Innholdsfortegnelse for September 13, 2015 i Business Today

31 FOCUS ON FARM WHAT: NITI Aayog farm panel report WHEN: By August-end WHAT TO LOOK FOR: The national task force on agriculture under the NITI Aayog, headed by its Vice Chairman Arvind Panagariya, is set to give policy recommendations on land, national common market, crop prices, fertiliser use, seeds and genetically modified technology and agrarian distress. The growth rate in agriculture is estimated at 0.2 per cent in 2014/15 as compared to3.7 per cent the previous year. 2 TOP LNG DEAL WHAT: Royal Dutch Shell-BG Group deal WHEN: By September 2 WHAT TO LOOK FOR: European Union’s antitrust regulators will decide by September 2 whether to approve Shell’s planned £47 billion ($73.25 billion) buy of BG Group to become the world’s top liquefied natural gas company. The deal, which…

Vodafone’s mobile money transfer service, M-Pesa, began as an experiment in Kenya in 2007. Today, M-Pesa transfers cash via mobile phones in a host of under-banked countries such as Afghanistan and Tanzania. The Reserve Bank of India (RBI) wants to replicate this model in India. It has given licences to 11 entities for opening payments banks to widen the financial inclusion net and bring small payments like remittances, utility bills, mobile recharge, cab fare, ticketing, etc, under the digital umbrella. Regional rural banks and cooperative banks have been present in rural and semi-urban areas for decades. Still, half the country's population does not have access to a bank. The heavy reliance on cash in the system is also creating headache as it encourages black money. This is where payments banks…

A few years ago, people in India wanted luxury on self. They would buy luxury brands that they could flaunt – watches, shoes, bags. Buying luxury for homes was on the backburner. But today, people have become house proud, says Archana Kumari of Frazer and Haws, clearly exulting at the uptake in home accessories. “People look at their walls and say – oh this is looking a little bare, let me go get a piece of art or a vase for a table,” she says. The story of luxury is interesting, says Rudra Chatterjee, Chairman, Obeetee Carpets. When people first start consuming luxury they only go after what impresses others, but gradually, as luxury becomes part of their lives, they start incorporating it in their homes, in daily living. People…

Luxury is at a discount today,” says Ashish Jakhanwala, MD and CEO of SAMHI Hotels, when you ask him what is the top trend in luxury hospitality. For luxury hospitality chains, as if battling price pressures was not enough, a host of other disruptors are conspiring to give them nightmares. Airbnb, for one. The home sharing website which sent budget hotels in a tizzy, has now encroached into the luxury apartment space too. Now it’s the turn of the five star hotel chains to start worrying. Just trawl through Airbnb’s luxury home stays and you will find at least 300 luxurious apartments in Paris. From spectacular hilltop villas in Italy to historical corner lofts in New York’s happening Manhattan district there is top-notch accommodation available for around e 1,000 in…

Adazzling sight greets you as you enter the DLF Emporio during the Treasury of Trousseau festival week – a shimmering, glittering 18-feet coloured glass and wedding mandap, studded with over 44,000 Swarovski crystals. You could call it a designer venue as this spectacular creation that lights up a wedding has been put together by artists Gautam Seth and Prateek Jain of Klove Studio. So why has Swarovski spent nearly `1 crore to create this extravagant, overindulgent venue? It’s because the Austrian crystal brand is now seriously chasing the big fat Indian wedding market, offering a bespoke Swarovski experience. “We developed the crystal mandap to show what can be done to create an entire Swarovski-wedding experience for the bride and groom,” says Vivek Ramabhadran, Managing Director, India, Swarovski. From tiny trunks…

It is an unusually hot and humid afternoon in Delhi. As we wait for the subject of our interview – industrialist Gautam Punj – to arrive, our eyes search the spacious porch area for the star of the meeting. No, it’s not Punj we are looking for. Instead, it’s his favourite car – the Mercedes-Benz S-Class S 500. When first launched in India five years ago at the 2010 Auto Expo in Delhi, it was tagged “the best car ever made in the world” by the company’s then CEO Wilfried Aulbur. Typical company PR-speak, we think – surely the likes of Rolls-Royce, Bentley, Aston Martin, Porsche, Maserati and even Mercedes’s direct competitors Audi and BMW would like to contest that. But Merc drivers and (backseat) riders and even auto experts…

For the uninitiated, visits to a Formula One event for the first time could be a challenge – the smell of burnt rubber on tarmac, the din, and the rush of adrenaline during a live event can throw you off your seat when you compare it to the more methodical world of on-screen F1 streaming from within the comforts of your home, where speeding cars seem to glide through almost every metre of the beautifully mapped 5.3 km single lap. An F1 racing enthusiast, on the other hand, is on a high as soon as he gets a glimpse of the speed demons whizzing past at 300 km per hour on the ‘flat straight’ at an F1 circuit. And, the deafening noise of the beasts, penetrating even through a good…

On a muggy morning in Old Goa, the 16th-century Basilica of Bom Jesus, a UNESCO world heritage site that holds the mortal remains of St. Francis Xavier, looked striking against the cloudy sky. This author strolled in and out, lazily, before showing up at the Chapel of St. Catherine and the ornamented Church of St. Francis of Assisi. The bout of piety was short-lived. As evening unfolded, it was time to take the narrow, serpentine roads to Panaji and further, to the banks of river Mandovi, where pleasures of a different kind awaited. Here, around Dayanand Bandodkar Marg, is an entertainment district – at dusk, four floating casinos light up, including Deltin Royale, Asia’s largest luxury offshore gaming den. A boat from Noah’s Ark jetty takes you to this ship,…

EMIRATES PRIVATE SUITE Facilities include fine dining on demand, and shower spas Private screens with choice of over 2,000 channels of entertainment Electrically operated door, reading lights, work desk with illuminated vanity mirror, mini-bar and wardrobe THE RESIDENCE BY ETIHAD Living room, including two-seater reclining sofa, in-seat massage, and mini-bar Bedroom, including wide double bed, TV monitor with dual noise-cancelling headsets and full-length wardrobe Personal toilet, personal butler, and luxury limousine transfers SINGAPORE AIRLINES’ SUITES The cabin features sliding doors and window blinds Book the cook allows fliers to preorder gourmet main course Champagne, Grand Cru red burgundy and Second Growth Bordeaux are served AIR FRANCE’S LA PREMIERE Each suite designed with leather, woven fabrics and suede. A large fully-flat bed; a sleek console with integrated storage compartments; large table…

MY TAILOR HOME A bit of French luxe in aamchi Mumbai. My Tailor Home, based in Mahalaxmi, sells bespoke furniture, window dressing, tableware, fabrics, Wand ceramic tiles among others. MIRARI'S ELEPHANT CUFF Some elephantine delight. Jewellery brand Mirari has an “Elephant Extraordinaire” collection to “transform the pride of the forest into an exquisite piece of wearable art”. This cuff bracelet is particularly rich: in 18-karat white gold using rounds, pears, emeralds and marquise-shaped diamonds, weighing 14.47 carat. There are also red spinel beads and ruby cabochons, weighing 44.82 carat. Price on request. ROLAND ITEN CALIBRE R822 PREDATOR It is probably the most expensive belt buckle in the world. There are only three pieces of the Swiss-made Roland Iten Calibre R822 Predator buckle, which costs $400,000. It has 18-carat white gold…

THE STRATEGY Gamble your grief away THE VERDICT Skip it A blowout night at the casino might sound like a good idea, but you’re likely to spend almost four times more money after a break-up, says Psychological Science research. That’s not just dangerous for your wallet. UCLA research found if you feel out of control, it takes longer to recover from heartbreak. Plan a different escape, like building a game room, for argument’s sake. THE STRATEGY Surround yourself with women THE VERDICT Do it It’s natural to worry that you’ll have a hard time finding another partner, according to a study in Evolutionary Psychology. But this is just a neurological number game. The more options you have, the better you feel about your prospects. Yoga classes, Tinder, a sailing trip…

Attention introverts and socially awkward lurkers! Zodiac Aerospace, A French aerospace company is dicsussing the benefits of a new seat plan, the highlight being hexagonal seats adjoined in a single line. Called the ‘Economy Class Cabin Hexagon’, it has the middle seat turned around 180 degrees and facing backward. Though the seats are wider and foldable, enabling more movement but we’re not sure whether to rejoice. The folding seats mean boarding is faster and there’s lesser bumping into co-passengers. You will be directly facing a co-passenger the whole duration of the flight. The idea has been awarded a patent already but no aircraft manufacturers have taken it up yet. But look at the bright side, the closer you are, the better you know the person. So ladies and gentlemen, don’t…

12% Rise in the free cash reserves of 247 companies in the BSE 500 Index Cash is king” is an old saying in the corporate world. A company that just focuses on increasing revenues without enough cash generation can land in trouble. However, India Inc seems to be doing rather well on this front, notwithstanding the huge pressure on bottom lines. Cash can flow into a company in the form of debt, equity or retained profits. The most desirable is free cash reserves that are accumulated by retaining profits. The BSE 500 companies (excluding banks and financial services companies) were sitting on a cash pile of 16,15,480 crore as on March 2014, 11 per cent more than in the previous year. Though this growth rate was a five-year low, it…

The billionaire population grew seven per cent to reach 2,325, an all-time high, between July 2013 and June 2014, and their combined wealth increased 12 per cent to $7.3 trillion Source: Wealth-X and UBS Billionaire Census 2014 The US houses more billionaires than the next four countries – China, the UK, Germany, and Russia – combined Figures are for 2014 Hot money chases hot property. In 2014, five properties changed hands for above $100 million 60% of the private-jet traffic starts and ends in the US while Europe is the No. 2 market Source: Wealth report by Knight Frank Billionaires in Gulf and Russia have an affinity for yachts. Nine out of 10 costliest yachts in the world are owned by them. The top five: Source: Wealth-X…

A lovely waterfront retreat in Goa with a private motor yacht moored to the sides, a large eclectic art collection, a house in Delhi’s tony Sundar Nagar and a farmhouse in the making at Chhattarpur. On the surface, Arjun Sharma, the 48-year-old Chairman of Select Group, who takes exotic holidays with his wife, former model Jyotsna Sharma, and wears designer wear with elan, seems to be surrounded by all the trappings that money can buy. But beneath that luxurious veneer lie the odd twinges of discomfort. For a man who promotes material spending in a big way – he runs the happening Select City Walk mall in Delhi - Sharma talks about the need to cut back. “It may sound like a contradiction when I say it. But the consumption…

Get off the highway at Manesar and trundle past sleepy villages, navigating through the Aravalli ranges and out of nowhere, quite literally, rises a palace-like structure replete with domes and royal pavilions. This is ITC Hotel’s lavishly laid out 300-acre golf retreat – the ITC Grand Bharat – which showcases a slice of all that is rich and fine in India, and pampers guests with a taste of uber luxury. So imagine the sense of shock as we sit down to dine at the Pavilion restaurant here, and notice warning alerts on the menu. There are traffic signal lights against the fish, indicating which Piscean species are overfished (red light), which are under threat (orange light) and which are in abundance (green). For instance, the Indian salmon is red-lighted as…

Citius, Altius, Fortius is the Olympic motto. It is a pretty good description of the race currently on among the private jet manufacturers to build bigger, faster, higher flying and longer range jet planes for the private market. If you discount the Boeing and Airbus business jet families – which are essentially commercial aircraft bodies customised for the business/private jet market – the race for the top position has largely been between Gulfstream, Dassault (which also makes the Rafales that the Indian Air Force is planning to buy) and Bombardier. At the moment, Gulfstream is the undisputed king – with its Gulfstream G650 and G650 ER jets. The G650 was already the jet with the biggest cabin and longest range, and swept the corporate jet market before the G650 ER…

The 15-minute rickshaw ride with Ravitej Nath, Executive Chef at The Oberoi, Gurgaon, from Jama Masjid to the spice haven of Khari Baoli in Old Delhi, opens up an interesting conversation. “People talk of molecular gastronomy, the use of foams. But Daulat ki Chaat, which you get in Purani [Old] Delhi during winters, is a foam,” he quips, as we pass Chandni Chowk. Molecular cuisine, pioneered by European chefs, induces physical and chemical reaction on ingredients to pack a surprise. Familiar flavours are rendered in new ways; mango balls can be made to look like egg yolk, while balls made from balsamic vinegar are disguised as caviar. Foams, often, are used for texture. The humble Daulat ki Chaat may also appear a product right out of a food lab –…

Way back in history – in the 1960s and 1970s – the global luxury car market was divided between the Americans, the Brits and the Germans. In America, the Cadillac badge from General Motors ruled supreme. Each year, they became bigger, softer sprung (for more comfort) and more opulent. Ford had its own contender in Lincoln Continental, but it was considered just a step behind the Cadillac by the movie stars and rock stars. In the UK, the Rolls-Royce and Bentley ruled the roost. They were owned and made by the same company, since Rolls had bought Bentley in 1931. The Rolls-Royce billed itself as the most luxurious car for kings, sultans and the truly rich, the Bentley was for the discerning and sporty gentleman who wanted to combine luxury…

1. Michael Schumacher $780 million 2. Fernando Alonso $220 million 3. Kimi Raikkonen $180 million 4. Eddie Irvine $180 million 5. Lewis Hamilton $110 million Source: Wealth X $2.8 Million Worth of liquor was consumed during 2011 Austin GP, a record even by F1’s high standards 515 Million TV viewership of F1 world-wide Source: F1India.com $120 Million Amount that each team spends per year, including cost of designing cars, maintainance, payment to drivers and staff, and transporting the circus to the races. It can go up significantly for top teams like Ferrari, Red Bull and McLaren…

1. Deltin Jaqk Offshore casino in Goa; 11,000 sq. ft. gaming area, 500 live gaming positions, 47 live gaming tables, 30 slot machines. It also has two suites for high rollers 2. Deltin Caravela An offshore live gaming casino, it is awaiting approvals. It offers 200 gaming positions, 17 live gaming tables and 10 slot machines. It also has a personalised spa and a health club 3. The Deltin Daman Likely to open in two months. It will be an integrated casino resort with 60,000 sq. ft. gaming space and 1,000 to 1,500 gaming positions…

MASERATI Perhaps the surest sign of the age of opulence in India — Italian luxury car manufacturer Maserati has announced its re-entry into the Indian market. The renewed focus, according to the company, “is in line with Maserati’s growth strategy as the market bears significant potential for the brand over the medium term”. FERRARI CALIFORNIA T With a top speed of 316 km/h, Ferrari’s California T will soon hum in India. It boasts a new turbocharged V8 engine, an increase in torque by 49 per cent, and a reduction of 15 per cent in fuel consumption. OLD PULTENEY If you like getting tipsy, there is more golden amber liquid flowing. International Beverage Holdings Limited has entered three single malt scotch whiskies in India — Old Pulteney, Balblair and Speyburn. The…

Paying a lavish ode to the cultural trinity of historic Europe, the Venice Simplon-Orient-Express is all set to chug to journey Berlin in 2016. Through northern France, the original art deco carriage breezes through the German countryside offering hours of spectacular views. Evocative of the glamorous lifestyle of the 1920s replete with a thriving art and cabaret scene, it’s an experience worth the two days and one night you get pampered by special attendants. Opt for the ride when traipsing between London, Paris and Berlin for a taste of vintage travel. Prices start from £2,210 for a double cabin. http://www.luxury-trains.co.uk/…

“The Congress party does not want the economy to grow” Finance Minister Arun Jaitley, while moving the GST Bill in Parliament “It was the BJP which opposed the GST and leading the charge was the then Gujarat Chief Minister [Narendra] Modi. Jaitley and Sushma Swaraj also opposed it” Congress spokesperson Anand Sharma “[The article] claims that our intentional approach is to create a soulless, dystopian workplace where no fun is had and no laughter heard. I don’t recognise this Amazon and I very much hope you don’t, either... I strongly believe that anyone working in a company that really is like the one described in the NYT would be crazy to stay. I know I would leave such a company” Amazon founder and CEO Jeff Bezos, who is worth $49.5…

As far as commitments to invest in India go, Prime Minister Narendra Modi appears to have persuaded each of the wealthier nations he has visited to promise investment of billions of dollars into India. In the past year, the US has committed $41 billion, Japan has laid out a $35-billion plan, China $20 billion, and now the biggest of all, $75 billion, has been promised by the United Arab Emirates (UAE) as its investment target for India. While all these countries have strong reasons to participate in India’s growth story, thereby justifying their investment commitments, in reality only a fraction of the total commitment ever makes it to the country. Except in the case of Japan, which spotted the India opportunity three decades ago, well ahead of any other country.…

The culture of a carpet is that it is handed down from one generation to another. And that makes it a sustainable product, declares Rudra Chatterjee, Chairman of Obeetee Carpets, the luxe brand produced in Mirzapur that graces the floors of the poshest of homes, including our President’s, and has had buyers like Queen Elizabeth. Carpets from Obeetee command prices as high as $400 a sq. foot and are meant to last more than a lifetime – passed down as heirlooms. Luxury, says Chatterjee, lies in the history behind the fibre, the weave, the motif. And the true luxe consumer appreciates this heritage, he says, describing how the credo for the company, established in 1920, was always based on ethical and sustainable luxury. Every carpet you buy today from Obeetee…

Fifty years ago, fashion and luxury goods were all about family businesses and entrepreneurial designers. Today most of the world’s leading brands and labels belong to one of a few groups, of which the biggest by revenue is LVMH, the owner of Moët & Chandon and Louis Vuitton. Two other groups – Richemont, the owner of Cartier and Chloé, and Kering (formerly PPR), which owns Gucci and Saint Laurent – give LVMH fierce competition. To some extent the existence of these successful groups runs counter to management orthodoxy. A large body of research suggests that companies generate superior returns by focusing on a core line of business or competencies. Diversification generally does not add value unless there are significant cost savings and operational synergies across units – which isn’t necessarily…

It used to be that the seriously rich gentlemen and ladies were chauffeured around in the big luxury sedans – the Mercedes S-Class, the BMW 7, the Jaguar XJ or – if they were really loaded, in the Rolls-Royce or the Bentley. Now though, an equal number prefer driving around or being driven around in luxury and super luxury sports utility vehicles (SUVs) and other off-roaders. There is a good reason for this. Traditionally, luxury cars were the exclusive preserve of the rich gentlemen and the aristocracy. If they were young enough, they also had a sports car or a super car in their garage for weekend thrills, but their day job vehicles were generally big sedans. Then the composition of the super rich changed. As rappers, pop stars, wrestlers,…

1 The Venetian Macau: The 550,000 sq. ft. casino is owned by Las Vegas Sands. It is the world’s largest with over 3,000 gaming machines and 800 tables. 2 City of Dreams, Macau: It is a 420,000 sq. ft. casino with 400 gaming tables and 1,300 gaming machines. It is operated by Melco Crown Entertainment. 3 Casino Ponte 16, Macau: The gaming floor is spread over 2,70,000 sq. ft. it has 109 gaming tables, 300 slot machines and three VIP clubs. 4 Foxwoods Resort Casino, Connecticut: Operated by the Mashantucket Pequot Tribal Nation, Foxwoods has six casinos spread over 340,000 sq. ft. There are 6,200 slot machines and 380 tables. 5 Rio South Africa: Spread over 266,330 sq. ft., the Peermont Group-owned casino has 274 slot machines. An exclusive ‘Salon…

Bill and Melinda Gates’ Washington mansion is no ordinary millionaire’s pad. The size and outward appearance are secondary; what sets it apart is technology. It has hi-tech sensors all over which monitor and regulate climate and lighting. The paintings on the walls are all on computer screens and can be changed at the push of buttons, whenever the couple wants to. There are hidden speakers everywhere which, with the help of a GPS, keep shifting the piped music to whichever rooms the couple is in. Every device and appliance seems to have a mind of its own, capable of remembering and performing remote controlled directions. The houses of Indian technology wizards and high net worth individuals have not got that far yet, but they are on their way. In a…

Alpha Bets on Sundar Pichai Google has come up with a new algorithm, and India is written all over it. The search giant has elevated SUNDAR PICHAI, the Chennai-born executive and IIT Kharagpur graduate, as its new CEO. This time the computing of co-founders Larry Page and Sergey Brin is bang on target as Pichai was believed to have been a contender for the CEO’s role at Twitter. Google's corporate restructuring plan also included the formation of an umbrella company, Alphabet. After Satya Nadella’s elevation as the CEO of Microsoft and Shantanu Narayen’s appointment as Adobe CEO, people of Indian origin are now running some of the most powerful companies in the world. While it is not clear how much Pichai would be paid for his new role, it is…

INDULGE YOUR STIFF UPPER LIP with a cruise down the Thames. More Downton Abbey than Three Men in a Boat, luxury cruise liner Magna Carta’s week-long journey promises relaxed entertainment. Weaving a heritage trail from Hampton Court to Oxford, the vessel will make stops at Runnymede, Cliveden and Windsor Castle. There are tow-paths, pubs and cream tea thrown into the long sail. The cruise is run by Barge Lady Cruises for fans of the award-winning series and those who simply can’t get enough of British aristocracy. The tour includes trips to the Hampton Court Palace, Christ Church and the imposing Highclere Castle, home of the Crawleys. Hillary Mantel’s Wolf Hall being set in Hampton Court Palace, it has its fair share of curious tourists. The dose of history extends beyond…

As much as we may rely on Google Maps, it can be a finicky app when confronted with flickering connectivity. The maps come especially handy when you’re scouting for a spot and not when you’re in the cushy Wi-Fied confines of your home. In a smart move, Google Maps has announced its intention to go offline by the end of 2015. Consequently, you’ll be able to navigate through bad stretches. So far, the option available to users was that of saving portions of a map offline then using GPS to drop pins and pre-plan routes.…