tag:blogger.com,1999:blog-1962292600706851262024-03-14T00:26:54.821+05:30My Biz ViewRiturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-196229260070685126.post-34492604380283139422009-03-12T19:41:00.016+05:302009-03-27T19:07:53.050+05:30LEAN in Economy: a new dimension to JIT for economies in recession<div style="text-align: justify;"><span style="font-size:100%;"><span style="font-family:verdana;">Today, I was going through the concept of <span style="color: rgb(153, 0, 0); font-weight: bold;">Lean Production</span>, as has been pioneered by Toyota through its legendary <span style="color: rgb(153, 0, 0); font-weight: bold;">Toyota Production System</span>, famously known as the <span style="font-weight: bold;">TPS</span>. Of its two key concepts, is <span style="color: rgb(153, 0, 0); font-weight: bold;">Just In Time</span> (JIT). Quoting from <a href="http://www.toyota.com/">Toyota worldwide</a> website, JIT is:</span> <span class="Apple-style-span" style="border-collapse: separate; color: rgb(102, 0, 0); font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: 21px; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;font-family:verdana;font-size:14;" >Making only "what is needed, when it is needed, and in the amount needed!"</span></span><br /><span style="font-size:100%;"><span style="font-family:verdana;">But my intention here is not to inform you about either of these. You can google it and will find numerous article and research reports on them. I came across one very deeply inspiring illustration, based on JIT which I share here with you.</span></span><br /></div><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://elsmar.com/Identify_Waste/img011.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 392px; height: 259px;" src="http://elsmar.com/Identify_Waste/img011.jpg" alt="" border="0" /></a><br /><div style="text-align: center;"><span style="font-size:78%;">Source: <span style="font-size:85%;"><a href="http://elsmar.com/"><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 51, 0); font-style: normal; font-variant: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;font-family:verdana;" >The Elsmar Cove Site</span></a></span></span><br /></div><span style="font-size:78%;"><br /></span><br /><div style="text-align: justify;"><span style="font-size:100%;"><span style="font-family:verdana;">To describe it, when the inventory level in the production system is high (which is opposite of what is followed in JIT), the problems of not only the production but the firm as a whole is submerged in it. This leads to only the surfaced problems coming in the eyesight. As an extension of what has been shown here, some problems may actually build one upon the other and create a sea-bed of problems, much like an iceberg (<span style="font-size:85%;">This idea was conveyed to me by my esteemed Operations Management Professor</span>)</span></span><br /><span style="font-size:100%;"><span style="font-family:verdana;">To use this model in the current economic downturn that has uncovered the problems (or opportunites in disguise), I propose the following illustration:<br /><br /><br /></span></span><div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_Ea4xDGxn2O4/SbkmP6n_SdI/AAAAAAAAAFg/vCJQVmbGaTo/s1600-h/Economic+Boom+hides+Ineffeciency.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 293px;" src="http://2.bp.blogspot.com/_Ea4xDGxn2O4/SbkmP6n_SdI/AAAAAAAAAFg/vCJQVmbGaTo/s400/Economic+Boom+hides+Ineffeciency.jpg" alt="" id="BLOGGER_PHOTO_ID_5312319290337085906" border="0" /></a><span style="font-size:78%;">(Copyright Image) <span style="font-size:85%;">Click to enlarge</span></span><br /><br /><div style="text-align: justify;">When the Sensex was making its dream-run, no one was bothered about any of the trifle matters that are being taken up. But the same guys have started nitpicking at each and every action of the companies. Even the launch of "People's Car" Tata Nano was not without its skeptics, who wondered if Tata will be able to sell as many as it wished.<br /><br />Now, coming to the hidden ineffeciencies of the market:<br /><ul><li>Business Ineffeciency</li><li>Pareto Ineffeciency</li><li>Production Ineffeciency</li><li>Agency Problem</li><li>Monopoly</li></ul>Will write in the next post about how an economic recession (as low level of inventory) exposes these ineffeciencies.</div></div></div>Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com5tag:blogger.com,1999:blog-196229260070685126.post-44120107400156270162009-02-26T15:08:00.024+05:302009-02-27T14:26:37.500+05:30Tata Nano: People's Car finally to be launched on 23rd March<div style="text-align: justify;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SaZj2yqPmEI/AAAAAAAAAE4/KNjv9A28iAI/s1600-h/nano.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 251px; height: 194px;" src="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SaZj2yqPmEI/AAAAAAAAAE4/KNjv9A28iAI/s400/nano.jpg" alt="" id="BLOGGER_PHOTO_ID_5307039003865749570" border="0" /></a>Tata Nano, the world's cheapest car, will be launched at a function in Mumbai on 23rd March 2009. After a series of hiccups starting from quashing of the ideation by industry experts to the Singur protests; Nano has been in the eye of the storm.<br />In spite of many <a href="http://people.boston.com/forums/cars/advice/general/?p=discussiondetails&activityid=2088957">security and emission concerns</a>, Nano is being projected as a comfortable, safe, all-weather car, high on fuel efficiency and low on emission, on its official website: <a href="http://www.tatanano.com/"><span style="color: rgb(153, 0, 0);">www.tatanano.com</span></a><br />It will be interesting to note the flurry its launch will create, since it has been priced in a segment midway between a bike and <a href="http://www.maruti800.com/">Maruti-800</a>, the lowest priced car on Indian roads till now.<br />There have been interesting demands from customers too, the most notable being allowing online payment and purchase of Nano. Prospective customers have expressed their desire to book this sweet-sensation on the internet, over and over again <a href="http://tatanano.inservices.tatamotors.com/tatamotors/index.php?option=com_content&task=view&id=161&Itemid=167">here</a>. But, as of now <a href="http://www.sbi.co.in/">State Bank of India</a> will be the sole booking agent for Nano. So, I guess we have to wait a little longer to buy a car online, just as we buy a book, laptop or mobile.<br />On the other part of the globe, giant companies like <a href="http://www.gm.com/">GM</a>, <a href="http://www.ford.com/">Ford</a> and <a href="http://www.chryslerllc.com/">Chrysler LLC</a> are on the verge of bankruptcy. They have already taken huge financial aid from the US Govt. More about it in the next post.<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SaZ0PiIYnII/AAAAAAAAAFQ/NYUiLkzIYIg/s1600-h/ceic_indu_chart.png"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 300px; height: 267px;" src="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SaZ0PiIYnII/AAAAAAAAAFQ/NYUiLkzIYIg/s400/ceic_indu_chart.png" alt="" id="BLOGGER_PHOTO_ID_5307057021111540866" border="0" /></a>As of now, all eyes are set on the Nano launch. Will this little wonder pull the sale of cars out of its recent slump, remains an important question. The adjoining graph from <a href="http://www.siamindia.com/">SIAM</a> showing the trend of Automobile production in India in the last one year, clearly hints at the hit this industry has taken in the wake of the <a href="http://mybizview.blogspot.com/2008/12/countries-in-recession.html">worldwide economic slump</a>.<br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_Ea4xDGxn2O4/SaZ0aFG0GaI/AAAAAAAAAFY/DWg83P30ruI/s1600-h/car+sales.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 300px; height: 267px;" src="http://1.bp.blogspot.com/_Ea4xDGxn2O4/SaZ0aFG0GaI/AAAAAAAAAFY/DWg83P30ruI/s400/car+sales.jpg" alt="" id="BLOGGER_PHOTO_ID_5307057202298886562" border="0" /></a>The sales of passenger vehicles in India has followed a similar trend. But, the optimism lies in the recovery it has made in January, breaking a downward streak of more than one quarter.<br /></div>Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com4tag:blogger.com,1999:blog-196229260070685126.post-79831281645422711962009-01-23T11:40:00.008+05:302009-01-23T15:15:32.003+05:30Layoff Times<div style="text-align: justify;">As if the failing economy and string of bank failures over the world were not enough, here is the real motivation to look for a suitable job. Yes, the companies all over are laying off, citing various reasons. These companies are large corporations and are widely known the world around. So, the impact of the layoffs would be far greater than just job loss for their employees. They will spread the doom message faster than wildfire.<br />Yahoo has led by example, a <a href="http://valleywag.gawker.com/5106184/yahoos-secret-layoff-doublespeak-revealed">leaked memo</a> guides the managers who are to lay off employees about the do's and dont's they must follow. And then there is Microsoft CEO Steve Ballmer, <a href="http://kara.allthingsd.com/20090122/steve-ballmers-entire-memo-to-the-microsoft-troops-about-layoffs-and-weak-results/">who says that he is laying off 5000 employees to increase efficiency and readjustment</a>.<br />Contrast this with the layoff a few (21 to be precise) workers at Intercontinental Hotel at Mumbai. The hotel lobby was vandalised and rampaged as a protest by MNS (a political party in Maharashtra) members. Even though the hotel may not reinstate its employees, this sends a strong and ominous signal to the companies in India, that hope to cut cost and save their skin by laying off some of its employees.<br /></div>Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com2tag:blogger.com,1999:blog-196229260070685126.post-88950917979248106122009-01-15T15:13:00.014+05:302009-01-23T14:16:33.091+05:30Wishlist 2009I am privileged to experience blogging in the break between two lectures at IIM Indore . I was thinking of writing on this topic since December last, but was at a loss to start with the apt wish that should grace the first priority.<br /><div style="text-align: justify;"> But, reading the <a href="http://www.apple.com/pr/library/2009/01/14advisory.html">Letter from Apple CEO Steve Jobs</a> to all at <span style="font-weight: bold;">Apple</span> (nasdaq: AAPL), in which he has hinted that his health-related issues are more complex than he originally thought; has triggered the flush of wishes. So, here is my <span style="font-weight: bold; color: rgb(51, 51, 255);">Wishlist 2009</span>:<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SW9M8qbD3zI/AAAAAAAAAEU/cvoBGG__TEE/s1600-h/stevejobs.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 148px; height: 148px;" src="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SW9M8qbD3zI/AAAAAAAAAEU/cvoBGG__TEE/s400/stevejobs.jpg" alt="" id="BLOGGER_PHOTO_ID_5291532692247273266" border="0" /></a>1. <span style="color: rgb(153, 0, 0); font-weight: bold;font-size:130%;" >May Steve Jobs return healthy after the medical leave of absence</span>. This would put an end to the flurry of rumours about his health. Steven Paul Jobs, the charismatic founder of companies like Apple and Pixar, has such a fan following that a mere mention of his ill health triggered a drop of 6.4% today.<br /><span style="font-size:85%;">(Pic Courtesy: Forbes)<br /></span>Jobs has disclosed that a hormonal imbalance has led to his loss of weight throughout 2008. He also skipped the keynote address at MacWorld conference, held on January 6, 2009.<br /><br /><br />2. <span style="font-weight: bold; color: rgb(153, 0, 0);font-size:130%;" >May the Satyam Scandal not hurt the IT reputation that India has gained in the last two decades</span>.<br />After the skeletons of financial bungling and corporate misadventure tumbled out of Satyam's closet; there are doubts being raised about the IT services industry in India. The fact that Satyam was awarded <span style="font-weight: bold;">Golden Peacock award</span> from the <a href="http://www.wcfcg.net/">World Council for Corporate Governance</a> for excellence in corporate governance, raises serious questions about the mismatch between the reality and perception on Indian IT industry. R.Raju, the now jailed erstwhile CEO of Satyam has stated in his confession that the margin on which Satyam opearted was a low as 3%. This is way below the margins quoted by its peers.<br />It is also being seen as the Enron of India by several people. The World Council for Corporate Governance has compared Satyam to Enron and the chief economic adviser to a $2bn family-run conglomerate, J K Organisation has said <a href="http://www.wcfcg.net/satyam-fraud-guardian.pdf"><span style="font-size:130%;">"The idea of corporate governance has not sunk in <span style="font-style: italic;">(India)</span> as much as it should"</span></a>. As per the latest reports, Satyam was stripped of the award on 7<span style="font-size:78%;">th</span> January.<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SXBaFa1DXrI/AAAAAAAAAEo/fb9g-_aliZI/s1600-h/Satyam+Stripped.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 191px;" src="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SXBaFa1DXrI/AAAAAAAAAEo/fb9g-_aliZI/s400/Satyam+Stripped.jpg" alt="" id="BLOGGER_PHOTO_ID_5291828611308019378" border="0" /></a><br />But, with companies like Infosys, Wipro and TCS, lead by iconic leaders like NR Narayanmurthy and Azim Premzi, the core of Indian IT industry is still the same. Maybe there was an odd fish in the pond, but that does not mean that all fishes and the pond in particular is tainted.<br /><br />3. <span style="font-weight: bold; color: rgb(153, 0, 0);font-size:130%;" >May the Mumbai Terrorist Blasts not affect the economic leadership of </span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://upload.wikimedia.org/wikipedia/en/thumb/7/7e/Mumbai_Taj.JPG/180px-Mumbai_Taj.JPG"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer; width: 180px; height: 135px;" src="http://upload.wikimedia.org/wikipedia/en/thumb/7/7e/Mumbai_Taj.JPG/180px-Mumbai_Taj.JPG" alt="" border="0" /></a><span style="font-weight: bold; color: rgb(153, 0, 0);font-size:130%;" >Mumbai, the city of dreams</span>.<br /><br />The Mumbai <span style=";font-family:georgia;font-size:100%;" >terrorist</span> attack on 26/11 was targeted at the destroying the image of the <span style="font-style: italic;">city of dreams</span> as the driver of Indian economy. But, Mumbai has withstood many such attempts in the past, and will surely emerge this time stronger.<br />According to<span style=";font-family:georgia;font-size:100%;" > <a href="http://www.macalester.edu/courses/geog61/espencer/industry.html">Dr. David Lanegran<span style="color: rgb(0, 0, 0);"> of </span></a></span><a style="color: rgb(0, 0, 0);" href="http://www.macalester.edu/courses/geog61/espencer/industry.html"><span class="Apple-style-span" style="border-collapse: separate; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;font-family:'times new roman';font-size:17;" >Macalester College</span></a><span style=";font-family:georgia;font-size:100%;" ><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;font-size:16;" >: in 1999<span style="font-style: italic;">,</span> Mumbai accounted for <span style="font-size:130%;"><span style="color: rgb(153, 0, 0);">20% of India's total employment in industry</span></span> and <span style="font-size:130%;"><span style="color: rgb(153, 0, 0);">11% of India's employment in total</span></span>. It handled <span style="font-size:130%;"><span style="color: rgb(153, 0, 0);">30% of India's exports and imports</span></span> and is the subcontinent's largest port.</span> After surge in globalization and rapid economic development in India, the contribution of Mumbai has risen and is probably the reason of the 26/11 attacks.<br /></span><br /></div>Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com0tag:blogger.com,1999:blog-196229260070685126.post-75424688207256848972009-01-13T19:44:00.008+05:302009-01-13T21:31:22.531+05:30The new year: 2009<div style="text-align: justify;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_Ea4xDGxn2O4/SWytOra3vlI/AAAAAAAAAEM/an8DnJlKCkk/s1600-h/2009.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 383px; height: 124px;" src="http://4.bp.blogspot.com/_Ea4xDGxn2O4/SWytOra3vlI/AAAAAAAAAEM/an8DnJlKCkk/s400/2009.jpg" alt="" id="BLOGGER_PHOTO_ID_5290794129938693714" border="0" /></a>After a hiatus of a week, this is my first post in the new year 2009. So, lets talk about the year first. This year has been named by different groups and organizations all over the world as the year of so many diverse things and beings, that drawing a single point out of them seems a tough task. To list a few interesting ones:<br /></div><br />1. <a style="color: rgb(255, 0, 0);" href="http://money.cnn.com/2008/11/04/pf/forecast_economy1.moneymag/">Year of the Thaw</a>: <a href="http://money.cnn.com/">CNNMoney.com</a><br />2. <a style="color: rgb(255, 0, 0);" href="http://www.astronomy2009.org/">International year of Astronomy</a>: <a href="http://www.unesco.org/en">UNESCO</a> and <a href="http://www.iau.org/">International Astronomical Union</a><br />3. <a style="color: rgb(255, 0, 0);" href="http://pages.infinit.net/garrick/chinese/ox.html">Year of the Ox</a>: Chinese calendar<br />4. <a style="color: rgb(255, 0, 0);" href="http://www.yog2009.org/">Year of the Gorilla</a>: <a href="http://www.unep.org/">UN Environmental Programme</a><br />5. <a style="color: rgb(255, 0, 0);" href="http://www.naturalfibres2009.org/en/index.html">International year of Natural Fibres</a>: <a href="http://www.fao.org/">Food and Agriculture Organisation</a>Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com0tag:blogger.com,1999:blog-196229260070685126.post-64124590905734049912008-12-25T01:56:00.026+05:302008-12-25T15:50:48.508+05:30Rumour or Satyam (Hindi: Truth)<a style="color: rgb(102, 102, 102);" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_Ea4xDGxn2O4/SVKhZud1BmI/AAAAAAAAAC4/IDGAXYn95Xs/s1600-h/Satyam+Rumours.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 280px; height: 88px;" src="http://4.bp.blogspot.com/_Ea4xDGxn2O4/SVKhZud1BmI/AAAAAAAAAC4/IDGAXYn95Xs/s400/Satyam+Rumours.jpg" alt="" id="BLOGGER_PHOTO_ID_5283462776200955490" border="0" /></a><br /><div style="text-align: justify; color: rgb(102, 102, 102);">Ever since my <a href="http://mybizview.blogspot.com/2008/12/agency-problem-in-indian-business.html">last post on Agency Problem at Satyam</a>, things have unfolded in quite an unexpected way at Satyam. We have seen many rumours going around the market, only few of which can stand the veracity test.<br /><br />The first was regarding the allegation that<span style="color: rgb(153, 153, 153);"> </span><span class="Apple-style-span" style="border-collapse: separate; color: rgb(102, 102, 102); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;font-family:Tahoma;font-size:100%;" >Mendu Rammohan Rao, dean of the Indian School of Business</span><span style="font-size:100%;"><span style="color: rgb(102, 102, 102);">, one of the independent director</span>s of Satyam, was not consulted before calling off the <a href="http://mybizview.blogspot.com/2008/12/agency-problem-in-indian-business.html">Maytas acquisition</a>.</span> This issue raises questions on the corporate governance followed at the leading IT company of India.<br /><br />To placate the investors and regain the lost trust, Satyam announced that it will consider <span style="font-style: italic;">issue of dividends</span> to the shareholders. There was also the news of a possible <span style="font-style: italic;">buyback of shares</span>. Both of these proposals will be decided upon during the board meeting on 29th December. If we look the comparative figure of the dividend history of top Indian IT companies like <span style="font-weight: bold;">Infosys, Wipro and TCS</span>, alongside that of Satyam, the observation that strikes us is that Satyam has never been a huge dividend distributor. Its dividend rate has been a flat 175% in the last few years.<br /></div><br /><div style="text-align: center; color: rgb(102, 102, 102);"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_Ea4xDGxn2O4/SVKqFXbcXcI/AAAAAAAAADA/1EHP16jKYTw/s1600-h/Dividend+history+of+Indian+IT+companies.gif"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 237px;" src="http://2.bp.blogspot.com/_Ea4xDGxn2O4/SVKqFXbcXcI/AAAAAAAAADA/1EHP16jKYTw/s400/Dividend+history+of+Indian+IT+companies.gif" alt="" id="BLOGGER_PHOTO_ID_5283472322024201666" border="0" /></a><span style="font-size:85%;">(Source: Capitaline database)<br /></span><span style="font-size:78%;">Click on image to enlarge </span><br /><br /><div style="text-align: justify;">Thus as expected, the market and Satyam's shareholders were not enthused with this new gimmic and its scrip continued its fall southwards.<br /><br /><div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_Ea4xDGxn2O4/SVKvjTcAAHI/AAAAAAAAADI/K6ockat3VGU/s1600-h/Satyam+Fall.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 362px;" src="http://2.bp.blogspot.com/_Ea4xDGxn2O4/SVKvjTcAAHI/AAAAAAAAADI/K6ockat3VGU/s400/Satyam+Fall.jpg" alt="" id="BLOGGER_PHOTO_ID_5283478333907009650" border="0" /></a></div><div style="text-align: center;"><span style="font-size:85%;">(Source of data: Bloomberg)</span><br /><span style="font-size:78%;">Click on image to enlarge<br /><br /></span><div style="text-align: justify;">As if this was not enough, we had rumours of the Chairman and Founder, <span style="font-weight: bold;">B Ramalinga Raju</span>, resigning from the board. Though later it was passed off as baseless. But, one issue did raise its head due to the spread of this rumour. Unlike its competitors Infosys and Wipro, Satyam has not groomed any future leader who can replace Raju in case of his retirement or resignation. So, the talk of the <span style="font-weight: bold;">need of a succession plan</span> will keep making rounds of the town, for the time to come.<span style="color: rgb(102, 102, 102);font-size:100%;" > </span><span class="Apple-style-span" style="border-collapse: separate; color: rgb(102, 102, 102); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;font-family:Arial;font-size:100%;" >Speculation was also rife that Wipro Technologies might acquire Satyam, that was later denied by both the companies</span><span style="color: rgb(102, 102, 102);font-family:arial;font-size:100%;" >.<br /></span><br />And then came the worst of them all, but this time it was no rumour ! <a href="http://www.worldbank.org.in/">The World Bank</a> had <span style="color: rgb(102, 102, 102);font-family:georgia;font-size:100%;" ><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><span style="color: rgb(102, 102, 102); font-style: italic;font-family:arial;" >barred Satyam Computer Services from doing any businesswith it for the next eight years</span><span class="Apple-converted-space">. </span></span></span><span style="color: rgb(102, 102, 102);"><span style="color: rgb(102, 102, 102);font-family:arial;" >During </span>the last five years, the World Bank</span><span style="color: rgb(102, 102, 102);font-size:100%;" ><span style="font-family:arial;"> </span></span><span class="Apple-style-span" style="border-collapse: separate; color: rgb(102, 102, 102); font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;font-family:Arial;font-size:100%;" >had paid Satyam hundreds of millions of dollars</span><span style="font-size:100%;"><span style="font-family:arial;"> for its global IT maintenance and service. </span></span>There was a slew of rumours this time, as to the actual reason of this harsh action. But, as is clear from the World Bank group statement, Satyam was debarred for providing improper benefits to Bank staff (i.e. <span style="font-weight: bold;">Bribery</span>) and for failing to maintain proper documentation. The bank also verified that Satyam was <span style="color: rgb(204, 0, 0);">not</span> involved in malicious attacks on the Bank’s information systems, as was rumoured. So, for now the one-week high powered drama seems to have subsided, but what took 22 years to build was surely dented in a few days time.<br /><br /><div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_Ea4xDGxn2O4/SVK5JjMNLqI/AAAAAAAAADQ/rzC5ivJrNCg/s1600-h/World+Bank+Satyam.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 249px;" src="http://4.bp.blogspot.com/_Ea4xDGxn2O4/SVK5JjMNLqI/AAAAAAAAADQ/rzC5ivJrNCg/s400/World+Bank+Satyam.jpg" alt="" id="BLOGGER_PHOTO_ID_5283488886575410850" border="0" /></a><span style="font-size:78%;"><span style=";font-family:arial;font-size:130%;" >The World Bank Group Statement on Debarment of Satyam</span><br />(Copyright image)</span><br /><span style="font-size:78%;">Click on image to enlarge<br /><br /></span></div></div></div></div></div>Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com0tag:blogger.com,1999:blog-196229260070685126.post-14628024384474834442008-12-23T19:27:00.038+05:302009-02-23T11:36:27.234+05:30Countries in Recession<div style="text-align: left; color: rgb(0, 0, 0);">
<br /></div><div style="text-align: center; color: rgb(0, 0, 0);"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_Ea4xDGxn2O4/SVDxMgskR-I/AAAAAAAAACw/_qlgORAUYGs/s1600-h/Countries+in+Recession.png"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 273px;" src="http://1.bp.blogspot.com/_Ea4xDGxn2O4/SVDxMgskR-I/AAAAAAAAACw/_qlgORAUYGs/s400/Countries+in+Recession.png" alt="" id="BLOGGER_PHOTO_ID_5282987560143177698" border="0" /></a><span style="font-size:78%;">(Copyright image)
<br />Click on image to enlarge</span>
<br />
<br /><div style="text-align: justify;"><div style="text-align: justify;"><span style="font-size:100%;">Recession, the technical name given to <span style="font-style: italic;">two consecutive quarters of negative growth for any country</span>, </span>is looming over the world like a sinister scarecrow. Economists say that economic activity has its own regular ups and downs, with a regular pattern of economic expansion, also called <span style="font-weight: bold;">Recovery</span> and economic contraction, infamously known as <span style="font-weight: bold;">Recession</span>. They also state that it is a cyclical phenomena, and give it another name: <span style="font-weight: bold;">Business Cycle</span>. So what causes this recession and what are its ramifications?
<br />
<br />The causes of recession are wide and sometimes unexplained. But the main reasons can be listed as:
<br />
<br />1. Decrease in the consumption by the public, mainly due to low consumer confidence (<span style="font-weight: bold;">Paradox of Thrift</span>)
<br />2. Decrease in investment by the Government, to control rising budget deficit
<br />3. Decrease in investment by the Companies
<br />4. Less demand of goods in the foreign market, more important for export-oriented countries
<br />5. Bubble busts, like the dot-com bust of 2000 and housing-bubble bust of 2008
<br />6. Some other politico-economic causes like currency crisis, war, etc.
<br /><span style="font-size:85%;">For a more detailed explanation of causes of recession, refer <a href="http://www.economicshelp.org/macroeconomics/economic-growth/cause-recession2.html">this</a><a href="http://www.economicshelp.org/macroeconomics/economic-growth/cause-recession2.html"> page</a>.
<br />
<br /></span>The fallouts during and after recession can have far reaching effects, mainly categorized under <span style="font-style: italic;">political, economic, social and technological</span> effects: <span style="font-size:85%;">(Some of them might refer to controversial events) </span>
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219.7pt;" valign="top" width="293"> <table class="MsoTableGrid" style="border: medium none ; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0" width="285"> <tbody><tr style=""> <td style="border: 1pt solid black; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Loss of people’s faith in the ruling party<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Failure of International Organisations, like the League of Nations<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Government changes in the ailing countries<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Setback to Climate change talks & treaties<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Rise of extreme nationalism and protectionism<o:p></o:p></p> </td> </tr> </tbody></table> <p class="MsoNormal"><o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 83.4pt;" valign="top" width="111"> <p class="MsoNormal"><b style="">Economic <o:p></o:p></b></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 219.7pt;" valign="top" width="293"> <table class="MsoTableGrid" style="border: medium none ; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0" width="285"> <tbody><tr style="height: 13.85pt;"> <td style="border: 1pt solid black; padding: 0cm 5.4pt; width: 214.05pt; height: 13.85pt;" valign="top" width="285"> <p class="MsoNormal">Rise in Unemployment<o:p></o:p></p> </td> </tr> <tr style="height: 13.85pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt; height: 13.85pt;" valign="top" width="285"> <p class="MsoNormal">Increase in bankruptcy<o:p></o:p></p> </td> </tr> <tr style="height: 14.5pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt; height: 14.5pt;" valign="top" width="285"> <p class="MsoNormal">Disinflation<o:p></o:p></p> </td> </tr> <tr style="height: 13.85pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt; height: 13.85pt;" valign="top" width="285"> <p class="MsoNormal">Banks’ willingness to lend decreases<o:p></o:p></p> </td> </tr> <tr style="height: 13.85pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt; height: 13.85pt;" valign="top" width="285"> <p class="MsoNormal">Failure of Stock Markets<o:p></o:p></p> </td> </tr> <tr style="height: 13.85pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt; height: 13.85pt;" valign="top" width="285"> <p class="MsoNormal">Lower interest rates<o:p></o:p></p> </td> 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solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 219.7pt;" valign="top" width="293"> <table class="MsoTableGrid" style="border: medium none ; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0" width="285"> <tbody><tr style=""> <td style="border: 1pt solid black; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Rise in criminal/illegal activities<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Less expenditure on welfare activities<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Pessimism rises leading to fall in birth-rate and increased suicides<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Rise of a new class in the society: formerly middle class<o:p></o:p></p> </td> </tr> </tbody></table> <p class="MsoNormal"><o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 83.4pt;" valign="top" width="111"> <p class="MsoNormal"><b style="">Technological<o:p></o:p></b></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 219.7pt;" valign="top" width="293"> <table class="MsoTableGrid" style="border: medium none ; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0" width="285"> <tbody><tr style=""> <td style="border: 1pt solid black; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Less spending in new and breakthrough research areas<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Investment in green technology reduces<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 214.05pt;" valign="top" width="285"> <p class="MsoNormal">Evolution of innovative and cost-effective technology<o:p></o:p></p> </td> </tr> </tbody></table> <p class="MsoNormal"><o:p></o:p></p> </td> 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<br />
<br /></div>As of today, most of the major economies of the world are witnessing negative growth. The following table highlights the countries in recession and their GDP as a % of the World GDP:<style></style>
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<o:idmap ext="edit" data="1"> </o:shapelayout></xml><![endif]--> </div><table class="MsoTableGrid" style="border: medium none ; width: 368px; margin-left: 0px; border-collapse: collapse; text-align: left; margin-right: auto; height: 379px;" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style="height: 27.5pt;"> <td style="border-style: solid solid none; border-color: black windowtext -moz-use-text-color black; border-width: 1pt 1pt medium; padding: 0cm 5.4pt; width: 70.85pt; height: 27.5pt;" valign="top" width="94"><div> </div><p style="text-align: left;" class="MsoNormal">Countries in Recession</p> </td> <td style="border-style: solid solid none none; border-color: windowtext windowtext -moz-use-text-color -moz-use-text-color; border-width: 1pt 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 27.5pt;" valign="top" width="104"> <p style="text-align: center;" class="MsoNormal" align="center"><!--[if gte vml 1]><v:shapetype id="_x0000_t202" coordsize="21600,21600" spt="202" path="m,l,21600r21600,l21600,xe"> <v:stroke joinstyle="miter"> <v:path gradientshapeok="t" connecttype="rect"> </v:shapetype><v:shape id="_x0000_s1026" type="#_x0000_t202" style="'position:absolute;" strokecolor="white [3212]"> <v:textbox style="'mso-next-textbox:#_x0000_s1026'/"> </v:shape><![endif]--><!--[if !vml]--><!--[endif]-->GDP (nominal) as a % of World GDP</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal"><o:p> </o:p></p>
<br /></td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center"><o:p> </o:p></p>
<br /></td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"><div style="text-align: left;"> </div><p style="text-align: left;" class="MsoNormal">USA </p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">25.30</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Japan</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">8.02</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Germany</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">6.08</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Italy</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">3.86</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Sweden</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p style="text-align: center;" class="MsoNormal" align="center">0.83</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Denmark</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">0.57</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Ireland</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">0.48</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Hong Kong</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">0.38</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Singapore</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">0.29</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">New Zealand</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">0.24</p> </td> </tr> <tr style="height: 13.75pt;"> <td style="border-style: none solid; border-color: -moz-use-text-color windowtext -moz-use-text-color black; border-width: medium 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 13.75pt;" valign="top" width="94"> <p class="MsoNormal">Latvia</p> </td> <td style="border-style: none solid none none; border-color: -moz-use-text-color windowtext -moz-use-text-color -moz-use-text-color; border-width: medium 1pt medium medium; padding: 0cm 5.4pt; width: 77.95pt; height: 13.75pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">0.05</p> </td> </tr> <tr style="height: 20.35pt;"> <td style="border-style: none solid solid; border-color: -moz-use-text-color windowtext black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 70.85pt; height: 20.35pt;" valign="top" width="94"> <p class="MsoNormal">Estonia</p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 77.95pt; height: 20.35pt;" valign="top" width="104"> <p class="MsoNormal" style="text-align: center;" align="center">0.04</p> </td> </tr> </tbody></table><div> </div><p style="text-align: left;" class="MsoNormal"><o:p> </o:p></p><div style="text-align: left;"> </div><p style="text-align: left;" class="MsoNormal"><o:p> </o:p></p><div style="text-align: center;"> <span style="font-size:78%;">Source: IMF</span>
<br />
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<![endif]--> <p class="MsoNormal" style="text-align: justify;"><span style="color:black;">USA, the largest economy, has witnessed a dip in its growth in the last quarter, with sharp rise in unemployment. <o:p></o:p></span></p> <p class="MsoNormal" style="text-align: justify;"><span style="color:black;">According to <a href="http://www.nber.org/">National Bureau of Economic Research</a>, an independent research organization, US has been in recession throughout this year. A <a href="http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm">recent release</a> on its website states that Real GDP of United States decreased at an annual rate of 0.5 % in the third quarter of 2008. This is attributed to decrease in consumer confidence, leading to less consumer spending. Other factors like negative contributions from the residential fixed investment and equipment and software are cited as the reasons of this slowdown. </span>A list of all US business cycles can be found <a href="http://wwwdev.nber.org/cycles/cyclesmain.html">here</a>.
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<br /></p></div></div>Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com0tag:blogger.com,1999:blog-196229260070685126.post-42653961005254451692008-12-19T19:15:00.009+05:302008-12-20T18:23:23.142+05:30The rising star of Indian Banking- Chanda Kochhar to be the next CEO of ICICI<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SUuyBp0HX1I/AAAAAAAAACI/Tr1d4MSSyoA/s1600-h/Chanda_Kochhar.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 260px;" src="http://3.bp.blogspot.com/_Ea4xDGxn2O4/SUuyBp0HX1I/AAAAAAAAACI/Tr1d4MSSyoA/s400/Chanda_Kochhar.jpg" alt="" id="BLOGGER_PHOTO_ID_5281510729496092498" border="0" /></a>
<br /><div style="text-align: justify;"><span style="font-weight: bold;">Chanda D. </span><span style="font-weight: bold;" class="blsp-spelling-error" id="SPELLING_ERROR_0">Kochhar</span>, has been named as the next CEO and MD of <span class="blsp-spelling-error" id="SPELLING_ERROR_1">ICICI</span> Bank, the largest private bank in India. She will take over its reins from <span style="font-weight: bold;">Mr. K V Kamath</span>, the larger than life figure, on 1st May 2009. Her term will last till 31st March 2014, under normal circumstances. Presented below is a brief timeline of her journey from <span class="blsp-spelling-error" id="SPELLING_ERROR_2">Jodhpur</span> to the the most coveted post:
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Section1 {size:612.0pt 792.0pt; margin:72.0pt 72.0pt 72.0pt 72.0pt; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> </style><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} table.MsoTableGrid {mso-style-name:"Table Grid"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-priority:59; mso-style-unhide:no; border:solid black 1.0pt; mso-border-themecolor:text1; mso-border-alt:solid black .5pt; mso-border-themecolor:text1; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-border-insideh:.5pt solid black; mso-border-insideh-themecolor:text1; mso-border-insidev:.5pt solid black; mso-border-insidev-themecolor:text1; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} </style> <![endif]--> <table class="MsoTableGrid" style="border: medium none ; border-collapse: collapse;" border="1" cellpadding="0" cellspacing="0"> <tbody><tr style=""> <td style="border: 1pt solid black; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">1961<o:p></o:p></p> </td> <td style="border-style: solid solid solid none; border-color: black black black -moz-use-text-color; border-width: 1pt 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Born at Jodhpur, Rajasthan<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">1982<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Graduated from <a href="http://www.jaihindcollege.com/">JaiHind College</a> as a Bachelors Degree in Arts (Economics)<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">1984<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">MMS (Finance) from the <a href="http://www.jbims.edu/">JBIMS</a>, Mumbai; Joined ICICI as Management Trainee<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">1993<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Part of the core team to set up ICICI as a commercial bank<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">1994<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Promoted to Assistant General Manager<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">1996<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Promoted to Deputy General Manager<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">1998<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Promoted to General Manager and Head of the Major Clients Group<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">2000<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Led ICICI Bank's entry in the Retail Banking business<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">2001<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Took over as Executive Director<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">2006<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Appointed as Deputy Managing Director of ICICI Bank<o:p></o:p></p> </td> </tr> <tr style=""> <td style="border-style: none solid solid; border-color: -moz-use-text-color black black; border-width: medium 1pt 1pt; padding: 0cm 5.4pt; width: 40.85pt;" valign="top" width="54"> <p class="MsoNormal">2008<o:p></o:p></p> </td> <td style="border-style: none solid solid none; border-color: -moz-use-text-color black black -moz-use-text-color; border-width: medium 1pt 1pt medium; padding: 0cm 5.4pt; width: 404pt;" valign="top" width="539"> <p class="MsoNormal">Named the next CEO of ICICI<o:p></o:p></p> </td> </tr> </tbody></table>
<br /><div style="text-align: justify;"> Chanda Kochhar started her career with ICICI in 1984, and rose to phenomenal heights, jumping from one responsibility to another. She is the CFO and Joint MD of the bank. She has been the Head of International Banking Arm, the Executive Director of Retail Banking Business, the Executive Director and Vice Chairman (ICICI Bank Canada Ltd) in the past. She has worked in various capacities since she joined as a Management Trainee. This is one of the causes of the faith the management has in her.
<br /> Ms. Chanda has been a topper since her college times. She topped her batch at JBIMS and received the Wockhardt Gold Medal for Excellence in Management Studies. She also received the J. N. Bose Gold Medal of the <a href="http://www.icwai.org/icwai/index.asp">ICWAI</a> (Institute of Cost and Works accounts of India). Her quest of excellence reflects in the various responsibilities she has fulfilled at ICICI.
<br /> Looking ahead at the challenges she will face and will have to meet head on, we have the <span style="font-style: italic;">declining market share</span> of the largest private bank. The deposits of ICICI grew at just 6% this year, as compared to its close competitors like HDFC and Axis Bank. Even the <span style="font-style: italic;">interest income</span> has been sluggish as compared to its competitors.
<br /> Another matter that needs attention is the rising <span style="font-style: italic;">Non Performing Assets (</span><a style="font-style: italic;" href="http://www.investopedia.com/terms/n/Non-Performing-Assets.asp">NPA</a><span style="font-style: italic;">)</span> in the wake of the financial crisis in the banking-sector the world over. The <span style="font-style: italic;">percentage of Net Non-Performing Assets to Net Advance</span> of ICICI has been increasing year on year since 2006. This sends the wrong signal to the investor and depositor community that the quality of borrowing and investment is being overlooked for an increase in profitability and market share.
<br />
<br /><div style="text-align: center;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_Ea4xDGxn2O4/SUzUfCPGuAI/AAAAAAAAACQ/rJ0lApGwy0Q/s1600-h/image001.png"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 233px;" src="http://1.bp.blogspot.com/_Ea4xDGxn2O4/SUzUfCPGuAI/AAAAAAAAACQ/rJ0lApGwy0Q/s400/image001.png" alt="" id="BLOGGER_PHOTO_ID_5281830092640008194" border="0" /></a><span style="font-size:85%;"> (Source: Company Balance Sheets at <a href="http://www.capitaline.com/">Capitaline Databases</a></span>)
<br /></div>
<br /> Last but not the least, she will have to continue to reach out to the people in order to placate the uncertainty amidst the looming economic slowdown. We hope she stands by her saying: "<span style="font-weight: bold;">One should not take challenge as a scare. Leadership capabilities and strength of an organization are best tested in challenging times.</span>"
<br />
<br /></div>Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com1tag:blogger.com,1999:blog-196229260070685126.post-78892791221219631642008-12-18T16:20:00.000+05:302008-12-20T00:20:09.493+05:30Agency Problem in Indian Business- Satyam & Maytas<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_Ea4xDGxn2O4/SUpKd05IYBI/AAAAAAAAAB4/ZGi9eGTHf-Y/s1600-h/logo.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 400px; height: 67px;" src="http://4.bp.blogspot.com/_Ea4xDGxn2O4/SUpKd05IYBI/AAAAAAAAAB4/ZGi9eGTHf-Y/s400/logo.jpg" alt="" id="BLOGGER_PHOTO_ID_5281115389320257554" border="0" /></a>
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mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--> <p class="MsoNormal" style="text-align: justify; text-indent: 36pt;">Agency Problem is not new in the Indian context, though it is less talked of here than the other more developed markets. In the past, companies like <a href="http://www.reliancepower.co.in/html/index.html">Reliance Power</a> and <a href="http://www.vedantaresources.com/">Vedanta Resources</a> have witnessed this while issuing their IPO and restructuring respectively. The latest glaring example of this anomaly is the Ramalinga Raju led <a href="http://www.satyam.com/index.asp">Satyam Computer Services</a>’ board-approval to buy majority stake in <a href="http://www.maytasinfra.com/">Maytas Infra Ltd</a>. and Maytas Properties. It is no coincidence that Maytas is Satyam spelt backwards. Infact, Raju's family members are the promoters and board-members in both Maytas Infra and Maytas Properties.
<br /></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;">
<br /></p> <p class="MsoNormal" style="text-align: justify; text-indent: 36pt;">At the background of the problem is the Indian infrastructure sector that has seen a massive erosion of wealth and reputation in the last few months. <a href="http://www.unitechgroup.com/">Unitech</a>, at less than 8% of its January’08 valuation, is a live example of the crunch this industry faces today.The story of the other companies in this sector is more or less the same. The haunting prospect of a possible liquidity crunch is forcing infrastructure firms to look for ways and means to finance their business commitment and projects.</p> <p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><o:p> </o:p></p> <p class="MsoNormal" style="text-align: justify;">
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!vml]--></span></p><p class="MsoNormal" style="text-align: justify;"><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://1.bp.blogspot.com/_Ea4xDGxn2O4/SUpKDk2e2yI/AAAAAAAAABw/cL4yZ1C5_Ag/s1600-h/Maytas.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 576px; height: 277px;" src="http://1.bp.blogspot.com/_Ea4xDGxn2O4/SUpKDk2e2yI/AAAAAAAAABw/cL4yZ1C5_Ag/s400/Maytas.jpg" alt="" id="BLOGGER_PHOTO_ID_5281114938337581858" border="0" /></a><!--[if gte mso 9]><xml> <o:oleobject type="Embed" progid="Excel.Chart.8" shapeid="Chart_x0020_4" drawaspect="Content" objectid="_1291129710"> <o:wordfieldcodes>\s</o:WordFieldCodes> </o:OLEObject> </xml><![endif]--></p> <p class="MsoNormal" style="text-align: justify;"><o:p> </o:p></p> <p class="MsoNormal" style="text-align: justify; text-indent: 36pt;">The current financial downturn in the world has every company on its toes trying muster all the strength and remain liquid amidst growing cash-crunch. This is more so in the case of IT companies, as they expect a fall in the demand from their major clients based in US. Possibly this is what infuriated the share holders of Satyam and they forced Raju to reverse the decision a day later. Satyam was supposed to spend $ 1.6 bn to buy out the firms at Rs. 475 per share to the promoters and Rs.525 per share for an open offer. It seems the acquisition was nothing but a deal to transfer funds from one company to another, promoted by the same family.
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<br /></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;">To quote <strong style="font-weight: normal;">Satyam Chairman and Founder B. Ramalinga Raju, "</strong><em>The two acquisitions pave the way for <span style="color: rgb(204, 0, 0);">accelerated growth in our core IT business</span> in additional geographies and market segments such as transportation, energy and several infrastructure sectors</em>. <em>This will further <span style="color: rgb(204, 0, 0);">de-risk our core IT business</span> by adding a new – yet well-established – business vertical in infrastructure. This vertical can mitigate the risks in traditional verticals and developed markets that now face recession, and Satyam’s brand can further enhance penetration into the infrastructure vertical and emerging markets. The two companies being acquired in a challenging market offer <span style="color: rgb(204, 0, 0);">potential for upside in future</span></em>." The key point here is that if Satyam wishes to diversify in energy and infrastructure sectors, it could well have gone for other undervalued companies in these sectors which are facing the wrath of bears in the market. And to de-risk the core IT business, is it not imperative to look at acquiring firms that will give you a foothold in your core-competency i.e. IT? But, as he said, Maytas seems to have a potential in the future, as revealed by the comparison of its performance with its competitors. Maytas' PE stands at 18.28 as compared to single digit PE of others like Nagarjuna Constructions, Omaxe Ltd, Indiabulls Real Estate, etc.
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<br /></p> <p class="MsoNormal" style="text-align: justify; text-indent: 36pt;">Satyam, set up in 1987, has 62% of its shareholders as Non Promoters (Institution). The number of such institutions are 754 making the average share per institutional shareholder approx 90 lacs. Satyam has also not being faring well since the advent of the mortgage-backed financial specter. Additionally, it is facing stiff competition from the other giants of the Indian software space like <a href="http://www.wipro.com/">Wipro</a>, <a href="http://www.infosys.com/">Infosys</a>, <a href="http://www.tcs.com/">TCS</a> and <a href="http://www.cognizant.com/">Cognizant</a>. So, the move to acquire the infrastructure companies seems a far-fetched and stupendous idea. The role of the Institutional non-Promoters should also be scrutinized, as a decision of this magnitude could not have been reached without their consent. No wonder, Satyam's share, also listed on NASDAQ in 1999 as Satyam Infoway (Sify), dropped 28% along with a drop of 20% in Maytas shares on the BSE; the day it announced the acquisition.
<br /></p> <p class="MsoNormal" style="text-align: justify; text-indent: 36pt;">Overall, the Promoters together with the Board seemed to have overlooked their own vision <strong><i>Business Transformation. Together</i></strong><strong><span style="font-weight: normal;">. They are ready to transform for sure, but they forgot the third and most important word: </span><i>Together</i></strong><strong><span style="font-weight: normal;">.</span></strong></p> Riturajhttp://www.blogger.com/profile/01494639032714285240noreply@blogger.com2