Translate

Post Your Self

Hello Dearest Gameforumer.com readers

Its your chance to get your news, articles, reviews on board, just use the link: PYS

Thanks and Regards

Thursday, December 12, 2019

economic news of india - world economic news - economics news for students - indian economy news

economic news of india - world economic news - economics news for students - indian economy news


India's biggest carmaker gets FOMO after quitting diesel

Posted:

MUMBAI: Maruti Suzuki is reconsidering the plan to ditch diesel vehicles from its portfolio, after its key rivals decided to continue in the segment, people in the know said.The nation's top carmaker had cited non-viability of developing a small diesel engine complying with upcoming emission norms for exiting the space from next year. The company now feels it would miss out on a sizeable market share if it leaves the space but its rivals stay put, these people said.The Suzuki Motor unit will stop selling diesel cars ahead of April 1deadline to meet new emission norms, but plans to re-enter the market in 2021, they said. It has begun work on a 1.5-litre diesel engine meeting BSVI standards, in line with rivals Hyundai Motor, M&M and Tata Motors that are upgrading their own diesel plants for mid-size vehicles.NEW ENGINES TO TOYOTAMaruti Suzuki is likely to strap the proposed diesel engine first in the Ciaz, Ertiga and S Cross, and subsequently in the Vitara Brezza and a seven-seater version of the SUV. In the hatchback and small sedan segments of Swift, Baleno and DZire, it would offer a CNG or hybrid engine as an additional option to buyers along with petrol, as there would be no diesel variants, the people said. 72500140 A Maruti Suzuki spokesperson declined to comment.A petrol specialist, Suzuki for decades had relied on a Fiat-supplied 1.3-litre multijet plant to power its mass-market diesel vehicles. The Italian company isn't upgrading this to the new emission standards, so Maruti Suzuki is developing its own 1.5-litre plant, people said.Barring the Volkswagen Group and the Renault-Nissan alliance, Maruti Suzuki's rivals Hyundai, Mahindra, Tata Motors and Honda Cars are all upgrading their 1.5-litre diesel engines to meet BSVI standards. "It is a given that the 1.5-litre diesel has to come (for Maruti Suzuki), but everyone is keenly waiting for the final report on techno-commercial viability. Just Maruti Suzuki volumes alone may not make the business case, hence supplying for Toyota models in the future is an option being discussed to lower the cost," said a parts supplier to the company.Maruti Suzuki is estimated to have sold about 500,000 diesel vehicles in 2018-19, and this fiscal year, internal estimates suggest that number to fall to 250,000-300,000. Once the 1.5-litre diesel engine option is added to the portfolio, Maruti Suzuki expects this volume to return to 500,000-lakh level, including vehicles sold in partnership with Toyota Motor.The New Delhi-based company has over the past months phased out its diesel models, except for the BS-IV versions of the Vitara Brezza and DZire Tour that have seen a surge in demand recently.While it is set to soon stop production of these two diesel models as well, the sudden surge in demand for these may have also been a reason for it to reconsider the previous plan. It has now realised there will be a sizeable number of diesel buyers in the market even in the compact and midsize segments, the people said.With the company that makes half the passenger vehicles in India exiting most of the diesel segments, the share of diesel cars, utility vehicles and vans in the local market slipped to 34% in the first half of fiscal 2020 from 40% a year earlier. About 22% of the vehicles sold by Maruti Suzuki in the first half were dieselpowered. Its share in the overall diesel market was less than 40%.In India's passenger car segment, the share of diesel was 14% in the fiscal first half, but in the utility vehicles space, it was high at 68%. Maruti Suzuki took an accelerated depreciation of Rs 160 crore to write off its diesel assets this financial year, but if there is an expected future demand then the company may have to re-value its diesel assets.

Sunil Mittal's AGR bill likely to get heavier

Posted:

New Delhi: The Department of Telecommunications is set to hold Bharti Airtel liable for some of the adjusted gross revenue (AGR) dues that Videocon Telecommunications and Aircel owe the government, as the Sunil Mittal-led telco had bought some spectrum from the two bankrupt carriers back in 2017."DoT is looking into the spectrum trading deal between Bharti Airtel and Videocon Telecommunications and dues that need to be paid," said a government official, who did not want to be identified.The bankrupt telco — Videocon Telecommunications, which is in the midst of insolvency proceedings, owes about Rs 1,298 crore in licence fee, spectrum usage charge (SUC), interest and penalties to the government, after the Supreme Court order widened the definition of AGR to include non-core items. Telcos pay up to 8% of AGR as licence fees and 3-5% of AGR as SUC. "…the DoT is chalking out how much will either party have to pay," the official said. 72497820 The DoT has sent notices to all telcos to self-assess and pay their dues in three months from the apex court order of October 24. Officials said in case of any discrepancies between the telco and DoT calculations, the department will send fresh notices for the balance. Under a spectrum trading deal, Airtel bought 25 MHz spectrum in the 1800 MHz band from Videocon Telecommunications in six circles — Bihar, Gujarat, Haryana, Madhya Pradesh, UP (East) and UP (West) — for Rs 4,428 crore.An industry official said that Videocon Telecommunications was using the spectrum for 2G and 3G services, and thus, was liable to pay licence fees and SUC. "Its dues may be divided between two parties." Airtel, on its own, faces dues of over Rs 35,500 crore, and after provisioning for such payments, ran up record losses of over Rs 23,000 crore in the July-October quarter. The DoT move will thus further add to the burden of the second largest operator, which has repeatedly asked the government to grant them relief from the SC's order that has sent shock waves across the sector. 72497827 The government though has said it can't provide AGR relief unless directed by the court. The telco and Videocon Telecommunications have both filed separate review petitions in the hope of the court softening its blow. Airtel, Videocon Telecommunications and Deloitte, the resolution professional for Videocon and Aircel, didn't respond to ET's emailed queries till press-time.In the case of Aircel, which is also undergoing insolvency proceedings, Airtel is expected to be made liable for a 'small part' of Aircel's nearly Rs 10,230 crore dues, another industry official said."This is because most of the defunct telco's dues come from its 2G and 3G airwaves whereas Airtel had picked up the barely used 4G spectrum," the official said. Also, SUC for 2300 MHZ band that Aircel bought in the 2010 is at 1% compared with 3-5% for other bands. 72497833 Airtel bought 23 MHz spectrum in 2300 MHz band from bankrupt Aircel in eight circles — Tamil Nadu (including Chennai), Bihar, Jammu & Kashmir, West Bengal, Assam, North East, Orissa and Andhra Pradesh — for Rs 3,500 crore. In the Odisha circle, Airtel had to surrender 1.2 MHz airwaves worth Rs 38 crore because it breached the spectrum cap.The genesis of these two spectrum trading deals happened when Airtel needed more 4G airwaves to combat the impending onslaught of Reliance Jio, which launched its commercial services in September 2016.The rules are clear on the liabilities in a trading deal, said DoT officials. "The seller shall clear all its dues prior to concluding any spectrum trading. Thereafter, any dues recoverable up to the effective date of trade shall be a liability of the buyer," according to the rules."The government shall, at its discretion, be entitled to recover the amount, if any, found recoverable subsequent to the effective date of the trade, which was not known to the parties at the time of the effective date of trade, from the buyer or the seller, jointly or severally." Untitled Carousel 72492751

Deloitte finds itself in new IL&FS mess

Posted:

The National Financial Reporting Authority (NFRA) has said that Deloitte Haskins & Sells, which audited the books of IL&FS Financial Services Limited, had failed to comply with the relevant accounting standards.The regulator for auditors in the country said in a probe report Thursday that "the audit firm did not have adequate justification for issuing the audit report asserting that the audit was conducted in accordance with the SAs (standards of accounting)."The NFRA report, however, did not mention any penalty against Deloitte.NFRA, which is an agency of the Ministry of Corporate Affairs (MCA), said that Deloitte may have violated a clause that restricts a statutory auditor from providing other professional services to a company being audited."DHS LLP will conduct a detailed review into NFRA's report and is exploring the available options," a Deloitte India spokesperson said. "The audit for FY 2017-2018 was a joint audit for IFIN. We remain confident that our audits have been performed in accordance with applicable laws, regulations and professional standards in India."According to NFRA, Deloitte was offering different services to IL&FS Financial, or IFIN. Such relationships could lead to potential conflicts of interest and biases, the report said.NFRA's investigation has focused on the IL&FS fraud after the infrastructure financier failed to meet its debt obligations last autumn, triggering a confidence crisis in India's non-bank lending industry.IFIN was audited by KPMG affiliate BSR in FY19 and jointly by BSR and Deloitte in FY18. Deloitte was the sole auditor of IFIN in FY16 and FY17.The NFRA report released on Thursday speaks about the role of Deloitte.

Want to be an MBA? Why not electrician?

Posted:

MUMBAI: Young Indians, do the math: You spend between Rs 4 lakh and Rs 8-12 lakh for a degree/diploma from a tier-3 or tier-4 MBA or engineering institute, you get a salary of around Rs 40,000 per month on graduation. Or, you spend under Rs 1 lakh for a specialised course at a vocational training institute, and get a salary of Rs 60,000 a month.Would you still opt for a low-value MBA or engineering course over being an in-demand electrician or lab technician or a gemologist? Many still would. The white collar fetish is skewing India's job market, shows an exclusive TeamLease survey for ET.The survey has many data points (see graphic). For example, a gemologist with five years of experience earns close to Rs 60,000 a month versus an engineer or MBA graduate from non-top tier college, who with similar experience, earns a little over Rs 40,000 pm. A lab technician, a licensed electrician, visual merchandiser, or a fashion designer takes home near about Rs 60,000 a month.The survey is based on TeamLease's temp salary database for 2016, 2017, 2018 and third-party job portal salary databases. It compared salaries of skilled workers from recognised vocational training institutes with salaries of engineers and MBAs from institutions ranked outside the top 50.72500506 Vocational job salaries have consistently risen above salaries of those with engineering and MBA education from bottom rung institutes, says Rituparna Chakraborty, cofounder of TeamLease Services. And demand for vocational skills are high. At the starting level, comparisons are startling.More Money in 15 YearsA visual merchandiser with 0-2 years of experience in the apparel industry got more money than an MBA or an electrical engineer with the same level of experience. The salary of a skilled electrician (with 5+ years of experience) rose from Rs 27,250 per month in 2016 to Rs 39,500 per month in 2018, while a network technician was able to take home Rs 51,600 in 2018 compared with Rs 38,000 in 2016. An engineer from a low-ranked institute, on the other hand, got Rs 41,500 per month in 2018 compared with Rs 37,200 in 2016, while an MBA from a similar institute received Rs 42,000 compared with Rs 32,500 in 2016.Salary levels for vocational employees continued to stay high even after eight years of experience. Ditto with a gemologist working in the gems and jewellery sector. And cumulative payouts over 15 years are also higher for those skilled vocational jobs than those from low-ranked institutes who are in white collar employment. Visual merchandiser, automobile service technician, network technician, surveyor in the construction industry get more money in 15 years than an electrical engineer, marketing MBA and computer engineer, the survey shows. "It is better to learn a skill than getting a degree from such (low-ranked) institutes," says Prince Augustin, executive vice president, group human capital, Mahindra & Mahindra. Specialised vocational jobs such as high precision welding for instance can attract more salary than many engineering qualifications, says Augustin."Compensation is a reflection of demand and supply. There is an oversupply of engineering graduates and MBAs in the country, while in vocational skills there is a dearth of qualified people," says Santrupt Mishra, CEO of carbon black business at Aditya Birla Group.The current demand deficit in the vocational jobs market is expected to balloon to 41.4-61.4 million over the next 5 years, causing salaries to rise. A case in point is the burgeoning demand for gemologists at a time when 99% of gems and jewellery is sold after hallmarking. "There are some 7,000 manufacturers working with 100,000 retailers in India. Today every company needs a gemologist, while there aren't enough people," says Colin Shah, vice-chairman of Gems & Jewellery Export Promotion Council (GJEPC). "Companies would not mind paying a premium to a specialist trained gemologist," he says. However, the negative aspect of most vocational skills is that they are usually specific to a sector.Tomorrow if there is a change in trend, the skill may become redundant. While demand for vocational labour is increasingly outstripping supply, lack of employability continues to plague the long tail of higher education. This raises a big question mark on the quality of MBAs and engineering colleges in the country. According to TeamLease estimates, nearly 80% of the engineers from long-tail institutions (institutions ranked below 51) are not employable, while 99% of MBAs from long-tail institutions are not employable. Unskilled engineers earn Rs 10,000 to 15,000 per month at the start of their career, while poor quality MBAs earn as low as Rs 8,000-10,000 in their first job.According to an estimate from All India Management Association (AIMA), every year, only about 60% of 3.5 lakh-plus management graduates find management jobs.

Hoteliers to ring in New Year on happy note

Posted:

NEW DELHI: New beginnings will soon be in order and you may have to shell out only a bit more or the same as last year for ringing in the new year. Leading hotel brands are keeping rates for their popular Christmas and new year celebration packages mostly unchanged while some are hiking prices marginally even as consumers start hunting for the best deals in town amidst a slowdown. Hotel chains said they are not bringing down rates as they are confident of demand picking up from last-minute party goers.At Pullman and Novotel hotels in New Delhi's Aero City, the rates for New Year's eve are up marginally – from about Rs 17,000 and Rs 20,000 for Novotel and Pullman brands respectively last year to about Rs 18,000 and Rs 21,000."There has been an excellent recovery in the marketplace for the hospitality sector in the past two months. The downturn in September has reversed and we are seeing rates go up quite well throughout our properties. Significantly, our Delhi properties – Pullman and Novotel New Delhi Aerocity – are seeing good traction for New Year and Christmas packages," said BiswajitChakraborty, general manager delegate for the two hotels. Elsewhere in Mumbai's Hotel Sahara Star, the food and beverages package was priced at Rs 7,000 per guest last year while a staycation package on new year's eve was at about Rs 13,500."This year our food and beverage offerings are around Rs 7500 per guest. Price for our sojourn (staycation) package remain the same as last year, inclusive of buffet breakfast and a brunch with unlimited select beverages. The hotel witnessed a full house last year. This year too we are expecting a greater footfall and definitely better revenues as everybody wants a complete package with hospitality and entertainment," said hotel manager Salil Fadnis.The Imperial, New Delhi, has also kept its rates mostly unchanged this year besides introducing a special liqour package for new year's eve starting at Rs 1500 (plus taxes)."Our prices remain more or less unchanged from last year. They are on par with the industry standards and offer complete value for money to our discerning guests," said Vijay Wanchoo, senior EVP and general manager at the hotel. A Christmas eve dinner buffet at the hotel's all day dining 1911 restaurant is priced at Rs 6,000 plus taxes with unlimited champagne for Rs 1,500 plus taxes while some Tuscan Italian fare on New Year 's eve is priced at Rs 6,000 plus taxes."At our big hotel in New Delhi, prices have increased by about 8%, while in Mumbai they are unchanged. Customers are currently hunting for best deals and will book closer to the date. We have not reduced prices and leads are still coming," said an executive of a luxury hotel chain on condition of anonymity. Akarsh Mathur, GM at The Deltin, Daman, said there is a definite slowdown in the economy compared to last year in certain market segments, but popular occasions such as new year celebrations will not be affected. A staycation package at the property which includes access to new year's eve party is priced at Rs 17,500 plus taxes for two people, the same as last year.

RBI rejects Future Lifestyle plan to raise stake in Koovs

Posted:

MUMBAI: The Reserve Bank of India has rejected Future Lifestyle Fashion's proposal to buy a stake in Koovs, the online retailer which is now being taken over by its largest creditor to keep it afloat, a person in the know said.Future Lifestyle had agreed to buy a nearly 30% stake in the London-listed online fashion retailer in July last year.While the Kishore Biyani-owned firm invested Rs 54 crore last fiscal year and another Rs 34 crore in May by purchasing new ordinary shares, it did not subscribe to compulsorily convertible preference shares (CCPS) worth another Rs 64 crore, which was part of the deal agreement."We have not received the necessary approval for subscription of CCPS. With the RBI stating that the transaction pertaining to CCPS is not compliant, we are not likely to find an alternative route to finance the deal," the person in the know told ET.In a notice to the London Stock Exchange on Tuesday, Koovs said it entered into administration after the Indian company was unable to deliver on a promised 6.5 million pound (Rs 61 crore at current exchange rate) investment in to the business, resulting in unsustainable cashflow pressures. "A competitive sale process has been conducted over the past month in an effort to continue the business as a going concern, but no viable offers were received," the filing added.72500386 Koovs said following the appointment of an administrator, the business and assets were immediately sold to SGIK 3 Investments, a corporate entity wholly owned by Waheed Alli, its largest secured creditor.The Future Group is not keen to contest the sale or invest further. "Koovs' growth has not turned the way it was projected to us during the agreement and we don't foresee a turnaround. We don't intend to pump more money in it," said the person in the know.The Future Group declined to comment.Koovs curates fashion from various international brands targeted at young Indians and about 40% of the company's sales come from its private labels. A few months ago, it started selling its private label brands in Future Lifestyle's Central department stores, while Biyanimanaged brands such as Lee Cooper, Converse, Cover Story and Indigo Nation were listed on its website. The online firm also signed a $1.4 million technical services contract with the Future Group to develop, host and maintain an online platform for Future Lifestyle's Brand Factory. Koovs posted a 9% increase in revenues at Rs 59 crore for fiscal 2019.Its loss widened to Rs 138 crore from Rs 134 crore the year before.

Trump approves US-China trade deal to halt December 15 tariffs

Posted:

President Donald Trump signed off on a phase-one trade deal with China, averting the Dec. 15 introduction of a new wave of US tariffs on about $160 billion of consumer goods from the Asian nation, according to people familiar with the matter.The deal presented to Trump by trade advisers Thursday included a promise by the Chinese to buy more US agricultural goods, according to the people. Officials also discussed possible reductions of existing duties on Chinese products, they said. The terms have been agreed but the legal text has not yet been finalized, the people said. A White House spokesperson declined to comment.The administration has reached out to allies on Capitol Hill and in the business community to issue statements of support once the announcement is made, they said. Before meeting his trade advisers, Trump engaged with members of the Business Roundtable, which represents some of the largest US companies, people said. 72500039 Global stocks hit a record high and bond yields climbed on optimism over trade. On Thursday, Trump tweeted that the US and China are "VERY close" to signing a "BIG" trade deal, also sending equities higher. The yuan surged the most in a year."They want it, and so do we!" he tweeted five minutes after equity markets opened in New York, sending stocks to new records.Trump changed his mind on deals with China before. Negotiators have been working on the terms of the phase-one deal for months after the president announced in October that the two nations had reached an agreement that could be put on paper within weeks.The US has added a 25 per cent duty on about $250 billion of Chinese products and a 15 per cent levy on another $110 billion of its imports over the course of a roughly 20-month trade war. Discussions now are focused on reducing those rates by as much as half, as part of the interim agreement Trump announced almost nine weeks ago.In addition to a significant increase in Chinese agricultural purchases in exchange for tariff relief, officials have also said a phase-one pact would include Chinese commitments to do more to stop intellectual-property theft and an agreement by both sides not to manipulate their currencies.Put off for later discussions are knotty issues such as longstanding US complaints over the vast web of subsidies ranging from cheap electricity to low-cost loans that China has used to build its industrial might.The new duties, which were scheduled to take effect at 12:01 a.m. Washington time on Sunday unless the administration says otherwise, would hit consumer goods from China including smartphones and toys.Before today, Trump's advisers had sent conflicting signals and stressed that he hadn't made up his mind on the next steps.The decisions facing Trump over a trade deal highlight one dilemma he confronts going into the 2020 election: Whether to bet on an escalation of hostilities with China and the tariffs he is so fond of or to follow the advice of more market-oriented advisers and business leaders who argue a pause in the escalation would help a slowing US economy bounce back in an election year.What Bloomberg's Economists Say..."The outcome of US-China trade talks will be a key determinant of the trajectory for 2020 growth. At one extreme, a deal that takes tariffs back to May 2019 levels, and provides certainty that the truce will hold, could deliver a 0.6% boost to global GDP. At the other, a breakdown in talks would mean the trade drag extends into the year ahead."--Tom Orlik, chief economistThe president's expected announcement on Thursday was met with immediate criticism from Democrats and even by members of his own party. Republican Senator Marco Rubio, one of the most vocal China hawks in Congress, said the White House should consider the risks of a deal.A near-term pact "would give away the tariff leverage needed for a broader agreement on the issues that matter the most such as sub­sidies to do­mes­tic firms, forced tech transfers & blocking US firms access to key sectors," he said in a tweet.Democratic lawmakers in a letter on Thursday told the president this point in the negotiations marks a "critical juncture" for the US to secure concessions "on major structural challenges that will only become more difficult to address.""Your administration must stay strong against the Chinese government if fundamental concessions are not made. Anything short of a meaningful, enforceable and lasting agreement would be severe and unacceptable for the American people," Senators Chuck Schumer, Ron Wyden and Sherrod Brown said.

JPMorgan top 2020 trades say short gold, buy raft of stocks

Posted:

By Joanna OssingerJPMorgan Chase & Co. is recommending a risk-on investment allocation for 2020 as the global economy gathers momentum in the wake of the slowdown of recent months.Stocks are a common theme across the Wall Street giant's top trades, including bets on Japanese banks, German equities and emerging markets, a note by strategists including Nikolaos Panigirtzoglou, Marko Kolanovic and John Normand showed Wednesday. The firm maintains an underweight position in bonds, particularly in high-grade corporate credit, and advised betting on gold to slide."If cyclical or policy risks recede into 2020, it would be difficult for asset allocators to not accept higher equity weightings," the analysts wrote. That's especially the case given how cash and bonds yield "significantly" less than equities now, they wrote.The bottoming-out of global manufacturing purchasing manager indexes and strength of US labor markets are lowering US recession risks, the team wrote, adding confidence to the idea that the Federal Reserve's three 2019 interest-rate cuts are simply a mid-cycle adjustment.They boosted their allocation to government bonds to -3 per cent from -6 per cent versus the benchmark, and cut corporate bonds to -8 per cent from -5 per cent. Front-end Treasury rates are likely to be supported through the first quarter as the Fed appears comfortably on hold, according to the bank. 72489783 Last December, the strategists recommended a positive stance on equities versus bonds on the idea that earnings would continue to beat expectations. While bonds have rallied this year, they've returned far less than the global MSCI ACWI stock index.Last year's call on the median level on the Cboe Volatility Index would be between 15 and 16 proved right, as it's just above 15 year-to-date. However, the strategists also recommended implementing hedges across asset classes in anticipation of greater volatility, whereas swings have become muted, particularly in currencies.JPMorgan flagged the biggest risk in 2020 as the US presidential election, particularly if a progressive candidate like Elizabeth Warren wins the Democratic Party nomination. It recommends going long volatility on the US dollar/Swiss franc pair as a hedge against risks from the primary elections where the Democrats will pick their nominee.

Your hard disk drive may have been designed in India

Posted:

For Western Digital, India has emerged as an important engineering centre, with several products in the hard disk drive and flash drive segments entirely designed and developed here by the data storage solutions firm.Earlier this year, the company launched the world's first 1 terabyte micro SD card, which was completely engineered in India, said Ganesh Guruswamy, senior vice-president, Data Storage Products Group at Western Digital.Similarly, the 512 GB micro SD card, which is the world's fastest UHS-1 microSD was also developed here.The nearly $21-billion enterprise has increased its India headcount by almost 10 times to 2,700 over the last five years, 95% of whom are engineers.The company set up its India operations in 2005, focused mainly on R&D."India is an important development centre and the fastest growing market in the consumer segment for us. It will play a significant role from a market perspective in the years to come," Guruswamy said.The enterprise segment is likely to grow faster as the pace picks up on government initiatives like Smart Cities. "I was clear that India would not be just about the human capital and that it would play an important role in product development. We have to be responsible to deliver global products independently," he said.To make it happen, the company has been actively hiring from the market and top universities over the last few years, said Supria Dhanda, vicepresident and country manager at Western Digital India.The upward trend in hiring numbers is likely to continue in the next few years as well, Dhanda said.The company has put in place a dedicated training program for its campus hires in India and this is starting to show results. Over the past year, many patents that it filed were by engineers in their first year on the job."Globally, we have 13,750 patents, many of which have been filed out of here," she said.The company has set up teams comprising entirely of university hires to do end-to-end product development within the first year – something that would typically take an engineer over two years.This push on developing talent is an important reason why most new products created by Western Digital have an India connection.The company is working closely with the government to see how it can bring in products from its global portfolio for smart city and surveillance initiatives.It will also launch the second edition of the Data Innovation Bazaar, DIB 2020, where it partners with the Startup India and Invest India ventures to find solutions to larger problems, like affordable healthcare, using data.Western Digital, the largest company in the non-volatile storage segment, has grown significantly through acquisitions, including HGST, which gave it leadership in the enterprise segment, and Sandisk, which was the biggest company in the flash segment.