MUMBAI, June 22: Syngene, a subsidiary of Biocon, today said it has received the Foreign Investment Promotion Board (FIPB) approval for raising foreign investment in the company to 44 per cent from the earlier approved 10 per cent.
The said investment would be made when Syngene comes out with its initial public offer (IPO).
The equity shares of Syngene are proposed to be listed on BSE and the National Stock Exchange (NSE).
“We have received the FIPB approval to increase the foreign investment limit in our company…This approval will enable us to look to broaden our global investor base,” Syngene International CEO Peter Bains said in a statement.
The IPO is an offer for sale (OFS) by Biocon of a part of its shareholding in Syngene. The Biocon Group presently holds 83.6 per cent equity stake in Syngene, a India-based contract research organisation.
In January, Biocon Research Limited (a wholly-owned subsidiary of Biocon) transferred 10 per cent stake in Syngene to IVF Trustee Company Private Limited for Rs 380 crore. (PTI)
Syngene gets nod to raise foreign investment to 44%
AP Transco buys out GVK Power’s plant in Andhra Pradesh
NEW DELHI, June 22: AP Transco has exercised its option to buy out GVK Power & Infrastructure’s 217 MW (Phase 1) power plant in Andhra Pradesh.
“The Power Purchase Agreement (PPA) signed by GVK Industries Ltd, a step down subsidiary of the company (GVK Power & Infrastructure Ltd) with the erstwhile APSEB (now AP Transco) stands expired by June 20, 2015 as it had completed its validity period of 18 years,” GVK Power & Infrastructure said in a regulatory filing.
In this regard, GVK Industries has received a notice from the AP Transco stating that they have exercised their option to ‘Buy Out’ “its 217 MW (Phase 1) Power Plant situated at Jegurupadu Village, Kadiam Mandal, Rajahmundry, East Godavari District, Andhra Pradesh in terms of the provisions specified under the PPA,” it said.
The 217 MW Jegurupadu CCPP (combined-cycle power plant) phase 1, was commissioned in 1997, according to the company’s website. (PTI)
Apple to pay labels post Taylor Swift’s open criticism
LOS ANGELES, June 22: Apple has announced it will pay labels for rights to stream their music, just a day after pop star Taylor Swift slammed the company for its three-month free trial.
In a tweet, senior vice president of internet services and software Eddy Cue wrote that Apple would pay artists during the 90-day period.
Calling the trial “shocking, disappointing and completely unlike this historically progressive and generous company,” Swift, 25, had written in an open letter she would not release her latest album “1989” on Apple Music streaming service.
Swift explained that Apple’s planned three-month free trial for the service, during which labels will not be paid for music sales, was keeping her from providing the album.
“We know how astronomically successful Apple has been, and we know that this incredible company has the money to pay artists, writers and producers for the three-month trial period… Even if it is free for the fans trying it out.”
She added that she is able to support herself and her team on live performances, but she is looking out for newer artists, songwriters and producers who are not yet as financially successful.
“These are not the complaints of a spoiled, petulant child. These are the echoed sentiments of every artist, writer and producer in my social circles who are afraid to speak up publicly because we admire and respect Apple so much. We simply do not respect this particular call.”
“We don’t ask you for free iPhones. Please don’t ask us to provide you with our music for no compensation,” she said. (PTI)
AIBEA defers June 24 bank strike; PSU banks to work normal
NEW DELHI, June 22: The June 24 strike called by AIEB in support of various demands of the State Sector Bank Employees Association (SSBEA) was deferred today and public sectors banks would continue working as usual.
SSBEA, under its umbrella, has various unions of associate banks of State Bank of India (SBI) — State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad — which are also associated with AIBEA.
The nation-wide one-day strike was called to protest against the “anti-associate” banks approach of the SBI management.
“The union has decided to take up the issue at higher level in the Government. In view of this it is decided to postpone the strike of June 24,” All India Banks Employees Association (AIBEA) General Secretary C H Venkatchalam said in a statement today.
AIBEA has alleged that the five associate banks of the SBI are denying trade union rights in violation of law of the land in associate banks.
Besides, appointment on compassionate ground is also not given and housing loan norms are also violated by the these associate banks, he said.
Most of the public sector banks having members affiliated to AIBEA had informed customers that services would be affected if June 24 strike materialised. (PTI)
Nadine Koutcher crowned BBC Cardiff Singer of the World
LONDON, June 22: Belarus classical artist Nadine Koutcher has been crowned BBC Cardiff Singer of the World.
Koutcher beat off competition from 19 other finalists from across the world to take the title.
The week-long competition was whittled down to five for Sunday’s final at Cardiff’s St David’s Hall, reported BBC News.
Koutcher will take home the coveted trophy, 15,000 pound prize money, and will perform a new piece by composer John Lunn at the BBC Proms 2016.
Meanwhile, Amartuvshin Enkhbat from Mongolia won the Audience prize.
The finalists, who missed out on Sunday evening included Lauren Michelle from the United States, Oleksiy Palchykov from the Ukraine, and Jongmin Park from South Korea.
Devised in 1983, the competition is designed to find the talented classical singers of the future. (PTI)
Gur remains steady in thin trade
NEW DELHI, June 22: Gur(jaggery) prices moved in a narrow range on lack of any worthwhile activity and settled around previous levels in the wholesale market of the national capital today.
Muzaffarnagar and Muradnagar gur markets also showed a similar trend.
Marketmen said lack of any worthwhile activity from local parties and stockists against ample stocks mainly kept gur prices steady.
Following are today’s rates (in Rs per quintal):
Gur chakku Rs 2,900-3,000, pedi Rs 3,000-3,100, dhayya Rs 3,200-3,300 and shakkar Rs 3,100-3,200.
Muzaffarnagar: Rasket Rs N.T., chakku Rs 2,500-2,700, khurpa Rs N.T. And Ladoo Rs N.T.
Muradnagar: Pedi Rs 2,600-2,650 and dhayya Rs N.T. (PTI)
Seoul: Pyongyang boycotts University Games in S Korea
SEOUL, June 22: North Korea has scrapped plans to attend next month’s University Games in South Korea to protest the planned opening of a UN human rights office in Seoul, South Korean officials said today.
North Korea boycotted the 1986 Asian Games and the 1988 Summer Olympics, both held in Seoul, but has since attended several other events in the South, including last year’s Asian Games in Incheon.
The North earlier told South Korean organisers that it wanted to send 75 athletes and 33 sports officials to the multi-sport event in the South Korean city of Gwangju.
But the North cancelled the plans and told the International University Sports Federation last weekend that it will not attend the games, citing this week’s opening of the UN office tasked with specialising in its alleged rights violations, according to Seoul’s Unification Ministry.
North Korea has said it would consider the UN office’s opening a declaration of confrontation.
North Korea also cited what it calls hostile military confrontation between the two Koreas, a ministry official said on condition of anonymity, citing office rules.
The University Games is an Olympic-style event, with about 20,000 athletes from 170 countries competing in 21 events. The North earlier wanted to compete in eight events, including women’s football, table tennis and judo, according to the statement.
Outside analysts say North Korea’s participation in international sports events is an opportunity for the isolated country’s athletes to show their devotion to leader Kim Jong Un so he can solidify his grip on power.
The two Koreas remain divided along the world’s most heavily fortified border since the 1950-53 Korean War ended with an armistice, not a peace treaty. (AGENCIES)
Vietnam says 8 Indonesians confess to hijacking oil tanker
HANOI, June 22: A Vietnamese official says eight Indonesians apprehended last week have confessed to hijacking a Malaysian oil tanker.
Col Doan Bao Quyet, political commissar of Vietnam Coast Guard region 4 based in the southern province of Kien Giang, said today that the Indonesians initially said they encountered an accident at sea while fishing when they arrived in Tho Chu island off Vietnam’s southern coast on Friday.
But after questioning with the images and information provided by Malaysian authorities, they confessed that they were responsible for the hijacking of the oil tanker earlier this month.
The tanker MT Orkim Harmony carrying 7.5 million liters of gasoline worth 21 million ringgit (USD 5.7 million) on its way to Kuantan in Malaysia when communications were lost with it on June 11. (AGENCIES)
Freight rates end flat
NEW DELHI, June 22: Freight rates for the nine-tonne pay load section held steady in the local truck transport market today on restricted cargo movements against easy availability of trucks.
Transporters said easy availability of trucks against restricted cargo movements mainly kept freight rates unchanged.
Following are today’s freights per 9-tonne load (in Rs): Jaipur 14,000 Hyderabad 53,000 Chandigarh 17,000 Vijayawada 55,000 Ludhiana 19,000 Bengaluru 61,000 Kanpur 21,000 Chennai 64,000 Indore 23,000 Mysore 66,000 Ahmedabad 24,000 Puducherry 67,000 Baroda 27,000 Coimbatore 69,000 Patna 28,000 Kochi 74,000 Surat 27,000 Thiruvananthapuram 78,000 Mumbai 28,000 Goa 50,000 Pune 28,000 Gwalior 15,000 Kolkata 32,000 Guwahati 52,000 (PTI)
****
7.NB
‘Firms upbeat about employer-branding,
but employees differ’
NEW DELHI, June 22:
Indian companies are increasingly adopting employer branding to attract top talent and 74 per cent of employers think their strategy has been successful, while 67 per cent employees feel otherwise, a report says.
According to a survey by TimesJobs.Com, while employers are upbeat about their employer-branding strategies and are even acknowledging success, there is a gap between their thinking and what employees feel about their employers’ brand.
According to TimesJobs’ TJinsite Survey on Employer Branding Perceptions, 64 per cent of organisations claims to have a clear and well-designed employer-branding strategy in place and 74 per cent are happy with their strategies.
However, 67 per cent of the surveyed employees do not think their employer has a winning employer-branding strategy.
Moreover, most employees find their company’s current strategies unconvincing. Only 23 per cent rated the strategies as convincing, while 10 per cent label their company’s strategy as poor, the report said.
“To build powerful employer-brands require consistent communication of the Employer Value Proposition. Companies have to work with greater speed and transparency, which is only possible with wide scale adoption of an open culture and a flat hierarchy,” TimesJobs.Com COO Vivek Madhukar said.
The report noted that around 68 per cent organisations use social media to connect with employees but only 56 per cent employees think they are effective.
On the other hand, while 32 per cent employers focus on career portals and company rating/peer review websites as ways to improve their employer-brand, 44 per cent of the employees find these a direct and effective media.
The TJinsite survey was conducted across 560 organisations and 800 employees in India. (PTI)
Thousands lock arms for Charleston bridge ‘unity chain’
CHARLESTON, June 22: Several thousand people crowded onto one of the longest bridges in the Americas and joined hands in a show of solidarity with the victims of the Charleston church massacre.
From Charleston to suburban Mount Pleasant, they formed a line across the Cooper River to forge what organisers called a Bridge to Peace Unity Chain nearly 4 kilometers long.
“It’s not black lives that matter anymore. All lives matter,” said Black Lives Matter leader Jay Johnson to loud cheers from a mainly white crowd before the event kicked off.
“We are united as the human race,” he said, stripping off his thick dark Black Lives Matter sweatshirt in the early evening heat and humidity.
Promoted on social media, the event was organised in a matter of days by local housewives and the chief of Mount Pleasant’s police department.
“This incredible turnout says it all,” said organizer Dorsey Fairbairn at the event, where a bagpiper played “Amazing Grace,” a chaplain read a prayer, and vehicles crossing the span honked their horns in solidarity.
Once up on the Arthur Ravenel Bridge and holding hands, participants observed nine minutes of silence — one for each of the victims of Wednesday’s bloodbath at Emanuel African Methodist Episcopal Church.
The span, named for a South Carolina politician who once described the NAACP civil rights group as mentally retarded, is the third-longest cable-stayed bridge in the Western Hemisphere.
The mood was a joyful counterpoint to the somber atmosphere that loomed over a two-hour Sunday service at the historic African-American sanctuary earlier in the day.
A 21-year-old white male from South Carolina’s interior, Dylann Roof, is charged with nine counts of murder in connection with the Emanuel church shooting, which he reportedly hoped would ignite racial conflict.
Friends and families, both black and white, clapped hands and sang songs along bridge, took souvenir selfies and wrote condolence messages in chalk on the pavement.
They waved at a flotilla of small boats in the river below, hugged each other, exchanged high fives and lifted American flags into the breeze.
“This is how we do race riots in Charleston,” quipped one man, using a dose of irony to sum up the cheerful mood.
The huge turnout contrasted with a protest at a park near the Emanuel church, billed as “a final burial of white supremacy,” that attracted only about 40 people. (AGENCIES)