Issue 6 â€“ September Edition
A global news village
Jack Ma to retire from Alibaba Read the whole story inside!
Personality in focus: Christine Lagarde IBS@SIMSR
Quick Bites: Facebook chooses Singapore for $1bn data centre: Facebook will invest over $1 billion to build a data centre in Singapore, its first in Asia, powered by renewable energy and adapted to the city-state's tropical climate. The centre is expected to be operational around 2022, and will host Facebook servers and centralize its IT operations.
Nissan redraws India strategy, to focus on premium cars: Nissan Motor Co will produce and sell only premium vehicles in India, while using its sister brand Datsun to crack the mass budget car market, in a revamp of its strategy in the country. Personal and financial details of British Airways customers making bookings between August 21st and September 5th had been stolen in a data breach involving 380000 bank cards.
Iran ready to handover strategic Chabahar port to Indian firm in a month Iran will hand over the strategic Chabahar port to an Indian company, India Ports Global Private Limited (IPGPL) within a month for operation as per an interim pact, Iranian Minister of Roads and Urban Development Abbas Akhoundi confirmed.
Starbucks enters the home of coffee Starbucks, started by Howard Schultz after being inspired by Italian cafes, has made a grand entry into the Italian market by opening a palatial café in the heart of Milan. This is no ordinary Starbucks, this is a Reserve Roastery complete with an inhouse coffee roastery, a 30-foot long Tuscan marble bar, numerous coffee stations and over 115 beverages. India & US sign COMCASA The Communications, Compatibility and Security Agreement (COMCASA) will facilitate India to obtain critical defense technologies from the US, and access critical communication network to ensure interoperability among the US and the Indian armed forces. Both the countries also decided to work together towards India's entry to the Nuclear Suppliers Group (NSG) which unfortunately didn’t fall as planned due to China’s Veto power.
After Apple, Amazon hits $1 trillion market value milestone Amazon on September 4th briefly joined Apple to become the second $1 trillion publicly listed U.S. company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing. Its shares traded as high as $2,050.50 before easing a little to end the session at $2,039.51, up 1.3 per cent and just short of the milestone level of $2,050.2677.
Lehman Brothers, 10 years on September 15th, marks the 10th anniversary of the collapse of Lehman Brothers. The biggest corporate bankruptcy in history, Lehman’s failure caused mayhem in financial markets, exacerbating the worst global financial crisis since the 1930s.
U.S. to probe Mahindra following Fiat Chrysler complaint The U.S. International Trade Commission will open a patentrelated investigation into Indiabased Mahindra and Mahindra Ltd and its U.S. unit following a complaint lodged by Fiat Chrysler Automobiles NV’s Michigan-based U.S. unit.
Cover Story: Jack Ma to retire from Alibaba Alibaba’s co-founder and executive chairman, Jack Ma, said he planned to step down from the Chinese e-commerce giant on Monday to pursue philanthropy in education, a changing of the guard for the $420 billion internet company. “There’s only Bill Gates who has done the same. No other tech founder in the world has just resigned like that at the top,” said Rupert Hoogewerf. Daniel Zhang, a former accountant aged 46, to whom the reins will be passed on, has been CEO since 2015 after serving as chief operating officer and is known as a key architect of Alibaba’s “Singles Day”, the Nov. 11 event that has become the world’s largest online shopping event. “Under his stewardship, Alibaba has seen consistent and sustainable growth for 13 consecutive quarters. Starting the process of passing the Alibaba torch to Daniel and his team is the right decision at the right time,” Ma said in a letter released by the company. Ma, a former English teacher with no technical background, co-founded Alibaba in 1999 with 17 others and has become one of China’s richest people with a net worth of $36.6 billion, according to Forbes.
India on World Stage: New glitch in Indo-Nepal relations: Just days after pulling out of the joint BIMSTEC military drill which was being held in Pune, Nepal will now participate in a 12-day long military exercise with China later this month, a move that is bound to irk India. The two countries held joint military exercise for the first time last year, sparking concerns in India over the growing security cooperation between its two neighbours. Nepal’s first such joint exercise with China took place in April 2017. China has also overtaken India as the biggest foreign investor by pumping more than $8 billion in investments three years ago.
Personality in focus:
India committed to Bangladesh’s development: Indian High Commissioner to Bangladesh Harsh Vardhan Shringla said, "India is the committed development partner of Bangladesh. For the last few years, the cooperation between the two countries has been unprecedentedly expanded." at the international exhibitions of Textile and Textile Industry sector, International Convention City Bashundhara in Dhaka. The exporters of Bangladeshi garment industries had increased in the market of India due to the duty-free quotas in 2011, the High Commissioner said. The export growth increased 115 per cent more in the fiscal year 2017-18 than 2016-17, the High Commissioner added. India is one of the largest suppliers of raw materials in Bangladesh's ready-made garment industry. About onefourth of the demand for cotton and yarn in this country comes from India. 25 per cent of India's cotton, yarn and fabric exports come from Bangladesh. Bullet Train from Kunming to Kolkata: Ma Zhanwu, Chinese Consul General in Kolkata, on 12th of September said that his country was mooting a bullet train service between Kunming and Kolkata, traversing through Myanmar and Bangladesh. A high-speed rail link could be established between the two cities with joined efforts between India and China, Zhanwu said at a conference in Kolkata. The rail route was aimed at boosting trade flow in the Bangladesh-China-India-Myanmar (BCIM) corridor, Zhanwu said, adding that his country has been striving for the revival of Silk Route to increase connectivity from Kunming to Kolkata. Samsung - World’s Largest Mobile Experience Centre in India: Samsung Electronics, on 11th September, announced the opening of the world’s largest mobile experience centre in Bengaluru, India’s tech capital. The iconic Opera House on Brigade Road has been renovated and restored to a magnificent piece of architecture. Samsung Opera House will bring together technology, lifestyle and innovation to offer people unique experiences. One will be able to enjoy VR experiences such as the 4D Sway Chair or the Whiplash Pulsar 4D chair that makes 360 degrees three-dimensional movements. One can slip into the role of a fighter pilot doing extreme aircraft stunts, or experience a space battle, or a roller coaster ride. These experiences revolve around transformative technologies such as Virtual Reality (VR), Artificial Intelligence (AI) and Internet of Things (IoT), which Samsung is pioneering globally. Suzuki bets on India: In a huge boost to its manufacturing activity in the state, Suzuki motors is expected to invest close to Rs. 9000 crores at its manufacturing facilities in Gujarat. This will double the annual manufacturing capacity in Gujarat to 1.5 million vehicles and the company’s investment in India would raise to Rs. 30,000 crores. Suzuki having withdrawn from the world’s largest auto markets, US and China, is now set to focus on its most profitable investment, India. Quitting China will allow the Japanese carmaker to free up resources and concentrate on India which is its most lucrative market.
Christine Lagarde: Christine Madeleine Odette Lagarde is a French lawyer and politician who has been the Managing Director (MD) of the International Monetary Fund (IMF) since 5 July 2011. Previously, she held various, senior ministerial posts in the French government she was Minister of Economic Affairs, Finance and Employment, Minister of Agriculture and Fishing and Minister of Trade in the government of Dominique de Villepin. Lagarde was the first woman to become Finance Minister of a G8 economy and is the first woman to head the IMF. An anti-trust and labor lawyer, Lagarde was the first female chair of major international law firm Baker & McKenzie, between 1999 and 2004. On 16 November 2009, the Financial Times ranked her the best Minister of Finance in the Eurozone. In 2014, Lagarde was ranked the 5th most powerful woman in the world by Forbes magazine. She was re-elected by consensus for a second five-year term, starting 5 July 2016, being the only candidate nominated for the post of Managing Director. In 2017, Forbes ranked her Number 8 on their World's 100 Most Powerful Women list.
Contributors: Kushal G. (IB), Amirthavarshini P. (IB), Mukul S. (Core B), Madhav S. (Core B) & Mitali S. (IMC)