Mumbai/ Bangalore: It's Senorita for Indians this summer.
Bollywood-crazy Indians are now going where the stars have been.
Six months after the release of Zindagi Na Milegi Dobara, Spain continues to dominate the travel charts of Indian tourists.
Travel agents and tour operators say there has been an over 20 per cent increase in bookings to Spain this summer, thanks to the popularity of the movie.
“Also many tourists coming to Spain have already visited other parts of Europe; they want to experience a new culture,” said Mr Manmeet Ahluwalia, Marketing Head, Expedia India.
Spain's Ministry of Tourism recorded over 53,000 Indian arrivals showing a growth of 35 per cent in the first half of 2011. This year, Spain expects to receive more than 56 million global tourists.
“Spain is the big mover this year, thanks to its Tourism Board's big investment in the Indian market and also because of the film, which has been extensively shot in that country,” said Mr Shravan Gupta, Managing Director, Travel Tours. “Thanks to the movie, our clients are even enquiring about the Tomatina festival and bull run.”
The movie's popularity has also spurred interest in specific destinations such as Costa Brava, Seville, Pamplona, Barcelona and Valencia featured in the movie, said Mr Frederick Divecha, Head Tour Operating B2C, Kuoni India.
Mr Gupta of Travel Tours pointed out that his business to Spain has doubled this season.
“By end of July, our company should have sent 300-400 people to Spain,” he said, adding that already over 100, including a golfers' group, had confirmed bookings for Spain.
The success of ZNMD has also encouraged Spain Tourism to initiate incentives for film production in the country besides other benefits to showcase its tourism potential.
Success in my Habit
Tuesday, April 3, 2012
India, UK bilateral talks to focus on financial sector ties
New Delhi: The fifth ministerial level India-UK Economic and Financial Dialogue will be held in the Capital on Monday.
The Finance Minister, Mr Pranab Muherjee, will co-chair the talks with the UK’s Chancellor of the Exchequer, Mr George Osborne.
Mr Mukherjee and Mr Osborne will also hold a bilateral meeting to share views on macro-economic policies and issues of mutual commercial concern, among others.
This year’s Dialogue is likely to focus on strengthening the UK-India financial sector partnership, boosting infrastructure ties besides issues of structural reforms, education and skill building.
The British Government has been urging India to allow enhanced presence for foreign banks.
Many Indian banks have also in the recent years established presence in the UK. A case may be made for further strengthening the ties on this front.
Indications are also that the issue of retrospective amendments in tax laws would figure in the Dialogue. Both India and the UK have in recent years resorted to retrospective amendments in their tax laws. This has irked industry from both the sides.
The issue of rallying round the American nominee for the post of the World Bank President may also figure in the bilateral talks.
The previous ministerial level meeting of the EFD was held in London in July last year.
The Finance Minister, Mr Pranab Muherjee, will co-chair the talks with the UK’s Chancellor of the Exchequer, Mr George Osborne.
Mr Mukherjee and Mr Osborne will also hold a bilateral meeting to share views on macro-economic policies and issues of mutual commercial concern, among others.
This year’s Dialogue is likely to focus on strengthening the UK-India financial sector partnership, boosting infrastructure ties besides issues of structural reforms, education and skill building.
The British Government has been urging India to allow enhanced presence for foreign banks.
Many Indian banks have also in the recent years established presence in the UK. A case may be made for further strengthening the ties on this front.
Indications are also that the issue of retrospective amendments in tax laws would figure in the Dialogue. Both India and the UK have in recent years resorted to retrospective amendments in their tax laws. This has irked industry from both the sides.
The issue of rallying round the American nominee for the post of the World Bank President may also figure in the bilateral talks.
The previous ministerial level meeting of the EFD was held in London in July last year.
Friday, March 30, 2012
JMR Infotech opens subsidiary in Nigeria
Kozhikode: JMR Infotech, banking software services and solutions provider, has opened a subsidiary in Nigeria.
The company, an Oracle partner for FLEXCUBE services, already services a number of clients in the African continent.
The Nigerian subsidiary will allow it to increase its reach and logistics flexibility across West African region, according to Mr Jayafar Moidu, Chief Executive Officer.
The company sees steady growth in West African economy.
This will prompt the banking and financial institutions in the region to look for banking software service providers to support the rapid growth and launch of innovative products and services.
The company, an Oracle partner for FLEXCUBE services, already services a number of clients in the African continent.
The Nigerian subsidiary will allow it to increase its reach and logistics flexibility across West African region, according to Mr Jayafar Moidu, Chief Executive Officer.
The company sees steady growth in West African economy.
This will prompt the banking and financial institutions in the region to look for banking software service providers to support the rapid growth and launch of innovative products and services.
Hinduja Energy ties up with Germany's Steag
Mumbai: Hinduja Energy India has formed a joint venture with Steag Energy Services (India) for operation and maintenance of power projects.
Hinduja Energy is part of the Hinduja Group. Steag Energy is a subsidiary of German energy major Steag GmbH and is the fifth largest electricity producer in Germany.
It operates 11 power plants. Its total installed capacity is about 9,400 MW worldwide, including 7,700 MW in Germany. In 2010, Steag's sales revenue totalled €2.8 billion.
A statement from the Hindujas said the joint venture will operate the Visakhapatnam plant of Hinduja National Power Corporation Ltd (HNPCL).
The 1040-MW coal-based plant is expected to be commissioned in 2013.
Huge Investment
The venture will also take up operation and maintenance of new power projects.
Mr A. K. Puri, Managing Director, HNPCL, said the joint venture for O&M will have a major role ahead, given the projected double-digit growth in aggregate power generation in the country.
The Hinduja Group plans to build 10,000 MW of generating assets over 7-8 years at an investment of $12-14 billion.
Steag has also acquired a five per cent stake in HNPCL through Steag Energy for an undisclosed premium with an option to invest in the future power projects of the group.
Mr Ashok P. Hinduja, Chairman, HNPCL, said: “I anticipate an enduring and successful partnership with Steag, further cemented by the five per cent stake in HNPCL.”
Mr Joachim Rumstadt, Chairman of the Executive Board at Steag said, “Through the cooperation with our Indian partner, we are expanding our commitment to the international power plant business.”
Hinduja Energy is part of the Hinduja Group. Steag Energy is a subsidiary of German energy major Steag GmbH and is the fifth largest electricity producer in Germany.
It operates 11 power plants. Its total installed capacity is about 9,400 MW worldwide, including 7,700 MW in Germany. In 2010, Steag's sales revenue totalled €2.8 billion.
A statement from the Hindujas said the joint venture will operate the Visakhapatnam plant of Hinduja National Power Corporation Ltd (HNPCL).
The 1040-MW coal-based plant is expected to be commissioned in 2013.
Huge Investment
The venture will also take up operation and maintenance of new power projects.
Mr A. K. Puri, Managing Director, HNPCL, said the joint venture for O&M will have a major role ahead, given the projected double-digit growth in aggregate power generation in the country.
The Hinduja Group plans to build 10,000 MW of generating assets over 7-8 years at an investment of $12-14 billion.
Steag has also acquired a five per cent stake in HNPCL through Steag Energy for an undisclosed premium with an option to invest in the future power projects of the group.
Mr Ashok P. Hinduja, Chairman, HNPCL, said: “I anticipate an enduring and successful partnership with Steag, further cemented by the five per cent stake in HNPCL.”
Mr Joachim Rumstadt, Chairman of the Executive Board at Steag said, “Through the cooperation with our Indian partner, we are expanding our commitment to the international power plant business.”
HCL Tech, Cisco set up centre of excellence in Johannesburg
New Delhi: IT services provider HCL Technologies Ltd has strategically aligned with Cisco to announce the opening of a South Africa Glocal Centre of Excellence (GCoE) in Johannesburg.
This will serve as a local support centre for HCL and Cisco's South African clients. It will also train local engineers on advanced Cisco technologies to support clients across Africa, especially in South Africa.
HCL had earlier established a Global Cisco Hub in India. The new GCoE, to be operated by HCL, will be aligned with the India hub to address the skills shortage for advanced technologies in both regions.
HCL has already trained an initial batch of 26 local engineers who are already deployed on key projects in five regional hubs across South Africa, with plans to train 100 engineers at the centre over next 12 months.
The GCoE will serve customers through HCL's partner network throughout Africa. It will also service clients by developing ICT skill sets, creating trained local personnel to deploy and manage advanced solutions.
The centre will support a number of vertical sectors, including telecom service providers, banking and financial services, public sector and the retail and mining industry.
Mr Ashish Gupta, Senior Vice-President and Head - EMEA, HCL Infrastructure Services Division, HCL Technologies, said, “As more and more companies in the West look for new avenues of growth, we are seeing a large demand for leading edge IT solutions coming in from emerging markets like Africa.”
Mr Stefano Mattiello, Director, Channels for Cisco South Africa, said “The centres of excellence we operate help us provide a global reach through technology use.”
This will serve as a local support centre for HCL and Cisco's South African clients. It will also train local engineers on advanced Cisco technologies to support clients across Africa, especially in South Africa.
HCL had earlier established a Global Cisco Hub in India. The new GCoE, to be operated by HCL, will be aligned with the India hub to address the skills shortage for advanced technologies in both regions.
HCL has already trained an initial batch of 26 local engineers who are already deployed on key projects in five regional hubs across South Africa, with plans to train 100 engineers at the centre over next 12 months.
The GCoE will serve customers through HCL's partner network throughout Africa. It will also service clients by developing ICT skill sets, creating trained local personnel to deploy and manage advanced solutions.
The centre will support a number of vertical sectors, including telecom service providers, banking and financial services, public sector and the retail and mining industry.
Mr Ashish Gupta, Senior Vice-President and Head - EMEA, HCL Infrastructure Services Division, HCL Technologies, said, “As more and more companies in the West look for new avenues of growth, we are seeing a large demand for leading edge IT solutions coming in from emerging markets like Africa.”
Mr Stefano Mattiello, Director, Channels for Cisco South Africa, said “The centres of excellence we operate help us provide a global reach through technology use.”
RBI allows cross border remittances through mobiles
Mumbai: The RBI has permitted banks to enable cross border remittance between bank accounts through the medium of mobile, subject to clearance from the local regulator.
Banks will have to be responsible for ensuring quality of funds, adherence to know-your-customer, and so on, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, at an International Banking Summit.
Dr Chakrabarty said at the beneficiary end, the RBI has enabled loading of funds received from overseas under the Money Transfer Service Scheme on to a prepaid payment instrument issued by a bank to the recipient of the funds.
Uptrend in m-banking
Transactions in mobile banking have been showing an uptrend, according to Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.
During February 2012, more than 28 lakh transactions for close to Rs 196.12 crore were transacted; a 300 per cent increase in volume and more than 200 per cent in value terms as compared to 7 lakh transactions for close to Rs 61.61 crore during February 2011.
At present, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services, said Dr Chakrabarty.
Banks will have to be responsible for ensuring quality of funds, adherence to know-your-customer, and so on, said Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, at an International Banking Summit.
Dr Chakrabarty said at the beneficiary end, the RBI has enabled loading of funds received from overseas under the Money Transfer Service Scheme on to a prepaid payment instrument issued by a bank to the recipient of the funds.
Uptrend in m-banking
Transactions in mobile banking have been showing an uptrend, according to Dr K.C. Chakrabarty, Deputy Governor, Reserve Bank of India.
During February 2012, more than 28 lakh transactions for close to Rs 196.12 crore were transacted; a 300 per cent increase in volume and more than 200 per cent in value terms as compared to 7 lakh transactions for close to Rs 61.61 crore during February 2011.
At present, 65 banks have been approved for conduct of mobile banking out of which 47 banks have commenced offering these services, said Dr Chakrabarty.
BRICS signs pact to extend credit in local currencies
New Delhi: To reduce transaction costs of intra-BRICS trade, the five-member emerging economies' group on Thursday inked a pact to extend credit in respective local currencies.
The agreement, signed at the conclusion of the fourth BRICS Summit here, is intended to reduce the demand for fully convertible currencies for transactions between Brazil, Russia, India, China and South Africa (BRICS).
The grouping also signed an agreement on Letter of Credit (LC) Confirmation Facility which envisages confirmation of LCs on receipt of a request from an exporter, exporter's bank or importer's bank.
The Prime Minister, Dr Manmohan Singh, also called for greater interaction amongst business communities. “Issues such as easier business visas must be prioritised. As large trading countries, BRICS countries have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures,” he added.
Development Bank
Addressing the Summit, Dr Singh said, a suggestion had been made to set up a BRICS Development Bank. “We have directed our Finance Ministers to examine the proposal and report back at the next Summit,” he said. The BRICS Finance Ministers will study the feasibility and viability of the initiative and set up a joint working group for the study.
The proposal on the BRICS Development Bank formed part of the Summit's Delhi Declaration.
The proposed development bank will be for mobilising resources for infrastructure and sustainable projects in BRICS and other emerging economies and developing countries. The proposed bank's resources are to supplement the existing efforts of multilateral and regional financial institutions for global growth and development.
IMF, World Bank Reform
Significantly, the BRICS countries called for reforming the International Monetary Fund and World Bank by increasing representation from developing countries.
They agreed to support a developing country candidate for the post of World Bank President.
Taking serious note of the impact of the Euro Zone crisis on the world economy, the grouping said “The immediate priority is to restore market confidence and get global growth back on track.”
Referring to the risks of large and volatile cross-border capital flows being faced by emerging economies, they said, “We call for further international financial regulatory oversight and reform, strengthening policy coordination, financial regulation, supervision cooperation, and promoting the sound development of global financial markets and banking systems.”
The BRICS countries also called for closer co-operation to revive the stalled Doha Round talks for a deal on further liberalising global trade.
The agreement, signed at the conclusion of the fourth BRICS Summit here, is intended to reduce the demand for fully convertible currencies for transactions between Brazil, Russia, India, China and South Africa (BRICS).
The grouping also signed an agreement on Letter of Credit (LC) Confirmation Facility which envisages confirmation of LCs on receipt of a request from an exporter, exporter's bank or importer's bank.
The Prime Minister, Dr Manmohan Singh, also called for greater interaction amongst business communities. “Issues such as easier business visas must be prioritised. As large trading countries, BRICS countries have a strong interest in removing barriers to trade and investment flows and avoiding protectionist measures,” he added.
Development Bank
Addressing the Summit, Dr Singh said, a suggestion had been made to set up a BRICS Development Bank. “We have directed our Finance Ministers to examine the proposal and report back at the next Summit,” he said. The BRICS Finance Ministers will study the feasibility and viability of the initiative and set up a joint working group for the study.
The proposal on the BRICS Development Bank formed part of the Summit's Delhi Declaration.
The proposed development bank will be for mobilising resources for infrastructure and sustainable projects in BRICS and other emerging economies and developing countries. The proposed bank's resources are to supplement the existing efforts of multilateral and regional financial institutions for global growth and development.
IMF, World Bank Reform
Significantly, the BRICS countries called for reforming the International Monetary Fund and World Bank by increasing representation from developing countries.
They agreed to support a developing country candidate for the post of World Bank President.
Taking serious note of the impact of the Euro Zone crisis on the world economy, the grouping said “The immediate priority is to restore market confidence and get global growth back on track.”
Referring to the risks of large and volatile cross-border capital flows being faced by emerging economies, they said, “We call for further international financial regulatory oversight and reform, strengthening policy coordination, financial regulation, supervision cooperation, and promoting the sound development of global financial markets and banking systems.”
The BRICS countries also called for closer co-operation to revive the stalled Doha Round talks for a deal on further liberalising global trade.
Thursday, March 29, 2012
Central Bank, Angel Broking launch three-in-one online trading platform
Mumbai: Central Bank of India and Angel Broking have tied-up for the launch of a three-in-one online share trading facility. The facility will only be available to the bank's customers, said the broking firm at a press meet on Monday. Customers will be given a three-in-one account which will include a savings, a demat and a trading account. “The central theme of the solution is to make it easy for Central Bank of India customers to trade online, and manage all the three accounts i.e. deposit, demat and trading with a single online interface on a real-time basis,” said a release from the firm.
The platform will enable customers to mark funds from their deposit account towards the angel trading account. The customer can opt for trading in equities, futures and options, exchange traded currency derivatives among other segments. Within a month's time, customers will be able to make IPO bids on the platform as well, said Mr Vinay Agrawal, Executive Director, Angel Broking.
Kerala plans nation's first telecom tech incubator
Thiruvananthapuram: Startup Village, purported to be the country's first technology business incubator in telecom, is preparing to take off in Kerala.
Also the first public-private partnership incubator, it will go on stream in Kochi in early April with a projected investment of Rs 100 crore.
At least 1,000 student startups are expected to set up base here, Chief Minister, Mr Oommen Chandy, announced in New Delhi.
National Science and Technology Entrepreneurship Development Board (NSTEDB) and Kerala Government-run Technopark are the promoters.
MobME Wireless, a student start-up and has grown to become one of the country's top-10 emerging companies, will be the private partner.
The project will seek to transform the State into a ‘Silicon Coast,' an official spokesman quoted Mr Chandy as saying.
Among those present with him were Dr Kiran Karnik, former president of Nasscom; Dr H. K. Mittal of the Department of Science and Technology; Mr Rajan Mathews, Director-General, Cellular Operators Association of India; Mr Abhishek Goyal, Chief Executive Officer, UrbanTouch.com; and Mr Sanjay Vijayakumar, Chairman of the Board of Governors, Startup Village.
First Steps
Technopark took its first steps into incubation when MobME Wireless, promoted by then engineering students, was launched in 2006.
The Technopark incubator quickly rose in six years to become one of the most prominent national technology incubators.
It also won the President's award for best technology business incubator in the country for 2008.
There are now 125 companies here employing 3,000 people and generating Rs 100 crore in annual revenue, Mr Chandy said.
Mr Kris Gopalakrishnan, Co-Founder of Infosys, would be the Chief Mentor for the startups at the Village.
The telecom and information technology industry has extended support to this venture, the official spokesman said.
Among those likely to join as mentors or investors are: Dr Kiran Karnik; Mr Abhishek Goyal; Mr Sharad Sharma, former CEO, Yahoo India R& D; Mr Ganesh Lakshminarayan, Managing Director, Dell India; Mr K. K. Natarajan of Mindtree; Mr Arun Kumar, Global Board Member of KPMG; Dr Ravi Pillai, the biggest employer of Indians in West Asia ; and Mr K. Nanda Kumar, CEO and President, SunTec Business Solutions.
Also the first public-private partnership incubator, it will go on stream in Kochi in early April with a projected investment of Rs 100 crore.
At least 1,000 student startups are expected to set up base here, Chief Minister, Mr Oommen Chandy, announced in New Delhi.
National Science and Technology Entrepreneurship Development Board (NSTEDB) and Kerala Government-run Technopark are the promoters.
MobME Wireless, a student start-up and has grown to become one of the country's top-10 emerging companies, will be the private partner.
The project will seek to transform the State into a ‘Silicon Coast,' an official spokesman quoted Mr Chandy as saying.
Among those present with him were Dr Kiran Karnik, former president of Nasscom; Dr H. K. Mittal of the Department of Science and Technology; Mr Rajan Mathews, Director-General, Cellular Operators Association of India; Mr Abhishek Goyal, Chief Executive Officer, UrbanTouch.com; and Mr Sanjay Vijayakumar, Chairman of the Board of Governors, Startup Village.
First Steps
Technopark took its first steps into incubation when MobME Wireless, promoted by then engineering students, was launched in 2006.
The Technopark incubator quickly rose in six years to become one of the most prominent national technology incubators.
It also won the President's award for best technology business incubator in the country for 2008.
There are now 125 companies here employing 3,000 people and generating Rs 100 crore in annual revenue, Mr Chandy said.
Mr Kris Gopalakrishnan, Co-Founder of Infosys, would be the Chief Mentor for the startups at the Village.
The telecom and information technology industry has extended support to this venture, the official spokesman said.
Among those likely to join as mentors or investors are: Dr Kiran Karnik; Mr Abhishek Goyal; Mr Sharad Sharma, former CEO, Yahoo India R& D; Mr Ganesh Lakshminarayan, Managing Director, Dell India; Mr K. K. Natarajan of Mindtree; Mr Arun Kumar, Global Board Member of KPMG; Dr Ravi Pillai, the biggest employer of Indians in West Asia ; and Mr K. Nanda Kumar, CEO and President, SunTec Business Solutions.
BSE Institute ties up with German school of finance
New Delhi: Giving a thrust to cross-border understanding of capital markets, BSE Institute, a subsidiary of the Bombay Stock Exchange, on Wednesday signed a Memorandum of Understanding (MoU) with the Frankfurt School of Finance & Management.
Under the MoU, students of the two institutes would get greater insights into global markets through exchange programmes and joint courses, a company release said. The programmes will start in the academic year 2012-13.
The institutes are also planning joint programmes for senior executives.
“With the global integration of financial markets and the challenges that the world economy has faced in the recent past, there is an urgent need to come together to develop finance professionals who can steer through turbulent waters,” said Mr Ambarish Datta, Managing Director and Chief Executive Officer, BSE Institute.
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