New Delhi, Oct. 12 (Xinhua/unb) -- With its rapidly growing economy and geographical advantages, India is now becoming an important destination for Chinese investors going global.
Unlike traditional China-India cooperation, which was mainly in the field of import and export trade, industrial synergizing has come to the fore as a new trend of cooperation between Indian enterprises and their Chinese partners.
The development of Paytm, now India's largest mobile e-commerce platform, is an epitome of the emerging trend.
According to Vijay Shekhar Sharma, the founder of Paytm, just three years ago, his company was only a mobile payment company with just 25 million users and limited application scenarios.
Now, strategic cooperation with Ant Financial Services Group, a major Chinese e-commerce company, has made quite a difference.
Based on the similarities between the Chinese and Indian markets in population structure, consumer habits and business scenarios, Ant Financial Services brought Paytm a development strategy already proved effective in the Chinese market.
Paytm has now become one of the world's most popular e-wallet applications with over 300 million users, covering a wide business scope including online recharge, ticket booking, bill payment and entertainment.
Paytm has become a powerful e-payment platform in the daily life of the Indian people, who can enjoy the benefits and convenience of this digital time, said Sharma.
Such a new trend of China-India cooperation has also emerged in the manufacturing of home appliances.
After a process of localization, New Delhi-based Haier India, a subsidiary of Chinese home appliances maker Haier Group, now produces products designed for Indian consumers.
"At the earlier stage, we imported home appliances products from China and sold them to local customers, and it was a failed strategy," recalled Huang Decheng, product director of South Asia of Haier Group. "The Indian market is different from the Chinese one; just import and sell is not enough."
In 2007, Haier India shifted its business model from being a trader to becoming a localized manufacturer. Based on its strong research and development capacity, Haier India has succeeded in producing home appliances tailored for the Indian market.
In 2015, Haier India started making air conditioners featuring rapid refrigeration. In 2017, it introduced the intelligent inverter air conditioner into India. In 2018, Haier India added the self-cleaning function to the air conditioners sold to its Indian customers.
"Such a chain of manufacturing is tailored for India, and our products are quite popular with local customers," Huang said.
Enhancing synergy between research and development on one end and manufacturing on the other plays a decisive role in enabling the new form of cooperation to yield positive results.
In 2012, Kingfa Science & Technology Limited, a Chinese company focusing on research, production and sales of high-performance materials, established Kingfa India, after acquiring a modified plastics manufacturer in the southern Indian city of Chennai.
By combining the local manufacturing capacity and the Chinese material technology, Kingfa India has now turned an insolvent company into a leading material manufacturer in the local market and has expanded its business to New Delhi and Pune.
The key to the success is to converge the strengths of both sides, said Bai Jingen, general manager of Kingfa India. "The combination of advantages helps the company grow strong in the Indian market."
Dhaka, Oct 11 (UNB) – Describing the governemnt as investment friendly, Industries Minister Nurul Majid Mahmud Humayun on Friday urged British-Bangladeshis to invest in the country.
He made the call while adressing the third British-Bangladeshi business award giving ceremony at New Bingley Hall Convention Center at Bermingham, the industries ministry said in a statement on Friday.
He mentioned that the government constructed a hundred economic zones, deep sea ports and nuclear power plants. He said the government created positive environment for domestic and foreign investement by implementing various development projects.
Minister Humayun stressed the necessity of modernisation and automation in industrial sector and urged them to come forward to invest in Bangladesh so that both countries can be benifited.
Desh Foundation UK, a platform of British-Bangladeshis, organised the programm where local city mayor, British parliament member and renowned Bangladeshi businessmen were present.
London, Oct. 11 (Xinhua/UNB) -- Britain's Financial Conduct Authority (FCA) announced Friday that it has fined inter-dealer broker Tullett Prebon (Europe) Limited 15.4 million pounds (about 19.34 million U.S. dollars) over the firm's failed management.
Tullett Prebon's Rates Division had "ineffective controls around broker conduct" between 2008 and 2010, according to a statement issued by the watchdog.
"Lavish entertainment and a lack of effective controls allowed improper trading to take place, including 'wash' trades (a 'wash' trade involves no change in beneficial ownership and has no legitimate underlying commercial purpose) which generated unwarranted and unusually high amounts of brokerage for the firm," said the FCA.
The regulator stated that the firm's senior management "wrongly believed sufficient systems and controls were in place," while systems and controls "were not used or directed effectively."
The serious failings would "undermine the proper function of wholesale markets," the FCA noted.
Mark Steward, executive director of Enforcement and Market Oversight at the FCA, said "The market performs important public functions and is not a private game of self-enrichment."
"While these trades did not mislead the market, nor amount to market abuse, the wash trades were entirely improper, undermining the proper function of the market," Steward said.
"Senior management and compliance were cocooned from seeing the misconduct, and systems and controls failed to probe broker conduct, even when warning signs were visible," Steward added.
According to the FCA, Tullett Prebon also breached Principle 11 of the FCA's Principles for Businesses by "failing to be open and cooperative with the FCA" between August 2011 and October 2014.
Tullett Prebon is one of the world's leading inter-dealer brokers, mainly operating as an intermediary in the financial, energy and commodities markets, with offices in 24 countries and regions worldwide.
Beijing, Oct. 11 (Xinhua/UNB) -- China has set a clear timetable for allowing full foreign ownership of financial service companies, the country's securities regulator announced Friday.
Foreign ownership limits on fund management firms will be lifted starting April 1 next year, the China Securities Regulatory Commission said in an online statement.
Shareholding caps on foreign investors currently faced by brokerages will be scrapped from December 1 next year, the statement said.
In July, the country announced a move to end foreign ownership limits on brokerages, fund management firms as well as futures companies in 2020, a year earlier than originally planned as the country speeds up its financial opening-up.
Beaverton, Oct 11 (AP/UNB) — Nike says it is closing its Oregon Project track and field program following Alberto Salazar's four-year ban.
Nike says "uninformed innuendo and unsubstantiated assertions has become an unfair burden for current OP athletes. That is exactly counter to the purpose of the team. We have therefore made the decision to wind down the Oregon Project to allow the athletes to focus on their training and competition needs."
Salazar was banned last week for possessing and trafficking testosterone while coaching top runners at the Nike Oregon Project, an elite training program bankrolled by the company that was launched in 2001.
Salazar is appealing against the decision.
Nike says "we will help all of our athletes in this transition as they choose the coaching set up that is right for them. We will continue to support Alberto in his appeal."