0|e-Globuzz,Vol II Issue I July-Sept11

Foreword
Dear Readers, We are pleased to present to you the 6th issue of e-Globuzz, the quarterly e-periodical of International Business Society (IBS@SIMSR). IBS@SIMSR is organizing the first International Business Conference on Saturday 24th September, 2011. While the detailed program will be communicated to you separately, please mark this important date in your calendar and be there at this conference. The features in this issue include coverage on the business leader Sir Richard Branson CEO of UK based Virgin group, country focus on Australia, sector focus on FMCG & alumni speak by Ms. Kirti Shukla (PGPIB 2002-04) Manager API Commercial Global Sourcing, Sandoz Pvt. Ltd. The articles cover a wide range of International Business topics and current affairs. During the last 2 months, IBS@SIMSR organized important interactions with two distinguished experts Mr. P. R. Dalal, Executive Director, EXIM Bank & Mr. K. C. P. Patnaik, CommissionerIncome tax, Government of India. Both these interactions were highly rewarding and have been covered under Events@IBS section of this issue. Like in the previous issues, articles in this issue have been largely contributed by SIMSR students. It has been our endeavor to have articles from SIMSR alumni, faculty and corporate executives from leading companies engaged in International Business to give e-Globuzz a richer and broader perspective. We hope you like this issue of e-Globuzz. Look forward to meeting you at The First International Business Conference on Saturday 24th September11. Prof. C. P. Joshi Faculty Mentor-IBS@SIMSR Program Coordinator PGDM-IB

i|e-Globuzz,Vol II Issue I July-Sept11

Faculty Mentor
Prof. C. P. Joshi

VOL II ISSUE I July Sept 11

1
Editors
Manvinder K Sodhi Prerna Makhijani

Company In Focus: General Motors

3 7
Expert Talk: Global Sourcing

Sector in Focus: FMCG

10
Designers
Swetaleena Das Vishu Kartik

Country in Focus: Australia

13

International Finance: External Commercial Borrowing v/s Foreign Institutional Investments

15 17
International Logistics Factors and Trend Setters

Challenges of Communicating with a Global Workforce

Circulation
Pranshu Soni Gurpreet Kaur

19 21
International News

Alumni Speak

23 25
Events @ IBS

Business Leader Sir Richard Branson

All the views expressed in this e-periodical reflect the personal opinions and views of the authors and do not reflect IBS@SIMSR views.

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General Motors
|Vaibhav Palaye (PGDM-IB 10-12)
Company Overview General Motors is an omnipresent company headquartered in Detroit, United States, a company so essential to the overall health of the U.S economy that it spawned the phrase As GM goes, so goes the nation. Tracing its Brazil, China, Colombia, South Korea, Spain, Sweden, Thailand and Vietnam. In addition, it also has assembly, manufacturing, distribution, offices and warehousing operations in 55 other countries. Company Financials For the year ending 2010, GMs sales were to the tune of $135, 592 million. On February 24, 2011, General Motors reported its first fullyear profit since 2004. It had an option of carrying forward previous losses to reduce tax liability on future earnings. It earned $4.7 billion in 2010. The Wall Street Journal estimated the tax break, including credits for costs related to pensions and other expenses can be worth as much as $45 billion over the next 20 years. Brand Variety roots back to 1908; GM currently employs 209,000 people in every major region of the world. Long known for the manufacturing of cars, trucks and automobiles, General Motors has also been engaged in finance and insurance. However, most recently the global recession had a devastating impact on its cash flows, financial conditions and operations. To survive, the company had to accept a government bailout plan. Global Presence GM does business in more than 120 countries. It produces cars and trucks in 31 countries and sells and services these vehicles in various other countries. GMs largest national market is China, followed by United States, Brazil, United Kingdom, Germany, Canada and Russia. General Motors truly has an international presence with factories in Poland, Russia, South Africa, Ecuador, Egypt, Germany, Argentina, Australia, Belgium, GM and its strategic partners sell and service its vehicles through the following brands worldwide: Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. Bankruptcy Period GM faced one of its worst crises as a part of the global financial meltdown in the year 2008-2010. It was weakened by a substantial increase in the prices of automotive fuel, linked to the 2003-2008 energy crisis which discouraged purchases of sport utility vehicles (SUVs) and pickup trucks which have low fuel economy. The popularity and relatively high profit margins of these vehicles had encouraged General Motors to make them their primary focus. With fewer fuel-efficient models to offer to consumers, sales began to slide. By 2008, the situation had turned critical as the credit crunch placed pressure on the

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prices of raw materials. Facing financial losses, GM reduced its operations in many factories and drastically reduced employment levels. Eventually General Motors filed for Chapter 11 bankruptcy protection as part of the Obama administrations plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. Comeback after Bankruptcy After the bankruptcy debacle which dented GMs credibility to a great extent, the company started working its way back. As part of the company reorganization, the content and the structure of its brand portfolio was reorganized. Some nameplates like Pontiac, Saturn, Hummer, and service brands like Goodwrench were discontinued. Others, like Saab, were sold. They streamlined the product line to five brands. The U.S. government infused $60 billion to make sure GM had the resources to restructure in bankruptcy. With financing partially provided by the US Government, GM successfully restructured

its operations and finances with the government bailout. Thanks to the restructuring, GM in 2010 posted net profits and positive cash flows. The company was listed on major stock exchanges on November 18, 2010 with the world's largest IPO. The money realized from the IPO was used to payback US government. After the IPO, US government's stake in the car maker has fallen to about 40 per cent from its prior 61 per cent. Future Outlook General Motors will continue to recover market share and aggressively promote the launch of its extended-range electric vehicles. The company will also continue to pay back the government ahead of schedule. Although bankruptcy eliminated much of the company's debt, it is ignoring the company's massive pension obligations. The huge pension liability is a red flag and it may land General Motors in trouble in future, if proper provision is not made for the same. Thus, the road ahead is not easy for GM but its CEO, Ed Whitacre Jr along with his team is confident of putting up a good show in the future.

Did you know?

Andean Community
It is a South American forum of economic cooperation among Bolivia, Colombia, Ecuador and Venezuela. It was established in 1969 and it

works to bring Andean sub regional integration, promote external projection, and reinforce the actions connected with the process.
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FMCG

Sector

in

Emerging

Economies

| Mahesh Kulkarni (PGDM-IB 10-12) Business landscape of FMCG sector is not only expanding but also becoming more competitive across the world over the last decade. The sector is a part of the broad classification called consumer goods in international context, which includes consumer durables, semi durables and consumer packaged goods. In Indian scenario, consumer packaged goods is popularly known as fast moving consumer goods which majorly includes Household care, Personal care, Foods and Beverages. There is a global economic imbalance between western and eastern world. Traditionally export dominated countries (like China, Japan, and South Korea) have to focus on domestic market instead of export market. Similarly western countries should concentrate on export led growth instead of focusing on depleting domestic demand. Interest rates are becoming relatively lower in developed economies (US, UK) compared to emerging economies. This is leading to increased outflow of capital to developing economies, where there is a surging demand especially in consumer goods sector. On the other hand, this is leading to inflationary pressure. Central banks are trying to contain inflation rates by raising the interest rates. USA, which is considered to be the major market of FMCG sector, had a negative growth during the year 2009 due to recession and in the last fiscal it has just reached a positive figure of around 1%. The scenario in other developed economies like Japan is also not optimistic. Recent tsunami has caused a short term jerk in Japans economy. Total spending in Japan grew at a compounded annual growth rate of 1.4% over 2005-2010 and it is forecasted to remain at the same rate over the period 20010-14. FMCG sector in Middle East and African region has the future potential for MNEs with a downside political risk.

Source: AC Nielson According to Nielsen, the growth in Europe is also not encouraging; it ranged from 0.9 % in Finland to 12.4 % in Turkey. Among the big five economies, France topped the group with 2.7 % nominal growth, followed by Spain (+2.4%) and the UK (+2.3%). Italy recoded 0% growth, while Germany declined 4%. The Czech Republic and Slovakia continued to recover after several challenging quarters. Ireland, however, which had shown new signs of life at the end of 2010, posted nominal growth of just 1.2 % primarily due to rising value growth. Irish consumers continue to be quite pessimistic about the economy, the state of their personal finances and job prospects.

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FMCG sector in India would touch a market size between Rs.4,000 to Rs.6,200 billion
Low penetration rates Many of the FMCG products penetration rates are very low in emerging countries like China, India, Indonesia, Malaysia and Thailand, which acts as a significant driving factor for attractiveness of FMCG sector. As per data, India has the lowest penetration level for products like Skincare, Shampoo and Toothpaste, which makes it the most attractive consumer good segment amongst all Asian countries.

Source: Nielson Retail Index APAC region which consist of emerging economies like Philippines, Vietnam and Indonesia have showed a double digit growth. The whole spectrum is led by China and India where the volumes are large. Major global FMCG companies have already realized the

potential and are investing heavily in these markets. Rising middle class and low penetration rates of the FMCG products act as the major driving factors for attractiveness of FMCG sector and are discussed below. Large populations and rising income levels Emerging market countries especially China, India and Indonesia have the largest populations in Asia and their disposable incomes will grow at the fastest rates in the region. Middle class in these countries is expected to grow at 11%, 19% and 15%

respectively over the next five years (CLSAMr- Mrs-Asia-2010). Per Capita Consumption in US $
Per Capita Consumption in US $ Category/Country Skin Care Shampoo Toothpaste China 3.2 1 0.5 Indonesia 0.8 1.1 1 India 0.3 0.3 0.4 Malaysia 7.4 2.7 2.9 Thailand 7.7 2.4 2
Source:MOSL

Source: Motilal Oswal Securities Ltd.

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Indian Scenario Indian FMCG sector is pegged at around $30 billion (in FY10). It is the fourth largest sector in the economy and it constitutes 2.2 % of Indias GDP. This sector has reported a steady sale CAGR of 11.2% over FY00-10 and an annual volume growth of 8.5% (AC Nielson). As per a recent study conducted by Booz & Company, FMCG sector is expected to grow in the range of 12% to 17% up to 2020 and would touch a market size of Rs.4,000 to Rs.6,200 billion.

Source: AC Nielson, News articles

Indias Country Attractiveness Increasing Young Population: India has a population with a median age of 25 years as compared to 43 in Japan and 36 in the US. Along with a large population and rapidly changing consumer preferences, India has translated into a large market opportunity for FMCG players. The youth segment (1024 years age group) constitutes nearly 25 per cent of the population and is of significant interest to all FMCG companies (IBEF, Advantage India FMCG, 2011). Rise in Disposable Income: From the current census it is found that India's per capita income has either just about or will soon cross the $1,000-mark (Times of India). The precise timing matters less than the implication of the achievement. Currently, the average Indian spends about 48%, also the majority, of his total income on groceries (40%) and personal care products (8%).

Higher Penetration of the Rural Population: For nearly half of the largest FMCG categories, rural India now contributes more to their growth than urban. According to a McKinsey Global Institute (MGI) study The Rise of Indias Consumer Market, the total consumption in India is likely to quadruple making India the fifth largest consumer market by 2025. Urban India will account for nearly 68 per cent of consumption growth while rural consumption will grow by 32 per cent by 2025. Government Policies for developing favorable business environment for FMCG sector: India has enacted policies aimed at attaining international competitiveness through lifting of the quantitative restrictions, reduced excise duties, automatic foreign investment and food laws resulting in an environment that fosters growth. 100 per cent export oriented units can be set up by government approval and use of foreign brand names is now freely permitted. FDI Policy: Automatic investment approval (including foreign technology agreements within specified norms), up to 100 per cent foreign equity or 100 per cent for NRI and Overseas Corporate Bodies (OCBs) investment, is allowed for most of the food processing sector except malted food, alcoholic beverages and those reserved for small scale industries (SSI). 24 per cent foreign equity is permitted in the small-scale sector. Temporary approvals for imports for test marketing can also be obtained from the Director General of Foreign Trade. Intensifying Industry Competition in FMCG

P&G launched Tide Naturals (mid/low priced detergent), cut shampoo and feminine hygiene prices by 15-20%, reduced Mach3 prices by 40% and

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launched Gillette Guard at Rs15. Olay White (skin care) comes in a Rs15 sachet. GSK launched instant noodles (Foodles), an energy drink (Lucozade), a health snack (Nutribar) and biscuits. PepsiCo, Danone and Kellogg entered new categories, often nurturing them from scratch. Kraft's entry could be a major development as its portfolio will compete with Britannia, Nestle and Amul. Domestic players like Marico (functional foods, hair oil), Dabur (skin care, CHD) and Emami (hair color, personal care) are entering new categories in search of growth drivers.

employment, the FMCG sector has a lot to gain from Union Budget 2010-11. Focus on rural lending and increase in capital of rural banks will help farmers access to cheap loans. Further, extension of repayment of loan and concession for timely repayment helps reduce the burden on farmers. Various schemes for rural development will help improve the living standards in the rural area and help provide better access to the rural heartlands. Readjustment of tax slabs will help increase the disposable income in the hands of consumers. Concessional duties and exemption of service tax will help boost setting up of cold storages, cold units and refrigeration units. Reduction of excise duty on sanitary napkins and diapers will help reduce prices on these items.

Budget Impact on FMCG Sector With higher disposable income in urban households and a significant portion of the union budget allocation towards the development of the rural sector and rural

Did you know?

Nordic Council

A regional alliance was established in 1952 among Norway, Sweden, Finland, Denmark, and Iceland that is dedicated to cooperation among the Nordic countries. This has led to a common labour market, social security, and free movement of citizens across borders

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Global Sourcing- Changing face of Globalization

|Corporate Article by Kirti Shukla, Manager API Commercial Global Sourcing, Sandoz Pvt. Ltd.
I drive a Mercedes Benz wearing a Versace jeans and Nike T-shirt, carrying an Apple iPod, fiddling with my Blackberry, typing my Facebook status when signal turns red. My Louis Vuitton bag lies in the back seat and I head towards Hard Rock Cafe looking at my Rolex watch just to check if I am not late, I guess I have enough reasons to be called globalized in all respects. Well here I is not literally me (unfortunately!) but a high end consumer in India, China, USA or anywhere on this globe and is connected to the world. The brands vary based on purchasing power and preference, but nonetheless massive consumerism is the new mantra today. Physical distances are no longer important even for a seller, considering companies have access to markets of countries far and wide. As a company in business, I want to penetrate into every market, deliver a high quality product from which I derive maximum profit and customer loyalty. If my location is hindering my business model because of high overheads, labor cost, inability to produce volumes etc. and also as its impossible for me to be completely vertically integrated and make everything which is used in my product; what am I supposed to do? Search for suppliers who can make my product/ part of the product/ give me service/ develop technology overcoming my limitations or just help me concentrate on other factors thus helping me expand and be profitable at business? It does not matter if the supplier is in my country or in any other part of the world. I source from you and sell to you and yet make money, funny but true. This gives us a kind of abutment to the basis of Sourcing concept although this is not the only factor. If we look back and see, the process of globalization started with developing countries exporting cheaper products to developed nations where cost of production had gone abnormally high due to various factors. But over a period of time this process has evolved into a much bigger phenomenon called Global Sourcing. With time and changing trends, world over procurement or buying has become one of those key elements that decide future strategies and vision of all large cap and small cap companies. In simple terms, Global sourcing is no more just an import / export business for companies comprising of a small chunk of their business initially; but has now actually evolved into a much important sourcing tool that decides the overall strategy for any organization that wants to operate globally by either being present in other countries or by simply sourcing few products or services from best available sources in different countries. As a strategy it is helping companies in all significant sectors to operate with lesser costs and get best quality products /services.

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With each new change there come some challenges, which are to be dealt with same finesse as change itself.
The company outsources those manufacturing resources and capabilities or services where the suppliers have a competitive advantage, e.g. greater scale, fundamentally lower cost structure or stronger performance incentives. It uses outsourcing proactively through a stronger focus on the core business areas as a way to improve manufacturing performance, generate employee commitment and consequently increase competitiveness and profitability. since long been the key outsourced human resource for USA. Majority of the companies in all sectors currently talk about the concept of Low cost country sourcing and India and China remain to be the biggest hub for sourcing. Be it pharmaceuticals, textile, IT, automobiles, consumer goods, toys, technologies, services, R&D etc., everyone has geared up to manufacture and supply to bigger business giants. Contract manufacturing is a concept mostly used by companies who wish to focus on their branding and product portfolio. Therefore they transfer technologies or ask the smaller player to manufacture the product itself for them. Another approach to this is joining hands with local players who are strategic suppliers. As the gates open for 51% FDI in Indian retail sector we will for sure see lots of mergers and joint ventures taking place. Countries like China, India, South Korea and Vietnam might be ranked higher on FDI investments but countries like Hong Kong, Singapore and Ireland are ranked much higher for being more competitive in terms of ease of doing business with these countries. These countries have more relaxed policies for foreign exchange regulation, taxation and other government policies which facilitate companies from other countries to carry out their operations hassle-free. Competitiveness on these grounds has helped countries like Hong Kong to become a commercial hub and a global destination for many companies. But with each new change there comes some challenges, which are to be dealt with the same 8|e-Globuzz,Vol II Issue I July-Sept11

If we look at developing countries, they are becoming more flexible in terms of their export policies and benefits offered to manufacturers to be a part of the global market. Export oriented units, FTZs, DEPB scheme, EPCG, deemed exports are all incentives given to Indian manufactures by government of India to help in exports. Lets take a similar example, today if we shop for souvenirs in USA or a similar tourist place in Europe we can buy merchandise which flaunt the name of country in which it was purchased but as we read the small tags and bar codes one can find out, Made in India or China most of the time. The trend somehow picked up in a big way from IT companies which started sourcing software development from low cost countries. Then the concept of BPOs and KPOs was invented and is still thriving. Today there is no limit as to what all can be outsourced. Right from R&D technologies to people and services, everything today can be procured. In fact, engineers from reputed institutes of India have

finesse as change itself. With each leap of globalization and open economies, comes the challenge of integrating these economies seamlessly. Business carried out between two companies situated in two different countries has direct impact on their respective economies. Since the quantum of business carried out between most of the major companies are of much larger size, it can have a direct impact on the commercial setup of the country in which that company operates. So in this scenario where economies are open to foreign players and huge transactions take place across these countries, economies need to be very well administered so as to avoid any external influence affecting their overall wellbeing. In recent past there have been many countries which have been at the receiving end of bad administration at home due to which they had to face difficult situations. Hence now companies are not only evaluating their vendors economic well-being but are also evaluating the commercial, political and social environment in which that company operates. From fluctuating currencies, to changing policies, natural calamities, political unrest and even climatic conditions like bad monsoons or

floods effect the economy of a country, making sourcing a tough activity. All these factors need to be seriously considered while drafting a sourcing strategy for a broader timeframe. As sourcing is now becoming the backbone of entire business models there are various sourcing tools which are designed and utilized by souring professionals in order to make the business plan. I'm sure with more companies and countries open to source globally, it would ensure that customers in each country are benefitted and better served by the strategies devised. Of course everything has its own boons and banes, Global sourcing too has lots of benefits but a miscalculated step in this arena can lead to huge business losses. Still, the concept has already taken off in full swing and will sure be increasing.

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Australia
|Kapil Jain (PGDM-IB 10-12)
Australia, officially known as Commonwealth of Australia is an independent nation within the Commonwealth. It is a country located in the Southern Hemisphere which comprise the mainland of the Australian continent, the island of Tasmania and numerous smaller islands in the Indian and Pacific Ocean. The capital of Australia is Canberra, which is in the Australian Capital Territory (ACT). History The first inhabitants of Australia were the Aborigines, who migrated there at least 40,000 years ago from Southeast Asia. There may have been between half a million to one million Aborigines at the time of European settlement; today about 350,000 live in Australia. Australia is still part of the British Commonwealth. Society and Culture Even today, Australia is heavily influenced by its British and European origins. Although Australia has no official language, English is so entrenched that it has become the de facto national language. Australia has no state religion. Freedom of religion is protected under Australian constitution with 19% of population following no religion and the rest follow mostly Christianity. All children receive 11 years of compulsory education from the age of 6 to 16 (class 1 to 10), contributing to an adult literacy rate that is assumed to be 99%. Culture has been strongly influenced by the Anglo-Celtic western culture. Weather Much of Australia has a continental climate. The temperatures get hot during the day, and then drop considerably at night. Australia is also very arid and gets very little rain. Political System Australia is an independent nation within the Commonwealth having Federal Parliamentary Democracy. Queen Elizabeth II of the United Kingdom, the head of the Commonwealth and the hereditary monarch, is the head of state and is represented in Australia by a governor-general. The governor-general is appointed by the monarch on the recommendation of the prime minister and head of government. The governor-general represents the monarch's interests in Australia. Currency Australia has had a freely floating currency since 1983. The Reserve Bank of Australia (RBA) restricts its intervention in the currency market to smoothing out short-term disturbances, in the form of currency buying and selling operations, rather than attempting to fix the value of the Australian dollar or offset underlying market trends. Economy Australia is the 13th largest economy in the world according to nominal GDP (current

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prices) and the 17th largest according to GDP (PPP). In the past two decades, Australia has enjoyed a period of uninterrupted economic growth an average of 3.3% in real GDP growth annually. In 2010, Australias GDP was distributed as follows agriculture (3.8%), industry (24.9%), services (71.3%). As with most advanced economies, Australia has a dynamic service sector. This includes industries such as banking, insurance and finance; the media and entertainment industries; consulting, tourism and retail; services provided by government, such as education, health and welfare; and other personal and business services. While the service industry remains the backbone of Australias economy, Australias mining industry has been the catalyst for economic growth in the past decade. Large quantities of minerals and resources can be found in Australia. Australia has the worlds largest resources of recoverable brown coal, lead, zircon, nickel, tantalum, uranium and zinc, and ranks second in the world for bauxite, copper, gold and silver. Today, Australia is ranked 19th in the world for both imports and exports. Foreign Relations Along with their relationship with China, Australia holds multiple free trade agreements with numerous other countries such as the US, Singapore, Chile and Thailand. However, Australias most notable trade partner is New Zealand. The Australia New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) has greatly integrated both economies and there are now plans to create a single Australasian economic market by 2015. Australia is also member of numerous organizations such as APEC, the G20, WTO and OECD. Time Zone Difference Australia is 4.5 hours ahead of India.

Business Opportunity Australia was ranked third in the 2011 Economic Freedom Index behind Hong Kong and Singapore and continues to provide an ideal environment for business. Australian interest in India and Indian business has phenomenally grown in the past few years. Apart from the cost advantage, Australia's extensive skill shortage has been the major driver for many Australian companies seeking products and services from India. In the past two years, over fifty Indian companies have also set up offices in Australia and are doing business successfully. The agriculture sector in India can capitalize on the Australian post-harvest technology and highly sophisticated farm management system to bring down the

losses, which were 30% to 40 % and can achieve self-sufficiency in the sector. Huge potential for Indo-Australian cooperation exists in infrastructure development including roads, ports, airports and railways; power sector; mining; oil and natural gas including LNG; biotechnology; drugs and pharmaceuticals; information technology; water management, soil conservation and waste disposal; food processing and agribusiness; film and television; processing of gems and jewelry; tourism; and education.

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India Australia Relations Both countries are members of the Commonwealth, founder members of the United Nations and members of the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), ASEAN Regional Forum (ARF) and dialogue partners with ASEAN. They both have a free press and an independent judicial system; the English language is an important link. Cricket is a significant element in awareness at the popular level. Australia is India's ninth largest source of imports. Over the past five years, India has been the fastest growing market for Australian exports. Investments have been growing rapidly with Australia represented through an increasing Australian company presence on the ground in India, and with increasing investment by Indian companies in Australia, in particular in the resources, IT, infrastructure, manufacturing, financial services, biotechnology, clean energy, tourism and hospitality sectors. Some of the Australian companies operating in India are Cartridge World, INCITE Group, MyFactroy India , Pitcher Partners while some of Indian companies in Australia are Aditya Birla Group, Lanco Infratech Ltd, A.V. Thomas & Co. Ltd, Adani group, Infosys, Tata consulting, Satyam.

Australia mainly exports mined and agricultural goods to India, while India's chief exports are pearls, precious and semi-precious stones, textiles and clothing. Over 97,000 Indian students enrolled in Australia in 2008, representing an education export of a$2 billion. But, in 2009-10 attacks on Indian students strained the relations between the two nations. The full potential of Indo-Australian trade and economic relations has not been realized and there are considerable opportunities towards their consolidation. Road ahead The opportunities in Australia are diverse across multiple industry sectors including long established resource and commodity sectors, as well as relatively recent interest and activity within the services sectors. Australia and India have been working to develop a bilateral free trade agreement focusing on areas of complementarities and working to find balance in areas to be further developed. A feasibility study has been completed for the Free Trade Agreement. Going forward Australia is well positioned to complement Indias strong economic growth.

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External Commercial Borrowing v/s Foreign Institutional Investment

|Ajit Kumar (PGDM-IB 10-12)
External Commercial Borrowings (ECB) refers to commercial loans in the form of bank loans, buyers credit, suppliers credit, securitized instruments (e.g. floating rate notes and fixed rate bonds) availed from nonresident lenders with minimum average maturity of three years. Foreign Currency Convertible Bonds (FCCBs) is an ECB instrument in which a bond issued by an Indian company is expressed in foreign currency, and the principal and interest in respect of which is payable in foreign currency. The recent defaults by a number of Indian companies (especially in the mid-cap segment, where fewer refinancing avenues are available), raise the question whether ECB is a prudent source of financing for the Indian corporate. Through the ECB route, Indian corporates can raise foreign currency at a much lower rate but are exposed to unlimited currency risk if they keep their position vulnerable. However, a fully hedged position will cease to have advantage of the interest rate differential. Currently, an eligible borrower can access ECB under two routes, Automatic route and Approval route. The maximum amount of ECB that can be raised by an eligible borrower under the Automatic Route during one financial year is USD 500 million and the minimum maturity period should be three years. Under the Approval route, an additional of USD 250 million can be raised for a minimum of ten years maturity. Although, ECB is a wildly popular means for raising funds by the Indian corporate at an inexpensive rate, the problem with ECB is that the borrower either carries a high currency risk or bears the cost of the hedging. The other alternative for raising funds by Indian corporate from foreign investors is to allow foreign investors to subscribe to the bonds issued by Indian corporate in rupee denomination. The investor will subscribe to Indian corporate and government bond and can earn a higher rate of return, but at the same time, the foreign investors rather than the Indian borrowers will be exposed to the currency risk. Keeping the above point in mind, the FII limit for investment in corporate bonds has been raised to USD 40 billion from USD 20 billion, as suggested by finance ministry in the 2011 annual budget. To attract FIIs to invest in Indian bonds, its imperative to develop an efficient secondary bond market in India which is currently lacking. The twelfth Five-Year Plan (20122017) estimates an infrastructure spending of USD 1 trillion. The planning commission estimates that there is a gap of $100 billion that needs to be bridged from foreign sources. Hence development of a competitive bond

Development to a competitive bond market is essential for infrastructure development in India

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market is essential for infrastructure development in India, which in turn is essential for sustaining a high GDP growth for a longer period of time. Although the investments in the infrastructure bonds will have a lock-in period of 5 years, but raising the FII limits in corporate bond market is a welcoming step towards market development. The recent introduction of Credit Default Swaps or CDS products to cover the credit risk for corporate bonds is yet another positive move in this direction. CDS would further increase investors interest in corporate bonds and would be beneficial for the development of the corporate bond market in India.

Currently, the total outstanding corporate bonds is just about INR 8 lac crore (or ~15% of GDP) vis--vis INR 22.5 lac crore (or ~40% of GDP) of government securities. Compare this data with other countries, where the outstanding corporate bonds accounts for 61% of GDP in Korea and 37.5% of GDP in Malaysia. India's corporate bond market, about 30% the size of China's, is failing to expand at the rate analysts say is needed for the government to meet its target of building infrastructure. To conclude, it could be said that much more has to be done. Financial reforms like raising the Foreign Institutional Investment caps and introducing CDS are just a few initiatives in that direction.

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Challenges of Communicating with a Global Workforce

|Sushma C S (PGDMHR 10-12)
Globalization and its effects on the corporate business have changed the relationship between employer and employee. this challenge only by adopting new approaches for communicating with the global workforce. Creating an alignment of corporate goals and values become tougher when it has to be done across cultures and borders. It will have to be kept in mind that failure of communication strategy will have a catastrophic effect on the business outcome. With the bar of proficiency rising, the employees need to be trained adequately to take on the challenges of working in a distributed environment. English might prove to be helpful while dealing with clients and customers in the USA and other Englishspeaking nations. The same skill fails to impress when it comes to European nations. Training in other languages becomes a challenge to aid the employee and facilitate him to handle meetings or unexpected matters with confidence. Recruitment for a global workforce also entails a similar challenge where segmenting the targets into clusters and tailoring the communication for each specific group needs to be taken care of. The HR department comes into focus for the development of a framework or strategy to ensure communication in a global scenario. Reinforcing the business strategies, policies and procedures is required in order to drive the message to a global workforce. But it should be made sure that these are in sync with the culture of the workplace and does not hurt any religious or traditional sentiments. Bringing all the departments and support staff on the same page becomes necessary in order to achieve the goals. The local business heads and the HR teams should be actively involved so that they can completely understand the business

The traditional relationship has ended due to changes in management practices which are driven by changes in the environment of the business. Any kind of organizational changefrom introduction of new workforce program to a change in business strategy like a merger or acquisition requires effective communication and trickling down of information from the top level to the lower rungs of employees. With the advent of technology one can see the changes in every sector of management. Although communication has penetrated several levels due to the use of internet and people perpetually being online, it is still a topic of concern not just for the Human Resources Department, but also for the senior management. With the rise of global economy and spread of businesses around the world, teams and managers need to communicate around the world and not just around the corner. Around 70% of the global workforces are knowledge workers and they need to be sustained to have a competitive edge. The organizations face challenges in terms of linguistic, cultural, religious, social and time-zone differences among the global workforce. They can surpass

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messages and effectively relay it to their local colleagues. They can also help in maintaining the consistency of the messages that leave the head office and reach the regional offices. One of the issues that keep re-surfacing in every business is that of engaging the employees for better productivity. Employee engagement in a global workforce attains greater importance because it becomes necessary to work in sync with employees spread across the world. An engaging workforce not only increases the bottom-line, but it also helps in better retention of highperforming employees. Hence, effective communication gets to make or break the situation. Aligning the communication strategy with the objectives of the organization becomes a priority task for the management. Communication is one of the drivers of employee engagement and if done effectively, it can work wonders for the organization. With better leadership interaction, which includes CEO visits to various business units across the globe, the organization can hope to have an engaging workforce which is committed to the organization. But engaging a global workforce entails many challenges. Employee engagement programs that work for one set of employees in a country might prove to be useless with employees of another country. It requires thorough research into the cultural and geographical details of each region to know the employees. Things that motivate employees in India who are collectivistic in nature will be different to those in the USA who are individualistic in nature. The dependency of employee engagement on culture needs has to be driven home by the management in order to succeed in retaining employees. Communication across the business units and departments makes the situation much more complex for the management. Technology plays an inevitable

role when it comes to communication across boundaries. Although technology has helped to reduce the impact of time-zone differences, it greatly depends on the infrastructure available at the various offices. Efficient infrastructure needs to be built in order to make the maximum use of technology for communication. The future-looking managers usually take full advantage of todays technologies in order to conquer the language and culture barrier. Innovations in technology have facilitated the ability to offshore many back-offices and call center services. Though this resulted in reduction of operating expenses, it has given rise to the necessity to train employees in various culturerelated soft skills to cater a varied customer base. In an international business scenario, virtual teams have become a norm and communicating with them is a challenging aspect of the business. A standard format for communication helps to negate the absence of physical contact. Effective implementation of all these approaches depends on training, acceptance of protocols and the personal initiative taken by employees to make it a success. The global workforce is expanding and re-shaping every moment, thus emphasizing the importance and participation of management in effective communication. Consistent transfer of knowledge, expertise and critical capabilities is the most important factor for the success of an MNC. HR becomes the key resource for transferring these capabilities across the business units. Sourcing of right people to fill overseas positions, effective reporting systems for international assignments and preservation of both explicit and tacit knowledge will make the task easier. Ultimately, the most successful companies in the world of business will be the one who can recognize the primary importance of effective communication in a workforce.

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INTERNATIONAL LOGISTICS FACTORS AND TREND SETTERS

| M Iqbal (PGDMIB 10-12)
Introduction Globalization paved way for a myriad of companies opening up in their foreign outlook. The aftermath of the culmination of the Industrial Revolution witnessed large-scale production of commodities and services. Many developed nations produced surplus quantities thereby creating friction in demand. However advancement in technology (particularly transportation) and communication enabled what is called Globalization, a breakthrough phenomenon that broadened the horizons of hundreds of thousands of firms. Initially Foreign Trade was seen as a potential competitive edge for companies, which later transpired to be just another feather in the hat of companies, which now is just an orderqualifying feature of companies. Every other company nowadays is interested in the overseas. Subsequently, logistics and logistics firms are in the limelight, focus on them is gradually increasing when considering the best practicable business options. Another significant merit of the logistics industry (or in that case any service industry) is that the inventory like trucks, carriers, containers etc. (if owned) is a major asset that depreciates insignificantly over time, revenues are consistent, and demand fluctuations are relatively less. In the long run at least, this area promises decent enough prosperity, if established well. European Union, U.S and China have the highest money in foreign trade, with $320 billion, $240 billion and $220 billion respectively. There are 17 logistics companies in the Fortune 500, a tremendous increase from 7 a decade earlier. Some at the top are C.H. Robinson Worldwide, Con-way, Alexander and Baldwin, Hub Group etc. Among the Indian top feature TNT Express, AFL, Gati, Safexpress, Ashok Leyland etc. Theory When we talk about logistics or supply chains, we ought to know the two basic types of supply chain models- Responsive and Efficient supply chains. Responsive type generally caters to the innovative products like jewelry, computer hardware, laptops, sanitary ware etc. that have strict delivery timelines. In this case, cost, optimization of resources like labour and transport overheads and route-economics are

trade-offs. Efficient supply chain type on the other hand has opposite features. Delivery timelines are relaxed but efficiency in the supply chain in terms of cost, labor and other resources is vital. Examples are fundamental commodities like food items having long shelf-life, almost all FMCG products, electronics (not on order) etc. Most of the top end logistics companies have tactically come up with an integration of both types and have done wonders. Such companies manage to provide solutions to any and every logistics issue in the country. They are better explained in terms of another type of supply chain- a flexible one. In a nutshell, deciding the best in the logistics industry is however an exacting pursuit. It

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depends on the products to be transported. There are several parameters on which companies can be evaluated on, like infrastructure of the company, providing endto-end solution, type of supply chain (responsive or efficient), niche, prominence and growth etc. However, as argued by Malcolm Gladwell in his book Blink, a thinslicing approach by narrowing down the parameters to a suitable and optimum filter based on the concerned interests would rather make decision-making easier. Trend Setter 1: Ashok-Leyland

Trend Setter 2: Con-way, Inc

Ashok Leyland pulled in an 89% increase in the net profits and 72% increase in the revenues. Ashok Leyland is related to logistics as being a major player in the transportation of army equipment and military artillery for the Indian Army. Serving as a co-chairman for years for Ashok Leyland, Mr. Hinduja had put in tireless efforts in founding a long-term relationship with the Indian Army, which bore fruit finally. A couple of years ago, Ashok Leyland went into a common venture with Japanese auto giant Nissan Motors which will share a common manufacturing facility in Chennai. With this, Ashok Leyland metamorphosed into a powerhouse of vehicle production with more than 75,000 vehicles produced yearly. This enabled it to flourish in the logistics industry. The Comet 1611 truck largely serves the logistics requirements. Ashok Leyland is an example of an Indian company setting world-class standards and leveraging itself to justify its status quo.

The International Freight and Logistics giant Con-way Inc. is again an inspiration, with 400,000 customers and about 30,000 employees, specialized in LTL (less-thantruckload) to full truckload and truck brokerage. The strength of Con-way reflects in the dominant share of freight and transportation services on the U.S-Mexico route. They also provide a wide range of order winning innovative solutions to business strategies, accelerated order cycle times, tight supply-chain-control, reduced costs, improved inventory fulfillment etc. They have employed the global 3PL solutions that address the most complex supply chain challenges. This is their competency and they justify it by excelling in executing their strengths. Lean logistics with emphasis on mistake proofing and reducing and route-overlap has been their key area of proficiency. Con-way is an example of consistent change-adapting firm, precisely the flexible approach that we discussed earlier in this passage. Final word Supply Chain management has taken a totally novel stance in the recent years with the advent of technological procedures of tracking and GPS. Internationally, if one is looking at making a mark, latest practices need to be deployed on the logistics front. Optimization is a result of a real-time visibility into the supply and delivery chain. The one-size-fits-all approach is getting more and more obsolete and uneconomical. International companies are seeking a keenly tailor-made process for every business situation, simultaneously leveraging a legacy of supply chain experience and a deep bench of technology innovators.

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Alumni Speak!!!
|Editor: Atul Sinha (PGDM-IB 10-12)
a long road ahead where I aspire to walk & run but never stop and for me the wheels which are and shall take me ahead are my basics & concepts learnt at SIMSR. Over the last seven years how have you leveraged your learning pertaining to IB? For two years we learnt concepts in international markets, cultures, business requirements, policies, documentation, strategies and much more. I was lucky to get a campus placement & started with International marketing in pharmaceutical industry. So, what all I learnt, I got a chance to relate from day one of my job. Of course in the beginning you need time to fit in the system and actually contribute but the background is what helps to excel. Switching from Torrent Pharmaceuticals to Sandoz Pvt. Ltd was convenient because the profile of global sourcing here required a person who knew International Business and had worked in international markets. I had both, thanks to PGPIB & SIMSR. Today in global sourcing, I am responsible for strategic sourcing and my understanding of the export policies, export terms and shipping procedures gives me added advantage in negotiating with vendors & making relevant source plans for the business. The case studies & projects we did during the course on cultural attributes, international markets & global issues helped me picking up the global business faster and today when I travel across the globe & interact with stakeholders of my project, who sit in various countries of the world, I feel its easier because of my IB background. I think what helped the most in moving my career was recognition which I carry being a

Ms. Kirti Shukla, alumnus of PGPIB (200204), is currently Manager-API Commercial Global Sourcing at Sandoz Pvt. Ltd. She has also worked with Torrent Pharmaceuticals as Assistant Manager (2004-2006). Postgraduation in International Business led her to start her career in international marketing involving global markets. Following is the excerpt from an interview with her. What were your expectations when you joined PGPIB at SIMSR in 2002? The maximum percentage of students pursuing MBA aspires to be well placed, I was no different. Yes, a course in IB somehow gave wings to my dreams of getting a job which takes me across the world. PGPIB was a very young course when I joined and we were just the 3rd batch. Being a fresher, just out of college, I was nave to the corporate world and for me SIMSR was an institute which I hoped would help me learn basic concepts and prerequisites of business & for sure get me a job. Today I can proudly & happily say that being in IB was one of the best things that happened to me. Even though the course was new, the faculty was excellent & they guided us to the direction of forming a plinth strong enough to build our futures in the competitive corporate world. I am still new to the industry & there is

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student of SIMSR and the IB course that was a step to catch up the escalator of international business. I still have lots to learn but I feel What do feel you should be the capabilities and skills PGDM (IB) students should develop while at SIMSR? Education at a management college is all about concepts & application. Read! Thats the buzz word for everyone - journals, business magazines, articles on international markets, countries, current issues, biographies of entrepreneurs are a great source of learning. Also, stay positive and try to get less distracted. Dont just stick to the college assignments, try and solve case studies available on various websites and magazines,

confident that my learning and my attitude will help me achieve my objectives. make your own groups and discuss them. When applying for jobs try and focus on profiles being offered. Developing something what you have is easier rather than starting from scratch, hence dont rush or panic if you find difficult changing your sector or your package is not great, see what comes your way and how best you can shape out of it. I believe, getting a job is easier but sustaining it & growing in it is what needs efforts. So the first job you get is not the end but the beginning and from there how you mould your career is all up to you.

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International News
|James Ganesh (PGDM-IB 10-12) Many important events took place in Africa in the last one year from unrest in Egypt to Libya`s demand for a separate nation, South Sudan which was recently formed from Sudan. counterparts. Notably Chinese and Indian firms are operating in African continent with different business strategies. A report by the Norwegian People's Aid shows foreign and domestic companies have acquired large amount of rural land through leases with communities and government institutions, at least a tenth of Southern Sudan. Security analysts and humanitarian organizations warned that even as reconstruction gains a footing, this is exposing the country to possible food problems and conflicts in the coming years. Over the past four years, foreign interests sought or acquired 2.64 million hectares (26,400 sq. km) in the agriculture, forestry and bio fuel sectors alone; an area that is larger than the whole of Rwanda. As per World Bank`s report, Africas population is expected to reach 1.4 billion by 2025 and most of the arable land in Africa is already leased to multibillionaires all over the world.

South Sudan got independence on July 9, 2011 following nearly 50 years of war with Sudan and millions of deaths. Independence for South Sudan was declared six years after it signed a peace agreement in 2005 to end a decade-long war with Sudan. Abyei is very rich in oil resources and thus is the controversial region between Sudan and South Sudan; it is still not decided to which country the Abyei region belongs. It is already reiterated by Omer Al-Bashir of Sudan that any attempt by the new state in South Sudan to impose a unilateral reality in the hotlycontested region Abyei could potentially lead to a war with the South. Official language of the country is English as it is one of the largest spoken international language and official language in many countries including India. Sudan has planned to join the East Africa league and India is also planning to have an agreement with East African countries. South Sudan is very rich in oil resources and agriculture. Indians and Chinese firms have already invested a lot in African markets. However, the Indian companies are spending a lot on training local people than their Chinese

Now the point is that how the African countries government will put some polices to develop the people of the country rather than feeding world population at the expense of its own people. MNEs need a close watch on the policies especially distributive risk in the African countries. But chances of a catastrophic political risk are less as African countries started giving importance to international relations and trade.

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MNEs operating in Africa must have a holistic approach in conducting business and must include local people in the operation of the business and should concentrate more on training and developing the local community to have long term presence in African countries.

South Sudan gained independence from Sudan as an outcome of a peace deal that ended Africa's longest-running civil war
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Did you know?

Bretton Woods Agreement
An agreement among IMF countries to promote exchange-rate stability and to facilitate the international flow of currencies

Calvo Doctrine
A foreign policy doctrine that states that the country in which an investment is located has jurisdiction over that investment disputes if any arising with foreign currency are required to be resolved in national courts under national government.

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Sir Richard Branson

|Swati Moolchandani, Swetaleena Das (PGDMIB 11-13)

rules and regulations, and seeing the energy of student activism in the late 60's, he decided to start his own student newspaper and it was an overnight success. This was the stepping stone in his entrepreneurial journey. Richard Branson has created one of the most recognizable brands in the world. In Britain where he focuses much of his attention, Branson has managed to "Virginize" a very wide range of products and services. The variety of business includes Virgin Atlantic, Virgin Megastores, Virgin Books, Virgin Credit Card, Virgin Holidays, Virgin Trains, V2 Music, Virgin Active and Virgin Galactic. There are plenty more businesses that wear the Virgin name throughout the world and there will probably be more to come as Branson is always looking for an interesting business to start. One important element in Branson's success is his belief in delegation. His Virgin record company, now divested, was a perfect example of how he organizes his many ventures. Branson is also inclined towards philanthropy and various initiatives taken by him are a testimony to it. He's pledged the next ten years of profits from his transportation empire (an

A billionaire businessman, Sir Richard Branson is the founder and CEO of the megacorporation known as the Virgin Group. Branson is a harbinger of the Virgin publicity machine and has made himself one of the bestknown businessmen around the world.

Richard Branson was born on July 18, 1950, in Blackheath, London. Branson was educated at Scaitcliffe School (now Bishopsgate School) until the age of thirteen. He then attended Stowe School until the age of sixteen. Although he had suffered from dyslexia since an early age but that did not come in his way to showcase his ability to connect with people.

Virgin Group is an organization driven on informality and information, one that is bottom heavy rather than strangled by top level management.
While in school, he scored terribly in IQ tests and memorizing words were a nightmare for him. Frustrated with the rigidity of school amount expected to reach $3 billion) to the development of renewable alternatives to carbon fuels. Another initiative of his is called

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the Virgin Earth Challenge, where a cash award of $25 million prize goes to the individual who comes up with an economically viable solution to the greenhouse gas problem. Branson is also known for his unique character and leadership styles, one who is not afraid to take risks, and believes that people are the foundation to company's success. He is truly of the people, by the people, for the peopleshowing traits of a democratic leader. He carries a notebook in his pocket all the time just in case he hears something interesting from people that he interacts with on any level be it an employee, friend, business partner or a complete stranger. He feels that good ideas can come from anywhere and anytime. He has said before, however, in spite of the above facts, he always maintained the authority to take top decisions which involved high risk and long term impact. He also stresses on the importance of being a regular guy and making your employees feel important. He feels that praise goes much farther than criticism and he likes to make sure his people that work with him are taken care of. One example of this was when he won a lawsuit against British Airlines and was awarded $500,000 he divided the compensation amongst his staff. Richard Branson has also pen down his thoughts and life experiences in books. Some of his best books include The Adventure of Business, Branson on Branson,

Losing My Virginity: How I've Survived, Had Fun and Made a Fortune Doing Business My Way to name a few. During his career his efforts have been recognized and awarded. He has been felicitated with esteemed awards like an honorary degree of Doctor of Technology from Loughborough University in 1993. Branson was awarded with the Knighthood in 1999 for his contribution to entrepreneurship. In January 2011 Branson was also awarded the German Media Prize (organized by "Media Control Charts"), previously handed to former U.S. president Bill Clinton and the Dalai Lama. Branson is full of passion and believes in living life to the fullest. Since 1985 he has been getting his adrenaline rushes through world record breaking attempts by boat and hot air balloon. Several distance and speed records have been attempted and achieved, but his attempt to be the first person to circumnavigate the world in a hot air balloon was never achieved. Branson makes each record attempt a media event with his Virgin logo prominently displayed during every launch, which has been an excellent source of free advertising and brand placement for Virgin. "Sometimes I do wake up in the mornings and feel like I've just had the most incredible dream. I've just dreamt my life."- Richard Branson

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Events at International Business Society @SIMSR

On 7th July 2011, we had the privilege of attending an interactive session with Mr. Prabhakar Dalal, Executive Director at EXIM bank. Mr. Dalal with his varied experience and expertise on Indian Banking Sector enriched our learning to a very large extent. He also shared with us anecdotes which were not only relevant but also served as food for thought, for students who would be future managers. He also took up questions pertaining to the topics covered and attended them in great detail from a government institutions standpoint.

Mr. Prabhakar Dalal with Prof. C. P. Joshi

We had with us at SIMSR, Mr. KCP Patnaik; Commissioner of Income Tax Department, to talk on International Transfer Pricing and International Taxation on 23rd July 2011. His vast knowledge of the subject augmented our classroom learning, and as students of International Business we could relate even better with the topics he touched upon. The students also enthusiastically interacted with him, getting better insights into International Transfer Pricing. Prof. CP Joshi, Program Coordinator, PGDM (IB) and Dr. R. K. Pattnaik, Faculty SIMSR participated in this interaction.
Mr.K.C.P.Patnaik

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