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eBay aims to create world's largest trader base in India

Written By komp limpulima on Kamis, 17 April 2014 | 21.03

eBay, one of the world's largest e-commerce platforms, has about 25 million traders globally and around 45,000 in India.

In a move to create the world's largest trader base, online marketplace eBay has tied up with traders body CAIT to encourage small retailers for selling products through its platform.

eBay and Confederation of All India Traders (CAIT), which is associated with over 20,000 small trader associations in the country, have signed a Memorandum of Understanding (MoU) for the education and modernisation of Indian traders with the establishment of an e-commerce centre of excellence (COE).

"The nationwide campaign, to be jointly launched by CAIT and eBay, will enable Indian traders for retail exports through our platform to 201 countries and to 4,306 locations in India," eBay Managing Director Latif Nathani said today.

Also Read: Dell CEO, eBay founder invest in Indian debt financing co

eBay, one of the world's largest e-commerce platforms, has about 25 million traders globally and around 45,000 in India.

When asked if this step will help the company in making its domestic trader base surpass its global trader count, Nathani said: "It is a huge opportunity and we are very excited about the opportunity."

He added that CAIT is an excellent partner with its large base of 60 million traders conducting business activities in retail trade in India.

"This MoU signals the beginning of a multi-year relationship and will add a new era to modernising the retail trade of India, which is the need of the hour," Nathani said.

CAIT National Secretary General Praveen Khandelwal said the strategy of providing education and awareness among the trading community will result into an effective e-commerce marketplace to our member traders to extend their customer base beyond their city.

"eBay India is investing in training our members to set up a successful e-commerce store via the COE within the CAIT retail school," he added. 


21.03 | 0 komentar | Read More

Apple's done a great job but phone costs Rs 50k: Sculley

John Sculley, the former chief of Apple, is funding a venture that aims to launch low-cost smartphones in India, to be priced between Rs 5,000 and Rs 8,000.

We don't have 19,000 employees like Nokia. We believe in the frugal Asian expense model.

John Sculley

Ex-CEO

Apple & Pepsi

The former CEO of Apple John Sculley has launched a low-cost smartphone brand called 'Obi'. The phones are priced between Rs 5,000 and Rs 8,000.

Also Read: Ex-Apple CEO who 'fired' Jobs to launch smartphone in India

In an exclusive interview to CNBC-TV18's Shereen Bhan, Sculley said he hopes to sell a million units and turn profitable in five months. Sculley is bullish on India and promises to invest big bucks in the coming days.

Below is the interview of John Sculley with CNBC-TV18's Shereen Bhan 

Shereen: First thoughts on Apple…

A: Apple has done a brilliant job of setting an aspiration of what you can do with a smartphone. However it costs Rs 50,000. As we look at this market it is just shifting from 2G to 3G. So, the feature phone companies that have been successful starting to make the transition into smartphones for 3G have done it at a time when the market is exploding with growth.

Shereen: So, there is no doubt about the growth in the market. However you have already got the Apples, the Sonys, Samsungs of the world here and of course they are priced very high in comparison to the local Indian brands. You talked about Micromax. You have got Ajay Sharma from Micromax to head your mobile business here in India. However they have already captured a significant space in the Indian market. Micromax last data shows about 16 percent in the smartphone market, the second-largest behind Samsung. Do you believe that you are going to be able to take on that kind of competition?

A: Micromax has done a good job. Sony is a great brand, Apple is a great brand but we don't have 19,000 employees like Nokia has. We believe in the frugal Asian expense model. Our goal is to probably in about 5 months time to get to about a million units sale and to be a profitable company.

Q: How do you really optimize costs? How do you squeeze costs out, what is the magic of this frugal expense model?

A: Lot of it is going virtual. In other word we don't build overhead. We will virtual out to partners where we can, where we think we have to own that part of the business ourselves we will invest in it and own it ourselves. I looked at buying Blackberry earlier this year and we were prepared to pay about USD 4.5 billion to acquire it and then they pulled the auction in and decided to go in the different direction with a outstanding CEO John Chen. If any one is going to turn that company around it will probably be him. However when we looked at the Blackberry organization, they had we estimated 6500 people. If we had acquired it we probably would have done with a few hundred people. So, we go in and we don't build a lot of overhead into these businesses and that is a key part of running the Asian frugal model. You just don't add a lot of overhead.

If you look at companies like Nokia with 19000 employees or Blackberry still has around 10000 employees, it is very hard as technology commoditizes to carry that kind of burden. So, we just don't do it that way.


21.03 | 0 komentar | Read More

Change India: How to transform India's education sector?

Students, the youth of the nation, are the biggest stakeholders in the country's development. Likely to be most affected by the change that we expect to come, they want to know how and what the new administration intends to do. 

So far, we have covered about 14 strategic policy areas over the last three months. Today, at a special conclave with students of the Shriram College of Commerce, we will focus on five of them which are of greater relevance for the young.

Along with the young and vibrant audience, we have a panel of experts -- Shailaja Chandra, an eminent civil servant and a former chief secretary of Delhi; Dr Surjit S Bhalla, one of India's leading economists and also the Chairman of Oxus Research and Investments; Vivek Katju, an outspoken diplomat, a former ambassador to Afghanistan and secretary (west) in the foreign ministry;  and Dheeraj Nair, CEO of our Think India Foundation and someone who has anchored this whole Change India project for us.

Raghav: India spends almost USD 6-7 billion in sending its students abroad. If foreign universities set up campuses then what is an expense today for the country can actually becomes an investment. So, that's what we are saying you should liberally permit foreign universities to set up campuses here. Your first thoughts.

Audience: If we permit foreign universities to enter our country then basically it is a general belief that those universities will have more money, more funding. So, they will actually offer more salary etc to the faculty. So, will that result in faculty shortage in our universities?

Audience: According to me when students go abroad to study they don't only go because they want to get a better education but also to get the experience of a different country and the diversity that they experience. So, if foreign universities are permitted to open their campuses in India, will the students still get the same experience that they are getting there and will they want to go do the India campus rather than the foreign one?

Raghav: Surjit let me come to you. Two-three issues, lots of doubts in the young minds there. Will reservation policy be followed? What happens to profit motive because they will come in for money and faculty, will Indian universities simply get crowded out?

Bhalla: If I look at these two permit for profit educational institutions, permit the entry of foreign universities the question you asked. What is shocking to me is that these questions need to be asked. What I still don't understand with due apologies to the students as to what is the objection? Basically as all of you know since you are here you probably got 99.5 percent marks to enter this college, does that make sense?

We have a shortage of universities, of colleges, of educational opportunities. Is it the case that only a person with 99.5 percent should get a college admission? So, what is the issue?Isn't Shriram College making profit. What is wrong with profit making?

Raghav: Shailaja would you like to join the debate?

Chandra: They have raised very valid concerns and they should be addressed these concerns are important. You see when foreign universities come over here, two-three things are likely to happen. One, your best faculties will go and join the foreign universities undoubtedly.

Two, you will have a haves and have nots kind of picture.

Today we are nowhere on the world's scene of university education. Is this something that we should be proud about? You people when go abroad you shine; there is not a single child who does not shine. So, it means there is something missing in the way we are not building competitiveness.

SRCC is an island of excellence. It is a shame that India is nowhere in the list although our students are undoubtedly bright. To change that, when foreign universities are permitted it will increase the competition, increase the openings, there will be a cultural change and there will be hope that our universities, within India we will reach the world map. We are not even 250th in the world map.


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Oil Min seeks legal opinion on BP arbitration notice

Oil Ministry has sought legal opinion on the arbitration notices slapped by British energy giant BP and Niko Resources of Canada against levy of penalties for KG-D6 gas production falling short of target.

BP and Niko, which filed separate arbitration notices on March 23, are seeking to join their partner Reliance Industries ' fight against USD 1.8 billion of penalties slapped by the government for KG-D6 output lagging targets.

Also read: OilMin to move Cabinet to allow RIL to retain gas finds

RIL had in 2012 initiated arbitration proceedings against levy of the penalty and the two foreign partners are seeking to join the same.

Sources said the ministry has asked law officers if the Notice of Arbitration issued by BP and Niko were in accordance with the provisions of the Production Sharing Contracts (PSC) and should they be acceptable by the Government in the present form.

It also wanted to know how the government should respond to the notices.

The two firms are seeking to join the arbitration so that they too can get the soon-to-be-implemented revised natural gas prices.

They were faced with a situation where the near-doubling of the gas rate to about USD 8.3 per million British thermal units from the next financial year would not accrue to them.

The Cabinet had stipulated in December last year that the new gas rate would apply to all producers. However, RIL, the contractor of the eastern offshore KG-D6 block, would have to furnish bank guarantees equivalent to the incremental revenue it would get from the new rate.

This bank guarantee would be encashed if it is proved that the company deliberately produced less gas from the D1 and D3 fields in KG-D6.

While RIL agreed to the condition, the Oil Ministry felt bank guarantees could not be taken from BP and Niko because they were not part of the arbitration process, sources said.

RIL, the operator of KG-D6 block with 60 percent interest, would get all the revenue after furnishing the bank sureties.

An option that was being considered for BP and Niko was to put their share of incremental revenue in an escrow account during the arbitration.

To break the impasse, BP and Niko, which together hold the remaining 40 percent in KG-D6, have now served the notice of arbitration and formally join in the legal dispute.

Sources said BP and Niko have taken an almost similar line as RIL in its 2012 arbitration against the levy of a USD 1.8 billion penalty for output dropping to a 10th of the targeted 80 million standard cubic meters a day.

The two firms, like RIL, maintain that the production sharing contract does not provide for a penalty in the form of denying costs incurred if output lags behind projections made in field investment plans.

Reliance stock price

On April 17, 2014, Reliance Industries closed at Rs 954.00, up Rs 12.95, or 1.38 percent. The 52-week high of the share was Rs 972.90 and the 52-week low was Rs 765.00.


The company's trailing 12-month (TTM) EPS was at Rs 67.89 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 14.05. The latest book value of the company is Rs 556.90 per share. At current value, the price-to-book value of the company is 1.71.


21.03 | 0 komentar | Read More

Proposed Indian urea units in Iran may get gas at $3/mmbtu

The project is proposed to be set up at a petrochemicals hub at Chahbahar, Iran, using natural gas as feedstock with an estimated investment of about Rs 7,000 crore.

Iran is likely to supply gas at USD 3 per mmbtu for India's proposed urea and ammonia plant to be set up in the Persian Gulf nation.  Rashtriya Chemicals and Fertilisers (RCF) and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) have been jointly working on this project. The project will also include an Iranian firm.

The project is proposed to be set up at a petrochemicals hub at Chahbahar, Iran, using natural gas as feedstock with an estimated investment of about Rs 7,000 crore. "Talks are at an advanced stage and there have been indications from the Iranian authorities for supplying gas at USD 3 per mmbtu," sources said.

As per the proposal, the Iraninan government will assure supply of gas at fixed rate and India will lift the total quantity of soil nutrients produced at the proposed plant. Work on the project has expedite following the lifting of sanctions on Iran by the US in November last year. Iran had struck a deal with world powers to curb its nuclear programme in return for some sanctions relief and no new nuclear-related sanctions on the country for 6 months.

The Fertiliser Ministry had also received a letter from the Iranian embassy inviting a delegation from India to discuss gas prices and supply for the proposed urea plant there, sources added. However, the Indian government is already in talks with Iran to provide financial assistance and develop Chabahar port.

Rashtriya Chem stock price

On April 17, 2014, Rashtriya Chemicals and Fertilisers closed at Rs 35.70, up Rs 0.55, or 1.56 percent. The 52-week high of the share was Rs 43.20 and the 52-week low was Rs 26.00.


The company's trailing 12-month (TTM) EPS was at Rs 3.90 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.15. The latest book value of the company is Rs 42.69 per share. At current value, the price-to-book value of the company is 0.84.


21.03 | 0 komentar | Read More

GMR trashes DGCA's charges of violating safety norms

Written By komp limpulima on Rabu, 16 April 2014 | 21.03

DGCA grounded 11 of its pilots for three months after finding "major lapses", while claiming that tests like pre-flight breath analysis of pilots and cabin crew were skipped and the breathalyser equipment was non-functional.

GMR Aviation today strongly refuted the charges of violation of safety norms levelled by aviation regulator DGCA, which suspended 11 of its pilots , saying no test has been skipped or data "falsified".

Confirming that they had received the DGCA notice, a spokesperson of the company owned by infrastructure major  GMR said a written response would be shortly sent to the aviation regulator and expressed hope that the 11 pilots and six cabin crew would be reinstated soon.

DGCA grounded 11 of its pilots for three months after finding "major lapses", while claiming that tests like pre-flight breath analysis of pilots and cabin crew were skipped and the breathalyser equipment was non-functional.

The action virtually rendered a large chunk of GMR fleet non-operational and led key politicians to look for alternatives to carry out their ongoing poll campaign.

After going through the flying records of GMR Aviation between March 12 and April 14, DGCA found evidence of "false" pre-flight medical checks, its officials had claimed.

Refuting the DGCA charges, the spokesperson said the breath analyser "has been working perfectly except its printer during the entire period mentioned in the DGCA notice. "No breath analyser test has been skipped/falsified by crew/doctor."

The spokesperson also maintained that the doctor in charge had certified the pilots and cabin crew for all flights during the period "on the basis of digital readings exhibited by the machine." The printed test reports of the tests could not be generated due to technical problem, he said.

"We are submitting a written response to the show-cause notice and hope DGCA will reinstate the flight/cabin crew at the earliest," the spokesperson said, asserting, "We are one of India's foremost operators in the general aviation space and have always complied with instructions/rules issued by all the concerned statutory authorities.

"All flights are undertaken by trained and medically fit crew and there has been no exception whatsoever," he said.

GMR Infra stock price

On April 16, 2014, GMR Infrastructure closed at Rs 24.30, down Rs 0.95, or 3.76 percent. The 52-week high of the share was Rs 26.80 and the 52-week low was Rs 10.65.


The company's trailing 12-month (TTM) EPS was at Rs 0.07 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 347.14. The latest book value of the company is Rs 18.46 per share. At current value, the price-to-book value of the company is 1.32.


21.03 | 0 komentar | Read More

RComm to raise mobile call tariff by upto 20%

Reliance will increase tariffs on discounted and promotional plans for its pre-paid customers by up to 20 percent and raise headline call tariffs to 1.6 paise every second from 1.5 paise, it said in a statement on Tuesday.

Reliance Communications Ltd , India's fourth-biggest mobile phone carrier, will hike voice prices starting April 25, the company said in a statement, to counter an increase in input costs and higher spectrum payments.

Reliance will increase tariffs on discounted and promotional plans for its pre-paid customers by up to 20 percent and raise headline call tariffs to 1.6 paise every second from 1.5 paise, it said in a statement on Tuesday.

Reliance and its main rivals, including  Bharti Airtel Ltd , India's top phone carrier, and the local unit of Vodafone Group Plc , last year raised voice prices for the first time in three years as they continued to cut discounts previously offered to lure customers in a highly-competitive market.

Carriers have seen the benefits of reduced competition after several smaller rivals were forced by a court order to either shut down or scale back operations.

"We continue to focus on growing profitable/paid minutes on our network and the current tariff hikes are part of our continued efforts to reduce free and discounted minutes, and offset the ever-rising costs of input materials," the company's chief executive officer, Gurdeep Singh, said in the statement.

Indian carriers receive more than 80 percent of their revenue from voice call services.

Reliance Comm stock price

On April 16, 2014, Reliance Communications closed at Rs 129.70, down Rs 3.5, or 2.63 percent. The 52-week high of the share was Rs 164.45 and the 52-week low was Rs 77.40.


The latest book value of the company is Rs 160.57 per share. At current value, the price-to-book value of the company was 0.81.


21.03 | 0 komentar | Read More

Infosys deploys banking solution for Eastern Bank

This will help Eastern Bank enhance its online and mobile banking products while providing a platform to allow for growth and making banking easier for customers, Infosys said in a statement. No financial details were disclosed.

The country's second-largest software services firm  Infosys today said it deployed its financial solution Finacle for Eastern Bank, the largest and oldest mutual bank in the US. This will help Eastern Bank enhance its online and mobile banking products while providing a platform to allow for growth and making banking easier for customers, Infosys said in a statement. No financial details were disclosed.

Also Read: How IT's big boys are likely to fare in Q4

"We are dedicated to providing our customers with products and services that make managing money simple. We're excited and confident that our customers will soon enjoy Finacle's intuitive online and mobile products," Eastern Bank Executive Vice President and Chief Information Officer Barbara Heinemann said. Eastern Bank selected Finacle e-banking, mobile banking and enterprise alert solutions to meet the needs of its growing base of consumers, small business and commercial clients, it added.

Founded in 1818 and based in Boston, Eastern Bank has USD 8.7 billion in assets and almost 100 banking offices in eastern Massachusetts. Finacle's open architecture will help the bank integrate with third-party solutions and partner products, while rolling out new features to existing products seamlessly. "Eastern Bank's focus on delivering better and faster services to its customers is the underlying foundation of this new platform designed on Finacle," Infosys Finacle Global Head Haragopal M said.

Infosys stock price

On April 16, 2014, Infosys closed at Rs 3156.40, down Rs 104.05, or 3.19 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2190.00.


The company's trailing 12-month (TTM) EPS was at Rs 177.52 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.78. The latest book value of the company is Rs 805.47 per share. At current value, the price-to-book value of the company is 3.92.


21.03 | 0 komentar | Read More

Cairn Energy seeks shareholder ok to sell Cairn India stake

Scottish explorer Cairn Energy plc has sought shareholder approval to sell its 9.65 percent stake in  Cairn India after restrictions imposed by the Income-Tax Department are lifted.

The I-T Department had earlier this year restrained Cairn from selling the stake over alleged tax evasion on Rs 24,500 crore of capital gains made when it transfered its India assets to a new company, Cairn India, in 2006-07. Cairn Energy had said in a regulatory filing after the annual general meeting on May 16, 2013, that shareholders had authorised the board to dispose of all or part of the company's residual interest in Cairn India.

Also Read: Buybacks, open offers of 8 companies under taxman's scanner

"As previously announced, Cairn has at present been restricted by the Indian Income-Tax Department from selling its shares in Cairn India. "However, Cairn believes it is appropriate to retain the flexibility to realise shareholder value from its residual interest in Cairn India in the event that the selling restriction is removed and is therefore seeking to renew the Residual Interest Disposal Authority," it said.

Its AGM is scheduled to be held in Edinburgh on May 15. Cairn sought shareholder approval to sell the residual stake through on-market transactions, including participation in any share buy-back by Cairn India. At the current price, the residual stake of 9.65 percent will fetch Cairn Energy over Rs 6,665.35 crore. Cairn Energy previously operated the eastern offshore Ravva oil and gas field and discovered significant natural gas reserves in a block in the Krishna Godavari basin before striking oil in India's largest onland field in Rajasthan in January 2004.

Two years later in 2006, it transferred its India business from subsidiaries incorporated in places like Jersey, a tax haven, to the newly incorporated Cairn India. After transferring the assets, the Scottish explorer listed Cairn India on the stock exchanges through an initial public offering (IPO) in 2006 that raised Rs 8,616 crore. In 2011, it sold a majority stake in Cairn India to mining group Vedanta for USD 8.67 billion.

The I-T Department had in a January 22 order held that the Edinburgh-based firm made capital gains of Rs 24,503.50 crore in the 2006 transfer of assets to Cairn India. According to the department, it received Rs 26,681.87 crore for the asset transfer against its entire investment of Rs 2,178.36 crore in the India business.

"This (group) reorganisation (of 2006) was compliant with tax legislation in place at the time in each relevant jurisdiction, including India," Cairn Energy said. "The Indian Income-Tax Department has cited legislation introduced in 2012 as the reason for these enquiries." The firm said the actions of the Income-Tax Department were taken without any prior discussion. "The Group will take whatever steps are necessary to protect its interests," it added. Cairn said its board continues to believe that in order to obtain the best terms when disposing of all or part of its residual shareholding in Cairn India, it needs to be able to sell or agree to sell those shares on normal market terms without the sale being subject to prior approval from shareholders.

"The Board is therefore seeking to renew the existing authority from shareholders for the company to be able to sell its residual interest in Cairn India at or as close as reasonably possible to the prevailing market price if and when the company considers it appropriate to make such disposals and provided that the selling restriction is removed," it said.

The company said it only intends to utilise the Residual Interest Disposal Authority where, provided that the selling restriction is removed, it believes that a sale is in the best interests of shareholders as a whole.

Cairn India stock price

On April 16, 2014, Cairn India closed at Rs 362.00, up Rs 3.55, or 0.99 percent. The 52-week high of the share was Rs 366.85 and the 52-week low was Rs 273.40.


The company's trailing 12-month (TTM) EPS was at Rs 37.95 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.54. The latest book value of the company is Rs 178.01 per share. At current value, the price-to-book value of the company is 2.03.


21.03 | 0 komentar | Read More

Tesco FY14 profit drops 6%; pins hopes on India for revival

Tesco had finalised a deal to become the first foreign supermarket to enter India's 330-billion pound multi-brand retail sector last month.

Britain's supermarket giant Tesco has recorded a major drop in profits for the last fiscal, but has pinned its hopes on India for a revival of fortunes.

Tesco posted 6 percent fall in group trading profit to 3.3 billion pounds in the year to February 22.

In the UK, profits fell 3.6 percent to 2.2 billion pounds and sales dropped 1.4 percent.

"Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before. We are determined to lead the industry in this period of change," said Tesco chief executive Philip Clarke.

"We have completed our exit from the US and established partnerships with CRE in China and Tata in India which provide continued access to two of the world's most exciting markets, consistent with a sustainable level of future investment," he added.

Tesco had finalised a deal to become the first foreign supermarket to enter India's 330-billion pound multi-brand retail sector last month.

The retailer has agreed a joint venture with  Trent Hypermarket Limited (THL), a unit of Tata Group, which runs the country's Star Bazaar chain.

Tesco plans to invest about 85 million pound in the 50-50 deal, following Indian government's approval.

However, the grocer has been battling problems at home and abroad. In the UK it faces stiff competition from rapidly growing smaller rivals including Aldi, Lidl and Waitrose while in Europe the Eurozone crisis continues to impact consumer spending.

Tesco also revealed a one-off charge of 801 million pound mainly relating to a write-down of assets in Europe, as well as a 540 million pound impairment relating to its Chinese business.

"During the year, we have maintained our focus on cash and capital discipline. We have significantly reduced our new investment in Europe, focusing the majority of our overseas capital on targeted, high-returning investments in Korea, Malaysia and Thailand," Clarke said.

Trent stock price

On April 16, 2014, Trent closed at Rs 994.45, down Rs 1.15, or 0.12 percent. The 52-week high of the share was Rs 1339.80 and the 52-week low was Rs 902.00.


The company's trailing 12-month (TTM) EPS was at Rs 22.85 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 43.52. The latest book value of the company is Rs 461.02 per share. At current value, the price-to-book value of the company is 2.16.


21.03 | 0 komentar | Read More
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