For India Inc. terror cover was the priority of the insurance industry ever since the Mumbai serial car bomb blasts of March 12, 1993, that severely damaged the Bombay Stock Exchange building. Now, India Inc. is scurrying to buy fresh terror cover even while others rush to augment their terror policies in the wake of 26/11 attacks. Nitya Varadarajan reports.
Andrew Horne, Managing Director, Xerox India, is not only a corporate veteran at the American firm but also an alumnus of the Royal Military Academy who served for six years with the Royal Scots Dragoon Guards. He spoke to Kushan Mitra on how companies could be prepared for extreme eventualities like the recent terror attacks in Mumbai.
Terrorists find many sources of money—and, surprisingly, quite a lot of it is legitimate. Even as India plans to beef up its security and surveillance systems, it is equally important to choke the funding lines to the terror organisations. Shalini S. Dagar reports.
The attacks came at a time when the economy wasn't in shipshape due to the global credit crisis. Now, the government needs to act decisively to minimise the impact of the terror attacks on the economy. Rishi Joshi and Rachna Monga go into the details.
Many foreign business people scheduled to visit Mumbai in the coming days might have cancelled or put off their trips, but the expatriates who have made this country, and more so Mumbai, their home are not packing their bags yet just because of the terror attacks. Anusha Subramanian, Kushan Mitra and Suman Layak report.
Price reduction on Friday, rate reduction on Saturday and tax cuts on Sunday. The first weekend of December saw the government announcing a slew of both fiscal and monetary measures. But a flagging economy needs more.
The Mumbai terror attacks punctured business sentiment already deflated by a spreading slowdown. The economic stimulus now needed is not just of liquidity but of foolproof security and targeted expenditure.
The devastating terror attacks on several Mumbai landmarks have taken the wind out of the economy and forced many foreign businesses to temporarily shun India. But one sector has never had it so good: the security industry. While most Indian companies are facing bleak times, security firms are having their day in the sun. Anusha Subramanian reports.
The true cost of terror is impossible to comprehend or calculate. Yet, making an effort to understand it is important to prepare for the job of prevention and repair that lies ahead. This is exactly what we have attempted in our cover story. Our cover package goes beyond just cost assessment and evaluates our responses and remedies.
Alex Wilmot-Sitwell’s visit to India in early November was against an extraordinary backdrop. It came at a time when UBS worldwide is struggling to recover from a financial crisis that has taken down rival Lehman Brothers. In an exclusive chat with BT’s Rachna Monga, Wilmot-Sitwell talks about the long-term implications of the financial crisis for UBS as well as its plans for India.
T.S. Narayanasami is the man with the Midas touch. After working his magic at a couple of other public sector banks, Narayanasami has succeeded in taking Bank of India to the top of the heap in the BT-KPMG Best Banks study. Here’s how.
The promoters of Zandu Pharma and Fem Care Pharma recently sold their stakes at attractive valuations. All the deals were struck above the prevailing stock prices of the two companies, an enviable feat considering the depressed economic and market conditions.
A first-of-its-kind study of the wine market in India shows that 65 per cent of the nation’s wine consumers live in two cities—Delhi and Mumbai—yet the Rs 300-crore industry is growing at 25 per cent. Dhiman Chattopadhyay goes into the details.
India is in the grip of a slowdown and at a time when virtually every sector is cutting down on hirings, insurance seems to be standing its ground. What’s more, the Mumbai terror attack, and the ones before it, will only increase the demand for insurance. Manu Kaushik reports.
The Taj Mahal Palace & Tower’s General Manager, Karambir Kang, displayed a dedication to duty and superhuman resolve when he continued to supervise rescue operations for over 60 hours despite losing his immediate family in the recent terror strikes in Mumbai.
R. Mukundan, 42, will be one of the youngest Managing Directors of Tata Chemicals when he takes charge of his new assignment from the current Managing Director, Homi Khusrokhan, who retires December-end. In a chat with BT, Mukundan shares the challenges for the company and how he plans to take them on, especially in the US, where the company has acquired a chemicals firm. Excerpts:
What would you give for a shot at US major league Baseball—an arm perhaps? Well, that’s exactly what Rinku Singh, 20, and Dinesh Patel, 19, gave at a competition organised in India—the Million-dollar Arm contest.
As more Indians get connected and access a host of news and social networking sites, India’s Internet traffic is showing a marked increase. According to Akamai Technology’s Quarterly State of the Internet Report for the third quarter of 2008, India had 2.6 million Internet protocol (IP) addresses—up 23 per cent over the second quarter this year. Most Indians continued to use the internet for e-mail and social networking.
"The world is not going to miss participating in an economy growing between 7 and 8 per cent"A.M. Naik, Chairman, Larsen & Toubro (L&T), talking about the impact of the recent terror attacks in Mumbai, in BusinessWeek online
Underneath the thousands of portals and social networking sites we visit, lurks a fl ourishing underground market for fraudrelated services. According to a recent study titled ‘Report on the Underground Economy’ by Symantec’s Security Technology and Response (STAR) organisation, the total value of these goods could be over $276 million (Rs 1,380 crore) between July 2007 and June 2008. Here’s how the Internet underground makes its money and why it is hard to nail.
Even as India struggles to stave off any further slowdown, some of the biggest economies of the world have already sunk into a recession. These include the US, the UK, Japan, France, Germany and Singapore.A quick look at the way some of these economies have performed over the last three quarters
James H. Quigley, CEO, Deloitte Touche Tohmatsu, was in the capital to attend the three-day India Economic Forum. In a conversation with BT’s Manu Kaushik, he spoke on the economic crisis and its impact on India. Excerpts:
Demerged: By Ahmedabad-based textiles conglomerate Arvind, its branded apparel and retail businesses into two separate companies as part of its plan to raise funds later. Both the demerged companies will become subsidiaries of the company. Arvind’s branded apparel business will be merged with Arvind Lifestyle Brands and its discount store chain Mega Mart with Arvind Retail. The demeger will come into effect from April 2009.