South African crude oil imports from the Islamic Republic of Iran have increased to $ 434.8 million in March from $ 364 million in February, customs data show.
South Africa’s Revenue Service said on Monday that Africa's biggest economy imported 505,908 tons of Iranian crude in March, up from 417,188 tons the previous month, Reuters reported.
South Africa has come under pressure from Western countries to cut Iranian crude imports, in line with the sanctions designed to halt Tehran's nuclear energy program, but it seems that Pretoria has not bowed to the US pressure to downgrade commercial ties with Iran.
In January, trade and customs figures showed that South Africa’s crude imports from Iran stood at zero, compared with a monthly average of $ 280 million last year, but they began rising again in February.
According to the March data, crude imports totaled 1.6 million tons, with Nigeria supplying 38 percent, Iran 32 percent, Saudi Arabia 22 percent, and Angola the rest.
The United States and the European Union recently imposed tough financial and oil sanctions on Iran in an attempt to pile up pressure o n the country.
The US sanctions measure requires foreign financial institutions to make a choice between transactions with the Central Bank of Iran and Iran’s oil and financial sectors or being banned from the US economy.
On January 23, the EU agreed to ban oil imports as well as petroleum products from Iran and freeze the assets of the Central Bank of Iran across the EU.
The European Union also imposed a ban on the sale of diamonds and gold and other precious metals to Iran.
Iran has conclusively refuted the allegations that its nuclear program has been diverted to weapons production, saying that as a signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to acquire and develop nuclear technology meant for peaceful purposes.
THE Australian dollar has fallen ahead of a key rates decision by the central bank.
At 7am AEST today, the local unit was trading at 104.29 US cents, down from 104.58 cents yesterday.
HiFX senior trader Stuart Ive said suggestions that the Reserve Bank of Australia could cut the cash rate by more than 25 basis points had influenced the local currency.
"There has also been commentary suggesting the RBA should drop by 50 basis points, and that added some downward pressure on the Australian dollar," he said.
"The big events for today are the Chinese PMI (purchasing managers' index) and then the RBA decision in the afternoon.
"The Chinese manufacturing data will be closely watched as a measure of growth following its recent slowdown."
Mr Ive said he expected a reasonably cautious decision by the central bank, with a cut of only 25 basis points most likely.
"If they were going to cut by 50, they should have dropped by 25 basis points the last time when everyone expected them to," he said.
"I think the statement will be fairly negative, retracing the slowdown in world growth, particularly in China and the US, and focusing on the stability situation in Europe."
Mr Ive said elections in Greece and France this week would also be closely watched by the market.
India, Japan to Increase Cooperation in Energy Sector
In a bid to strengthen the commercial ties between the two countries, India and Japan today agreed to boost cooperation in infrastructure projects in DMIC, railways and energy sectors at their first Economic Dialogue here.
Besides the Delhi-Mumbai Industrial Corridor, the two countries also agreed to accelerate cooperation in infrastructure development in the areas along the Chennai- Bengaluru Industrial Corridor.
"We discussed the entire gamut of issues in which our two countries cooperate. In particular, we agreed on how to accelerate cooperation in the flagship DMIC," External Affairs Minister S M Krishna, who along with his Japanese counterpart Koichiro Gemba co-chaired the Dialogue, told reporters here.
A joint statement issued by the commerce ministry said that the two sides shared the views on the importance of further promoting investments and supportin g industries in the region through improving infrastructure such as ports, industrial parks and their surrounding facilities in Ennore, Chennai and the adjoining areas and stable power supply.
The two sides also decided to consider the possibility of strengthening their bilateral cooperation in the energy sector through establishing statistics databases for various segments including high energy consuming industries.
"We also discussed cooperation in the railways sector including the ongoing Dedicated Freight Corridor project as well as the possibility of India obtaining High Speed Rail technology from Japan," Krishna said.
India's ambitious USD 90 billion DMIC project is aimed at creating industrial infrastructure along the Delhi-Mumbai Rail Freight Corridor, which is under implementation. Japan is giving financial and technical aid for the project, which will cover seven states totalling 1,483 kilometers.
On the issues, Gemba said, "India and Japan will cooperate each other to achieve success in specific projects under DMIC. Both sides will work together to materialize the master plan on the infrastructure development in the areas between Chennai and Bengaluru."
Last year, Japan has expressed intention to invest USD 4.5 billion (about Rs 23,400 crore) in the DMIC project over the next five years.
Gemba also said that both the sides would promote cooperation in infrastructure development in India including in the area of high speed railway trains.
"Both sides will work to promote comprehensive economic partnership in East Asia," he said adding "we are at the stage to further develop bilateral economic relationship".
The two-way trade between the countries has increased to USD 18.31 billion in 2011-12 from USD 13.82 billion in 2010-11.
The energy issue was discussed at the fifth meeting of the India-Japan Energy Dialogue.
"The two sides decided to consider the possibility of further co operation in the establishment of statistics database in the sector concerned, including high energy consuming industries where energy consumption have been growing in India in recent years," the External Affairs Ministry said in a release after the meeting.
Planning Commission Deputy Chairman Montek Singh Ahluwalia, Japanese Minister for Economy, Trade and Industry Yukio Edano as well as senior officials from both sides participated in the discussions.
"Considering the big share of India and Japan in the world's demand for LNG, the two sides confirmed that the two countries could play an important role in expanding the market in the future, while ensuring the stability and transparency of the market. They confirmed they will work on methane hydrates," it added.
Canadian Dollar (CAD) Technical Major Currencies (2012-04-30)
loonie broke and settled below the consolidation range-bound shown on image; and that hints the bearish continuation scenario is more likely within the upcoming weeks, thus we anticipatedownside pressure to dominate the pair's movements this week, while 0.9950 should remain intact for this scenario to remain valid.
The trading range for this week is expected among the key support at 0.9650 and resistance at 0.9950.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0070.
Previous Report
Support
0.9800
0.9770
0.9750
0.9720
0.9700
Resistance
0.9840
0.9865
0.9900
0.9930
0.9980
Recommendation
Based on the charts and explanations above, we recommend selling the pair below 0.9865 targeting 0.9800 and 0.9750. Stop loss above 0.9950
By German Fashion Industry Foundation [Stiftung der Deutschen Bekleidungsindustrie - SDBI]
[Berlin], April 23, 2012 - Are men the new fashion victims?Are men afraid of beauty?How important is erotic capital to their style and their identity?Are fathers the new mothers? Does the classic guy have a future?
In other words: what makes a man? And what does he look like? The European Fashion Award FASH 2013 features this year's theme "SEXes" and is looking for new images for men - which in turn reveal new images for women too.
The annual competition was expanded to a global level in 2010, and targets exceptionally talented students from all sectors of design beginning with the fourth semester. The second category is also open to final projects.
The registration deadline is September 30th; the submission deadline is October 25th , 2012.
Detailed competition guidelines are available at www.sdbi.de.
We are glad of the commitment of all jury members. Margaretha van den Bosch, of Hennes & Mauritz from Stockholm, one of the most influential women of the fashion world, permitted. Robb Young from London writes for the International Herald Tribune, Financial Times or Vogue and is a strategic consultant in the fashion and luxury industry in Japan and Europe. Marcel Herrig works in his office for design in Shenzen, China for customers from Germany, USA, France, Italy and United Kingdom. From Berlin, one of the most famous young Designer, Michael Sontag is coming, as well as Dr. Adelheid Rasche, who is the Head of the worldwide biggest library for fashion at the National Museums in Berlin and Joachim Schirrmacher, creative consultant for go vernments, business and universities.
This reinforced international focus suits with the participants, by now over 50 percent come from abroad.
Prizes include photo sessions for all winning collections by a renowned fashion photographer as well as comprehensive communication services. Overall, all prizes are valued at more than 80,000 Euro, thereof 5.000 Euro in cash.
The winning projects will be presented to the international world of sports business and the media at an award ceremony and a special exhibition at ISPO MUNICH 2013 from February 3rd to 6th, 2013.
The European Fashion Award FASH by the German Fashion Industry Foundation (SDBI) The European Fashion Award FASH is an annual competition held by the Stiftung der Deutschen Bekleidungsindustrie (German Fashion Industry Foundation - SDBI) since 2005. Thanks to its tradition, fairness, authentic industry focus, challenging tasks, international jury, complex selection process, refined documentation, as well as the subsequent success of former award winners, FASH has become one of the most important sponsorship awards for fashion design students.
Fashion entrepreneur Klaus Steilmann founded SDBI in 1978. The foundation's goal is to norturne fashion students. In 2008 the foundation's charitable work was honoured with an award as part of the German government and commerce initiative "Deutschland - Land der Ideen"/"Germany - Land of Ideas".
[Berlin], February 1, 2012 - Victory and loss, pain or relief - sports invoke pure emotions and have seeped into almost all areas of life, even fashion. Yet performance sportswear does not play a very significant role in fashion design schools.
The European Fashion Award FASH 2012, in cooperation with the Special Award Gore Bike Wear, searched for sportswear for competitive, endurance, training or fitness sports combining function and fashion in a trend-setting way under the title "Active - Performance Sportswear". ..read more
Fortescue Seen Luring Anglo-to-Glencore on China Iron: Real M&A
The $ 18 billion company sells almost all of its iron ore to China. Photographer: Carla Gottgens/Bloomberg
A stacker loads crushed iron ore onto a stockpile at Fortescue Metals Group Ltd.'s Cloudbreak operation in the Pilbara region of Western Australia. Photographer: Carla Gottgens/Bloomberg
With Fortescue Metals Group Ltd. (FMG)’s earnings poised to almost triple, companies looking for a gateway to ship iron ore to China can still acquire the Australian producer at half the valuation it fetched a year ago.
Fortescue, already the world’s fifth-largest iron ore supplier, is adding mines, railways and port capacity to almost triple annual output to 155 million tons by June 2013. While analysts project its profit will surge nearly threefold to $ 2.8 billion in the 2014 fiscal year from current levels, Fortescue is still trading at 12.2 times earnings, 50 percent less than a year ago, according to data compiled by Bloomberg.
The $ 18 billion company, which sells almost all of its iron ore to China, would appeal to Anglo American Plc (AAL), the Glencore International Plc-Xstrata (XTA) Plc combination and Teck Resources Ltd., according to RBC Capital Markets, with steel production on the mainland forecast to increase more than 50 percent by 2025. While any suitor would need to win the backing of founder and biggest shareholder Andrew Forrest, they could offer a 43 percent premium and still pay only the median earnings multiple of mining takeovers in the last five years for the Perth-based company, data compiled by Bloomberg show.
“If you’re serious about getting into iron ore, this is probably the best way that you can do it,†said Chris Drew, a Sydney-based analyst at RBC. “You’ve got an appealing growth profile lined up straight ahead in front of you. There’s a substantial asset base, a reasonable cost base, all the infrastructure you need. It’s pretty compelling.â€
‘Like Gold’
Yvonne Ball, a spokeswoman for Fortescue, declined to comment on a possible sale of the company. After rising as much as 1.4 percent earlier today, Fortescue was unchanged at A$ 5.63 a share as of 11:07 a.m. in Sydney.
Founded in 2003 with a mine called Cloudbreak in Western Australia’s Pilbara region, Fortescue made its first iron ore shipment in May 2008, and reported revenue of $ 139 million for the twelve months that ended in June of that year. With the company targeting production of 55 million tons of iron ore this year, analysts estimate revenue will reach $ 6.7 billion, a 48- fold increase since 2008, data compiled by Bloomberg show.
Now the third-largest iron-ore miner in Australia after BHP Billiton Ltd. (BHP) and Rio Tinto Group (RIO), Fortescue generated 97 percent of its revenue from customers in China last year, according to its annual report. The company has its own railroad and about a quarter of the shipping capacity at Port Hedland, the world’s biggest terminal for iron ore shipments.
“That port capacity at Port Hedland is like gold,†said Peter Chilton, an investment analyst at Constellation Capital Management Ltd. in Sydney. “Plus there’s the potential for another port and more rail line.â€
Doubling Capacity
Fortescue is spending $ 8.4 billion, including on rail and port infrastructure, to raise annual output to 155 million tons a year by 2013. The company, which last November set a record for the largest iron-ore shipment to leave Port Hedland, plans to more than double capacity at the port and is expanding its rail network with an 81 mile rail spur to its Solomon mine.
“There’s no shortage of iron ore around the world,†said Peter Strachan, who heads Perth-based independent advisory firm StockAnalysis. “What there is is a shortage of iron ore which is linked to a railway line and a port.â€
Fortescue, whose $ 18 billion market value means that a takeover would be the largest acquisition of an Australian mining company ever, could be a target for London-based Anglo or the merged combination of Glencore (GLEN) and Xstrata, said Prasad Patkar, who helps manage about A$ 1 billion ($ 1 billion) at Platypus Asset Management Ltd. in Sydney, citing its port and rail assets.
‘Diversity of Geography’
“They’re all underweight iron ore in their portfolios and they have expressed a desire in the past,†to add iron ore, Patkar said in a telephone interview. For Anglo, which already mines iron ore in Brazil and South Africa, a purchase of Fortescue would add “diversity of geography,†he said.
Spokesmen at Anglo, Glencore, Xstrata and Teck Resources all declined to comment on possible interest in Fortescue.
Anglo, which held almost $ 12 billion in cash at the end of December, continues “to examine M&A opportunities as one of our strategic priorities,†Chairman John Parker wrote to investors in the company’s annual report in March. The company, which plans to raise iron ore production to 80 million tons by 2014, is struggling with budget overruns and delays at its Minas Gerais iron-ore project in Brazil. In December, Anglo raised its cost projection on that project for at least the fourth time to as much as $ 5.8 billion, more than double an initial estimate.
A combination of Glencore and Xstrata, who agreed in February to a merger that will create a commodities trading and mining giant, is likely to prompt other global mining companies to seek acquisitions to boost sales to BRIC economies, Bank of America Corp. analyst Oscar Cabrera wrote in a research note this month, referring to Brazil, Russia, India and China.
‘One Fell Swoop’
Zug, Switzerland-based Xstrata bought iron ore deposits in Mauritania for $ 516 million last year and co-owns the $ 6 billion Zanaga project in the Republic of Congo. Baar, Switzerland-based Glencore has an iron ore sales accord with a producer in Sierra Leone, and a holds a stake in a project in Republic of Congo. The company is studying acquiring iron ore mines, Chief Executive Officer Ivan Glasenberg said last year.
“Xstrata’s buying small-scale assets and building their own presence,†said RBC’s Drew. “They could look at doing it in one fell swoop and buy Fortescue.â€
Canada’s Teck Resources (TCK/B), with $ 4.3 billion in cash, has also said owning iron ore mines would be beneficial, given that the company already produces coking coal, the other key raw material for steel making. Teck Resources may have bought a 2.89 percent stake in Fortescue, the Australian Financial Review reported in February, without identifying its sources.
‘Our Plate’
“Iron ore would be a good fit with our portfolio,†Chief Executive Officer Don Lindsay told analysts Feb. 28. “We’ve said we don’t want to get into the iron ore business by project development, because as you can see we have quite a number of projects on our plate right now.â€
While the Vancouver-based company has expressed an interest in adding iron ore mines, it has had a hard time finding attractively valued assets close to China and already in production, Lindsay said.
That may have changed with the drop in Fortescue shares, according to Bank of America’s Cabrera.
“A combined Teck Resources and Fortescue mining entity would be in the sweet-spot of BRIC economies’ demand,†the Toronto-based analyst wrote in an April 9 note.
Opportunity for Buyers
Analysts predict Fortescue’s net income will climb to $ 2.8 billion by the year ending June 2014, from the $ 1 billion reported last year, estimates compiled by Bloomberg show.
Even with Fortescue projected to post record profit and sales in each of the next three years, the company’s shares are trading at 12.2 times earnings, down from 24.3 times 12 months ago, according to data compiled by Bloomberg. Fortescue retreated 35 percent last year as concern that Europe’s sovereign debt crisis and a possible slowdown in China would curb demand sent iron-ore prices to a 22-month low of $ 116.90 per ton in October.
The company’s shares have rebounded as China’s steel mills increased output to a record 61.58 million metric tons in March. New yuan loans that month surged to the most in a year and money-supply grew unexpectedly after Premier Wen Jiabao moved to bolster the economy by cutting banks’ required reserves and helping small companies get funding.
Fortescue’s valuation has created an opportunity for “longer-term bulls on iron ore,†said RBC’s Drew.
Third Richest
With Fortescue producing iron ore for less than $ 50 a ton on average, Morgan Stanley forecast in March that average iron ore prices will stay above $ 120 until at least 2017 as production fails to keep up with demand. Steel output in China will grow to as much as 1.1 billion tons by 2025, from about 700 million tons currently, BHP said last month.
Any buyer would need to win support of Fortescue chairman Forrest, who told journalists in 2008 that he would load his first shipment onto a train with a shovel if he had to. He founded the company in 2003, after his previous major mining venture -- a nickel company called Anaconda Nickel Ltd. -- left some U.S. bondholders with only 26 cents for each dollar they had invested.
A 32 percent stake in Fortescue has made Forrest Australia’s third-richest person with an estimated fortune of $ 5.3 billion, according to Forbes magazine. Still, he may be tempted to move on to the next venture, according to Alex Passmore, an analyst at Patersons Securities Ltd.
‘The Right Price’
“If you offered him the right price, he could deliver you control of the company,†Perth-based Passmore, who has a 12- month price estimate of A$ 7.40 on the stock, said. Forrest’s other business interests include nickel and gold, chairing Poseidon Nickel Ltd. (POS) and buying a 19.9 percent stake in Australian gold producer Apex Minerals NL (AXMDA) on April 24.
Forrest may agree to a merger paid for in shares of the buyer, so that his fortune is less dependent on a single product and a single consumer, according to Matthew Whittall, a resources analyst at Renaissance Capital Ltd. in Hong Kong.
“There’s an argument that the company could look to diversify,†he said in a phone interview. “Andrew Forrest is hugely exposed to iron ore and the future of iron ore.â€
A drop in iron ore prices to $ 100 per ton or less would push Fortescue’s stock price “materially lower,†Jim Chanos said at a New York conference this month hosted by Grant’s Interest Rate Observer, according to an April 20 note from Grant’s. Chanos, founder of the hedge fund Kynikos Associates LP, was one of the first investors to bet against Enron Corp.
‘Highly Profitable’
Fortescue would remain highly profitable even at prices of $ 90 or $ 100 a ton, the Australian newspaper said today, citing Forrest’s response to Chanos’ comments.
At current levels, a buyer could pay 43 percent more than Fortescue’s price of A$ 5.63 a share at the end of last week and still offer just the median multiple, of 17.4 times earnings, paid in 29 takeovers of mining companies larger than $ 1 billion, over the last five years, according to data compiled by Bloomberg.
Analyst forecasts for accelerating earnings growth mean that a buyer paying A$ 12 a share next year, or more than double the current stock price, will still be offering less than the median valuation, the data show.
Fortescue’s margin on earnings before interest, taxes, depreciation and amortization will remain at about 50 percent for the “medium term,†Bank of America’s Cabrera wrote earlier this month.
“Fortescue is eminently takeover-able,†Strachan at StockAnalysis said. “They’re in production, they’re cash-flow positive, they’ve got long-life reserves. They have infrastructure, and that’s key.â€
To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net.
Boyden Global Executive Search Strengthens Australian Team with Senior Investment Management Leader
Grant Hodgetts to expand funds management, capital markets and real estate investment recruiting for Australian and international clients
MELBOURNE, Australia--(BUSINESS WIRE)-- Boyden, a global leader in executive search with more than 70 offices in over 40 countries, announced today that Grant Hodgetts, an investment and capital markets expert with more than 30 years of experience in real estate and funds management, has joined Boyden Australia as an Executive Director.
Mr. Hodgetts will play an important role in recruiting for board, senior executive and functional leader roles related to cross-border investment in Australia, Asia and North America. He will serve clients out of Boyden’s Melbourne and Sydney offices and in partnership with other Boyden offices globally.
Mr. Hodgetts has an extensive background in real estate investment and property development together with the management and performance of third party capital invested in infrastructure and real estate debt and equity. He has successfully created, structured and marketed retail and wholesale funds for both the listed and unlisted markets in Australia, and has been responsible to investors for the operational management and investment performance of those funds.
Mr. Hodgetts has held several leadership positions with leading Australian investment management firms, most recently as CEO â€" Australia for Mirvac Investment Management. His prior roles include Head of Property in the Specialised Capital Group of Westpac Institutional Bank, Division Director of Property Investment Banking at Macquarie Bank, Director of Richard Ellis (Vic) Pty Ltd. and an executive of the AMP Society’s Property Division.
“Grant’s deep funds management and capital markets experience, together with his strong cross border credentials, are perfectly suited to helping our global clients recruit investment professionals in Australia and abroad,†said Michael Catlow, Managing Director of Boyden Australia. “Having worked as an investment banker and funds manager through major highs and lows in global finance, he truly understands the types of leaders needed in today’s international markets.â€
In addition to his work in Australia, Mr. Hodgetts has experience and long standing investor relationships throughout Asia, Europe and North America. He has also had responsibility for the governance, operational management, financial contribution and portfolio performance of funds with investments in residential development, golf courses, sporting stadiums, forestry assets, toll roads, car parks, hotels and commercial, retail and industrial investment properties globally.
He holds a B.A. from La Trobe University, an Associate Diploma in Valuations from RMIT and an Advanced Certificate in Business Studies (Real Estate), also from RMIT. He is an Associate of the Australian Property Institute and a member of the Australian Institute of Company Directors.
Mr. Hodgetts was a founding Director of the Property Industry Foundation in Victoria and has been actively involved in fund raising for the Royal Flying Doctor Service. He is keenly interested in outback Australia and is passionate about the health and wellbeing of Indigenous Australians.
About Boyden World Corporation
Boyden is a global leader in the executive search industry with more than 70 offices in over 40 countries.
Founded in 1946, Boyden specialises in high level executive search, Interim Management and Human Capital consulting across a broad spectrum of industries. For further information, visit the firm’s website at www.boyden.com.
Major British supermarket chain announces boycott of produce made in West Bank settlements
One of the largest supermarket chains in Britain has announced that it intends to boycott Israeli agricultural exporters that market also produce from the West Bank settlements.
While British food retailers have for some years now been labeling products that are grown or manufactured in settlements and in some cases boycotting them entirely, this is the first move by a major company to end all dealings with companies that export products from within the Green Line and from the settlements. The main companies that will be impacted by this decision are Agrexco, Mehadrin and Arava.
A Palestinian man throw a product from Jewish settlements in a fire in the West Bank village of Salfit, Tuesday, May 18, 2010.
Photo by: AP
The announcement came this weekend following years of campaigning by pro-Palestinian organizations in Britain that have been lobbying for boycotts, divestment and sanctions (BDS) of Israel. Co-op, the fifth biggest supermarket chain in Britain has emphasized that this is not a boycott of Israel and that it will continue doing business with companies that can guarantee none of their products originate from outside the Green Line.
The attempts to limit the export of settlement produce to Europe were led in the past by the European Union and the British government. In 2009, the British government, at the express instructions of former Prime Minister Gordon Brown, issued guidelines to retailers on clear labeling of produce made in settlements, differentiating it from Palestinian produce and products that were made within the Green Line. These guidelines followed Israeli refusals to label settlement products before being exported to the EU. The issue of labeling settlement produce was a major bone of contention between the British and Israeli governments at the time.
In recent years, the BDS movement has targeted companies such as Agrexco, an export cooperative that serves thousands of farmers, kibbutzim and small agricultural companies in Israel that has continued to export settlement produce.
Hilary Smith, of the Boycott Israel Network welcomed the the Co-op's decision saying that the chain "has taken the lead internationally in this historic decision to hold corporations to account for complicity in Israel’s violations of Palestinian human rights. We strongly urge other retailers to follow suit and take similar action."
The Foreign Ministry in Jerusalem responded saying that "it is a pity to see some, who ostensibly pretend to contribute to peace and reconciliation, advance a negative agenda of boycotts, inject an atmosphere of confrontation and widen the distance between the parties involved. It would be prudent to seek a more positive approach to conflict resolution."
With nations around the world vying for clean energy leadership, India has taken a bold step toward becoming a leader in solar development. In only two years under India’s ambitious national solar policies, prices for solar energy in India have dropped dramatically, approaching the price of traditional energy from fossil fuels. While the Indian government has a long way to go to reach its goals of 20 gigawatts of solar energy by 2022, India’s experience is a strong example of how national and state policies can unleash the potential of clean energy.
Just last week, NRDC and our partner, the New Delhi-based Council on Energy, Environment and Water (CEEW), released a new report showing how -- in just two years -- India’s National Solar Mission has transformed the solar market in India. The report, Laying the Foundation for a Bright Future, is the first independent, external analysis that’s been done on the strengths and hurdles faced by India’s solar efforts.
India’s solar numbers are nothing short of impressive: Under the first phase of the project, India’s installed solar capacity jumped from only 17.8 MW to over 500 MW. During that time, solar energy prices dropped to as low as Rs. 7.49/kWh, or $ 0.15 USD/kWh, faster than most anticipated, as we discuss at the U.S.-India Energy Summit hosted by TERI and Yale University.
Why are those prices significant? In India, solar energy is approaching grid parity, or the point where it can compete with energy from traditional sources like coal and natural gas -- a fairly remarkable feat for such a young market. In order to make the transition to clean, safe sources of energy around the world, we need these new technologies to be able to compete with long-standing, dirtier sources of fuel, which have dominated the market for centuries. India is providing a strong example for other countries of how we might get there.
As India enters Phase 2 of the National Solar Mission, we know there are significant opportunities to grow the Indian solar market even more. As part of our report, NRDC and CEEW outlined concrete and feasible steps the central government, private sector and other stakeholders can take to work toward the Mission’s goal of 20 GW of installed solar capacity by 2022.
Benchmarks, Transparency and Monitoring: The Indian government urgently needs to increase the level of information available on the Mission’s progress, by enforcing period updates on the progress of each project, and making the commissioning system more consistent and transparent. Moreover, to increase confidence among investors in the solar market, project technology choices should be transparent and data on available sunlight (known as irradiance data) should be made publicly available.
Strategic Financing: Central and state government agencies, with the leadership of India’s Ministry of New and Renewable Energy (MNRE), should develop a strategy to optimize the role of different funding sources and financial institutions. Some institutions are better suited for project financing, while others are needed to increase information, offer payment guarantees, support R&D, or boost skills development. Only when a comprehensive financing strategy is in place, will different financial interventions succeed in scaling solar energy investments. Â
Technology-Neutral Manufacturing:Â The Indian government can further grow domestic manufacturing by making policies technology-neutral and market-enabling. Options include: (a) a domestic content requirement (DCR) that all photovoltaic modules are manufactured in India, uniformly enforced across all PV technologies (currently, certain technologies are exempt and are therefore imported at a lower cost from other countries); (b) a DCR specifying that a certain percentage of the solar PV components be manufactured in India; or (c) consider a different form of incentive to promote domestic manufacturing without being restrictive to foreign-manufactured technologies.
With clean energy investments reaching a record $ 263 billion worldwide in 2011, it’s no secret that nations around the world are closely following the progress of the National Solar Mission. As other governments try to replicate the successes and learn from the hurdles encountered under India’s program, the Indian government has a huge opportunity to encourage growth in solar energy at a global level.
At NRDC, we’re excited to see India’s bold leadership on solar, and look forward to working with all stakeholders as they embrace the next phase of solar development, including more comissioned grid-connected projects as well as off-grid and rooftop solar projects.
CCI approves HSBC proposal to acquire RBS assets in India
CCI approves HSBC proposal to acquire RBS assets in India
In 2010, UK-based RBS had announced it would sell off its retail and commercial banking business in India
Press Trust of India / New Delhi Apr 29, 2012, 11:18 IST
Competition watchdog CCI has approved the proposal of HSBC to acquire retail and commercial assets of Royal Bank of Scotland (RBS NV) and wealth management business of RBS Financial Services (RBS FSPL) in India.
In an order, the Competition Commission of India (CCI) noted that HSBC and RBS FSPL have relatively very few branches in India and there was presence of a large number of banks that provide services similar to the services provided by HSBC, RBS NV and RBS FSPL.
"Considering the facts on record and the details provided in the notice given under sub-section (2) of Section 6 of the Act and the assessment of the proposed combination is not likely to have any appreciable adverse effect on competition in India..."
"...Therefore, the Commission hereby approves the proposed combination under sub-section (1) of Section 31 od the Act," the CCI while approving the proposed merger.
In July 2010, UK-based RBS had announced it would sell off its retail and commercial banking business in India, worth $ 1.8 billion (about Rs 8,500 crore then), to British banking major HSBC.
RBS, which received a 45.5 billion pound bailout from the UK government post the 2008 financial crisis, would sell its retail and SME business in India for a premium of $ 95 million, which would be over the adjusted net asset value of the bank's businesses in the country.
As on March 31, 2011, HSBC and RBS together have 81 branches in India.
HSBC in i ts submission to the CCI had said except for some of the branch licences to required to continue its business, RBS NV would surrender its branch licenses.
"HSBC would apply to the RBI for obtaining the licences for its new branches to continue the business being acquired under the proposed combination," CCI said quoting HSBC's submission.
Even after the sale, RBS has said it would continue to retain its wholesale and investment banking businesses in India.
EBay stepping up investment in India to boost its share in market
MUMBAI: EBay Inc is stepping up investment in India to boost its share of a market dominated by domestic players such as Flipkart and fend off encroachment from arch-rival Amazon.com.
The e-commerce company dipped a toe into the Indian market seven years ago and stuck with a cautious approach, even as local upstarts made splashy grabs for business in a tiny but growing market.
"The talks of us having missed the bus are exaggerated," Muralikrishnan B, country manager for Silicon Valley-based eBay told Reuters in an interview in Mumbai.
"Most of the new business models are just waiting to implode. We have chosen the ca utious route, unlike a lot of Indian businesses who are blindly investing money without having an eye on sustainability or profitability," he said.
The company hopes to bring its online payments business PayPal into India soon, which would help draw more online shoppers in a country where most online retail merchandise is sold on a cash-on-delivery basis.
EBay India, which started in 2005, clocks six transactions per minute, according to the Internet and Mobile Association of India. By comparison, fast-growing Flipkart, founded by two former Amazon employees in 2007, sells 20 items per minute.
Muralikrishnan, 36, joined eBay shortly after its entry into India.
He does not believe eBay has ceded an early mover advantage. "We waited for the righ t moment because we didn't want to get caught up in the clutter. We were sure a lot of this new money will dry up and that has already started to happen."
AMAZON LOOMS
India's $ 10 billion e-commerce market, dominated by online travel portals led by MakeMyTrip.com and Yatra.com, is seeing a flurry of promotional activity from startups that sell everything from electronics to clothes, shoes and fragrances.
Besides Flipkart, aggressive local players include HomeShop18, OLX, Quickr and Snapdeal.
Online shopping is still in its infancy, but it has struck a chord with time-constrained middle class shoppers in India, where rising incomes, aspirations to own brands, and an underdeveloped brick-and-mortar retail network are pushing many to shop from their homes.
Consulting firm Technopak expects the market to hit $ 70 billion by 2020.
EBay, which started in India s elling flowers and chocolates as gift items to love-struck couples, now sells a variety of products including phones, mountain climbing gear and collectible stamps, either via auction or at fixed prices.
Muralikrishnan, who helped Sify Technologies set up shop in India before joining eBay, acknowledges there are worthy competitors. Its much-larger global rival, Amazon, recently entered India through the acquisition of a local price comparison platform called Junglee.com and is expected to launch an international online store.
"At some point of time Amazon will enter India and they are a credible threat to us," he said.
EBay plans to invest millions of dollars in advertising in coming years, although Muralikrishnan did not give specifics.
It is also investing in strengthening its supply chain and distribution by tying up with courier services, and it hopes that PayPal will clear regulator y hurdles at the Reserve Bank of India soon.
"PayPal should enter India soon and then we will have a lot more people making payments online because that's a globally trusted name," Muralikrishnan said.
[unable to retrieve full-text content]...but we still thought it was a cracking audition. Not surprisingly, Mr Grumpy (that’s Simon, in case you were wondering) found organist Graham Blackledge’s smile ‘annoying.’ Suddenly studying got a whole lot sexier. In addition to being clever clogs, Truly... ForexNews.com
CA Media, the Asian investment arm of The Chernin Group (TCG), and Endemol, the world’s largest independent television producer, today announced the formation of a strategic alliance in which CA Media has acquired a 49% stake in Endemol India. CA Media and Endemol’s strategy is to build Endemol India into the leading and most valuable content production company in India across television, film and digital content. Deepak Dhar who has been Managing Director of Endemol India since 2007 will continue to lead the company and is promoted to CEO.
Founded in 2006 and based out of Mumbai, Endemol India has grown to be one of India’s largest producers of entertainment television. The company is known for its successful shows including “Bigg Boss†(India’s version of “Big Brotherâ€, which has had 5 Seasons to date) and “Fear Factor†(4 Seasons) for Colors. Other hit programming includes talent shows “Laughter Challenge†(4 seasons) and “Jo Jeeta Wohi Super Star†(2 seasons) for Star Plus, and over 400 episodes of “Deal or No Deal†and the recently launched “The Money Drop†for Sun Network.
Key strategic priorities for Endemol India include establishing a strong presence in the Indian film sector as well as expansion in scripted and regional television, areas in which Endemol India is already active. CA Media’s backing provides Endemol India with extensive operational experience from its principals and the required financial resources for executing the ambitious growth strategy. At the same time Endemol India will continue to produce and exploit Endemol’s global portfolio of formats and IP. International distribution of all content developed by the operation will be handled by Endemol.
The Chernin Group Chairman and CEO Peter Chernin commented: “India is a critical investment market for CA Media and we’re pleased to partner with Endemol to work together to further leverage the growth in the Indian media and entertainment space. We believe that Endemol India is poised to capitalize on the expected explosive growth across all platforms in this industry.â€
Just Spee, CEO of Endemol Group commented: “India represents a significant opportunity for Endemol and our collaboration with CA Media strongly positions us to become the region’s largest content producer. With his far-reaching experience and expertise in the market, Deepak is the ideal candidate to lead this project and we are excited to be working with CA Media and The Chernin Group.â€
Paul Aiello, CEO of CA Media added, “This is our largest investment in Asia to date and reflects not just our ambitions for this market but also our trust in Endemol India’s capabilities, to jointly build the leading production company in the Indian entertainment space.â€
“Our new partnership with Endemol fits in well with our plans of creating a diversified portfolio of assets in the media and entertainment space, with Endemol India being at the epicentre,†commented Rajesh Kamat, CEO of CA Media India. He added, “If there’s one company that is poised to really leverage the growth-explosion ahead in the Indian content space then it is Endemol. Our alliance will ensure that Endemol will achieve growth across screens, demographics and genres.†Deepak Dhar, CEO of Endemol India added: “We couldn’t ask for a stronger partner than CA Media for this venture. Our alliance with them will provide us with the expertise, relationships and resources for us to become a major player in Indian film and regional television, whilst further building our leading position in the entertainment space. We’re all extremely excited about this development and look forward to sharing further details of our plans in due course.â€
O’Melveny & Myers served as the legal advisor for CA Media on the transaction. Endemol was advised by Amarchand & Mangaldas & Suresh A Shroff & Co.
MOSCOW - China and Russia have signed 27 trade contracts worth $ 15 billion, Chinese Vice-Premier Li Keqiang said on Saturday.
Li attended the signing ceremony of the contracts before a meeting on China-Russia trade and investment.
Addressing the meeting, Li proposed that both China and Russia endeavor together to further promote their trade and economic cooperation.
The two countries could expand their cooperation in various fields, including finance, direct investment, energy, mechanical and electronic products, he said.
Russian First Deputy Prime Minister Igor Shuvalov also attended the meeting.
China is the top trade partner of Russia. Bilateral trade volume reached 79.25 billion U.S. dollars in 2011, up 42.7 percent year-on-year.
CA Media, the Asian investment arm of The Chernin Group (TCG), and Endemol, the world’s largest independent television producer, today announced the formation of a strategic alliance in which CA Media has acquired a 49% stake in Endemol India. CA Media and Endemol’s strategy is to build Endemol India into the leading and most valuable content production company in India across television, film and digital content. Deepak Dhar who has been Managing Director of Endemol India since 2007 will continue to lead the company and is promoted to CEO.