4
MonDAY 23•05•2016
BUSINESS
THE MORUNG EXPRESS
So, was it all only about Apple Apps & Maps? New Delhi, May 22 (iaNS): He came. He saw. But Apple CEO Tim Cook is yet to get the biggest bite into the huge consumer base in the country, of which every tech player -- from China to Korea to Taiwan -- is trying to get a bigger share. If we look at why, in the first place, Cook came to India in this sweltering heat, it would not be wrong to interprete his first visit to the country as an exploratory mission rather than as one with a clear-cut investment agenda. First, during his fourday “encrypted” trip Cook did not specify the amount the $233 billion-rich Apple would invest in India, unlike in China where it announced to invest $1 billion in Chinese ridehailing service Didi Chuxing -- a rival to Uber.
its iOS mobile platform. Both announcements were grand but came without any investment figures. In his much-awaited meeting with Prime Minister Narendra Modi, the 55-yearold Apple head stressed the possibilities of manufacturing and retailing Apple devices in the country. Again, nothing concrete was given out except “sharing Apple’s future plans for India” and appreciation for “the breadth of young talent in the country”. While Apple iPhones’ sales grew nearly 56 percent in India in the second quarter of this year from the year ago period, data compiled by market research firm CounterPoint Technology revealed that south Korean smartphone maker Samsung sold in India more phones than Apple
Apple CEO Tim Cook speaks about the Apple TV during an event at Apple headquarters in Cupertino, California. (REUTERS File Photo)
The Cupertino, California-based tech giant announced its first development centre in Hyderabad to work on Apple Maps. Ear-
lier, Cook revealed an app design and development centre in Bengaluru that will support the Indian developers creating mobile apps for
in the premium category (Rs.30,000 and above) in 2015-16. According to the report, Samsung’s share in the premium smartphone segment was 47 percent while Apple came second at 45 percent. Looking pretty aware of these facts, Cook played his future cards as he met some key telecom players like Sunil Mittal, chairman of Bharti Airtel, one of India’s leading telecommunication companies which was the first to launch 4G in India and is set to offer the service countrywide. Bullish on India’s upcoming 4G revolution, Cook told an Indian TV channel that 4G is critical for India’s progress -- thus setting up the roadmap for a possible alliance with some big players to help
Apple open more retail stores in the country. He also revealed his plans to soon bring to India Apple Pay -- a mobile payment and digital wallet service that lets users make payments through Apple devices, a convenient way to make cashless payments. Amid all the media hype, Apple’s long-standing query to allow it to import and sell refurbished iPhones at a cheaper price in India was almost left unanswered at the highest levels. Rather, Prime Minister Narendra Modi reportedly asked Cook to come and manufacture iPhones here. So, apart from seeking blessings from Ganesha at Mumbai’s famous Siddhivinayak temple, meeting Bollywood biggies at the dinner superstar Shah
Vijay Mallya’s India woes EPFO to consider housing now troubling his US beer firm scheme for members New yORK/lONDON, May 22 (PTi): Legal proceedings in India against beleaguered businessman Vijay Mallya have now come to haunt his US-based brewery firm, which is banking on $1 million bridge loan promised by his holding firm for survival. “Vijay Mallya, the company’s chairman and indirect majority shareholder, is presently subject to certain legal proceedings in India, which may impair the company’s ability to obtain financing from UBHL (United Breweries Holding Ltd) and other potential funding sources,” California-based Mendocino Brewing Company Inc said in a regulatory filing. Mallya, who is at the centre of a major controversy for the huge loan defaults by his group in India, controls over 68 per cent shareholding held through UBHL in Mendocino. This is probably the first admission by the US-listed firm, which is struggling for funds and has been served ‘default’ notices by lenders in the past, about the potential impact of Mallya’s legal woes in India on its own fortune. As of March 31, 2016, MBC had cash and cash equivalents of $52,900, an accumulated deficit of over $18 million, and a working capital deficit of over $12 million due to losses incurred, and debts. If it fails to secure funds, Mendocino said, the lenders may take “recourse against the applicable pledged collateral which includes the company’s real
and personal property in the US and the UK”. In its latest quarterly filing with the US markets regulator Securities and Exchange Commission (SEC), Mendocino further said, “The board of directors of UBHL during this quarter has approved debt financing to the company in the form of $1,000,000 of bridge loans. “If UBHL does not consummate such debt financing, it would have a material adverse effect on the company’s financial condition and the company’s ability to continue to operate.” The company disclosed that its total assets declined to $16 million as on March 31, 2016 -- lower than the total liabilities worth more than $18 million. In the quarter ended March 31, it recorded total sales of about $6.9 million, but suffered a net loss of $637,100. Mallya got a pay package of over Rs 1.7 crore in 2015 from this US-based company, more than half of which was paid by Mendocino to him for “promoting” the company’s beer brands. Mallya serves as Chairman of the board of directors of the company, which has an exclusive licence to brew and distribute Kingfisher Premium Lager in various countries. Besides, it produces and sells a number of craft beer brands. United Breweries Holdings Ltd (UBHL), the holding firm of Mallya-led UB Group, is the “indirect majority shareholder” of Mendocino Brewing Company (MBC).
Toyota says 90% of Camry demand for hybrid model now MUMBai, May 22 (PTi): As much as 90% of the demand for premium sedan Camry in India is for its hybrid model, carmaker Toyota said. Over the years, the Japanese auto major has been witnessing a steady rise in sales of Camry Hybrid. While in 2013, the share of hybrid in Camry sales was only 15%, within a year it soared to 73% and in 2015 it jumped further to 86%. Toyota is the only company that assembles and sells pure hybrid models in the country. It began local assembly of the Camry Hybrid way back in August, 2013. While it assembles the Camry Hybrid at its Bengaluru plant, it also sells another such model, the imported Prius Hybrid, in the country. Globally, Toyota sold 9 million hybrids in 2015, most of which were Camrys followed by Prius, Toyota Kirloskar Motors Vice Chairman Shekhar Vishwanathan said, adding that with the government incentive of Rs 70,000 cash discount on each unit, the company expects the demand for hybrids to only go up. Currently, Camry Hybrid has a price tag of Rs 33 lakh in New Delhi, which is its largest market, while the Prius Hybrid comes at Rs 38 lakh. He refused to answer whether the company will look at local assembly of the Prius Hybrid also.
New Delhi, May 22 (PTi): Retirement fund body EPFO is working on a proposal to provide low cost housing to its over five crore subscribers. “The EPFO is working on the proposal to provide low cost housing to its subscribers, which will come up for discussion in the meeting of its trustees expected sometime next month,” a source said. Earlier this month, Labour Minister Bandaru Dattatreya had said in the Lok Sabha that the government is exploring the possibility for providing a suitable low-cost housing scheme for subscribers of Employees’ Pension Fund. He was replying to a question whether the government or the EPFO has introduced/proposes to introduce a scheme to allow its subscribers to pledge their future PF contribution to buy low-cost houses. Last year, the proposal was also on the agenda of EPFO’s trustees meeting held on September 16. A report of an
leisure
expert committee on housing facility for the subscribers was also presented to the trustees for their perusal. The committee had unanimously recommended a scheme to facilitate subscribers to buy houses where they will get an advance from their PF accumulation and will be allowed to pledge their future PF contribution as EMI (Equated Monthly Instalment) payment. Under the proposed scheme, there will be a tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment. The panel had suggested that the subscribers will
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Sony starts pre-registration for Xperia X & XA smart phones New Delhi, May 22 (aGeNCieS): Sony India has started pre-registrations for its yet to launch, Xperia X and XA smartphones in India. Sony had showcased X series range which includes X and XA smartphones at Mobile World Congress back in February. According to an official press statement, Sony is not bringing X Performance smartphone to India anytime soon. It will be interesting to see how Sony prices these devices. Sony Xperia X features a 5-inch Full HD display with Triluminous display technology. Sony Xperia X features 23MP primary camera seen on more premium Xperia X lineup while the front camera is a 13MP one. Sony Xperia X is powered by Snapdragon 650 chipset and features fingerprint scanner. Sony Xperia X has a 7.7mm thick profile and weighs 152 grams. The smartphone was launched in white, black, gold and rose gold colour variants. Sony Xperia XA can be called lite version of Xperia X. The XA is powered by MediaTek Helio P10 processor coupled with 2GB RAM and 16GB storage. The dual SIM smartphone features a 5-inch 720p HD display and supports 4G LTE bands. Sony Xperia XA comes with 2300mAh battery and Sony’s superior battery-saving technology. Sony Xperia sports a 13MP rear camera and 8MP front camera. Both Sony Xperia X and Xperia XA run Android 6.0 Marshmallow. The devices are expected to launch on May 30.
purchase a dwelling unit with loans from bank or housing finance companies and hypothecation of property in favour of the latter. However, the panel had suggested this scheme for those EPFO subscribers who are low income formal workers and could not buy a house during their entire service period.
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based RMSI, a leading IT services player that offers GIS, analytics and software services. According to Faisal Kawoosa, lead analyst with CyberMedia Research (CMR), a nod to import and sell refurbished iPhones at a cheaper price would have had put Apple in a very advantageous position in the country. “At a time when its revenues have taken a hit globally, selling its products in mid- and low-price segment would give the company an upper hand,” he told IANS. So, a fullfledged Apple manufacturing unit in India appears quite far off at the moment. “As of now, we understand it [the visit] was more of bringing research and development into the country,” Kawoosa added.
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Rukh Khan hosted at his residence ‘Mannat’, and watching an Indian Premier League (IPL) cricket match at Kanpur, what did Cook finally garner in these four days? “I will call it a great exploration effort, and do not see any immediate results. Yes, I find Cook’s meeting with the Reliance Jio team the most significant one as they are the biggest 4G player in the country at the moment,” says Vishal Tripathi, research director at global market consultancy firm Gartner. “I won’t call his visit a ‘wow factor’ at this moment. Even for the Maps facility, Apple has outsourced it to a Noida-based firm,” Tripathi told IANS. For the Maps development centre, Apple has partnered with Noida-
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