IIPM business magazine and section Economy: August 2006

Tuesday, August 29, 2006

Wal-Mart’s China syndrome

IIPM BUSINESS & ECONOMY
When in Rome,

do as the Romans do! Similarly, the world’s largest retail chain Wal-Mart has decided that when in China, play it by the local sentiments. The company has announced that it proposes to work with Chinese officials to establish labour unions at all its 60 outlets in the country, which has the potential to be one of the biggest markets for the discount chain giant. For a long time, Wal-Mart had been trying to stave off unionization at the outlet level, and this announcement has come as a big surprise. Wal-Mart said that is going to form an alliance with the state-backed All China Federation of Trade Unions – that has been pushing large companies with foreign investments to allow the formation of trade unions – as it wants to create “an effective and harmonious way of facilitating the establishment of grass-roots unions” at its stores. In a statement that was titled, “Wal-Mart Supports China’s Effort to Build a Harmonious Society,” the company declared that it was going to work with the All China Federation because the two groups had the “mutual aim” to establish grassroots unions. There are already about 30,000 employees who work in the 60 Wal-Mart stores spread all across China – which is incidentally also the primary source for the millions of items that the retail giant hawks all over the world.

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Source : IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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Saturday, August 26, 2006

Fixed income markets across the world are showing definite signs of recovery; but face debilitating rate hikes

IIPM BEST B-SCHOOL
Yield curves... oh,

those mischievous nymphets; playful, attractive, legendary, but most importantly, creatures beyond the grasp of mere mortals. Seriously speaking, many of us still have not been able to figure out the complicated vagaries of yield curves. Take the US treasury yield curve for example. Every possible position of the yield curve has been puzzled over in the recent past and many perturbing inferences drawn, with half of them thumping for the end of the world, and the remaining staunchly upholding the glory of global growth. Well, for the moment, all the curvature analysis and geometry portends that the happy days of debt are definitely back.

Yields on US treasuries have started to fall-off after a period of some serious escalation (see figure). And it seems these will only get better as indications from the Federal Reserve, as well as a lower than expected Q2 GDP, point towards an end to the rampant rate hike era. As Kim Rupert, Managing Director, Global Fixed Income Analysis, for the firm Action Economics, explains, “It looks like debt is already ‘back’...

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Source : IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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Tuesday, August 22, 2006

Expansion should be the top strategic move for oil companies

IIPM PUBLICATION
What happens to companies that make their customers sob and wail? They simply flourish! Surprised? Well, take a look at the congregate of ‘well-oiled’ corporate Cyclops and you would believe it. The top five oil companies (including ExxonMobil, British Petroleum, ConocoPhillips, Chevron & Royal Dutch Shell) reported a staggering 36% rise in profits (reaching $34.6 billion) for the quarter ending June 2006 over the corresponding period last year. Jim Mulwa, CEO and Chairman, ConcoPhillips thumped, “We are pleased with the earnings.” But shockingly, the raison d’être that caused this merry-making is where the real danger signals lie!

Undoubtedly, greater margins through soaring oil-prices have been responsible for igniting this industry-wide blaze. But not to forget that the OECD has warned that growth in supply would ultimately outrun the growth in demand, as more expansion of operations takes place. The report also cautioned that oil prices, which are currently hovering at their all time highs, would stabilise at a lowly $40 per barrel.

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Source : IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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Monday, August 21, 2006

The African Growth and Opportunity Act (AGOA)

IIPM BUSINESS & ECONOMY
The US has already had some success in pitting the poor against each other. Preferential access for African countries, under the African Growth and Opportunity Act (AGOA) and more recent initiatives, seems to be largely a matter of trade diversion – taking trade from some poor countries and giving it to others. For example, Bangladesh’s share in US clothing markets declined from 4.6% in 2001 to 3.9% in 2004. During the same period, AGOA countries’ market share in the US clothing sector increased from 1.6% to 2.6%, and it is likely to increase further when AGOA countries start to take full advantage of duty-free access.

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Source : IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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Sunday, August 20, 2006

Barista on prowl for a new partner

IIPM BEST MBA INSTITUTE

Coffee chain Barista is on the look out for a strategic investor. The initiator of coffee chains in the country is now charting out aggressive expansion plans. Though the group wishes to retain management control, it is looking towards partial dilution of its equity holding. The new investor would primarily be inducted for the group’s investment purposes. At pre- sent, the coffee chain is owned by an NRI – C. Sivasankaran, who is famous for buying sick or ailing companies, then turning them around and selling off for a huge profit. So, it would not be a surprise to see that the supposed strategic investor turns out to be the new owner too.

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Source : IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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Friday, August 11, 2006

The Election Commission & Supreme Court passed verdicts to keep criminals

IIPM MANAGEMENT INSTITUTE
Of crying shame is the fact that when in 2002, the Election Commission

& Supreme Court passed verdicts to keep criminals from contesting elections, MPs went to town about how these orders would murder democracy; and in 24 hours, members of the August Rajya Sabha & Lok Sabha gathered and passed a bill that changed the law to suit them. Truly speaking, fifty-five bills is a vast agenda that ought to shame at least senior politicians into exhibiting work ethics. Prime Minister Manmohan Singh & Congress President Sonia Gandhi are credited with an inner voice. It shouldn’t be too difficult for them to summon moral fibre. Maybe then, their MPs will do what they should: Make laws for all of us... and yes, pass those bills!

Some pending bills

The Electricity (Amendment) Bill, 2005
The Scheduled Tribes (Recognition of Forest Rights) Bill, 2005
The Juvenile Justice (Care and Protection of Children) Bill, 2005
The Food Safety and Standards Bill, 2005
The Pension Fund Regulatory and Development Authority Bill, 2005
The Wildlife (Protection) Amendment Bill, 2005
The Protection of Human Rights (Amendment) Bill, 2005
The Prevention of Child Marriage Bill, 2004
The Seeds Bill, 2004
The National Commission for Minorities (Repeal) Bill, 2004
The Indian Medical Council (Amendment) Bill, 1987

Source: Bulletins of Rajya Sabha and Lok Sabha

IIPM business magazine and section Economy