Xed CA Newsletter Week Jan 03 - Jan 09

7/30/2019 Xed CA Newsletter Week Jan 03 - Jan 09

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NEWSLETTER2 Pages 03rd Jan 2013 09th Jan 2013 www.xedintellect.com

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4

CORPORATE INTELLIGENCE 5 NEWS ANALYSIS 6 NEO CORNER 11

NEWS DIGEST

IN BRIEF

PERSONALITIES OF

THE WEEK

CORPORATE INTELLIGE

Gold Prices

31, 070 per 10g

Dollar:Rupee

1:54.98(as on 8 Jan 2012)

ECONOMIC

INDICATOR

Government initiates process

of Coal India restructuring

COVER STORY

PayPal founder to build acity on Mars for vegetarians

GLOBAL NEWS

French court overturns ultra-

rich tax

ShinzoAbe

a weekly news bulletin

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MISCELLANEOUS NEWS

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SalmK

INDIAN POWER UTILIT

PART TWO
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2/14

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Enterprise Resource Planning (ERP) is a process by which a company (often a manufacturer) manages an

integrates the important parts of its business. An ERP management information system integrates area

such as planning, purchasing, inventory, sales, marketing, finance, human resources, etc. ERP is mo

frequently used in the context of software. As the methodology has become more popular, large softwar

applications have been developed to help companies implement ERP in their organization. ERP system

typically include an integrated system that operates in real time (or next to real time), without relying o

periodic updates, a common database, which supports all applications, a consistent look and fe

throughout each module and installation of the system without elaborate application/data integration by thInformation Technology (IT) department.

Gold Prices Rs. 31, 070 per 10gm (fall of Rs.90) as on 8 Jan 2012 The HindGold and silver prices declined on Tuesday with silver registering a drop of Rs. 40 and Gold dropping by Rs. 90 to traat Rs. 31, 070 per ten grams. Traders attributed the decline in both gold and silver prices to subdued demand froretailers at prevailing higher levels and a weak global trend.

Dollar:Rupee 1:54.98 (up by 25 paise) as on 8 Jan 2012 The HindThe Indian Rupee on Tuesday broke its losing streak spread over three sessions and closed at 54.98 against the UDollar, gaining 25 paise. The rise was helped by fresh selling of the US currency by exporters amid sustained capitinflows. Recovery in local stocks also helped Rupee gain on the dollar.

BANKS have gained some time and flexibility in meeting the Basel III liquidity requirements, now that the rules wcome into effect four years later and the definition of a "high-quality liquid asset" has been expanded. But prospects fthe banking industry are grim in 2013, especially for banks in the developed world. Squeezed by sluggish economgrowth, strict new regulations and seemingly endless litigation, profits will remain elusive. American banks will somewhat less stingy than in recent years, although loans will grow by only 4% in 2013. European lenders will ccredit lines, hoard funds, and generally hunker down as the regions sovereign debt crisis rumbles on.Japans banks walso lend less. By contrast, banks in emerging markets will benefit from a flood of customers joining the formal financ

system for the first time, as well as burgeoning demand for advisory and investment-banking services from maturincompanies. Rising incomes and consumption in emerging markets will give many consumers the confidence to staborrowing.

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In the last one decade, the world has witnessed some revolutionary changes in energy markets, starting right from tUS Government reports in Dec 2012, which suggest that it will stop all its energy related imports by as early as 202This means that demand pressures on fuel supplying nations in Middle East would reduce drastically as the UniteStates has been the worlds largest consumer of oil and gas, so far. Modification of US policies in the Middle Eastthus inevitable. At the same time, it will open new avenues for Oil and Energy firms in emerging economies such India & China. Additionally, there has been a remarkable shift in usage trends of coal the primary fuel source, whiestimates suggest, will continue to be a significant part of the energy market, at least till 2030.

Shale Gas Boom:There has been a remarkable increase in the production and scope of Shale G(gas trapped within Shale rock formations). Technical advances have made Shale gas recovery easier and economicthan ever before. Shale Gas, which used to meet only one percent of the total US natural gas production in 2001, wcontributing more than 20 percent to the gas production during its boom in 2010. By 2035, it is expected to meet percent of the total natural gas production in the US. This boom in production has brought gas prices down in the UAs a result, gas-fired power plants in the US are now twice as profitable as the coal fired ones. During its boom in 198coal used to contribute 60 percent towards the nations energy production. However, in the earlier half of 2012, bogas and coal-fired plants in the US shared two thirds of total energy generation, equally. Moreover, its not only tpower plants that are shifting to Gas; even the steel producers are beginning to plan new plants based on Gas for steproduction.

The US will also replace Saudi Arabia as the largest oil producer by 2017. Additionally, new vehicle norms which forauto makers to increase mileage every year will ensure that by 2025, the US oil consumption would reduce by 1percent. By 2020, US will stop importing crude oil from OPEC or the Middle East. In such a scenario, India & China w

fuel half of the worlds energy (oil, gas & coal) demands.

Return of Coal: While Shale Gas Boom has deterred the usage ofenvironment-unfriendly coal in the US, it seems to have increased coal usage inthe European Union. In fact many American coal producers have started exportingcoal to Europe for better prices. Incidentally, the Gas-fired plants in Europe are nota viable option. Unlike coal, which has world-market prices, gas prices decided onthe basis of FoB (freight on board) mechanism are more regional in nature. Inorder to benefit from the Shale Gas Boom in the US, Europe will have to invest ininfrastructure for developing its Shale Gas resources. This will take time. Theeconomic uncertainty prevalent throughout the Eurozone is not helping the cause.Hence, coal will continue to be a primary and cheaper source for energy productionin Europe in coming years.

Moreover, trends suggest that in next five years, coal will compete with oil as the

main source of energy across the globe. It wasnt even halfas important as oil adecade ago. China, which became the worlds biggest electricity producer replacingthe US in 2011, is mostly responsible for this perennial demand for coal. Other emerging economies are also followingsimilar graph. According to International Energy Agency (IEA), India will replace the US as the worlds second-largecoal consumer by 2017.

Gas export market: IEA has predicted that the US will surpass Russia as the largest gproducer by 2015. The boom is expected to last longer and has encouraged the government to plan Gas exports frothe country. Canada & Australia have also struck similar Shale Gas reserves and are open to the idea of exportCalculations suggest that importing gas can prove to be a profitable exercise for many nations. Compared to Asi

markets where LNG is traded at around $9 to $13 per unit (mBTU) at present, tprice of LNG at Henry Hub (a key distribution hub in Louisiana) is between $ 3and $5 per unit (mBTU). Even after adding liquefaction, transportation and rgasification costs, the import of gas via tankers will be profitable for Asia. Thus

firms all across the globe are forced to redesign their strategies around exportigas from the gas rich regions.

Indian oil and gas firms such as GAIL, ONGC and IOC have all responded well this new opportunity. Aditya Birla Group has submitted eight proposals to the UGovernment to built LNG export terminals around US coasts. Reliance Industrihas formed three JVs with Shale Gas firms in the US. IOC and OIL have simil

ventures in Canada, where as PetronetLNG has struck a deal with Exxon Mobil in Australia. Such contracts would reduIndias dependence on OPEC and West Asia for its energy needs.

These changes will shift much of the pricing decision powers from OPEC to the new exporters. At the same time, Asiagiants like India, Japan, China, South Korea, and Taiwan will hope to form a club of nations that will control most of tgas pricing decisions. Though, coal & crude oil are still a primary source of energy in Asian countries, switching cleaner sources like natural gas, wind and solar energy may prove to be a profitable exercise in near future.
http://en.wikipedia.org/wiki/FOB_(shipping)http://en.wikipedia.org/wiki/FOB_(shipping)http://en.wikipedia.org/wiki/FOB_(shipping)


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Shinzo Abe- Prime Minister of Japan

The Japanese rarely believe in giving second chances. However, making an exception, they haelected former Prime Minister Shinzo Abe to lead the nation. In the recently concluded electionAbe made an impressive comeback, winning power on the promises of reviving the Japaneeconomy (which is facing its third recession in five years) by increasing federal spending aintroducing fiscal reform, adopting a more aggressive attitude towards China, initiating the proceof building sturdy and long-term relations with the USA and turning on the countrys idle nuclereactors (much to the delight of investors). Though his policies have partly succeeded in bringidown the Yen, ghosts of his disastrous first term as Prime Minister continue to haunt t

Japanese.

Part of an illustrious political family, Abe was born in 1954 (thus becoming the first JapanePrime Minister to be born after World War-II). After high school, he studied political science Seikei University, graduating in 1977. With an aim to study further, he moved to the USA, takiEnglish language and public policy classes at University of Southern California's School of PubPolicy. After a three year stint at Kobe Steel, Abe entered politics in 1982 as an executiassistant in the foreign affairs ministry. Already a part of his partys (Liberal Democratic Partinner circle before he held any formal political office, Abe won a landslide victory to Japans Houof Representatives in 1993 after the death of his father. Though colleagues conclude that Abused to behave like the pampered scion of a political dynasty, he shrewdly climbed up the parhierarchy and scaled well trodden paths to the corridors of real power in Japan. In 2007, Abecame Japans 90th and youngest Prime Minister.

During his first term, Abe tried to strike a balance between modern ideas about transparency aJapans traditional closed hierarchies. However, financial scandals and declining popularity endhis term early. An outspoken, nationalist and right-wing politician, Abe is aware that his shoterm priority is to kick-start the economy and in this regard, he is pressurizing the countrycentral bank to introduce a 2% inflation target to reduce deflationary pressures and to buy unlimited quantity of bonds till it achieves the target. Abe has also taken a tough diplomatic stanon the Senkaku island issue with China in line with rising anger among the Japanese public on tissue. However, the man needs a much broader to-do list, one which should include, among oththings, integrating more women into the workforce and radically deregulating the economIntroducing comprehensive measures might just make him the man who succeeds in pulling Japout of its decades-long economic funk.

Salman Khan-Founder, Khan AcademyPositively personifying the phrase man with a mission, Salman Khan, the successful founder

Khan Academy, aims to change education as the world knows it and create the worlds first frvirtual school. Though the organization follows a typical format of a Silicon Valley start-up, Khanfirm on it being a not-for-profit venture; devoid of any employee equities, IPOs and ventucapitalists. Khans commitment-backed work and the popularity of his online lectures hagarnered him the title of the worlds first superstar teacher and earned him a place on Timmagazines list of 100 most influential people in the world in 2012.

Born (1976) and brought up in New Orleans, Khan had his formative education in public schoowhere, as he recalls, "a few classmates were fresh out of jail and others were bound for tuniversities". Khan fell in the latter category as he holds four degrees from prestigiouniversities-a BS in mathematics, a BS in electrical engineering & computer science and an MSelectrical engineering & computer science from Massachusetts Institute of Technology in additito an MBA from Harvard Business School. The job of tutoring his cousin in mathematics over thinternet introduced him to the hidden talent he had and led him to create an account on YouTu

to distribute his lectures in 2006. Appreciative testimonials from students and viewers encouragKhan to quit his job as a hedge fund analyst in 2009 and devote his entire time on developing anadding to the Khan Academy.

Khan is very enthusiastic about teaching and learning (expected from someone who has fodegrees) and thus the subjects of his tutorials vary from algebra and biology to economicmedicine and astrology. A liberal and humorous boss, Khan does not believe in preaching and thone cannot see the instructor in his tutorials. Instead a blank digital blackboard fills up with kconcepts (mostly prepared by Khan) and the intended effect is working through homework at thkitchen table with your favourite uncle looking over your shoulder. Khans pet venture has seveadmirers like Bill Gates who also donates to keep the idea afloat. At six million unique vieweeach month, Khan wants his knowledge to reach the farthermost corners of the globe. Khanbook on exploring the potential impact of the Web as a teaching tool is thought to be one of tmost influential books on education in our time, thus making him a true-blue reformer.

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"A strong

economy is the

source of

energy for

Japan.

Without

regaining astrong

economy, there

is no future for

Japan."

"With so little

effort on my

own part, I

can empoweran unlimited

amount of

people for all

time. I can't

imagine a

better use of

my time."


5/14

NTPC Limited is the largest state owned power utility in India with an installedcapacity of over 39,000 mega watts. The company has thermal power generation capabilityfrom coal and natural gas. It is listed on the Bombay Stock Exchange. Indian governmentholds 84.5% stake in the company. NTPC generates 27% of the total electricity generatedin India. It has 23 power generation plants (coal and gas combined) and has ownership inseven other power stations through joint ventures. It has also entered into the hydel &nuclear power generation business. It is developing three hydel power plants and hasformed a JV with NPCIL for the development of a nuclear power project.

NTPC is present in almost all the businesses in the supply chain of power sector. It has operations like coal mining, fuexploration, power equipment mining, ash utilization, power trading and power distribution. Apart from this, it also hconsulting services, research business NETRA (NTPC Energy Technology Research Alliance) and a Power ManagemeInstitute - for training professionals in power sector. NTPC has formulated a long term business plan for the next twdecades. The company plans to expand its energy capacity to 1.28 lakh mega watts by 2032. Accordingly, it shall haa diversified fuel mix comprising of coal (56%), Renewable Energy Sources (17% including hydel), natural gas (16%and nuclear (11%).

Tata Power is the biggest private power utility in India with an installed capacity of over 7,000 mega watts. Tcompany was started as a hydro-electric power plant and it later diversified into tthermal, solar, wind and geothermal energy businesses. It is one of the biggest powgeneration companies through Renewable Energy Sources (RES) in India. It has over energy generation plants in the country and has operations in international locations liCyprus, Mauritius, Singapore and Jakarta. Tata Power is building Indias largest powplant in Gujarat with a capacity of 4,000 mega watts. It has recently partnered with tAustralian company, Sunengy, to build first of its kind floating solar power plant in India.

is also conducting research on clean power generation technologies like biomass gasification and micro wind turbin

among others. Tata Powers Strategic Electronic Division (SED) is largely involved in developing equipment for tdefence sector. It has designed and engineered Indias air defence and naval combat systems. It is currentimplementing major hydel, thermal and geothermal projects in Maharashtra, Jharkhand, Himachal Pradesh and othregions in India.

Adani Power Limited, the energy arm of Adani Group is one of the biggest powercompanies in India with installed capacity of over 5,000 mega watts. It is the largest solar powerproducer in the country with 40 mega watts electricity generation capacity. It is also Indias firstpower company to achieve the Supercritical Technology. Its thermal power plant in Gujarat isthe only power plant in India that has been certified by the United Nations under the CleanDevelopment Mechanism (CDM) of the Kyoto Protocol. The company is in a rapid capabilityenhancement mode and is in the process of implementing several projects with a capacity of16,500 mega watts. Its mission is to achieve 20,000 mega watts energy capacity by 2020. It hasundertaken power projects in Gujarat, Maharashtra, Rajasthan, Madhya Pradesh and Odisha.

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6/14

1) GMR walks out of Indias biggest road development project - Rediff.com/ETIMPACT: GMR Infrastructure has backed away from the Rs. 7, 200 crore project for the six-laning of the KishangarhUdaipur Ahmedabad highway, Indias biggest highway construction project. GMR has terminated the concessioagreement it had signed with the National Highways Authority of India (NHAI) after winning the project in 2011. Tcompany had won the bid for development of the 555 km long highway, part of theDelhi-Mumbai Golden Quadrilateral corridor, after stiff competition by quoting topay Rs. 636 crore annually. The decision was announced by GMR after weeks ofdiscussions with NHAI over various statutory clearances. It is believed that the exitwas prompted by failure on part of NHAI to get the required environmental

clearances, land de-notification and other pre-requisites which were essential forGMR to start execution of the project.

KEY PLAYERS: GMR Infrastructure, NHAI

WHY IT IS IMPORTANTGMRs exit assumes significance in the light that Indianeeds to develop advanced infrastructure at a fast pace if it wants to sustain theeconomic growth seen in the last decade. Importantly, the NHAI is set to loose Rs. 663 crore from its annual revenuwhich was to come with the execution of the given project. Also, the decision brings to light the problems of debt-ladGMR Infrastructure, which has reportedly decided to go slow on new projects and focus on cash generation anresolving pending issues.

2) Marico plans to demerge services business Kaya - ETIMPACT: Consumer goods company Marico has decided to demerge its services business, Kaya Skincare Solution

from its mainstay FMCG arm into a separate listed firm. Marico Kaya will be listseparately on the Bombay Stock Exchange as well as the National Stock Echanand will have its distinct set of Board of Directors from that of Marico. "Karequires a completely different mindset to grow. So we have taken off the Marico hfrom Kaya and unshackled it from the Marico rules," Harsh Mariwala, chairman Marico, said. Kaya, a decade old provider of skin care services, offers its servicthrough 106 clinics in the country by the name of Kaya Skin Clinic. It contributearound 7% to Maricos consolidated revenues of nearly Rs. 4, 000 crore in 2012012. Kaya remains a loss-making unit overall although the management of Mariis quite optimistic about its turnaround, with Kaya clinics selling high margproducts from the portfolio of DermaRx, a firm which has been acquired by it.

KEY PLAYERS:Marico, Kaya Skincare Solutions

WHY IT IS IMPORTANT Some minority shareholders had been expressing concern on Kayas performance for couple of years now.The demerger of Kaya could help improve the valuation of its parent company Marico, which hbeen dragged down by the weak performance of its services business. Also, the strong cultural de-link between Marand Kaya will no longer be a hindrance with Kaya taking its separate corporate identity.

3) Government initiates process of Coal India restructuring - Financial ExpressIMPACT:The government has finally begun moving on the restructuring exercise for Coal India Limited, Indias largeproducer of coal, by inviting bids for the appointment of advisors. The Coal Ministry had recently informed the PrimMinisters Office about its plans to expedite the long delayed process ofrestructuring the government owned company.Ministry of Coal invites expressionof interest (EoI) from the consultancy firms/organisations for taking up the job ofproviding consultancy for restructuring of Coal India (CIL), the posting on thewebsite of Coal Ministry said.

The consultants would be asked to come up with a restructuring plan and theirmandate includes advising the Coal Ministry on the effectiveness of the currentmanagement structure of CIL and to also ascertain the drawbacks which areinherent in a monopolistic situation. The consultants will have to submit a reportwithin three months for the government to decide on their suggestions. Theconsultants should assess the need for evolving administrative structures, whichwould improve production and marketing with a special emphasis on customer satisfaction, states the EoI.

KEY PLAYERS:Coal India Limited, Coal Ministry

WHY IT IS IMPORTANTCIL is facing heavy criticism for being unable to supply adequate quantities of coal to stecement and power generation companies. It has so far failed to bridge the demand-supply gap in the coal sector, whiis at a staggering 200 million tonnes a year. So much so that the central government had to issue a Presidential Decron the company mandating it to ink fuel supply agreements with coal-starved projects.

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4) Economists want small savings boost from govt, higher taxes on superrich - Financial ExpressIMPACT: During the customary pre-budget meeting with Finance Minister P Chidambaram, leading economists callfor levying higher taxes on the super-rich, encouraging small savings and controlling inflation to bring it in the range 4 to 5 per cent. Their suggestions also included introduction of inheritance tax and widening of tax base to increarevenue and contain fiscal deficit. Chidambaram said economic and political developments in the Eurozone area and t

United States of America have impacted world economy, including India. The Ministhowever said reform measures taken by the government have had a positive impact othe market sentiments. Suggestions made by economists included "following principle of progressivity i.e. higher tax rates for high income group, widening of tbase and effective enforcement of tax laws to penalise those who hide their incom

and pay less tax as well as those who despite high income do not pay any tax at alaccording to a press release.

KEY PLAYERS: Economists, P Chidambaram

WHY IT IS IMPORTANTBudget 2013 will be the last full budget presented by tcurrent UPA government before general elections in 2014. A damp international economic climate and various domesissues plaguing the government have hit growth in India. The government has of late begun to act proactively to brinback economic growth to previous levels. Budget 2013 assumes greater significance in the backdrop of all these factor

5) Mahindra announces new electric car e2o - Hindu Business LineIMPACT:MahindraReva Electric Vehicles Pvt. Ltd, a part of the US $15.9 billion Mahindra group, has announced tname of its next generation electric car as Mahindra e2o. The vehicle has been extensively tested, validated ancertified as road worthy for the Indian market. The car is going to be manufactured at Mah indra Revas recent

inaugurated plant in Bengaluru and will be launched soon. Dr. Pawan Goenka, President of the Automotive and FarEquipment Sectors of Mahindra & Mahindra commented on the e2o saying The Mahindra e2o is a game changindevelopment within the personal mobility space that will help the Mahindra Group usherin a positive change in the lives of our customers. Dr. Goenka called it a significantstep towards developing a comprehensive eco-system of sustainable mobility solutions.Founded in 1994, the Reva Electric Car Company was a pioneer of electric vehicle (EV)technologies and was renamed as MahindraReva Electric Vehicles Pvt. Ltd in 2010 afterMahindra & Mahindra acquired a majority stake in the company.

KEY PLAYERS:Mahindra e2o, Mahindra Reva Electric Vehicles Pvt. Ltd, Mahindra &Mahindra

WHY IS IT IMPORTANT Mahindra Group chairman Anand Mahindra had recently revealed the groups Future Mobility vision, involving the creation of future-ready vehicles that meet the 5 Cs framework of - Clean, Convenien

Connected, Clever and Cost Effective. The launch of the e2o is the first step towards realizing that vision and creatian entire electric vehicle value chain and eco-system.

6) US oil imports to fall to 25-year low FTIMPACT:In a major boost for North American energy independence, the Energy Information Administration (EIA)-thofficial US data provider and forecaster-has predicted that US oil demand will increase only marginally in the next feyears but the output of the commodity will grow rapidly and thus, US oil imports (thought to be on an unalterabupward path) are all set to reach their lowest level in 25 years by 2014. The main reason for this is the discovery shale oil in colossal quantities. EIA is optimistic that US crude oil production will rise to almost 8 million barrels per din 2014. EIA has also forecast that average global oil prices would fall from $112 a barrel in 2012 to $99 in 2014. T

EIA also expects the US to overtake Russia as the world's biggest shale gproducer by 2015 and to become all but self-sufficient in its energy needs by abo2035.

KEY PLAYERS:US oil companies, US oil importers, global oil market

WHY IT IS IMPORTANT:The EIAs report is good news for the US economy increased oil production and lesser oil imports will somewhat insulate it from oil-prshocks in the world market. However, more than the absolute amount of imported, the spending on oil imports as a fraction of GDP will determine tcountrys risk or exposure to fluctuations in prices. These statistics also change t

equations of USA with the Gulf oil producers whose share in global oil production is also expected to rise to 50% 2035 from the current 42%. However, projected rise in US oil production will further reduce OPECs already dentcontrol over global oil prices. Drilling of shale gas (and oil) has also raised environmental concerns because of possiwater contamination, the release of methane and earth tremors caused by drilling (all outcomes of the process fracking which have been banned in France and till recently in UK). Nonetheless, discovery and extraction of shale means that global oil production will not peak in the next 20 years.


8/14

7) Samsung posts record quarterly profit on back of Galaxy series - ReutersIMPACT: Samsung Electronics said it has likely earned a record quarterly profit of $8.3 billion, selling 500 mobhandsets per minute and capitalizing on strong demand for flat screens it manufacturers for other handset makers. Tcompany revealed the figures while releasing its earnings guidance for the October- December quarter, ahead of the fearnings release expected by 25th January. This is the fifth straight quarter in which the mobile giant has posted recobreaking profit figures. Samsung has outpaced Apple Inc, its biggest rival and also its biggest customer, in tsmartphone market with the Galaxy range of smartphones that have outsold the iPhoneseries. Samsung now commands the majority market share in the smartphone arenaaround the globe and also overtook Nokia recently as the world's largest manufacturerof mobile handsets. Its sales momentum has got a particular boost with last year's

launch of its flagship smartphone, the Galaxy SIII, along with the Galaxy Note II'phablet'. In comparison, sales of the latest iPhone 5 from Apple have been belowanalyst's expectations.

KEY PLAYERS: Samsung Electronics, Apple Inc.

WHY IS IT IMPORTANTSamsung's run of five consecutive record breaking quartersmay end in January-March due to weak seasonal demand and hints of saturation in the mature markets. However, salare still going well in emerging markets and are expected to pick up momentum again with the company expected launch its latest Galaxy SIV model sometime in March or April.

8) French court overturns ultra-rich tax The Guardian/The IndependentIMPACT:Inflicting a major blow on French President Franois Hollandes campaign promise to impose a hefty tax Frances super wealthy citizens (to reduce the countrys deficit), a French constitutional panel has overturned a 75% t

rate on income above 1 million ($1.32 million) which was supposed to come into effect in 2013 by saying that it wexcessive and unfair. The panel did not have a problem with the large tax rate per se but raised objections with tway the tax discriminated between households depending on how incomes were distributed among its members. Ttax rule expects one earner making 1.2 million to pay 75% of it as taxes but exempts two earners each making a litt

under 1 million from paying at the same rate. Taking cognisance of the ruling, tGovernment (being determined to heavily tax the super-rich) has vowed that it wouintroduce a new measure, keeping the rate unchanged at 75%.

KEY PLAYERS:French Government, French super-rich citizens

WHY IT IS IMPORTANT:Hollandes socialist governments intention of introducing thigh tax rate was to raise revenues worth 100 million-300 million to reduce the defi(considered by critics to be an insignificant amount in the context to Frances 85 billishortfall). Though the tax was likely to affect only a small number of taxpayers, it w

criticized from the moment it was approved in the countrys recent budget because of unlikely impact on Frances fiscal problems, its ability to drive away wealthy citizens and make businesses wary investing. The ruling does not help Hollandes popularity (which has been in a continuous free-fall) in the midst of unbroken months of rise in the countrys unemployment. Several of Frances wealthy nationals (including its richeman) have applied for Belgian citizenship and announced their plans to settle in the countrys villages.

9) GoI plans to ban import of tech products Wall Street JournalIMPACT:With an aim to bring pressure on foreign firms to increase manufacturing in India, GoI is planning to bimport of foreign technology products which include but are not restricted to tablets, laptops, Wi-Fi devices and wireletelecom equipment. The new proposed rules require foreign companies to either set up factories in India or expatheir existing manufacturing capacities as early as April. The ban is mainly intended to reduce Indias trade deficit scaling down electronic imports which, if left unchecked, could reach $300 billion by 2020 (thus surpassing Indian imports). The news has already become an issue of conflict between India-US relations with US lobbyists vehemenopposing the move. According to Ron Somers, president of the US-India Business Council, "India is the largest fre

market democracy in the world. To mandate local manufacturing is antithetical to thevery concept of a free marketplace.

KEY PLAYERS:GoI, Foreign technology companies, Indian imports of tech products

WHY IT IS IMPORTANT:The proposal is seen as problematic by many because of poorinfrastructure which India is infamous for-especially the low quality of its roads and theunreliable energy supply. Bureaucratic red-tapism also discourages global technologycompanies from setting up plants in the country. Economists are of the view thatby taking such a stand, the Government is aiming to increase the contribution of manufacturing to GDP which currentstands at only 16%. It also hopes that this will reduce the level of unemployment in the country. However, analysts aof the view that instead of adopting such a rigid approach, it will be more beneficial if foreign companies aencouraged to set up factories in India by offering them tax holidays and reliable infrastructure.


9/14

10) AIG mulls joining lawsuit against US government Reuters/Wall Street JournalIMPACT:The US government and taxpayers were left shocked when the news came that AIG was planning to joinlawsuit against the Federal Reserve. AIG was in liquidity crisis in 2008 and the US government had saved it frobankruptcy by providing a bailout package worth $182 billion. The lawsuit is filed by Starr International, which own12% stake in the American insurance company in 2008. Maurice Greenberg the former CEO of AIG, is the chexecutive of Starr International. The company claims that the US government provided a bailout at a much highinterest rate of around 14.5% - which substantially increased the amount of the rescue package and ripped off tshareholders. The lawsuit seeks a compensation of $25 billion from the US government for overcharging t

shareholders. The US authorities are enraged and have touted it to be a classic case ofpatient suing a doctor for saving his life.

In the 9th Jan board meeting, the lawyers of Starr International shall discuss the cawith the board members of AIG. The representatives of the Federal Reserve shall defentheir side. Then board members will then take the decision of entering the lawsuit.

KEY PLAYERS:AIG, Starr International, the US Federal Reserve

WHY IT IS IMPORTANT:Starr International being one of the key shareholders of AIG, the companys board membeare in a tricky situation. They have three options to join the lawsuit or completely scrap the claim or take a middstand wherein it shall neither object to the lawsuit nor participate in it. If AIG enters the lawsuit, it will damage reputation. If it does not, there are chances of the company losing out on a substantial amount in case StaInternational wins the lawsuit.

11) How Sahara expanded its Pariwar? ET/Moneycontrol.com/Firstpost.com

IMPACT:It was quite a mystery some time ago, as how Subrata Roy managed to expand his Sahara India Pariwar such a short period of time. The puzzle was finally solved by the Enforcement Directorate (ED) playing Sherlock Holmtrying to track down the funds Sahara used to acquire prime properties in the UK. According to ET; the process winitiated by Sahara India Real Estate Corporation issuing convertible debentures and acquiring funds from investors.part of this amount was routed illegally through its Malaysian entities to buy Londons prime hotel Grosvenor HousThe funds were transferred to Sahara Group Companys Aamby Valley Ltd as a loanamount. This loan was converted into equity which subsequently raised the net worthof Aamby Valley. According to regulations, a company can invest an amount up to fourtimes its net worth in an overseas venture through automatic route. Thus, without thepermission of RBI, the funds were remitted to Malaysian subsidiary of Aamby Valley which finally made the payments for the London hotels.

KEY PLAYERS:Sahara India Pariwar, The Grosvenor House, Indian government, SC

WHY IT IS IMPORTANT: In 2012, the Supreme Court ordered Sahara to return 24,000 crore to the investors inclusive of 15% interest on the original funds it had raised from investors. The couhad asked the company to pay the amount in three installments by end of Feb 2013. However, Sahara paid the firinstallment nearing to 5,600 crores, but it failed to deposit the second installment of 10,000 crores to SEBI by tJan 06 deadline. The company said in its defense that it had already paid the investors and depositing any furthamount will lead to paying the investors twice. The Supreme Court however, does not agree to this claim and has askSahara to make an immediate payment.

12) Prime Minister hints towards rationalizing energy prices ET/The HinduIMPACT:Prime Minister Manmohan Singh has asked the government to increase the fuel prices in order to bring theat par with the international rates. These recommendations were initially made by the Kelkar Committee which is no

holding discussions with other departments. This price rationalization will be in a phasmanner. The Indian government provides subsidies on cooking gas, kerosene and diesOil companies (state-owned and private, both) are incurring huge losses due to the

subsidies.

The committee has recommended the increase in diesel prices by less than a rupee bring it at par with international prices. It is planning to deregulate diesel thus companies will have the freedom to increase the diesel prices as per the fluctuations the international crude oil rates. Petrol is deregulated in the country. Also, tgovernment plans to reduce subsidies on cooking gas by one fourth and on kerosene

one third. Figures suggest government is losing around 1.65 lakh crores due to subsidies.

KEY PLAYERS:PM, Indian government

WHY IT IS IMPORTANT: By raising the fuel prices, the government intends to decrease its internal debts and losseFiscal consolidation will increase investor confidence. It will help the economy return on the path of high growth due increased investments. It will also lead to low inflation and help in long-term sustainability.


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13) PayPal founder to build a city on Mars for vegetarians FE/Dailymail UKIMPACT:Co-founder of PayPal and chief executive of the space transport company SpaceX, Elon Musk, has recently unveiled his futuristic plans to build a city on theplanet Mars. The small city will have a population up to 80,000 and will be self-sustainable. But the civilization will have only vegetarian population. The project isstill in the nascent stage and will take decades to implement. Musk has admittedthat there are many challenges like radiation and toxic dust to overcome.

Musk is not the only person who intends to explore space. In July 2012, owner of

Virgin Atlantic, the dynamic Sir Richard Branson, unveiled his plans to start spacetravel (tour) by end of this year. The Virgin Galactic space tourism programme willfly tourists the rich and famous including Hollywood stars like Angelina Jolie & Ashton Kutcher; up to 60 miles space.

KEY PLAYERS:Elon Musk, SpaceX, Sir Richard Branson, Virgin Galactic

WHY IT IS IMPORTANT: The exceptionally brilliant Elon Musk sold his first computer software at the age of twelvHe always had a vision to take human civilization to other planets. He founded SpaceX in 2002 in order to build spatransport vehicles. NASA is one of the key clients of SpaceX which has developed the Falcon 1 & Falcon 9 launvehicles and the Dragon spacecraft. These space transport vehicles were built with an intention to carry humans outer space in the near future.

14) First gene therapy drug for curing an orphan disease given green light Reuters

IMPACT:Orphan diseases are extremely rare diseases that affect a very small percentage of the population. Most these diseases are genetic by nature and thus a cure for them can only be found by gene therapy which involves thuse of DNA as a pharmaceutical agent. The most common form of gene therapy involves using DNA that encodes functional, therapeutic gene to replace a mutated gene. The drug (Glybera) which has been given the green light regulators in Europe is an example of this type of therapy and it will be used against a rare inherited disorder whidisrupts fat production in the body and can lead to acute inflammation of the pancreas called lipoprotein lipadeficiency (LPLD). Keeping true to the ritual of charging high prices for the treatment of orphan diseases, Glybera is

set to cost 1 million ($1.6 million) per patient when it goes on sale in Europe in mid-201

KEY PLAYERS:Pharmaceutical firms, regulators, patients

WHY IT IS IMPORTANT: Treatment for orphan diseases has attracted the attention major pharmaceutical companies because of its unavoidable extreme pricing (since a singdose of these kind of drugs is usually enough to last for the entire life, drug makers ha

only one chance to get back their investment and hence the drugs are very expensive). Tglobal orphan drug market looks to be a promising one as its annual growth is averagi

out to be 25.8% from 2001 to 2010 as compared with 20.1% for the market of non-orphan drugs. According to Thomson Reuters analysis, Orphan drugs' average "present value" - which measures the current worth of futurevenues - is higher than for non-orphan drugs, despite their tiny target populations. This reflects lower developmeand marketing costs, as well as longer market exclusivity. New explorations in science along with active interest by bpharmaceuticals will lead to faster and better cures for these diseases. It may also lead to more responsible orphdrug pricing.

15) NIC to launch Rs 5,000 cr VC fund for innovation - Financial ExpressIMPACT: The National Innovation Council (NIC) will launch its Rs. 5, 000 crore venture fund aimed at supporting smenterprises by March, Chairman Sam Pitroda has announced. "We are creating a Rs 5,000-crore venture fund which wbe operational by the end of March. We have already spent a year-and-a-half structuring, working on it and gettigovernment approvals," said Pitroda while addressing a CII conference on design through a video link. Mr. Pitroda

also an advisor to the Prime Minster on public information infrastructure and innovation. The fund has got a seed monecommitment from the government and will work on a commercial basis, supporting enterprises that drive change at tbottom of the economic pyramid, Pitroda said. "Best brains in the world are busy solving problems of the rich who readon't have problems to solve. As a result the problems of the poor don't get the right kind oftalent," he added. Mr. Pitroda informed that although the government is providing seedcapital, some banks have also committed money and private capital will too flow into thecorpus eventually.

KEY PLAYERS: NIC, Sam Pitroda

WHY IT IS IMPORTANT Innovation is a critical requirement for the sustainability of anyeconomy and India is no different. Although the country has seen impressive economicgrowth in the past decade, the growth story has not touched a large population with various problems that requiingenious solutions. Every attempt to ferment innovation is a big step in the direction of growth.

MMMIIISSSCCCEEELLLLLLAAANNNEEEOOOUUUSSS NNNEEEWWWSSS


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Where Challenges abound

The hard reality of sales

The initial days were challenging to say the least as the pamperedengineers were forced to face the reality of convincing operators andagents, and most of all actual travellers to trust them and buy ticketsfrom them. The first ticket sold was by an Infosys engineer travelling to

Tirupati. The hard reality of sales was a humbling experience as notlong before they used to be amongst those who disdained salesmenflocking outside their IT campuses. From pursuing one operator afteranother and waiting in their offices for hours together, the firm todayhas operators lining up to be featured on redBus.

Operational challengeOperationally, the payment gateway is the biggest challenge for Sama asnearly 25% of the transactions fail thanks to Payment gateway issues!

LogoThe logo of redBus and the name itself drew inspiration from Richard Bransons Virgin. The reasoning went that a colou

if used as a name is easier to remember. The logo itself was designed by one of Samas friends classmate.

TalentHiring the right talent is something that can impact a company directly, this is more so in the case of a startup. Th

mentors found redBuss ability to attract good talent also a significant proof of the companys ability to grow. Thfounders managed to convince Abey Zacharia, an MBA from the University of Madras, to head business developmenMayank Bidwata, another MBA, from Asian Institute of Management signed up to head marketing. He had previouexperience with Lintas and ICICI and actually took a salary cut to join redBus. The head of Alliances, Aditya Swaroopfrom IIM Kozhikode had prior experience with corporate strategy at Airtel and also took a salary cut to pitch in. Thiability to attract top notch talent differentiates redBus. Thanks to the compan ys continued success, 2012 saw redBuvisiting IIM campuses for recruitment.

Partners and culture

Having good partners is essential to a start-ups success. I

fact Sama says, I would say one should look for both. CoFounders need to be smart, hardworking and mature. Ther

needs to be high level of maturity because many things starfalling apart during the first few days of startup. If CoFounders start blaming each other, it would all fall apart.Building an organization culture is something very fe

entrepreneurs have a concrete idea about when they start. FoSama, it was a day to day process.

With each passing day they learnt something new and thidefined how and what kind of structure the company took onIn fact for redBus the real challenge was propagating th

same company culture and value system in their many office

This was done by frequent travel and mailing everyone aleast once a week.

This is what the company website says, Every other day new partnerships are forged - all with the aim of adding morvalue and convenience. We have grown organically by opening office in key metros and inorganically through oupartnerships. We encourage customers to let us know of any routes or bus operators we don't have in our list. We go righahead and make sure that by the next time customer logs on, we have on offer what was demanded.

Most importantly, it's a team that has fun at work. It's a team that is close knit. Everyone is on a first name basis and iwouldn't be uncommon to see people exchanging hi-fives on small achievements. Office outings are a regulaphenomenon and dancing is a must.

NNNEEEOOO CCCOOORRRNNNEEERRR Part 2


12/14

Threats

redBus can owe a lot of its success to its first mover advantage, as the fragmented nature of this industry didnt invit

attention from existing travel players. However, Success begets competition. After redBus, makemytrip and Yatra alsentered the fray, however redBus remains the leader. In fact the case of Ticketwala.com is cited as the main competitiofor redBus. Ticketwala.com was started by the ex-CTO of Worldspan, a well known name in travel. It even raised greate

funding than redBus. However, the model adopted by ticketwala.com was that of a software provider which woulaggregate bus operators on a single platform. redBus feels that the logic is understandable but results through that pattake time. redBus approach is that of providing superior customer experience and that is a tenet the firm continues to liv

by.

Advice to future Entrepreneurs:

Phanindra Sama:I would say that dont be very focused on e-service alone. Look at your customer and ask how besyou can serve him. For, an offline, phone based channel could well be a bigger opportunity than e-serviceEg., www.ctrip.com (Chinas largest travel company, with market cap of about 12 Billion USD, has 85% of ittransactions on phone)!

Perhaps the lessons learnt by redBus can best be summed up by one of the founders who had this to say in an interview:

I think there are three important lessons to learn from this case. First, there is no point having a grand strategy in a bra nnew market opportunity: your strategy is the one that gets executed every day in real time in the field, based on multipl

inputs that keep coming at you from various directions. In a market that is so disorganized, nobody knows what will leayou where; you have to move forward. Second, its important to have cost -consciousness built into a startup from day oneas redBus did. Third, you need the right communications and internal information systems to scale up as a compan

grows. This is a cash-intensive business where you need to have a finger on operations minute by minute. You also havto ensure that the guy you hire in a small branch office understands operations, what bus operators need, and what it taketo adhere to the value of providing a great customer experience. Thats why Phani constantly travels around ancommunicates to employees and partners why redBus exists.


13/14

SOURCES

Charts & Graphs:http://www.economist.com/node/21563412

Economic Indicators:

http://www.thehindu.com/business/markets/gold-and-silver-prices-decline-on-sluggish-demand/article4286951.ecehttp://www.thehindu.com/business/markets/rupee-up-25-paise-against-dollar/article4287262.ece

SOURCES FOR COVER STORY

http://www.iea.org/newsroomandevents/pressreleases/2012/december/name,34441,en.htmlhttp://www.bloomberg.com/news/2013-01-04/oil-may-rise-on-stronger-economic-growth-survey-shows.html

http://www.businessweek.com/news/2013-01-06/oil-fluctuates-after-biggest-weekly-gain-in-almost-four-monthshttp://in.reuters.com/article/2013/01/07/markets-oil-idINDEE90602G20130107

http://businesstoday.intoday.in/story/energy-security-india/1/191045.htmlhttp://www.economist.com/news/briefing/21569037-why-worlds-most-harmful-fossil-fuel-being-burned-less-america-and-more-

europehttp://www.ft.com/cms/s/0/4b3f6280-4609-11e2-ae8d-00144feabdc0.html#axzz2HMSuvgY3

http://www.bloomberg.com/news/2012-12-31/shale-gas-revolution-spurs-wave-of-new-u-s-steel-plants-energy.htmlhttp://www.reuters.com/article/2012/11/12/us-iea-oil-report-idUSBRE8AB0IQ20121112

SOURCES FOR PERSONALITIES OF THE WEEK:

http://en.wikipedia.org/wiki/Shinz%C5%8D_Abehttp://nation.time.com/2013/01/03/japans-not-quite-so-nationalist-leader/

http://www.economist.com/news/asia/21569046-shinzo-abes-appointment-scarily-right-wing-cabinet-bodes-ill-region-back-future?zid=309&ah=80dcf288b8561b012f603b9fd9577f0e

http://www.economist.com/news/leaders/21568731-new-prime-ministers-first-term-power-was-disaster-it-need-not-be-way-again-go?zid=309&ah=80dcf288b8561b012f603b9fd9577f0e

http://indiatoday.intoday.in/story/new-japan-pm-shinzo-abe-moots-to-phase-out-use-of-atomic-energy/1/240100.htmlhttp://www.bloomberg.com/news/2013-01-03/shinzo-abe-s-mostly-sensible-plan-for-the-bank-of-japan.html

http://www.infoplease.com/biography/var/shinzoabe.htmlhttp://www.encyclopedia.com/topic/Shinzo_Abe.aspx

http://www.factmonster.com/encyclopedia/people/abe-shinzo.htmlhttp://en.wikipedia.org/wiki/Salman_Khan_%28educator%29

http://www.forbes.com/sites/michaelnoer/2012/11/02/one-man-one-computer-10-million-students-how-khan-academy-is-reinventing-education/

http://www.thelavinagency.com/speaker-salman-khan.htmlhttp://www.cnbc.com/id/42904205/Salman_Khan

http://www.successstories.co.in/salman-khan-founder-of-the-khan-academy-a-free-world-class-educational-organization/http://www.outlookindia.com/article.aspx?265875

CORPORATE INTELLIGENCE:

http://www.ntpc.co.in/http://www.ntpc.co.in/index.php?option=com_content&view=article&id=64&Itemid=34&lang=en

http://www.ntpc.co.in/index.php?option=com_content&view=article&id=31&Itemid=2&lang=enhttp://en.wikipedia.org/wiki/NTPC_Limited

http://www.tatapower.com/

http://www.tatapower.com/businesses/generation.aspxhttp://en.wikipedia.org/wiki/Tata_Power

http://www.adanipower.com/index.htmhttp://en.wikipedia.org/wiki/Adani_Power

SOURCES FOR NEWS ANALYSIS (1-15)

1) GMR gives up on India's largest highway project

http://www.rediff.com/business/report/gmr-gives-up-on-indias-largest-highway-project/20130108.htmhttp://economictimes.indiatimes.com/news/economy/infrastructure/gmr-quits-rs-7200-crore-kishangarh--udaipur-ahmedabad-

highway-project/articleshow/17932377.cms2) Marico to demerge its services business Kaya into a separate listed company, this move can help improve valuations

http://economictimes.indiatimes.com/news/news-by-industry/indl-goods/svs/packaging/marico-to-demerge-its-services-business-kaya-into-a-separate-listed-company-this-move-can-help-improve-valuations/articleshow/17932602.cms

3) Govt sets the ball rolling on restructuring Coal Indiahttp://www.financialexpress.com/news/govt-sets-the-ball-rolling-on-restructuring-coal-india/1055930

4) Pre-Budget talks: Economists want small savings boost from govt, higher taxes on superrichhttp://www.financialexpress.com/news/prebudget-talks-economists-want-small-savings-boost-from-govt-higher-taxes-on-

superrich/10558215) New Mahindra electric car is e2o

http://www.thehindubusinessline.com/companies/new-mahindra-electric-car-is-e2o/article4286448.ece http://www.mahindrae2o.com/pressrelease/E2OPressRelease.pdf

6) US oil imports to fall to 25-year low FThttp://www.ft.com/intl/cms/s/0/00f2b544-59d5-11e2-b728-00144feab49a.html#axzz2HY9JIruH

http://blogs.wsj.com/marketbeat/2013/01/09/energy-journal-us-predicts-25-year-low-in-oil-imports/?mod=MarketsMainhttp://blogs.cfr.org/levi/2013/01/09/how-far-have-u-s-oil-imports-fallen/

http://www.bbc.co.uk/news/business-20957073http://www.cnbc.com/id/100365742
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14/14

7) Galaxy phones power Samsung to record $8.3 billion profit

http://in.reuters.com/article/2013/01/08/samsung-guidance-note-idINDEE9060EM201301088) French court overturns ultra-rich tax The Guardian/The Independent

http://www.guardian.co.uk/world/feedarticle/10590118http://www.independent.co.uk/news/world/europe/french-panel-overturns-75-per-cent-tax-on-ultrarich-8433004.html

http://www.aljazeera.com/news/europe/2012/12/20121229102021538304.htmlhttp://news.yahoo.com/french-panel-overturns-75-percent-tax-ultrarich-104117363--finance.html

http://www.huffingtonpost.com/2012/09/28/france-tax-rich-rate_n_1922089.html9) GoI plans to ban import of tech products Wall Street Journal

http://online.wsj.com/article/SB10001424127887323482504578227583950036410.htmlhttp://www.firstpost.com/business/buy-india-delhi-mulls-curbs-on-import-of-western-tech-products-580540.html

http://www.techzone360.com/topics/techzone/articles/2013/01/08/321961-us-tech-companies-among-opponents-proposed-import-ban.htm

10) AIG mulls joining lawsuit against US government Reuters/Wall Street Journalhttp://www.reuters.com/article/2013/01/08/us-aig-lawsuit-government-idUSBRE9070GR20130108

http://online.wsj.com/article/SB10001424127887324391104578229430899631110.html11) How Sahara expanded its Pariwar? ET/Moneycontrol.com/Firstpost.com

http://articles.economictimes.indiatimes.com/2013-01-05/news/36161822_1_sahara-companies-aamby-valley-sahara-firmhttp://www.moneycontrol.com/news/business/sahara-fails-to-deposit-2nd-installmentpayment-to-sebi_804544.html

http://www.firstpost.com/business/london-hotel-purchase-sahara-must-explain-where-it-got-the-money-and-how-578830.html12) Prime Minister hints towards rationalizing energy prices ET/The Hindu

http://articles.economictimes.indiatimes.com/2013-01-07/news/36192750_1_fiscal-consolidation-energy-subsidies-state-oil-firmshttp://www.thehindu.com/business/Economy/fm-unveils-roadmap-for-fiscal-consolidation/article4043175.ece

13) PayPal founder to build a city on Mars for vegetarians FE/Dailymail UKhttp://www.financialexpress.com/news/paypal-founder-to-build-small-city-on-mars-for-vegetarians/1055658/0

http://www.dailymail.co.uk/sciencetech/article-2172022/Sir-Richard-Branson-fly-space-end-year--hes-bringing-family-529-passengers-paying-128-000-each.html 14) First gene therapy drug for curing an orphan disease given green light Reutershttp://in.reuters.com/article/2013/01/03/us-rarediseases-idINBRE9020C120130103

http://www.dailymail.co.uk/news/article-2226863/First-gene-therapy-drug-given-European-license.htmlhttp://en.wikipedia.org/wiki/Gene_therapy

http://en.wikipedia.org/wiki/Rare_disease15) NIC to launch Rs 5,000 cr VC fund for innovation: Pitroda

http://www.financialexpress.com/news/nic-to-launch-rs-5000-cr-vc-fund-for-innovation-pitroda/1055801

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www.foundora.com/2010/09/27/phanindra-sama-co-founder-of-redbus-tells-his-startup-story/ http://www.rediff.com/business/slide-show/slide-show-1-special-how-redbus-made-it-to-the-worlds-top-50-innovations-

list/20120222.htm

http://dare.co.in/people/case-studies/building-a-brand-at-redbus.htm

http://www.redbus.in/AboutUs.aspx#Ourstory
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