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VIKRAM
PANDIT NAMED CITIGROUP CEO |
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| |
 Citigroup,
the world's largest financial services company,
has appointed Nagpur-born Vikram Pandit as
the company's new chief executive officer
(CEO) and a member of its board of directors.
50-year-old Panditmoved to New York from India
at the age of 16 to attend Columbia University.
read
more |
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UK
CONSUMERS VICTIMS OF CREDIT CARD FRAUD IN
INDIA |
|
| |
 Hundreds
of British citizens of Houghton on the Hill
in Leicestershire have become victims of international
gangs who manage to clone credit card details
here and withdraw money from their accounts
in India, Philippines, Australia and Canada.
read
more |
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VODAFONE
TO OUTSOURCE JOBS TO INDIA |
|
| |
 Mobile
phone giant Vodafone Essar will outsource
its entire IT operations to IBM India in a
bid to cut costs and develop its business
in India, Vodafone announced Monday ahead
of an India Investors Day in London. The move
follows the formation of a new cellphone tower
business company by Vodafone Essar.
read
more |
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SCOTTISH
ASIAN BUSINESS AWARDS 2007 |
|
| |
 The
UK's first Muslim MP Mohammed Sarwar, scooped
the coveted 'Lifetime Achievement Award' at
the 2nd Annual Scottish Asian Business Awards.
Entrepreneur of the year was Dr Rabinder Buttar,
president and founder of ClinTec. Businessman
of the Year was scooped up by successful entrepreneur
Sanjay Majhu, Businesswoman of the Year was
Nasreen Aksi and Young Achiever of the Year
was Umer Ashraf.
read
more |
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ASIAN
BUSINESSES FUNDAMENTAL TO LONDON'S ECONOMY
|
|
| |
 Asian-owned
firms provide nearly 210,000 jobs for London's
economy - according to a new report from the
Greater London Authority’s Economics
Unit. The report, ‘Spotlight on Asian
Business, Their contribution to London’,
shows that in 2006 there were over 41,000
Asian-owned businesses in London - representing
13% of the capital’s businesses.
read
more |
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TATA
WINS UNION BACKING IN JAGUAR, LAND ROVER SALE |
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| |
Britain's largest manufacturing union that
represents Ford has backed a bid by India's
Tata Motors to buy out the luxury car brands
Jaguar and Land Rover. Merrill Lynch, the
financial advisors, earlier this year estimated
that joint sales of Jaguar and Land Rover
would fetch Ford between $1.3 and $1.5 billion.
read
more |
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GOING
GLOBAL, INDIAN FIRMS CREATE JOBS IN THE US
|
|
| |
 Indian
firms are not just taking up outsourcing any
more, but have in fact invested a whopping
$6 billion in the United States and created
40,000 jobs. A group of 34 Indian companies
represented in the India Business Forum (IBF)
has made investments in such diverse sectors
as technology, pharmaceuticals, manufacturing
and gems and jewellery.
read
more |
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HINDUJAS
ON MULTI-BILLION POUND SPENDING SPREE IN UK |
|
| |
 The
Hinduja brothers, whose global trading conglomerate
once made them the richest men in Britain,
plan to spend up to £2.5 billion in
acquiring assets in the UK that could include
the FTSE 100 insurer Friends Provident. They
have recently hired Stefan Kosciuszko as chief
of staff of the Hinduja Group.
read
more |
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JAGRITI
YATRA 2007 SEARCHS FOR INDIA'S REAL HEROES |
|
| |
 As
India celebrates its 60th anniversary since
Independence, a group of Indian professionals
from the UK and India is to recreate 'Jagriti
Yatra', a unique train journey across India
to discover India’s real heroes. The
Yatra team hopes to gather 450 of the future
Indian leaders.
read
more |
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VIJAY
MALLYA FORAYING INTO LUXURY RETAIL SEGMENT |
|
| |
 Indian
business mogul Vijay Mallya has set his sights
on the booming retail sector, especially the
luxury segment - estimated to be around $2
billion currently and growing at 20% annually
- with plans to sell products of international
fashion brands like Louis Vuitton, Gucci,
Mont Blanc and Dunhill.
read
more |
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THE
INDUS NANO-TECH ASSOCIATION LAUNCHED |
|
| |
 A
group of Indian Americans well placed in the
nano-technology industry have formed The Indus
Nanotechnology Association (TINA) to create
a bigger impact in the market, estimated to
be worth $1 trillion (Rs.39.25 trillion) by
2015. The new group will provide networking
opportunities to advance the field and create
new areas of business.
read
more |
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ASIAN
ENTREPRENEUR REUBEN SINGH DECLARED BANKRUPT |
|
| |
 Reuben
Singh, the British Asian entrepreneur who
became famous for his 'Miss Attitude' and
'alldaypa' companies, but more recently for
controversy surrounding his wealth and dealings,
has filed for bankruptcy (October 2007) as
a result of the dispute with the Royal Bank
of Scotland over a multi-million pound overdraft.
read
more |
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KILLER
FIRE AT ASIAN-OWNED WAREHOUSE |
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| |
 The
death of four firemen at a warehouse owned
by one of Britain's wealthiest Asian men has
raised questions over working conditions for
migrants in Britain. The four part-time firemen
were killed trying to fight a blaze at the
the warehouse in Atherstone-on-Stour.
read
more |
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MICROSOFT
SGNS $500M IPTV DEAL WITH RELIANCE |
|
| |
 Microsoft
has entered into a $500-million (Rs.19.7 billion)
pact with Reliance Anil D. Ambani Group (RADAG)
to launch Internet protocol television (IPTV)
in India. Microsoft will power the service
through Reliance's largest fibre optic network
in the country. The IPTV service will be launched
in Mumbai & Delhi by March 2008.
read
more |
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NATIONAL
MISSION TO MAKE INDIA A GLOBAL NANO HUB |
|
| |
 The
Indian government is starting a five year
national mission to make the country a global
hub for nanoscience and nanotechnology. To
start the mission, the Department of Science
and Technology (DST) will set up three nano
institutes, in Bangalore, Kolkata and near
Chandigarhwith a seed capital of Rs.1 billion
for each.
read
more |
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JET
AIRWAYS TARGETS $3 BILLION REVENUE IN 3 YEARS |
|
| |
 Jet
Airways, India's largest private airline,
is aiming to achieve $3 billion (Rs.118 billion)
in revenue in the next three years, chairman
Naresh Goyal said Tuesday. He also said almost
half of this $3 billion would come from its
international operations. Jet Airways' inaugural
flight between New York and New Delhi took
off on Sunday (Oct 29) from JFK airport.
read
more |
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HINDUJAS
TO EXPAND HOSPITAL BUSINESS |
|
| |
 The
Hinduja group intends to grow its hospital
business. The group has signed an agreement
with Limitless LLC to promote hospitals within
and outside India. The Hindujas intend to
have around 5,000 hospital beds under its
fold. Presently, the group runs the 351-bed
Hinduja Hospital in Mumbai.
read
more |
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INDIAN
STOCK MARKETS BREAK ALL RECORDS |
|
| |
 The
bull run in Indian stock markets achieved
another milestone with the Sensex hitting
the 20,000 points mark and the broader S&P
CNX Nifty of National Stock Exchange crossing
5,900 points. There was massive buying by
insurance and mutual fund companies, which
propelled the indexes to the new highs.
read
more |
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CISCO
TO TRIPLE HEADCOUNT IN INDIA |
|
| |
 Cisco
Systems Inc will be increasing its headcount
in India to 10,000 by 2010. The company is
also on target to invest $1.16 billion in
the country, chairman and CEO John Chambers
said here Monday. The $35-billion company
announced in 2005 that it would be spending
$1.16 billion in ramping up its employee strength.
read
more |
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CHILD
LABOUR FORCES 'GAP' TO WITHDRAW CLOTHES |
|
| |
 British
fashion major Gap Sunday announced that it
had withdrawn from sale children's clothes
that were reportedly produced using forced
child labour in Shahpur Jat area of New Delhi.
The announcement was made following reports
in the British press about miserable conditions
in which goods were produced in low-cost Indian
factories.
read
more |
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COBRA
BEER BETS HIGH ON INDIA |
|
| |
 Indian-born
entrepreneur Karan Bilimoria has signed yet
another licensing agreement, taking the number
of Cobra beer breweries in India to seven.
Cobra was first brewed in Bangalore in 1990
and exported to Britain for seven years. In
1997, Cobra started brewing under licence
with Charles Wells in Britain.
read
more |
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BRITISH
NHS PATIENTS FAVOUR INDIA FOR TREATMENT |
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| |
 India
has emerged the most popular destination for
British NHS patients wanting to undergo surgery
for ailments that would otherwise take months
to treat. A survey shows that this year over
70,000 British citizens will travel abroad
for medical treatment. The figure is expected
to rise to 200,000.
read
more |
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MUKESH
AMBANI SOON TO JOIN WORLD'S 10 RICHEST
|
|
| |
 With
booming stock markets sending his fortunes
soaringy, Mukesh Ambani is well on his way
to joining an exclusive list of the world's
10 wealthiest people. With a rise of over
100% in the share price of Reliance Industries,
Ambani's wealth has doubled to some $44 billion
in the past year, the 'Financial Times' reported.
read
more |
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INDIAN
HANDICRAFTS: WEAVING THEIR WAY AWAY? |
|
| |
 Forty-year-old
Inder Pal's lost expression does not quite
fit in with the smiling faces of terracotta
sculptures he has created. Pal, who is from
Haryana, echoes the story of many Indian craftsmen
today. They churn out intricate hand work,
but their earnings are not enough to sustain
them.
read
more |
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INDIA
TO SET UP CENTRALISED DRUG LICENSING AUTHORITY |
|
| |
 Concerned
over the rampant spread of spurious medicines
in India, the government is planning to disallow
states from issuing licences to drug companies
and to set up a federal authority instead
on the lines of the US Food and Drugs Administration
(FDA).
read
more |
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'BPOs
NO LONGER CAREER CHOICE FOR INDIAN YOUTHS' |
|
| |
 Careers
in BPOs and call centres are no longer hot
options for Indian youth and these sectors
will face the toughest challenge yet in the
next 2 years, says a study. The outsourcing
industry is already facing an attrition rate
of 25-30% as youths are shifting to hospitality,
aviation & retail.
read
more |
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GVK
LAUNCHES RESEARCH CENTRE FOR US PHARMS GIANT |
|
| |
 GVK
Biosciences, India's premier contract research
organisation, has launched the GVK BIO Wyeth
chemistry centre for the US-based Wyeth Pharmaceuticals.
The built-to-suit research centre, which has
come up at a cost of $10 million at Nacharam
(Hyderabad) employs 200 chemists.
read
more |
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INDIA
TO TAP FUNDS IN BRITAIN FOR INFRASTRUCTURE |
|
| |
 India
is planning to set up a special purpose vehicle
(SPV) in London to finance infrastructure
development. Commonwealth Business Council
director general Mohan Kaul highlighted how
India's infrastructure needs had shot up from
$300 billion two years ago to $495 billion
today.
read
more |
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INDIA
NOT EASY TO DO BUSINESS IN: WORLD BANK |
|
| |
 By
ranking India at a low 120 despite its strong
stock markets and an economic growth of over
9%, the World Bank said it was not easy doing
business in the country and even called its
judiciary the 'least efficient' in the world.
India ranked 120th, below Tunisia, Botswana,
Uruguay and Ethiopia in the new report.
read
more |
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DON'T
FRET ABOUT WAL-MART: LORD SWRAJ PAUL |
|
| |
 The
entry of retail giants like Wal-Mart into
India should not be a matter of concern as
Indians have effectively taken on such chains
and prospered, says businessman Lord Swaraj
Paul. Similarly, the opening of Reliance Fresh
outlets across India would not drive neighbourhood
shopkeepers out of business.
read
more |
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VIJAY
MALLYA WANTS INDIA RACING ON F1 TRACKS |
|
| |
Indian
liquor baron Vijay Mallya wants to put India
in the Spyker Formula One team name next season
after completing the formalities for buying
a 50 percent stake in the Anglo-Dutch racing
team. " One thing is for sure, I want
to put the word India into the name of the
team," Mallya said in an interview.
read
more |
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INDIA
MOST ACQUISITIVE OF EMERGING ECONOMIES |
|
| |
 India
has emerged as the most acquisitive of emerging
nations as the global spread of Indian enterprise
in recent years led to the takeover of several
major western and other companies, according
to KPMG's Emerging Markets Tracker.
read
more |
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GLOBALISATION
IS TWO-WAY TRAFFIC: AZIM PREMJI |
|
| |
 'The
world's richest Muslim entrepreneur defies
conventional wisdom about Islamic tycoons:
He doesn't hail from the Persian Gulf, he
didn't make his money in petroleum, and he
definitely doesn't wear his faith on his sleeve.'
That's how the Wall Street Journal describes
Azim Premji, CEO of Wipro, in a story about
'How a Muslim Billionaire Thrives in Hindu
India.'
read
more |
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INDO-BRITISH
BILATERAL TRADE UP 30 PERCENT |
|
| |
 The
bilateral trade between India and Britain
has grown by 30 percent in the last two years,
British Deputy High Commissioner Simon Wilson
said on Monday. "The bilateral trade
had exceeded $10 billion last year" he
added.
read
more |
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| |
HERO
GROUP BUYS SCOTLAND'S TOP CALL CENTRE OPRATOR |
|
| |
 The
story of Indian companies taking over British
businesses continues. The latest example is
New Delhi-based call centre major Hero Group
buying Scotland's largest call centre operator
for £40 million. The Hero Group has
bought the Isle of Bute-based Telecom Service
Centres (TSC), which has more than 3,000 staff,
mainly based in Scotland.
read
more |
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| |
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INDIAN
RULING AGAINST NOVARTIS A VICTORY SAYS OXFAM |
|
| |
 Today’s
verdict by an Indian court against the Swiss
pharmaceutical giant Novartis is an important
victory for global public health, according
to leading aid inlcuding Oxfam International.
The decision will protect India’s special
role as the world’s leading provider
of affordable medicines to the poor. The agencies
welcome Novartis’s response that it is
unlikely to appeal.
read
more |
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| |
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| |
FOUNDERS
QUIT AS GOLDSHIELD SETTLES NHS CLAIM |
|
| |
 The
Directors of Goldshield, Ajit & Kirti
Patel, have agreed a £4 million settlement
with the NHS for alleged anti-competitive
cartel conduct in connection with the supply
of generic drugs. Both Ajit and Kirti Patel
have decided to resign to focus on the case
with the Serious Fraud Office (SFO). Finance
director Rakesh Patel has been named the new
chief executive.
read
more |
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| |
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| |
NEW
ETHNIC MINORITY BUSINESS TASK FORCE LAUNCHED |
|
| |
 A
new Ethnic Minority Business Task Force will
help boost economic participation by BME entrepreneurs,
Small Business Minister Margaret Hodge announced
today. One of its tasks will be to investigate
why ethnic minority businesses face additional
barriers in access to finance.
read
more |
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| |
FEMALE
WEALTH CREATION DRIVEN BY BUSINESS SUCCESS |
|
| |
 A
report published today by Barclays Wealth
reveals that the affluence of women is fuelled
by their own individual enterprises –
highlighting that the view of inheritance
and marriage as the main sources of female
wealth is out-dated. The new survey of 600
wealthy individuals reveals that female wealth
is largely driven from earnings and business
ownership (83.9%) or from personal investments
(32.8%).
read
more |
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ASIAN
BUSINESS AWARDS 2007 |
|
| |
 The
Eastern Eye Asian Business Awards 2007 took
place on Tuesday 8th May 2007, in the presence
of HRH The Duke of York, the UK's Special
Representative for International Trade and
Investment. The awards were presented at a
dinner attended by more than 1,000 VIPs and
businessmen, including last year's Business
of the Year Award-winner, Mike Jatania.
read
more |
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| |
INDIAN
BIOTECH SECTOR TO BE $5 BN INDUSTRY BY 2010 |
|
| |
 The
Indian biotechnology sector, a $1.5 billion
industry in 2004-05, is all set to become
a $5 billion industry in the next 4 years,
says a leading industry lobby. The biotech
industry, which currently boasts of 300 biotech
firms, will witness the doubling of these
firms to 600 in 3-4 years.
read
more |
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| |
A
BUSINESS SCHOOL FOR INDIA'S RURAL WOMEN |
|
| |
Thirty-four-year old Lakshmi Kikade could
never have dreamt of going to a business management
school - for she had never received formal
education. But today she is a budding entrepreneur
with a business management diploma, thanks
to the grooming she received from Mann Deshi
Udyogini - a business school for India's rural
woman.
read
more |
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| |
UK
CUSTOMERS UNHAPPY WITH INDIAN CALL CENTRES |
|
| |
A
new industry survey by Mintel, reveals a high
level of customer dissatisfaction with the
quality of service provided by call centres
in India, prompting calls by unions to return
offshored jobs back to Britain. There are
also complaints about the quality of medical
transcription work.
read
more |
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| |
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| |
VEDANTA
BUYS SESA, INDIA'S LARGEST IRON ORE PRODUCER |
|
| |
 Anil
Agarwal's, Vedanta Resources plc announced
that it had acquired 100% of Finsider International
Ltd, UK, - which owns a 51% controlling stake
in Sesa Goa, India's largest private sector
iron ore producer/exporter - from Mitsui of
Japan for US$981 million, implying a price
of Rs. 2,036 per share.
read
more |
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| |
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| |
INFOSYS
TARGETS $4 BILLION REVENUE IN 2008 |
|
| |
 Beating
market expectations yet again, India's number
two IT exporter Infosys Technologies reported
a whopping 70% jump in net profits for the
last quarter of 2006-07 at $267.4 billion
even as it set a target of $4 billion in revenues
for 2008. The
company said its net profits for 2006-07 were
up 57 percent at $900 million thanks to an
outsourcing boom.
read
more |
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| |
JET
BUYS SAHARA FOR RS. 14.5 BILLION |
|
| |
 India's
largest private airlines Jet Airways Thursday
inked a renewed deal to take over its rival
Air Sahara for Rs.14.5 billion ($338 million),
further expanding its market share in India's
fast-expanding domestic aviation sector. Industry
sources said the renewed valuation of Air
Sahara has been pegged at Rs.20.5 billion,
of which Rs.6 billion is expected to be liabilities
and arrears.
read
more |
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| |
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| |
GLAXO
SIGNS OUTSOURCING DEAL WITH INDIAN FIRM |
|
| |
 GlaxoSmithKline
(GSK), Britain's largest drug company, has
signed an outsourcing deal with India's Tata
Consulting Services to establish a drug development
support facility in Mumbai. Reports say that
the deal is understood to be worth more than
£10 million and will create 100 new
jobs.
read
more |
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| |
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| |
PATAK'S
UP FOR SALE AT £200 MILLION |
|
| |
 Indian
food major Patak's, whose spicy pickles and
other products tickle the palates of millions
of people in Britain every day, has been put
up for sale for a price tag of £200
million. The company, which was recently embroiled
in a bitter family dispute over ownership
between Pathak and his two sisters, is now
100% owned by Kirit & his wife Meena Pathak.
read more |
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| |
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| |
VODAFONE
ACQUIRES CONTROL OF HUTCH ESSAR IN INDIA |
|
| |
 Vodafone
today announced that it has agreed to acquire
a controlling interest in Hutchison Essar,
a leading operator in the fast growing Indian
mobile market, for US$11.1 billion (£5.7
billion), valuing the Indian telecoms business
atUS $18.8 billion (£9.6 billion). The
move gives Vodafone to a controlling position
in the ndian mobile market.
read
more |
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| |
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| |
BOTTLED
FOR BUSINESS, OUT 7 FEB 2007 |
|
| |
 'Bottled
for Business' tells the inspirational success story of Karan Bilimoria
- the founder and Chief Executive of Cobra Beer who started his business
aged 27, with student debts of £20,000. Karan gives an insight
into how he has made Cobra one of the UK's fastest growing beer brands
and built it into a hugely successful global business in little more
than 15 years.
read
more |
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| |
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| |
INDIAN
ENTREPRENEURS RIDING WAVE OF INNOVATION |
|
| |
 Indian
entrepreneurs are riding the wave of innovation
by bringing ‘new’ products to their
markets, according to the eighth annual Global
Entrepreneurship Monitor (GEM). In India,
one in every ten is engaged in entrepreneurial
activity, and the gender gap is narrowing,
but India has the highest level of business
exits (15%) among GEM nations in 2006.
read
more |
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| |
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|
| |
FIRST
ASIAN WOMAN CEO OF A FTSE COMPANY |
|
| |
 The
first Asian woman CEO of a FTSE company has
been appointed by one of the UK’s market
leaders in delivering facilities, engineering
and property services. MITIE Group PLC has
announced that Indian-born Ruby McGregor-Smith,
aged 43, will be its Chief Executive effective
from 30 March 2007. Ruby joined the Board
in 2002 as Group Finance Director.
read
more |
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| |
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|
| |
GITA
PATEL'S TRAPEZIA FUND HITS IT'S £4.5
MILLION TARGET |
|
| |
 Gita
Patel of Stargate Capital has successfully
closed her first EIS fund: Trapezia, having
reached its target of £4.5 million.
This is the first Venture Capital Fund in
the UK dedicated to investing in businesses
where women have an influential role and will
be fully invested within months. Amongst the
fund's investors are the Consensus Group &
Bank of Scotland.
read
more |
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| |
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|
| |
GRAMEEN
BANK FOUNDER WINS NOBEL PEACE PRIZE |
|
| |
 The
Norwegian Nobel Committee has awarded the
Nobel Peace Prize for 2006 to Muhammad Yunus
and Grameen Bank for their efforts to create
economic and social development from below.
Grameen Bank (GB) has reversed conventional
banking practice by creating a banking system
based on mutual trust.
read
more |
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| |
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|
| |
IMPERIAL
COLLEGE TO LAUNCH RAJIV GANDHI CENTRE |
|
| |
 Meeting
today in advance of the India-UK investment
summit, the Rector of Imperial College London,
Sir Richard Sykes, and Mr. R Seshasayee, President
of the Confederation of Indian Industry (CII)
have signed a Memorandum of Understanding,
linking their two organisations.
read
more |
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| |
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|
| |
INTERNATIONAL
NETWORK FOR ASIAN BUSINESS LAUNCHED |
|
| |
 A
new group called the International Network
for Asian Business (INAB) was launched in
London last night with a panel discussion
on whether the second generation of Asian
entrepreneurs will have as much impact on
the UK economy as the first. The evening was
hosted by Anuj Chande, Partner at Grant Thornton.
read
more |
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| |
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| |
ASIAN
BUSINESS NETWORKS - ARE THEY ANY GOOD? |
|
| |
 'Young,
unattached start-up seeks like-minded spirit
for mutually profitable relationship'.
Does this sound a like your business approach?
If so, you'll undoubtedly have been networking.
The mantra for the masses, networking has
now replaced other methods as the principal
source for new customers and business contacts.
read
more |
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| |
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|
| |
THE
SECRETS OF A SERIAL NETWORKER |
|
| |
 How
do you become a good networker? Is it an art
you have to be born with, or a skill you can
acquire and hone? Serial networkers - the
ones we seem to bump into at all sorts of
events - can certainly teach us a thing or
two. They seem to possess that technique for
making us feel included in their world.
read
more |
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