HSBC Rises as Second Quarter of Growth Backs Turnaround Story

HSBC Rises as Second Quarter of Growth Backs Turnaround Story

HSBC Rises as Second Quarter of Growth Backs Turnaround Story

After publishing a second quarter earnings growth and plans to return another $ 2 billion in cash for investors, Stuart Gulliver’s six-week investment in HSBC Holdings Plc could eventually grow.

Adjusted income and pre-tax profit rose 4% and 13%, respectively, on analysts’ estimates, as the bank continued to inject capital into the most profitable markets in Asia and the bank’s profits increased investment .

The latest acquisition means the London-based bank has committed to buying 5.5 billion shares over the past year, and leaders said they were willing to do more.

“The focus on the key market will be to improve revenue and capital formation trends,” analysts at Goldman Sachs Group Inc. wrote in a note Monday. “Investors will focus doubt on the consequences this may have for future returns on capital.”

The results indicate that HSBC’s Gulliver reorganization begins to pay off as the bank begins to rise after five years of declining revenues.

The CEO has spent most of his long-term downturn and imposed central control over HSBC’s vast global network, leaving about 100 companies and 18 countries, while enduring more expensive misconduct scandals.

“It could be argued that there are a number of more focused, logical and consistent companies remaining and that there is no absolute growth” in HSBC now, Gulliver said during a call for analysts.

New President Mark Tucker, who will succeed Douglas Flint in October, and to consider internal and external candidates to replace the retired Gulliver, focusing on someone who can continue to drive the growth of Europe’s largest bank

values

The bank’s shares rose 3.8% to 771.6 pence at 8 am in London 15 the highest price since May 2013. Stocks have risen 56% in the past year.

“We revenue in the right direction in all our major businesses and regions” and we are in a “very strong capital,” said HSBC Finance Director Iain Mackay in an interview with Bloomberg Television Manus Cranny.

With most banks in Europe cutting or eliminating their dividends to finance major restructuring programs, HSBC was one of the few to constantly pay since the financial crisis, distributing more than $ 20 billion since June’s single Of 2015. The new regulations also depressed shareholder capital payments, while banks accumulate money to fill their absorption scholarship losses.

HSBC has reached the end of the capital construction process after raising its ratio ratio 1 common equity to 14.7 percent from 14.3 percent by the end of March, above its target range 12 percent to 13 percent.

More acquisitions?

“We’re going to keep the dividend” and “it’s possible we’re more than willing to use the repurchase to actively manage our capital,” Gulliver said in a telephone interview.

“We will use purchases if we find that we have excess capital beyond what we believe we can deploy profitably in the business and accrued well beyond the shock we feel is necessary.”

The Latest: Van strikes diners on LA sidewalk, 8 injured

The Latest: Van strikes diners on LA sidewalk, 8 injured

The Latest: Van strikes diners on LA sidewalk, 8 injured

LOS ANGELES – The last van was hit by a group of people on a pavement in Los Angeles. (All times are local):

19:30

The driver of a truck dropped a group of diners on a sidewalk in Los Angeles, injuring eight people, was arrested for hitting suspicion.

Police Sgt. C. Barlow said the driver, whose name was not revealed, blew a red-car Sunday afternoon and crashed into another vehicle at the intersection. She said the impact caused the truck to get along on the sidewalk and crashed into a group of people eating out fish restaurant in the Mid-Wilshire point area of ​​the city.

A witness said the driver got out of the truck and appeared disoriented. He returned to the van, prompting witnesses to hold him until the agents arrive on the scene.

Authorities said that among the victims was a 44-year-old man who suffered serious injuries, three who were seriously injured and four others were taken to the hospital in good faith

A pickup truck collided with a group of people who dined on a sidewalk in Los Angeles, hitting and injuring at least eight people.
A witness to the accident told The Associated Press that the van jumped a curb and formed a group of people eating out of the fish restaurant in the Mid-Wilshire area of ​​the town.

Courtney Crump said several victims were put under the truck and a man had serious head injuries. He said the witnesses had the advantage until the authorities complied.

Los Angeles Fire Department spokesman Margaret Stewart said a 44-year-old man suffered serious injuries, three were seriously injured and four others were taken to the hospital on fair terms.

The cause of the accident is under investigation. Police spokesman Josh Rubenstein said the accident appeared to be an accident.

Authorities say a vehicle was submerged in a group of people on a sidewalk in Los Angeles, sending eight people to the hospital with wounds.

Los Angeles Fire Department spokeswoman Margaret Stewart said the accident was reported Sunday afternoon at Pico Boulevard in the Mid-Wilshire area.

Stewart said a 44-year-old man suffered serious injuries, three were seriously injured and four others were taken to hospital on fair terms. A firefighter out of service with the department was in the crowd, but he was not hurt.
The video footage from a news helicopter showed a white van coming to rest on the sidewalk. The vehicle appeared to have invested a white fence surrounding the outdoor seating for dinner at the Fish Spot restaurant.

The cause of the accident is under investigation.

Los Angeles police spokesman Josh Rubenstein said the accident appeared to be an accident.

Authorities say a vehicle was submerged in a group of people on a sidewalk in Los Angeles, injuring six people.

Los Angeles Fire Department spokeswoman Margaret Stewart said the accident was reported Sunday afternoon at Pico Boulevard in the Mid-Wilshire area.

Stewart said four people were taken to the hospital; His conditions were not immediately known. Two other people were transported with non-fatal injuries.

Ivanka and Jared find their limits in Trump's White House

Ivanka and Jared find their limits in Trump’s White House

Ivanka and Jared find their limits in Trump’s White House

According to a measure last week was good for Ivanka Trump and Jared Kushner.

President Donald Trump’s daughter and son-in-law duplicate for weeks to persuade him to oust chief of staff, Reince Priebus, for a new leader capable of “professionalizing the West Wing,” according to several White House officials. On Friday, Trump has finally announced that he would replace Priebus by John Kelly, the Secretary of Homeland Security, Monday.
The victory followed the designation a week before Trump financier Anthony Scaramucci, a campaign surrogate and a donor, as communications director, a move that the couple also strong support.

But if Ivanka Trump and Kushner, socially liberal former liberal donors are influential voices with Trump in staffing decisions, which have so far had little impact on their policies.

Last week, President Tweets banned trans people to serve in the military, according to several White House attendants, a staff shot for conservatives who pressed the administration months ago.

White House leaders said the first girl was shocked by her father’s messages; In the past, Trump has been an advocate for gay rights. Ivanka Trump, according to these officials, learned the decision to see her father tweet on her phone.

The decree came less than a month after the first tweeted girl in honor of the month of pride, “I am proud to support my LGBTQ and LGBTQ American friends who have made great contributions to our society and our economy.” New wave of liberal rage directed at Ivanka Trump.

To speak of a White House war between New York liberal conservatives and traditionalists, which was the latest example of the limited influence that moderates could exert on politics.

Six months ago, few would have thought that the president would have avoided his daughter to deliver victories in the fiscal and social conservatives, but that is precisely what happened with the transgender military ban, the Pentagon suspended pending its review.

Now, as Ivanka Trump faces certain limits of her White House power, she seems to reduce her goals and disappoint the progressives who have given their hopes to the President’s family members who exert a moderating influence over her presidency.

“Actions speak louder than words,” said Sarah McBride, national press secretary for the Human Nonprofit Coalition. “Or Ivanka is ineffective in his defense in the building, or the voice does not matter to the president as much as he hoped.”

Ivanka Trump has had some victories. Then he lost the job of convincing his father not to withdraw from the Paris climate agreement, which was much more effective in limiting an executive order of religious freedom to abortion and reproductive problems, reducing many other possibilities Would have infuriated the LGBT community.

Republicans try to move forward

Republicans try to move forward

Republicans try to move forward

Washington (CNN) After a chaotic week for President Donald Trump and his party, Republicans are faced with a fundamental question: now what?

With a new chief of staff, the communications director and the press secretary, the president clearly seeks to “hit the reset button,” by his former chief of staff, Reince Priebus, described in Wolf Blitzer Friday.

Meanwhile, GOP leaders on both sides of the Capitol clearly indicate they are willing to consider a number of issues and agenda items this fall, such as taxes, border security, budget, spending accounts and more – and even Trump administration officials echo this call.

Perhaps there is still movement coming in front of staff, but on the front of the agenda – despite Senate Majority Leader Mitch McConnell, expressing in the early hours of Friday morning that he is the Time to go after the failed vote on health care – President does not seem prepared to restart.

“Unless Republican senators are totally absent, repeal and replace is not dead! Make another vote before voting on any bill!” Twitter Saturday afternoon.

Sunday morning he was asked if this statement represents the official policy of the White House, a senior adviser to Trump proposed “yes.”

“Well, I think … yes, and I think what you see is the president who simply reflects the mood of the people.” Look and sound American public opinion and find out what is the most important issue for them At the moment, and it’s health care, “said Mick Mulvaney, director of the Office of Management and Budget, Jake Tapper in the” State of the Union “on CNN.

Another Trump man, former campaign director Corey Lewandowski, said the White House will not allow the attempt to repeal and replace Obamacare by telling NBC “Meet the Press” that there are three things to the order of the day. It is a tax reform, which built a wall on the southern border, is repealed and Obamacare, which was not made. ”

But over the weekend, Trump seemed less focused on tax reform or the border wall in the procedural hurdles that threaten these efforts in the Senate – where Republicans can not afford to lose two Of its members if they advance legislation that does not have democratic support.
Trump has called for the removal of the 60-vote requirement to break the legislative blockage in the Senate. This threshold of 60 votes did not apply to medical care because Republicans were working according to budget reconciliation rules requiring a majority of 51 votes.

However, McConnell – recognizing that if Democrats take over the majority in the next election, they could more easily move their own items on the agenda without the GOP support – said he would never have removed legislative obstructionism, disagreeing with Trump, who tweeted several times over Saturday.

Computer Security Experts Brace For Second Wave Of ‘Biggest Ransomware Attack Ever’

The malicious “ransomware” attacks that took computers around the world Friday and preventing these systems worsen this week, as millions of people back to work – forcing them to discover how hard they were affected, according to Security analysts.

With much of the world still suffering from the digital divide that kept people from receiving hospital care, a second wave of what European leaders call “the biggest attack ever ransomware” could be devastating.

“They turn on their computers in the morning and find out if they were protected or not,” said James Barnett, a security expert at Venable and Retirement Rear Admiral.
The software, which first affects the British National Health Service before expanding to more than 150 countries, blocked the computers of the victims and threatened to remove their records, unless they paid $ 300. It is aimed primarily at users of Windows XP, an earlier operating system for which Microsoft has largely completed its support in 2014.

Much of the potential damage caused by Friday’s attack was quickly controlled by the efforts of a 22-year-old security researcher who goes to @MalwareTechBlog on Twitter. The investigator discovered that unidentified attackers had mistakenly included a “destructor switch” in their software that would allow the owner of a particular website to stop the attack. By paying around $ 10 to acquire the domain name, the researcher was able to thwart the malware.

But this victory could be short-term, according to experts, since the software, known as the WannaCry Wanna decrypter or is likely to change quickly and continue its propagation in a slightly different way.

For IT workers and security researchers, the episode highlights the challenge of fighting an ever-changing enemy whose motives are rarely clear.

WannaCry is the most important example of a type of attack that analysts predict it would in 2017 after a substantial increase in such attacks last year.

“If you look at what the biggest trends of all security companies highlight the beginning of the year, ransomware was on all of its lists,” said Peter Warren Singer, technical director and member of the New America Foundation. He added that the intervention of independent researchers like @MalwareTechBlog highlight the benefits of supporting private piracy.

“If there is a lesson in this,” Singer said, “he wants to activate security research and exchange information. He wants good curiosity to unfold as much as possible.”
Among those who woke up Monday an unpleasant surprise could be public officials, according to some analysts. Many Windows XP public computers remain installed and may be vulnerable to malicious software so IT administrators have not downloaded the appropriate security patches.

Some federal agencies have moved faster than others to remove Windows XP, said R. David Edelman, an Obama administration official who advised the White House on technology. The way each agency has resorted to updating their systems makes extensive use of the available resources.

“It is true that there are still in government systems that XP works,” Edelman said. “Some of them are almost certainly connected to the Internet, some of them could be further away or they are not as vulnerable.”

Watch Indonesia for spread of Islamic extremism, outgoing Defence boss Dennis Richardson warns

The secretary of the Department of Defense, who was also chief of ASIO, ambassador to Washington and head of foreign affairs, also warned that any change in electronic voting would force Australia “heavy investments” to keep its election against piracy by the state.

In his speech at the National Press Club in Canberra, M. Richardson has mounted a strong defense of the United States alliance at the time of Donald Trump and gave a boost to commentators like former Prime Minister Paul Keating who argued that Australia You must distance yourself from the USA. As China increases.
CONNECTING CONTENT
Fall of Ahok focuses on anti-blasphemy laws in Indonesia
He said that such an opinion was “incompatible with facts and lack of logic or purpose.”

“Some, including the former manufacturers, suggest that we should keep the pact, but with the United States in more than one reservation scheme in the region, participate when necessary, especially if China surpasses too much. That runs an unrenounceable right to a response from the United States if things get difficult, but in the meantime, receive less and make the alliance? “He said.

Watch Indonesia for the Propagation of Islamic Extremism, Outgoing Chief Dennis Richardson Defense Warns
Outgoing Defense chief Dennis Richardson warned that the Jakarta governor’s denial of Christian blasphemy could be the first signs of extremist Islamist influence in Indonesian politics.

M. Richardson, who retired on Friday, after nearly half a century at the center of Australia’s foreign and security policy, said that it was too early to say whether extremism prevented the traditionally plural policy Indonesia, but said “the End of what we should see the video “.
Former condemned Costa Concordia captain was convicted of manslaughter and sentenced to 16 years in prison for his role in the loss of the giant distributor who left 32 people dead.
The secretary of the Department of Defense, who was also chief of ASIO, ambassador to Washington and head of foreign affairs, also warned that any change in electronic voting would force Australia “heavy investments” to keep its election against piracy by the state.

In his speech at the National Press Club in Canberra, M. Richardson has mounted a strong defense of the United States alliance at the time of Donald Trump and gave a boost to commentators like former Prime Minister Paul Keating who argued that Australia You must distance yourself from the USA. As China increases.

CONNECTING CONTENT
Fall of Ahok focuses on anti-blasphemy laws in Indonesia
He said that such an opinion was “incompatible with facts and lack of logic or purpose.”

“Some, including the former manufacturers, suggest that we should keep the pact, but with the United States in more than one reservation scheme in the region, participate when necessary, especially if China surpasses too much. That runs an unrenounceable right to a response from the United States if things get difficult, but in the meantime, receive less and make the alliance? “He said.

advertising

He said the contribution of Australia’s alliance with the United States had always been more pragmatic and more difficult than many popular commentators, even if they were involved in the war in Iraq.

Australia should not reevaluate the alliance based on “emotional reaction to a person,” he said, referring to M. Trump.

It was “no secret that China is very active in intelligence activities against us”, but that “there is no reason to participate in anti-deflector decision-making.”

“It’s just the world we live in,” he said.

In Indonesia, M. Richardson said that extremism in the world’s largest Muslim country has historically been the margins of society, but as a result of the arrest of Governor Ahok for blasphemy, it was “a problem that must be continued with Very caref

The secretary of the Department of Defense, who was also chief of ASIO, ambassador to Washington and head of foreign affairs, also warned that any change in electronic voting would force Australia “heavy investments” to keep its election against piracy by the state.

In his speech at the National Press Club in Canberra, M. Richardson has mounted a strong defense of the United States alliance at the time of Donald Trump and gave a boost to commentators like former Prime Minister Paul Keating who argued that Australia You must distance yourself from the USA. As China increases.
CONNECTING CONTENT
Fall of Ahok focuses on anti-blasphemy laws in Indonesia
He said that such an opinion was “incompatible with facts and lack of logic or purpose.”

“Some, including the former manufacturers, suggest that we should keep the pact, but with the United States in more than one reservation scheme in the region, participate when necessary, especially if China surpasses too much. That runs an unrenounceable right to a response from the United States if things get difficult, but in the meantime, receive less and make the alliance? “He said.

Watch Indonesia for the Propagation of Islamic Extremism, Outgoing Chief Dennis Richardson Defense Warns
Outgoing Defense chief Dennis Richardson warned that the Jakarta governor’s denial of Christian blasphemy could be the first signs of extremist Islamist influence in Indonesian politics.

M. Richardson, who retired on Friday, after nearly half a century at the center of Australia’s foreign and security policy, said that it was too early to say whether extremism prevented the traditionally plural policy Indonesia, but said “the End of what we should see the video “.
Former condemned Costa Concordia captain was convicted of manslaughter and sentenced to 16 years in prison for his role in the loss of the giant distributor who left 32 people dead.
The secretary of the Department of Defense, who was also chief of ASIO, ambassador to Washington and head of foreign affairs, also warned that any change in electronic voting would force Australia “heavy investments” to keep its election against piracy by the state.

In his speech at the National Press Club in Canberra, M. Richardson has mounted a strong defense of the United States alliance at the time of Donald Trump and gave a boost to commentators like former Prime Minister Paul Keating who argued that Australia You must distance yourself from the USA. As China increases.

CONNECTING CONTENT
Fall of Ahok focuses on anti-blasphemy laws in Indonesia
He said that such an opinion was “incompatible with facts and lack of logic or purpose.”

“Some, including the former manufacturers, suggest that we should keep the pact, but with the United States in more than one reservation scheme in the region, participate when necessary, especially if China surpasses too much. That runs an unrenounceable right to a response from the United States if things get difficult, but in the meantime, receive less and make the alliance? “He said.

advertising

He said the contribution of Australia’s alliance with the United States had always been more pragmatic and more difficult than many popular commentators, even if they were involved in the war in Iraq.

Australia should not reevaluate the alliance based on “emotional reaction to a person,” he said, referring to M. Trump.

It was “no secret that China is very active in intelligence activities against us”, but that “there is no reason to participate in anti-deflector decision-making.”

“It’s just the world we live in,” he said.

In Indonesia, M. Richardson said that extremism in the world’s largest Muslim country has historically been the margins of society, but as a result of the arrest of Governor Ahok for blasphemy, it was “a problem that must be continued with Very careful “.

“The question is: is it what we saw in Indonesia in the last 12 months … the first step of extremism in traditional Indonesian politics or not, we do not know the answer to that I think … it is too early to give an answer, but I think this is the end of what we should look out for. ”

ul “.

“The question is: is it what we saw in Indonesia in the last 12 months … the first step of extremism in traditional Indonesian politics or not, we do not know the answer to that I think … it is too early to give an answer, but I think this is the end of what we should look out for. “

My kind of community in Dubai: Indonesia

Some call it uncomfortable. I call it big. Whatever the judgment, world leaders at the annual Asia-Pacific Economic Cooperation (APEC) summit, representing more than half of the world’s GDP, are exotic sportswear for a signature event called “stupid image. ” Over the years, since 1993, the dress ritual showed American jackets bombardières, Star Trek suits China, Philippine barons, hanbok and ponchos from South Korea, Chile, among others. But note the APEC costumes is the batik candy as presented in Indonesia and Malaysia.

Of the two neighbors, Indonesia is artistically closer to my heart – for two reasons. In 2000, Hand Held, an ex-convicted drug rehabilitation center in Singapore, opened up the exotic world of Indonesian artifacts. First, it was furniture; Then batik. Gradually, as the popularity of Indon became large in me, where I live was becoming smaller with pieces of mattfinish teak wood fill all the available horizontal space, and batik paintings framed in the vertical space. It was love at first sight of batik, a form of works of art from centuries of acculturation. I am proud when I was appointed in private Mr. Teak and Mr. Batik. I had earned those names. Batik is a manifestation of the religious plurality and social cohesion of Indonesia. It joins the current Islamic culture of the nation and a Hindu and Buddhist past imposing.

One of the important heritage identities of Indonesia; Batik has been designated by UNESCO as a Masterpiece of the Oral and Intangible Heritage of Humanity on October 2, 2009. The batik textiles of a resistant technical dyeing wax are found in many parts of Southeast Asia, the subcontinent and places With respect to Nigeria and Egypt, where the art form was supposedly used to wrap mummies in the fourth century BC. However, Indonesian batik is the most complex and sophisticated in design, engineering and manufacturing. For an esthete, Indonesian batik is not just a piece of colored cloth, but a fine fabric woven with the history and heritage of a nation. If I have not put on a custom batik shirt despite a small collection of art, it is because I am still illiterate about its statutes. Many batiks are specific to the occasion. It is believed that certain fabrics and patterns have mystical powers to ward fortune, while others may bring luck.

According to various Indon cultural vultures, babies are carried in batik slings decorated with symbols designed to attract good luck. Some models are reserved for brides and grooms, and the dead are wrapped in funeral batik. While the entire nation was a singular book, batik is also trapped in a system of classes, as shown by plans reserved for the sultan and his family and other elites.

They say that the style of the batik you wear is a determining factor of your social situation. Batik garments are customary for many rituals. According to history books, in naloni’s first mitoni pregnancy ceremony, the mother-to-be is wrapped in seven layers of batik before being endowed with blessings. When a child touches the ground first, batik is used in the Tedy siten ceremony to seek the blessings and protection of God and the ancestors. Batik is also part of the Labuhan ceremony where people throw offers at sea to satisfy people who diet Kanjeng Ratu Kidul. Although the batik command enormous respect in the world, the sense of humor of the clothing radiates a political depth in Indonesia.

After centuries of foreign influences, batik has been reinvented in the 1960s on the islands as a means of protest. Indonesian fashion designers, who have tried to innovate in women Kebaya adjusts adding new colors, fabrics and prints, took a hand in the arm while the government was taking steps to preserve the tradition. The value of batik exports rose to 340 million in 2014 is expected to grow 300% to $ 1.5 billion over the next four years

The Truth About beauty services at home in Mumbai Is About to Be Revealed

There are many beauty services at doorstep in Mumbai

As glow up India is also one of the service which provides beauty service at home.

They provide genuine product all beautician of glow up India use only branded and genuine products because you deserve the best!

They are trained and more than 7 years’ experience. All beautician need to pass our standard of service and cosmetic test. they all are background checked before they become a part of glow up India family. They wearing glow up Apron and glow up IDs. They assured you will feel 100% satisfaction.

Why glow up when we have plenty of parlors?

Ans.They give you four reason:1) why go to the salon when salon come to you?

2)No waiting time

3) choose your own stylist within verified reviews yourself. When was the last time you were told by the salon that the beautician at your service is just 2-month old has made 3 mistakes in past one month! They tell you all about their stylist from their specialty, work experience to customer’s feedback

4) last but not the least for the same quality of service are much better price compared to your nearest salons.

What about the product they are using?

Ans.They guarantee product used by their stylist are all genuine branded product. Glow up India offers 100% satisfaction guaranteed. some of the brands used by the professionals areVLCC.Lotus, Shahnaz Husain, L’Oréal professional.

Can I trust the beauty professional coming to my house via glow up?

Ans. In one Word-Absolutely! They do three different kinds of background checks of any stylist that we enroll. They have their verified ID card details, address proofs, education and past employment proofs. They also access the quality of service all their beauty professional as they would not want anybody to touch your skin or hair if they don’t think they are qualified.

Going global for green shoots

 

“There are certain environmen­tal factors that affect innovation and favour start-ups,” says Dave Feller, co-founder & CEO of the Redwood City-based Yummly. “Large com­panies have difficulty replicating these. Some of those are: being small, having technology-focused teams, efficiency and effectiveness of inter­nal communications and rapid decision-making.”
Multinational corporations, by their very nature, end up as large bureaucracies. The cor­porate culture is codified; risk-taking, innovation and entrepreneurship are in short supply. Yet there is a grow­ing realisation that in an innovative age, if you don’t join the crowd, you are dead. Companies in fast-moving consumer goods (FMCG) and allied sectors, where innovation needs to straddle several dimensions – prod­uct, packaging, distribution, market­ing – are trying to solve the problem by funding external start-ups.

Yummly, which describes itself as “the most powerful way to search 1 million-plus recipes”, was funded by Unilever Ventures, amongst others. “Unilever Ventures was started to give Unilever a window into the start-up world and find early-stage compa­nies that it could collaborate with, or young brands that it could help to grow and one day integrate into the Unilever portfolio,” says Christopher Sponiar, investment principal with Unilever Ventures, the venture cap­ital fund of the Anglo-Dutch MNC. “Yummly (and others like it) can offer speed and innovation which can be valuable learnings for larger companies,” says Feller.

Unilever is one of the early
a second fund of €90 million and Uni­lever Ventures recently started investing out of a third fund of €350 million. “All the money is from Unilever,” clarifies Sponiar. Success stories include Snog frozen yoghurt, which began life in Lon­don and now has outlets in Kuwait, Pakistan, Columbia and Dubai. “Uni­lever has licensed the brand to create a take-home product,” says Sponiar.

Feller explains what Unilever brought to the table: “Yummly has several other investors including Uni­lever Ventures. They provide guidance and resources.” What’s so innovative about a directory of recipes? Yummly is different from other food sites, says Feller, because of its ability to ‘under­stand’ a recipe. “We can look at a recipe and determine a lot of things about it: whether it’s applicable to

\

Feller: valuable learnings

specific diets or allergies, the nutri­tion, the price per serving, the taste… Because Yummly ‘understands’ reci­pes at such granular levels, it can also provide excellent recommendations (similar to a Netflix or Pandora).”

Some Unilever Ventures’ invest­ments have given handsome returns. Brainjuicer is a market research con­sultancy using psychology, behav­ioural economics and social sciences to create tools that better under­stand and predict human behaviour. Unilever Ventures invested in Brainjuicer in 2003. The company was listed on AIM in 2006. Unilever divested its stake through a series of share placements in 2010 and 2011, generating a 17x multiple on its investment.

Unilever is not the only big fish sniffing around the start-up pond. In Europe, in 2006, Nestle tied up with Inventages Venture Capital to set up a new fund styled W. Health. At the launch, Nestle explained that “this fund will invest in companies active in health, well-being and nutrition as an external complement to Nestle’s own internal R&D competencies”. Says Nestle spokesperson Meike Schmidt: “Nestle has invested in the W. Health fund, managed by Inventages, and not in the company itself. The invest­ment is ongoing and is showing positive results.”

Among the companies backed by Inventages are Xolution, which has
developed re-closable ends for bever­age cans; Accera, whose portfolio con­sists of novel therapeutic drugs and medical foods for neurodegenerative diseases such as Alzheimer’s, Parkin­son’s, and Age Associated Memory Impairment; and Phytomedics, which is developing innovative phar­maceutical and food products from traditional plant remedies.

Wolfgang Reichenberger, former global CFO, Nestle, is a general part­ner at Inventages. In an interview with PricewaterhouseCoopers’ Retail & Consumer World, he explained the difference: “As an independent venture capital fund, Inventages can make independent decisions and par­ticipate in the supervision of portfolio companies in a very different fashion from any large corporation… We are not averse to small and sometimes more risks investments than Nestle or any other large corporation. Next, we seek participation, whereas large corporations seek control. Finally, corporations integrate and normally realise synergies. We, however, side with our companies in the years of highest growth rates, and negotiate the modalities of an exit in a couple of years.”

Kartik Hosanagar, professor of Internet commerce at The Wharton School, says he prefers the Reichen­berger approach rather than compa­nies making direct investments in start-ups. “Within their sectors, these investors can be very strategic,” says he. “The biggest concern that entre­preneurs have about investors is whether they add value beyond pro­viding money. These strategic inves­tors know the market well, can make customer introductions, and help with all kinds of business development.

The flip side is that taking a lot of money from a strategic investor can at times limit exit options for entrepre­neurs. Competitors of your investor may hesitate to buy you because they are worried that your investor has already acquired a lot of proprietary information about the start-up. So, at times, taking money directly from a strategic partner, such as a large com­pany in the market, can backfire. For this reason, I like models wherein these MNCs do not invest directly but instead join as limited partners in an independent venture vehicle. That model has some of the benefits that a strategic investor can provide without many of the downsides.”

Clients like TCS and Infosys.

Besides having an electronics manufacturing set-up, with advanced quality processes and certifications, and a facility for providing luminar­ies’ assembly services, the company also houses a German trained R&D team of about 20 engineers, with a high level systematic product devel­opment capability. BAG, which had at one time contemplated selling off this unit (as it was a marginal player), is now investing heavily to tap the emerging market for electronic con­trols in luminaries. Praveen has built a strong marketing & sales team, looking after not only Indian and neighbouring countries, but also the Middle East and Turkey.

No difference

As a division, even the material was supplied by the German corn- pans’. which owned it earlier. Now the sourcing of raw material is fully done by the Indian team. External sales, which now account for more than 50 per cent of the turnover, also include exports. “There is no differ­entiation in the products meant for exports and those sold in the domes­tic market, says Manoj Joshi, gen­eral manager & sales. Joshi was part of the earlier team too, having worked here for more than a decade. “We also undertake life-time servicing of the products,” he adds.

“While, earlier, the LED markets had got a bad name with cheap imports flooding the markets, the quality of our products stands out,” says Aniket Pathak, assistant manager, marketing & promotions. “BAG’S name and our support help in bringing in consum­ers, who use our products for com­mercial offices, which work 24×7,” he adds. BAG products are also used in high-mast lighting and floodlights used in stadiums, bag’s products are also customised to meet the diverse needs of users like drivers and motor- men of railway coaches, as also naval ship applications.

BAG had recently won the inter­national achiever’s award for its fast growth during the last five years. It recently introduced ZITARES oc – a high-performance LED ECG for out­door applications. This product,
which has a series of LED drivers, is suitable for outdoor applications like street lights, floodlights and high-mast lighting. “BAG products are more energy-efficient than most other similar products available in the market,” points out Praveen. “Customers are realising the bene­fits these products offer in the longer run. Those who burnt their fingers, having bought low-quality, imported LED products, now approach us for a reliable and peace-of-mind product, either from our standard range or

Product mix

Lighting Solutions

 

made-to-order for them.”

Given the revival in projects and the focus on energy-efficient lights, the market in India is growing. Com- merical office complexes are also changing over to LED products. Real­ising the growth potential in the country, Trilux, which owns the Ger­man group BAG, also set up another company, Trilux India, in 2013, with its headquarters in New Delhi and operation units in Pune, Mumbai, Bangalore and Kolkata, focussing on B2B, high-end lighting solu­tions. BAG will be looking at provid­ing solutions largely to the medium end of the client spectrum which, it feels, is growing faster than the ones at the top end.

The next milestone of another ^100 crore will be faster than the first, which took five years to reach. But Praveen is not complaining. The existing unit in Pune has enough capacity and capability to meet the rising demand for now.

♦ DAKSESH PARIKH [email protected]