Mumbai: Global advertising giant WPP Group has announced that Miles Young, chairman of Ogilvy and Mather Worldwide AsiaPacific, has been appointed global CEO of The Ogilvy Group, the world’s third largest agency group, succeeding Shelly Lazarus who has led the company for 11 years.
Lazarus will remain chairman of The Ogilvy Group. Both appointments become effective 1 January 2009. Miles Young, 53, is one of Ogilvy’s stellar performers.
For the past 13 years, he has run Ogilvy in Asia-Pacific, building it into the clear industry leader in the world’s fastest growing region: in India and China as market leaders; in Japan as a now prominent player; and with strong success in Korea, Vietnam, Indonesia and Thailand, not forgetting the creative powerhouse of Ogilvy’s Singapore hub.
In the past five years alone, the Ogilvy Asia-Pacific region has almost doubled in size to a $500 million (Rs2,115 crore) revenue business.
Interest subsidy on loans being finalized
New Delhi: The ministry for human resource development (HRD) of the that oversees education is in the final stages of approving a central sector scheme, which would provide interest subsidy on educational loans, HRD minister Arjun Singh said on Wednesday. Singh, who was addressing a two-day conference of education ministers, also said his ministry was planning to launch a national education mission with broadband connectivity in all institutions of higher education. Pallavi Singh
IIPM petition: AICTE to reply on 23 Aug
New Delhi: Adjourning a hearing on a petition moved by the Indian Institute of Planning and Management (IIPM) against the All India Council for Technical Education (AICTE), the Delhi high court has asked the regulatory body for technical education to file a reply by 23 August. After a legal battle with the University Grant Commission (UGC) last month, IIPM moved the court against the AICTE order of 30 June asking the institute to shut down as its courses were not approved by the council.
Filing a petition before justice G.S. Sistani, IIPM challenged the notice alleging it was issued with an “ulterior motive”. Seeking a direction to set aside the council’s notice, the institute also cited a high court order directing the UGC to remove IIPM’s name from its list of ‘fake universities’. IIPM’s tussle with regulatory authorities dates to October 2005 when both UGC and AICTE raised objections over IIPM using the term ‘Indian Institute’ as part of its name. Pallavi Singh
Tata Capital, HDFC, ICICI to buy stakes in asset co
Mumbai: International Asset Reconstruction Co. Pvt. Ltd, or Iarc, is raising Rs90 crore by offering equity and convertible preference capital to a clutch of investors including Tata Capital Ltd, the Tata group’s financial services arm and two overseas entities—Standard Bank Plc., UK, and FMO of Netherlands, a development bank.
According to people familiar with the development, both Standard Bank and FMO have got the approval of India’s foreign investment promotion board for this investment. Both the entities are picking up 8.4% stake each now and on conversion of preference shares in 2011, their stakes will go up to 9.78% each. Tata Capital’s current stake will be 11.65% and it will go up to 13.56%.
Housing Development Finance Corp. Ltd and ICICI Bank Ltd are also picking up stakes in Iarc. Finance professionals Arun Duggal and M.S. Verma along with Citi Union Bank Ltd and the erstwhile Centurion Bank of Punjab Ltd had set up Iarc last year. Staff Writer
UnitedLex raises $6 mn from Canaan, Helion
Bangalore: Legal process outsourcing firm UnitedLex has raised $6 million (Rs25 crore) from Canaan Partners and Helion Venture Partners, in its second round of fund raising. Helion has invested about $2 million, while the rest has come from Canaan Partners.
In its first round, the firm had received an investment of about $2 million from Helion last year. “We participated in the company’s second round of fund raising as we did not want to reduce our ownership in UnitedLex,” said Rahul Chandra, director, Helion Venture. With the current corpus, US-based UnitedLex plans to expand and strengthen its operations in India. Deepti Chaudhary
Zee Entertainment net profit nearly doubles
New Delhi:Zee Entertainment Enterprises Ltd, one of India’s largest media and entertainment firms by market cap, said consolidated net profit rose 98% year-on-year to Rs160.7 crore for the quarter ended 30 June on account of robust growth in advertising and subscription revenues.
Total income grew 38% to Rs569.7 crore, while expenditure grew 45% to Rs403 crore. Ad revenues rose 37% to reach Rs279.8 crore, while revenue from subscription grew 28% to Rs215 crore. Staff Writer
Trai proposes changes in telecom tariff structure
New Delhi:The Telecom Regulatory Authority of India (Trai) proposed modifications in the telecom tariff structure and has invited public comments by 31 July.
Among the proposed modifications is an increase in the minimum protection period available to mobile phone users from any hike in tariffs to 12 months from six months of taking a connection. If the rate is reduced, it should be available to all subscribers, Trai has suggested. Trai has placed the draft Telecommunication Tariff Order 2008 on its website (www.trai.gov.in). R. Jai Krishna