Wednesday, December 12, 2012

Atleast, we spared their pants!

Two biggest M&As. Who lost? The shareholders. Who won? Mmmm...

When it comes to research, experts from KPMG to Booz Allen have already testified that a blood-freezing 66.67% to 78% do not work to create value or are outright failures. When it comes to examples too, the same holds true; the only difference being that in this case, we even know who the victims are! Let’s begin with the biggest M&A trophy, ever – the much discussed hostile takeover of Germany’s Mannesman AG by UK’s Vodafone Plc in February 2000, for a mammoth $183 billion. A year after the deal, the cultural differences had made living hard for the two families, and Vodafone had put Mannesman’s art collection up for sale (true!). Numerically speaking, today, the value of the duo, which once stood at $365 billion (on day #1, post-merger), stands stripped down to a pathetic $64.46 billion (as of April 27, 2009) – a fall of 83%! So why did the soup go sour? First, the deal was at ‘a wrong price with a wrong rationale…’ Ignoring issues of culture, even their business models differed. Vodafone’s concentration of wireless telephony was in stark contrast to Mannesmann’s focus on fixed-line services. Moreover, the logic behind Sir Christopher Gent (the-then CEO of Vodafone) paying a 55% premium for one Mannesmann share remains a mystery...


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

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Monday, December 10, 2012

Earth Hour

Fighting doomsday prophecies with Earth Hour

This year the event took place on March 29, from 8.30 PM to 9.30 PM, and the participation increased from 35 countries in 2008 to about 85 countries and more than 2,400 cities this year.

“The event has helped create awareness, and as per the figures stated in some of the dailies, around 1000MW of energy has been saved. If that is true then it is indeed wondeful!” says Mahesh Chandra Mehta, an eminent environmentalist.

But not everyone is supportive of Earth Hour. Apparently, a group on Facebook is urging people to protest against this campaign as they believe that nothing would happen by turning the lights off for just one hour in an entire year. “I agree,” says Mr. Mehta “It should not be just a yearly thing but should be a regular feature. Probably, we could do it for 12 days a year and with this people will become more aware and educated.” We must remember basic things like turning the lights off when not required, turning the engine off at red lights, using a bucket instead of a shower while bathing and using public transport. But we need to do these continuously and not just continually. After all, it is completely up to us to decide the kind of world we will leave for our children.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

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Saturday, December 8, 2012

No ‘auto pilot’ can work here

Stability at the top management level is the need of the hour for Jet Airways in the financial slump

Turbulent weather, expert pilots needed, and only the best will do. Considering that the Indian aviation sector is going through one of its most critical and painful periods, the change of guard at the helm of Jet Airways is quite significant. A major domestic player of the Indian aviation sector, Jet Airways has recently witnessed a change of guards at the top of its management. And looking at the turbulence in the sector thanks to declining air traffic, mounting input cost et al leading to the bleeding bottom-lines and uninspirational top lines, it becomes all the more important to ensure that the baton is now given in safe hands.

Naresh Goyal’s private carrier Jet Airways’ group CEO Ravi Chaturvedi has put down his papers after serving the airline for only four months (Chaturvedi had joined Jet Airways in October last year after serving FMCG major Procter & Gamble). It cannot be more wrongly timed as the player, who was once the largest private carrier in the market (dethroned by Vijay Mallya’s Kingfisher Airlines), is reeling with the recent Rs.2.14 billion losses in the quarter ended December 2008. This forced the airline major to ask its senior officials to accept salary cuts. It was also forced to close down services to three of its major loss-making international routes (Amritsar-London-Amritsar, Bombay-Shanghai-San Francisco and Bangalore-Brussels) and has also unveiled plans to lease four wide-body Boeing 777 aircraft, coupled with phasing out of three Boeing 737 planes. Were these the actual reasons behind Chaturvedi stepping down from the helm? “The current financial standing of the company has got nothing to do with the resignation of Jet Airways group CEO Ravi Chaturvedi. He has resigned from the company, citing personal reasons. Chaturvedi and his family desire to return to the US,” clears a spoke-person of Jet Airways to B&E.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

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Friday, December 7, 2012

Why Buffett loves Harley’s b@#es!

The latest cash infusion has guaranteed Harley Davidson short term working capital; but it surely would need even more for a joyous ride!

Imagine Warren Buffett riding away on a Harley-Davidson bike... Imagine... Yes, curse our imaginations, for all we care, but actually, the likes of Warren Buffett are taking quite a liking to the mean machine, once associated only with flashy leather jackets and beautiful ‘agents’! And it’s not like Buffett is getting any younger or is delving deep into ‘how to win hearts through brawny stunts’ (he’s 78 years already for Chrissake, and has lost most strands decorating his temple); all that he cares about is... business!

Buffett’s infusion of $300 million in the ailing Harley-Davidson on February 3, 2009, has given a boost to the liquidity of the company. The consideration was in lieu of ‘senior unsecured notes’ to Berkshire Hathaway. Even Davis Selected Advisers (Harley-Davidson’s biggest shareholder) bought a similar-class asset for a consideration of $300 million. However, the question to be asked is: will this aggregate of $600 million raised, guarantee that the bleeding bike manufacturer gets back on its wheels?

Of late, Harley-Davidson has been losing tremendous value on the bourses (see chart).


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

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Thursday, December 6, 2012

PROFILE: CRAIG BARRETT

Barrett led Intel from the front, but little did we realise, he was the masthead for the entire industry...
He is also the brains behind Intel’s “copy exactly” process which Intel adopted full scale in 1996, and which was responsible for uniformity in facilities setup, increased economies of scale through viable output, more efficient logistics and improved yields. “Craig has had a very distinguished career at Intel.

Under his leadership, he turned Intel’s manufacturing operations in the best semiconductor manufacturer in the world,” explains Chuck Mulloy, an Intel Spokesperson. During his tenure as CEO, he oversaw a period of unprecedented growth, steered the company through two recessions, while ensuring that investments remain alive!

Ironically though, Barrett’s career closure may lack the shimmer as for the first time after 21 years of profitability, the company (and investors) are readying themselves for a loss in the last quarter of FY2008. [According to industry sources, a memo from CEO Paul Otellini to Intel employees supposedly noted that after 87 quarters of profit, 2009’s first quarter is “too close to call”.] Many regard Barrett as a statesman for the industry and as proof, he currently chairs the United Nations Global Alliance for Information and Communication Technologies and Development. 35 years is a real long time, and all at Intel acknowledge that he was the man who led Intel’s growth into the largest semiconductor chip making entity! We’re not sure whether his earning peanuts ($0!) in bonus during 2006 & 2007 makes his exit less glorious, but one thing’s for sure – every time a computer will be switched on, there will be a smile on his face; for this man stood for the industry as a whole, a revolutionary in his own right! Fare thee well! 

Read more....... 
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

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Tuesday, December 4, 2012

How is Mallya even sustaining the unbelievable losses quarter after quarter?

As if the problems with global fuel prices weren’t enough, Kingfisher has gone ahead and undertaken strategies that only seem a do ‘and’ die effort. How is Mallya even sustaining the unbelievable losses quarter after quarter? B&E’s Shashank Tripathi and Angshuman Paul meet Vijay Mallya and other top Kingfisher executives and investigate...

And one cannot forget that Mallya had spent a huge Rs.975 crore approximately of his invaluable cash to purchase 46% stake in Air Deccan in FY 07-08! All airlines in India, for that matter, are in losses and are bleeding bad. Where Jet has been facing a daily loss of almost over Rs.9 crore, Air India is expected to post well over Rs.4,000 crore losses in the current fiscal year as compared to net losses of Rs.2,144 crore in FY08.

All this has badly affected in-flight services and airlines are now even planning to charge for the water they serve on board. Would such process moves help Kingfisher? We found the question pretty hilarious. The per passenger loss for the combined entity of Kingfisher and Deccan is a confounding Rs.2,400! What help can charging for one bottle of water or even a meal help? So why can’t Kingfisher simply increase ticket prices? That’s the Devil and the Deep Sea conundrum. Competition ensures that the highly price sensitive consumer today has minimal loyalty to any airline [and is even ready to switch to the Indian Railways: read 4Ps B&M cover story, June 20-July 3, 2008, ‘Laloo has the last laugh’]. The initial 3Gs are no big help in increasing switching cost of the customer, neither are promo tactics like frequent flyer or advertising various quality awards.

The worst part is that the Kingfisher combine has seen passenger market share grow to close to 30%.That is simply fabulous! But if fabulous gets fabulous losses, then any self-respecting CEO should close down the business model. Air India has cancelled around 30 flights, Jet Airways 20 flights, SpiceJet over 17 while even Deccan has cancelled 50 flights due to mounting losses. To their credit, Kingfisher, which used to operate 218 flights on 38 destinations, pruned 10 percent of its flights and also sent 47 expatriate engineers back home to cut the operating cost.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri

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Monday, December 3, 2012

“The future of the auto business is important to America...”

Fritz Henderson, COO & President (Global), General Motors Corp. writes in B&E on why GM still holds many promises, despite criticisms and obstacles galore!

Some auto industry observers ask whether Detroit’s auto makers can survive. In the case of General Motors, the answer is, emphatically, yes. And not only survive, but thrive.

There is no question the industry is facing significant pressures driven by a weak U.S. economy and rising fuel costs. At GM, we’re taking the difficult and necessary steps to reduce our cost structure to be more competitive in the global marketplace and build a stronger foundation for our future. Contrary to Mr. Ingrassia’s notion that U.S. auto makers did not anticipate the risk of rising fuel prices, GM has been preparing for the shift for several years toward more fuel-efficient models and developing diverse alternative fuel solutions that will redefine the industry. In fact, 11 of our last 13 US launches have been cars or crossovers, as will 18 of the next 19. We have 17 models that get 30 mpg or better, and offer six hybrid models. Most significant is our commitment to produce the Chevy Volt, a plug-in electric vehicle that will deliver 40 miles of gasoline-free driving and a total range of about 400 miles using a small gasoline engine to recharge its electric battery. This truly revolutionary vehicle will be on the market in 2010.

It’s also important to note that the auto industry has a significant impact on the U.S. economy – by directly employing a quarter of a million people and providing health care and pension benefits to millions. The auto industry has invested a quarter of a trillion dollars in the US over the last 20 years, spends $12 billion a year in R&D and is the largest purchaser of raw materials and computer chips in the US. The future of the auto business is important to America, and we are dedicated to seeing that GM continues to be a significant part of the American landscape for decades to come. Fritz Henderson GM President and COO (Global)

Fritz Henderson, in an exclusive interview with B&E on GM’s future strategies

B&E: Will GM continue to focus on several brands, or will the company adopt a central brand platform?
FH: We cannot pick up a new brand and put our engineers and technicians there while launching a specific product. As far as your question is concerned, we will launch an alternative fuel car like the Volt, under the Chevrolet brand. So I think the Chevrolet will remain our central brand for such endeavours.


Source : IIPM Editorial, 2012.An Initiative of IIPM, Malay Chaudhuri

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Saturday, December 1, 2012

CLINICAL TRAILS: PROSPECTS IN INDIA

That was just a joke... But drug testing is getting big in India; serious!!!

This is in sharp contrast to 28 days in Canada, Europe, UK and many other countries), inappropriate protection of clinical data, and lack of Good Clinical Practice (GCP) certified sites and investigators. Bio-analytical work is also another profitable technological process where Indian skill base is low. There is a need of bio-analytical scientists in order to fill this need.

Global drug companies are seeking a suitable destination within the country to conduct clinical research as India has the second largest pool of qualified doctors, next only to US. [Even in US, one out of every six doctors is an Indian.]Moreover, these companies want to exploit the cost advantage for all the margin expenses associated with clinical trials and patient monitoring such as CT scans, blood tests, X-rays and other similar basic medical tests which are cheaper in India as compared to US and Europe.


Source : IIPM Editorial, 2012.

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Friday, November 30, 2012

Chapter I, Minority Report

Banning Hindraf is akin to killing human rights in Malaysia

Wars and segregations in name of religion have put a question mark on the very existence of humanity and social values. Human rights find no place in the new setup and are severely butchered even in democracies. The hollow democratic setup in Malaysia is the latest addition.

The Hindu Rights Action Force (Hindraf), which comprises of 30 Hindu NGOs in Malaysia and gives voice to two million plus ethnic Indians, majority being Tamil Hindus, was banned by the government on grounds that it is a threat to Malaysia’s internal security and peace under the country’s draconian Internal Security Act. Home Minister, Syed Hamid Albar clarified the stand by saying, “Hindraf is clearly using religion as a tool to create disharmony between religions and between races..." This clearly means that the voice of the minority Indians in Malaysia is being gagged and being further pushed into socio-economic disparity to curb the interests of dominating Malays community.


Source : IIPM Editorial, 2012.

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Wednesday, November 28, 2012

WAR DOCTRINE: THE TWENTIETH CENTURY

The twentieth century saw the development of some of the most gruesome war doctrines. Yet, ironically, a few even contributed to save the world... like the MAD doctrine, or Mutually Assured Destruction!

But the US had/has dwarfed perhaps both of them with their ‘Shock and Awe’ strategy with the annihilation of Hiroshima and Nagasaki, Japan eventually conceded defeat. With time, names changed but the resonance of the doctrines of Blitzkrieg, Kamikaze and ‘shock and awe’ still make their presence felt every now and then. With the dropping of the two atom bombs on August 6 and August 9, 1945, by the B-29 Superfortress bombers, the superiority of the Air force in warfare was established. It brought in the new concept as to how a war can be won and an invincible enemy can be brought down on its knees from a height of 40,000 feet without even putting a foot on the ground just as the Germans had baptised the indispensability of the submarine, which had almost won the war for the Germans. Wish Napoleon had the same luck.

The end of the Second World War was also the beginning of the biggest polarisation that the world had ever seen. The Berlin Wall put the final stamp on the clear demarcation between the Western Capitalist Bloc and the Eastern Soviet Bloc and it was the green signal of the beginning of a 40 year long Cold War. This era saw a flurry of activities in literally carrying forward the legacy of Second World War [without actually fighting the real war] and perhaps bettering it. At times, with the world remaining with the constant fear of an impending war, many felt that it would perhaps do a whole lot of good to fight it out once and for all. But that did not happen. What happened, instead, was the constant upgradation of weapon systems and their delivery mechanism. So while B-29 bombers gave way to the colossal B-52 [powered by eight engines] and TU-142 type long range bombers and later TU-160, [which could travel half the earth, bomb a place and then comfortably come back] in response came the era of interceptor aircraft, the foremost and the pioneer among them being the ubiquitous and the ever versatile Soviet made Mig- 21. In fact, since the end of the Second World War, two of the biggest revolutions in warfare have been pioneered by the Russians. If one of them is the Mig-21, which forced the Americans to think of stealth, dogfights and supersonic bombers, the invention of the AK-47 by Mikhail Kalashnikov changed the very paradigm of the foot soldier. Probably no other fighter aircraft or assault rifle has been made in so many variants by so many countries as has been in the case of Mig-21 & AK-47. The whole era of Cold War is imbibed with several instances of Soviet Tu-142 being intercepted and escorted out of the Western territory by US or British interceptors like the F-102 Delta, F-106, F-14, or Tornado.


Source : IIPM Editorial, 2012.

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Tuesday, November 27, 2012

EU: RECESSION FEARS

It's the policies... obsolete, superfluous & unpractical policies

The main reason, according to Dr. Nick Bloom, Associate Professor, LSE is that “Europe has worse management and organisational practices, which mean it is very inflexible.” Much of this inflexibility is the result of lack of clarity between the EU (as a central entity) and member nations on policies. Take the labour market for instance. Countries like France have not yet benefited from labour market regulation and with their stringent internal policies, the day is still far. High oil prices are eating into the earnings of people and the lopsided monetary policy of European Central Bank (ECB) is killing whatever economic sentiment is left, thus maintaining a constant level of unemployment and constantly lower levels of growth. Records show that EU has built assets which have under performed. The biggest being the Euro. The growth rates haven’t changed much pre and post Euro. Putting all the blame on the Lisbon agenda is like blaming the thermometer when one has the flu. A recent survey done by New York Times shows that people are unhappy with the way EU is handling the economy. Problems are more internal than external and need to be addressed soon enough.


Source : IIPM Editorial, 2012.

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Monday, November 26, 2012

Bad times be damned!

Interest rate hike and mounting inflation has put the brakes on the speeding auto financing industry in the country. Bad times be damned!

 India is undergoing unprecedented change and auto financing is no exception. Earlier 80-85% of auto financing was undertaken by the banks and financial institutions, but with rising interest rates and higher disposable income, more people are opting for an outright purchase using their savings. This seems to be logical to some extent as auto loans are costlier today by 2-2.5% since the beginning of the year. This implies that an auto loan of Rs.5 lakhs for a three year period will get expensive by a further Rs.10,000. And as lenders still account for 70% of auto financing, a rise in interest rates, which subsequently implies a hike in EMI instalments further aggravates the problem, thus leaving the buyer confused! “The high interest rate is very negative for the auto industry,” asserts S. Ramnath, Analyst, SSKI to B&E. However interestingly even in such a scenario there is some good news. As for auto loans (for new car) fall, an increase in sales of second hand cars is bound to happen.

However, auto financiers are on their toes to increase their profit margins. While, a few have shut their financing operations, others are now approaching customers directly instead of routing through intermediaries. Certainly, the economic activity (the high interest rate & burgeoning inflation) has had a knock-down effect and unless these are resolved, the predicament will continue to haunt the auto industry. Screech... Heard those giant brakes?!


Source : IIPM Editorial, 2012.

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Friday, November 23, 2012

Why religion will always be trafficked religiously!

The nature of the beast is clearly hypocritical, given the way the State ‘deals’ with ‘secularism’

A casual walk near my house in Delhi the other day triggered memories of a dilemma I had faced as a youngster long ago in 1986. I saw a bunch of people sticking posters on walls. Curious, I went up to read the words and was shocked into nostalgia. The posters talked about the Amarnath Yatra and how Hindus were being denied the right to worship in their own homeland. The posters exhorted Hindus to rise to save their religion. More shocking, I actually saw fellow citizens read the posters and nod in tacit agreement. Way back in 1986, I would frequently encounter fiery young people who were out to save Hinduism. In those days, it was the great ‘Shah Bano’ betrayal that prompted the self appointed guardians of Hinduism to proclaim that Hindus had become second class citizens in their own country.

Both then, and now, angry ‘Hindu’ activists are accusing the State of adopting a policy regime that is partial towards one religion and discriminates against the other. In 1986, the Indian Parliament passed a Bill that basically overturned a Supreme Court verdict that granted alimony to Muslim women. Most sober analysts trace the rise of the BJP and that even of the extremist fringe outfits like VHP and Bajrang Dal to that one day of infamy in Parliament. In 2008, the Jammu & Kashmir government initially allotted forest land for the construction of temporary shelters for Amarnath pilgrims. In the face of massive protests in the Valley, the allotment has been withdrawn. And now, VHP activists are claiming that once again, Hindu rights are being trampled upon.

Any Indian with common sense would know that the charge hurled by VHP activists – of pampering Muslims at the cost of Hindus – is utter hogwash. Be it government jobs, access to health and education, employment opportunities and what not, Muslims have a lot to be angry with policy makers in the country.


Source : IIPM Editorial, 2012.

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Thursday, November 22, 2012

What Russia wants

From Gorbachev to Yeltsin to Putin, every new Russian president has drastically altered his country’s relationship with the world. How will President Dmitry Medvedev change it again? Here are the clues that reveal what the Kremlin is thinking, and, more importantly, what it really wants.

This much we know: In the two decades since the collapse of the Soviet Union, Russia has transformed itself from a one-party state into a one-pipeline state – a semi-authoritarian regime in democratic clothing. At the same time, Russia has grown increasingly independent and unpredictable on the international political scene. And now that Vladimir Putin has successfully installed his handpicked successor, Dmitry Medvedev, is nowhere near relinquishing his grip on power. Putin’s foreign policy is here to stay.

But there’s so much we can’t know about the direction Russia is heading. It is, at once, a regime that offers its citizens consumer rights but not political freedoms, state sovereignty but not individual autonomy, a market economy but not genuine democracy. It is both a rising global power and a weak state with corrupt and inefficient institutions. The Kremlin’s regime seems both rock solid and extremely vulnerable, simultaneously authoritarian and wildly popular. Although Russia’s economy has performed well in the past 10 years, it is more dependent on the production and export of natural resources today than it was during Soviet times. Its foreign policy is no less puzzling. Russia may be more democratic today, but it is less predictable and reliable as a world player than was the Soviet Union. The more capitalist and Westernised Russia becomes, the more anti-Western its policies seem. The more successful Russia’s foreign policy looks, the more unclear its goals appear.

Russia’s contradictory development has succeeded once again in capturing the world’s political imagination. Putin’s tenure has left most people confused about what role Russia now wants to play in the world. In recent years, for example, Moscow has orchestrated a noisy and confrontational return to the international scene. It decided not to cooperate with the West in taming Iran’s nuclear ambitions or in settling the final status of Kosovo. Last year, the Kremlin unilaterally suspended the Treaty on Conventional Armed Forces in Europe. It blocked the work of the Organisation for Security and Cooperation in Europe. Gazprom, Russia’s gas monopoly, aggressively tries to control the energy supply throughout the region. The country’s military budget has increased six fold since 2000. Russian planes are patrolling the Atlantic. Moscow’s intelligence network is creeping into all corners of Europe. Not since the hottest days of the Cold War have so many wondered just what was going on behind the Kremlin’s closed doors.
 

Source : IIPM Editorial, 2012.

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Wednesday, November 21, 2012

Obama had a dream last night

Barack Obama has won the battle. Will he also be able to win the war?

Will Senator Barack Obama achieve what Martin Luther King dreamt of? Downing Hillary Clinton in America's mother of presidential battles, Obama has inspired Americans like few other Presidential hopefuls have, and is being put in the same league as the great Lincoln and Jefferson. His speeches, sharp, fresh, eloquent – and most importantly honest – have remarkably struck a deep chord in even sections that were earlier prone to partisan passions. After two disastrous Bush terms that saw America's popularity plummet to a record low, Obama's triumph is seen by all as the one thing this great country needs to stay together. With an economic slowdown besetting it along with so much else, the Americans and all those whom its well being impacts, now feel they have the man who can pull the country out of the current quagmire. Yet, all agree that Obama's choice of running mate will be crucial in the long haul. Texas-based analyst, Mike McIlvain, told B&E: "Obama will need strong support to help carry some areas, but former Navy pilot and Vietnam prisoner of war McCain has hurt himself by embracing Bush programmes and policies rather than be his own man. There is still a lot of hard work to be done by anyone involved in presidential politics between now and election day in November."

Being his own man has been the cause of Obama's super delegate winning spree, with delegate after delegate embracing his once obscure candidature.


Source : IIPM Editorial, 2012.

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Tuesday, November 20, 2012

TERRORISM: CENTRAL ANTI-TERROR AGENCY

The lack of a central anti-terror agency is hitting some countries too hard

One still well remembers what happened in the Beslan school terror attack where more than a thousand students were made hostage by a Chechen rebel group, or the Moscow Theatre crisis where more than 700 hostages were taken by similar guerrillas. The special anti-terror force called OSNAZ of FSB, the Russian version of FBI, did what it had to do, without worrying about short-term implications [that is, they killed most of the rebels without negotiating]. Though it can be argued whether this was an intelligent move, the fact is, in cases of national security, individual states take second place.

Ireland, Switzerland, Norway, Sweden, Australia, Denmark and many others have wiped themselves clean of terror attacks. The case is surely ripe for setting up similar central agencies even in countries like India. So has India moved ahead? We hear they can’t even decide on a central active commander for their defence forces (who continues to be the non-executive titular head, the President), what to talk about their intelligence agencies. What’re they waiting for? We know the answer – Bruce ‘Die Hard’ Willis! He always ends up saving the world!


Source : IIPM Editorial, 2012.

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