The Effects of Change On The Manager

One of the least mentioned effects of change relates to how it affects the manager leading that change, and his or her ability to undertake the leadership role.  We have already talked about the effects of change on the individual employee, and of course managers are subject to the same reactions, resistances and strains.  Some types of change, such as restructuring, or downsizing can put considerable strain on the leaders of an organization.


Stress, Stress & More Stress

One primary concern regarding change is the stress it imposes on those undergoing the change.  Managers, because they have obligations to their staff, not only have to deal with change as employees but also need to carry some of the concerns of their staffs.  In the case of downsizing, the stress levels can be extremely high, because the manager is charged with conveying very upsetting information.

Stress is part of the job, but in times of change, it is critical that you recognize that it may cause you to act in ways that are less effective than usual.  As with anything connected with change, the major concern is not short term but long term.  If your stress levels result in marked loss of effectiveness, the risk is that a vicious cycle will be set up, where ineffective leadership results in creating more long term problems, which increases your stress, which reduces your effectiveness even more.
Avoidance -- A Common Response

A common response to unpleasant change is to ignore the situation.  Avoidance can take many forms.  Most commonly, the avoiding manager plays only a minimal role in moving the organization through the swamp.  After announcing the change and doing the minimum required, the manager "hides" from the change, through delegation, or attending to other work.  This tactic involves treating things as "business as usual".

The outcomes of this tactic can be devastating.  By avoiding situations, the manager abdicates any leadership role, when staff needs it most, during and after significant change.  In addition, the avoidance results in the manager becoming out of touch with the people and realities of the organization.

While avoidance serves a need for the manager in the short run, it destroys the manager's credibility, and results in poor decisions.  The long term consequence of such action is that the organization tends to deteriorate in terms of morale, effectiveness and productivity.  Sometimes this deterioration is irreversable.
Denial -- Another Ineffective Tactic

Sometimes the manager deals with change by denying its impact.  Usually, the denying manager takes a very logical approach to change.  Decisions get made, systems are put in place, or new procedures are developed.  Unfortunately, this "logical" approach denies the impact of change on the people in the organization.
The denying manager tends to refuse to understand "what the big deal is", and shows little empathy with employees in the organization.

As with avoidance the denying tactic tends to drop the manager's credibility and destroy any personal loyalty on the part of employees. 

Key Points

1) Managers are put under stress by change, and that   stress, if mishandled can result in loss of  managerial effectiveness.  Managers need to be  alert to the signs of stress upon their performance.

2) A common management tactic is to avoid  involvement in change when that involvement is  unpleasant.  The affects of this withdrawal can be  lethal to the organization and to the manager.

3) Another common tactic is denial of the effects of   change.  Managers who do this tend to under- estimate the impact of the change, and  demonstrate an inability to respond to employees'  emotional reactions to change. 

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How thermal plants can be re-energised with help from US agencies

Thermal power plants in India are partnering with third-party service providers for performance improvement, troubleshooting and diagnostics, according to Mr Scott Smouse, Senior Manager, National Energy Technology Laboratory of US Department of Energy.

Speaking at Power Plant Summit 2011, Mr Smouse said through long-term partnership with US Agency for International Development, technical assistance is being extended to India's coal and power sectors for nearly 30 years. This has been extended to bringing about efficiencies in partnership with NTPC.
3 state utilities

Three Indian State utilities — the Punjab State Electricity Board (PSEB), the Tamil Nadu Electricity Board (TNEB) and the West Bengal Power Development Corporation (WBPDC) — under the Asia Pacific partnership for clean development and climate have been covered, he explained.

The two-day conference is being held here with the theme ‘Development of service providers network for Indian thermal power plants'. Various power sector players have converged here, and are focussing their attention on improving plant efficiencies and bringing down carbon dioxide emissions.

Mr Smouse said Indian utilities and US service providers can forge strategic partnerships and create a network to address plant efficiencies.

Mr N.N. Mishra, Director, Operations, NTPC, said that the Government designed scheme perform, achieve and trade makes it mandatory for Indian companies to improve efficiencies and cut carbon dioxide emissions. NTPC has gained significantly over the years by bringing about internal efficiencies. “If service providers convince utilities about demonstrate-able improvements, they will be too willing to partner,” he said.

Mr Harish Chandra Prasad, past Chairman, CII-AP, said there was a need to develop a network of power plant service providers in India for plant improvement. He said such a network would help communicate to players the importance of latest performance improvement techniques, help reduce dependence on original equipment suppliers.

The event was hosted by the CII, the Green Business Centre, and the US Department of Energy.

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BRICS need more coordination on major issues: PM

The Prime Minister, Dr Manmohan Singh, said that BRICS countries should combine their potential strengths to continue enhancing their coordination on major issues of common concern.

BRICS countries — Brazil, Russia, India, China and South Africa — should combine their “huge potential” to better coordinate on issues such as the world economy, the democratic and equitable world order and global governance reforms, Dr Manmohan told China’s Xinhua news agency.

Cooperation among BRICS members should aim at improving the economic well-being of their people. “We could, for example, share experiences on the management of large urban cities,” he said.

“We should also enhance dialogues and exchanges among our civil societies, media, businesses, scholars and youths.”

As BRICS countries are all members of the current UN Security Council, they should “shape and guide the international discourse on issues of importance to us,” he said.

The Prime Minister said India warmly welcomes South Africa’s accession to BRICS, adding South Africa’s presence will lend weight to BRICS and introduce the African perspective to the burning issues of today.

BRICS can contribute to the development of Africa and articulate its priorities at international forums, which will benefit not just Africa but the entire world, he said.

Dr Manmohan said he is very happy that the third BRICS summit is taking place for the first time in Asia. “This is a matter of great encouragement for all BRICS countries.”

“We have a substantive agenda for the summit. That includes discussions on the international situation, international economic and financial issues, development and sectoral cooperation. I look forward to reviewing the decisions we took at the last G-20 summit in Seoul,” he said.

On cooperation with China, the Prime Minister said India and China, two engines of the global economy, “are both witnessing rapid growth, addressing the aspirations of our peoples and stimulating global demand’’.

“Our shared objective remains to ensure sustainable and balanced growth of the world economy and employment creation,” he said, adding that the two largest developing nations in the world bear important responsibilities of ensuring their all-round and sustainable socio-economic development.

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India proposes telecom policy changes as scandals hit

India's telecom minister, Kapil Sibal, has proposed a slew of changes to the country's telecom policy in an attempt to streamline the industry.

He said that merger and acquisition rules will be relaxed to allow consolidation in the sector.

Mr Sibal also indicated that as part of the new policy, the government will separate mobile licences from spectrum fees.

India's telecom sector was rocked by a spectrum allocation scandal last year.

The country's lawmakers are currently investigating whether telecom licenses were sold at cheaper prices in order to favour some companies.

An official audit claimed the government may have lost as much as $39bn (£24bn) in revenues.

The scandal has dented the image of the sector and also created huge political issues in the country.
Continue reading the main story
“Start Quote

    Merger and acquisition guidelines need to be liberal”

End Quote Kapil Sibal India telecom minister

There have been discussions about making the licensing process and spectrum allocation more transparent.

The Telecom Regulatory Authority of India has also recommended that service providers should be charged a higher fee for use of 2G spectrum.
Crowded market

India is one of the world's fastest growing markets for mobile phone services.

There are currently 15 service operators in the country catering to nearly 800 million subscribers.

As the subscriber base continues to grow and companies look to consolidate, the telecoms minister said he was looking to relax rules in the sector.

"Merger and acquisition guidelines need to be liberal," Mr Sibal said.

Under the current rules, when two service providers merge their combined revenue - or subscriber base - cannot exceed 40% of the total in their region.

Mr Sibal also proposed that telecom licenses in the country should be renewed for a period of 10 years, compared with the 20-year renewal under current rules.


(Source from: BBC)

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New telecom policy caps licences at 10 years; moves to uniform fee

The Communications and IT Minister, Mr Kapil Sibal, on Monday unveiled the broad contours of the Telecom Policy 2011 including liberal merger and acquisition norms, the new licensing regime and a Spectrum Act to govern allocation of airwaves.
Licensing

On the proposed changes in the licensing regime, Mr Sibal said that from now on telecom licences will be given for a period of 10 years only. This means more capital outgo for telecom companies as they will have to renew their licences every 10 years.

The current policy allows operators to hold on to their licences for a 20-year period. Operators wanting to renew their licences will have to apply 30 months before the expiry date. Thus old operators such as Bharti Airtel, whose licences are valid till 2013-14, will have to apply for renewal right away.

Operators will be given the option of taking licences at the national level or continue with the existing system of circle-wise licensing. Pan-India operators such as Vodafone, Reliance Communications may find it beneficial to go for a national licence.

The big one, however, is the decision to move to a uniform licence fee. Operators currently pay between 6 and 10 per cent of their revenues depending on the circle of operation. Uniform fee would lower the financial burden on operators.
M&A norms

On M&A norms, the Minister said there is a need for liberal guidelines, but at the same time there should be enough competition. Hence the minimum number of operators will not be allowed to fall below six at any point in time in each circle.

Under the current rules, the threshold level is set at four operators in each circle. But since there are as many as 12-13 operators in each area, the proposed change will not have much impact. Other key details of the new M&A norms are still being worked out.

To address issues relating to spectrum allocation, a committee, under the chairmanship of retired Supreme Court judge Shivraj Patil, has been appointed to draft a Spectrum Act. The Act will govern future spectrum allocation.

In addition the Department of Telecom will appoint external agencies conduct regular audit to determine efficient usage of airwaves by mobile companies and other non-commercial users such as the defence and Department of Space. Another move that will benefit operators is the decision to allow spectrum sharing. But the DoT will stipulate conditions for the same, details of which were not revealed.

But this is not the final policy yet. Mr Sibal said that these proposals will be put before the Telecom Commission for a final decision by the end of the year. Industry observers said that the proposals are in line with the recommendations of the TRAI but the actual impact on the operators will be known only after details regarding spectrum pricing and M&A guidelines are announced.

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HSBC comes under US tax scrutiny over Indian accounts

HSBC branch in San Francisco Tax authorities claim HSBC encouraged Indians living in the US to set up hidden accounts back in India

US authorities are taking first steps towards an investigation into HSBC's alleged role in enabling tax evasion.

The Department of Justice has asked a federal court to allow US tax authorities to demand personal account details of US taxpayers from the UK bank's Indian subsidiary.

HSBC said it had not seen the summons but did not condone tax evasion.

The investigation will focus on Indians living in the US, who have to pay US income tax on their worldwide income.
'Wider effort'

The Department claims that HSBC India encouraged these non-resident Indians to set up accounts in India, which were then concealed from the Internal Revenue Service (IRS) in order to avoid paying income tax on the interest earned.

"Prospective clients were told that, as a foreign bank, HSBC India would not disclose the accounts to the IRS," said the Department in a statement on its website.

In response, HSBC said that it "does not condone tax evasion and fully supports the US efforts to promote appropriate payment of taxes".

The court petition referred to a specific case of tax evasion that is already known to them.

Vaibha Dahake of Somerset, New Jersey, has been charged with using undeclared bank accounts in the British Virgin Islands and at HSBC India to defraud the IRS.

However, the requested "John Doe" summons would cover the accounts of any US taxpayers at HSBC in India, which the US tax authorities say have been hidden from them.

It is the same strategy the US used to investigate Swiss bank UBS last year.

"Our international efforts are not just about one country or one bank - it's about our wider effort to ensure compliance with the nation's tax laws," said Douglas Shulman, commissioner at the IRS.

An intentional failure to report a foreign bank account can result in a penalty of up to 50% of the account's balance.

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New chairman lays out SBI's priority list

State Bank of India (SBI) would try to increase its market share in deposits and loans, without taking a hit on its margins and profitability, said Pratip Chaudhuri, the bank’s new chairman.

Pratip Chaudhuri“There would not be a significant shift in gear. But we would like to reassess business areas in which the bank experienced stress (non-performing assets). The bank has a strong presence in corporate banking and has significant presence in retail. We would increase the retail loan book to improve our leadership,” Chaudhuri, who took charge of SBI yesterday, said.


The pace of SBI’s growth — loans and deposits — had slowed in 2010-11, compared to its peers. However, in 2011-12, SBI would aim to record a growth that would be higher than the industry average. “If the industry grows at 20-21 per cent, we would like to grow by 24 per cent,” Chaudhuri said.

He said low-cost deposits were high. However, retail deposit mobilisation had lost steam and the bank would try to correct that by strengthening the branches, especially the new ones, by having more trained persons in those branches.

SBI would also take various steps to increase interest income and would focus on term loans — for both corporate and retail. The bank would also try to focus on long-term credit and reduce its dependence on short-term loans. “In our anxiety to grow, we were more active on working capital loans. Now, we would focus harder on term loans,” Chaudhuri said.

On increasing international business, Chaudhuri said SBI would like to follow Infosys’ mantra of focusing on acquisitions that bring value. The bank would open more branches and look at acquisitions in countries with high India-related trade and capital flows.

On the challenges ahead, Chaudhuri said non-performing assets had recently grown. “There is a need to control it,” he said.

Chaudhuri said the bank would hold talks with the Reserve Bank of India on teaser loans. “The bank would not want to breach regulatory prescriptions. It had provided a provision of 0.4 per cent, which was bearable. But two per cent prescription for provisioning is tough,” he said.

RIGHTS ISSUE
“Last year, there were pressing needs from other banks for recapitalisation. Our rights issue would be of a significant amount. The government is convinced of SBI’s capital needs. It remains our top priority,” Chaudhuri said. SBI had earlier said it would need around Rs 20,000 crore to fund growth for the next five years. The bank had sought the finance ministry’s approval for a rights issue of shares to raise the amount.

‘FAVOUR NEW PLAYERS’
Chaudhuri said he was in favour of opening the banking sector to new players. “The Indian banking system is fragmented. We have lived and grown with competition. We are not in favour of entry barriers and welcome more participants,” Chaudhuri said.

(Source from: business standard)

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Virtual trade draws FMCG firms

A few have taken tentative steps, others plan to open portals for e-commerce.

Virtual shoppers are drawing the attention of fast moving consumer goods (FMCG) companies. While a few, such as Godrej Consumer Products (GCPL), ITC and Wipro Consumer Care & Lighting (WCCL), are exploring the possibility of setting up e-commerce platforms to distribute products, others such as Marico, Dabur and Procter & Gamble (P&G) have taken a few tentative steps in this direction.

Marico has been working with a few e-commerce websites to sell products under the Saffola umbrella, said marketing head Sameer Satpathy. Dabur's chief executive officer Sunil Duggal said the company has been selling its Uveda range of products online for a year. P&G is distributing free samples of brands such as Ariel, Head & Shoulders, Pampers, Gillette, Pantene, Whisper and Olay on a website it had launched a few months ago.

The companies acknowledged while this was a new avenue, the challenge of distribution remains. A key factor for the business to be viable, say industry experts, is to rationalise the cost of shipping. “At this point, cost of shipping is too high vis-a-vis the unit value of items sold,” said Satpathy.

Duggal said the firm has worked its way round the problem by selling high-value skincare and cosmetic products. “Typically, we look at those products that have a limited retail footprint. It makes sense to take them online because of their limited availability. Being high-value, the cost of shipping does not pinch, too, much,” he said.

Dabur, for instance, plans to take its Oxylife brand of skincare products, available in beauty parlours, an other beauty products online.

According to the Internet and Mobile Association of India (IAMAI), the total net commerce in India is estimated to touch Rs 46,520 crore by the end of this year, of which, the non-travel component will make up about 19 per cent (or Rs 8,630 crore) of the business. Of this, e-tailing alone will constitute the bulk at Rs 2,700 crore, which is an over two-fold jump since 2007, when e-tailing was Rs 978 crore only.

But the bulk of the products retailed online remain non-perishable items with the thrust on categories such as personal care, cosmetics, electronics, apparel, home products etc.

Kishore Biyani, managing director and chief executive officer, Future Group, which has an e-commerce portal called Future Bazaar said his team was working on putting more categories online. “At the moment we have categories such as electronics, apparel and home products. But we are looking at expanding the base. It boils down to how you link your back-end with your front-end,” he said.

Future, for instance, is building one million square feet of space for logistics and warehousing in its quest to distribute more products online. Currently, Future Bazaar does business about Rs 10-15 crore a month. The plan is to take the number to close to Rs 100 crore a month in a few years from now said Biyani.

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Shikha Sharma: Health on her mind

Her revolutionary idea of healthy living, packaged in weight loss avatar has many a takers. Shikha Sharma has been a name to reckon with when you think of holistic health.

A graduate from Maulana Azad Medical College, she was working in the department of Cardiology as a junior resident in G.B. Pant Hospital when she felt she should work in preventive medicine. And that was the birth of “Clinique De Rejuvenation” in the year 1999, primarily aimed as a weight management clinic.

In the year 2003, Shikha’s Nutri-Health Systems Private Limited, New Delhi was added to create a vision for integrative and holistic wellness.

Shikha Sharma spoke to BS on being a woman entrepreneur and more. Excerpts:

How is it to be a woman entrepreneur?

As a woman I realised either the society had no or low expectations from you. That works out wonderfully because then you have the freedom to do something completely different.  I was 19-20 when I began driving and got myself a cell phone as early as 1995. Its important women look at things that can make their working easier and safer.

How are women entrepreneurs changing India?

I’d love to see more women entrepreneurs actually because firstly, they don’t have qualms on starting with little capitals, secondly they can begin from their homes and what works really well for women entrepreneurs in India is the simple fact that they have support from their families.

How do you balance home and work?

I’m not sure if I do it well. Because there are just two important things for me: work and family. So I usually refuse party invitations because I’d rather spend time with family than strangers.

What do you like doing when you are not working?

I quite enjoy reading. Particularly people like Swami Vivekananda who really motivates me.

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Buying a car? Think small!

Whether it's affordability or fuel-efficiency, small cars score over bigger vehicles.

Buying a car is perhaps the first big ‘buy' for most of us. And to make a well-informed decision, we need to work out the logistics of car ownership in its entirety, and not just limit it to the cost of the car. Apart from the EMIs (equated monthly instalments) on your car loan, there's also the fuel factor to be considered. A bad choice here can burn a hole in your purses, given the wild meandering of oil prices.

Over and above this, there are cost implications even when you accessorise your car. With a wide and attractive range of car accessories such as alloy wheels and new-age music systems, there are many ways to keep spending on your machine! Then there's also maintenance, tinkering, repairs and annual insurance that add up the cost. And more often than not, bigger the car, bigger is the outgo.
One size fits all

So, what can you do if your budget is tight but aspirations aren't? Buy a small car. Measuring up to 4 meters in length, the small car scores over most of its bigger counterparts on affordability, fuel efficiency and maintenance costs. And, with India becoming a global manufacturing and export hub for small cars, the options seem ever expanding. Prices too are becoming more and more competitive, thanks to frugal engineering.

For instance, Bajaj only recently said that it would showcase the prototype of its ‘ultra low cost car' to its partner Renault. Hyundai is making the HA, a car that may be priced below the Santro. Nissan will be coming out with two cars priced cheaper than the Micra's. Toyota's small car, the Etios Liva will be launched in shortly. Even M&M is turning its Xylo into a mini Xylo to tap the small car users' segment.
Lighter on the wallet

A small car makes for a good choice, especially if it's your first car. A lower EMI on your car loan will do a world of good when you are in the early stages of your career, as your affordability might be lower in the beginning. Besides, the chances that you might still be repaying your education loan and could be buying a new home in the near future are high. Also, EMIs tend to increase based on rate hikes by banks. For every additional lakh of rupees that you borrow, the dent on your wallet will be deeper. All these mean that a small car is the best bet for first time buyers.

Starting right from Rs 1.5 lakh for the standard Nano, to about Rs 9 lakh for the high-end version of the Honda Jazz, small cars are available aplenty to suit every pocket. Today the Ford Figo and the Chevy Beat that cost between Rs 3.8 to 5.8 lakh on road are considered to offer the best value for money. But that doesn't warrant them being your choice. The sub-division of the compact car segment into entry (e.g. Alto), mid (e.g. Estilo) and premium compact (e.g. U-VA, Polo, Swift) in recent years would help you streamline your purchase based on what you need the car for - as a basic means of transport, as an upgrade or as a second car.
Fuel- efficiency

Owning a gas guzzler is just not economical, especially when oil prices never seem to tire on their upward journey! Small cars score especially well on this front. For example, the recently introduced Alto K10 gives a mileage of about 14 km per litre in the city. In contrast, the newly-launched big car Kizashi from Maruti gives only 7.9 (automatic gear). Similarly, the Chevrolet Spark 1.0 is said to give a mileage of 12.3 km per litre while the Optra Magnum gives 9.5. Bajaj's car tops them all with a promise of 30 km to a litre!

Remember the runaway success of the Swift diesel? You can also buy diesel cars, considering the technological progress of the diesel engine and the fact that diesel is less expensive and gives more mileage. However, keep in mind that a diesel car's initial purchase price is higher. Small cars, such as the Figo, i20, Ritz, Polo and Micra have diesel options. They also have an edge over some sedan diesel counterparts in terms of mileage.
Alternate fuel choices

Diesel may be cheaper than petrol but it leaves your green footprint a bit tarnished. Here again, more small cars come more with alternate fuel options – CNG, LNG and electric – than big ones. While the Alto, Estilo, Wagon R, Santro and i10 have CNG options, the Spark, Beat, Indica EV2 and Wagon R Duo are among the small cars that have LPG options. There's also the Reva, India's only electric car, to consider, especially if you are single, have limited use for the care or if it's your second car.

But if you are willing to wait it out, a new four-seater model will be out from the Reva stable shortly. While the higher price of these alternatives may be a dampener, cheaper (LPG/CNG) or near zero running costs (Reva) make up for it. You can also buy a slightly used car for a lower price.

The government's focus on hybrid and electric vehicles would definitely help bring down the prices of such cars. Going by this, you can expect India-launches of the Nano hybrid and electric and the i10 electric, which are currently being considered for Europe, in the not-so-distant future.
Other advantages

Small cars are a big advantage and help you manoeuvre your way out of roads chock-a-block with traffic. It also makes finding a suitable parking space in highly congested shopping areas, theatres and restaurants easy.

It's even convenient in terms of insurance and maintenance costs. The resale value may also be better for small cars.

(Source from: businessline)

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The Bride Show Dubai’s top picks for Kate Middleton

As The Bride Show Dubai draws to a close in spectacular fashion, the Middle East is joining the rest of the world in turning its attention to the most eagerly anticipated wedding of the decade, that of Prince William and Kate Middleton on 29 April at Westminster Abbey in London.

As hundreds of exquisite bridal gowns graced this year’s catwalk, The Bride Show Dubai offers its top five wedding dress suggestions to the world’s most famous fiancé.

Bangkok-based bridal boutique After You Say Yes – SIMA took part in The Bride Show Dubai for the first time and opened the four days of fashion shows. This design would show off Kate’s curves but still add drama with the full skirt and train.

One shoulder designs have been very popular in the last year or so. We love the full skirt which flows from the corset of this Esra design, one of the Romanian Designers & Companies brands.

Long time Bride Show favourite Demetrios, from Saudi Arabia, never fails to disappoint. We think this lace column design would look truly stunning on Miss Middleton.

This tiered gown from After You Say Yes – SIMA is beautiful and we especially like the soft peach undertones.

A real show stopper, and the finale gown of the After You Say Yes – SIMA show. This has a definite nod to the Middle East; we would love to see Kate in something this intricate.

The Bride Show Dubai, under the patronage of Her Highness Sheikha Sheikha Bint Saif, Chairwoman of the Make-A-Wish Foundation UAE and wife of His Highness Sheikh Dr. Sultan Bin Khalifa Bin Zayed Al Nahyan, Advisor to the President of the UAE, will return from 4 to 7 April, 2012 at the Dubai International Exhibition Centre.

The 2011 show was supported by gold sponsor Mohammed Hilal Group and silver sponsors After You Say Yes – SIMA, Khamsa Couture and Zadina.

The Bride Show Dubai

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Athens Fashion Week to be held at the Classic Center

The Athens community is invited to celebrate talented local designers and performers in addition to nationally acclaimed designers at Athens Fashion Week on April 20-22, at the Classic Center.

The three-day series of fashion shows and events will kickoff Wednesday April 20, at 11 a.m. with a Sip & See Children’s Fashion Show hosted by Phaedra Parks, of Bravo’s hit TV series, Real Housewives of Atlanta. Proceeds from this show will benefit Bundles of Joy, a multi-state effort to support premature infants and their families.

Wednesday night’s festivities, beginning at 6 p.m. with the Men’s Fashion Show, will be dedicated to the eclectic and trendy styles favored by many students of the University of Georgia. “Each of the designers that will be showcased on Wednesday were selected with students in mind,” said Richie Knight, head of the Steering Committee of Athens Fashion Week. “The looks that will be displayed are ready-to-wear right off the runway.”

The Men’s Fashion Show will feature looks from Ralph Lauren, Southern Marsh, Southern Proper, The Otter Bay Company and others modeled by some of the University of Georgia’s most noted athletes, and will be followed by the Judith March Fashion Show showcasing fall game-day attire and Emma Graham’s new spring collection. The main event of the night is the unveiling of Victoria’s Secret’s new summer swimsuit line at 9 p.m. Trunk Shows will follow each event on Wednesday night.

Following all of Wednesday’s festivities, to wrap up the night is a downtown Passport through Fashion event, hosted by Network Athens and BrainPik.

The kickoff event Thursday morning will be a fashion show presenting designs from LK. That night, perhaps the most elegant event of Athens Fashion Week will be the Athens Fashion Week Green Dress Gala at 7 p.m. This black-tie event will be hosted by Kim Zolciak of Bravo TV’s hit series, the Real Housewives of Atlanta. Dinner will be served and the Green Dress Fashion Show, which includes designs from local Athens designers, will take place at the Gala. In addition to the fashion show, the Infinity Show Band will be providing entertainment.

Immediately following the Green Dress Gala will be an after party hosted by Zolciak at the Melting Point. This event is open to the public and will begin at 9:30 on Thursday, April 21. The Melting Point is located at the Foundry Park Inn & Spa, the official hotel of Athens Fashion Week.

To maintain the element of surprise, details of Friday’s events will be slowly made public. However, Athens Fashion Week attendees can expect a Pink Dress Fashion Show to benefit Bikers Battling Breast Cancer, and jewelry showcase and a completely organic fashion show by student designers in recognition of Earth Day.

All proceeds of the Gala and fashion shows will benefit the Georgia 4-H Foundation and Bundles of Joy.

The Georgia 4-H Foundation is a 501(c)(3) not-for-profit organization that seeks to promote and support the programs and facilities of Georgia 4-H. The Georgia 4-H Foundation promotes youth development by providing financial support to reward deserving Georgia 4-Hers, by funding annual projects and events, and by supporting the five 4-H centers in the state. Georgia 4-H is a huge supporter of young fashion designers ranging from 9 to 19. Through Project Achievement, 4-H helps youth choose interest areas that allow 4-H’ers to showcase their work. There are nearly a dozen fashion project areas for 4-H’ers to choose from.

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Skoda sales up 65% in March

Czech premium carmaker SkodaAuto on Friday reported a 64.97 per cent growth in sales of its vehicles at 3,009 units in March, 2011.

The company had sold 1,824 units in the corresponding period last year, SkodaAuto India said in a statement.

During January-March period, the company’s sales increased by 51.47 per cent to 8,346 units from 5,510 units in the year-ago period, it added.

“The results reflect the prominent presence of SkodaAuto in the Indian automobile market and acceptance of our value for money products in the country,” SkodaAuto India Board Member (Sales and Marketing) Mr Thomas Kuehl said. The company currently sells four models in India - Superb, Laura, Fabia and Yeti.

(Source from: businessline)

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India Yamaha Motor sales up 34% in March

Two-wheeler maker India Yamaha Motor on Friday reported a 33.90 per cent increase in its total sales at 36,768 units in March compared to the corresponding period a year ago. The company had sold 27,460 units in the same month last year, India Yamaha Motor said in a statement.

In the domestic market, the company’s sales stood at 25,784 units as against 17,864 units in the same month last year, up 44.33 per cent.

Exports of India Yamaha rose by 14.46 per cent to 10,984 units from 9,596 units in the year-ago period, it added.

“We are delighted to see the high growth momentum in both domestic and export markets which reassure us of the increasing customer confidence towards brand Yamaha,” India Yamaha Motor Chief Executive Officer and MD Mr Hiroyuki Suzuki said.

The company attributed its growth to models such as YZF-R15, FZ, SZ and YBR series, he added.

(Source from: businessline)

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Maruti Suzuki India sales jump 25% in 2010-11

The country’s largest car manufacturer Maruti Suzuki India has reported a 28.2 per cent jump in total sales to 1,21,952 units during March this year from 95,123 units in the same month last year.

For the entire 2010-11 financial year, the company’s sales soared by 24.81 per cent to 12,71,005 units from 10,18,365 units in the previous fiscal, Maruti Suzuki India said in a statement today.

During March 2011, the company reported an increase of 38.85 per cent in domestic sales to 1,10,424 units from 79,530 units in March 2010. Exports, however, fell by 26.07 per cent to 11,528 units from 15,593 units.

Sales of the company’s once bread-and-butter model M800 rose 5.54 per cent to 2,915 units from 2,762 units, the statement said.

The A2 segment (comprising Alto, WagonR, Estilo, Swift, A-Star and Ritz) witnessed 43.27 per cent growth in sales to 78,460 units during March this year from 54,762 units in the same month a year ago. A3 segment sales (consisting of SX4 and DZiRE) increased by 33.07 per cent to 13,910 units from 10,453 units.

Last month, the company sold 103 units of its Kizashi luxury sedan, which was launched in February.

Total passenger car sales rose 40.32 per cent to 95,388 units in March 2011 from 67,978 units in the same month in 2010.

During the 2010-11 fiscal, Maruti’s domestic sales increased by 30.08 per cent to 11,32,739 from 8,70,790 units in the previous fiscal, the company said.

Exports during the fiscal, however, declined by 6.31 per cent to 1,38,266 units from 1,47,575 units in 2009-10. Total passenger car sales stood at 9,66,447 units (7,65,533 units), up 26.24 per cent.

(Source from: businessline)

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Ashok Leyland enters LCV segment with Dost

Ashok Leyland on Tuesday took its first step into the high-volumes business of light commercial trucks, unveiling its 1.25-tonne payload vehicle, christened ‘Dost'.

The commercial launch of Dost will happen around June. Ashok Leyland will disclose the price closer to the launch date.

The vehicle is powered by a 55 hp, 3-cylinder, turbo-charged common rail diesel engine and in informal discussions, Ashok Leyland's officials say that the truck is built to take overloading.

The LCV is produced under a joint venture of Ashok Leyland and Nissan, in which the Indian company holds 51 per cent stake. However, the ‘Dost' will be sold as an Ashok Leyland vehicle through the company dealership network. Next year, the joint venture will launch a Nissan LCV and the year after, again, an Ashok Leyland LCV. Till such time as the joint venture sets up a greenfield manufacturing facility at Pillaipakkam near Chennai, (Dost and the other) Ashok Leyland vehicles will be produced at the company's plant at Hosur, while the Nissan truck will be at Nissan's car plant at Oragadam, also near Chennai. The JV will therefore produce vehicles on three distinct platforms in the 3.5 tonnes to 7 tonnes range (in terms of gross vehicle weight.)

Such an arrangement was made, in revision of the original plan, in the aftermath of the global recession of 2008, to pare upfront investments. The joint venture has managed to bring in the product with half the originally planned investment of Rs 2,300 crore. Between them, the LCV lines at the two plants can produce 1,50,000 vehicles.

Addressing a press conference here, Dr V. Sumantran, Executive Vice-Chairman, Hinduja Automotive Ltd, observed that the Indian LCV market was growing “phenomenally”, at 25 per cent. In the period between April 2010 and February 2011, some 2,43,000 vehicles with gross vehicle weight of less than 3.5 tonnes were sold.

Ashok Leyland has no ambitions to enter the “sub-tonne” segment (an area today dominated by Tata Ace.) “I know that segment very well. It is overcrowded,” said Dr Sumantran who, in his earlier employment at Tata Motors, oversaw the conception and launch of the Ace.
New business for Ashok Leyland

Although Ashok Leyland has been a truck maker for half a century, selling LCVs —that are mostly used in intra-city logistics typically to carry vegetables, fruits, fish, water bottles and the like — is a new area for it.

Selling big trucks is a different ballgame altogether. The buyers are typically large fleet operators who are sophisticated businessmen, armed with sufficient financial muscle. While the number of medium and heavy duty trucks sold may grow year after year, the set of purchasers is rather the same. Most of the medium and heavy duty truck makers vie for a share of this pie.

LCV buyers are typically first-time entrepreneurs for whom the vehicle is the office place as well as the source of livelihood. “They have a tremendous amount of affinity to the vehicle,” Dr Sumantran said.

The customer profiles of the big and small trucks are starkly different and so must be the way they are sold. Thus, the LCV segment is a completely new line of business for Ashok Leyland, even though the company has been a truck manufacturer for decades.

On the NSE on Tuesday, Ashok Leyland's Re 1 share closed at Rs 56.55, which was Rs 0.35 lower than the previous close.

(Source from: businessline)

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Dr Reddy’s buys GSK’s US penicillin manufacturing facility

Dr Reddy’s Laboratories today said it has acquired GlaxoSmithKline’s US penicillin manufacturing facility and the rights to the Augmentin and Amoxil brands in the United States for an undisclosed sum.

“GSK will retain the existing rights of these brands outside the United States,” Dr Reddy’s said in a filing to the Bombay Stock Exchange (BSE).

The acquisition of the oral penicillin manufacturing facility in Bristol and product portfolio was completed yesterday and is pursuant to the agreement signed by the companies on November 23, 2010, it added.

The company, however, did not disclose the financial terms and conditions of the transaction.

Brands Augmentin and Amoxil, which are used for treating bacterial infections, are trademarks of GlaxoSmithKline.

Shares of Dr Reddy’s were being quoted at Rs 1,628.50 apiece in afternoon trade on the BSE today, up 2.21 per cent from their previous close.

(Source from: businessline)

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New rules being drafted to govern phone tapping

The Government is planning to introduce new laws with regard to tapping phone calls and intercepting e-mails in bid to make the system more robust. This includes making it mandatory for law enforcing agencies to destroy all recordings of individual conversation that are not relevant to the investigation. The new rules will also make it difficult for units monitoring tax frauds under the Department of Revenue to tap into individual's phones unless it is a case of public emergency.

This was discussed at meeting held by the Prime Minister with top officials from Home Ministry, Department of Telecom and Department of Revenue. An Inter-ministerial Group (IMG) has been formed to finalise the rules.

“Authorised agencies should review information available on intercepts at periodic intervals as directed by the Home Secretary and must destroy parts of transcripts that are not relevant to their work. The entire conversation or message is not to be retained by the intercepting agency,” states an internal note circulated for the IMG.

This assumes importance in the light of recent controversy over leakage of the Niira Radia tapes, which had recordings of high profile journalists, politicians and corporates with the lobbyist. Phone lines of Ms Radia were tapped by the tax authorities and about 800 conversations got leaked to the media.

The note states that the power given to the Central Board of Direct Taxes (CBDT) to request for phone tapping may be reviewed or withdrawn. Other units under the Department of Revenue may put in a request for phone tapping through a high ranking official to the Ministry of Home only in case of public emergency. “Authorisation given to CBDT to conduct telephone surveillance may be reconsidered by the Home Ministry. It may either be removed or conditions put regarding the extant of surveillance allowed. Other agencies under the Revenue Department may be allowed to continue with their present authorisation but they should be strictly directed to use such surveillance only when a public emergency or public safety, as defined by the Supreme Court, is involved,” the internal note said.

(Source from:  business line)

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No link between futures trading, high commodity prices: Rangarajan

There is no evidence to show that futures trading in commodities results in a surge in the prices of those commodities, says Dr C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister.

In an address on ‘Some Perspectives on Growth and Inflation' at a seminar on the subject jointly organised by the RBI Staff College here and the Madras School of Economics, Dr Rangarajan observed, in response to a question, that among the commodities in which futures trading is permitted, the prices of some have gone up, while those of many others have not.

Even the Abhijit Sen Committee, which went into the question of whether or not futures trading in commodities, because of the speculation involved, leads to an increase in the prices of those commodities, in turn leading to inflation growth, was inconclusive.

The committee, Dr Rangarajan noted, did not conclude that the futures trading leads to price increase.

“My personal opinion is that futures trading does not contribute to price increase,” he said, adding that the final word on the subject will never be said as the question itself has been taken out of the realm of economics (and brought more under politics).

The question assumes relevance today when political parties (such as the DMK) have been saying in their election manifestos that they would fight against commodity derivatives.

Mr Prakash Karat of CPI (M) and Mr Tapas Sen, General Secretary, Centre of Indian Trade Unions (CITU) have always clamoured for ban on commodity derivatives, but more recently several non-Left political parties have also joined the call.

Recently a ‘Chief Ministers' Working Group on Consumer Affairs', which was headed by the Gujarat Chief Minister, Mr Narendra Modi, and included the Chief Ministers of Andhra Pradesh and Tamil Nadu, recently recommended to the Prime Minister a complete ban on futures trading in essential commodities.

In the past several political leaders have spoken against futures trading in commodities. For instance, the former Tamil Nadu Chief Minister, Ms J Jayalalithaa, once said that the traders were able to “manipulate the market” with just a computer, blocking huge stocks “by paying a relatively small advance” and offloading them with the prices rallied.

Mr Devendra Prasad Yadav (of Rashtriya Janata Dal), Chairman, Parliamentary Standing Committee on Food and Consumer Affairs, once said in reference to commodities derivatives that “on the one hand, farmers have not been able to reap the benefit of futures trading and, on the other hand, the consumer is made to pay high price on account of speculation and other market manipulations.”

Voices of the opposite opinion, such as of the Union Agriculture Minister, Mr Sharad Pawar, (who recently said that “there is no link between futures trading and the rise in prices of farm products,”) have been out-shouted by the pro-ban clamour.

Presumably with this in mind, Dr Rangarajan said today, “the last word on the subject may never be said.”

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Striking hosiery makers seek rollback of 10% duty

Protesting levy of 10 per cent excise duty on branded garments, several hosiery manufacturers and retailers on Saturday marched to the residence of the local MP and Union Coal Minister Mr Sriprakash Jaiswal seeking his help in meeting UPA chairperson Ms Sonia Gandhi in this regard.

During their meeting with Mr Jaiswal in Kanpur, the protestors including labourers apprised him of the problems due to the levy imposed in the General Budget 2011-12.

The garment industry said the duty would hurt the small businesses and demanded its withdrawal.

Talking to PTI, Mr Jaiswal said he would take up the matter with Finance Minister Mr Pranab Mukherjee.

On their demand of meeting Ms Gandhi, the Minister assured the traders that he would make efforts to seek time for them from the UPA chairperson.

President of Garment and Hosiery Manufacturers Joint Front Mr Balram Narula, who led the traders, said the agitation would continue till the Government rolls back the excise duty.

Meanwhile, the indefinite strike called by garment manufacturers in Delhi, Kolkatta and Ludhiana entered the second day today.

The Centre has imposed 10 per cent excise that would be levied on 45 per cent of the retail price on branded readymade garments.

“The strike and protest at Kolkata, Delhi, Kanpur and Ludhiana is still on,” said Clothing Manufacturers Association of India (CMAI) President Mr Rahul Mehta.

CMAI an association of over 20,000 garment makers, retailers in India had claimed that approximately 50,000 units are on strike and will affect livelihood of 25 lakh workers engaged in the industry.

The association would be meeting revenue department officials next week.

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