Tokyo, Nov 5 (DPA) The Japanese electronics company Panasonic Corp Thursday began its planned takeover of the battery manufacturer Sanyo Electric Co Ltd.
The world’s largest producer of consumer electronics started its bid for the world’s largest manufacturer of rechargeable batteries with the aim of acquiring more than 50 percent of Sanyo’s shares.
Panasonic is offering 131 yen (98 cents) per share for stock that traded Thursday at 172 yen.
But Panasonic is sure the deal, which runs until Dec 7, would succeed because Sanyo’s three largest shareholders, which include Goldman Sachs, have already agreed to it.
Panasonic is reckoning on a total cost of at least 400 billion yen.
The friendly takeover, planned for more than a year, would threaten Hitachi’s status as the largest electronics business in Japan in terms of sales.
Sanyo is the world’s largest producer of lithium-ion batteries for personal computers and mobile phones and is strong in the solar cells business.
Panasonic is undergoing restructuring and sees itself on the road to recovery, forecasting lower losses this business year than previously expected.
Showing posts with label SHALINI. Show all posts
Showing posts with label SHALINI. Show all posts
Thursday, November 5, 2009
Tuesday, November 3, 2009
Johnson & Johnson to cut 8,000 jobs
New York, Nov 4 (DPA) US consumer goods and pharmaceutical company Johnson & Johnson said Tuesday it would cut around 8,000 jobs in a bid to trim costs in the wake of the recession.
The lay-offs amount to some 6 percent to 7 percent of the company’s employees.
They are designed to save some $1.7 billion by 2011, the New Brunswick, New Jersey-based company said. One-time costs of up to $1.3 billion will fall in the current quarter.
The lay-offs amount to some 6 percent to 7 percent of the company’s employees.
They are designed to save some $1.7 billion by 2011, the New Brunswick, New Jersey-based company said. One-time costs of up to $1.3 billion will fall in the current quarter.
Friday, October 30, 2009
Wills Lifestyle plans 100 new stores, expansion of e-commerce
New Delhi, Oct 28 (IANS) It has completed a decade of operation and, with the market looking up, Wills Lifestyle plans to expand in a big way by opening 100 new stores in the next three years and concentrating on online buyers.
“We wanted to attain this figure long back. But due to bad market conditions, the construction of malls in various cities came to a halt and so did our plans to open stores,” said Atul Chand, chief executive of ITC’s lifestyle retail business division.
“Now the market condition is improving and construction of those malls has started again,” Chand told IANS in an interview.
“Also, we have managed to negotiate with the rent and have brought it down by 30 percent,” he added.
Wills has 50 stores in 30 cities, and Chand said in the next phase the company would focus on tier-two cities and open two stores every month for the next six months in cities such as Nashik, Nagpur and Jaipur.
“The growth rate in these cities is higher compared to any metros because they are already very saturated. In small cities, people are very keen to buy fashionable clothes but don’t know where to get these from,” he said.
“So most of them go to the nearest metropolitan city to buy latest fashion material. Hence we are opening in their own cities so that they don’t have to go anywhere. The whole idea is to target smaller cities and grow globally.”
Chand said the company foresaw a growth rate of 10 percent in the coming quarter. “Sales have definitely improved compared to last year. The way people shopped during this festival season shows optimism in their purchasing power. With this optimistic atmosphere, we are sure to have a growth rate of 10 percent in the coming quarter.”
The brand’s products will also be made available at ITC hotels across the country soon.
Wills Lifestyle is one of the main sponsors of the Fashion Design Council of India’s mega fashion event — Wills Lifestyle India Fashion Week (WIFW) and retails the outfits of the grand finale designers.
“This tie-up has helped our business to grow by 15 percent. People want to wear designer clothes and we are providing these from top-notch designers like Rohit Bal, Ashish and Rana Gill among others at reasonable prices; so they don’t mind spending the amount,” said Chand.
“We wanted to attain this figure long back. But due to bad market conditions, the construction of malls in various cities came to a halt and so did our plans to open stores,” said Atul Chand, chief executive of ITC’s lifestyle retail business division.
“Now the market condition is improving and construction of those malls has started again,” Chand told IANS in an interview.
“Also, we have managed to negotiate with the rent and have brought it down by 30 percent,” he added.
Wills has 50 stores in 30 cities, and Chand said in the next phase the company would focus on tier-two cities and open two stores every month for the next six months in cities such as Nashik, Nagpur and Jaipur.
“The growth rate in these cities is higher compared to any metros because they are already very saturated. In small cities, people are very keen to buy fashionable clothes but don’t know where to get these from,” he said.
“So most of them go to the nearest metropolitan city to buy latest fashion material. Hence we are opening in their own cities so that they don’t have to go anywhere. The whole idea is to target smaller cities and grow globally.”
Chand said the company foresaw a growth rate of 10 percent in the coming quarter. “Sales have definitely improved compared to last year. The way people shopped during this festival season shows optimism in their purchasing power. With this optimistic atmosphere, we are sure to have a growth rate of 10 percent in the coming quarter.”
The brand’s products will also be made available at ITC hotels across the country soon.
Wills Lifestyle is one of the main sponsors of the Fashion Design Council of India’s mega fashion event — Wills Lifestyle India Fashion Week (WIFW) and retails the outfits of the grand finale designers.
“This tie-up has helped our business to grow by 15 percent. People want to wear designer clothes and we are providing these from top-notch designers like Rohit Bal, Ashish and Rana Gill among others at reasonable prices; so they don’t mind spending the amount,” said Chand.
Wednesday, October 28, 2009
Usha Martin net falls to Rs.14.65 crore
Kolkata, Oct 28 (IANS) Speciality steel and wire rope manufacturer Usha Martin posted a net profit of Rs.14.65 crore in the second quarter this financial year, down from the Rs.41.85 crore it earned in the corresponding period last fiscal.
“The slow and uncertain process of global economic recovery and volatility in raw material prices continue to affect product volumes and margins,” said company managing director Rajeev Jhawar here Wednesday.
“Standalone sales realisations were down 26 percent,” Jhawar told reporters.
The company’s operating profit margin dropped to 17 percent compared to 22 percent logged in the corresponding period last fiscal.
According to Jhawar, the sharp drop in steel prices over the past year affected the company’s results.
Steel, which cost about Rs.47,000 a tonne in the second quarter last fiscal, is now ruling at Rs.29,000 per tonne, a drop of about 30 percent.
Jhawar said that taking the commissioning of additional capacity into consideration, the company expected to touch Rs.900-950 crore revenue by fourth quarter this year.
Demand was also picking up, he said, maintaining that the auto sector was doing well.
“The slow and uncertain process of global economic recovery and volatility in raw material prices continue to affect product volumes and margins,” said company managing director Rajeev Jhawar here Wednesday.
“Standalone sales realisations were down 26 percent,” Jhawar told reporters.
The company’s operating profit margin dropped to 17 percent compared to 22 percent logged in the corresponding period last fiscal.
According to Jhawar, the sharp drop in steel prices over the past year affected the company’s results.
Steel, which cost about Rs.47,000 a tonne in the second quarter last fiscal, is now ruling at Rs.29,000 per tonne, a drop of about 30 percent.
Jhawar said that taking the commissioning of additional capacity into consideration, the company expected to touch Rs.900-950 crore revenue by fourth quarter this year.
Demand was also picking up, he said, maintaining that the auto sector was doing well.
Tuesday, October 27, 2009
Birla Corp looking at overseas acquisitions
Kolkata, Oct 27 (IANS) Birla Corp, flagship company of M.P. Birla group, is examining overseas acquisitions, a top company official said here Tuesday.
“We are examining opportunities in emerging markets for cement companies. But nothing has been finalized yet,” company chairman Harsh Vardhan Lodha told reporters at the sidelines of Birla Corp’s annual general meeting.
The newly-appointed chairman said the company also planned to invest Rs.2,350 crore on capacity expansion over the next four years, which will take its annual cement manufacturing capacity to 11.50 million tonnes.
“In the next two years we would be investing Rs.1,150 crore for brownfield expansion and Rs.1,200 crore for setting up a three-million tonne greenfield plant at Satna,” Lodha said.
Birla Corp has cement plants at Satna in Madhya Pradesh, Chanderia in Rajasthan, Durgapur in West Bengal and Rae Bareli in Uttar Pradesh.
Brownfield expansion includes setting up a 1.2 million tonne plant and 35 MW captive power plant at Chanderia.
Additionally, it will involve increasing the grinding capacity at Durgapur by six lakh tonnes along with installing of a 17.5 MW captive power plant, as well as replacing the cement ball mills at Satna and setting up a coal washery and 35 MW captive power plant.
The company is also planning to set up a one-million-tonne cement plant in Assam on an investment of Rs.500 crore.
“We have been shortlisted by the Assam government and we have to take a call whether we would be signing the memorandum of understanding with them for setting up the plant,” Lodha said.
Birla Corp, which has a capacity to produce seven million tonnes of cement annually, also has interest in jute, autotrim products, vinoleum, carbide and gases, and textiles.
Meanwhile, the company has asked its 1,000 employees at Soorah Jute Mill to relocate themselves to Birla Jute Mill at Birlapur in South 24 Parganas district as it has decided to close down the first unit
“We are examining opportunities in emerging markets for cement companies. But nothing has been finalized yet,” company chairman Harsh Vardhan Lodha told reporters at the sidelines of Birla Corp’s annual general meeting.
The newly-appointed chairman said the company also planned to invest Rs.2,350 crore on capacity expansion over the next four years, which will take its annual cement manufacturing capacity to 11.50 million tonnes.
“In the next two years we would be investing Rs.1,150 crore for brownfield expansion and Rs.1,200 crore for setting up a three-million tonne greenfield plant at Satna,” Lodha said.
Birla Corp has cement plants at Satna in Madhya Pradesh, Chanderia in Rajasthan, Durgapur in West Bengal and Rae Bareli in Uttar Pradesh.
Brownfield expansion includes setting up a 1.2 million tonne plant and 35 MW captive power plant at Chanderia.
Additionally, it will involve increasing the grinding capacity at Durgapur by six lakh tonnes along with installing of a 17.5 MW captive power plant, as well as replacing the cement ball mills at Satna and setting up a coal washery and 35 MW captive power plant.
The company is also planning to set up a one-million-tonne cement plant in Assam on an investment of Rs.500 crore.
“We have been shortlisted by the Assam government and we have to take a call whether we would be signing the memorandum of understanding with them for setting up the plant,” Lodha said.
Birla Corp, which has a capacity to produce seven million tonnes of cement annually, also has interest in jute, autotrim products, vinoleum, carbide and gases, and textiles.
Meanwhile, the company has asked its 1,000 employees at Soorah Jute Mill to relocate themselves to Birla Jute Mill at Birlapur in South 24 Parganas district as it has decided to close down the first unit
Monday, October 26, 2009
Tycoon sentenced to death for killing Lebanese pop star beauty
An Egyptian business tycoon and a security guard have been sentenced to death for the murder of Lebanese pop singer Suzanne Tamim.
Millionaire businessman Hisham Talaat Mustafa was found guilty of paying $US2 million to former policeman Muhsin Sukkari to kill the singer.
Ms Tamim is reported to have broken off a relationship with the wealthy business tycoon several months before she was found dead last July.
The trial has gripped the attention of Egypt and the Middle East due to the mix of politics, showbusiness and wealth, with chaotic scenes following the announcement by the trial judge.
According to reports, Sukkari’s face went pale and family members burst into tears as the sentence was read out.
Sukkari had been charged with killing Tamim with a knife at her luxury Dubai apartment, while Moustafa was charged with participating in the crime through “incitement, agreement and assistance” in the killing.
As is standard in Egypt, the men’s sentences have been referred to the religious authorities for confirmation.
Millionaire businessman Hisham Talaat Mustafa was found guilty of paying $US2 million to former policeman Muhsin Sukkari to kill the singer.
Ms Tamim is reported to have broken off a relationship with the wealthy business tycoon several months before she was found dead last July.
The trial has gripped the attention of Egypt and the Middle East due to the mix of politics, showbusiness and wealth, with chaotic scenes following the announcement by the trial judge.
According to reports, Sukkari’s face went pale and family members burst into tears as the sentence was read out.
Sukkari had been charged with killing Tamim with a knife at her luxury Dubai apartment, while Moustafa was charged with participating in the crime through “incitement, agreement and assistance” in the killing.
As is standard in Egypt, the men’s sentences have been referred to the religious authorities for confirmation.
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