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Thursday, February 13, 2020

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financial dictionary pdf - financial terminology dictionary - financial dictionary app


Can The IMF Solve Global Economic Problems?

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The International Monetary Fund (IMF) is an important tool to help struggling countries, but it's not without its problems.

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For Which Kind of Jobs Is a Magna Cum Laude Degree Most Important?

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Discover for what kind of jobs a magna cum laude degree is important. Magna cum laude is a distinction earned when a student graduates with a 4.0 GPA.

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How to Calculate Expected Portfolio Return

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What is the expected return of a portfolio, and how do you calculate it?

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How Are Yields Taxed on a Certificate of Deposit (CD)?

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Learn how interest earned on a certificate of deposit is taxed and how this may reduce the total return of an investment within a CD.

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Is there a positive correlation between risk and return?

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A lower risk investment has lower potential for profit. A higher risk investment has a higher potential for profit but also a potential for a greater loss.

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How Financial Advisors Pick Client Investments

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How advisors choose investment portfolios is varied, and investors are wise to check with theirs to find out how they make investment choices.

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U.S. Savings Bonds vs. CDs: What’s the Difference?

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U.S. savings bonds and certificates of deposit (CDs) are both safe investments that offer modest returns. Which you choose may depend on your timeline.

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What Raw Materials do Auto Manufacturers Use?

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Learn about some of the raw materials required for auto manufacturing, including iron for steel, aluminum, rubber, and petroleum products.

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Best Websites to Find a Job in Tech & IT

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The tech/IT sector is packed with opportunities. Here's how to locate the jobs that are the best fit for your skills.

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10-Year Treasury Note Definition

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A 10-year Treasury note is a debt obligation issued by the United States government that matures in 10 years.

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How Do Average Costs Compare Among Various Oil Drilling Rigs?

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Discover the average costs for an oil producer for purchasing either land-based or offshore oil-drilling rigs and some factors that determine the cost.

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7 Non-Finance Courses Finance Students Should Take

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These are the top-seven non-finance college classes that will help you in your work as a financial services professional.

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Best China ETFs for Q1 2020

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The best China ETFs for Q1 2020 are CHIK, CNXT, and CHIS.

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What Does "Guns and Butter" Refer To?

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Guns and butter sums up the relationship between defense and social spending, two opposing priorities that are important for a nation's government.

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Fundamentals Of How Canada Makes Its Money

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In terms of industry, Canada is best known for oil and gas production, but the second largest country in the world has quite the diversified economy.

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Overview of Vanguard Prime Money Market Fund

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Find out if the Vanguard Prime Money Market Fund is a suitable choice for investors when interest rates are rising.

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Introduction to Investing

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Learning where different assets stand on the investment risk ladder is the first step to understanding investments.

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Oil Production Timeline

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Discover the process of oil well production and learn how long it typically takes an oil producer to move from drilling to production.

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Best India ETFs for Q1 2020

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The best India ETFs for Q1 2020 are INDY, SMIN, and INDA.

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Emerging Market Bond Definition

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Emerging market bonds are debt instruments issued by countries of developing economies.

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Advisors: How Do Edward Jones and Merrill Lynch Compare?

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Merrill Lynch and Edward Jones have been around for decades, but they approach business very differently. Here's the lowdown on how they compare.

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Yankee Certificate of Deposit (CD) Definition

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A Yankee certificate of deposit is a CD that is issued in the United States by a branch or agency of a foreign bank.

Free Application for Federal Student Aid (FAFSA) Definition

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The Free Application for Federal Student Aid (FAFSA) is the key to getting grants, scholarships, work-study, and loans to help pay for college.

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Debt Financing Definition

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Debt financing occurs when a firm raises money for working capital or capital expenditures by selling debt instruments to individuals and institutional investors.

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Mark-To-Model Definition

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Mark-to-model is a pricing method for a specific investment position or portfolio based on internal assumptions or financial models.

Supply Chain Definition

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A supply chain is a network of entities and people that work directly and indirectly to move a good or service from production to the final consumer.

Tezos (XTZ) Definition

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Tezos is a decentralized blockchain project that ran into snags after its successful ICO, but then recovered in 2019 and 2020.

Ponzi Scheme Definition

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A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors.

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Subpoena Definition

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A subpoena is a formal written order issued by a court that requires a person to appear in court and testify, or produce a document.

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Price Controls Definition

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Price controls are government-mandated minimum or maximum prices that can be charged for specified goods.

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An Explanation of Stagflation

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Find out how stagflation is measured, what factors contribute to it, and how to protect your finances.

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Separation of Powers Definition

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Separation of powers occurs in an organization when responsibilities, authorities, and powers are divided between groups rather than being centrally held.

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How Do Governments Fight Inflation?

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There are many methods used by the government to control inflation; one popular method is through a contractionary monetary policy.

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CEO vs. President: What's the Difference?

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In corporate governance and structure, the roles of both CEO and president often vary across firms. Here's a look at both positions and how they function within most companies.

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What factors affect the price of copper?

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The price of copper is primarily set by the ability of suppliers to extract and transport it, as well as the demand for goods and services that require it.

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The Basics of Corporate Structure

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CEOs, CFOs, presidents and vice presidents—learn how to tell the difference.

Why is productivity an important concept in economics?

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See why the concept of productivity is so crucial to understanding economic growth, and why a standard of living directly corresponds to productivity.

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How is the capital asset pricing model (CAPM) represented in the security market line (SML)?

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Learn the definition of the capital asset pricing model and how CAPM is used in the calculation and graph of the security market line.

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What Is Stock Dilution?

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Stock dilution occurs when company actions reduce the ownership percentage of current shareholders, used to control outside interest in a company.

2020’s Most Expensive Cell Phones

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2020's most expensive cell phones have a variety of high-tech features that are intended to justify their cost.

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Does Manchester United (MANU) Own Old Trafford Stadium?

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Find out who owns Old Trafford Stadium, what the implications of that are, and what it means for Manchester United fans and shareholders?

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How Does an Investor Make Money On Bonds?

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Bonds are among the investments called debt obligations. The investor loans money to a company or government and is repaid with interest.

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Concentrated vs. Diversified Portfolios

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Examine the relative advantages and disadvantages of utilizing either a concentrated or a diversified investment portfolio strategy.

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Clearing up Tax Confusion for College Savings Accounts

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Put your kids through school without being hounded by the tax man.

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Routing Number vs. Account Number: What's the Difference?

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Each bank customer has an account number and a routing number. They are used to indicate where transactions are coming from and going to.

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Which Products and Companies Rely on Protective Tariffs to Survive?

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Paper clips, canned tuna, tobacco, and sneakers are all examples of American products that rely on protective tariffs.

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Schedule II Bank Definition

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A Schedule II bank is a subsidiary of a foreign bank that is authorized to accept deposits within Canada and is regulated by the Federal Bank Act.

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Grexit Definition

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Grexit, an abbreviation for "Greek exit," refers to Greece's potential withdrawal from the eurozone and the reintroduction of the drachma as its currency.

Promotional Certificate of Deposit (CD) Rate Definition

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A promotional certificate of deposit (CD) rate is a higher rate of return on a CD offered by banks and credit unions to attract new deposits.

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CD Ladder Definition

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A CD ladder is a strategy in which an investor divides a sum of money into equal amounts and invests them in certificates of deposit (CDs) with different maturity dates.

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When Is It Cheaper to Fly to New York?

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Summer is the costliest season to travel to the Big Apple from abroad. You will save money by flying to New York in the colder months, as long as you avoid the holidays.

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How Much Money Do You Need to Retire in Chile?

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Plenty of expats head to this South American country for its natural beauty and cosmopolitan cities. Retirees are attracted to the country's reasonable cost of living.

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Common Resource Definition

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A common resource is a resource, such as water or pasture, that provides users with tangible benefits. Overuse of common resources often leads to economic problems, such as the tragedy of the commons.

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Latest Business News

Latest Business News


Treat Your Clients: Awesome Client Appreciate Event Ideas

Posted: 13 Feb 2020 12:23 PM PST

Are you grateful for your clients? Why not treat them to an awesome event? Here are some event ideas to help you love on your clients.

How to Start a Franchise in 2020

Posted: 13 Feb 2020 11:15 AM PST

Are you looking to buy a franchise? Here's how you do that.

How to Market a Law Firm: Digital Marketing Hacks to Reel in Clients

Posted: 13 Feb 2020 10:05 AM PST

Are you at a lost as to how to market your law firm online. Click here to find out how!

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


Banks, PEs & NBFCs line up for DHFL's Rs 32,000-cr retail book

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MUMBAI: Fourteen entities including foreign banks, private equity funds and other local non-bank lenders have begun talks with the administrator of bankrupt mortgage lender Dewan Housing Finance (DHFL) and its adviser EY to buy the company's entire retail portfolio worth Rs 32,000 crore, multiple people involved in the process said.The Shriram Group, Edelweiss Financial Services, Adani Capital, a consortium led by the Piramal Group-Bain Capital and Indostar Capital are among those that have shown interest in buying the portfolio. Morgan Stanley, Goldman Sachs and Deutsche Bank are the foreign banks in the race along with private equity funds such as Warburg Pincus, AION Capital, Lone Star and SSG Capital. Local asset reconstruction company Arcil may also participate, people said.The winner is also expected to bag multiple real estate properties owned by DHFL, including 18 retail branches, multiple floors in the TCG Financial Centre and HDIL Towers in suburban Mumbai.'Interesting Opportunity'The expressions of interest are to be submitted on February 17 after which interested parties will begin due diligence. 74126781 "DHFL presents an interesting opportunity and we are considering submitting a no-obligation expression of interest," said Ravi Subramanian, MD, Shriram Housing Finance. "However, there are concerns over asset quality and inappropriate transactions as pointed out by the investigating authorities. While we are interested in taking a closer look at the possibility of a deal, a key driver of our interest in DHFL would be the ability to segregate the good from the bad."Edelweiss too confirmed the development and said it's focused on strengthening its retail credit franchise and that it regularly evaluates good quality organic or inorganic opportunities.DHFL is the first financial services company to be admitted to the bankruptcy courts after the Reserve Bank of India superseded its board and appointed former Indian Overseas Bank chief, R Subramaniakumar, as the administrator to resolve DHFL's Rs 85,000-crore debt. Its erstwhile promoter Kapil Wadhawan is behind bars on allegations of being instrumental in laundering huge sums of money as part of a deal with gangster Iqbal Mirchi.A recent Enforcement Directorate probe also alleged that Wadhawan siphoned off Rs 12,700 crore through 79 shadow companies and one lakh fictitious accounts. While bidders are being cautious regarding the asset quality, the fact that they would get a portfolio of Rs 62,000 crore – Rs 32,000 retail book and the remaining securitised pool at one go — is a big pull."The bidder will also not have to shell out more than Rs 5,000-6,000 crore initially as they have to pay back the lenders through the lifecycle of the loan — this is also bringing in a lot of investor interest," said one official involved in the sale process.After submitting expressions of interest, interested bidders will have to complete data analysis by March 2 and then submit final bids by April 16. The company's assets under management are at Rs 1.19 lakh crore.The DHFL administrator decided to segregate the loan book into three groups.

What it is like to survive the Coronavirus

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For one coronavirus patient at ground zero of the outbreak, the journey from infection to recovery was a nightmare scenario that entailed multiple hospital visits, symptoms so severe he thought he would die and quarantine under police watch.Tiger Ye -- not his real name -- is a 21-year-old student in Wuhan, the central Chinese city where the new, still little understood virus first emerged. Ye, who doesn't want to be identified for fear of being ostracized, first suspected he'd caught the illness that's spread around the world on Jan. 21, when he felt too weak to finish dinner. He checked his temperature, and it was up.At the time, little was known about the virus now known as 2019-nCov, but paranoia was rapidly building after authorities confirmed the highly contagious pathogen was spreading between humans in the city of 11 million. It was midnight when Ye arrived at Wuhan's top-tier Tongji Hospital to see a waiting room filled with people like him. Feverish, he knew he would have to wait hours to be tested."I was scared," he said. "Countless cases were piling up on the desks, and every single doctor was wearing protective clothes, something I'd never seen before."What followed was more than two weeks of anxiety and desperation as Ye tried to confirm if he had the pneumonia-causing virus and get treatment for his increasingly severe symptoms. He was one of the lucky ones, beating the sickness in part because his father -- a health care worker -- was aware of the risks earlier than most of Wuhan's population.Under SiegeMore than 1,000 people have died from the new coronavirus in Hubei, the Chinese province that Wuhan is the capital of, as a severe shortage of hospital beds, testing kits and other basic medical equipment mean many have to stand in line for hours to get diagnosed, and some die before even seeing a doctor. China has quarantined vast swathes of Hubei, and the outbreak has caused parts of the world's second-biggest economy to shut down as scientists across the world race to find a cure.The night Ye first sought treatment, he was able to procure medicine from a smaller hospital nearby after abandoning the wait at Tongji. Because his symptoms weren't classed as very severe, doctors told him to just go home and quarantine himself.The first four days of the illness were brutal."I suffered from a high fever and pains that tortured every part of my body," said Ye, who's a big fan of Japanese culture and has ambitions of becoming a voice actor. He spent the days watching Japanese cartoons to distract from the discomfort.'Coughing Like I Was Going to Die'By the time his follow-up appointment at the hospital arrived four days later, the Wuhan government had locked down the city, barring anyone from leaving to stop the virus' spread. Everything changed in an instant: roads were empty, prices for fresh fruit and vegetables surged, and residents were unsure if they were even allowed to leave their apartments.Ye's condition had also deteriorated. "I was coughing like I was going to die," he said.At the hospital, multiple CT scans showed it was highly likely Ye had contracted the novel coronavirus and that it had spread to his lungs. Doctors deliberated if he qualified for a nucleic acid test, which would use the virus' genetic sequence to confirm if he had been infected, but it was decided his case wasn't severe enough, and the precious supply of test kits had to be reserved for more critical patients.'Hell's Door'Diagnosis has emerged as one of the major stumbling blocks in getting the virus under control in Hubei, where the number of those who fear they are infected far outweighs the capacity of hospitals to confirm if they are. On Thursday, Hubei began counting patients who were diagnosed via CT imaging alongside those who tested positive with the nucleic acid kits, resulting in a more than 45% surge in the number of confirmed cases, to nearly 50,000 people.As Ye convalesced at home after his second hospital visit -- not knowing if he had the virus or not -- his brother and grandmother also began to show symptoms of infection. Overnight, Ye's condition worsened to the point he thought he might die."I thought I was knocking on hell's door," he said.Ye went back to the hospital after his temperature soared to 39 degrees Celsius (about 102 degrees Fahrenheit). Doctors put him on an iv and administered Kaletra, a combination drug used to treat HIV that has shown some success in combating the virus, bringing his temperature down to 37 degrees by the end of the day.China Stages Clinical Trial Blitz in Search of Coronavirus CureA week after the symptoms first began, Ye appeared to be reaching a turning point.Virus ConfirmedThe young student's condition was steadily improving when he finally secured one of the coveted test kits on Jan. 29. It confirmed he had the virus that's triggered travel bans around the world. His doctor gave him a five-day course of the antiviral drug Aluvia and sent him back to his three-bedroom apartment for quarantine, in part because the hospital didn't have enough beds to accommodate him.Nine days later on Feb. 7, another set of nucleic acid tests came back negative for the virus, but Ye wasn't out of the woods. After reports that even patients who tested negative could slip into critical distress, the local government quarantined him in a hotel that had been turned into a makeshift hospital. Police stood guard outside to prevent anyone from leaving or entering.Ye was allowed to go home five days later, ending a saga that began more than three weeks ago. He's thankful he survived, and salutes the doctors and nurses who put their own lives at risk to help him. Some doctors told him they suspected they had the virus, but continued to treat patients.China's Sick Doctors Show How Infection Breaches Fan CoronavirusLike many Chinese, Ye is critical of the government's response to the outbreak, especially the slow initial response from local officials that meant a precious opportunity to contain the virus early on was missed. The two most senior Communist Party cadres in Hubei were replaced Thursday, as Beijing tries to gain control of the spiraling crisis."Hubei has missed one opportunity after another while they were trying to keep things under wraps," Ye said. "Things wouldn't have come to this point if the government hadn't hidden information a month ago."

Microsoft has a new playbook for India

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New Delhi: Microsoft is pushing ahead with a strategy to create a separate business unit within large IT companies, in a drive to accelerate its India business. Called the ITeS 360 solution, the business unit helps IT companies in selling the entire stack of Microsoft offerings — ranging from artificial intelligence solutions to business applications — over the cloud to their customers who may be spread across the globe.The business unit leader housed inside an IT company will ensure that the local Microsoft office in that particular location helps rolling out the solution, Microsoft India president Anant Maheshwari told ET in an interview. This is a major overhaul in terms of strategy, under which the local Microsoft official would only be concerned with sales at the India operations.The country's largest software services firm, Tata Consultancy Services, and third largest HCL Technologies are some of the players that have already partnered with Microsoft on this initiative.Maheshwari said this was part of the "One Microsoft" strategy, which was a brainchild of chief executive Satya Nadella. The Microsoft CEO is expected to visit India later this month, the US-based company said.Maheshwari said Microsoft's Azure cloud computing service is really on a high growth clip in India, and nearly "doubled" in 2019. The company is now moving forward to deploying new business models in India and one of these is IteS 360."(The Indian) IT (industry) is today roughly a $180 billion industry. There is a significant value that they can provide in driving cloud solutions as part of this $180 billion. That's what they're doing when they go and drive digital transformation in different parts of the world," he said. "They need cloud solutions and Microsoft is able to provide them with not just cloud solutions, but also with very significant value adds like data, artificial intelligence, modern workplace solutions like business applications, etc."Maheshwari said there was no real scale that existed in the companies earlier, "but they have now understood the power of the go-to-market that we provide around the world". For instance, one of the largest IT companies in India could be in 10 different geographies and wants to call on 15 different customers. In every one of those geographies, a local Microsoft person works with them to go and address the business problem together, he said. 74127845

Demand for sanitizers, masks at a fever pitch

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New Delhi: Here's a consumer demand generator — Covid-19. Masks and sanitizers are flying off the shop shelves in India, especially in metros like Delhi, Mumbai, Bengaluru and Kolkata, thanks to buyers responding to the disease scare.Medical supplies shops in Delhi, Mumbai, Kolkata and Bengaluru and epharmacy startups like 1mg and PharmEasy are all about to face an acute shortage of masks and sanitizers in the coming weeks.According to data shared by All Food and Drug License Holders Foundation (AFDLHF) that represents around 7,000 pharmaceutical suppliers, the total market for masks has swelled up to Rs 450 crore over the last two months from about Rs 200 crore annually. India currently has capacity to make 300,000-400,000 masks with 2.5-3 million in stocks now."Demand was earlier 600,000-700,000 a month. Now sales are about 1-1.2 million a month," said Abhay Pandey, national president, AFDLHF.Besides big metros, demand for masks, hand sanitizers and soaps is also high in Ahmedabad, Hyderabad and Jaipur, according to online pharmacy PharmEasy. "We are experiencing a surge in demand for our protective face masks in India, North America, Europe and China. We are increasing production at multiple facilities globally to address the growing demand," said a Honeywell spokeswoman to an emailed questionnaire. In India, the US and Europe, Honeywell products are sold through retailers, including suppliers of industrial parts and safety products. 74127608 Export BanNirvana Being, a shop in the posh Khan Market locality in Delhi, is selling about 12,000-15,000 masks per day (offline and online). "We expect to be out of stock in a week or so," Jai Dhar Gupta, founder of Nirvana Being, told ET. The most efficient masks, also tested by Nelson Labs in USA, are Vogmask and the O2 Curve mask that have a viral filtration efficiency that exceeds 99.99%.Mumbai's Sterling Chemist shop at Peddar Road has run out of N95 masks since a week now. At Bengaluru's Yasho Pharma at Residency Road, demand for masks has gone up 200 times, while at Sreedhar Medicals, sales of masks and sanitisers have gone up 3-4 times over the last few weeks. In the upmarket areas of Kolkata such as Salt Lake and Park Street, the N95 masks and hand sanitizers are almost over in at least a couple of shops where ET checked.The export demand for 3 ply face masks has shot up especially from countries like China and Thailand. Overall, products that assist in health and general hygiene are seeing a surge.

Demand for sanitizers, masks at a fever pitch

Posted:

New Delhi: Here's a consumer demand generator — Covid-19. Masks and sanitizers are flying off the shop shelves in India, especially in metros like Delhi, Mumbai, Bengaluru and Kolkata, thanks to buyers responding to the disease scare.Medical supplies shops in Delhi, Mumbai, Kolkata and Bengaluru and epharmacy startups like 1mg and PharmEasy are all about to face an acute shortage of masks and sanitizers in the coming weeks.According to data shared by All Food and Drug License Holders Foundation (AFDLHF) that represents around 7,000 pharmaceutical suppliers, the total market for masks has swelled up to Rs 450 crore over the last two months from about Rs 200 crore annually. India currently has capacity to make 300,000-400,000 masks with 2.5-3 million in stocks now."Demand was earlier 600,000-700,000 a month. Now sales are about 1-1.2 million a month," said Abhay Pandey, national president, AFDLHF.Besides big metros, demand for masks, hand sanitizers and soaps is also high in Ahmedabad, Hyderabad and Jaipur, according to online pharmacy PharmEasy. "We are experiencing a surge in demand for our protective face masks in India, North America, Europe and China. We are increasing production at multiple facilities globally to address the growing demand," said a Honeywell spokeswoman to an emailed questionnaire. In India, the US and Europe, Honeywell products are sold through retailers, including suppliers of industrial parts and safety products. 74127608 Export BanNirvana Being, a shop in the posh Khan Market locality in Delhi, is selling about 12,000-15,000 masks per day (offline and online). "We expect to be out of stock in a week or so," Jai Dhar Gupta, founder of Nirvana Being, told ET. The most efficient masks, also tested by Nelson Labs in USA, are Vogmask and the O2 Curve mask that have a viral filtration efficiency that exceeds 99.99%.Mumbai's Sterling Chemist shop at Peddar Road has run out of N95 masks since a week now. At Bengaluru's Yasho Pharma at Residency Road, demand for masks has gone up 200 times, while at Sreedhar Medicals, sales of masks and sanitisers have gone up 3-4 times over the last few weeks. In the upmarket areas of Kolkata such as Salt Lake and Park Street, the N95 masks and hand sanitizers are almost over in at least a couple of shops where ET checked.The export demand for 3 ply face masks has shot up especially from countries like China and Thailand. Overall, products that assist in health and general hygiene are seeing a surge.

Telecom companies reject regulator’s claim on 5G base price

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Mumbai: Telecom operators rejected Telecom Regulatory Authority of India (Trai) chairman RS Sharma's contention that 5G base price was recommended after industry feedback, saying all telcos unanimously had called for lower prices in the 5G band of 3.3-3.6 GHz and the 700 MHz bands."There was industry wide consultation and all players had said that the pricing in the significant — 700 MHz, 3.3-3.6 GHz—spectrum was over priced and had suggested alternative price points in our submissions," Cellular Operators Association of India (COAI) director general Rajan Mathews told ET.The industry body, which represents private players Vodafone Idea, Reliance Jio and Bharti Airtel, said the members were unanimous in highlighting the fact that spectrum was over priced and needed to be brought down substantially if the prime minister's vision for 'Digital India' was to become a reality."Further these high prices are contradictory to the Cabinet approved NDCP 2018, which stressed that the industry should not continue to be looked at to extract revenue for the government," Mathews added, highlighting the impact of not paying heed to their pleas.These comments come on the back of Sharma reiterating that recommendations on pricing of spectrum, including 5G airwaves, had been finalised based on industry feedback, and it is for the individual stakeholders to decide whether to participate in the auction or not.But the telcos' submissions say otherwise. For instance, Bharti Airtel wanted the value of 700 MHz band kept equal or lower than the price of 800 MHz band spectrum while Reliance Jio wanted the same band's base price to be kept at 50% of the reserve price (RP) in previous auction/estimated value. Vodafone Idea had suggested that Trai look at international benchmarks, financial deterioration and the exits/consolidations in sector whilst revising the valuation for the 700MHz band.When the regulator had asked if the realised/auction determined prices achieved in the October 2016 auction for various spectrum bands can be taken as the RP in respective spectrum bands for the forthcoming auction, the telcos suggested discounts.Airtel had suggested that for the spectrum band with market discovered auction price, the same reserve price without any indexation should be adopted. And for band which remained unsold in previous auction, 80% valuation as the RP should be taken. Jio wanted valuation to be revisited according to market realities and RP to be reduced.On the other hand, Vodafone Idea stressed on discounts ranging from 20% to 50% and reiterated that indexing as a practice should be discontinued.The tussle between the regulator and operators, weighed by huge debt and facing new adjusted gross revenue dues, over base price has been on since telcos said they cannot buy airwaves at Trai's given prices.

Global oil demand set to drop first time in a decade on coronavirus

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By Grant SmithGlobal oil demand will drop this quarter for the first time in over a decade as the coronavirus batters China's economy, the International Energy Agency said.The new estimates show that oil markets face a significant surplus despite the latest production cuts by OPEC and its partners. Crude already sank to a one-year low below $50 a barrel last week and the impact of the epidemic will be felt throughout the year, the agency said."Demand has been hit hard by the novel coronavirus and the widespread shutdown of China's economy," the Paris-based IEA said. "The crisis is ongoing and at this stage it is hard to be precise about the impact."World fuel consumption -- which had previously been expected to grow by 800,000 barrels a day during the three-month period, compared with a year earlier -- will instead contract by 435,000 a day, the IEA said in its monthly oil market report.For 2020 as a whole, the virus will curb annual growth in global consumption by about 30% to 825,000 barrels a day, the lowest since 2011. The effects will be more significant than those of the 2003 SARS epidemic because of China's increased importance and integration within the world economy.The outbreak has shuttered businesses and prompted the quarantine of tens of millions of people in China, the world's biggest crude importer. The country accounted for about 75% of last year's oil-demand growth, according to the IEA, which advises most major economies.Earlier this week, the U.S. Energy Information Administration also cut its demand outlook due to the virus. The EIA lowered its first quarter global petroleum and liquids consumption forecast by 880,000 barrels a day.U.S. crude futures have fallen 17% this year as traders assessed the impact of the epidemic. Consumers are unlikely to benefit from the drop in fuel prices because the disease will inflict damage on the wider economy, the IEA said.OPEC+ CutsThe outbreak has prompted Saudi Arabia, the world's largest oil exporter, to push its allies in the Organization of Petroleum Exporting Countries and beyond to consider an emergency meeting and further production cuts. However, Russia, the kingdom's most important partner in managing supplies, has so far resisted the initiative.Even though the group launched new supply curbs at the start of this year, the slump in demand threatens markets with a surplus of about 1.7 million barrels a day during the first quarter and 560,000 in the second. Last month, OPEC was already pumping the least crude since the financial crisis of 2009, according to the IEA.The OPEC+ alliance had already faced an oversupply in the first half of 2020 because of the ongoing output surge from U.S. shale-oil drillers, the agency said. That industry is likely to remain resilient against the price slump until later in the year, it predicted.Given the abundance of supply, disruptions in OPEC members such as Libya and Nigeria are having little impact on prices, the agency said.

Telecom bottoming out, pharma ripe for stock picking: Zarbade

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What have you made of the overall earnings season so far?As far as the earnings season has panned out till now, the banking sector has seen higher slippages from most of the public sector banks and to some extent the private sector banks. However, the asset quality has improved. The gross NPL as well as net NPL ratios of the banking sector has clearly improved. So far as the manufacturing sector is concerned, the revenue growth has been weak and that is quite obvious because the GDP growth has continued to slow down. The infrastructure demand for cement has remained weak. Steel demand from the automobile sector has remained weak but the lower commodity prices to some extent helped the manufacturing companies to improve their EBITDA margins. Overall, it has been quite a subdued season except for two or three banks which have reported good numbers. But overall, the numbers have not been very great. At the start of this fiscal, we were expecting much higher earnings growth for Nifty, but now, we are looking at 10% earnings growth for the current fiscal, going to 25% earnings growth for the next fiscal. How would you look at this market? Polarisation has increased now. Would you look at cheap stocks where growth visibility is not quite good now but if things stabilise growth could be better or would you go with the high PE stocks but steady growth?There is a disparity wherein the quality stocks are trading at valuations not seen before and it is very difficult to recommend these stocks at this kind of valuations and justify a target price and buy recommendation on these stocks. Yet some of the quality names have continued to grow. What do you make of the telecom pack? Is telecom interesting? Any picks over there?In fact, the telecom sector has gone through several years of sidelined growth. In between, there was aggressive buying of spectrum auction and as a result, the balance sheets of the existing telecom players have actually got bloated. In addition to that, we had new players who really targeted the overall prices and so there was a lot of pain in the sector. In the last few months we have started to see that the sector is kind of bottoming out, telecom prices, cellular voice prices have increased and in fact major players are now talking about the ARPU going up to Rs 150 per month and the ROCE going up to 15%. Now they have started to talk positively and we believe this is one of the key signs and in fact the stock prices have also responded. As you said, while we can definitely increase the ARPU, for return on capital employed to improve, the denominator that is capital employed should either come down or at least stay at the same level. But with the 5G auction, what happens is yet to be seen. If there is again aggressive buying at auction, then we will have the same situation of bloated balance sheets. That is the key point. But I think that the trends are positive. The body language of managements is positive and the outlook being shared by them also is going in the right direction. We are very positive on Bharti Airtel. We have increased our target price on that. We are also very positive on Reliance Industries. How do you think the markets would react to any escalation in coronavirus outbreak? Are FIIs closely watching across asset classes?So far as the coronavirus is concerned, there was earlier a lockdown in China up till February 10 and there was a feeling that if the lockdown continues much beyond that, then maybe the supply chain could get disrupted and some of the consumer durable companies who are dependent on their components from China could also be affected, as would the metals sector because China consumes almost 50% of the world metal production. Any slowdown in the infrastructure or GDP growth or demand in China would definitely impact commodity prices and to that extent some of the metal stocks could have been under pressure. But at the same time, the crude prices have corrected. So, investors are taking cognisance of these things. Yes, coronavirus outbreak in China could slow down global economic growth, but India is more of a domestic focussed economy and only particular sectors like chemicals, pharma and consumer durables are dependent on the Chinese supply. Other sectors would continue to perform as well. In fact, from a margin or cost perspective, any correction in the commodity prices could be positive for Indian manufacturing companies. Unless it becomes a globally riskoff trade which would impact FII flows into India, it could be something we need to worry about. We are seeing that the domestic mutual fund flows have been quite strong, especially in the small and midcap space. I am not too worried because of this and I think the Chinese authorities will definitely bring the overall thing under control very shortly. ONGC will declare its numbers tomorrow. What are you anticipating?I am not really following ONGC so much but we are seeing that a lot of these oil and gas companies have not reported great numbers, especially the Oil India Ltd. But on the other hand, city gas distributors are reporting a very great set of numbers. Overall, in the oil and gas space, the focus right now is on the gasifiers as well gas marketing companies. We continue to like that space within the oil and gas sector. What do you make of some of these India centric pharma companies mid-sized companies where institutional holding is limited? Sanjeev Zarbade: In the pharma sector, broadly valuations have been corrected. There are very good quality names there already. These stocks are trading in the range of 18 to 20 times one year forward earnings. Even the sector leaders are trading in these kinds of valuation multiples. We believe that the valuations are reasonable and at least the domestic focussed players like Alkem can continue to trade at a higher level. At the same time, there are some companies like Lupin which have a sizable domestic market play but valuations are still at quite a discount. This is a sector for stock picking and it can outperform going ahead because we believe here the worst is over.

India’s computer shipments record 6-year high in 2019

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Bengaluru: India saw the highest number of traditional computer shipments in 2019 in the past six years, according to International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker. The shipments include desktops, notebooks, and workstations.The country witnessed more than 18% year-on-year growth to 11 million units during 2019, according to the data released by IDC. The growth was largely driven by the government-driven education projects and upgrade purchases for Windows 10.According to the IDC data, the last quarter of the year (Q4) also saw a 16.5% YoY growth with 2.3 million shipments, primarily contributed by the strong growth in the commercial segment. In fact, after a YoY decline for five straight quarters, the consumer segment saw growth shipping close to 9,50,000 units.With notebook PCs becoming thinner and lighter with enhanced mobility features, consumers are increasingly giving preference to such devices in segments such as education sub verticals, and enterprises. "Notebook PCs saw highest-ever annual shipments with a 67.7% category share in 2019. The desktop category also witnessed a 5.7% YoY growth largely driven by the refresh buying from banking and financial institutions and touched a 30.7% category share for the year.On the processor front, shortage in availability of Intel's CPU was a concern point for vendors throughout the year and this provided room for AMD to enter certain segments and helped vendors to fill the gaps to some extent, noted IDC. However, Intel remains a leading processor brand with a 70.8% share in the traditional PC category.

Sack, furlough or reskill? India Inc’s talent dilemma

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By Avik ChandaWhile the recent budget has announced a number of tax holidays, waivers and incentives intended to pull the economy out of the woods, one school of thought opines that these may result in forced savings of earnings accrued, instead of increased spending. Even if these measures do buoy the economy via increased spending across all major sectors, that in itself will take considerable time to manifest itself on the ground. In the meantime, with persistent retrenchment in the service sectors, companies in India are continuing to struggle with personnel deemed to be 'surplus'.Retrenchment is possibly the means most frequently resorted to in a slowdown or recessionary scenario, going back at least to the days of the Great Depression of 1928, and arguably one of the least effective. India's unemployment rate has climbed steadily from 6.70 percent in November 2018 to 8.50 percent in October 2019, a record in over four decades. Any continuance of the approach of 'sacking people', while it may provide temporary pecuniary relief, is more likely than not to be counter-productive over a longer term. Retrenchment, especially once it becomes endemic, even within a given sector, dampens. It sends panic signals across allied sectors, which tend to follow suit, with a ripple adverse effect on investment and spending patterns. Further, it exerts a heavy emotional and psychological burden on the employees who remain and work under conditions of relentless stress and uncertainty, in turn diminishing their productivity – an aspect that is usually overlooked.Among HR circles, furloughing is increasingly being proposed as the alternative, 'softer' approach. The idea is simple. Companies will work out the seasonality of demand for workload, and by corollary, the number of employees that need to be actively engaged at various points in a given year. Accordingly, it prepares a roster, for a chunk of the employees, who are then sent on furlough, in this case – leave without pay, for a period of weeks, if not months, to cover the lean period for the company. On paper, such an approach sounds efficient, responsive and compared to retrenchment, humane.The challenge lies in its execution. First, the tenability of companies of being able to accurately predict downtime for its workforce. While this may be possible for companies whose products have an easily identifiable seasonality, e.g. manufacturers of aerated drinks, the principle is difficult to apply across a broad range of industries, particularly in a disruptive environment. Second, there is at present no robust and evolved framework of furloughing, within the legal system, governing the conditions and terms of disengagement. Consequently, the implementation of furloughing is likely to be more ad-hoc and company-specific. This in turn provides no safeguards to employees, and unilateral renewal of furloughing contracts on the part of employers effectively translates to retrenchment.In companies where momentary cost-saving is the need of the hour, there's another measure at hand, which while being more effective on the ground, has hugely positive symbolic import. Stakeholders taking a cut on their own sizeable bonuses, not to mention regular paychecks, will demonstrate that they can lead from the front in hard times, swiftly win them goodwill and trust from the workforce, and motivate employees to go the extra mile, in working towards common objectives.Even so, the question of effectively utilizing surplus workforce remains. And this is where the judicious redeployment of personnel to other departments or initiatives becomes important. This has a number of advantages over furlough. To begin with, the employees involved continue to receive their pay, and so be in a position to enjoy a sustained sense of financial security. But being in a new role also entails value-addition in terms of experience, and possibly skills, enhancing the self-esteem of the employees, leading to higher levels of motivation and productivity, and therefore a better return-on-investment on the salary being paid to those individuals. Finally, deployment in tasks and roles that play to the specific strengths of individuals may actually serve to reduce the cost and effort of re-skilling, prior to redeployment. However, one ought to be cautious in terms of how this is being executed. There is a traditional method, for instance used in all recruit-to-order instances, where the HR team maps a combination of industry and domain experience, along with educational qualifications, in order to ascertain the degree of fitment to the roles in question.The drawback here is that it misses asking some key questions. What are these individuals, slated to be redeployed, intrinsically good at? What's their true potential with regard to the identified attributes that are presently in demand by the organization? And how can firms show that they continue to value the contribution of its employees? Instituting a new approach to talent management warrants not just a new mindset that is more open and experimental, but also a new set of tools. The starting point for a project of redeployment needs to be a comprehensive measure of the employees' strengths, mindsets and potential – as opposed to focusing on the lacunae that need to be addressed. In this regard, the application of Positive Psychology, in lieu of traditional psychometrics, would be most effective. By fostering positive emotions in individuals, deeper engagement in one's work and better relationships with co-workers, infusing jobs with more meaning and a sense of accomplishment, the mechanism may provide the answer that companies so urgently need.Avik Chanda is a business advisor, researcher, columnist and entrepreneur. He is the author of "From Command To Empathy: Using EQ in the Age of Disruption".