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10th Jan 2013 16th Jan 2013

IN BRIEF
COVER STORY CORPORATE INDIAS ROMANCE WITH DEBT RESTRUCTURING
ECONOMIC INDICATORS BSE Sensex

19,986.82
Brent Crude

$111.22/barrel
(as on 15 Jan 2012)

PERSONALITIES OF THE WEEK

Michael Bloomberg

Shikha Sharma

INDUSTRY ANALYSIS

GLOBAL LOGISTICS INDUSTRY

NEWS DIGEST
BUSINESS NEWS GLOBAL NEWS MISCELLANEOUS NEWS

Volatile emerging markets top risk for 2013, India at 9th: Eurasia Group

Dell may go private with a potential buyout by PE firms

SpiceJet unleashes fare war with cheaper tickets, server crashes on booking rush

ECONOMIC INDICATORS 2 COVER STORY 3 INDUSTRY ANALYSIS 5 NEWS ANALYSIS 6

PERSONALITIES OF THE WEEK 4 NEO CORNER 11

PART ONE

K KN NO OW WY YO OU UR RB BA AS SI IC CS S: :S SH HA AR RE EB BU UY Y-B BA AC CK K A share buy-back is a repurchase of outstanding shares from investors in the open market by a company using its surplus cash within a stipulated time frame. Shares are bought back at their prevailing market prices or at a premium to market price, but not exceeding the maximum buyback price. Companies will buy back shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may be looking for a controlling stake. It may also be done to improve the financial ratios of the company. Buybacks are also used by companies to return surplus cash to shareholders or provide support for the share price during periods of temporary weakness. E EC CO ON NO OM MI IC CI IN ND DI IC CA AT TO OR RS S
BSE Sensex - 19,986.82 (up 80.41 points) & Nifty 6,056 (up 32.55 points) as on 15 Jan 2012 Moneycontrol.com BSE Sensex topped the 20,000-mark for the first time since January 7, 2011, touching an intra-day high of 20,036.82, before settling at 19,986.82. The Nifty rose 32.55 points to close at 6,056, its highest closing since January 5. Strong corporate earnings reported so far and expectations of a generous rate cut by the RBI lifted the Sensex and Nifty to two-year highs on Tuesday. Brent Crude - $111.22 per barrel (up 27 cents) as on 15 Jan 2012 Washington Post Oil prices were nearly unchanged Tuesday after industrial production shrank in the 17 countries that use the euro, raising concerns of a prolonged recession in the region. Brent crude rose 27 cents to $111.22 per barrel on the ICE Futures exchange in London. C A R T S R A H S O R L D D C H A R T S & G R A P H S W O R L D G D P CH H A R T S& &G G R AP P H S W W O R L DG G DP P
T H E C O N O M I S T T H E E C O N O M I S T T H EE E C O N O M I S T

THE worlds growth continued to slow in the third quarter of last year, according to The Economist's measure of global GDP, based on 52 countries. Global growth fell by 0.4 percentage points from the previous quarter to 2.4%, its lowest level since the end of 2009. Emerging economies accounted for four-fifths of global GDP growth. Developed countries, weighed down by a slow recovery in America and the ongoing euro crisis, contributed little. The coming year is expected to be much the same. The three economies forecast to contract the most in 2013 are all euro members (Greece, Portugal and Spain), while the fastest growers (Macau, Mongolia and Libya) are all emerging economies.

C H CO OV VE ER RS ST TO OR RY Y: :C CO OR RP PO OR RA AT TE EI IN ND DI IA AS SR RO OM MA AN NC CE EW WI IT T HD DE EB BT TR RE ES ST TR RU UC CT TU UR RI IN NG G
Kingfisher Airlines is busy these days trying to convince DGCA that it still possesses the fire power to run its services. It submitted NOCs issued to it, by all oil and leasing companies to this effect on Wednesday. DGCA is not convinced; neither are the airport operators. However, one ray of hope is still left for the company. There is a core group meeting scheduled on Friday (Jan18) in which KFA will probably have its best chance to convince lenders to allow it to run its airlines this summer. The core group is formed by lenders such as SBI, PNB, Bank of India, Bank of Baroda, IDBI and United Bank of India. Their interest in the meeting lies in the fact that KFA is probably amongst the most talked about Bad Debt on their books. In all, 14 banks have a 7,000 crore exposure to the defunct Airline. It may be recalled that a similar effort in which Mallya himself made a presentation about KFAs revival plan had failed in December last year. It is not the first time that KFA is opting for a CDR (Corporate Debt Restructuring). In 2010, the airline had avoided a collapse by restructuring 77.2 billion of its debt. KFA, though most high profile, is just one among many such Indian companies that have fallen for CDR. Hindustan Construction Co, Suzlon Energy and Hotel Leelaventure Ltd are other well known firms grabbing headlines for their restructuring processes. Staterun power utilities, infrastructure and textile companies are the ones having the largest share in CDR. Some experts believe that the CDR process is too lenient on borrowers. Moreover, the asset quality of state run lenders (SBI, PNB and other PSBs) is worst affected by this process which gives borrowers relaxations such as a longer maturities, lower interest rates and a moratorium on payments.

Genesis of CDR in India

The CDR cell of RBI was formed in Aug 2001 to provide support to firms which were under temporary financial hardship in most cases lack of liquidity. It was planned that CDR shouldnt be allowed to be misused by banks, corporates or wilful defaulters. For ensuring this, a CDR mechanism was devised. The mechanism entails that a proposal can be considered by CDR cell only when it has the backing of at least 75 per cent of the banks (by value) and 60 per cent of lenders (by number). However, there has been a rapid surge in the CDR requests in last few years. The CDR Cell received 466 requests for restructuring 2.45 lakh crore in loans as of Sep30, 2012. Thats more than double the 95 thousand crore worth of restructuring requests received till March 31, 2009. Further, CRISIL has projected that CDR assets may touch 3.25 lakh crore (13 times Indias annual budget for roads) by the end of the current fiscal (FY 201213). This means that nearly six percent of Indias total bank loans may be restructured over the two-year period. Even with easier terms, borrowers have defaulted on payments on 15 percent of these loans since 2009. CRISIL suspects that there would be additional defaults worth 500 billion in the coming days. At best, most of this debt restructuring has delayed the eventual collapse of the firms. On the other hand, banks are also in deeper trouble. PSBs have been more open to the entire CDR process than their private counterparts. This is because it provides them an opportunity to convert their loans into restructuring packages, which otherwise would have to be listed as an NPA. As a result, it is rarely checked if a CDR is viable or not. RBI is aware of this trend and has taken steps to curb unjustified CDRs. One of its panels in June suggested some of the steps to curtail credit defaults. It recommended an increase, in the provisions that banks must set aside for restructured loans, to 5 percent. For publicly held companies, the panel suggested a limit on the amount of liabilities that can be converted to equity. Acting on these proposals, RBI in its second quarter policy in October raised the provisioning for restructured standard assets to 2.75 percent from the earlier 2 percent.

Some positive aberrations

Amid all its loopholes, the CDR cell of RBI has been able to achieve its objectives in some cases. One of the best known example is that of Wockhardt a Mumbai based pharmaceutical and biotech firm whose 3,300 crore worth of debt was restructured in Apr-2009. Since then, the firm has adopted aggressive strategies including selling of its non-core assets. As a result, the firm has been able to exit the CDR schedule much before its term end in 2018. Statistics suggest nearly 85 per cent of cases referred to the CDR cell are able to meet their obligations while 40 per cent of these are successfully revived. RBI believes that, CDR Cell has been able to serve its purpose effectively. Its future will depend upon the ethics and integrity of its members and the professionals involved in the restructuring process. For reaching the wider sections of economic strata, the CDR Cell needs to focus more on SMEs and priority sector, which unfortunately has been overlooked over the years and thus needs special attention.

P PE ER RS SO ON NA AL LI IT TI IE ES SO OF FT TH HE EW WE EE EK K

Michael Bloomberg- US business magnate, Politician & Philanthropist


The 15th richest man in the world and called by many as the King of New York, Michael Bloomberg is one of the rare breeds of Wall-Street businessmen who are enormously successful and popular as politicians. As New York Citys 108th Mayor, Bloomberg has gallantly led the city in the aftermath of the 9/11 attacks and, through his innovative schemes and initiatives, ensured that businesses stayed in New York and provided employment, raised standards of the public schooling system, revived and strengthened key industries, helped reduce the level of job losses, tried to reduce poverty and brought about positive changes in public health which increased the life expectancy of New Yorkers by 19 months. Bloomberg was born on Valentines Day in 1942 in Boston. He grew up i n a middle class Jewish home where his father worked for seven days a week as a book-keeper to provide for the family. A brilliant student from a young age, Bloomberg struggled to put himself through prestigious universities like John Hopkins University from where he graduated in 1964 with a degree in electrical engineering-taking out student loans and working as a parking attendant to fund his studies. He followed up the degree with a Masters in Business Administration from Harvard Business School in 1966. He started his Wall-Street career with a low-paying job in Salomon Brothers vaults, working his way up to become Head of Equity Trading and Sales and eventually a full-fledged partner in 1972. In 1981, a $10 million severance package received as a result of the merger of Salomon Brothers enabled Bloomberg to launch his own information technology company (Bloomberg L.P.) which was intended, in his own words, to bring transparency and efficiency to the sellers and buyers of financial instruments. An inve stment and order worth $30 million from Merrill Lynch for 22 of Bloombergs MarketMaster terminals symbolized the first break for the company which eventually came to be valued at $2 billion only eight years after its launch. As his terminals became must-haves for any serious financial company, Bloomberg diverted his attention to other spheres of influence-politics, media and philanthropy-and won his first mayoral election in 2002 (and was consequently re-elected for three consecutive terms). Considered a liberal Republican, he draws a yearly salary of only $1 and regularly rides the sub-way to work. A firm believer in giving back to society, Bloomberg has given over $2.4 billion as patronage to causes in public health, environment, arts, education, etc. A trained pilot, Bloomberg has a passion for flying helicopters and with his influence extending beyond NYCs border limits, he is far from expected to disappear after his third and final term ends.

"Taxes are not good things, but if you want services, somebody's got to pay for them, so they're a necessary evil."

Shikha Sharma- MD & CEO, Axis Bank


Considering the fact that Shikha Sharma is not a greatly heighted person, her personality imposes itself over others and makes an immediate and lasting impression. Given the fact that she is among the few female executives who have moved into banking boardrooms (hitherto a male bastion), she has succeeded, time and again, in silencing her critics and proving her worth. Under her leadership, ICICI Prudential became a leading player in the life insurance business and she is confident that her strategy of recasting Axis Banks business along customer lines (rather than product lines) will help the bank continue beating the industry growth rate and in sustaining its profit margins. Born to an Army officer, Sharmas disciplined upbringing and attitude was constant throughout her career and helped her consider every difficult job that came her way as a healthy challenge. Graduation in Economics from Delhi University was followed by a post-graduate diploma in software technology from the National Institute of Software Technology, Mumbai and topped off by an MBA from IIM, Ahmadabad. Never shy about discussing her failures, Sharma has no qualms about admitting that she was denied a job by all major global banks on Day Zero of the recruitment drive at IIM-A because of her permanent inability to oversell herself. In 1980, she joined ICICI which became her second home for 29 years. Sharma worked for the overall development of the organization and was instrumental in setting up various group businesses including the banks investment banking, retail finance and insurance arms. Her lateral thinking capacity and creative ideas (which she claims she learnt from her husband) brought her into the limelight and she was almost unanimously selected to take over Axis Bank in June 2009. Sharma does not believe in keeping up physical appearances and the frugal look & feel of her corner office is exactly the same as offices of other senior executives at Axis Bank. Bursting with confidence, she has transformed the bank into a full blown financial services firm with retail as well as corporate focus and aims to make it the JP Morgan of India. Sharma considers Steve Jobs to be the most successful businessman and regrets not being able to spend enough time with her children in her quest to reach to the top. A strict follower of the six-day week, Sharma unwinds by reading Mills & Boon novels, watching Hindi movies (which she says are great stress busters) and learning Hindustani classical music.

The advantage of being a CEO is that you build your own culture. In any case, a CEOs job is a lonely one and Im used to it,

I I IN ND DU US ST TR RY YA AN NA AL LY YS SI IS S: :G GL LO OB BA AL LL LO OG GI IS ST T IC CS SI IN ND DU US ST TR RY Y
Overview: The global logistics industry is estimated to be over $1,000 billion. It has seen a growth of 28% in the past five years. The logistics industry was badly affected by the 2008 recession and is now trying to pick up pace amid the global economic downturn. Marine freight is the biggest segment in the global logistics industry. It is growing at a slower rate of 1.5% and has earned revenues over $350 billion in 2011 (estimated). Rail transport has been growing steadily at the compounded annual growth rate of 3.7%. The most expensive transport mode - air freight - has also seen a slow growth at 1.9%. Marine freight also known as merchant shipping carries out 90% of the international trade with over 1 lakh commercial ships including containerships sailing in international waters. Statistics: According to the 2011 trade statistics by World Trade Organization, the European region accounted for the highest cross border merchandise trade at over $13.4 trillion. The Asian region ranked second with trade figures touching $11 trillion. The Americas region fell way behind the top two with trade figures at $7 trillion due to the global economic slowdown and the predicted fiscal cliff in the United States. However in 2012, post the Eurozone crisis, the scenario changed completely. The 2013 Agility Emerging Markets Logistics Index presented a different picture altogether of the international trade. The index ranks world economies according to their attractiveness for investments by the logistics companies. The 2012 data suggests that emerging markets in the Americas and Asia region grew at an average of 4.4%. The growth in the US was dismal at 2.2% and the European region contracted by 0.2%. The air and ocean freight volumes dropped significantly. But the industry sentiment is positive towards the developing nations which shall offer better opportunities to the logistics sector in both short term and long term. Chinese exports to the US surpassed the European ones, thus making US the biggest importer of Chinese goods in 2012. The Eurozone crisis marked the downfall of trade activities. Ocean and air freight revenues dropped by 10% and 12% respectively in 2012. Many industry experts and analysts have said that , except a few countries in the European region, others shall experience a flat or contracted growth in 2013. In terms of BRIC economies, China is the most sought after destination for investment by logistic companies followed by India and Brazil. Russias economic outlook is also positive. The country should shift its dependency on energy and mining sector for sustainable growth in the future. Turkey emerged as a high potential market with comparatively less barriers to entry. Mexico with its location (proximity to the US and European markets) and low cost labor advantage is one of the most attractive destination for sourcing merchandise. Future Trends: In 2012, research agency Gartner published a report outlining the trends that will be seen by 2016. An increasing number of world economies are becoming environment conscious and are in the process of imposing carbon tax on emissions. Thus, over 50% of the global logistics companies will have to report their verified environmental data. They will also have to shift their focus on sustainable logistics. As the supply chain risk is growing, the logistics companies will have to appoint Chief Compliance and Risk Management Officers. Logistics companies are still struggling to synchronize the functional and application silos. So, about 20% of the supply chain companies are likely to adopt a supply chain executive convergence strategy. After reaching its peak in the last decade, the global trade as percentage of GDP will experience a downward fall. The logistics companies will have to adopt a strategy to optimize the international merchandise flows. Companies would seek new sourcing hubs in order to attain economies of scale. Thus, logistic companies will also have to chalk out strategies that would help merchandise companies achieve their goals.

N NE EW WS SA AN NA AL LY YS SI IS S
1) Dubai-based Marina Home to invest Rs 500 cr in India - ET IMPACT: Marina Home, the Dubai-based company dealing in home furnishing products is planning to invest Rs.500 crore in the Indian market. The company wants to open around 50 stores throughout the country in the next five years, and expects its turnover to clock Rs.300 Rs.400 crore in the first year itself. "We plan to invest Rs 500 crore in the next five years in India. Our target is to have 50 stores comprising large and medium size boutique stores across metro, tier I, tier II and tier III cities in the country, "Marina Gulf and Marina Home co-founder and co-owner Khurshid Vakil told PTI. He added that the company would be funding the expansion in India through its internal accruals. The company recently started its first Indian store in New Delhi and has already pumped in around Rs.100 crore for infrastructure, logistics and distribution set up. Marina Home sells entire range of home interior products including living room accessories, lighting and fixtures and has stores across the Middle East. KEY PLAYERS: Marina Home, India WHY IT IS IMPORTANT Marina Home's investment plans underscore the importance of emerging markets for growth hungry foreign companies. Major corporations are already making a beeline for Asia and India is one of the strongest economies of the region, making it a vital destination for their business plans. It also signals the faith of outside companies in the Indian growth story despite a lacklustre economic performance in 2012, pointing to the fact that the fundamentals of the economy still remain strong and economy is bound to recover 2) Government wants to sell TCIL in current fiscal- Business Standard IMPACT: The Government is making all efforts to complete the sale of Tyre Corporation of India Limited (TCIL) and has shortlisted three potential buyers for the company. Officials have indicated the Department of Divestment is working hard to complete a 100% stake sale of the ailing PSU in the current fiscal itself. However, since the process of outright sale takes more time, the sale might be completed in the next fiscal. The DoD has appointed SBI Capital Markets as an advisor for managing the sale process. SBI Capital Markets has called a meeting on Januray 25 and the final bidding may take place in mid-February. Pawan Kumar Ruia led Ruia Group, J.P. Chowdhary headed Titagarh Group and Sanjay Budhia's Patton, are the three contenders shortlisted for final bidding. Incorporated in 1984, TCIL is wholly-owned by the Union government and manufactures automotive tyres in West Bengal. In July 2011, the Department of Heavy Industries had prepared a proposal for a complete sale of TCIL. KEY PLAYERS: Tyre Corporation of India Limited, Department of Divestment WHY IT IS IMPORTANT TCIL had been declared a sick company as long back as 1992 and its complete divestment was approved in 2008. The company has been reporting losses for the past several years, including a loss of Rs.20.72 crore in FY 2011-12. The sale will help the government realise its divestment target of Rs.30,000 crore for the current fiscal. 3) Supreme Court extends deadline for Telecom companies to shut operations - ET IMPACT: In a small breather for telecom companies with cancelled licenses, the Supreme Court has extended the January 18 deadline by two weeks for shutting down operations. The two judge bench of Justices GS Singhvi and KS Radhakrishnan extended the deadline till February 4, the next date of hearing, and said the companies can continue operations till then. All mobile operators whose licenses were cancelled by the Supreme Court in February last year were earlier directed by the court to close operations by January 18 unless they had acquired new licenses in the recent spectrum auctions. The judges also hinted that the court may not extend licenses of the companies any further if they did not bid for the upcoming auction of airwaves. The Department of Telecom had last week asked the apex court to extend the January 18 deadline by three months till the new auctions in March, which may provide the last hope for Russias Sistema and Norways Telenor to stay in the Indian market. KEY PLAYERS: Supreme Court, Department of Telecom, Sistema, Telenor WHY IT IS IMPORTANT The cancellation of telecom licenses by the Supreme Court last year had rattled the investment sentiment of foreign corporations in India and also caused major upheaval in the telecom industry in India. Russia and Norway have threatened international arbitration if the investment by their companies goes waste. The saga continues with the recent auction failing to entice spectrum bidders including Uninor, which has decided to wind up operations in some circles but hopes to remain present in others.

4) Volatile emerging markets top risk for 2013, India at 9th: Eurasia Group - Financial Express IMPACT: According to a study conducted by the Eurasia Group, the worlds leading firm in global political risk research and consulting, increased volatility across emerging markets will be the top-most risk of the year 2013. India also figures in the list with its uncertain policy making environment ranked as the 9 th top risk for global economy in 2013. As per the study, the second most dangerous threat to global economy is posed by Chinas fight against the dissemination of information, particularly from the cyberspace. Other factors in the top 10 include Arab Summer (3rd), issues related to Washington Politics (4th), JIB Japan, Israel and Britain (5th), Europe (6th), East Asian Geopolitics (7th), Iran (9th) and South Africa (10th). The report cites the approaching General Elections in 2014 as a cause for increase in political opportunism and obstructionism, resulting in a decline in the governments ability to implement robust economic policies. Alth ough the report hopes economic reform might improve after elections, it says the more likely outcome is a fractured verdict resulting in a weak ruling coalition. KEY PLAYERS: Eurasia group, India WHY IT IS IMPORTANT The study assumes significance in the light of slowing economic growth in India, attributed to a widely assumed policy paralysis in the central government. There is need for consolidation of political will to bring India back on track. 5) Fiat likely to launch LCVs in India - Financial Express IMPACT: Fiat Motors, Italys top manufacturer of automotives, is likely to enter the Light Commercial Vehicle (LCV) market in India. The company is conducting a market study to launch the Fiat Professional brand of utility/passenger vans and small pick-up trucks in India. Fiat already has a presence in the Indian passenger car market with the Punto and Linea models. The incumbents are very strong in the segment, but it represents a huge potential market for us. We are looking at how to bring products at the right competitive price. It may require significant investments in local production and suppliers, but if we can show volumes, the money is available, said Enrico Atanasio, Managing Director of Fiat Group Automobiles India. Tata Motors is the leader in the Indian LCV market with a market share of 57% followed by Mahindra and Mahindra, Ashok Leyland, Force Motors and Piaggio. Fiat is also studying the market for Iveco brand of trucks and buses. KEY PLAYERS: Fiat Group Automobiles India, Light Commercial Vehicles WHY IT IS IMPORTANT The LCV segment in India has reported a 15% rise in volumes between April and December 2012. Hence, an increasing number of automakers including GM and Maruti Suzuki are eyeing an entry into the market for a share of the pie. Also, Fiat has undertaken rapid expansion with multiple brands after the end of its marketing and distribution partnership with Tata Motors. 6) GAAR implementation deferred by two years- Business Standard IMPACT: To the relief of foreign investors, the government has deferred the General Anti-Avoidance Rules (GAAR) by two years, making them effective from assessment year 2016-17. According to the Finance Ministry, GAAR would override the double-taxation avoidance agreement if an arrangement was made with the sole intention of avoiding taxes. However, experts say those coming under the Indo-Singapore tax treaty and those having tax residency certificates from Mauritius would escape GAAR. GAAR will not be invoked on people investing in stock markets through participatory notes. The modified GAAR provisions hold an arrangement impermissible, if its main purpose is to obtain tax benefit. The earlier provisions considered an arrangement impermissible if one of its main purposes was obtaining tax benefit and if the tax benefit in the arrangement is more than Rs.3 crore. Also, non-resident foreign institutional investors would be exempt from GAAR along with those who dont take tax benefit under a treaty. GAAR will apply on an income after the assessment year starting April 1, 2016, on investments made after August 2010. Investments made before 30th August 2010 will not be taxed even if profits are made after April 2016. KEY PLAYERS: GAAR, Mauritius, Singapore, Finance Ministry WHY IT IS IMPORTANT All major recommendations of the Parthasarathi Shome committee have been accepted by the Finance Ministry, with some deviations. Finance Minister P Chidambaram is scheduled to proceed on visits to Singapore and Europe from January 22, and the decision on GAAR will help him clear the air on taxes and reassure investors.

7) Dell may go private with a potential buyout by PE firms -Reuters IMPACT: US based computer manufacturer Dell Inc is in talks with private equity firms for a potential buyout, two sources familiar with the matter have revealed. The firms are now holding discussions with Chief Executive and founder Michael Dell, who owns around 14 per cent of the company. The potential deal could be structured as a management-led buyout with Michael Dell at the helm. Earlier, the Wall Street Journal had cited unidentified sources saying PE firms TPG and Silver Lake Group could join hands to make an offer, with the inclusion of other investors like pension funds. JPMorgan Chase & Co is also said to be involved in the ongoing negotiations. Talks have been progressing for two to three months now, heating up in December last year so much so that a deal may come through in six weeks time. Dell declined to comment on the reports calling it rumours and speculation. The company has steadily lost market share to Hewlett Packard and Lenovo, with IDC reporting a 21% decline in Dells PC shipments for the fourth quarter, while its profit slid 47% in the third quarter. KEY PLAYERS: Dell Inc., TPG, Silver Lake Group WHY IT IS IMPORTANT Dell has lost 40 per cent of its value since the peak of last year and is trying to reinvent itself in a market hit by the onslaught of smartphones and tablet devices. Analysts think that the company has lost so much value that taking it private is now a plausible idea. Dells share rose to an eight month high on news of the buyout talks. 8) Railway Minister Bansal effects all-round rail fare hike The Hindu IMPACT: In a long overdue move, Indian Railways is all set to hike its fares across all classes (including the politically sensitive non-AC second class fares) from January 21 midnight. Reiterating the fact that the proposed hike will not be roll-backed (unlike the last time), Railway Minister Pawan Kumar Bansal said that the increased fares will earn the railways Rs 1,200 crore in a short period of ten weeks-a part of which would be used on the safety and security of passengers and railway property and a part on the Railways special cleanliness drive of a 100 railway stations. The hike (ranging from 2 paise a km for second class ordinary (suburban) to 10 paise a km for AC chair-car and first class) is expected to generate Rs 6,600 crore in revenues but the Railways will still incur a loss of about Rs 25,000 crore this financial year. KEY PLAYERS: Indian Railways, railway passengers WHY IT IS IMPORTANT: The losses of Indian Railways have reached such great heights that even the cross-subsidizing of passenger fares through the freight business has no longer remained feasible. Rising input costs and higher salaries as a result of the Sixth Pay Commission have only added to the woes. Lack of funds has taken a toll on urgent safety and user amenities requirements. Though received as a welcome move by a cross-section of the population, economists do not believe that the hike in fares will reduce Indias fiscal deficit but admit that it would rationalize the pricing of fares and enable Indian Railways to take up more capitalintensive projects without impacting the countrys General Budget. However, given that the passenger -carrying capacity of the Indian Railways is limited and the increase in its freight traffic has been slow (and in some cases has even reduced), the benefit of this fare hike remains to be seen. 9) Lenders to Suzlon demand to raise equity of Rs 5,000 crore or sell REpower ET IMPACT: Debt ridden Suzlon Energys woes continue to rise as its lenders have asked it to sell its prized asset -REpower or raise equity worth Rs 5,000 crore. The demands are a part of the corporate debt restructuring (CDR) process which the company has entered into in order to ease pressure on its finances. On the announcement of this demand, Suzlon Energys share prices dropped by 4.4%. The company has vehemently held its stand of not selling REpower (as it is a major revenue driver for it and if sold, Suzlon stands to lose half of its order book). As part of the restructuring process, banks have agreed to lower the interest rate for Suzlon to 11% (from the earlier 14-15 per cent) in return for Suzlon selling some of its overseas holdings. KEY PLAYERS: Suzlon Energy, the companys consortium of lenders WHY IT IS IMPORTANT: Suzlon Energy has been in bad financial shape and has been reporting losses since its acquisition of German firm REpower. Germanys stringent laws also do not allow Suzlon to tap into REpowers cash reserves to reduce it debts (which stand at around Rs 13,000 crore). Though analysts believe that CDR will give Suzlon enough breathing time to think on its strategy to reorganise itself, this is not the first time the companys debt structure has been reworked (it was earlier done in 2009). Also worrying is the fact that the company has defaulted in its repayment of foreign currency convertible bonds (FCCBs) worth $220 million in October 2012. Since then, the company has been trying to reduce its debt by selling stock, etc. Out of the companys total revenues, only 20% come from India and unless the company can increase its domestic market order book, things look bleak. Tough new rules against restructuring loans also pose a problem.

10) SEBI to soften rules in order to boost government's disinvestment programme ET IMPACT: Government of Indias deficit reduction efforts has disinvestment of government ent ities playing a major role. In this connection SEBI is planning to bring about changes to rules overseeing Offers for Sale (OFS) of equity by listed firms. OFS is a one-day sale mechanism offered by SEBI to help listed companies sell shares to investors to comply with the requirement of having at least 25% public ownership rule. According to a statement released by the stock market regulator, the Board discussed a proposal to exempt institutional investors from stumping margin money upfront to buy shares in an OFS, making it easier for them to participate more enthusiastically in upcoming equity offers. But in lieu of getting this benefit, investors will not be permitted to make downward revisions to both the price and quantity of the shares they bid . Market experts believe that the changes are necessary as they will remove ambiguities (which have long being misused by speculators). KEY PLAYERS: SEBI, GoI, PSUs, investors & share buyers WHY IT IS IMPORTANT: Indias Finance Ministry wants to bring the countrys fiscal deficit down to 5.3% of GDP by the end of this financial year. As a result, the Government has gone into an overdrive to meet its budgeted disinvestment target of Rs 30,000 crore for 2012-13. A major disinvestment in NTPC (which earned GoI Rs 12,000 crore), the proposed sale of Oil India and Engineers India Ltd stocks, big ticket tax collections from companies such as Nokia and Vodafone, fees for refarming of spectrum in the prime 900 MHz band, etc are expected to add to the government treasury coffers. However, pointing out the glitch in the process, analysts believe that the market may not have the capacity to absorb the huge avalanche of shares in such a short span and thus the government may fall way short of its disinvestment target. 11) Coca-Cola airs advertisement addressing obesity Reuters/Bloomberg IMPACT: Soft-drink giant, Coca-Cola, recently aired an advertisement in the US addressing growing obesity amongst the population. The move comes amid mounting pressure from the US government as it plans to ban soft drinks in places like restaurant, malls, theatres etc. The executives of Coca-Cola have said that the company is very serious about obesity issues and is taking steps to create awareness about the problem. But this effort is seen by bureaucrats as a damage control action as the company is now fighting an epidemic (obesity) which it has fuelled for over a century. According to Reuters: the advertisement was broadcasted in the US during The Situation Room with Wolf Blitzer on CNN; "The O'Reilly Factor" on FOX News and MSNBC's "The Rachel Maddow Show." In another commercial of Coca-Cola, that talks about the companys initiative of putting the calorie labels on the front of the pack will be aired during the reality singing competition, American Idol, which is one of the most expensive for advertisers as the advertisement rate is over $3,40,000 for a 30-second spot. KEY PLAYERS: The Coca-Cola Company WHY IT IS IMPORTANT: The US government and the cold drink company are waging a war of words, wherein the government is blaming the soft drink companies for rising obesity amongst the youth. According to a survey, 36% of adults and 17% of children in America are obese. Michael Jacobson, executive director of Washington-based Center for Science in the Public Interest, has said, "They're trying to pretend they're part of the solution instead of part of the problem. If Coke was serious about wanting to be part of the solution, it could stop advertising full-calorie drinks altogether, set up a pricing scheme where fullcalorie drinks were more expensive, or stop opposing proposed soda taxes. The company refuted by saying that it is doing its best to make the general public aware about obesity and collective efforts from all the individuals in the society would help curb obesity. 12) Heinz India plans news strategy to get back on growth path ET/TOI IMPACT: Heinz India is revisiting its strategy in order to get back on the growth path. MD of Heinz India is putting together a new strategy which includes shedding off lesser known brands of the company. According to ET, the company is trimming its portfolio, thus reducing its small businesses that account for less than five percent of the portfolio. Heinz India is gradually withdrawing over half a dozen food products including biscuits, muesli and south Indian mixes from retail shelves, according to two officials working at leading supermarkets. Last fiscal, Heinz saw a drop in net profit and posted a sluggish sales growth of 5% wherein industry standards stood up to 15% - 17%. The major area of concern is its milk food drink brand Complan, which accounts for over 65% of its sales, has not grown any further in the past few years. Segment leader Horlicks a product of GlaxoSmithKline, holds 50% of the market share whereas Complan holds 20% of the market share. Also, Daburs Glucose D is closing in on Heinz's Glucon D in the 600 crore powder glucose drinks category. Heinz was the leader in the Glucose-D segment with 55% market share since long but Daburs product is catching up fast. Also, Heinz is lagging behind in the sauce and ketchup segment. KEY PLAYERS: Heinz India, Complan, Horlicks WHY IT IS IMPORTANT: The reason for this fall in sales is its pricing strategy. Last year, amid the economic downturn, consumers were cutting down on discretionary spends. Heinzs higher price tag drove consumers to switch to brands that were cheaper than Heinz products. Besides the company lacked innovation in existing brands to stay relevant to current consumers.

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13) SpiceJet unleashes fare war with cheaper tickets, server crashes on booking rush Livemint IMPACT: Offering fares that were approximately 50% lower than the normal average price, SpiceJets offer of issuing one-way tickets to any destination in the country at a price of Rs 2,013 (including taxes) generated an overwhelming response and led to the companys server and website crashing. Over a three day discount period, SpiceJet was able to sell seven lakh seats and earn a revenue of Rs 160 crore (which is 40% of its total monthly revenue of Rs 440 crore through ticket sales). The companys intention of offering a stake sale deal was to directly connect with passengers (bypassing the travel agents route) and stir up the market sentiment. It also aimed to increase its sales for the slack Indian season for air travel-February 1 to April 30 and increase its market share. Analysts have concluded that SpiceJets move has paid off as the airline will have occupancy loads of more than 80% in the coming quarter and thus an almost negligible idle capacity. KEY PLAYERS: SpiceJet, Indian aviation industry, fliers, DGCA WHY IT IS IMPORTANT: Fares in the Indian aviation sector have been high all through 2012 due to the grounding of Kingfisher Airlines (and thus reduced capacity). As a result, airlines received lesser passenger footfalls and thus a fall in traffic for the first times since 2009. This strategy by SpiceJet is an example of the airline industrys attempts to bring back fliers (especially in the lean season). However, within hours of the airline announcing this discount, the Director General of Civil Aviation (DGCA) asked other airlines not to follow suit as it believed that these type of discounts would only help regular fliers instead of attracting new ones and poach others traffic (in addition to starting a disastrous price war). In an already bleeding Indian aviation industry, a price war would have led to a major bloodbath, further deteriorating the bottom lines of all airlines. 14) Restaurants, canteens and eateries will require licence to do business in India ET/TOI/HT IMPACT: The central food authority, Food Safety and Standards Authority of India, has made it mandatory for restaurants including international fast food chains that operate in the country, canteens and eateries to have a licence for doing business. The authority had started the licence procedure in 2011 and the deadline to obtain a 'food business operator' is February 02, 2013. The authority intends to do random checks in food outlets across the nation and the ones found without licence would be penalized. The business will also be shut down in case the officials find major violations including unhygienic food conditions. Few restaurant owners have said that the 2nd Feb deadline is impossible to meet and that getting the licence is a hassle as they have to conform to stricter rules and regulations. Every restaurant will have a separate licence and food chains should have a central licence for operating. KEY PLAYERS: Food Safety and Standards Authority of India, restaurants, eateries, Mc Donalds, KFC WHY IT IS IMPORTANT: The Indian organized food retail segment is worth 8,000 crores and is growing at a rate of 23%. There are around 60 lakh operating in India and food safety is still a major concern. In the past few years, the country has witnessed many cases of food adulteration and food poisoning. In October 2012, a KFC outlet in South India was shut down by officials after worms were found in a chicken dish. 15) Internet prodigy, Aaron Swartz, found dead Financial Express/CBC News IMPACT: Internet activist and co-founder of the famous web feed formats RSS was found dead on January 11, 2013. Reports suggest he hanged himself weeks before his trial over hacking allegations. The US government alleged that Swartz downloaded millions of academic and research papers from online archive JSTOR of Massachusetts Institute of Technology illegally. He was going to distribute the papers online for free. The US prosecutors had charged him with computer and wire fraud. The potential penalty would have been up to 35 years in imprisonment and a fine of $1 million. In an emotional outburst, Aaron Swartzs father blamed the US government for his death. He said that government had put harsh charges on him for a crime that had no victims. Swartz was considered as the Robin Hood of internet as he advocated free information access to every individual. Although experts believe that the government goes overboard in saving intellectual property (sometimes the companies take undue advantage of IP rights), but Swartz ac ts were on the wrong side of the law. Also, the free distribution will ruin the economic value of the information and that companies make huge investments in storing this information. KEY PLAYERS: Aaron Swartz, RSS, MIT WHY IT IS IMPORTANT: A computer genius, Swartz, wrote the code for RSS at the age of 14. RSS has become a ubiquitous tool that helps users to subscribe to online news and information. He was a Stanford dropout and developed the social media website Reddit which was later bought by Conde Nast publications. He later engaged in internet activism where actively fought against internet censorship.

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PART ONE

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Established HQ Founders

Employees Revenues Users IPO Year First Day Trading Market Cap Linking Professionals

: 2003 : Mountain View, California : Reid Hoffman Allen Blue Konstantin Guericke Eric Ly Jean-Luc Vaillant : 3177 : $522 Mn in 2011 : 175 Mn in 2012 : 2011 : $ 9 Bn

Getting a job remains one of the top goals every individual on this planet has. It is in effect, why we spend so many years gaining an education, why we do professional courses and spend inordinate sums of money just to get ready to get a job. It used to be a painstaking process of applying to myriad firms physically and hoping someone took a look at your resume and at least give an interview call. Not anymore. The advent of the World Wide Web and the birth of the online job search site forever changed the way we go about applying for jobs. Now your resume was accessible to more companies than you could ever hope to reach by other older and less efficient means. All that was required was to create an online profile and upload your resume, select the industries you were interested in and Voila! You had job listings and your CV was automatically accessible for recruiters in that industry. However, the really interesting and juicy profiles were and are still hard to come by. After all, job sites offer you a largely standardized menu with generally standard profiles. Networking, a term often used disdainfully, still ruled the roost in terms of getting access to profiles that are career makers. Knowing someone in the company of your choice who has some influence is a grey advantage that has landed quite a few prospective job seekers some pretty decent profiles that would have been much harder to find otherwise. Internal references are quite the rage amongst certain industry types which often exploit the advantages of networking. The professional network One website that has proven that networking can be turned into a successful business model is LinkedIn. LinkedIn like many other new ventures was born out of personal experiences of its key founder, Reid Hoffman. With a BS from Stanford University, Reid Hoffman had always dreamt of starting his own software firm. It was while pursuing a masters in Philosophy from Oxford, that he realized that he wanted to have a much broader relevance in peoples lives as a CNNMoney piece puts it. When Hoffman approached VCs, whom interestingly he used his professional network to meet, he was unceremoniously told that his lack of experience in marketing or selling software (it was the early 90s and before the dawn of the dot com era) wasnt making his case any better. Not one to give up, when told no, Hoffman decided to gain the requisite experience that would enable him to set out on his own. He started with learning pure play software development at Apple. After Apple, his next step was Fujitsu to learn product management and the business of software.

By the time it was 1997, the world of software development and the internet was beginning to show signs of great promise. It was also when Hoffman decided that it was time to go it alone. His first venture was a SocialNet which aimed at connecting netizens with each other based on needs. It was primarily an online dating site. Though Team Hoffman raised money from VCs, the product distribution strategy which depended on newspapers left a lot to be desired. Hoffman decided to leave SocialNet to start another business. Hoffman wanted to discuss ideas for the new venture with his good friend, Peter Thiel. Thiel at the moment had gotten together with Max Levchin to start a hedge fund. Thiel told Hoffman to instead join him and Levchin in their enterprise as they believed it was going to grow exponentially soon. The venture turned out to be PayPal the online payment services firm. Hoffman joined as the COO. While at PayPal, Hoffman realized the need for various kinds of expertise to solve problems in the payments business. This also gave him an idea as to the future of work itself. The ideas kept coming but nothing concretized. Eventually, PayPal was sold to EBay in 2002, freeing Hoffman to go ahead with his own venture. Hoffman was executive vice president handling business development at the time. LinkedIn was the result of Hoffmans belief in the potential of the professional space. LinkedIns seed money came from the spoils Hoffman received from the PayPal sale thus money was not a concern initially. 2002 was also a time when industry sentiment was one of disenchantment with dot coms. However, Hoffman believed that it was an ideal opportunity to showcase why they were different. Hoffman founded LinkedIn in the December of that year along with former colleagues from his earlier venture SocialNet, a college classmate and a colleague from his Fujitsu Days. The website itself was launched in 2003 as a business and professional oriented social network which allowed people to connect professionally. Hoffman wasnt so worried about creating an effective business model as much as he was about getting a million people on board. Hoffman is a big believer in getting a large number of people together , getting them engaged and building a business model on top of that. LinkedIn could only be valuable if it had enough people in it to make functions like search useful. The priority during the first two years was thus, to get enough people on to the website via viral growth. 2005 saw LinkedIn launch revenue streams like job listings, subscription which gave users better communication and reach. LinkedIn also launched ads on its site because of the kind of demographics they had access to. In 2006, the need for growth required team LinkedIn to work on multiple fronts simultaneously. Deep Nishar from Google came in as VP, product development at LinkedIn which later freed Hoffman from product development altogether. Since then the company has been growing practically non-stop and has nearly 200 million users signed up with it today. How LinkedIn works LinkedIn is based on the concept of professional connections. You are connected to your colleagues or ex-colleagues or anyone whom you know in a professional capacity. The tool allows you to meet or approach people who are professionally relevant and have the potential to offer advise and even job offers. To that end the site provides Job listings for corporate entities. Job search is a service that is somewhat similar to what is on offer from regulars like monster.com, of course the difference being that now you know which of your connections is working where you have applied. The premium account holders have access to better communication capabilities that allow you to mail people you are connected with already as well as better job search. LinkedIn Recruiter is a tool that has received critical acclaim and is accessed by most top of the line recruiters as it enables much more refined candidate search based on skill set need. LinkedIn also has a crowd sourced query and solution service called LinkedIn Answers that allows users to post queries that can be answered by other users. The site also intends to become a social platform for business research due to the kind of demographics present on the site and the professional network that can be used. To Be Continued Next Week

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.ece http://www.thehindu.com/business/markets/rupee-up-25-paise-against-dollar/article4287262.ece SOURCES FOR COVER STORY http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/kingfisher-airlines-gets-nocs-from-oiland-leasing-companies/articleshow/18055055.cms http://www.cdrindia.org/statistical.htm http://www.cdrindia.org/aboutus.htm http://stockshastra.moneyworks4me.com/current-events-news/kingfisher-and-suzlon-go-the-cdr-way-know-what-exactly-iscorporate-debt-restructuring/ http://www.dsij.in/ArticleDetails/tabid/740/ArticleID/4979/Top-Ten-Companies-With-High-Debt-To-Equity-Ratio.aspx http://www.investopedia.com/video/play/debt-to-equity-ratio/#axzz2I1ObWSu4 http://www.indianexpress.com/news/reserve-bank-panel-pushes-for-tighter-norms-for-loan-recasts/977322/0 http://www.business-standard.com/india/news/suzlon-energys-cdr-package-to-be-signed-in-2-3-days/202645/on http://www.livemint.com/Opinion/RvAmZQhi7Q6jra34xtQJwO/Kingfisher-Airlines-the-beginning-of-the-endgame.html http://www.mydigitalfc.com/news/bank-margins-come-under-pressure-462 http://www.business-standard.com/india/news/rbi-begins-checkcollateral-adequacy-for-corporate-loans/496324/ http://articles.economictimes.indiatimes.com/2012-11-05/news/34925557_1_cdr-cases-debt-cases-corporate-debt http://rbi.org.in/scripts/BS_SpeechesView.aspx?Id=716 http://zeenews.india.com/business/news/finance/stagger-new-provisioning-norm-for-recast-loans-bankers-to-rbi_68191.html http://www.hindustantimes.com/IndiaSectionPage/sectorsaviation/Kingfisher-Airlines-fails-to-provide-revival-plan-no-clearance-fromairports/Article1-990439.aspx http://www.mydigitalfc.com/companies/gamble-paid-934 http://www.moneylife.in/article/economic-malaise-in-india-and-corporate-debt-restructuring/27642.html http://www.moneylife.in/article/despite-exit-by-small-lenders-banks-still-prefer-cdr-cell/29331.html SOURCES FOR PERSONALITIES OF THE WEEK: http://en.wikipedia.org/wiki/Michael_Bloomberg http://www.mikebloomberg.com/index.cfm?objectid=E689D66F-96FD-E9F6-B1AF64B8DAE78A69 http://www.forbes.com/profile/michael-bloomberg/ http://www.biography.com/people/michael-bloomberg-16466704 http://www.businessinsider.com/michael-bloomberg-biography-2012-7?op=1 http://www.infoplease.com/biography/var/michaelbloomberg.html http://www.askmen.com/celebs/men/business_politics/57_michael_bloomberg.html http://businesstoday.intoday.in/story/most-powerful-women-in-business-2011-shikha-sharma/1/18322.html http://www.forbes.com/profile/shikha-sharma/ http://articles.economictimes.indiatimes.com/2012-08-06/news/33065737_1_shikha-sharma-axis-bank-jpmorgan-chase http://www.business-standard.com/india/news/lunchbs-shikha-sharma/385824/ http://www.iloveindia.com/indian-heroes/shikha-sharma.html http://in.reuters.com/finance/stocks/officerProfile?symbol=AXBK.BO&officerId=1326696 INDUSTRY ANALYSIS: http://www.datamonitor.com/store/Product/global_logistics_industry_guide_2011?productid=FAF59889-543A-46D6-A17278814E37B3FD http://www.prlog.org/10353214-global-logistics-market-forecast-to-reach-10406-billion-by-2012-says-new-report.html http://www.logisticsmgmt.com/article/gartner_announces_predictions_for_global_logistics_organizations/ http://www.logisticsmanager.com/Articles/19790/Bright+prospects+for+emerging+markets+.html http://www.wto.org/english/news_e/pres12_e/pr658_e.htm http://www.fta.co.uk/export/system/modules/com.fta.sites.lovelogistics/resources/v1/downloads/logistics_report_2011.pdf http://www3.weforum.org/docs/WEF_SCT_GAC_OutlookLogisticsSupplyChainIndustry_IndustryAgenda_2012.pdf http://www.businessvibes.com/blog/industry-insight-global-logistic-industry http://www.deloitte.com/assets/Dcom-India/Local%20Assets/Documents/Thoughtware/Logistics%20SectorPresent%20situation%20and%20way%20forward.pdf http://commerce.nic.in/infr_guidedet.html SOURCES FOR NEWS ANALYSIS (1-15) 1) Dubai-based Marina Home to invest Rs 500 cr in India http://economictimes.indiatimes.com/markets/real-estate/news/dubai-based-marina-home-to-invest-rs-500-cr-inindia/articleshow/18004086.cms 2) Government wants to sell TCIL in current fiscal http://www.business-standard.com/india/news/govt-wants-to-sell-off-tcil-in-current-fiscal/202747/on 3) Supreme Court extends deadline for Telecom companies to shut operations http://economictimes.indiatimes.com/news/news-by-industry/telecom/telcos-facing-closure-get-supreme-courts-breather-till-february4/articleshow/18026850.cms

4) Volatile emerging markets top risk for 2013, India at 9th: Eurasia Group http://www.financialexpress.com/news/volatile-emerging-markets-top-risk-for-2013-india-at-9th-study/1059597 5) Fiat likely to launch LCVs in India http://www.financialexpress.com/news/fiat-professional-lcvs-likely-to-come-to-india/1057802 6) GAAR implementation deferred by two years http://www.business-standard.com/india/news/gaar-deferred-by-2-yrs/498889/ 7) Dell may go private with a potential buyout by PE firms http://in.reuters.com/article/2013/01/15/dell-acquisition-idINDEE90E04F20130115 8) Railway Minister Bansal effects all-round rail fare hike The Hindu http://www.thehindu.com/news/national/bansal-train-fares-to-be-hiked-from-jan-21/article4290576.ece http://articles.economictimes.indiatimes.com/2013-01-14/news/36332019_1_hike-in-rail-fares-railway-minister-new-shatabdi-train http://www.dnaindia.com/india/report_railway-fare-hike-is-a-good-step-say-economists_1787453 http://www.firstpost.com/india/bansal-hikes-rail-fares-prior-to-budget-582388.html http://www.livemint.com/Opinion/HKKdS64LZ6ERdlXE2126gN/Fare-hike-wont-improve-railways-financial-health.html 9) Lenders to Suzlon demand to raise equity of Rs 5,000 crore or sell REpower ET http://articles.economictimes.indiatimes.com/2013-01-11/news/36280052_1_repower-portugal-s-martifer-suzlon-energy http://www.dsij.in/ArticleDetails/tabid/740/ArticleID/6209/Fresh-Trouble-Brews-For-Suzlon-%E2%80%93-Exit-The-Counter.aspx http://business-standard.com/india/news/suzlon-shares-tank-44-over-cdr-worries-/202417/on http://www.business-standard.com/india/news/suzlon-energys-cdr-package-to-be-signed-in-2-3-days/202645/on 10) SEBI to soften rules in order to boost government's disinvestment programme ET http://articles.economictimes.indiatimes.com/2013-01-14/news/36331656_1_ofs-sebi-disinvestment http://www.hindustantimes.com/business-news/WorldEconomy/Budget-may-boost-PSU-disinvestment-target/Article1-989155.aspx http://www.thehindubusinessline.com/industry-and-economy/govt-set-to-go-ahead-with-oil-disinvestment-thismonth/article4304816.ece http://indiatoday.intoday.in/story/india-finance-ministry-makes-a-desparate-attempt-contain-fiscal-deficit-india-today/1/242135.html 11) Coca-Cola airs advertisement addressing obesity Reuters/Bloomberg http://www.reuters.com/article/2013/01/14/us-cocacola-commercial-idUSBRE90D13H20130114 http://www.bloomberg.com/news/2013-01-15/coca-cola-starts-advertising-to-curb-u-s-obesity.html 12) Heinz India plans news strategy to get back on growth path ET/TOI http://articles.economictimes.indiatimes.com/2013-01-15/news/36353095_1_complan-heinz-india-hj-heinz http://timesofindia.indiatimes.com/sports/football/top-stories/Bayerns-Guardiola-signing-is-a-Bundesligacoup/articleshow/18056262.cms 13) SpiceJet unleashes fare war with cheaper tickets, server crashes on booking rush Livemint http://www.livemint.com/Companies/T0cpoIXM2uw4UEDyDyy7MN/SpiceJet-unleashes-fare-war-with-cheaper-tickets-IndiGo-fol.html http://www.indianexpress.com/news/spicejet-kicks-off-price-war-among-domestic-carriers/1058589/0 http://articles.economictimes.indiatimes.com/2013-01-15/news/36353056_1_spicejet-ceo-neil-mills-travel-agents http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/dgca-advises-airlines-not-to-followspicejets-2013-low-fare-scheme-draws-flak/articleshow/18053547.cms 14) Restaurants, canteens and eateries will require licence to do business in India ET/TOI/HT http://economictimes.indiatimes.com/news/news-by-industry/services/hotels-/-restaurants/restaurant-eateries-canteens-to-requirelicences-from-food-safety-and-standards-authority-of-india-to-operate/articleshow/18039281.cms http://timesofindia.indiatimes.com/business/india-business/Food-companies-try-to-meet-safety-norms/articleshow/18055842.cms http://www.thehindubusinessline.com/news/states/trade-seeks-more-time-to-implement-food-safety-act/article4298954.ece http://www.hindustantimes.com/India-news/Kerala/Worms-found-in-chicken-KFC-Kerala-outlet-sealed/Article1-942121.aspx 15) Internet prodigy, Aaron Swartz, found dead Financial Express/CBC News http://www.financialexpress.com/news/internet-activist-creator-of-rss-aaron-swartz-found-dead/1058763/0 http://www.cbc.ca/news/world/story/2013/01/14/aaron-swartz-reddit-hacker-debate.html?cmp=rss

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