Imagine waking up an hour late every morning and logging in to work in your pyjamas with a steaming mug of coffee. Imagine working without having to leave home. In fact, to avoid the dreaded commute, many employees prefer a 20% lower salary for a job next to home. Justifiably so, since nearly 10 hours of commute a week, equivalent to a full working day, is the norm in metros. Is it possible to harbour this Work from Home dream without harming your career? Here is how to make it work for you.
1) Talk to your boss
Check if your company has an official policy to work from home and the permissions that are required. Next, discuss the option with your manager. Most supervisers are hesitant to approve activities that might impact the output or deadline. Negotiate clear, achievable targets and timelines to address his concerns. If you keep delivering on outcomes from home, his confidence will increase. Make sure you keep him in the loop if you are unavailable for a couple of hours because you have stepped out for a parent teacher meeting at your child's school.
2) Designate work space
Keep aside a work area free of personal stuff. A desk, chair, computer, adequate lighting and clear, uncluttered space build the right environment for you to work efficiently. Organise your immediate visual area so that you are not staring out of an open window or worrying about the mess on the floor. Ideally, work in a room with a closed door so that the home environment does not creep in and diminish your productivity.
3) Hour blocks of time
Establish a clear routine for your work day. Most people find it useful to create 4-hour blocks of time to help achieve targets. It is easy to imagine juggling home tasks or kids while you work. But multitasking works well only with activities that require low mental bandwidth. For high bandwidth tasks like writing a report, multitasking will stall your creative flow and increase the time required to finish work.
4) Cut out interruptions
A benefit of working from home is that you eliminate office interruptions like a gossipy colleague. However, a home can be more distracting. Establish clear boundaries for family, kids, friends and maid in terms of time and space, so that you are not disturbed in the midst of important calls or challenging tasks. To remain focused, switch off Facebook, WhatsApp, cell phone and television. Use the office laptop/software to maximise productivity.
5) Master technology
Invest in adequate infrastructure before you start. Set up a working Wi-Fi Internet connection with a back-up Net dongle, a smart phone with e-mail and communication apps, computer with the required software, even a signal booster for your cell phone if call connectivity is poor at home. Master the use of software, which may include Excel, Word, Skype or proprietary project software from workplace. These investments will reduce your downtime and boost output.
6) Start with a checklist
An office environment provides reminders by way of team members or supervisers pushing on urgent tasks. Without these, it is easy to get waylaid and miss out on primary goals. Spend 15 minutes at the start of each day to make a checklist of tasks, goals and deadlines. As you progress, strike out each task. This will keep you on track and give you morale-boosting feedback on the progress you are making.
7) Put on work clothes
Unfortunately, the pyjama-clad dream does not work efficiently for most people. Wear regular work clothes when you sit down at your work area. When you feel professional, you act professionally. The results show immediately in work as well as in your voice when you speak to your team members. A lot more work gets done during the day with this simple change.
8) Avoid loneliness
Human interaction keeps us sane and contributes to our self-esteem. Long stints of work from home without social interaction is the quickest route to professional and personal deterioration. Put a plan in place to visit office and meet colleagues or clients at least once a week. If this is not possible, have an active social life in non-work hours so that you do not turn into a recluse. On a long-term basis, it can keep you away from positions of responsibility that involve dealing with large teams.
9) Combat guilt
Though work from home is mostly challenging from an efficiency perspective, in some cases it leads to guilt at not fulfilling one's responsibilities. This could push you to overwork. To avoid guilt, create a work schedule and shut down your computer at the end of the day. Take a break like stepping out of the house to mentally switch to home mode. In off hours, deal with office crises as you would on a regular day.
10) Review every month
This is the most important step. Ask yourself if your aim has been achieved. Have you reduced unproductive commute time or were you available for a sick family member? Is it impacting your career negatively like not being considered for promotion? Assess the results regularly and act accordingly.
Success in my Habit
Monday, September 30, 2013
Auditor questions Gujarat NRE coking coal’s ‘ability to survive’
MUMBAI: Gujarat NRE Coke's Australian investment has run into serious trouble with the auditor Grant Thornton refusing to give an opinion on the accounts for the year, citing doubts over company's ability to survive as a 'going concern', and inadequate information about its ability to repay debts.
Gujarat NRE Coking Coal, the Australian subsidiary of Kokata-based Gujarat NRE Coke, is being buffeted by losses and workers' strike over unpaid salary after posting pre-tax loss of A$112 million for FY2013 . The metallurgical coal company is also facing financial problems.
Grant Thronton, in a three-page 'basis for disclaimer of opinion', said that it has been unable to "obtain sufficient appropriate audit evidence to provide a basis for an audit opinion".
Thornton says that it has been unable to form an opinion on the valuation and impairment of assets as the management has not submitted an independent valuation to ascertain the extent of impairment. Though the financial report has been prepared on a 'going concern' basis, it is yet unclear whether the firm can survive as a 'going concern' for 12 months from the date of the audit report, August 2013.
The Australian unit has reported a loss of A$112 million and faces a working capital deficit. It has breached loan covenants, owes money to creditors and has not provided any evidence to indicate that it has the ability to raise money to replace existing debts, the auditor says.
The firm owes about A$27.8 million to its ultimate parent and there are doubts whether that money can be recovered. There are similar issues over contingent liabilities, the audit firm has said. Gujarat NRE Coking Coal has to pay A$487.8 million of debts within the year.
Earlier this month, workers at the company's mines in Illawarra, Australia struck work over unpaid salaries. Arun Jagatramka, chairman of Gujarat NRE Coking Coal, told a local newspaper that the firm is recovering and that a proposed $66 million by Jindal SteelBSE -1.48 % & Power would help restore it to financial health.
Delhi-based Jindal Steel and Power owns 31.5% of the Australian unit and has made an offer to increase its stake to 52%. Gujarat NRE Coke's shares have fallen 35% so far this year. They slipped 1% to end at Rs 12.96 on Friday.
Gujarat NRE CokeBSE -4.86 % has not disclosed the adverse audit report of the Australian subsidiary to its shareholders. Its annual accounts for the year-ended March 13 have been prepared only on the basis of unaudited accounts of the subsidiary, which actually accounts for 63% of assets of the Kolkata-based NRE Coke.
"The observations made by the auditors of the Australian subsidiary could not be incorporated in the consolidated statement of the Indian company since financial statements were as on May 2013, whereas the audited accounts of Australian subsidiary are of August 2013," a company spokesperson told ET.
Auditor questions Gujarat NRE coking coal’s ‘ability to survive’ "However, it was transparently disclosed in the consolidated statement of the Indian company that the management committee's approved statement of the Australian subsidiary has been considered," he added.
Gujarat NRE Coking Coal, the Australian subsidiary of Kokata-based Gujarat NRE Coke, is being buffeted by losses and workers' strike over unpaid salary after posting pre-tax loss of A$112 million for FY2013 . The metallurgical coal company is also facing financial problems.
Grant Thronton, in a three-page 'basis for disclaimer of opinion', said that it has been unable to "obtain sufficient appropriate audit evidence to provide a basis for an audit opinion".
Thornton says that it has been unable to form an opinion on the valuation and impairment of assets as the management has not submitted an independent valuation to ascertain the extent of impairment. Though the financial report has been prepared on a 'going concern' basis, it is yet unclear whether the firm can survive as a 'going concern' for 12 months from the date of the audit report, August 2013.
The Australian unit has reported a loss of A$112 million and faces a working capital deficit. It has breached loan covenants, owes money to creditors and has not provided any evidence to indicate that it has the ability to raise money to replace existing debts, the auditor says.
The firm owes about A$27.8 million to its ultimate parent and there are doubts whether that money can be recovered. There are similar issues over contingent liabilities, the audit firm has said. Gujarat NRE Coking Coal has to pay A$487.8 million of debts within the year.
Earlier this month, workers at the company's mines in Illawarra, Australia struck work over unpaid salaries. Arun Jagatramka, chairman of Gujarat NRE Coking Coal, told a local newspaper that the firm is recovering and that a proposed $66 million by Jindal SteelBSE -1.48 % & Power would help restore it to financial health.
Delhi-based Jindal Steel and Power owns 31.5% of the Australian unit and has made an offer to increase its stake to 52%. Gujarat NRE Coke's shares have fallen 35% so far this year. They slipped 1% to end at Rs 12.96 on Friday.
Gujarat NRE CokeBSE -4.86 % has not disclosed the adverse audit report of the Australian subsidiary to its shareholders. Its annual accounts for the year-ended March 13 have been prepared only on the basis of unaudited accounts of the subsidiary, which actually accounts for 63% of assets of the Kolkata-based NRE Coke.
"The observations made by the auditors of the Australian subsidiary could not be incorporated in the consolidated statement of the Indian company since financial statements were as on May 2013, whereas the audited accounts of Australian subsidiary are of August 2013," a company spokesperson told ET.
Auditor questions Gujarat NRE coking coal’s ‘ability to survive’ "However, it was transparently disclosed in the consolidated statement of the Indian company that the management committee's approved statement of the Australian subsidiary has been considered," he added.
RIL cries it is s being penalised twice over
NEW DELHI: Reliance IndustriesBSE -1.27 % has said it is being punished twice over -- first by levy of a USD 1.78 billion penalty and then by being denied a gas price revision, for a single crime of not producing in line with projections that were not even contractual commitments.
RILBSE -1.27 % and its partner BP plc on September 18 made a detailed presentation to Oil Minister M Veerappa Moily on issues around its main D1&D3 fields in its eastern offshore KG-D6 block where output has fallen to less than a one-fifth to 10 million standard cubic meters per day instead of rising to 80 mmscmd.
Moily's ministry sees production not meeting stated targets are breach of contract and has levied USD 1.786 billion in penalty by way of disallowing cost incurred in past three fiscal. Also, it plans to deny RIL benefit of new price after the current USD 4.2 expires in April next year.
"A double penalty to the contractor: On one hand cost recovery being disallowed on the other market price being denied," RIL said in the presentation.
It said under the Production Sharing Contract (PSC), output figures in a development plan are only estimates and not commitments.
"There is no provision in the PSC that allows Government to penalise the contractor if production shortfall is caused by geological complexities," it said adding the contract allows RIL to recover all its costs.
On move to disallow new USD 8.4 per million British thermal unit price for gas from D1&D3 fields, RIL said, "there appears to be significant contradiction to the government's positions with regards to PSUs who have been granted a nearly 2.5 times price increase despite shortfall in production."
RIL said geological surprise has led to decline in production and subsequent downgrading of reserves.
Stating that it had on numerous occasions requested to appoint an independent international expert to verify its claims, the company said, "Reluctance to appoint a third party exert despite repeated requests and delay in approval of revised field development plan has led to a negative propaganda perpetrated by detractors."
The Directorate General of Hydrocarbons had in July recommended to the Oil Ministry that USD 781 million of the cost RIL has incurred in KG-D6 fields be disallowed for producing only an average of 26.07 million cubic meters per day of gas as against the target of 86.73 mmcmd in 2012-13.
This will be in addition to USD 1.005 billion in cost recovery already disallowed for output falling short of targets during 2010-11 and 2011-12.
Parallely, the Ministry is moving Cabinet to deny RIL a higher price of gas produced from D1&D3 fields till the dispute over the reasons for output not matching targets is resolved.
It wants the current rate of USD 4.2 to continue to apply for gas produced from Dhirubhai-1 (D1) and D3 fields even after expiry of the current term on March 31, 2014.
The government had in late June approved pricing of all domestically produced natural gas at an average of international hub rates and actual cost of LNG into India from next fiscal. The new rate, according to this formula, would be around USD 8.4 per mmBtu.
The new rates were to apply uniformly to gas from RIL fields as well as those of state-owned ONGC. Now, the Ministry wants the old rates to continue for D1&D3 fields but the new price would apply to all other fields in the KG-D6 block including the currently producing MA oil and gas fields.
RILBSE -1.27 % and its partner BP plc on September 18 made a detailed presentation to Oil Minister M Veerappa Moily on issues around its main D1&D3 fields in its eastern offshore KG-D6 block where output has fallen to less than a one-fifth to 10 million standard cubic meters per day instead of rising to 80 mmscmd.
Moily's ministry sees production not meeting stated targets are breach of contract and has levied USD 1.786 billion in penalty by way of disallowing cost incurred in past three fiscal. Also, it plans to deny RIL benefit of new price after the current USD 4.2 expires in April next year.
"A double penalty to the contractor: On one hand cost recovery being disallowed on the other market price being denied," RIL said in the presentation.
It said under the Production Sharing Contract (PSC), output figures in a development plan are only estimates and not commitments.
"There is no provision in the PSC that allows Government to penalise the contractor if production shortfall is caused by geological complexities," it said adding the contract allows RIL to recover all its costs.
On move to disallow new USD 8.4 per million British thermal unit price for gas from D1&D3 fields, RIL said, "there appears to be significant contradiction to the government's positions with regards to PSUs who have been granted a nearly 2.5 times price increase despite shortfall in production."
RIL said geological surprise has led to decline in production and subsequent downgrading of reserves.
Stating that it had on numerous occasions requested to appoint an independent international expert to verify its claims, the company said, "Reluctance to appoint a third party exert despite repeated requests and delay in approval of revised field development plan has led to a negative propaganda perpetrated by detractors."
The Directorate General of Hydrocarbons had in July recommended to the Oil Ministry that USD 781 million of the cost RIL has incurred in KG-D6 fields be disallowed for producing only an average of 26.07 million cubic meters per day of gas as against the target of 86.73 mmcmd in 2012-13.
This will be in addition to USD 1.005 billion in cost recovery already disallowed for output falling short of targets during 2010-11 and 2011-12.
Parallely, the Ministry is moving Cabinet to deny RIL a higher price of gas produced from D1&D3 fields till the dispute over the reasons for output not matching targets is resolved.
It wants the current rate of USD 4.2 to continue to apply for gas produced from Dhirubhai-1 (D1) and D3 fields even after expiry of the current term on March 31, 2014.
The government had in late June approved pricing of all domestically produced natural gas at an average of international hub rates and actual cost of LNG into India from next fiscal. The new rate, according to this formula, would be around USD 8.4 per mmBtu.
The new rates were to apply uniformly to gas from RIL fields as well as those of state-owned ONGC. Now, the Ministry wants the old rates to continue for D1&D3 fields but the new price would apply to all other fields in the KG-D6 block including the currently producing MA oil and gas fields.
Oil India bets big on shale assets, to raise US output
MUMBAI: India's second-largest state-run energy explorer Oil IndiaBSE -2.32 % is now betting big on its prospects in the shale oil and gas arena.
Globally, it is on the cusp of raising shale oil production in its acreage in the US, and it will alsobe appointing a newconsultant to advise on its shale exploration strategy in north-east India.
"Our team just visited the US two weeks ago and came back very impressed with the work there. We plan to increase oil production by 8,000-10 ,000 barrels before the end of this year in that acreage. We have charted out a monthly investment plan for this acreage, the full details I can't share right now," said T Ananth Kumar, CFO, Oil India.
Oil India and the Indian Oil (IOC) jointly bought a 30% stake in Houston-basedC arrizoO il &Gas' shale assets in Colorado for $82.5 million in October 2012. Oil India acquired a 20% stakewhileIOC pickedup 10% in this acreage, making it their maiden investment in the shale arena in the US.
Shale oil and gas production in the US is now booming, propelling it todislodgeRussia for thefirsttime in decades and becoming the world's largest liquid fuel producer, said Paris-based energy watchdog InternationalE nergy Agency lastweek.
This has allowed the US to challenge Opec's hegemony in global energy trade ,said the agency.
"We have recently openedour office and posted some personnel in Colorado, our chairman has also visited the Carrizzo office recently. So, we are very excited about the prospects in this acreage ," said another senior Oil India executive.
As a part of this deal, Oil India and IOCBSE -0.62 % have also gained a 30% participation in Carrizo's existing production of 1,850 barrels of oil equivalent to a day from 24 gross acres. Carrizo holds 61 ,500 gross acres in the Niobrara basin, of which ,theOilI ndia-IOCconsortium have access to 18,450 acres, spread over three counties in Texas.
In India, after Schlumberger's initial findings regarding the presence of shale formations in its blocks in the north east were not encouraging, Oil India is planning to hire another consultant to chart its exploration and production strategy in its acreages in the north east.
"Earlier, because we had not done any shale-specific work in our acreages, our data was not very reflective of the presence of shale formation. So Schlumberger was not able to give us a correct picture. Now we are doing specialised logging and also looking to hire a new consultant specifically to design a comprehensive shale strategy for us," said the executive.
"We are in the market to hire a new consultant who can give us a clear plan to exploit existing shale resources in our acreages across the North East ," added Ananth Kumar. Last week, the government approved the much-awaited shale gas and oil exploration policy.
In the first phase, the policy only permits staterun energy companies like ONGC and Oil India to explore shale resources in acreages that were allotted to them on a nomination basis.
Globally, it is on the cusp of raising shale oil production in its acreage in the US, and it will alsobe appointing a newconsultant to advise on its shale exploration strategy in north-east India.
"Our team just visited the US two weeks ago and came back very impressed with the work there. We plan to increase oil production by 8,000-10 ,000 barrels before the end of this year in that acreage. We have charted out a monthly investment plan for this acreage, the full details I can't share right now," said T Ananth Kumar, CFO, Oil India.
Oil India and the Indian Oil (IOC) jointly bought a 30% stake in Houston-basedC arrizoO il &Gas' shale assets in Colorado for $82.5 million in October 2012. Oil India acquired a 20% stakewhileIOC pickedup 10% in this acreage, making it their maiden investment in the shale arena in the US.
Shale oil and gas production in the US is now booming, propelling it todislodgeRussia for thefirsttime in decades and becoming the world's largest liquid fuel producer, said Paris-based energy watchdog InternationalE nergy Agency lastweek.
This has allowed the US to challenge Opec's hegemony in global energy trade ,said the agency.
"We have recently openedour office and posted some personnel in Colorado, our chairman has also visited the Carrizzo office recently. So, we are very excited about the prospects in this acreage ," said another senior Oil India executive.
As a part of this deal, Oil India and IOCBSE -0.62 % have also gained a 30% participation in Carrizo's existing production of 1,850 barrels of oil equivalent to a day from 24 gross acres. Carrizo holds 61 ,500 gross acres in the Niobrara basin, of which ,theOilI ndia-IOCconsortium have access to 18,450 acres, spread over three counties in Texas.
In India, after Schlumberger's initial findings regarding the presence of shale formations in its blocks in the north east were not encouraging, Oil India is planning to hire another consultant to chart its exploration and production strategy in its acreages in the north east.
"Earlier, because we had not done any shale-specific work in our acreages, our data was not very reflective of the presence of shale formation. So Schlumberger was not able to give us a correct picture. Now we are doing specialised logging and also looking to hire a new consultant specifically to design a comprehensive shale strategy for us," said the executive.
"We are in the market to hire a new consultant who can give us a clear plan to exploit existing shale resources in our acreages across the North East ," added Ananth Kumar. Last week, the government approved the much-awaited shale gas and oil exploration policy.
In the first phase, the policy only permits staterun energy companies like ONGC and Oil India to explore shale resources in acreages that were allotted to them on a nomination basis.
Tamil Nadu Tea Plantation Corporation to increase retail turnover
COIMBATORE: Tamil Nadu Tea Plantation Corporation (Tantea) is aiming to increase its retail turnover to Rs 5 crore in next three years, a top company official said.
Tantea sell 95 per cent of the produce through auction centres of Coimbatore, Coonoor and Kochi and remaining five per cent was utilised for retail sales, company's Managing Director S Balaji told reporters last night here.
Stating that Tantea has made a turnover of Rs 1.5 crore through its retail business, Balaji, here to attend the annual general meeting of Tea Trade Association of Coimbatore, said that with the introduction of 10 different types of tea, like flavoured and Masala tea, it would increase the turn over to Rs 5 crore within five years.
Besides, it has plans to supply dip tea in large number to Railways and wanted to promote tea as health drink, he said.
Similarly, the company, which made an annual turnover of Rs 75 crore last year, was expected to touch Rs 90 crore this year, he said.
Stating that Tantea, with 4,300 hectare of land, would soon undertake modernisation of the eight factories at a cost of Rs four crore, Balaji said this would help it to meet the consumers' choice and market demand.
Tantea sell 95 per cent of the produce through auction centres of Coimbatore, Coonoor and Kochi and remaining five per cent was utilised for retail sales, company's Managing Director S Balaji told reporters last night here.
Stating that Tantea has made a turnover of Rs 1.5 crore through its retail business, Balaji, here to attend the annual general meeting of Tea Trade Association of Coimbatore, said that with the introduction of 10 different types of tea, like flavoured and Masala tea, it would increase the turn over to Rs 5 crore within five years.
Besides, it has plans to supply dip tea in large number to Railways and wanted to promote tea as health drink, he said.
Similarly, the company, which made an annual turnover of Rs 75 crore last year, was expected to touch Rs 90 crore this year, he said.
Stating that Tantea, with 4,300 hectare of land, would soon undertake modernisation of the eight factories at a cost of Rs four crore, Balaji said this would help it to meet the consumers' choice and market demand.
Hero MotoCorp bets on new Splendor to reclaim lost market share
NEW DELHI: Hero MotoCorpBSE -2.28 % is banking on its revamped existing brands to claw back some of its lost market share, and is debuting an all new indigenously developed Splendor as its first indigenous product after parting ways with its erstwhile partner Honda.
While the product was shown to dealer partners at the annual Hero Global Marketing & Sales Conference in Macau last week, the refurbished bike - called Splendor iSmart - is likely to hit the market in the next few months.
Splendor is world's largest-selling bike and has been the mainstay for Hero MotoCorp, contributing more than 35% to its total annual sales of around 6 million units.
ET independently confirmed the development with three separate Hero dealers, who spoke to this correspondent on condition of anonymity. According to a dealer, who was part of the visiting delegation, "Splendor iSmart" has moved away from the regular bike currently available in the market and comes loaded with an all-new meter console, youthful body graphics, front cowl with wind screen, and split grab rails. The product has been added with new overall design, but would carry the same 100cc engine for the time being as Hero develops new set of engines that would meet the next level of stricter emission norms. In addition to the Splendor, Hero also showcased as many of the 14 new offerings across its current range, including upgrades and variants, which will be launched in the market in a phased manner, starting this festive season.
"The new products demonstrate Hero 'Can Do' approach to have independent strength to develop indigenously. The new line showcases progress Hero has made on its current range, and also indicates the company's plans to bring new platforms in 2014," said one of the Hero dealers.
Another dealer who participated in the annual event told ET from Macau, "The company had promised some breakthrough products and the all new Splendor has surprised us with sharp features and some new design cues. While this is still on the current platform, it is clear that Hero is certainly working on a range of products to be developed on new platforms."
Dealer sources said that the new products are expected to help the company tide over the ongoing fierce competition over market share in the lucrative Indian two-wheeler market.
While Hero have an edge with a 53% market share in the domestic motorcycles market, though its overall market share in two-wheelers has come down to 43% in the current fiscal. Rival Honda at the same time has been on a gaining spree and its market share has touched all-time high of 22%, and has left other rivals like Bajaj AutoBSE 0.49 % and TVS Motors much behind in the Indian market.
At the Global Marketing & Sales Conference in Macau, Hero MotoCorp also showcased a refreshed version of its high-end bike Karizma. This is Hero's first commercial production model that has been developed in technical partnership with its US-based partner Erik Buell Racing (EBR). Most of these products are for the domestic market and are likely to hit the market in the October-December quarter as the company looks to cash in on the festive season demand in India.
Hero MD and CEO Pawan Munjal has already told ET earlier that products on the all new platforms, developed in collaboration with its three new technology partners - Erik Buell Racing of the US, Engines Engineering of Italy and AVL of Austria - will be launched in calendar year 2014.
While the product was shown to dealer partners at the annual Hero Global Marketing & Sales Conference in Macau last week, the refurbished bike - called Splendor iSmart - is likely to hit the market in the next few months.
Splendor is world's largest-selling bike and has been the mainstay for Hero MotoCorp, contributing more than 35% to its total annual sales of around 6 million units.
ET independently confirmed the development with three separate Hero dealers, who spoke to this correspondent on condition of anonymity. According to a dealer, who was part of the visiting delegation, "Splendor iSmart" has moved away from the regular bike currently available in the market and comes loaded with an all-new meter console, youthful body graphics, front cowl with wind screen, and split grab rails. The product has been added with new overall design, but would carry the same 100cc engine for the time being as Hero develops new set of engines that would meet the next level of stricter emission norms. In addition to the Splendor, Hero also showcased as many of the 14 new offerings across its current range, including upgrades and variants, which will be launched in the market in a phased manner, starting this festive season.
"The new products demonstrate Hero 'Can Do' approach to have independent strength to develop indigenously. The new line showcases progress Hero has made on its current range, and also indicates the company's plans to bring new platforms in 2014," said one of the Hero dealers.
Another dealer who participated in the annual event told ET from Macau, "The company had promised some breakthrough products and the all new Splendor has surprised us with sharp features and some new design cues. While this is still on the current platform, it is clear that Hero is certainly working on a range of products to be developed on new platforms."
Dealer sources said that the new products are expected to help the company tide over the ongoing fierce competition over market share in the lucrative Indian two-wheeler market.
While Hero have an edge with a 53% market share in the domestic motorcycles market, though its overall market share in two-wheelers has come down to 43% in the current fiscal. Rival Honda at the same time has been on a gaining spree and its market share has touched all-time high of 22%, and has left other rivals like Bajaj AutoBSE 0.49 % and TVS Motors much behind in the Indian market.
At the Global Marketing & Sales Conference in Macau, Hero MotoCorp also showcased a refreshed version of its high-end bike Karizma. This is Hero's first commercial production model that has been developed in technical partnership with its US-based partner Erik Buell Racing (EBR). Most of these products are for the domestic market and are likely to hit the market in the October-December quarter as the company looks to cash in on the festive season demand in India.
Hero MD and CEO Pawan Munjal has already told ET earlier that products on the all new platforms, developed in collaboration with its three new technology partners - Erik Buell Racing of the US, Engines Engineering of Italy and AVL of Austria - will be launched in calendar year 2014.
Toshiba to slash 3,000 overseas TV production jobs
TOKYO, SEPT 30:
Toshiba Corp said today that it would cut by half the number of employees in its television production outside Japan to 3,000 as part of restructuring.
The Company would close two of its three television production facilities overseas by March 2014, it said in a statement.
The facilities are located in China, Poland and Indonesia, but Toshiba spokesman Atsushi Ido declined to say which ones would be closed.
The move would allow Toshiba to boost the outsourced elements of its television production from the current 40 per cent to 70 per cent by the end of the next financial year, which will end in March 2015, the company said.
The Tokyo-based company has been struggling with poor sales of liquid crystal display televisions and sluggish demand for personal computers amid growing popularity of smartphones and tablet computers.
Toshiba Corp said today that it would cut by half the number of employees in its television production outside Japan to 3,000 as part of restructuring.
The Company would close two of its three television production facilities overseas by March 2014, it said in a statement.
The facilities are located in China, Poland and Indonesia, but Toshiba spokesman Atsushi Ido declined to say which ones would be closed.
The move would allow Toshiba to boost the outsourced elements of its television production from the current 40 per cent to 70 per cent by the end of the next financial year, which will end in March 2015, the company said.
The Tokyo-based company has been struggling with poor sales of liquid crystal display televisions and sluggish demand for personal computers amid growing popularity of smartphones and tablet computers.
Cooper shareholders set to approve $2.5 bn Apollo Tyres deal
Cooper Tire and Rubber Co shareholders will likely approve on Monday the U.S. company's $2.5 billion sale to Apollo TyresBSE -0.07 %, in a transaction that is expected to create the world's seventh-largest tyre maker.
A green light from Cooper shareholders will bring Apollo one step closer to completing the takeover, although hurdles still remain due to opposition from workers at Cooper's joint venture in China and U.S. labour issues which could delay the deal.
Shareholders stand to receive $35 per Cooper share, a premium of more than 40 percent to its price before the acquisition announcement.
"Because this is an all cash deal with a substantial premium to the pre-deal price the vast majority of shareholders will support this deal at this price," said Chris DeMuth Jr, portfolio manager at U.S.-based Rangeley Capital.
Still, Cooper shares have lost nearly 12 percent after rising close to the offer price, as roadblocks to the acquisition emerged due to worries over the debt burden of the new owner.
"You're putting pressure on the company by the amount of debt that they want to use to buy this. And so I think the market will always be skittish in the situation," DeMuth said. Rangeley Capital owns less than 5 percent in Cooper, he said.
Workers at Cooper's China joint venture, Cooper Chengshan Tire Co in China's eastern Shandong province, have been striking against the deal for about three months, while its local partner has filed a lawsuit, seeking to dissolve the business arrangement.
Separately, a U.S arbitrator ruled Cooper cannot sell two of its factories in the country until a collective bargaining agreement is reached between Apollo and members of the plants' union.
The two companies have said they hope the deal will get the final all-clear by the end of the year.
Apollo plans to fund the acquisition entirely through debt, most of which will be raised through Cooper, whose market value is currently nearly four times that of the Indian company.
Apollo, whose shares have lost a quarter of their value since the deal was made public, hopes to gain a foothold in the world's two biggest auto markets - China and the United States - by buying Cooper.
If completed, the deal would be the second-largest U.S. acquisition by an Indian company and one of the top 10 outbound takeovers from Asia's third-largest economy, according to Thomson Reuters data.
A shareholder approval of the deal also means Apollo can start drawing down loans, which are already committed by banks, according to a source with direct knowledge of the matter.
Apollo declined comment on Monday, while Cooper did not immediately respond to an email seeking comment outside U.S. business hours.
The banks financing the deal include Standard Chartered and Morgan Stanley.
A green light from Cooper shareholders will bring Apollo one step closer to completing the takeover, although hurdles still remain due to opposition from workers at Cooper's joint venture in China and U.S. labour issues which could delay the deal.
Shareholders stand to receive $35 per Cooper share, a premium of more than 40 percent to its price before the acquisition announcement.
"Because this is an all cash deal with a substantial premium to the pre-deal price the vast majority of shareholders will support this deal at this price," said Chris DeMuth Jr, portfolio manager at U.S.-based Rangeley Capital.
Still, Cooper shares have lost nearly 12 percent after rising close to the offer price, as roadblocks to the acquisition emerged due to worries over the debt burden of the new owner.
"You're putting pressure on the company by the amount of debt that they want to use to buy this. And so I think the market will always be skittish in the situation," DeMuth said. Rangeley Capital owns less than 5 percent in Cooper, he said.
Workers at Cooper's China joint venture, Cooper Chengshan Tire Co in China's eastern Shandong province, have been striking against the deal for about three months, while its local partner has filed a lawsuit, seeking to dissolve the business arrangement.
Separately, a U.S arbitrator ruled Cooper cannot sell two of its factories in the country until a collective bargaining agreement is reached between Apollo and members of the plants' union.
The two companies have said they hope the deal will get the final all-clear by the end of the year.
Apollo plans to fund the acquisition entirely through debt, most of which will be raised through Cooper, whose market value is currently nearly four times that of the Indian company.
Apollo, whose shares have lost a quarter of their value since the deal was made public, hopes to gain a foothold in the world's two biggest auto markets - China and the United States - by buying Cooper.
If completed, the deal would be the second-largest U.S. acquisition by an Indian company and one of the top 10 outbound takeovers from Asia's third-largest economy, according to Thomson Reuters data.
A shareholder approval of the deal also means Apollo can start drawing down loans, which are already committed by banks, according to a source with direct knowledge of the matter.
Apollo declined comment on Monday, while Cooper did not immediately respond to an email seeking comment outside U.S. business hours.
The banks financing the deal include Standard Chartered and Morgan Stanley.
Tatas have been superbly transparent: Tony Fernandes, Air Asia
Air Asia's Tony Fernandes can be a difficult man to pin down for an interview, preferring as he does to operate through Twitter to get his views across - in 140-character bursts of ebullience.
When asked for an interview, he said he'd not given one for "three months" but eventually agreed to answer ET's questions. Owner of Queens Park Rangers football club and former team principal of the Caterham Formula 1 team, Fernandes recently added to his resume by becoming a television anchor, helming the Asian version of The Apprentice.
He spoke to ET over the phone about Air Asia, the Tata-SIA venture and Indian aviation in general. Edited excerpts.
What transpired at the board meeting? Things that you can share?
It was an excellent meeting. We discussed strategy and we are very focused on changing Indian aviation. I am not going to share any plans yet.
With Air Asia India getting its most important approval, and the rest expected to be a formality, how soon do you expect the airline to fly?
There is no schedule. We will finalise the schedule once we believe we can fly. But yes, we are getting closer.
Air Asia's strength as you always mention is scaling up rapidly. Do we expect a ramp up of operations quickly?
We have five countries where we operate. We'll be scaling up quite quickly. There's no two ways about it. We will go for aggressive expansion. If we need to buy more aircraft, we'll buy more aircraft. But we are not going to bare all our secrets through the media.
Indian carriers barring one are bleeding. How confident are you about making profits?
I am very confident that we'll make money in the first year.
The ministry has made moves to ease the minimum 20-aircraft, 5-year period for Indian carriers to fly abroad? Are you ready?
We are not going to be a small airline in India anyway. But I don't think airlines should be restricted by those kind of policies. I imagine we'll have 50 aircraft in three years.
So will you also plan international operations for Air Asia India?
I think Indian airlines are at a disadvantage. Foreign airlines have no restriction on flying abroad. I think Indian jobs are being lost and the Indian economy is at a disadvantage because of the five-year limit. Let's hope there is some change.
But would you plan to go international, if rules allow you?
We'll consider for sure.
What would your fleet size be, as we hear that a significant part of the orders may be routed to India?
It depends. If we get an international flying permit quicker we'll grow our fleet size quicker. It also depends on getting the right airport and a more understanding state government... we'll grow quicker...
So we'll wait and see. I'll wait for the Air Asia India management and board to chalk out the plans rather than saying something myself.
When asked for an interview, he said he'd not given one for "three months" but eventually agreed to answer ET's questions. Owner of Queens Park Rangers football club and former team principal of the Caterham Formula 1 team, Fernandes recently added to his resume by becoming a television anchor, helming the Asian version of The Apprentice.
He spoke to ET over the phone about Air Asia, the Tata-SIA venture and Indian aviation in general. Edited excerpts.
What transpired at the board meeting? Things that you can share?
It was an excellent meeting. We discussed strategy and we are very focused on changing Indian aviation. I am not going to share any plans yet.
With Air Asia India getting its most important approval, and the rest expected to be a formality, how soon do you expect the airline to fly?
There is no schedule. We will finalise the schedule once we believe we can fly. But yes, we are getting closer.
Air Asia's strength as you always mention is scaling up rapidly. Do we expect a ramp up of operations quickly?
We have five countries where we operate. We'll be scaling up quite quickly. There's no two ways about it. We will go for aggressive expansion. If we need to buy more aircraft, we'll buy more aircraft. But we are not going to bare all our secrets through the media.
Indian carriers barring one are bleeding. How confident are you about making profits?
I am very confident that we'll make money in the first year.
The ministry has made moves to ease the minimum 20-aircraft, 5-year period for Indian carriers to fly abroad? Are you ready?
We are not going to be a small airline in India anyway. But I don't think airlines should be restricted by those kind of policies. I imagine we'll have 50 aircraft in three years.
So will you also plan international operations for Air Asia India?
I think Indian airlines are at a disadvantage. Foreign airlines have no restriction on flying abroad. I think Indian jobs are being lost and the Indian economy is at a disadvantage because of the five-year limit. Let's hope there is some change.
But would you plan to go international, if rules allow you?
We'll consider for sure.
What would your fleet size be, as we hear that a significant part of the orders may be routed to India?
It depends. If we get an international flying permit quicker we'll grow our fleet size quicker. It also depends on getting the right airport and a more understanding state government... we'll grow quicker...
So we'll wait and see. I'll wait for the Air Asia India management and board to chalk out the plans rather than saying something myself.
Toshiba to cut 3,000 staff in ailing TV division
TOKYO: Toshiba Corp said on Monday it would cut 50 percent of staff in its loss-making TV unit and cease production at two of its three overseas factories before the end of this fiscal year.
Toshiba said it would increase outsourced production to 70 percent from 40 percent and reduce its global staff in the division by 3,000, with two-thirds of those positions overseas. In July it said it would move 400 staff, included in that figure, to other business units.
The company did not say which two of its three factories in China, Indonesia and Poland it would close.
Toshiba's TV segment has been in the red for the past two years due to weak global sales, partly due to a slowdown in Europe and a fall in domestic demand after a short-lived boost from the switch to digital broadcasting.
In July the company announced plans to cut a combined 10 billion yen ($101 million) in costs in its television and PC businesses this fiscal year, and then double that figure in the following year to cope with weak demand.
The company said it expected the measures to help its TV division to swing into the black in the second half of this fiscal year.
Toshiba said it would increase outsourced production to 70 percent from 40 percent and reduce its global staff in the division by 3,000, with two-thirds of those positions overseas. In July it said it would move 400 staff, included in that figure, to other business units.
The company did not say which two of its three factories in China, Indonesia and Poland it would close.
Toshiba's TV segment has been in the red for the past two years due to weak global sales, partly due to a slowdown in Europe and a fall in domestic demand after a short-lived boost from the switch to digital broadcasting.
In July the company announced plans to cut a combined 10 billion yen ($101 million) in costs in its television and PC businesses this fiscal year, and then double that figure in the following year to cope with weak demand.
The company said it expected the measures to help its TV division to swing into the black in the second half of this fiscal year.
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