 1960s.However,going by increasing scale Cyber Wars,is the world turning back to the non-peaceful use of the Internet?
Anyway its time to wish HAPPY BIRTH DAPY INTERNET!!!
Reference: Business India 2013
The Internet completed 30 years on 1 January 2013.It officially began the historic transformation of the world on January 1 1983,when for the first time the US Department of Defence-Commissioned ARPANET network fully switched to use the Internet protocol suite (IPS) communication system.This new method of linking computers through telecommunication devices and the interlinked hypetext documents invented by British computer scientist Tim Berners-Lee in 1989 eventually led to the World Wide Web.Based on designs by Welsh scientist Donald Davies,the ARPANET network initially began as a military project in the late 1960s.However,going by increasing scale Cyber Wars,is the world turning back to the non-peaceful use of the Internet?
Anyway its time to wish HAPPY BIRTH DAPY INTERNET!!!
Reference: Business India 2013
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