Chairman of the Board Archives - Core Sector Communique

Microsoft to acquire LinkedIn

Chawm Ganguly — Mon, 13 Jun 2016 16:35:14 +0000

Deal brings together the world’s leading professional cloud with the world’s leading professional network.

REDMOND, Washington and MOUNTAIN VIEW, California, June 13, 2016 /PRNewswire/ — Microsoft Corp. (Nasdaq: MSFT) and LinkedIn Corporation (NYSE: LNKD) on Monday announced they have entered into a definitive agreement under which Microsoft will acquire LinkedIn for $196 per share in an all-cash transaction valued at $26.2 billion , inclusive of LinkedIn’s net cash. LinkedIn will retain its distinct brand, culture and independence. Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella , CEO of Microsoft. Reid Hoffman , chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year.

LinkedIn is the world’s largest and most valuable professional network and continues to build a strong and growing business. Over the past year, the company has launched a new version of its mobile app that has led to increased member engagement; enhanced the LinkedIn newsfeed to deliver better business insights; acquired a leading online learning platform called Lynda.com to enter a new market; and rolled out a new version of its Recruiter product to its enterprise customers. These innovations have resulted in increased membership, engagement and financial results, specifically:

19 percent growth year over year (YOY) to more than 433 million members worldwide
9 percent growth YOY to more than 105 million unique visiting members per month
49 percent growth YOY to 60 percent mobile usage
34 percent growth YOY to more than 45 billion quarterly member page views
101 percent growth YOY to more than 7 million active job listings

“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Nadella said. “Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”

“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”

The transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft. The deal is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.

“Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” said Hoffman. “I fully support this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.”

Microsoft will finance the transaction primarily through the issuance of new indebtedness. Upon closing, Microsoft expects LinkedIn’s financials to be reported as part of Microsoft’s Productivity and Business Processes segment. Microsoft expects the acquisition to have minimal dilution of ~1 percent to non-GAAP earnings per share for the remainder of fiscal year 2017 post-closing and for fiscal year 2018 based on the expected close date, and become accretive to Microsoft’s non-GAAP earnings per share in Microsoft’s fiscal year 2019 or less than two years post-closing. Non-GAAP includes stock-based compensation expense consistent with Microsoft’s reporting practice, and excludes expected impact of purchase accounting adjustments as well as integration and transaction-related expenses. In addition, Microsoft also reiterated its intention to complete its existing $40 billion share repurchase authorization by Dec. 31, 2016 , the same timeframe as previously committed.

Microsoft and LinkedIn will host a joint conference call with investors on June 13, 2016 , at 8:45 a.m. Pacific Time / 11:45 a.m. Eastern Time to discuss this transaction. The call will be available via webcast at https://www.microsoft.com/en-us/Investor and will be hosted by Nadella and Weiner, as well as Microsoft Chief Financial Officer Amy Hood and Microsoft President and Chief Legal Officer Brad Smith . The presentation for the call is available on the Microsoft News Center.

Morgan Stanley is acting as exclusive financial advisor to Microsoft, and Simpson Thacher & Bartlett LLP is acting as legal advisor to Microsoft. Qatalyst Partners and Allen & Company LLC are acting as financial advisors to LinkedIn, while Wilson Sonsini Goodrich & Rosati, Professional Corporation, is acting as legal advisor.

About LinkedIn

LinkedIn connects the world’s professionals to make them more productive and successful and transforms the way companies hire, market, and sell. Our vision is to create economic opportunity for every member of the global workforce through the ongoing development of the world’s first Economic Graph. LinkedIn has more than 400 million members and has offices around the globe .

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more.

Additional Information and Where to Find It

In connection with the transaction, LinkedIn Corporation (the “Company”) will file relevant materials with the Securities and Exchange Commission (the “SEC”), including a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the transaction. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE TRANSACTION. The definitive proxy statement, the preliminary proxy statement and other relevant materials in connection with the transaction (when they become available), and any other documents filed by the Company with the SEC, may be obtained free of charge at the SEC’s website ( http://www.sec.gov ) or at LinkedIn’s website ( http://investors.linkedin.com ) or by writing to LinkedIn Corporation, Investor Relations, 2029 Stierlin Court, Mountain View, California 94043.

The Company and its directors and executive officers are participants in the solicitation of proxies from the Company’s stockholders with respect to the transaction. Information about the Company’s directors and executive officers and their ownership of the Company’s common stock is set forth in the Company’s proxy statement on Schedule 14A filed with the SEC on April 22, 2016 . To the extent that holdings of the Company’s securities have changed since the amounts printed in the Company’s proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Information regarding the identity of the participants, and their direct or indirect interests in the transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with SEC in connection with the transaction.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the proposed transaction and business combination between Microsoft and LinkedIn, including statements regarding the benefits of the transaction, the anticipated timing of the transaction and the products and markets of each company. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect LinkedIn’s business and the price of the common stock of LinkedIn, (ii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of LinkedIn and the receipt of certain governmental and regulatory approvals, (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (iv) the effect of the announcement or pendency of the transaction on LinkedIn’s business relationships, operating results, and business generally, (v) risks that the proposed transaction disrupts current plans and operations of LinkedIn or Microsoft and potential difficulties in LinkedIn employee retention as a result of the transaction, (vi) risks related to diverting management’s attention from LinkedIn’s ongoing business operations, (vii) the outcome of any legal proceedings that may be instituted against us or against LinkedIn related to the merger agreement or the transaction, (viii) the ability of Microsoft to successfully integrate LinkedIn’s operations, product lines, and technology, and (ix) the ability of Microsoft to implement its plans, forecasts, and other expectations with respect to LinkedIn’s business after the completion of the proposed merger and realize additional opportunities for growth and innovation. In addition, please refer to the documents that Microsoft and LinkedIn file with the SEC on Forms 10-K, 10-Q and 8-K. These filings identify and address other important risks and uncertainties that could cause events and results to differ materially from those contained in the forward-looking statements set forth in this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Microsoft and LinkedIn assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE Microsoft Corp.

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AGM 2015 elected Bengt Kjell new Chairman of the Board

Chawm Ganguly — Thu, 09 Apr 2015 05:10:55 +0000

SSAB’s Annual General Meeting (AGM) was held today, April 8, 2015 in Stockholm. Bengt Kjell was elected as a new director and also as a new director and also as the new Chairman of the Board. The AGM also resolved that no dividends be paid for the financial year 2014.

It was resolved that the Board of Directors comprises eight (8) members. Directors Petra Einarsson, Kim Gran, Matti Lievonen, Martin Lindqvist, Annika Lundius, John Tulloch and Lars Westerberg were re-elected, and Bengt Kjell was elected as a new director and as the new Chairman of the Board. Chairman Sverker Martin-Löf and director Jan Johansson were resigning members of the Board. The AGM granted the directors and President discharge from liability in respect of the financial year 2014.

The AGM resolved on Board fees in the amount of SEK 1,650,000 to the Chairman of the Board and SEK 550,000 to each director who is not employed in the Group. Compensation to directors in respect of committee work will be paid in the amount of SEK 100,000 each, with the exception of the position of Chairman of the Audit Committee, to whom payment will be made in the amount of SEK 125,000. Auditor fees shall be paid in accordance with approved invoices.

Guidelines were adopted regarding the determination of salaries and other compensation for the President and other senior executives in accordance with the Board’s proposal.

The AGM adopted the income statement and balance sheet as well as the consolidated income statement and consolidated balance sheet. The AGM resolved that no dividends be paid for the financial year 2014.

It was resolved that the auditors shall be one registered accounting firm. PricewaterhouseCoopers (PwC) was re-elected for a term of office up to and including the 2016 AGM.

This information is published by SSAB pursuant to the requirements of the Swedish Securities Market Act and the Finnish Securities Market Act. Submitted for publication at 3.30pm CET, April 8, 2015.

SSAB is a Nordic and US-based steel company. SSAB offers value added products and services developed in close cooperation with its customers to create a stronger, lighter and more sustainable world. SSAB has employees in over 50 countries. SSAB has production facilities in Sweden, Finland and the US. SSAB is listed on the Nasdaq OMX Nordic Exchange in Stockholm and has a secondary listing on the Nasdaq OMX in Helsinki. www.ssab.com.

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Minister Goyal Flags Doubling of Coal Production to Meet Energy Needs, Cautious on Nuclear

Chawm Ganguly — Thu, 06 Nov 2014 10:51:54 +0000

Union power Minister Piyush Goyal targets a doubling in coal production to a billion tonnes by 2019 to meet India’s rising energy demands
Government is concerned India may be saddled with nuclear technology discarded by West, needs clarity on life-cycle costs
Goyal predicts demand for power will double to 2 trillion units by 2019, offering investors a $250 billion investment opportunity
For more information about the India Economic Summit, visit: http://www.weforum.org/india

New Delhi, India, 6 November 2014 – Union power Minister Piyush Goyal is aiming to double coal production in the next five years to meet India’s burgeoning energy demands, set to hit 2 trillion units by 2019. Goyal called for an increasing private sector role in coal production and expressed interest in new gas discoveries and ways to get gas plants back onstream.

Referring to coal as “an essential input for power,” Piyush Goyal, Minister of State for Power, Coal, New and Renewable Energy of India, said: “I see Coal India production doubling in the next five years. It makes about 500 million tonnes hopefully this year. We [will] do a billion tonnes in 2019.”

Turning to renewable energy, Goyal announced a target of 100 gigawatts of solar power generation by 2022, multiplying the previous government’s target fivefold. However, the minister sounded a cautious note on nuclear power. Noting that the US and many European countries have discontinued installation of nuclear plants, he said: “This government would like to be cautious that we are not being saddled with something only under the garb of clean energy or alternate energy; something which the West has discarded and is sought to be brought to India.” He added that he has yet to determine the life-cycle costs of nuclear power right through to decommissioning.

Minister Goyal, speaking at the India Economic Summit, predicted a “huge investment opportunity” of nearly $250 billion in the energy sector over the next four to five years, including $100 billion in renewables and $50 billion in transmission and distribution. “This government is sincere in giving power to all and this government will protect investments as we go forward,” he said.

Speaking on the same panel, Dong-Kwan Kim, Managing Director, Hanwha Group, Republic of Korea, flagged the advantages of solar power, saying that, if the government can provide a stable regulatory environment, “investors are ready to flock to India.” Kim raised the issue of air quality and questioned coal’s role as a sustainable energy option. Referring to China’s experience, he said that air pollution has become “a driving force to pressure the government,” adding that “people don’t complain about climate change on a daily basis. Air pollution, once it gets past a certain threshold, becomes a daily issue and a health issue for everyone.” Kim predicted that, “As India doubles capacity in power generation I think [air pollution] is going to become a more and more politically salient issue.”

Tejpreet Singh Chopra, President and Chief Executive Officer, Bharat Light and Power, India, noted that the cost of solar power production has fallen in recent years from $6 to $0.55 per watt, but the “Holy Grail” for solar power is to reduce the cost of storage technologies.

Ashvin Dayal, Associate Vice-President and Managing Director, Asia, Rockefeller Foundation, Thailand, announced his foundation’s intention to invest in 1,000 mini-grids across India as one way of starting to reach the 53 million households still without electricity.

Following almost three decades of collaboration, the World Economic Forum and the Confederation of Indian Industry (CII) are hosting the India Economic Summit in New Delhi from 4 to 6 November 2014. Over 700 participants have convened under the theme, Redefining Public-Private Cooperation for a New Beginning.

The Co-Chairs of this year’s summit are: Shobhana Bhartia, Chairperson and Editorial Director, HT Media, India; James Hogan, President and Chief Executive Officer, Etihad Airways, United Arab Emirates; Yorihiko Kojima, Chairman of the Board, Mitsubishi Corporation, Japan; Anand Mahindra, Chairman and Managing Director, Mahindra & Mahindra, India; and Sharmeen Obaid Chinoy, Documentary Filmmaker, SOC Films, Pakistan.

The World Economic Forum is an international institution committed to improving the state of the world through public-private cooperation in the spirit of global citizenship. It engages with business, political, academic and other leaders of society to shape global, regional and industry agendas.

Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is independent, impartial and not tied to any interests. It cooperates closely with all leading international organizations (www.weforum.org).

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Inclusive Growth, Competitiveness Top Agenda as Leaders Gather for India Economic Summit

Chawm Ganguly — Mon, 03 Nov 2014 12:57:32 +0000

Finance, Corporate Affairs and Defence Minister Arun Jaitley will open India Economic Summit
The summit is hosted by the World Economic Forum in partnership with the Confederation of Indian Industry
More than 700 participants from 45 countries will take part in the summit from 4 to 6 November
Inclusive growth, competitiveness, health and infrastructure are the focus of the summit

New Delhi, India, 3 November 2014 – The World Economic Forum, in partnership with the Confederation of Indian Industry (CII), is hosting the India Economic Summit in New Delhi this week on 4-6 November.

Under the theme, Redefining Public-Private Cooperation for a New Beginning, the summit convenes against a backdrop of significant economic growth and progress in reducing poverty in most parts of India, but also persistent inequality. The programme is built on three pillars: Boosting Global Competitiveness; Launching a Domestic Systems Reset; and Scaling Local and Social Innovation. More than 700 leaders from business, government, civil society and academia from 45 countries will take part.

“India’s progress depends fundamentally on the ability of its leaders to take the bold decisions necessary to transform the country’s economy and society. By bringing together leaders from politics, business and across society, we hope the summit will offer an environment where such decisions can be catalysed, and where commitment and creativity can be drawn on to build a future fit for all Indians,” said Viraj Mehta, Director, Head of India and South Asia, World Economic Forum.

“The meeting comes as the new government completes six months in office,” said Chandrajit Banerjee, Director-General, Confederation of Indian Industry (CII). “Business leaders are keen to engage with the government and see how it plans to restart the investment cycle, revive demand and convert the first signs of revival into a full-fledged recovery.”

Led by Finance, Corporate Affairs and Defence Minister Arun Jaitley, key public figures from India who will participate are: Nitin Jairam Gadkari, Minister of Road Transport, Highways and Shipping; Piyush Goyal, Minister of State for Power, Coal, New and Renewable Energy; Smriti Zubin Irani, Minister of Human Resource Development; Ravi Shankar Prasad, Minister of Communications and Information Technology; and Nirmala Sitharaman, Minister of State for Commerce and Industry. They will be addressing thematic sessions on the most pressing issues for the country and the administration, such as infrastructure, energy, skills and education, and telecommunications.

Heads of state/government and international public figures who will participate include: Daniel Kablan Duncan, Prime Minister of Côte d’Ivoire; Paul Kagame, President of Rwanda; Shimon Peres, President of Israel (2007-2014); Kwesi Amissah-Arthur, Vice-President of Ghana;William Danvers, Deputy Secretary-General, Organisation for Economic Co-operation and Development (OECD); and Rajiv Shah, Administrator, US Agency for International Development (USAID).

The Co-Chairs of the summit are: Shobhana Bhartia, Chairperson and Editorial Director, HT Media, India; James Hogan, President and Chief Executive Officer, Etihad Airways, United Arab Emirates; Yorihiko Kojima, Chairman of the Board, Mitsubishi Corporation, Japan; Anand Mahindra, Chairman and Managing Director, Mahindra & Mahindra, India; and Sharmeen Obaid Chinoy, Documentary Filmmaker, SOC Films, Pakistan.

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World Economic Forum and CII to Host India Economic Summit in November

Chawm Ganguly — Mon, 25 Aug 2014 12:20:00 +0000

World Economic Forum and Confederation of Indian Industry (CII) will host India Economic Summit in New Delhi from 4 to 6 November 2014
It will be the first big international meeting in India with newly elected government
Over 800 participants are expected to attend

For more information about the meeting please visit: http://www.weforum.org/india

Geneva, Switzerland, 25 August 2014 – Following a close collaboration for almost three decades, the World Economic Forum together with the Confederation of Indian Industry (CII) will host India Economic Summit in New Delhi from 4 to 6 November 2014. Over 800 participants will participate under the meeting’s working theme, “Redefining Public Private Cooperation for a New Beginning”.

“The World Economic Forum’s renewed engagement with the CII comes at an important time for India. The objective of this year’s meeting is to examine and interrogate the priorities for the country following India’s national elections to maximize its full potential for inclusive growth, said Viraj Mehta, Director, Head of India and South Asia.

“India needs the undivided attention of leaders who will work on priority issues such as reviving the economy, spreading development, better infrastructure and creating opportunities for people’s livelihoods,” said Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII). “This meeting is an opportunity to identify the driving forces behind economic growth and, to realise the values and vision that will make the country the talent capital of the world.”

Following history’s largest democratic elections, the world’s attention is on how the country’s leadership will create a shared vision of a prosperous and equitable India. The meeting will therefore bring together top Indian and global leaders to discuss how India can restore investor confidence and achieve greater parity in its socio-economic progress. It will be the first opportunity for participants to interact with India’s newly elected government.

Among the key issues in focus are: catalysing economic growth; meeting infrastructure targets; job creation; promoting transparency; invigorating the agricultural sector; accelerating reforms for India’s women; and providing decent and universal healthcare.

The co-chairs of this year’s meeting are: Shobhana Bhartia, Chairperson and Editorial Director, HT Media, India; James Hogan, President and Chief Executive Officer, Etihad Airways, United Arab Emirates; Yorihiko Kojima, Chairman of the Board, Mitsubishi Corporation, Japan; Anand Mahindra, Chairman and Managing Director, Mahindra & Mahindra, India; and Sharmeen Obaid Chinoy, Documentary Filmaker, SOC Films, Pakistan and Young Global Leader.

Media accreditation is now open for members of the media. Journalists who wish to cover the meeting must apply online at www.weforummedia.org by 17^th October. The number of accreditations issued will be strictly limited. Late or on site request will not be accommodated.

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Indonesian President Receives World Economic Forum’s Global Statesmanship Award

Chawm Ganguly — Fri, 23 May 2014 08:36:54 +0000

The World Economic Forum presented President Susilo Bambang Yudhoyono of Indonesia with its Global Statesmanship Award
President Yudhoyono is the third recipient of the prize. Earlier recipients were President Luiz Inácio Lula da Silva of Brazil in 2010 and President Felipe Calderón of Mexico in 2012
For more information on the World Economic Forum on East Asia 2014: http://wef.ch/ea14

Metro Manila, Philippines 23 May 2014 – The World Economic Forum presented President Susilo Bambang Yudhoyono of Indonesia its Global Statesmanship Award, the third time the prize has been given. At the presentation ceremony during the World Economic Forum on East Asia, Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, told Yudhoyono – known widely by his initials “SBY” – that the award is “to recognize the many ways in which you have reshaped your country during your two terms as the President of the Republic of Indonesia.” Schwab said: “Many would describe the period of your leadership as Indonesia’s ‘Golden Years’ – a time during which Indonesia’s economic growth has been one of the fastest of the G20 economies.”

Noting that the president is one of the co-chairs of the High-Level Panel on the Post-2015 Millennium Development Goals, Schwab praised Yudhoyono, who steps down as Indonesia’s leader in October, for having “contributed significantly to global dialogue on economic development and democratization”. Schwab recalled that, during his administration, the president encountered great challenges, such as the 2004 tsunami, handling them with great statesmanship. He added: “Most of all, you have ensured that democracy remained at the centre of Indonesia’s political identity. You have shown, as the leader of the world’s largest Muslim democracy, that there is a strong compatibility between the tenets of such a great religion with modernity, inclusion, gender equity and education.”

Accepting the award, Yudhoyono said that Indonesia has made remarkable economic, political and social progress over the past decade. “We have proved to ourselves and to the world that we do not have to choose between democracy and development,” he said. “We can have both political freedom and high economic growth. We are an example that democracy, Islam and modernity can go hand in hand.”

By putting its domestic house in order, Indonesia has been able to play a more active regional and global role, Yudhoyono explained. The quality of leadership matters in development, he concluded. “Leadership can be the 2%-3% difference in economic growth. Leadership can be the difference between new peace and continuing conflict and between development and decay.”

The 23rd World Economic Forum on East Asia, hosted with the support of the Government of the Philippines, is taking place in Metro Manila on 21-23 May 2014. The theme of the meeting is,Leveraging Growth for Equitable Progress. The Co-Chairs of the World Economic Forum on East Asia are: Yolanda Kakabadse, President, WWF International, Switzerland; Takeshi Niinami, Chairman, Lawson, Japan; Global Agenda Council on the Role of Business; Atsutoshi Nishida, Chairman of the Board, Toshiba Corporation, Japan; James T. Riady, Chief Executive Officer, Lippo Group, Indonesia.

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Green Energy and Resilience Essential to Climate-Smart Growth

Chawm Ganguly — Fri, 23 May 2014 08:22:33 +0000

Natural disasters such as Typhoon Haiyan are the “new normal” for South-East Asia
Promoting economic growth will require more resilient urban planning and clean energy policies
Private-sector innovation is needed in insurance, energy storage and urban transport in particular
For more information on the World Economic Forum on East Asia 2014: http://wef.ch/ea14

Metro Manila, Philippines 23 May 2014 – “Haiyan is the new normal” has become a popular saying in the Philippines since the devastating typhoon of November 2013. South-East Asia faces unique climate-related challenges, given its vulnerability to extreme weather and rising sea levels. “It is obvious that we will have more severe and more frequent disasters in the region,” Takehiko Nakao, President, Asian Development Bank, Manila, told participants at a session on climate at the World Economic Forum on East Asia. Fostering growth in this environment will require new approaches to a number of social challenges including energy consumption, urban planning and tourism.

In the past, climate conversations have been confined to countries’ environment ministries and within environmental advocacy groups. However, the effects of an anticipated 3°C to 4°C of global warming are so pervasive that they require a broader governmental, private sector and civil society approach. “What we’re desperate to do is to bring the conversation out of the ministries of environment alone and put it on the table of the ministry of finance, planning, development, and beyond,” said Rachel Kyte, Vice-President and Special Envoy, Climate Change, World Bank.

One of the unique challenges for South-East Asia is the concentration of urban populations along coastlines. Cities such as Manila, Bangkok and Jakarta are the engines of growth for their nations, but they are particularly vulnerable to extreme weather events.

In order to promote economic growth with these climate-related challenges, the region needs new approaches to energy policies and consumption. Fuel subsidies have prolonged the usage of energy inefficient technologies at the expense of investment in renewable energy. That situation is starting to change. “Green energy is starting to make economic sense,” said Kim Dong Kwan, Managing Director, Hanwha Group, Republic of Korea, particularly given the long-term horizons of these investments.

There is also a tremendous role for the private sector both in lobbying governments and in advancing new, climate-smart business models. “The pressure and the change are within the investor and within the private sector,” said Yolanda Kakabadse, President, WWF International.

Technological innovation in energy storage is one area where businesses can play a major role. “If you could develop an incredibly, unimaginably high-performance storage battery, you’d be able to solve almost 90% of energy issues on the Earth”, said Atsutoshi Nishida, Chairman of the Board, Toshiba Corporation.

But breakthroughs in green-energy technology will not be enough to mitigate the effects of existing climate change. Micro-insurance, efficient urban transport and innovations in disaster-resilient construction techniques are areas in which businesses can play a leading role in improving the region’s ability to weather the adverse effects of climate change and take advantage of climate-smart opportunities.

The 23rd World Economic Forum on East Asia, hosted with the support of the Government of the Philippines, will take place in Manila on 21-23 May 2014. The theme of the meeting is Leveraging Growth for Equitable Progress.

The Co-Chairs of the World Economic Forum on East Asia are: Yolanda Kakabadse Navarro, President, World Wide Fund for Nature (WWF), Switzerland; Takeshi Niinami, Chief Executive Officer and Representative Director, Lawson, Japan; Atsutoshi Nishida, Chairman of the Board, Toshiba Corporation, Japan and James T. Riady, Chief Executive Officer, Lippo Group, Indonesia.

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Geopolitical Stability and Reducing Inequality Essential for ASEAN Economic Growth

Chawm Ganguly — Thu, 22 May 2014 08:22:20 +0000

Regional peace and stability are essential for ASEAN’s strong macroeconomic outlook and long-term growth
Investing in infrastructure and human capital can improve regional integration and economic growth
Reducing persistent income inequality will require private-sector innovation as well as structural reforms
For more information on the World Economic Forum on East Asia 2014: http://wef.ch/ea14

Metro Manila, Philippines 22 May 2014 – Participants at the World Economic Forum on East Asia were told that the fundamentals for growth in ASEAN are strong. Its young population, natural resources, rising consumption and proximity to China, among other factors, have positioned it to be an engine of growth in the future. However, there are a number of barriers to unlocking this economic future: disagreements related to the South China Sea, as well as political unrest in Thailand, demonstrate the potential fragility of this outlook.

“We need regional stability and peace. From an investor’s point of view, that is number one”, said Victor L. L. Chu, Chairman and Chief Executive Officer, First Eastern Investment Group.

Many ASEAN nations face a similar set of challenges, including improving infrastructure, investing in education and streamlining regulations. Developing both hard infrastructure – such as ports, roads and airports – as well as “soft” infrastructure of developing the region’s labour market could increase economic connectivity within ASEAN. According to Anthony F. Fernandes, Group Chief Executive Officer of AirAsia, Malaysia, “the potential of the ASEAN economic community is massive”.

Unlocking this potential requires reducing not only formal regulatory obstacles to free trade but also “invisible” barriers, Fernandes noted. Recently, the Philippines has focused on reducing corruption and improving good governance as one strategy for improving its economic outlook and connectivity within the region. “The story of the past four years is a comeback story,” said Cesar V. Purisima, Secretary of Finance of the Philippines. “Governance is the most important ingredient.”

Indonesia has also undergone challenging political and economic reforms, such as reducing fuel subsidies and increasing interest rates. Muhamad Chatib Basri, Minister of Finance of Indonesia, said: “The first thing we need to do is ensure the political stability.” Next, he argued, the nation’s focus has been infrastructure.

A lingering challenge to long-term growth is persistent income inequality. “Income inequality has been getting worse across the world for the past 30 years,” said Lee Il-Houng, G20 Sherpa, Ambassador for International Cooperation, Ministry of Foreign Affairs of the Republic of Korea. He noted that these structural problems demand major systemic reforms. On the supply side, there is a need for innovations in improving energy efficiency, and on the demand side, Lee referred to the need to strengthen the region’s middle-income populations.

The recent unrest in Thailand raised questions about the risks of investing in the region. Participants noted that this instability suggests the need for greater ASEAN integration so that companies and communities alike can relocate more easily and access resources to withstand shocks.

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Nitin Fire Protection crosses Rs 1000 cr in revenue in FY14 and crosses Rs. 100 cr in EBITDA

Chawm Ganguly — Tue, 20 May 2014 11:32:32 +0000

Mumbai, 20^th May 2014: Nitin Fire Protection Industries Ltd (NFPIL) a leading Fire Protection Engineering Group announced its financial results for the quarter ended 31^st March 2014. The consolidated net sales for the FY14 stood at Rs1016.12 crores up by 44.19% as against of Rs. 704.69crore in FY13. The consolidated EBITDA for the FY14 was up by 40.98% to Rs.113.67 crores as against Rs.80.63 crores in the similar period last year. The consolidated net profit in FY14 was Rs.66.52 crores, as compared to Rs.57.01 crores in FY13. EPS for the year was Rs. 3.02 per share.

The consolidated net sales for the Q4FY14 stood at Rs. 347.22 crores as against of Rs.113.80 crores in Q4FY13. The consolidated EBITDA for the Q4FY14 was Rs. 27.69 crores as against operating loss of Rs.4.41 crore in the similar period last year. The consolidated net profit in Q4FY14 was Rs. 16.56crores, as compared to the profit of Rs.2.16 crore in Q4FY13.The EPS for the quarter was Rs.0.75.

The revenue from the operations in UAE was Rs 511.27 crore, which consisted approx. 50.31% of the sales during FY14. The company enjoys a range of products with National and International Approvals.

Commenting on the results, Mr. Nitin Shah, Chairman of the Board said: “Our FY14 results have been in line with our expectations with a strong growth coming in all the segments. During the year our UAE operations have performed extremely well and have contributed 50% to our revenues. Going forward we are expecting our Indian operations to pick up on the back of new reforms coming in from the new government.”

He further adds “We are happy to share that our unexecuted order book at the end of 31^st March 2014 stands at Rs. 395 crore. we also are in the growth momentum and we expect that the demand for fire protection worldwide is growing including India where we have a very strong presence already.”

Key highlights for FY14

During the year company successfully completed share buy back of Rs 7.7 crore (1.34 million shares)
The Institute of Fire Engineers, New Delhi awarded Global Fire Award 2013 to Mr. Nitin Shah
Expanded its operations to European markets through Nitin ventures FZE UAE. The company will be operating in Europe under the brand name of “FIRETEC”.

About Nitin Fire Protection Industries Limited – [BSE: 532854, NSE: NITINFIRE]

Nitin Fire Protection Industries Limited [NFPIL] is a global comprehensive solution provider in the fire protection business providing solutions, including procurement, designing, system integration, commissioning and installation of fire protection safety solutions. The company has expanded its presence globally to Europe, Middle East and South East Asia through its subsidiaries. For more information, please visit www.nitinfire.com

The post Nitin Fire Protection crosses Rs 1000 cr in revenue in FY14 and crosses Rs. 100 cr in EBITDA appeared first on Core Sector Communique.

World Economic Forum Recognizes 20 Companies from East Asia as Global Growth Companies

Chawm Ganguly — Tue, 20 May 2014 09:10:34 +0000

Twenty of the region’s fastest-growing companies have been invited to join the World Economic Forum’s Global Growth Companies community
Companies are nominated on the strength of their ability to become future global leaders and are drawn from a broad spectrum of sectors, including financial services, retail, media, chemicals and energy
The Global Growth Companies community currently consists of over 360 companies from around the world
For more information the World Economic Forum on East Asia 2014: http://wef.ch/ea14

Metro Manila, Philippines, 20 May 2014 – The World Economic Forum today announced its selection of Global Growth Companies (GGCs) in East Asia, consisting of 20 of the region’s most dynamic and high-growth companies. These companies are considered trailblazers, shapers and innovators that are committed to improving the state of their region and the world.

GGCs are fast-growing companies with the clear potential to become global economic leaders. The 20 nominated East Asian GGCs represent a broad cross section of industrial sectors, but share in common a track record in exceeding industry standards in revenue growth, promotion of innovative business practices and demonstration of leadership in corporate citizenship.

The selected companies are: Acleda Bank Plc. (Cambodia); WanaArtha Life (Indonesia); LINE Corporation (Japan); Kakaku.com (Japan); Hearts United Group Co., Ltd. (Japan); Cross Company Inc. (Japan); Tokushinkai Group (Japan); Ferrotec Corporation (Japan); Myan Shwe Pyi Tractors Ltd. (Myanmar); Capital Diamond Star Group (Myanmar); Manila Water Company Inc. (Philippines); Banyan Tree Holdings Ltd. (Singapore); ILJIN Group (South Korea); Fila Inc. (South Korea); Humax Electronics Co., Ltd. (South Korea); AA Corporation (Vietnam); The Gioi Di Dong (Vietnam); VNG Corporation (Vietnam); Thien Minh Group (Vietnam); Minh Phu Seafood Corp. (Vietnam).

“The World Economic Forum is proud to recognize these 20 champions that are at the forefront of driving responsible economic growth, job creation and entrepreneurism in East Asia. We look forward to the active and dynamic role they will play at our meeting in Manila, working with the region’s leaders to foster inclusive, sustainable growth in the region,” said David Aikman, Managing Director and Head of New Champions at the World Economic Forum.

Together with the Social Entrepreneurs, Technology Pioneers, Young Global Leaders, Global Shapers and Young Scientists, the GGCs make up the New Champions, a larger World Economic Forum community of pioneers, disruptors and innovators. Nomination as a GGC provides companies with an opportunity to join the larger GGC community of over 360 companies worldwide. These companies contribute to the Forum’s meetings, projects and knowledge products, which in turn support them on their path to achieving responsible and sustainable growth.

Individuals with a strong understanding of companies that might qualify as a Global Growth Company are invited to submit nominations or encourage companies to nominate themselves for the 2015 selection process.

The Co-Chairs of the World Economic Forum on East Asia are: Yolanda Kakabadse Navarro, President, World Wide Fund for Nature (WWF), Switzerland; Takeshi Niinami, Chief Executive Officer and Representative Director, Lawson, Japan; Atsutoshi Nishida, Chairman of the Board, Toshiba Corporation, Japan; James T. Riady, Chief Executive Officer, Lippo Group, Indonesia; and Hamish Tyrwhitt, Chief Executive Officer, Leighton Holdings, Australia.

Follow the World Economic Forum on East Asia at http://wef.ch/ea14

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