Coimbatore: Distribution and supply chain solution company Gati Ltd has tied up with Kintetsu World Express (KWE) of Japan to form Gati-Kintetsu Express Pvt Ltd (Gati-KWE).
While Gati would hold 70 per cent stake in the joint venture, the Japanese partner would hold the rest.
Kintetsu World Express has invested Rs 267.7 crore for its 30 per cent stake, which has been approved by the Foreign Investment Promotion Board (FIPB).
Gati said the fund infusion would improve its balance sheet and help reduce the interest outgo.
It hopes that the joint venture would enable “seamless transfer’’ for cross border trade through single window solution to its clients such as Texas Instruments, HP, Panasonic and Toshiba.
Success in my Habit
Tuesday, July 3, 2012
Exports do spice industry proud
Kochi: Spices exports from India rose nine per cent in volume in 2011-12, at 575,720 tonnes, against 525,750 tonnes in the previous financial year. Total export earnings were up 43 per cent at Rs 9,783 crore compared to Rs 6,841 crore earlier; in dollar terms, up six per cent, according to the Spices Board.
The target set by the Board for the year was 500,000 tonnes and the achievement 113 per cent in terms of volume, 143 per cent in terms of rupee value and 137 per cent in terms of dollars.
Cardamom, the ‘queen of spices’, is inching to regain its lost position in international trade, fetching more value and volume; contributing to the upswing in spices’ exports crossing the $2-billion mark said, A Jayathilak, chairman, of the Board. Its export saw a phenomenal growth of 296 per cent in volume and 175 per cent in value.
The unprecedented rise in export of cardamom and sharp rise in the value of chilli exports have contributed to the all-time high achievement. Cardamom exports totalled 4,650 tonnes, valued at Rs 363 crore. The UAE, the UK, Pakistan and Kuwait remained the major importers. Chilli export rose 40 per cent in value compared to the previous year, though the increase in quantity was negligible.
America is the main importer of Indian spices, contributing to 16 per cent of the total export value. It is followed by China (nine per cent), UAE and Malaysia (six per cent each), Saudi Arabia, Germany, Sri Lanka, Singapore and the UK (four per cent each). Mint and mint products, spice oils and oleoresins, pepper, turmeric and cumin were the other key contributors in achieving the target, said Jayathilak.
Export of all the major spices such as pepper, ginger, turmeric, cumin, fennel, fenugreek, mustard, aniseed, ajwain seed, nutmeg, mace, asafoetida and tamarind rose in terms of volume and value. Export of mint products, spice oils and oleoresins increased in terms of value.
Export of coriander, celery and garlic for the year showed a decrease in both quantity and value.
As in earlier years, mint and mint products remained the single largest earner in the spices basket. During 2011-12 14,750 tonnes of mint and mint products were exported for Rs 2,224 crore as against the 17,450 tonnes valued Rs 1,697 crore in 2010-11. The lift in the value of exported mint and mint products is 31 per cent, whereas spice oils and oleoresins accomplished an increase of 43 per cent in value. India exported 7,265 tonnes of spice oils and oleoresins, for Rs 1,304 crore.
Pepper export for the year rose 42 per cent in quantity (26,700 tonnes in 2011-12 against 18,850 tonnes in 2010-11) and 129 per cent in value (Rs 878 crore against Rs 383 crore. The US, Vietnam, the UK, Germany, and Italy were top importers.
Export of turmeric also marked an all-time record, as the quantity exported reached 79,500 tonnes, fetching Rs 734 crore in 2011-12.
In the case of ginger, export was 21,550 tonnes valued at Rs 204 crore, as against 15,750 tonnes valued at Rs 121 crore in the previous year. Export of cumin increased 40 per cent in quantity and 63 per cent in value. It was 32,500 tonnes in 2010-11, valued Rs 396 crore; in 2011-12, it qent up to 45,500 tonnes, valued Rs 644 crore.
The export of fennel crossed 8,100 tonnes and fenugreek export reached 21,800 tonnes. The export of nutmeg and mace together was 3,620 tonnes, valued at Rs 241 crorel in 2010-11, it was 2,100 tonnes, valued Rs 98 crore.
The increase was 72 per cent in quantity and 146 per cent in value. In the case of chilli, the exported quantity was 241,000 tonnes at a value of Rs 2,144 crore, against 240,000 tonnes valued at Rs 1,536 crore.
On curry powders/paste, export growth in 2011-12 was 11 per cent in quantity and 20 per cent in value. About 17,000 tonnes of curry powder/ paste valued at Rs 252 crore was exported, against the 15,250 tonnes valued Rs 210 crore earlier.
The target set by the Board for the year was 500,000 tonnes and the achievement 113 per cent in terms of volume, 143 per cent in terms of rupee value and 137 per cent in terms of dollars.
Cardamom, the ‘queen of spices’, is inching to regain its lost position in international trade, fetching more value and volume; contributing to the upswing in spices’ exports crossing the $2-billion mark said, A Jayathilak, chairman, of the Board. Its export saw a phenomenal growth of 296 per cent in volume and 175 per cent in value.
The unprecedented rise in export of cardamom and sharp rise in the value of chilli exports have contributed to the all-time high achievement. Cardamom exports totalled 4,650 tonnes, valued at Rs 363 crore. The UAE, the UK, Pakistan and Kuwait remained the major importers. Chilli export rose 40 per cent in value compared to the previous year, though the increase in quantity was negligible.
America is the main importer of Indian spices, contributing to 16 per cent of the total export value. It is followed by China (nine per cent), UAE and Malaysia (six per cent each), Saudi Arabia, Germany, Sri Lanka, Singapore and the UK (four per cent each). Mint and mint products, spice oils and oleoresins, pepper, turmeric and cumin were the other key contributors in achieving the target, said Jayathilak.
Export of all the major spices such as pepper, ginger, turmeric, cumin, fennel, fenugreek, mustard, aniseed, ajwain seed, nutmeg, mace, asafoetida and tamarind rose in terms of volume and value. Export of mint products, spice oils and oleoresins increased in terms of value.
Export of coriander, celery and garlic for the year showed a decrease in both quantity and value.
As in earlier years, mint and mint products remained the single largest earner in the spices basket. During 2011-12 14,750 tonnes of mint and mint products were exported for Rs 2,224 crore as against the 17,450 tonnes valued Rs 1,697 crore in 2010-11. The lift in the value of exported mint and mint products is 31 per cent, whereas spice oils and oleoresins accomplished an increase of 43 per cent in value. India exported 7,265 tonnes of spice oils and oleoresins, for Rs 1,304 crore.
Pepper export for the year rose 42 per cent in quantity (26,700 tonnes in 2011-12 against 18,850 tonnes in 2010-11) and 129 per cent in value (Rs 878 crore against Rs 383 crore. The US, Vietnam, the UK, Germany, and Italy were top importers.
Export of turmeric also marked an all-time record, as the quantity exported reached 79,500 tonnes, fetching Rs 734 crore in 2011-12.
In the case of ginger, export was 21,550 tonnes valued at Rs 204 crore, as against 15,750 tonnes valued at Rs 121 crore in the previous year. Export of cumin increased 40 per cent in quantity and 63 per cent in value. It was 32,500 tonnes in 2010-11, valued Rs 396 crore; in 2011-12, it qent up to 45,500 tonnes, valued Rs 644 crore.
The export of fennel crossed 8,100 tonnes and fenugreek export reached 21,800 tonnes. The export of nutmeg and mace together was 3,620 tonnes, valued at Rs 241 crorel in 2010-11, it was 2,100 tonnes, valued Rs 98 crore.
The increase was 72 per cent in quantity and 146 per cent in value. In the case of chilli, the exported quantity was 241,000 tonnes at a value of Rs 2,144 crore, against 240,000 tonnes valued at Rs 1,536 crore.
On curry powders/paste, export growth in 2011-12 was 11 per cent in quantity and 20 per cent in value. About 17,000 tonnes of curry powder/ paste valued at Rs 252 crore was exported, against the 15,250 tonnes valued Rs 210 crore earlier.
Energy firms $582.29 million investment in Nelp-IX
New Delhi: Energy firms have committed investments worth $582.29 million in oil and gas exploration from 13 blocks, awarded in the recent bidding round, the oil ministry said.
"Investment level will increase with further development of discoveries," the ministry said in a statement.
The government had signed production sharing contracts (PSCs) for 13 exploration blocks on Mar 28. These blocks were awarded under the ninth round of New Exploration Licensing Policy (Nelp-IX).
The government offered 34 blocks in Nelp-IX but managed to get takers for only 13 on the day of signing contracts.
With the signing of PSCs for 13 blocks, total number PSCs rose to 248 PSCs. But country has only 106 discoveries.
The government plans to launch 10th round of exploration blocks (Nelp-X) only after making the bidding process more transparent and automatic, an oil ministry official said.
The government launched Nelp-IX bidding round on Oct 15, 2010 with 34 blocks covering an area of about 88,807 sq. km. The offered included eight deepwater blocks, seven shallow water blocks and 19 onland blocks (including eight type-S blocks). Bids were opened by DGH on Mar 28, 2011. A total of 74 bids were received for 33 blocks. No bid was received for one exploration block in shallow water. The 74 bids received for 33 blocks were evaluated by DGH.
"Investment level will increase with further development of discoveries," the ministry said in a statement.
The government had signed production sharing contracts (PSCs) for 13 exploration blocks on Mar 28. These blocks were awarded under the ninth round of New Exploration Licensing Policy (Nelp-IX).
The government offered 34 blocks in Nelp-IX but managed to get takers for only 13 on the day of signing contracts.
With the signing of PSCs for 13 blocks, total number PSCs rose to 248 PSCs. But country has only 106 discoveries.
The government plans to launch 10th round of exploration blocks (Nelp-X) only after making the bidding process more transparent and automatic, an oil ministry official said.
The government launched Nelp-IX bidding round on Oct 15, 2010 with 34 blocks covering an area of about 88,807 sq. km. The offered included eight deepwater blocks, seven shallow water blocks and 19 onland blocks (including eight type-S blocks). Bids were opened by DGH on Mar 28, 2011. A total of 74 bids were received for 33 blocks. No bid was received for one exploration block in shallow water. The 74 bids received for 33 blocks were evaluated by DGH.
AP Govt clears 25 project proposals worth Rs 40,379 crore
Hyderabad: The Andhra Pradesh Government today approved 25 industrial proposals, including a Rs 970 crore project of Procter and Gamble (consumer products) and 13 cement plants which entail total investment outlay of about Rs 40,379 crore.
The Andhra Pradesh Chief Minister, Mr N. Kiran Kumar Reddy, who chaired the State Investment Promotion Board meeting at the Secretariat, approved these proposals which have potential to employ 41,180 persons.
Of these 25 projects, 20 of them have signed memorandums of understanding during the CII-Partnership Summit 2012 and the remaining five proposals have been received directly, according to a statement from the Chief Minister’s Office.
These new projects would come up in 12 districts spread across the State. The meeting also factored the general perception that most of the industries are coming up in the Hyderabad and Ranga Reddy district.
According to Ms J .Geetha Reddy, Major Industries Minister, new projects approved today include 13 cement plants, six chemical projects and projects in steel, plastic and other sectors.
Of the 44 proposals cleared last year, 14 have been implemented, 27 other projects are at various stages of implementation, she told media persons after the meeting.
The Chief Minister wanted the Industries Department to follow up on all these proposals for investment and see that they are implemented as per schedule indicated by the promoters.
Gujarat NRE Coke Ltd has come up with a proposal for Rs 1,200 crore coke plant in Nellore, VBC Fertilizers (urea plant), NSL Fertilisers (urea plant), Kribhco (fertiliser), Olam Agro, Reliance Cement, Texcon Steels, My home Industries, Chettinad Cement, West Coast Paper Mills Ltd, Renuka Cement Limited, Mahathi Cements, Seetharama Cements and Toyosu Rare Earths.
Other projects which had come up directly include Sanvaria Industries (coke calcination), Midwest Granite, Sirgy’s Cements and Procter & Gamble (consumer products).
The Andhra Pradesh Chief Minister, Mr N. Kiran Kumar Reddy, who chaired the State Investment Promotion Board meeting at the Secretariat, approved these proposals which have potential to employ 41,180 persons.
Of these 25 projects, 20 of them have signed memorandums of understanding during the CII-Partnership Summit 2012 and the remaining five proposals have been received directly, according to a statement from the Chief Minister’s Office.
These new projects would come up in 12 districts spread across the State. The meeting also factored the general perception that most of the industries are coming up in the Hyderabad and Ranga Reddy district.
According to Ms J .Geetha Reddy, Major Industries Minister, new projects approved today include 13 cement plants, six chemical projects and projects in steel, plastic and other sectors.
Of the 44 proposals cleared last year, 14 have been implemented, 27 other projects are at various stages of implementation, she told media persons after the meeting.
The Chief Minister wanted the Industries Department to follow up on all these proposals for investment and see that they are implemented as per schedule indicated by the promoters.
Gujarat NRE Coke Ltd has come up with a proposal for Rs 1,200 crore coke plant in Nellore, VBC Fertilizers (urea plant), NSL Fertilisers (urea plant), Kribhco (fertiliser), Olam Agro, Reliance Cement, Texcon Steels, My home Industries, Chettinad Cement, West Coast Paper Mills Ltd, Renuka Cement Limited, Mahathi Cements, Seetharama Cements and Toyosu Rare Earths.
Other projects which had come up directly include Sanvaria Industries (coke calcination), Midwest Granite, Sirgy’s Cements and Procter & Gamble (consumer products).
StanChart PE shells out Rs 130 cr for stake in Karaikal Port
Chennai: Standard Chartered Private Equity (Mauritius) II Ltd has invested Rs 130 crore for a minority stake in Karaikal Port Private Ltd.
The funds will be used in development work to enhance the port’s capacity to 28 million tonnes per annum from 21 MMTPA.
Motilal Oswal Investment Advisors acted as the transaction advisor for MARG group.
Karaikal port had already attracted private equity investments from India Infrastructure Fund, Ascent Capital Advisors and NYLIM Jacob Ballas India Fund III LLC. Standard Chartered is the fourth investor.
With a healthy business and political environment, location advantage and better infrastructure, Karaikal is poised to be the ‘most strategic and efficient’ port on the South East coast of India, said Mr G.R.K. Reddy, Chairman and Managing Director, MARG Ltd, in a press release.
Mr Rahul Raisurana, Managing Director, Standard Chartered Private Equity, will join the port’s board. There is strong demand for high quality port infrastructure to service expanding external trade and increasing needs for multiple commodities for growing economy, he said.
The port, located between Chennai and Tuticorin ports, is a deepwater, all-weather port on the South-East coast of India. Awarded on a build, operate and transfer basis by the Government of Puducherry in 2006, the port when fully developed is envisaged to have a total of nine berths capable of handling up to 45 MMTPA.
The port is to be developed over three phases with the final phase getting operational by 2017.
The funds will be used in development work to enhance the port’s capacity to 28 million tonnes per annum from 21 MMTPA.
Motilal Oswal Investment Advisors acted as the transaction advisor for MARG group.
Karaikal port had already attracted private equity investments from India Infrastructure Fund, Ascent Capital Advisors and NYLIM Jacob Ballas India Fund III LLC. Standard Chartered is the fourth investor.
With a healthy business and political environment, location advantage and better infrastructure, Karaikal is poised to be the ‘most strategic and efficient’ port on the South East coast of India, said Mr G.R.K. Reddy, Chairman and Managing Director, MARG Ltd, in a press release.
Mr Rahul Raisurana, Managing Director, Standard Chartered Private Equity, will join the port’s board. There is strong demand for high quality port infrastructure to service expanding external trade and increasing needs for multiple commodities for growing economy, he said.
The port, located between Chennai and Tuticorin ports, is a deepwater, all-weather port on the South-East coast of India. Awarded on a build, operate and transfer basis by the Government of Puducherry in 2006, the port when fully developed is envisaged to have a total of nine berths capable of handling up to 45 MMTPA.
The port is to be developed over three phases with the final phase getting operational by 2017.
FINO acquires Nokia Mobile Payment Services in India
Mumbai: FINO,one of country's larger business correspondents have acquired Nokia Mobile Payment Services in India, thereby making its foray into prepaid mobile payment space.
The brand name has been changed to Takatak Money. Almost 65% of all retail transactions in India are conducted in cash.
"This is a strategic investment for FINO. It will add value to our comprehensive range of financial serivces products, there by enhancing shareholders valu," said Rishi Gupta, CFO--FINO.
The new brand will be led by Shweta Aprameya who heads the business management group at FINO.
The business correspondent plans to leverage the 920 million strong customer base to extend its services in both urban as well as rural,less accessible geographical belts.
The brand name has been changed to Takatak Money. Almost 65% of all retail transactions in India are conducted in cash.
"This is a strategic investment for FINO. It will add value to our comprehensive range of financial serivces products, there by enhancing shareholders valu," said Rishi Gupta, CFO--FINO.
The new brand will be led by Shweta Aprameya who heads the business management group at FINO.
The business correspondent plans to leverage the 920 million strong customer base to extend its services in both urban as well as rural,less accessible geographical belts.
DCM Shriram arm joins hands with US firm to boost tomato's shelf-life
New Delhi: Bioseed Research Pvt Ltd has partnered with US-based firm Arcadia Biosciences Inc to enhance the shelf life of tomatoes in India and Asia.
Bioseed, a subsidiary of DCM Shriram Consolidated Ltd (DSCL), will incorporate the shelf life-enhancing traits developed by Arcadia into four of its proprietary hybrids.
“We expect to commercialise the new varieties in about four years, first in India and then take it to other Asian countries like the Philippines and Vietnam,” said Mr Vikram. S. Shriram, Vice-Chairman and Managing Director, DSCL. However, he did not disclose the financials of the deal, but said it involved an upfront payment and a royalty pay-out linked to sales.
Arcadia uses a non-genetically modified screening and breeding technique called TILLING (Targeting Induced Local Lesions in Genomes). It has identified a number of genetic variations that allow tomatoes to fully ripen on the vine yet remain durable enough to survive the packing and shipping process.
“These traits will be incorporated into our germplasm using the hi-throughput molecular marker platform,” said Dr Paresh Verma, Director, Research, at Bioseed. The shelf life of the new variety would more than double to over two weeks from the present five-seven days, he said.
“This will mean reduced losses during harvest while ensuring that the produce is fully fresh and ripened when it reaches the consumer,” Dr Verma said. In Asia, an estimated 20-35 per cent of tomatoes are on average lost to post-harvest damages.
Tomato is one of the fast growing segments in the vegetable seeds portfolio of Bioseed, which accounts for a fifth of its sales. Bt cotton, rice and corn are the major hybrids in the seeds portfolio of Bioseed, which clocked a sales turnover of Rs 391 crore in the year ended March 2012. “We expect to grow by over 30 per cent in the current year,” Mr Shriram said.
Bioseed, a subsidiary of DCM Shriram Consolidated Ltd (DSCL), will incorporate the shelf life-enhancing traits developed by Arcadia into four of its proprietary hybrids.
“We expect to commercialise the new varieties in about four years, first in India and then take it to other Asian countries like the Philippines and Vietnam,” said Mr Vikram. S. Shriram, Vice-Chairman and Managing Director, DSCL. However, he did not disclose the financials of the deal, but said it involved an upfront payment and a royalty pay-out linked to sales.
Arcadia uses a non-genetically modified screening and breeding technique called TILLING (Targeting Induced Local Lesions in Genomes). It has identified a number of genetic variations that allow tomatoes to fully ripen on the vine yet remain durable enough to survive the packing and shipping process.
“These traits will be incorporated into our germplasm using the hi-throughput molecular marker platform,” said Dr Paresh Verma, Director, Research, at Bioseed. The shelf life of the new variety would more than double to over two weeks from the present five-seven days, he said.
“This will mean reduced losses during harvest while ensuring that the produce is fully fresh and ripened when it reaches the consumer,” Dr Verma said. In Asia, an estimated 20-35 per cent of tomatoes are on average lost to post-harvest damages.
Tomato is one of the fast growing segments in the vegetable seeds portfolio of Bioseed, which accounts for a fifth of its sales. Bt cotton, rice and corn are the major hybrids in the seeds portfolio of Bioseed, which clocked a sales turnover of Rs 391 crore in the year ended March 2012. “We expect to grow by over 30 per cent in the current year,” Mr Shriram said.
e-Payment must for public sector banks from July 1
New Delhi: The finance ministry has asked state-run banks to stop making payments to their customers through cheques from July 1 and to "migrate totally" to electronic payment channels, a move aimed at cutting costs in a sluggish economy.
In a circular issued to chairmen of public sector banks and regional rural banks, the ministry said all payments to customers, staff, vendors and suppliers as well as disbursement of loans and payments towards investments should be made only through the electronic mode.
According to the ministry's estimate, state-run banks spend Rs 4,000- Rs 8,000 crore every year on handling of cheques.
"The cost of handling a cheque during its life cycle, from printing till storage and destruction, is Rs 25 to Rs 40," said a finance ministry official. "Banks have significantly invested in technology as well as in developing various applications for electronic payment. That should be put to use."
The circular said concerted efforts should be made by the banks and their sponsored regional rural banks to popularize e-payments and to bring down the number of transactions through cheques.
"Banks need to undertake the audit of adoption of e-payment and action must be taken against officers concerned where the cheque-based systems are found to be in use," the circular said.
The ministry has asked the banks to identify branches accounting for the highest share in business. The top 20% branches in terms of business volume will have to reduce cheque-based transaction by at least 20% in the current fiscal, the circular said.
"We have told banks to reduce the charges for NEFT (National Electronic Funds Transfer) to zero for value up to Rs 1 lakh," the official quoted above said.
"Any loss of revenue in such cases can be made up through higher savings on the cost of cheque or ATM transaction."
The ministry has also directed banks to revisit their incentive schemes to include the promotion and transition to electronic transfer as one of the performance parameters for officers at the branch and zonal levels.
Banks, however, say the ministry's advice is not well thought out. "How do you discourage users in smaller towns from using cheques who consider them as a kind of security," said a general manager with Bank of India.
According to data compiled by the Reserve Bank, there were 1.34 billion cheque transactions, valuing about Rs 98 lakh crore, in 2011-12. During the same period, the value of electronic transactions was around Rs 22 lakh crore.
"The number of cheque transactions have declined by only 4% in the last four years and this needs to be corrected," the official said. The ministry has asked banks to explain it to customers that electronic funds transfer enjoy the same legal backing as cheques.
In a circular issued to chairmen of public sector banks and regional rural banks, the ministry said all payments to customers, staff, vendors and suppliers as well as disbursement of loans and payments towards investments should be made only through the electronic mode.
According to the ministry's estimate, state-run banks spend Rs 4,000- Rs 8,000 crore every year on handling of cheques.
"The cost of handling a cheque during its life cycle, from printing till storage and destruction, is Rs 25 to Rs 40," said a finance ministry official. "Banks have significantly invested in technology as well as in developing various applications for electronic payment. That should be put to use."
The circular said concerted efforts should be made by the banks and their sponsored regional rural banks to popularize e-payments and to bring down the number of transactions through cheques.
"Banks need to undertake the audit of adoption of e-payment and action must be taken against officers concerned where the cheque-based systems are found to be in use," the circular said.
The ministry has asked the banks to identify branches accounting for the highest share in business. The top 20% branches in terms of business volume will have to reduce cheque-based transaction by at least 20% in the current fiscal, the circular said.
"We have told banks to reduce the charges for NEFT (National Electronic Funds Transfer) to zero for value up to Rs 1 lakh," the official quoted above said.
"Any loss of revenue in such cases can be made up through higher savings on the cost of cheque or ATM transaction."
The ministry has also directed banks to revisit their incentive schemes to include the promotion and transition to electronic transfer as one of the performance parameters for officers at the branch and zonal levels.
Banks, however, say the ministry's advice is not well thought out. "How do you discourage users in smaller towns from using cheques who consider them as a kind of security," said a general manager with Bank of India.
According to data compiled by the Reserve Bank, there were 1.34 billion cheque transactions, valuing about Rs 98 lakh crore, in 2011-12. During the same period, the value of electronic transactions was around Rs 22 lakh crore.
"The number of cheque transactions have declined by only 4% in the last four years and this needs to be corrected," the official said. The ministry has asked banks to explain it to customers that electronic funds transfer enjoy the same legal backing as cheques.
Facebook worked on creating ‘secret‘ accounts of people: Book
Facebook developed an experimental feature called "Dark Profiles" which would give secret accounts to people who did not even sign up, a new book by a former employee of the social networking site has claimed.
Engineers wanted to create shadow pages for those who were tagged in photos by their friends in the hope they would cave in and join the social networking website, Katherine Losse, the author of 'The Boy Kings: A Journey into the Heart of the Social Network', said.
Nobody at Facebook "even flinched" when staff raised this disturbing new twist as they were so blinded by their mission to take over the world.
The book also claimed that in 2007 Facebook technicians worked on a programme called "Judgebox", which would let users compare and rate women in echoes of founder Mark Zuckerberg's sexist "Facemash" app he developed at Harvard.
It confirms for the first time that Facebook staff have a programme called "Facebook Stalker" which lets them track who has been visiting their profiles, the Daily Mail reported.
And in the early days of the social networking website, employees were given the 'master' password with no security checks at all and allowed to do as they pleased.
These claims have been made in the new book by Losse who worked for Facebook between 2005 and 2010 and worked her way up from customer relations to be the speechwriter for its founder Mark Zuckerberg.
She claimed that in Autumn 2006 everyone at the company was "so convinced that Facebook was something that everyone should have that when the product team created an experimental feature called dark profiles in 2006, nobody even flinched".
People can be tagged in Facebook photos even if they do not have a profile, and the idea was to create a 'dark' version which could apparently be activated if they finally signed up.
"It reminds me now of the way members of the Mormon church convert dead people, following the logic that if they had know about Mormonism when they were alive they would have been believers," Losse wrote.
The claims come at a difficult time for Facebook, it recently sparked yet another backlash after being caught out trying to force its 900 million users to adopt its own email service.
It was accused of 'hijacking' users' contact details and deleting their personal email addresses without asking them first.
Engineers wanted to create shadow pages for those who were tagged in photos by their friends in the hope they would cave in and join the social networking website, Katherine Losse, the author of 'The Boy Kings: A Journey into the Heart of the Social Network', said.
Nobody at Facebook "even flinched" when staff raised this disturbing new twist as they were so blinded by their mission to take over the world.
The book also claimed that in 2007 Facebook technicians worked on a programme called "Judgebox", which would let users compare and rate women in echoes of founder Mark Zuckerberg's sexist "Facemash" app he developed at Harvard.
It confirms for the first time that Facebook staff have a programme called "Facebook Stalker" which lets them track who has been visiting their profiles, the Daily Mail reported.
And in the early days of the social networking website, employees were given the 'master' password with no security checks at all and allowed to do as they pleased.
These claims have been made in the new book by Losse who worked for Facebook between 2005 and 2010 and worked her way up from customer relations to be the speechwriter for its founder Mark Zuckerberg.
She claimed that in Autumn 2006 everyone at the company was "so convinced that Facebook was something that everyone should have that when the product team created an experimental feature called dark profiles in 2006, nobody even flinched".
People can be tagged in Facebook photos even if they do not have a profile, and the idea was to create a 'dark' version which could apparently be activated if they finally signed up.
"It reminds me now of the way members of the Mormon church convert dead people, following the logic that if they had know about Mormonism when they were alive they would have been believers," Losse wrote.
The claims come at a difficult time for Facebook, it recently sparked yet another backlash after being caught out trying to force its 900 million users to adopt its own email service.
It was accused of 'hijacking' users' contact details and deleting their personal email addresses without asking them first.
Apple, Infosys among top innovators globally: KPMG survey
Apple ranked as the top innovator globally, while in India it wasInfosys. The Indian IT bellwether, which has been attracting flak for its performance in recent months, was identified as the innovation leader in a global tech innovation survey done across Americas, Asia Pacific (ASPAC), Europe, the Middle East and Africa ( EMEA) by KPMG.
About 44% of the survey respondents felt Silicon Valley's famed position as the innovation center may be challenged, and the world's technology innovation center would shift from US to another country in the next four years. Almost 30% of the 668 business executives in the survey said China and the US show the most promise for disruptive breakthroughs with global impacts, while 13 per cent cited India.
""The pace of technology innovations today is happening at unparalleled speed and China's projected rapid rise to prominence as a technology leader would be another example of this," said Gary Matuszak, partner, global chair and US leader for KPMG's Technology, Media and Telecommunications practice.
"China's anticipated parity with the US tech sector shows the significant challenge facing the US to retain its position as an innovation leader. Other countries will continue taking steps to boost technology innovation and to attract tech entrepreneurs," he added.
About 44% of the survey respondents felt Silicon Valley's famed position as the innovation center may be challenged, and the world's technology innovation center would shift from US to another country in the next four years. Almost 30% of the 668 business executives in the survey said China and the US show the most promise for disruptive breakthroughs with global impacts, while 13 per cent cited India.
""The pace of technology innovations today is happening at unparalleled speed and China's projected rapid rise to prominence as a technology leader would be another example of this," said Gary Matuszak, partner, global chair and US leader for KPMG's Technology, Media and Telecommunications practice.
"China's anticipated parity with the US tech sector shows the significant challenge facing the US to retain its position as an innovation leader. Other countries will continue taking steps to boost technology innovation and to attract tech entrepreneurs," he added.
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