New Delhi: Mid-Day Multimedia Ltd, the Mumbai-based publisher of the eponymous tabloid, on Wednesday named group chief financial officer (CFO) Manajit Ghoshal as chief executive of its wholly owned subsidiary Mid-Day Infomedia Ltd.
Ghoshal will retain his position as group CFO, while Anand Sutaria has been named CFO of Mid-Day Infomedia.
“Our goal is to transform from a strong single-city, single-media brand to a strong multi-city, multi-media brand,” Ghoshal said. On 4 August, the paper’s Pune edition — its fourth, after Mumbai, New Delhi and Bangalore—will be launched, he said, adding that the firm could possibly launch another edition this calendar year.
The restructuring is part of a plan to bring in a strategic partner into Mid-Day Infomedia, which handles print, mobile and Web businesses. He said the firm was in advanced stages of talks with potential investors.
- Staff Writer
BEML gets Rs207 cr order in Indonesia
Bangalore: State-owned mining and construction equipment maker BEML Ltd said it won orders worth Rs207 crore to supply hydraulic excavators, rear dump trucks and bulldozers to two mining firms operating in Indonesia.
BEML would supply equipment worth Rs158 crore to Indonesian coal miner Pt Fazar Bumi Sakti. Under the other deal, it would supply equipment valued at Rs49 crore to the coal mines of Singapore’s Far East Resources and Mining Co. Pte. Ltd at Tarakon in Indonesia. BEML also plans to establish a sales office cum repair facility at Balikpapan in Indonesia in three months in order to service these customers, a statement from the company said.
- Raghu Krishnan
Spencer’s says hawkers force more restrictions
Kolkata: RPG Enterprises’ retail arm Spencer’s, which opened a 36,000 sq ft store in south Kolkata on Monday, said it was forced to accept more restrictions by agitating hawkers and traders.
According to a Spencer’s statement, these restrictions would “inconvenience consumers significantly”. “These conditions are forcing our customers to spend more during high inflation,” Spencer’s said on Wednesday.
Before opening the outlet, Spencer’s had bought peace with hawkers by agreeing not to sell men’s or women’s clothes worth below Rs300 and to restrictions on sale of vegetables.
But hawkers forced their way into the store on Tuesday to check whether the restrictions were being followed, the company said in statement on Wednesday.
Hawkers alleged that Spencer’s wasn’t adhering to the restrictions imposed on it, and forced the company to meet the city’s mayor Bikash Ranjan Bhattacharya, who had earlier brokered peace between them. After the meeting with the mayor the retailer was forced to accept more restrictions, the company said.
- Staff Writer
India to lead growth of middle class: O’Neill
New Delhi: India is likely to become the driver of middle-class creation over the next decade as globally 2 billion more people may join the category by 2030, narrowing the inequality among populations, according to Jim O’Neill, chief economist at investment bank Goldman Sachs Group Inc.
“We are in the middle of an unprecedented explosion in what might be considered a ‘world middle class’,” said O’Neill, who had coined the term Bric to group fast growing emerging economies of Brazil, Russia, India and China. He defines middle class as those with annual income between $6,000 and $30,000.
In a report titled ‘The Expanding Middle: The Exploding World Middle Class and Falling Global Inequality’, O’Neill said the rate at which China is adding to the middle class globally — half of those entering the group in the past decade — will probably peak in the next few years as average incomes there rise.
In India, where the percentage of the middle class increased from 1% in 2000 to 5% now, a vast majority of the population will be in this group by 2040. In comparison, 70% of China’s population will have that status by 2020, it says.
Even without India and China, the growth of the middle class will be significant. “Already by 2020, one-third of the new entrants to the world middle class will come from outside China and India. And this percentage could reach half by 2030.”
- Staff Writer