Unions have suspended next week's planned strike action at Tata Steel's UK plants and are recommending that their members accept the company's new pension offer. Unions Community, Unite, GMB and UCATT are preparing to ballot their members over the offer, which would keep their final salary pension scheme open. "Our members will make the final decision but the unions are recommending a vote in favour because we believe we have secured the best available deal from the company," said Roy Rickhuss, chair of the National Trade Union Steel Co-ordinating Committee and general secretary of Community. Earlier this week, the unions suspended industrial action short of a strike, including an overtime ban and work to rule action.(Reuters)
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The company plans to open more outlets soon, writes Arshad Khan Italian motorcycle brand Ducati has officially arrived in India, and have inaugurated its first outlet in Delhi on Friday (19 June). The motorcycle brand will soon open its next dealership in Bangalore, by this October. The company is also planning to open dealerships in Pune and Hyderabad by end of this year. However, more outlets are expected in Kolkata, Jaipur, Goa, Indore, Chandigarh, Cochin, and Chennai in the next year. Pierfrancesco Scalzo, Ducati Asia general manager sales and marketing said, "India is a very potential market for our bikes. The time we have chosen to arrive here is perfect. Asia which holds 13 per cent of our sales witnessed a growth of 11 per cent in the year 2014, significantly more than rest of the world, which is two per cent. Ducati sold 45,117 units in 2014 and the number is expected to increase in 2105. The response we have received in India is overwhelming." The bikes were unveiled at a launch ceremony in company's Gurgaon -based sales and service centre . The Italian bike maker has decided to bring all of its worldwide models to India. Two new variants of the Ducati Scrambler - -Classic and Throttle -- were also revealed.
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Financial scam accused has failed to get bail for 15 months. Isn’t that strange in India? asks Sutanu GuruWhat is it about Subrata Roy of Sahara that the Indian legal system seems to be working as it should ideally when it comes to dealing with his alleged financial scams and misdemeanors? After all, we are a country where the rich and the famous have an uncanny ability to avoid jail terms or avoid staying in jail even if they are convicted to serve a prison term. Given that background, the manner in which Roy continues to languish in Tihar jail since March, 2014 remains a baffling mystery. Granted Roy cocked a snook at the Supreme Court of India by ignoring its summons and orders. Granted Subroto Roy and his Sahara group have played cat and mouse for years with banking regulator RBI and market regulator SEBI. Granted the claims made by his company that it had made cash refunds to the tune of almost Rs 20,000 crore was stretching things a bit too far. But even hardened cynics raised eyebrows last year when the Supreme Court asked Roy and his companies to fulfill all conditions of a Rs 10,000-crore bail. That kind of money for bail in a financial scam when people accused of multiple murders get bail far more easily? Cynics are still gape jawed at the latest Supreme Court order. It maintains that bail is set at Rs 10,000 crore out of which Rs 5,000 crore has to be a cash deposit and another Rs 5,000 crore is to be a bank guarantee. Despite persuasive arguments of the Sahara and Roy counsel Kapil Sibal, the tycoon stays put in Tihar because he is yet to organise a Rs 5,000-crore bank guarantee. Contrast this with what has happened to the perpetrators of the 2008-09 Satyam scam. After a long trial, the former chairman and promoter of Satyam Computers Ramalinga Raju was convicted earlier this year by a special court on charges of fraud and sentenced to seven years in jail. The amount involved in the Satyam scam was not small change: well above Rs 7,500 crore was involved. So when Raju was convicted and sentenced, there were a lot of pundit talk of the law finally catching up with the high and mighty. But before more pundits could praise the Indian judicial system for improved delivery, the convicted Raju managed to get bail from the High Court. Just as Jayalalitha and Salman Khan did last year and this year. Just as Lalu Yadav had done. For that matter, even Ketan Parekh, notorious for the 2001 scam, is out on bail. There is one more tycoon who is out of jail and busy expanding his empire. P. Rajagopal, promoter of the well known Saravana chain of restaurants was convicted of murder and given a life term. He was accused of conspiring to murder the husband of an employee Jeevajyothi whom he wanted to marry. Rajagopal was given a life term by the High Court in 2009. He appealed in the Supreme Court against the verdict and managed a bail even as his appeal remains pending in the apex court. In the meanwhile, Saravana Bhavan has managed to become a truly global food chain with outlets in almost all continents. The last time a tycoon truly came to a bad end after facing the wrath of the law was about 20 years ago. That was Rajan Pillai, who controlled Brittania Industries among other companies then. He was arrested by authorities on various charges of economic offences, money laundering and foreign exchange violations. He couldn’t manage an immediate bail and was sent to Tihar jail. It was inside the jail that Pillai died a mysterious death, abandoned by former friends from the world of business and politics. Compared to Pillai, Subrata Roy is reportedly having a better time in Tihar jail. But that doesn’t take away the fact that his 15-month incarceration is unprecedented, whatever the purely “legal” merits of the case. Some argue that he is facing the music because Roy remained the quintessential “outsider” who refused to deal with Luytens Delhi. They cite the example of Om Prakash Chauthala and some of his family members to indicate how India treats “outsiders”. Convicted for 10 years in a teacher recruitment scam, Chauthala and his son are finding it virtually impossible to get bail. No one knows how true this Luytens Delhi and outsider theory is. But the very fact that someone like Subrata Roy has already spent 15 months behind bars without getting bail means there will be all sorts of theories. If nothing else, conspiracy theories and gossip do happen in Luytens Delhi!
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NRI industrialist Lord Swraj Paul's Caparo group on Friday (19 June) announced an investment of about $150 million (about Rs 945 crore) in a commercial complex here that will include a boutique hotel, shopping area and office space. The announcement was made by Lord Paul, who is the Chairman of the UK-based Caparo group, in the presence of Missouri Governor Jay Nixon. Speaking at a function to mark the announcement, Lord Paul said the Caparo group aims to double its current turnover of $600 million (Rs 3,780 crore) in the US within the next two years. Lord Swraj PaulThe Caparo group, a $2 billion (Rs 12,600 crore) diversified conglomerate, is present across 40 countries with a 10,000-strong workforce, while India accounts for over 15 per cent of its global business. Its businesses supply steel and niche engineering products to a number of industries including automotive, construction, aerospace, steel conversion and distribution, general engineering, and medical among others. "We want to grow our company here in the City of St.Louis as we re-affirm our commitment to the entire St.Louis region," Lord Paul said. The new commercial complex will come up after a major renovation of the former Missouri Theatre Building--the last of Grand Center's historic buildings to be redeveloped--and be a home to a multi-use development site. The rehabilitation work is expected to begin towards the end of this year and completed in the first half of 2017. It will include a 145-room boutique hotel besides offices, restaurants and shops. Governor Nixon said Caparo's decision to grow its divisional headquarters is further evidence that strengthening Missouri's relationship with global companies can have considerable effects back in this state. "Caparo's investment will provide high-paying jobs to Missouri families as well as spur additional economic activity by revitalising the area. This is a significant commitment to our state and to the city of St. Louis," he said. The Caparo group is partnering with St.Louis-based developer and co-founder of the Lawrence Group Steve Smith as an investor and co-developer of the remodel in Grand Center. "Originally envisioned as a renovation into an apartment building, the recent opportunity to partner with the Caparo Group to create their US corporate headquarters and to bring many more jobs into the Grand Center district led to the re-visioning of the project," Smith said. "This is the last un-renovated, major historic building in Grand Center," he said. Representing about one-third of Caparo's overall revenue, its North American business operates under the Bull Moose Industries flag.
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Logging its first weekly rise in four weeks, the benchmark BSE Sensex on Friday (19 June) zoomed over 200 points and Nifty rallied past 8,200-mark on continued value-buying amid steady progress in monsoon. Furthermore, strengthening rupee, which appreciated by 18 paise to 63.55 (intra-session) against the dollar supported the rally. The Sensex opened higher and gathered momentum on continued buying to touch high of 27,404.60 but profit-taking at the fag-end trimmed gains. Rising for the sixth straight session, it finally settled 200.34 points or 0.74 per cent higher at 27,316.17. On weekly basis, Sensex and Nifty has gone up by 890.83 points and 242.05 points, respectively, snapping their three-week losing streak. Meanwhile, volumes were well below their 10-day average on the BSE and National Stock Exchange due to heavy rains in Mumbai. The 50-share Nifty breached the 8,200-mark by surging 50.35 points or 0.62 per cent to close at 8,224.95. Broader markets also rallied with mid-cap and small-cap indices recording gains of 0.58 per cent and 0.28 per cent, respectively. Sentiments remained upbeat after the US Federal Reserve left key interest rates unchanged on Wednesday and pledge from chair Janet Yellen that the central bank will only gradually raise interest rates. Reliance Industries continued its upward journey for the sixth day in a row, breached Rs 1,000-mark, for the first time since November 2014 to touch day's high of Rs 1,006 and ended 1.78 per cent higher at Rs 996.50. Other gainers on BSE include, HDFC, ONGC, Hero MotoCorp, Bharti Airtel, HDFC Bank, Vedanta, ITC, TCS, Wipro, SBI, Bajaj Auto, ICICI Bank, Axis Bank, Tata Steel and Hindalco. Sectorwise, BSE oil&gas gained the most by surging 1.11 per cent, followed by bankex 0.86 per cent, FMCG 0.75 per cent, PSU 0.72 per cent and auto 0.60 per cent. In overseas markets, Asian markets ended higher and European stocks climbed in their opening trade.
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Bharti Airtel Limited launched 4G trials exclusively for its customers in Delhi NCR. Airtel’s 4G services in the National Capital Region are the first in India to leverage an integrated FD and TD network which will deliver the fastest 4G experience and superior network coverage.As part of the trial offer, Airtel customers across Delhi NCR can now avail a complimentary upgrade to Airtel 4G at 3G prices and experience blazing Airtel 4G speeds. The company will assimilate valuable customer feedback from these early adopters and leverage the initial market response towards strengthening its service experience – thus building a world-class 4G network infrastructure for the city.Sarang Kanade, Hub CEO – Delhi NCR and Rajasthan, Bharti Airtel (India) said, “As customers in India show an increasing propensity for consuming data services, we at Airtel are excited to take the lead in introducing the market to power of blazing 4G speeds. Today, as we launch Airtel 4G trials exclusively for our existing in Delhi NCR – our customers in the region will be uniquely positioned to experience India’s first integrated FD and TD 4G network. This will imply faster 4G speeds and wider network coverage – thus delivering a superior 4G experience for Airtel customers in Delhi NCR. We invite our customers to participate in this trial phase and become the first in the city to be delighted with the amazing 4G experience”.Aimed at transitioning more and more customers to superfast 4G experience, Airtel has also announced a go-to-market partnerships with Samsung and Flipkart for 4G devices.Nasscom Partners With Symantec For Building Cyber Security Skills In IndiaThe National Association of Software and Services Companies (NASSCOM) and Symantec, the global leader in cyber security, tied up to develop world-class skilled and certified professionals “Building Cyber Security Skills”. The development is part of Prime Minister Narendra Modi’s call at NASSCOM’s silver jubilee in March 2015 to focus on global cyber security challenges. Sector Skill Council (SSC) NASSCOM and DSCI along with Symantec will focus on developing five prioritized job roles in cyber security along with a master training program. Additionally, the program also intends to fund the scholarship for 1000 women undertaking the cyber security certification by NASSCOM.R Chandrashekhar, President, NASSCOM while talking about the MoU said, “This is a positive step towards our objective to address the cyber security issue at large. This partnership will enable the industry to map existing and future skills requirements and plug its demand-supply gap. The program will also focus on developing pioneering models for scaling capacity and enhancing employability through assessments and certifications. We would like to thank Symantec for coming forward for this crucial initiative.”NASSCOM had set up Data Security Council of India (DSCI) way back in 2008, proving its foresightedness and leadership in cyber security by recognizing the need of setting up an independent organization. DSCI has been instrumental in taking several initiatives in developing capability, and has been actively involved in developing and executing a framework for Cyber Security Skills.MSD Launches Drive For Safe Fasting During Ramadan In IndiaAs part of its fight against diabetes, MSD, MSD Pharmaceuticals (MSD India), a wholly owned subsidiary of Merck & Co, has introduced a special app to help guide diabetics through fasting period with the help of blood sugar tracker and tips for diabetes management during the holy month of Ramadan. The ‘Ramadan, Diabetes and Me’ app for iOS and Android users, is designed to address the challenges faced by millions of people with Type 2 Diabetes who fast during Ramadan. While fasting during Ramadan is an important spiritual practice, Diabetes patients need to take special precautions to avoid the risks of low blood glucose (hypoglycemia), high blood glucose (hyperglycemia) and dehydration.Diabetics while fasting face a high risk of hypoglycemia especially when they are on certain anti-diabetic drugs. Long gaps between food intake along with certain diabetes medications often cause glucose levels to drop, showing symptoms like sweating, dizziness and irritability. When severe, hypoglycemia can also result in mental confusion, antagonistic behaviors, unconsciousness, and even seizures, which makes it necessary to monitor the blood sugar level while fasting. The app offers a Random Blood Sugar (RBS) Tracker and also provides tips regarding diet, exercise and frequent monitoring of blood pressure which help patients to manage their Type 2 diabetes during fasting.The month-long changes in meal times, food, usage of medication and daily lifestyle can affect diabetics. With the use of this app, one can keep track of their blood glucose levels and at the same time also have important medical information handy. The purpose of the app is to help keep patients better controlled while they participate in the important spiritual practice.More than 50 Million people with diabetes fast during Ramadan and it is very important to take care of the glucose level. Recommending the app, Dr Shehla Shaikh, DM, Endocrinologist, Mumbai said: “Diabetes patients need to take special care and precautions while fasting during the holy month of Ramadan. It is very important to keep a check on the blood sugar levels and this is where the app from MSD – Ramadan, Diabetes and Me – acts as a guide.”Central Park Resorts Felicitated As ‘Asia’s Fastest Growing Real Estate Brand’ By WCRC In SingaporeUltra-luxury real estate brand, Central Park has been honored as ‘Fastest Growing Real Estate Brand’ by WCRC Leaders (World Consulting and Research Corporation) in Singapore at ‘Asia’s 100 Best Real Estate Project & Properties 2015’. Real Estate Veteran Rajesh Kumar Singhal-President Projects, accepted the award on behalf of Central Park.Amarjit Bakshi, Founder & MD said “Winning among 100 Best Real Estate Projects of Asia is a validation of world class designs and excellence of infrastructure that we offer. We have attained this position by achieving the highest international standards in real estate industry. This award confirms our commitment in delivering best designs, architecture and world class facilities to our customers.”He further added that relentless efforts of the team have proved quintessential in bringing these awards of repute to Central Park Gurgaon.The most unique and path breaking feature of the awarded project ‘Central Park Resorts’ is that the homes are spread out on the periphery of the property, thereby leaving in the centre a 20 acre unspoiled green vista, interspersed with water bodies. As befits a luxury condominium, the entrance to Central Park II is resplendently lined with palm trees and spectacular water features. Yet, what sets it apart is a state-of the-art tunnel, just after the entrance gates. In order to keep its 20-acre expanse of green free from cars, Central Park has invested an additional US$10 million in this tunnel that leads to an underground road network which connects with the lobbies of each residential tower.FundsIndia Raises Rs 70 Cr Series C Round Of FundingChennai based Wealth India Financial Services (WIFS) which runs the award-winning online financial services platform - FundsIndia.com, announced that it has raised a Series C round of investment of Rs. 70 crore to support its growth plans. The round was led by Faering Capital, with follow-on investments from current investors - Foundation Capital and Inventus Capital Partners.The company will use the investment to widen the reach of its online financial services across the country. It will also be used to enhance its service offering, especially using mobile platforms.Sameer Shroff and Aditya Parekh of Faering Capital will join the board. Ashu Garg from Foundation Capital and Parag Dhol from Inventus Capital will continue on the board, along with the founders.Launched in 2009, FundsIndia.com is a premier online financial services platform that caters to retail investors across the nation and around the world. Best known for its convenient, zero-cost, automated mutual fund investment services, the platform also offers equity investing, fixed deposits, and other retail financial products. Healthifyme Recieves Second Round Of FundingHealthifyMe, India’s leading mobile fitness and weight loss program has announced their second round of funding. The funding received from angel investors comes close on the heels of the recent Micromax investment in the company and solidifies HealthifyMe’s position as the largest Indian fitness mobile app. The second round of funding has been raised from angel investors comprising of Gopal Srinivasan (TVS Capital), Sashi Reddi (AppLabs), Amit Gupta (InMobi), Pallav Nadhani (FusionCharts) and Dr Roopa Nath, among others. In a significant move, HealthifyMe will now establish their global head-quarters in Singapore, thus signalling the first step the company makes towards establishing a global footprint.HealthifyMe intends to use the funds for growth and is planning to hire more than 1,000 nutritionists and fitness trainers. With this funding, HealthifyMe also plans to introduce several low cost plans among other offerings. These plans will include in-app real-time access to nutritionists or trainers or yoga instructors who work digitally with the user on their personal fitness and weight loss objectives. Users will get diet plans, workout plans, access to an online support community and much more as part of the new structures that will be offered.HealthifyMe also works in partnership with health institutes such as Medanta, Apollo and Manipal, where the app has been proven effective in treating and preventing clinical obesity, diabetes, cardiovascular problems and other lifestyle diseases.BOC Selects Intellect One Treasury Solution, To drive end-to-end Treasury ManagementIntellect Design Arena Ltd, a specialist in applying true Digital Technologies across Banking & Insurance, announced that Bank of Ceylon (BOC), a leading foreign bank from Sri Lanka has chosen Intellect’s One Treasury Solution to drive end-to-end treasury management for their India operations. This is the first foreign bank in India to choose Intellect’s One Treasury solution, to deliver front-mid-back office functionality for its India operations. The fast-track deployment, of five months, is expected to go-live in the last week of June, 2015.Financial Institutions are looking for enterprise treasury and risk management solutions that can streamline their global trading operations and help make insightful decisions. Treasurers are in desperate need of central enterprise-level global solutions that go beyond mere operations execution. They require intelligent solutions that will assist them in making insightful decisions and utilize advantages of arbitrage opportunities, monitor global exposure and leverage risk information for Performance Management.Intellect One Treasury, the Integrated Risk & Treasury Management Solution, will help the banks to transition from managing risk to leveraging risk for business advantage thereby giving the bank the upper edge to compete globally. Intellect One Treasury enables diversification of funding, regulatory compliance, integration of disparate systems, agility essential for new products development and extreme risk visualisation.The complexity of modern Treasury Management Systems is increasing as Treasuries are becoming controlled, regulated and monitored. Intellect Treasury functionality will help them give the leading edge to take their treasury operations to the next level of excellence and providing competitive advantage in an evolving environment.
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The presence of Irrfan Khan in the movie, as Simon Masrani, the owner of the dinosaur park, adds to the attraction of the story for Indians, says Manish Kumar PathakThe roaring dinosaurs are back; back with a spiteful vengeance, and have roared past all existing records. The film has become the biggest movie in history, as it has nudged past Avengers’ collection of $207.4 million by raking in $209 million in the opening weekend itself. So what has gone right, and why is this monster on the rampage? The biggest reason that stands out will have to be the timing of the release. After all the sympathy and emotions that were attached with “Fast and Furious :7” and after the anticipation slowly eased down over “Avengers: Age of Ultron”, the movie was shrewdly placed in this month, where there are no other big ticket projects lined up. The legend of Steven Spielberg can never be undermined, and can never be overshadowed. But since Spielberg was unwilling to bear the troubles of going through the same testing process of direction again, Colin Trevorrow, an upcoming director was assigned the task. And has he outdone Spielberg? Well this question is best left unanswered. 23 years, have passed since Jurassic Park opened its gates and allowed dinosaurs to run amok, tearing, killing, and create hysteria everywhere. This long time span, has seen audiences evolve, and being more receptive to on-screen violence. So, then there is no apprehension about children or minors being kept away from potentially nerve-wracking scenes. Dinosaurs ripping people apart is more an adventure than a discomforting sight, and families like to witness this ride closely huddled together. Actors who have won the trust and who have enjoyed success with franchises are a select few. After his considerable success with “Guardians of the Galaxy”, Chris Pratt has taken huge strides in establishing himself as one for the future. His wit, the action-sequences, the ease of changing moments in the movie, all have proved that he has an uncanny ability to gauge the mood of the audience and slowly waddle into their imagination. There are also other factors, like dinosaurs having feathers, exposing the dinosaurs to sunlight that helped the audience to get a hang of more intricate details about the body structure, which helped them look more natural. For the Indian audiences however, there was another focal attraction. This was the presence of Irrfan Khan in the movie, as Simon Masrani, the owner of the dinosaur park. The acting prowess of Irrfan is unquestionable, and his new avatar did offer a mouth-watering prospect, as he has already appeared in other Hollywood movies like The Namesake and The Darjeeling Limited. Then came the much acclaimed Life of Pi and the Amazing Spiderman which has had huge box office successes. This move helped the movie to build a more global star cast which ultimately had a bearing on the outreach and collections. Indian movie industry is evolving at a rapid pace, and many more actors are now getting offers elsewhere too. The future lies here, as this amalgamation of east and west most certainly will be a win-win situation for all concerned. We, as the audience can only hope that this roar does not subside anytime soon!
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Sify Technologies Limited announced that further to the recommendation of the Board of Directors for dividend payment of 10 per cent on the Equity Shares and American Depository Shares for the year 2014-15, which was subject to the approval of the shareholders, the shareholders at the Annual General Meeting held on Thursday (18 June) have approved the same. Dividend will be paid earliest by Monday, June 22, 2015 to those shareholders whose names appear in the Register of Members of the Company (for India) and Citibank Depository Register (for ADRs) on the Record Date, May 18, 2015. Sify also announced the resignation of P. S. Raju as a director from the Board owing to his pre-occupation and the reappointment of Ananda Raju Vegesna as the executive director of the company for a further period of five years, effective 22 June.Consequently, the shareholders did not consider his proposed reappointment following retirement by rotation, at the Annual General Meeting and also resolved not to fill up the vacancy as of now.
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