September 2 Pages 27-48

Page 1

Indo American News • Friday, September 2, 2011

online edition: www.indoamerican-news.com

www.indoamerican-news.com

11 Friday, June 2, 202011 er10, .com eptemb S y -news a n a Frid c i r me indoa www.

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Business IndoAmerican News

STOCKS • FINANCE • SOUTH ASIAN MARKETS • TECHNOLOGY

Reliance Industries Completes $7.2 Bn Deal with BP NEW DELHI (ET): Reliance deliveries. of infrastructure for receiving, Industries on Tuesday announced Commenting on the completion transporting and marketing natural completion of its 30 per cent stake of the deal, RIL Chairman and MD gas. sale in 21 oil and gas blocks, Mukesh Ambani said: “The alliance BP Group CEO Bob Dudley including the showcase KG-D6 with BP will boost our efforts to said: “This major investment is block, to British energy giant BP realise the true potential of India’s directly aligned with our strategy of Plc for over USD 7 billion. hydrocarbon reserves.” creating long-term value by forming Industrialist alliances with strong Mukesh Ambaninational partners, led Reliance gaining material Industries (RIL) positions in significant said in a statement hydrocarbon basins that the completion and increasing our of the deal has exposure to growing paved the way for energy markets.” commencement RIL is India’s largest of its strategic private sector company alliance in India with a turnover of with BP. “This Rs 2,58,651 crore significant step (USD 58 billion) will commence the and net profit of Rs planned alliance 20,286 crore (USD which will operate 4.5 billion) in the last across the gas value Mukesh Ambani, Industrialist, Reliance Industries is happy to fiscal ended March chain in India, make a strategic alliance in India with BP. Exploration in gas, 31, 2011. from exploration production, distribution and marketing are planned It had on February and production to “The globally renowned expertise 21 agreed to sell 30 per cent stake distribution and marketing. of BP and the in-depth domestic in 23 out of its 29 oil and gas “The completion of the deal experience of Reliance make for blocks to BP. Earlier this month, the delivers one of the largest ever a formidable alliance which will company said that it has received foreign direct investments into deliver unparalleled value for the the government approval for sale India,” RIL said. country in its pursuit of energy of stake in 21 blocks. RIL will get USD 7.2 billion security,” he added. However, the approval has been for the stake sale in 21 blocks and RIL said that the two companies held back for two blocks, one a could get further USD 1.2 billion w o u l d a l s o f o r m a 5 0 - 5 0 deep sea area off the Orissa coast as performance payments based joint venture for sourcing and and the other an onland block in on exploration success resulting marketing of gas in India which Assam, over technical issues. into development of commercial will also accelerate the creation

Pakistan Agrees to Grant Most Favored Nation Status to India

ISLAMABAD: Pakistan has possible meeting between the agreed to grant the Most Favored commerce ministers of India and Nation (MFN) status to India, Pakistan after a gap of over three something which New Delhi had years in New Delhi next month been demanding for many years, to discuss ways to boost trade and a media report said on Sunday. A senior official of the ministry of trade said on the condition of anonymity that the status of MFN would be granted during the current year, Urdu daily Jang reported. Pakistan has in return asked for immediate lifting of non-tariff restrictions on its exports to India. Sources said that trade and commerce minister Makhdoom Amin Fahim would soon announce basic changes in Pakistan’s trade policy. One of the amendments will be a draft to review the Trade and commerce minister Makhdoom list of trade items between Amin Fahim along with Pakistan officials is easing trade restrictions with India the two countries. According to the source, Pakistan proposals to remove non-tariff has agreed to grant MFN status to barriers as the two countries make India this very year in return for efforts to normalise relations. lifting the non-tariff restrictions on Indian commerce minister Anand imports from Pakistan. This will Sharma has invited his Pakistani fulfill the long-standing Indian counterpart Fahim, a senior leader demand in return for lifting of non- of the ruling Pakistan People’s tariff restrictions alone. Party, to visit New Delhi for the The report comes ahead of a meeting.

Indians are Displaying a Hunger not seen in Americans or Europeans: Marc Effron, Talent Strategy MUMBAI (DNAI): Marc Effron, CEO of The Talent Strategy Group, frequently visits India as a bulk of his clientele is based in the country. The author of the bestselling One Page Talent Management is writing another book on his favorite subject. Effron, who has worked with Hewitt and Avon Products before he branched out as a consultant to many enterprises including Bank of America, Philips and Reliance Industries in India, says people he has come across in the country, entrepreneurs or their employees, display a hunger that’s not seen these days in Americans or

Europeans. This hunger is positive, as it is aspirational, with a pride to take their nation forward, Effron tells Satish John in an interview: Are challenges for Indian companies different from those for their western counterparts? There are different challenges for Indian companies as they are in the growth phase now. When firms move from entrepreneurial to operation stage, their needs change. Most companies around the world mess up that transition. This is a unique set of challenges for fast growing companies in India to manage that transition from an

entrepreneurial environment to a more established operational environment. How do you improve the mean level of performance of people? Basic performance management sets clear goals, coach people throughout the year and reviews on a regular basis every year. Most firms struggle to set those stretch goals that interest and challenge employees. If you set that right, so many other things fall in place easily. Set up a small number of understandable goals for everyone, which will be the easiest way to manage the aspirations of

employees. How much is compensation a factor to keep the morale of an employee up? Compensation is a hygiene factor. If one is paid 30% more salary, it won’t make him more motivated. I think there is brain chemistry around it. There have been studies which prove that when one gets a compensation increase, it will give an effect of a dopamine release that drugs cause. The individual will feel good for a moment and then completely go back to the old level. It has no lasting impact at all. The

Continued on page 28

Marc Effron, Talent Strategy

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INDO AMERICAN NEWS • FRIDAY, SEPTEMBER 2, 2011• ONLINE EDITION: WWW.INDOAMERICAN-NEWS.COM


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September 2 Pages 27-48 by Indo American News - Issuu