BMW introduces training programme for its customers

Gurgaon: BMW India has introduced the BMW Driver Training programme in India for BMW customers and prospects.
Initially, the BMW Driver Training programme will be conducted in Delhi NCR and Chennai.
BMW India dealerships in Delhi, Gurgaon and Chennai will identify BMW owners and prospective buyers who are interested in participating in the BMW Driver Training programme.
Dr Andreas Schaaf, President, BMW Group India said, “BMW Driver Training is a signature training
programme to improve the driving skills, handling, reaction time and awareness of BMW customers. The aim was, and remains, to provide an opportunity to know the capabilities of a BMW better and experience the superior BMW technology. The BMW Driver Training programme is designed to help customers to overcome potential hazards in day-to-day driving.”
Drawing on the extensive experience and in-depth expertise, instructors take the customers through various driving techniques starting from basics such as the correct seating position and steering wheel posture to the appropriate steering technique, avoidance manoeuvres, emergency and target braking, dynamic lane changes and deliberately induced understeering or oversteering on bends.
“BMW Driver Training programme focuses on the challenges posed everyday on the road. It helps the driver to retain composure and remain clear headed, as well as apply the knowledge in critical situations. BMW Driver Training programme provides the ideal foundation for increasing the necessary self-confidence as well as enhancing the pleasure of everyday driving. With small groups and under the guidance of experienced instructors, the drivers get an excellent basis for developing a confident approach to driving.” Schaaf added.
Through the BMW Driver Training programme, drivers are able to get a better feel of how to react calmly in unexpected situations. By practising a range of safety exercises; and dynamic techniques in the BMW Driver Training programme, customers experience both Sheer Driving Pleasure and develop an expert control over the vehicle.

Hyundai Motors gets a new MD for India operations

Chennai: Country’s second largest car manufacturer and the largest passenger car exporter, Hyundai Motors recently announced a change in its management with the appointment of Bo Shin Seo as the new Managing Director.
Prior to his elevation as MD, Seo was Executive Director Production -- a position that he held for the past two years.
Seo, took over from Han Woo Park who returned to Korea as Chief Financial Officer of Kia Motors.
“I look forward to taking Hyundai Motor India to newer heights and working closely with the extended
Hyundai family,” Seo said.
Speaking about his tenure in India Park said, “I have lived 9 years in India, my long association with HMIL has provided me with an immense amount of learning. I am confident that HMIL will go from strength to strength under Seo’s leadership,”
Seo is an engineer by training, in his distinguished career he has been Hyundai’s Production Head at its state-of-the-art Alabama plant in the USA.

Microsoft’s Cloud Computing to create over 2 million Jobs

New Delhi: According to a study conducted by IDC on behalf of Microsoft cloud computing will generate over 2 million jobs in the country by 2015. The findings predict that cloud will generate nearly 14 million new jobs worldwide in the same time.
More than 50 per cent of these jobs will be generated in the small and medium businesses. Further, more than two million jobs each will be generated in the ‘communications and media’ and manufacturing sectors, followed by banking at over 1.4 million. Pointing to the strong linkage between cloud, innovation and entrepreneurship, the study estimates that revenues from cloud innovation could reach $1.1 trillion per year by 2015. Combined with cloud efficiencies, this will drive significant organizational reinvestment and job growth.
Cloud computing is already changing how IT delivers economic value to countries, cities, industries, and businesses. IDC estimates that in 2011 alone, IT cloud services helped businesses around the world generate more than $600 billion in revenue and 1.5 million new jobs. Further, the spending on public cloud IT services in 2011 stood at $28 billion, while the total spending on IT products and services was $1.7 trillion.
The study also indicates that countries investing in key cloud infrastructure will experience greater job growth. The factors determining the number of jobs that might be created in a particular country include projected level of spending on IT, degree of automation, workforce size amongst others.
“For most organisations, cloud computing is a no-brainer when considering it enables massive return on investment and flexibility,” said John F Gantz, Chief Research Officer and Senior Vice President at IDC. “A common misperception is cloud computing is a job eliminator, but in truth it will be a job creator — a major one. And job growth will occur across continents and throughout organisations of all sizes because emerging markets, small cities and small businesses have the same access to cloud benefits as large enterprises or developed nations.”
Floris van Heist, GM, Business & Marketing, Microsoft Corp said, “Cloud computing poses a compelling opportunity for businesses and governments around the world. India is uniquely poised to leverage this opportunity with factors like an unparalleled ecosystem of developers, ISVs and SIs, no legacy IT systems and a high growth rate of economy contributing towards growth of cloud computing. Microsoft is playing a key role in the cloud space to help businesses realize their full potential and move Governments closer to their vision.”

Citibank Launches ‘Citibanking’

Mumbai: Citibank India recently announced the launch of ‘Citibanking’, a new retail banking proposition for its consumers. Citibanking will offer unprecedented global access, increased convenience, connectivity and personalisation for everyday banking needs.
It is designed for customers who are upwardly mobile and maintain a relationship value of a minimum Rs. 200,000 with the Bank.
Basis McKinsey India estimates, the emerging affluent segment in India constitutes of 16 million households with 37 per cent in the top 14 cities - Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Nagpur, Surat, Baroda, Ahmedabad, Visakhapatnam, Chandigarh and Kochi. This segment primarily consists of salaried professionals and also includes 35-40 per cent of self employed individuals, with an annual income ranging from Rs. 300,000 to Rs. 1,500,000. The segment is expected to grow at a CAGR of 9 per cent, while the revenue pool currently at Rs. 25,000 crore ($5 billion), is expected to grow at a CAGR of 16 per cent.
On the occasion of the launch of Citibanking, Anand Selva, Country Business Manager, Global Consumer Group, Citi India said, “We are delighted to launch a market first value proposition for emerging affluent consumers in India. The Citibanking offering, created through extensive research, demonstrates our commitment to address the increasingly changing needs of this segment. With this launch, we have personalized and customised offerings for our customers across the wealth continuum - starting with salaried accounts (Suvidha); the newly defined emerging affluent (Citibanking), the affluent (Citigold), the high net worth individuals (Citigold Select) and the ultra high net worth individuals (Citi Private Bank)”
“We are focused on executing our segment-led strategy to grow our retail banking franchise in India in the areas of cards, payment solutions, wealth management, mortgages and unsecured loans. We aim to set new benchmarks with strong value propositions with the launch of innovative products & services, to meet the aspirations of our customers”, concluded Anand.
Announcing the launch of Citibanking, Sandeep Bhalla, Head-Retail Banking, Citi India said; “We conducted an in-depth research to identify the specific banking needs of the emerging affluent, a segment that has significantly grown over the last decade. Consumers in this segment embrace technology in every aspect of their lives and are increasingly leading a global lifestyle. Waiting is no longer an option. They want a bank that values their time, offers world-class digital banking services and supports their global banking and investing needs. Citibanking seeks to deliver all of these and make banking convenient. It’s time to Rethink Banking.”
Citibanking was thoughtfully developed with customer feedback from an extensive survey of 8,000 emerging affluent individuals across seven Asia Pacific markets (India, Hong Kong, Singapore, Indonesia, Taiwan, Malaysia and Korea).

US food giant McCormik enters Indian market

New Delhi: US food giant McCormick and Company signed a joint- venture with country’s major basmati rice supplier Kohinoor foods and marked its entry in packaged food business.
Satish Rao, Managing Director of the venture in India today said, “This is an exciting strategic initiative and enables McCormick to expand its flavor business into India. Key growth drivers for this business are distribution expansion, product innovation and brand building investment.”
He also said that the company is targeting sales of around $85 million in the first year of operation.
Alan Wilson, Chairman McCormick on his visit said, “Our mission is not only to grow Kohinoor’s basmati rice business but also to expand it further in a big way through other food categories that deliver flavor like cooking ingredients and convenience food.”
Talking about Indian markets Wilson, said, “India is a top priority market for McCormick and is in line with our emerging market growth strategy. We foresee India to be a significant business for McCormick in 10 years and the company has been participating in the Indian economy for more than 100 years beginning with sourcing of pepper and other flavor ingredients from the country for international markets.”
So far McCormick has invested more than $150 million in India, he added.
While talking to reporters, Gurnaam Arora MD Kohinoor foods said that his company enjoys a market share of 25 per cent of organised rice retail.
The joint-venture Kohinoor Speciality Foods India Private Ltd., is in the

ratio of 85:15 between McCormick and Kohinoor.

PNB’s profit grows by 12.1 per cent, to decide on interest rates as per market trend

New Delhi: Country’s leading public sector bank, PNB today announced its results for the quarter ending on September’ 11 and said that they are waiting for market reactions to decide on increasing savings interest rates.

The bank registered a growth of 12.1 per cent in the net profit reaching to Rs 1205 crore as compared to a profit of Rs 1075 crore in second quarter of FY’11.
A growth of 22.5 per cent in total business of bank and 25 per cent in deposits was recorded in second quarter for the present financial year compared to the second quarter of previous year.
The total income of the bank rose by 37.2 per cent to Rs 9841 crore due to healthy growth of 38.7 per cent in interest income which reached Rs.8952 crore in the second quarter.
In the loans segment, the retail loans by 20.2 per cent on YoY basis and crossed Rs 24,000 crore at end September’11. On the other hand credit to MSME sector grew by 22.7 per cent to more than Rs 49,000 crore as at end September’11.
Talking about increase in deposit rates PNB Chairman and Managing Director KR Kamath told the reporters that "We are waiting for larger market players to react. Once more number of banks announce (new rate), our ALCO (asset liability committee) will take a call."
PNB currently offers an interest rate of 4 per cent on savings bank account, as was mandated by RBI.
But RBI last week had freed the banks to decide interest rate on their savings bank account.
Following this few private sector players raised their interest rates up to 6 per cent on their deposits of over Rs 1 lakh.
Talking about overseas plans of PNB, the bank said that it is upgrading its offices at Norway and China into branches, and is also exploring possibilities in Maldives, Bangladesh, Brazil and Singapore.
At present PNB's branch network stands at 5,300 with more than 5,600 ATMs.

ONGC net profit in Q2 jumps to 60%

New Delhi: State run oil exploration major, ONGC today announced a jump of 60.4 per cent in net profit of quarter ending on September, 11 compared to quarter – 2 of previous financial year.

With the support of lower subsidy payments and gains from high crude oil and gas prices, ONGC’s net profit for its fiscal second quarter ended September rose to Rs 8,642 crore, compared to Rs 5,389 crore in the previous financial year.
The net sales rose to Rs Rs 22,620 crore from Rs 18,190 in the previous financial year.
ONGC also made three new discoveries during the second quarter and one more in October'11 totaling to nine discoveries (five were made in the quarter ending in June, 11) so far in this fiscal. All these discoveries have been notified to DGH.
ONGC is required to partially subsidise crude oil sales to state-run refiners, which in turn sell fuel products at state-set, below-market prices.
The company holds 30 per cent stake in the Cairn-operated oil and gas fields in western India, also gave its nod for London-based miner Vedanta Resources' deal to buy a majority stake in Cairn India, subject to royalty payments being shared between the two partners.
It is expecting to get about Rs 1,900 crore on account of royalty recovery from Cairn India's Rajasthan blocks.
"The total recovery will be about Rs 2,500 crores. After tax, it should be about Rs 1,900 crores," ONGC Chairman Sudhir Vasudeva told reporters, adding this would be accounted for in the December quarter.