Posts tagged ‘chief executive officer’

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15/12/2016

PepsiCo CEO Indra Nooyi Is Latest Indian American to Sign Up to Help Donald Trump – India Real Time – WSJ

Chairman and CEO of PepsiCo. Indra Nooyi is the latest Indian American to be hand-picked by U.S. President-elect Donald Trump to advise him and help him run the country.

Ms. Nooyi’s appointment to his strategic and policy forum was announced Wednesday by Mr. Trump’s transition team as one of three new appointments to the 16-member group. SpaceX Corp’s Elon Musk and Uber Technologies Inc.’s Travis Kalanick were the other two appointments.

The forum will be called upon to meet frequently with Mr. Trump to discuss his economic agenda.“America has the most innovative and vibrant companies in the world, and the pioneering CEOs joining this Forum today are at the top of their fields,” Mr. Trump said in a news release. “My Administration is going to work together with the private sector to improve the business climate and make it attractive for firms to create new jobs across the United States from Silicon Valley to the heartland.”

Seema Verma, president and founder of SVC Inc. arriving at Trump Tower on November 22, 2016 in New York City.

Mr. Trump last month nominated Indian-American Seema Verma, CEO and founder of SVC Inc ., a U.S.-based health policy consulting company to serve as Administrator of the Centers for Medicare and Medicaid Services. “She has decades of experience advising on Medicare and Medicaid policy and helping states navigate our complicated systems,” he said.In November, Mr. Trump picked South Carolina Gov. Nikki Haley who is Indian in origin to serve as U.S. ambassador to the United Nations.

Ms. Nooyi, who was born in Chennai, India and later went to Yale University to study public policy and management, will have a direct line, along with others in the group, to Mr. Trump to advise him on economic policy, job creation and productivity, said the release.

Source: PepsiCo CEO Indra Nooyi Is Latest Indian American to Sign Up to Help Donald Trump – India Real Time – WSJ

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03/10/2016

China’s Yuan Just Joined An Elite Club Of IMF Reserve Currencies

China’s yuan joins the International Monetary Fund’s basket of reserve currencies on Saturday in a milestone for the government’s campaign for recognition as a global economic power.

The yuan joins the U.S. dollar, the euro, the yen and British pound in the IMF’s special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. It marks the first time a new currency has been added since the euro was launched in 1999.The IMF is adding the yuan, also known as the renminbi, or “people’s money”, on the same day that the Communist Party celebrates the founding of the People’s Republic of China in 1949.

“The inclusion into the SDR is a milestone in the internationalization of the renminbi, and is an affirmation of the success of China’s economic development and results of the reform and opening up of the financial sector,” the People’s Bank of China said in a statement.

China will use this opportunity to further deepen economic reforms and open up the sector to promote global growth, the central bank added.

The IMF announced last year that it would add the yuan to the basket, so actual inclusion is not expected to impact financial markets. But it puts Beijing’s often opaque economic and foreign exchange policy in the international spotlight as some central banks add yuan assets to their official reserves.

Critics argue that the move is largely symbolic and the yuan does not fully meet IMF reserve currency criteria of being freely usable, or widely used to settle trade or widely traded in financial markets. U.S. Republican presidential nominee Donald Trump has said he will formally label China a currency manipulator if he wins November’s election.

China stunned investors by devaluing the currency last year and the yuan has since weakened to near six-year lows, adding to worries about already feeble global growth.

Some China watchers also fear that Beijing’s commitment to further market opening and financial sector reforms will fade after its diplomatic success, despite repeated reassurances from Beijing it will continue with the process.

U.S. Treasury Secretary Jack Lew said on Thursday the yuan was “quite a ways” from true global reserve currency status. The new IMF status recognizes the “enormous” change in China in the last 10 years that had made the yuan more open, but Beijing still had work to do to make its currency and its economy more market-driven, he said. “Being part of the SDR basket at the IMF is quite a ways away from being a global reserve currency,” he said.

Capital Economics said inclusion of the currency in the IMF’s SDR basket will have minimal impact on foreign demand for yuan assets, so “offers little support” for the currency.“

If anything, the risk is that official intervention to keep the renminbi stable ahead of its inclusion will subsequently be paired back, allowing for renewed deprecation,” it said in a research note.

The IMF on Friday fixed the relative amounts of the five currencies in the basket for five years, based on their average exchange rates over the past three months.

Source: China’s Yuan Just Joined An Elite Club Of IMF Reserve Currencies

Posted in China alert, Economics, Reserve currency | 1 Comment »

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21/10/2014

Schindler Raises Profit Forecast as China, India Grow Faster – Businessweek

Schindler Holding AG (SCHP) raised its full-year profit forecast after the Swiss elevator maker’s nine-month earnings were boosted by rapidly expanding sales in China and India.

Schindler increased its net profit forecast by 15 million francs ($16 million) to as much as 865 million francs, supported also by the consolidation of Chinese subsidiary XJ-Schindler and the sale of land in Switzerland. Ebikon-based Schindler stuck to a prediction of 6 percent to 8 percent sales growth in local currencies.

Silvio Napoli, who became chief executive officer in January after almost six years as head of Schindler’s Asia-Pacific business, was promoted as the Swiss company expands operations in Chinese and Indian markets, where it predicts sales of elevators will grow fastest over the next decades. Schindler is far exceeding market growth in each of these countries, the company said today.

Nine-month net income gained 91 percent to 703 million francs, while sales rose 3.2 percent to 6.7 billion francs.

Earnings at Schindler, a company with a market capitalization of $15 billion, bucked a more subdued outlook among European industrials. Royal Philips NV Chief Executive Officer Frans Van Houten said yesterday that the maker of health-care equipment and light bulbs is facing sustained softness in a number of markets such as China and Russia, after reporting quarterly earnings that missed estimates.

The Schindler and Bonnard families, along with related parties, hold 67.3 percent of the voting rights in the company which dates back to 1874.

via Schindler Raises Profit Forecast as China, India Grow Faster – Businessweek.

Posted in China alert, Chindia Alert, Economics, growth, India alert | Leave a Comment »

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22/01/2014

China’s Real-Estate Investment Boom Set to Continue in 2014 – China Real Time Report – WSJ

Chinese real-estate investors made a name for themselves abroad in 2013, picking up big-ticket projects from New York to London, and that momentum is poised to pick up this year.

“In the late 1980s, we noticed every second deal was done by the Japanese, and in the 1990s, it was investors from the Middle East,” said Alastair Hughes, chief executive officer of Asia Pacific at property consultancy Jones Lang LaSalleJLL +1.99%. “We’re seeing the beginning of such a wave in China.”

Chinese outbound commercial real-estate investment is estimated to exceed $10 billion this year, after it doubled to $7.6 billion last year from 2012’s $3.3 billion, according to data from Jones Lang LaSalle. Rival brokerage Colliers International is more bullish, saying it expects Chinese investors to spend at least twice as much on overseas property assets this year as last year.

“Chinese investors are very active in every major market in the world, and part of that has to do with government policy on overseas investment becoming less restrictive,” Mr. Hughes said.

Aside from the stronger yuan, which makes purchases abroad cheaper, Chinese investors also are heeding the old adage don’t put all your eggs in one basket.

via China’s Real-Estate Investment Boom Set to Continue in 2014 – China Real Time Report – WSJ.

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Posted in China alert, Economics, outward investment | Leave a Comment »

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