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  • MONEY & RATES BANKING & FINANCE INFORMATION TECHNOLOGY ADVERTISING & MARKETING INTERNATIONAL BUSINESS

    In Brief

    Fortune WorldECONOMY & POLITICS

    RNI NO:KARENG/2010/353381 VOL : 3 ISSUE.NO.963 DAILY BANGALORE,INDIA 23 MARCH 2013 Pages - 4 $.1/-USD

    22 March 2013:BP an-nounced today that it in-tends to carry out a sharerepurchase, or buy-back,programme with a totalvalue of up to $8 billion.Todays decision to buyback shares follows thecompletion yesterday of thesale of BPs 50% interestin TNK-BP to Rosneft. Theprogramme is expected toreturn to BP shareholders

    March 22, 2013 12:00 PMEastern Daylight TimeDeepwater projects are lat-est investment in strategicregionSAN RAMON, Calif.--(B.W)--Chevron Corporation(NYSE: CVX) announcedthat its subsidiary ChevronOverseas (Congo) Limitedwill proceed with the jointdevelopment of the Moho

    A lack of consumer confi-dence will pose a "signifi-cant challenge" to smallfirms in the coming year, abusiness group has warned.The Federation of SmallBusinesses (FSB) said thecontinued decline of thehigh street was putting com-panies at risk amid ever in-creasing competition fromsupermarkets and internetshopping.Longer working hours andthe growth of convenienceshopping, as well as theinternet, were putting smallbusinesses at risk, it said.Mike Cherry, policy chair-man of the FSB, told itsannual conference in Le-icester: "Once the highstreet starts to go into de-cline it can be difficult torevive. But with the rightmeasures from councilsand local authorities the tidecan be turned.

    10 Years after the Iraq War began, thebiggest photography exhibition in theworld opens - Leave Us Alone! AnAnti-war Photography Exhibit by NikoGuido between 23rd - 27th Mar '13 atSublime Galleria

    Turkish Embassy Joins Hands With SublimeGalleria to Promote World Peace

    BANGALORE, March 22,2013:Unique Exhibition toShowcase Photographs ofthe Ravages of War in IraqThe Turkish Embassy andthe Sublime Galleria presentan exclusive PhotographyExhibition of eminent hu-manitarian photojournalistNiko Guido who has travelledthe world to highlight theplight of war-torn societies.The heart-rending photo-graphs will be on displayfrom March 23rd to 27th,2013.The exhibition is a partof the anti-war photographyproject to bring to the forethe plight of wounded Iraqicivilians of the Iraq war. Thisexhibition will be held on thesame day (23rd March 2013)in over 8 countries aroundthe world - like USA, UK,

    France, Turkey, etc to namea few, to mark the 10th an-niversary of the Iraq war. Theeffort is an initiative to show-case to the world as to howthe war has affected the livesof the civilians in Iraq and tosay "No to War".AddsUzma Irfan, Founder of theSublime Galleria & Execu-tive Director, Corporate Com-munications, PrestigeGroup, "The travails of warleave behind a steady trailof misery and destruction,while permanently impact-ing the lives of scores of in-nocent in its path. This ex-hibition in association withthe Turkish Embassy is aneffort to highlight this trav-esty and to encouragepeople to think about waysand means for a peacefulworld sans war."I've been to Amman, capitalof Jordan, in 2010 as well aslast year, portraying Iraqi ci-vilians who had plastic sur-geries.Let's be clear: Our brains,fed up by visual media, arenot affected by powerful im-agery as they used to just afew years ago. It is gettingharder every single day forthe documentary photogra-pher to draw attention to theproblems of the World andHumankind.-PhotographerNiko Guido

    Chevron Makes Final Investment Decision on Moho NordJoint Development Offshore Republic of the Congo

    Bilondo Phase 1 bis andMoho Nord projects as thecompany's latest deepwaterdevelopments offshore theRepublic of the Congo. We are proud to partnerwith the Republic of theCongo to develop thenations offshore resourcepotentialMoho Nord is among astrong queue of major capi-

    tal projects that will provideChevron with future growth,said George Kirkland, vicechairman, Chevron Corpora-tion. With the project, wewill enhance our position inthis prolific deepwater ba-sin.Situated approximately 46miles (75 kilometers) off-shore southwest of Pointe-Noire in water depths rang-

    ing from 1,500 to 4,000 feet(450-1,200 meters), theMoho-Nord joint develop-ment is the largest-ever oiland gas project in the Re-public of the Congo. TheMoho Bilondo Phase 1 bisproject includes wells tiedback to an existing floatingproduction unit with a pro-cessing capacity of 40,000barrels of oil per day. Pro-

    duction in the permit areabegan in 2008 with the MohoBilondo 1E development.The Moho Nord project in-volves a tension leg platform,a floating production unitwith a processing capacityof 100,000 barrels of oil perday, and a new 50-mile (80kilometer) pipeline to theonshore Djeno terminal.

    BP to Buy Back $8 billion of Shares, Returning its 2003 Investment inTNK-BP to Shareholders

    an amount equivalent to thevalue of the companys origi-nal investment in TNK-BP.In 2003 BP invested around$8 billion in cash, sharesand assets in the formationof TNK-BP. Over the follow-ing decade BP received atotal of $19 billion in divi-dends from the joint venture.BP sold its interest in TNK-BP to Rosneft, followed bya reinvestment in Rosneft

    shares, for an overall con-sideration of $12.48 billion incash (including $0.71 billionin TNK-BP dividends re-ceived by BP in December2012) together with sharesrepresenting 18.5% ofRosneft. As a result, BP nowholds a 19.75% interest inRosneft.BP Group ChiefExecutive Bob Dudley said:BP is moving on to the nextphase of its business in

    Russia, becoming the larg-est private shareholder inRosneft, Russias leadingoil company. In the processwe have also releasedcash, equivalent to at leastsix years of BPs antici-pated future dividends fromTNK-BP. We look forwardnow to working closely withRosneft and together devel-oping opportunities to cre-ate value for both compa-

    nies.Dudley said that thesize of the proposed buy-back programme, which isexpected to exceed that re-quired to offset the earningsper share dilution expectedas a result of the sale ofTNK-BP, also reflected thereduction in BPs assetbase following its major $38billion divestmentprogramme over the pastthree years.

    Small businesses'placed at risk'

    Legal action is about to belaunched on behalf of morethan 100 workers whosenames appeared on a black-list of mainly constructionemployees.The GMB union said it isabout to launch High Courtaction on behalf of its mem-bers whose names are onthe list and has called for aninquiry to find out what theinformation was used for.The list, containing morethan 3,200 names, was keptby the now-closed-downConsulting Association, andwas used by employers tocheck on workers involved inunion or political activity orthose who raised health andsafety issues.The list, which also includedaround 240 female environ-mental activists, hassparked an inquiry by theScottish Affairs Select Com-mittee.

    Legal action overworkers blacklist

  • FORTUNE WORLD - 23 MARCH 20132 FINANCE WORLD2

    EDITORIAL

    One Gateway Techno Services launches in Hyderabad with Sourav Gangulyas the brand ambassadorIndias first integrated iden-tity management companywill address Rs 10,000-crore market opportunity toprovide solutions for issuesrelating to multiple identitiesMarch 22, 2013, Banga-lore Vishwanath (Vish)Sivaswamy, one of the lead-ing serial entrepreneurs inthe country, today an-nounced the formation andlaunch of his new initiativecalled One GatewayTechno Services Pvt. Ltd.,aimed at addressing the Rs.10,000 crore (estimated)unmet need for identity man-agement solutions and ser-vices. Vish, who is the pro-moter, will be the CEO andthe Managing Director ofthis new company. He alsoannounced that SouravGanguly, one of Indias fin-est cricketers and the formerIndian cricket team captain,will be associated with thecompany as its brand am-bassador. One Gateway

    Techno Services will soonstart rolling out identity man-agement solutions for con-sumers, government andenterprises. With the keyfounding objective beingSIMPLIFY LIFE, the com-pany aims at making aspi-rations accessible for thecustomer.

    Announcing the launch ofOne Gateway Techno Ser-vices, its MD & CEO, Vishsaid, Individuals and busi-nesses (entities) interactand access information,avail privileges, and conducttransactions. Identity is thecurrency of these interac-tions between different enti-

    ties. However, in todaysworld, entities individualsand businesses alike carry multiple versions ofidentities, and most of whichhave limited currency. Man-aging multiple identitiescomes at a cost and an in-creased risk of identity theftand fraud.

    He added, The cost of man-aging identities and the as-sociated risk is borne by theidentity holder as well asother stakeholders such asbusiness establishments,governments, and society atlarge. This situation can besimplified by aligning thecost structure to value deliv-ery. One Gateway TechnoServices will provide uniqueidentity management solu-tions to consumers and es-tablishments that are de-signed to make process ofidentity management faster,more secure, and above allfar more convenient and sim-pler. We believe the quantumof the market opportunity inIndia for such services ismore than Rs 10,000 croreand One Gateway TechnoServices will look to activelyaddress this market. We areplanning to soon come outwith various pilots and solu-tions to test this market.Talking about his associa-

    tion with the brand, Mr.Sourav Ganguly, the formerIndian cricket team captain,said "I am quite proud to beassociated with such aunique business venture.Effective identity manage-ment is becoming a criticalissue as more and moreindividuals engage in vari-ous transactions and seekaccess to services on adaily basis. I am sure OneGateway Techno Serviceswill provide unique