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Daily News Digest- 21st July'14

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Thought of the Day:

“You will not be punished for your anger; you will be punished by your anger.”
Buddha

Did you know?

Your foot is the same size as the distance between your wrist and elbow.


Following made the Headlines:


India:

  • Walmart Brings in Rs.623 cr More for Expansion: Walmart Stores infused more funds into its Indian cash-and-carry operations in June to expand the network, taking the world number one retailer's total investment in the country to nearly ₹ 2,000 crore and underscoring its renewed optimism about business prospects in the country. Funds amounting to ₹ 623 crore were allotted as share application money by the parent company in June, according to a company resolution submitted to the Registrar of Companies on July 16. Walmart India, the local entity registered in January, had earlier raised a cumulative ₹ 1,328 crore from its US based parent. This is the second large capital infusion by Walmart after its October 2013 separation from Bharti Walmart when the company acquired the 50% stake held by the Indian partner to go solo with the cash-and-carry venture. In its latest annual report released mid April, Walmart said it paid a total $334 million (₹ 2,018 crore at current rates) to end its high-profile retail partnership with Bharti Enterprises, resulting ₹ 912 in a net loss of $151 million accruing to the US company's consolidated income in 2013. The retailer paid $100 million (₹ 604 crore) to acquire Bharti's stake in its India wholesale joint venture to convert it into a fullyowned subsidiary. Walmart said it also took a $234-million (₹ 1,414 crore) hit that included debt and other investments in back-end partner Bharti Retail that it waived as part of the October 2013 separation.

  • AI hopes to fly in more Russians with flight to Goa: The Russians' famed love for Goan sun, sand and other attractions could prove to be a money-spinner for cash-strapped Air India. The airline, which last Friday started a daily flight to Moscow, has now decided to extend the service to Goa -making it the only one-stop connection between the two cities without any need to change planes. “Scores of Russians flock to Goa every year and they even come by chartered planes. We will extend the Delhi-Moscow flight to Goa shortly to tap into this market. Getting clearances for a charter are not that simple and that class of flyers will find our business class more appealing,“ a senior Air India official said. Till last week, Aeroflot was the only airline with a direct connectivity between India and Russia. Now with AI also restarting flights to Russia after many years, the airline hopes to wean away traffic from the Russian airline.

  • Audi Bets Big on A3; Starts Production Ahead of Launch: German luxury car maker Audi is betting big on its up coming sedan A3 to stretch its lead ership in the Indian market and has started local production of the model from VW group firm Skoda's Aurangabad plant. The A3 will be the first model from the Audi stable to be locally produced before being launched in India. Other models, such as sedans A6 and A4; SUVs Q5, Q7 and Q3 which are locally produced now were imported as completely built units at the time of launch. “The local production of the Audi A3 Sedan in India is in continuation of our growth strategy and consistent focus on the Indian market,“ Audi Board Member for Production, Hubert Waltl said. The A3 is slated to be launched in the Indian market next month and will be available in petrol and diesel variants.

  • PVR to Invest Rs.250 cr on 100 New Screens in FY15: Multiplex operator PVR . 250 crore to add 100 will invest ` new screens this fiscal as part of its expansion plans, a top official of the company said. PVR currently has 444 screens in 101 properties spread across 43 cities and targets to touch 1,000 screens by 2017-18 through organic growth. The company is also coming up with four Superplexes that have a minimum 12 screens and multiple formats under one roof. The first 15-screens Superplex will be at Logix shopping mall in Noida to be launched during Diwali. “We will open 100 new screens this financial year with an investment . 250 crore. These screens will be spread of ` across the country with focus on South India,“ PVR group president Pramod Arora said. PVR has signed up with Mantri Developers and Unitech for a 20-screen Superplex in Bangalore and a 12-screen one in Noida, respectively.

  • TCS CEO Sends Top Lieutenant to Grow Japan Biz: Tata Consultancy Services' CEO N Chandrasekaran has deputed one of his top lieutenants, AS Lakshminarayanan, to head the company's Japan business and grow its revenue as the largest Indian IT player looks to grow in that large and largely unpenetrated market. Japan was a very small part of TCS' business -with just about $100 million in revenue. But in April, the company announced it was acquiring Mitsubishi Corp's IT arm, which has about $500 million in revenue a year, and about 2,400 employees. The deal, which closed at the end of June, gives TCS the greatest scale of any Indian IT firm in Japan. Lakshminarayanan, who joined TCS in 1983, has a history of being sent to build businesses from the ground up at the Mumbai-based company. He built the UK-business at TCS almost from scratch and since 2011 has been leading the emerging verticals business -including hi-tech and media and entertainment -which now accounts for over 10% of TCS' revenue.

  • Home deliveries bite instant foods biz: The convenience packaged foods business is facing stiff competition from an unlikely rival--home-delivered food. With the valuation of home deliveries in the organized food services market crossing Rs 1,000 crore and thus grabbing a larger share of the consumer's mind space, convenience foods are feeling the heat. Convenience food, which includes ready-to-eat, instant or ready-to-cook varieties, by its very definition leverages on the opportunity of converting consumers who are strapped for time to opt for easier food options. But with restaurants, both big and small, increasingly resorting to home deliveries, consumers have yet another convenient avenue to satiate their appetite. Quite naturally, convenience food makers aren't too happy about that.

  • Why B'lore may not Become an AirAsia Hub: On July 3, AirAsia’s CEO Tony Fernandes said he wants to make Bangalore an international aviation hub like Dubai. The comment, unlikely backed by a firm operational plan, nevertheless shows AirAsia’s ambitious plans for India. India has so far failed to utilise its potential to become a hub due to policy paralysis and high costs. But Fernandes is hopeful that will change. The Malaysian carrier’s local unit has already shifted a large part of its operations and staff to Bangalore from Chennai and later has ambitions of flying from there to nearby foreign locations.

  • 30% Rider on Single Brand may Go 100%: The government may completely unshackle foreign investment in singlebrand retail, a sector that has seen growing interest from the world's biggest brands that have been lobbying for the scrapping of a condition they regard as a deal breaker. Their wish could come true. The department of Industrial policy and promotion (DIPP) is considering a move to scrap the 30% domestic sourcing clause, which could result in higher foreign direct investment (FDI) inflows. This has been viewed by many luxury firms such as LVMH and Gucci as a stumbling block as they argue that it is difficult to source high-end goods locally.

  • Cos Turn Fighting Fit After Debt-Reduction Exercise: Indian companies, especially those engaged in infrastructure development of the country , have been busy cleaning up their balance sheets, trying to reduce some of their crushing debt burden before they go completely under. With debt-equity ratios of the companies having undoubtedly improved, this is also good news for the banks that held their feet to the fire and insisted that they face up to the consequences of borrowing beyond their means. With the looming threat of defaults and bad debt easing up a little, there could be a re-rating of the banking sector, especially since the indications of a revival in the economy bode well for lenders as companies get back to financial health and make repayments on time.

International:

  • US Cigarette Maker Told to Pay $23 billion to Smoker's Widow: A Florida jury has awarded the widow of a chain smoker who died of lung cancer 18 years ago record punitive damages of more than $23 billion in her lawsuit against the RJ Reynolds Tobacco Company, the nation's second-biggest cigarette maker. The judgment, returned on Friday night, was the largest in Florida history in a wrongful death lawsuit filed by a single plaintiff, according to Ryan Julison, a spokesman for the woman's lawyer, Chris Chestnut. Cynthia Robinson of the Florida Panhandle city of Pensacola sued the cigarette maker in 2008 over the death of her husband, Michael Johnson, claiming the company conspired to conceal the health dangers and addictive nature of its products. Johnson, a hotel shuttle bus driver who died of lung cancer in 1996 at age 36, smoked one to three packs a day for more 20 years, starting at age 13, Chestnut said.

  • The Kooples Opens First U.S. Flagship: The Kooples’ first U.S. flagship, at 100 South Robertson Boulevard here, opened Friday, heralding the buzzy French contemporary brand’s retail rollout in the U.S. The 3,100-square-foot store is the brand’s 10th dual-brand location combining the signature line and The Kooples Sport, a concept that made its debut with the London store on Old Brompton Road last year. Since launching the The Kooples Sport line in 2012, the brand has opened 20 Sport-only stores in addition to its 115 The Kooples stores (for a total of 145 retail boutiques worldwide including the latest U.S. stores). The company has 350 points of sale worldwide, with direct operations in 13 countries and total distribution in 28 countries. The Los Angeles store combines the signature all-black look of The Kooples stores with the all-white look of The Kooples Sport stores, with clean, luxe Italian marble walls floors and shelves and vintage furniture unique to each store.

  • Malaysia Airlines faces doubtful future: Shares in Malaysia Airlines closed down 11% in Malaysia following the crash of flight MH17 in Ukraine en route from Amsterdam to Kuala Lumpur. Some Asian stock markets also ended the day lower on fears the crash may intensify political tensions between the West, Ukraine and Russia. This is the second catastrophe to hit the Malaysian airline this year after flight MH370 disappeared in March. Questions are being asked about whether the carrier can now survive. "Even if this is pure coincidence, it's never happened in history that a flag carrier has seen two wide-body aircraft disappearing in a few months," said Bertrand Grabowski, head of aviation at DVB Bank, which acts as a banker to Malaysia Airlines. "The support from the government needs to be more explicit and perhaps more massive."

  • Microsoft closes Xbox TV production unit: Microsoft's plan to compete with Netflix and Amazon by producing its own TV shows has come to an early end, as the firm announces 18,000 job cuts. Xbox Entertainment Studio will close by the end of the year, Xbox chief Phil Spencer told employees in an email. The studio launched to great fanfare in 2012, having secured Steven Spielberg to produce a spin-off of the military-themed sci-fi video game, Halo. That show will go ahead, despite the studio's closure, Microsoft said. Five other shows had been given the green light, and a further 11 were in development. The majority were male-friendly titles, with ties to the company's major video game franchises, including Gears of War, Age of Empires, Fable and Forza Motorsport. Only one had made it to air - Every Street United, a football-themed reality show, which debuted last month. Documentary programme Signal to Noise and a second Halo spin-off, Halo: Nightfall, written by Prison Break creator Paul Scheurin, are already in production and will be not be cancelled.

  • Mario Grauso Named President of Joe Fresh: Mario Grauso has been promoted to president of Joe Fresh, a new position at the brand, which is owned by Loblaw Cos. Ltd. In his new role, Grauso oversees business strategy, operations, marketing, merchandising, international development, sourcing and design functions. Previously, he was chief operating officer, overseeing the daily operations of the business, as well as new strategic partnerships and international development. Grauso continues to report to Joe Mimran, president of Joseph Mimran & Associates and creative director of Joe Fresh. The promotion is part of a company-wide management reorganization at Loblaw. As part of the changes, executive chairman Galen Weston Jr. has assumed the additional role of president of Loblaw, where he is now responsible for execution of the company’s overall strategy and business performance. He takes on the role from Vicente Trius, who is exiting the company to return to his native Brazil. 

  • Topson Downs Acquires Rachel Roy: Topson Downs of California has closed on its acquisition of the Rachel Roy brand. As reported, the acquisition of the brand for an undisclosed amount includes the forming of a partnership between Roy and Topson to develop and market the Rachel Roy brands. The Rachel Rachel Roy contemporary brand is an exclusive at Macy’s. There are plans to relaunch Roy’s designer brand at a later date. Rachel Roy retains a minority interest in the business and has 100 percent creative control of her name. She continues as chief creative officer of the business. The acquisition is Topson’s first of a branded business. Its portfolio consists of primarily private label brands for its retail partners, mostly in the juniors category and broader contemporary space. Topson has already hired Denise Johnston as president for the Rachel Roy business. Daniel Abramovitch, a Topson partner, will head up the Rachel Roy operation as chief executive officer.

  • DVF to Take Over Galeries Lafayette Windows: Diane von Furstenberg is bringing her anniversary celebration to Paris. The designer will take over a main entrance and 12 windows at the Galeries Lafayette flagship on Boulevard Haussmann from Sept. 3 to 30 to celebrate the 40th anniversary of her signature wrap dress. She is expected to attend a special event there in late September to coincide with Paris Fashion Week. Von Furstenberg will present a capsule collection of 12 wrap dresses in six heritage prints to be sold on the third floor, with prices starting at 413 euros, or $559 at current exchange. A selection of bags and small leather goods will also be available as part of the French retailer’s autumn theme “Pop’timisme.” The designer has created a limited-edition Amelia dress and 440 Mini bags in a signature leopard print exclusively for Galeries Lafayette. Von Furstenberg will also feature in an advertising campaign shot by Jean-Paul Goude, set to break Aug. 25.

Currency:
  
  • 1 USD=  ₹ 60.2869
  • 1 EUR=  ₹ 81.5749
  • 1 GBP=  ₹ 103.073
  • 1 AUD= ₹ 57.6039

Glitter Meter: India


Gold (INR/10g)
Silver (INR/kg)
City
Current
Change
Current
Change
Chennai
28550.00
-120
45320.00
-280
Mumbai
28100.00
-120
45320.00
-280
Delhi
27870.00
-120
45320.00
-280
Kolkata
27990.00
-120
45320.00
-280


World Indices:

Exchange
Last
Change
DJIA
17,100.18
123.37
FTSE 100
6,749.45
11.13
CAC 40
4,335.31
19.19
DAX
9,720.02
-33.86
Nikkei
15,215.71
-154.55
Hang Seng
23,439.92
-14.87
Sensex
25,641.56
80.40
NASDAQ
4,432.15
68.70

*Disclaimer:
World One Consulting Pvt Ltd will not accept any liability for loss or damage as a result of reliance on the information contained within this newsletter including data, quotes, charts and buy/sell signals.

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