11 Pages 1st DEC 2011 – 7th DEC 2011 www.xedintellect.com

BUSINESS NEWS

ECONOMIC INDICATORS 2 COVER STORY 3 PERSONALITIES OF THE WEEK 4 BUSINESS NEWS 5-8

INTERNATIONAL NEWS 9 MISC NEWS 10 GENERAL AWARENESS 11

NEWS DIGEST…

IN BRIEF

PERSONALITIES OF THE

WEEK

COMPILED BY

CORPORATE INTELLIGENCE

RS/$: 51.4490

GOLD (10g): Rs. 29300.00

(as on 8th Dec 2011)

ECONOMIC

INDICATORS

Dalits venture into

funding to help

community with Rs 500

cr fund

COVER STORY

MISCELLANEOUS

NEWS

Dev Anand Passes Away

After Heart Attack

GLOBAL NEWS

World industrial output up

5.5% despite crisis:

United Nations

XED NEWSLETTER … a weekly news bulletin

THAILAND FLOODS: SUPPLY CHAINS PERFECTLY STORMED

Shobhana

Bhartia

Cyrus Poonawalla

TOP 5 HEADLINES OF THE WEEK

1. Dalits venture into funding to help community with Rs 500 cr fund

2. RBI introduces micro-finance institutions as a new category of NBFCs 3. FSDC to discuss steps to arrest rupee slide 4. World industrial output up 5.5% despite crisis: United Nations 5. Dev Anand Passes Away After Heart Attack in London

ECONOMIC INDICATORS

RS/$: 51.4490 as on 8th Dec 2011 (Source: www.rbi.org.in)

Bullion Rates: Both the precious metals, Gold and Silver, bounced back on Wednesday (7th Dec) on fresh buying by stockists to meet their requirements for the ongoing marriage season amid a firming global trend. While gold rose by Rs 160 to Rs 29,300 per 10 grams, silver shot up by Rs 700 to Rs 56,400 per kg. The trading sentiment turned better as gold gained in global markets on speculation that European leaders are making progress in containing the debt crisis. (Source: www.sify.com)

How many years will it take for income per person to double

Average incomes in developing economies

are growing more quickly than at any

previous time in history according to a recent

report by the McKinsey Global Institute. It

took more than 150 years from the start of

Britain's industrial revolution for GDP per

person (measured at purchasing-power

parity) to double from $1,300 to $2,600.

Around 120 years later, America, with a

similar sized population, achieved the same

feat in a third of the time. China did it in just

twelve. South Korea's GDP per person has

grown rapidly from the $2,600 mark around

1980 to stand at almost $32,000 per person

now. Looking ahead using the IMF average of

growth forecasts for 2011-16, GDP per

person in both China and India could double

from 2011 levels by the end of this decade.

People in the developed economies will have

to wait another quarter century to see their

incomes double.

Cities Gold (10g) Silver (1Kg)

Delhi Rs. 29300.00 Rs. 56400.00

Mumbai Rs. 28870.00 Rs. 56465.00

Chennai Rs. 29060.00 Rs. 56395.00

Kolkata Rs. 29335.00 Rs. 56050.00

COVER STORY - THAILAND FLOODS: SUPPLY CHAINS PERFECTLY STORMED

For a majority of us, Thailand‟s importance stems from its reputation as a leading tourist destination. The recent floods must have spoiled many a travel plans. However, what is becoming increasingly clearer if one even breezes through most pink papers is that these floods have made chief executives in global companies sweat more than any tourist. To put it in terms that the managers in us will understand and wince on listening, the floods will cost the insurance industry anywhere between $8 to$11 BILLION. Food for thought isn‟t it? A disturbing history: Southeast Asia is not untouched by natural disasters or for that matter economic ones. The Malaysia floods in late 2011 is another natural disaster that had some serious consequences. On the other hand, the late 90s Southeast Asian crisis is a case in point when it comes to economic catastrophes and interestingly that particular event also had its origins in Thailand. The crisis began when the Thai Bhat collapsed when it was devalued by the government in the face of financial over extension. Though it shouldn‟t come as a surprise that it was caused at least partly by real estate and foreign debt. The results of that crisis were a body blow that SE and much of the rest of Asia took its time to recover from. Why are we mentioning a decade old crisis now you might ask. The point is that even then it was clear exactly how important Thailand‟s economy was to the overall health of Asian economies. Things haven‟t changed even today. Thailand’s economy, Why it matters:

Thailand exports an increasing value of over $105 billion worth of goods and services annually. A significant number of global firms especially technology and automotive, have their production centres in Thailand. In fact Thailand is an automotive hub for most ASEAN countries with major Japanese car makers having plants in the country. This also means that it is a major hub for car parts makers who supply to the plants in Thailand and abroad. On the electronics front, the hard drive that you are using to store this newsletter was most probably made in Thailand at a Seagate or Western Digital plant. In fact, Thailand is the world‟s second largest producer of Hard Disk

Drives and accounts for nearly 25% percent of global production. Perhaps the country with the highest exposure to Thailand in economic and business terms is Japan whose firms like Toyota, Hitachi, Honda, Canon all have plants in Thailand. Thailand is also better known for its tourism destinations and tourism accounts for roughly 6% of Thailand‟s GDP. The Floods and their consequences: Approximately 600 people died as a consequence of these floods and over 12.8 million were affected. In terms of damages, the World Bank estimates the floods to cost a whooping $45 billion making it the world‟s 4th costliest disaster as of 2011. The insurance industry will not be overjoyed at these numbers. What in fact is even more worrying is that these floods have significantly affected global automotive and electronics industries. The fact that Thailand is a major component supplier (like other Asian Tigers) means that global supply chains have come under even more stress after the Japan earthquake and Tsunami. In terms of direct impact, a large number of Japanese firms will be reporting significant drops in their profits due to production slowdowns and halts thanks to the floods. Western Digital and Seagate both have been severely affected due to plant shutdowns in Thailand though they have managed to restart production at some plants. Though this has meant that Hard drive prices have skyrocketed in the past few months including in India. Thailand is also the world‟s largest exporter to rice and the floods have impacted rice prices across Asia and elsewhere. In terms of other industries though like fishing, other countries like India are likely to take up the slack and in a way benefit from the crisis. The final word: The flood waters are receding but the supply chain issues such crises expose remain to be solved. Some experts are suggesting that Japan might shift its industries to Indonesia and Vietnam, though it is unlikely as the majority of component suppliers are Thai. What is worrying though is that the world is already experiencing an economic slump thanks to the crises in the Euro zone and the US. With Japan still recovering from the Tsunami and earthquake that rocked the country early this year, the question that pundits are beginning to ask is how many more such shocks can the global economy take? Globalization comes with many benefits but it also means that any economic shock in one region has consequences nigh everywhere. This does help in distributing the effects and absorbing the shocks but how long before there comes a shock natural or man-made that finally broke the camel‟s back? And do global firms have the time, resources and talent necessary to create the right contingency plans to deal with the next crisis and even more important, implement them effectively. After all, no one can control when disaster strikes, but our response to them can and that is where human ingenuity must show its power over the all powerful.

PERSONALITIES OF THE WEEK

Shobhana Bhartia: Media Baroness Media baroness and daughter of late K.K. Birla, she chairs HT Media whose flagship news papers Hindustan Times and Hindustan, have a combined circulation of 2.25 mn. HT was started by her grandfather Ghanshyam Das Birla, founder of the Birla empire, at the behest of Mahatma Gandhi who inaugurated it in 1924. The KK Birla family owned 75.36% stake in HT Media. She started off looking after the Sunday magazine and in 1991, she took over as executive director. She looks after editorial as well as financial aspects, and is credited with raising Rs. 400 crore through a public equity launch of the HT Media group in September 2005. Background: She is a graduate of Calcutta University and is married to Shyam Sunder Bhartia, Chairman of the Rs. 14bn Pharma firm Jubilant LifeScience Limited (a spinoff from the earlier chemicals venture Vam Organics). Their son Shamit Bhartia is also a Director at the HT Media group, and also looks after lifestyle businesses such as the Domino's Pizza franchise and also convenience store chain Monday to Sunday in Bangalore. Media career: When Shobhana joined Hindustan Times in 1986, she was the first woman chief executive of a national newspaper and probably one of the youngest. She is considered to be one of the motive forces behind the transformation of the Hindustan Times "into a bright, young paper”. In February 2006, Shobhana was nominated to the Rajya Sabha, the upper house of parliament, on a recommendation by the ruling UPA headed by Sonia Gandhi. She has been quite active in the Rajya Sabha, asking frequent questions and also introducing "The Child Marriage (Abolition) and Miscellaneous Provisions Bill, 2006". In recent times she has taken the company from strength to strength. HT Media's revenues and profitability had grown well above industry levels. HT Media's sales were up 26% over last year, and its net profit rose by a whopping 209%. Its market capitalisation had grown 81% over last year. Its flagship brand, the Hindustan Times has forayed beyond its traditional bastion of Delhi into the fiercely competitive media market in Mumbai. Last year, HT Media debuted in the business daily space, launching its paper Mint, in collaboration with The Wall Street Journal. The company also tied up with Virgin Asia to launch FM radio channels. Cyrus Poonawalla: The makings of a vaccine mogul Dr. Cyrus S. Poonawalla is the Chairman of Poonawalla Group which includes Serum Institute of India, which is an Indian biotech company that manufactures pediatric vaccines. As per Forbes Mar 2011 rankings, Cyrus Poonawalla's networth is $2.3 bn and he is ranked 23rd richest person in India & 512th richest person in the world. His portfolio includes a meningitis vaccine sold in Africa for 50 cents a dose, the world's cheapest 5-in-1 vaccine, costing $1.75 a dose, and a nasal vaccine for swine flu. The company has recently partnered with Merck to jointly develop a vaccine for pneumonia aimed at emerging markets. Background: He did his schooling from The Bishop's School in Pune, and later graduated from Brihan Maharashtra College of Commerce, in 1966. He started his company in 1966 in a corner of his father's stud farm where horses used to be buried. Dr. Poonawalla is married to Villoo and they have a son Adar who is the Executive Director (Operations) at the Serum Institute and is leading Serum's charge into new drugs and markets. He was awarded the Padma Shri for his contribution to the field of medicine, by Government of India in 2005. Journey: As a teenager Poonawala developed a great interest in not only horse breeding but also horse racing and used to bet based on red-hot tips. He found becoming a bookmaker a very lucrative idea. By the age of 20, Dr. Poonawalla realized that horse racing had "no future in the socialist India of the time." He first experimented with cars. Along with his school friend he built a $120 prototype sports car modeled on the D-type Jaguar, but producing it on a commercial basis required more money than they had. Dr. Poonawalla abandoned the idea, realizing that making a product for the masses, rather than India's elite, would be a smarter move. During that time, they used to donate old horses to the government of India Serum Institute (Haffkine Institute in Mumbai) and from that government would make serums for various kind of vaccinations. Dr. Poonawalla figured that he could take up the challenge of meeting the demand for vaccines in the country by extracting the serum from horses himself and producing cheaper vaccines. He and his brother Zavaray, who partnered with him early on, raised $12,000 selling horses and persuaded their father to put up the rest. They set up the venture in 1966 on a 12-acre lot and began producing vaccines. In 1989 Serum Institute began the production of its Measles Vaccine M-Vac and within a year Serum Institute became the country's largest vaccine manufacturer. In the 80s India was made self-sufficient for Tetanus, Diphtheria and Whooping Cough vaccines thanks to the production from Serum Institute. Passions: Dr. Poonawalla has a passion for collecting cars and has a fascinating collection of sports cars and custom-built limousines. He owns a Cessna 560XL Citation Excel jet, Bell 407 helicopter and recently acquired a new Falcon 900EX business jet.

BUSINESS NEWS

1) Dalits venture into funding to help community with Rs 500 cr fund- ET 3 Dec India's Dalit businessmen are pooling together risk capital to set up a venture capital fund for their brethren, the first initiative of its kind in the country. The Rs 500-cr fund, being championed by the Dalit Indian Chamber of Commerce and Industry, will be registered with capital market regulator Sebi by the end of the year. It will open for business in the middle of 2012. The Dalit business community has traditionally faced major hurdles in accessing capital despite the creation of government institutions such as the National Scheduled Caste Finance and Development Corp. "The amounts disbursed are too small — barely Rs 5 lakh — and even that is doled out in instalments. There is no denying the government programmes are designed to help, but they fall short," Babu D Shyam Babu, a Dalit scholar and activist said.

2) RBI introduces micro-finance institutions as a new category of NBFCs- Live Mint 3 Dec

India's central bank said it was introducing microfinance institutions (MFIs) as a new category of non-banking financial companies (NBFCs) following the recommendations made by the Malegam committee that submitted its report in January. The central bank said the NBFC MFI will have to be a non-deposit-taking NBFC having minimum net-owned funds of Rs. 5 cr with not less than 85% of its net assets being under “qualifying assets“. The notification added that net assets will be total assets other than cash and bank balances and money market instruments, while qualifying assets will mean loans satisfying certain criteria. RBI also said that an NBFC that does not qualify as an NBFC MFI will not be allowed to extend loans in excess of 10% of its total assets to the

microfinance sector.

3) FSDC to discuss steps to arrest rupee slide- TOI 5 Dec

Indian authorities will discuss imposing restrictions on overseas investments by local companies and curbing pre-payments of foreign loans to conserve dollars if the recent trend of rupee weakening continues. These measures are among a range of options to be considered by a sub-committee of the high-powered Financial Stability Development Council (FSDC). The falling rupee‟s 18% decline since August has made it the worst-performing Asian currency this year. This is worrying policymakers, not least because a steady drop in the country‟s foreign exchange reserves and a worsening current account deficit make it vulnerable in a tough global environment. “Certain restrictions to prevent outflow of foreign exchange are on the table. Restrictions cannot be ruled out if the situation deteriorates further,” said one financial ministry official privy to the upcoming meeting‟s agenda. India‟s foreign exchange reserves have fallen in recent months, dropping to a nine-month low of $304 billion on November 25. The country had repayment obligations worth more than $100 billion in the 12 months to June 2012, data released earlier this year showed.

4) Indian households hold over $950 billion of gold: Macquarie- ET 5 Dec

India's innate fascination with gold continues as Indian households hold gold worth over $950 bn which in turn is around 50% of the country's GDP in dollar terms. Gold consumption is part of India's culture and tradition and the country is the world's largest consumer of gold, followed by China. Indian households hold 18,000 tonnes of gold which represents 11% of the global stock & worth more than $950 bn, around 50% of India nominal GDP in dollar terms, says global research firm Macquarie. According to Macquarie, 7-8% of India's $329 bn in household savings was held in gold in 2009-10. With gold evolving as a store of value more than an adornment, rising gold prices have also contributed towards increasing Indian households' "perceived wealth".

5) Indian migration remains high despite economic crisis- TOI 4 Dec India not just continues to rank first in terms of remittances from its diaspora, just short of $60 billion in 2010, but has also seen a huge jump in migration of its workers to North America, Europe and the Gulf despite economic turmoil there, says a World Bank expert. "Of late, there is a significant increase in migration of workers from India to North America, notably the US, as also Europe & the Gulf countries," says Dilip Ratha, an expert on migration and remittance issues with the World Bank. "This is a bit surprising because India is doing reasonably well, while the destination countries are in financial trouble," Ratha, who has co-authored the latest World Bank report on remittances and migration, told IANS in an interview over phone from Geneva. "This is probably the reflection of an increased access to information and a rise in the income levels of common people, which has enabled them to buy the air tickets and pay for the migration costs." Ratha said although there are no official figures, the information gathered from Indian embassies and other sources indicate such a trend in migration to different parts of the world. They include young women as well.

6) Amul Sues Nestle for ‘Copying’- ET 6 Dec The „utterly-butterly‟ girl has threatened to drag the Indian arm of Nestle, the world‟s biggest food firm, to court. Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets the Amul brand of milk, butter, cheese and ice cream, has shot off a legal notice to Nestle over trademark infringement of its dairy brand A+, four days after the multinational rolled out a new brand of milk and yogurt called Nestle a+. GCMMF is the country‟s biggest dairy firm with a turnover of Rs. 9,800 crore. The notice, sent by the cooperative‟s lawyers, alleges that Nestle is „guilty of passing off its identical products‟ as those of GCMMF‟s. The Gujarat-based dairy firm has been selling fortified cheese under the brand Amul A+ for over a year,

and high-calcium milk under the label Amul Calci + for almost four years. Nestle India spokesman said: “We own the rights to use a+ as a trademark and therefore do not see why anyone should object to our using it. We have not received any legal notice on our use of a+, and if received, shall respond as appropriate.” 7) Multi-brand FDI on hold, UPA-II’s authority comes under a cloud- ET 6 Dec The government has frozen plans to allow foreign firms into India‟s retail sector, bowing to protests from ally Trinamool Congress, which has upped the ante and put other planned reform measures on notice, potentially dealing a severe blow to the UPA‟s authority. After Trinamool leader Mamata Banerjee announced that the government was set to throw in the towel on the issue, Finance Minister Pranab Mukherjee formally conveyed to BJP-led NDA and the Left parties the government‟s decision to put retail FDI on hold. The NDA and the Left have opposed the opening up of the retail sector. The decision comes as a huge setback to the government‟s efforts to regain the initiative and dispel impressions of indecision and policy paralysis. 8) India faces 'worst' financial crisis- FT 5 Dec

India may face its worst financial crisis in decades if it fails to stem a slide in the rupee, leaving the RBI with a difficult choice over how to make best use of its limited reserves to maintain the confidence of foreign investors. If the central bank is too timid, it risks adding fuel to the ire of portfolio investors, which India relies on heavily to cover its imports tab. Unlike most of its Asian peers, India has recently been running large current account and fiscal deficits. That means it must attract sufficient foreign money, namely U.S. dollars to close the gap & a weaker home currency makes that costlier. This is a perennial problem for India. The current situation is so worrisome because India is grappling with big internal and external economic threats simultaneously. Growth is

slowing. Inflation remains high. Political paralysis has stymied domestic reforms. The rupee, which has dropped 16% in the past 4 months, got a reprieve last week after the world's big six central banks banded together to try to ease dollar funding strains, helping it to snap a four-week losing trend. The drop in portfolio inflows and the hefty current account and fiscal deficits have been a key factor behind the rupee's decline. 9) India’s income inequality has doubled in 20 years- TOI 7 Dec Inequality in earnings has doubled in India over the last two decades, making it the worst performer on this count of all emerging economies. The top 10% of wage earners now make 12 times more than the bottom 10%, up from a ratio of six in the 1990s. Moreover, wages are not smoothly spread out even through the middle of the distribution. The top 10% of earners make almost five times more than the median 10%, but this median 10% makes just 0.4 times more than the bottom 10%. “The main driver has been an increase in wage inequality between regular wage earners—contractual employees hired over a period of time,” says the OECD in a new report on inequality in the developed world and emerging economies. “By contrast, inequality in the casual wage sector workers employed on a day-today basis has remained more stable,” the report said. South Africa is the only emerging economy with worse earnings inequality than India, but it has halved this number since the last decade. 10) Bangalore animators brought ‘Puss in Boots’ to life- TOI 7 Dec

Look out for a long line of Indian names among the rolling credit-list at the end of Puss In Boots, the latest Hollywood animation movie in town. It is the first full-length feature film from DreamWorks Animation that's been done substantially out of India. Some 155 people in Bangalore worked on it for almost two years. The 90-minute movie showcases the best of Indian animation talent. DreamWorks has a team of 200 people at Technicolor, a DreamWorks dedicated unit in the city. Creative director Philippe Gluckman heads the team. Puss in Boots director Chris Miller, who previously directed Shrek 3, remotely supervised the project along with DreamWorks president Joe Aguilar.

11) Indian businesses not prepared for disasters: Regus- ET 6 Dec Most of the companies in the country do not have a recovery plan in place for their vital IT infrastructure during times of both man-made and natural disasters, says a survey. A survey conducted among 400 firms by Regus found that nearly 50% of India businesses are not prepared for disasters and even more, the IT systems of 60% of respondent companies are not ready to return operational within 24 hours of a disaster taking place. It said that a significant proportion of firms are taking a huge risk with their shareholder's assets and failing to take proper precautions. The survey pointed out that catastrophic spate of disasters that occurred this year has driven the issue of disaster recovery to the top of boardroom agendas highlighting the huge cost to businesses that natural disasters and their aftermath can cause. Although these are extreme examples, the consequences of common events such as fires and vandalism can also seriously damage a business. Disaster recovery services help the firms recover infrastructure, keep critical employees and resources online, prevent disruption in communications across organization, preserve business operations and ultimately brand image. 12) At work, Indians fifth most vacation-deprived- TNN Dec 1

India is the fifth most vacation-deprived nation in the world as the average Indian employee does not use a fifth of the total number of paid days leave allocated in a year. The reasons vary from disapproving bosses to affordability, lack of planning and the outlook that vacations are a luxury and not a necessity. The survey is done by an online travel portal. Interestingly called, „2011 Vacation Deprivation study‟, the survey is an annual analysis of holidaying habits of employees in 20 countries, including those in North and South America, Europe, Asia and Australia. Indians get 25 days of leave on an average annually—the highest in the Asia-Pacific (APAC) region—but they do not use up to 20% of vacation days allocated. Even if a leave application has been submitted, holidays are frequently postponed largely for work

related reasons. Koreans led the list with 66% respondents saying that they cancelled or postponed a holiday for work, followed by Indians at 62%. Another telling finding was that 28% Indians said they would prefer getting paid for unused holidays. About 29% said they could not plan holidays due to work pressure. 13) Slowdown Hits Hard as Growth Slumps to 6.9%- TNN Dec 1 India's economic growth slumped to its lowest in more than two years while output expansion at key industries tumbled to a six-year low, prompting Finance Minister Pranab Mukherjee to warn of “hard days” ahead. Growth in GDP, or the value of goods and services produced, dipped to 6.9% in the three months to September compared with 8.4% in the year-ago quarter, as rising interest rates and stubborn inflation crimped demand. Output growth in eight core industries, including steel, cement and coal, dropped to near-zero in October, a sharp decline from 7.2% a year ago, signaling the possibility of a sharp deceleration in industrial growth, given their more than one-third weight in the Index of Industrial Production, or IIP. 14)Hyundai workers stage demo, 23 dismissed employees arrested- The Hindu Business Line Nov 30

Over 20 members of the Hyundai Motor India Employees Union were arrested this morning when they tried to stage a demonstration demanding union recognition and reinstatement. According to union sources, 23 of the dismissed workers were arrested this morning at Sriperumbudur, when they attempted to stage a hunger strike and were let off later in the evening. An official statement from Hyundai Motor India said there has been no production disruption at the factory or untoward incident contrary to reports of an impending labour strife. The dismissed employees courted arrest and were released later.The meager

participation demonstrates Hyundai's stance that the CITU-led union does not have majority support. The management will not take any action against the employees who participated but will counsel them, the statement said. 15) Biyani Sells Future Capital to Deccan Chronicle for 700cr- TOI 7 Dec Retail entrepreneur Kishore Biyani, whose entry into financial services was not as successful as his efforts at creating India‟s largest retail chain, will seek to put an end to his troubles by exiting the business through two separate transactions worth over Rs 1,000 crore. Deccan Chronicle will buy the stake owned by his flagship firm, Pantaloon, in Future Capital Holdings in a surprising and unexpected diversification for the Hyderabad-based sports and media company. The deal, estimated to be worth Rs. 600-700 crore, has been concluded and is likely to be announced shortly, people close to the development said.

16) State-run banks led by State Bank of India to install 40,000 ATMs- TNN Dec 1 State-run banks led by State Bank of India plan to install 40,000 automated teller machines, or ATMs, across the country to widen their reach in what will be the biggest such exercise by local lenders. This time, all the government-owned banks will join hands to install what are known as white-label ATMs, which are not owned by any single bank and where the entire operation is outsourced. SBI has the largest share in

the pie, with 27% of the ATMs, followed by Axis Bank and ICICI Bank, with 8% each. HDFC Bank, Punjab National Bank and SBI's associate banks have a share of 7% each. 17) 1 in 2 farmer households in debt: Study- TNN Dec 2 A National Sample Survey Organisation (NSSO) study found that nearly half of the country's farmer households are in debt. Andhra Pradesh, Tamil Nadu and Punjab are the top three states recording highest percentage of farmers in debt. Of the 89.35 million farmer households in the country, 43.42 million are unable to come out of the debt trap, the report said. AP tops the chart with 82% of farmers in debt, followed by TN (74.5%), Punjab (65.4%), Kerala (64.4%) and Karnataka (61.6%). In terms of numbers, UP tops the list with 6.9 million farmer households in debt, followed by AP (4.9 million) and Maharashtra (3.6 million). The survey, which began in 2003, 'covered 51,770 households in 6,638 villages. Over 50% of the households in debt have taken loans to meet capital or current expenditure for farming, the report said. In a written reply to the LS, Union minister of state for agriculture Harish Rawat quoted the report saying crop failures push farmers into debt trap.

18) Wary of foreign retailers, traders go on strike- Reuters Dec 1

Tens of thousands of small shopkeepers went on strike across India on Thursday to protest a government decision to allow foreign retail giants like Wal-Mart Stores Inc to enter the country's $450 billion retail market. Global supermarket groups see a huge opportunity in India, Asia's third-largest economy with a fast growing consumer class. For millions of shopkeepers, though, the prospect of competing with Wal-Mart and other multinational retail brands is daunting. The BJP and government coalition allies have stalled parliament this week to protest at what they say will be widespread job losses

among millions of small traders. One BJP politician last week threatened to burn down any store Walmart opens in Lucknow. In a country of 1.2 billion people, the protests were patchy. In some BJP strongholds most small business were closed, while in ruling Congress party-dominated cities such as New Delhi the strike was partial.

19) India to get $58 b in foreign remittances: World Bank- The Hindu Business Line Dec 1

Developing countries are expected to receive a total of $351 billion in foreign remittances in 2011, led by India ($58 billion), China ($57 billion), Mexico ($24 billion) and the Philippines ($23 billion), the World Bank has said in a report. In all, worldwide remittances — including those to high-income countries — will reach $406 billion in the current calendar year, according to a newly updated World Bank brief on global migration and remittances. Other large recipients include Pakistan, Bangladesh, Nigeria, Vietnam, Egypt and Lebanon, the report said.The World Bank said though the economic slowdown is dampening the employment prospects for migrant workers in some high-income countries, global remittances are expected to stay on a growth path and are forecast to reach $515 billion by 2014. 20) Rupee fall: Hyundai, Ford, GM, Toyota to hike prices from January- TNN Dec 7

With rupee falling against the US dollar in the recent months, car makers like Hyundai Motor, Ford, General Motors and Toyota Kirloskar will hike the prices of their vehicles by up to three per cent from January 1. The country's second-largest car maker Hyundai Motor India will raise the prices of its vehicles by 1.5-2 per cent from January next year. "The price increase will come into effect in January, 2012. We are in the process of working out the specific increase on the various models. Broadly, the increase will be 1.5-2 per cent across all models," Hyundai Motor India Director Marketing and Sales Arvind Saxena told PTI.

Rising inflation, higher fuel costs and the falling rupee compelled the company to look at a price increase, he added. Of these the rupee depreciation has been putting severe pressure on firms importing a substantial amount of components from overseas. It has fallen drastically over the past few month from the level of around Rs 45 to a US dollar, raising the cost of component imports. The Indian currency fell today by 30 paise to close at 51.71/72 against the US dollar on the Interbank Foreign Exchange today. Ford India also said it will raise prices of its entire range of models by 2-3 per cent from next month.

INTERNATIONAL NEWS

21) London Olympic Games panel to drop £7 m deal with Dow Chemical- The Hindu 2 Dec

Pressure on the organizers of London's 2012 Olympic Games LOCOG is mounting, over a sponsorship deal with Dow Chemicals for a wrap around the main Olympic Stadium. On the 27th anniversary of the disaster at the Union Carbide plant in Bhopal, a growing number of senior British politicians, including 30 MPs, are calling on Lord Coe, the Chairman of LOCOG, to drop the £7-mn sponsorship deal. As part of the British Government's austerity drive, plans for a multi-million pound wrap for the £500-mn main stadium were abandoned last year, but in February the London Organizing Committee, LOCOG, announced it was looking for investment from the private sector. A tender followed, and Dow was picked to make the £7-million 336 panel, 25-m-high wrap for the 80,000-seat stadium.

22) UN says world on brink of another recession, calls 2012 'make or break' year-Business Today 2 Dec

The United Nations has warned that the world is on the brink of another recession, projecting that global economic growth will slow down further in 2012, adding that even emerging powerhouses like India and China, which led the recovery last time, will get bogged down. The UN 'World Economic Situation and Prospects 2012' report has cut the global growth forecast for next year to 2.6% from 4% in 2010. It has called 2012 a "make-or-break" year for the global economy, which will face a "muddle-through" scenario and continue to grow at a slow pace. Growth in developing countries like India and China, which had stoked the engine of the world economy so far, will also slow down to 5.6 per cent in 2012 from 7.5 per cent in 2010. 23) World industrial output up 5.5% despite crisis: United Nations- TNN Dec 1

Global manufacturing output rose in the third quarter of 2011, despite recession fears and eurozone instability, the UN Industrial Development Organization (UNIDO) said in a new report. World industrial production increased by 5.5% from the same period last year, mostly helped by 13% output growth in developing countries. China by itself made up nearly half of the developing world's total output & scored a hike in production of 14.5% from the third quarter of 2010. In contrast, developed countries only increased production by 3.3 percent with growth in the United States at 4.1% and in Europe's industrialized countries at 4.5%, the report said.

24) Why sell uranium to only India, Pakistan asks Australia- TOI 5 Dec A day after Australia's ruling Labor Party approved uranium sale to India, Pakistan has demanded it be allowed to buy the nuclear raw material if the Gillard administration proceeds with sales of yellowcake to New Delhi. Pakistan's High Commissioner to Australia, Abdul Malik Abdullah, said if Australia is willing to export uranium to India then it should sell it to Pakistan as well. "If Australia is going to lift the ban on a country which has not signed NPT (Nuclear Non-Proliferation Treaty) it is much hoped that will also apply to Pakistan the same way," said Abdullah Labor Party yesterday voted to overturn a decades-old ban on uranium sale to India, paving the way for Canberra to supply yellowcake to a nation outside the NPT. Interestingly, Julia Gillard had recently asked Pakistan to do more to combat terrorism and extremism. 25) Pak gave nod for Nato strike?- TNN Dec 3

Did the Pakistani officials mistakenly sanction the deadly Nato strike on their own border outposts killing 24 soldiers? According to a Wall Street Journal report, that is what happened. “Pakistani officials at a border coordination center gave the go-ahead to American airstrikes that inadvertently killed Pakistan troops, unaware that their own forces were in the area”, the paper said quoting US officials‟ brief on the preliminary investigation into the incident. However, Pakistani military officials have maintained that the US officials gave soldiers the wrong location when asking for clearance to attack militants along the border.

MISCELLANEOUS NEWS

26) Cyber attacks on government websites- ET 3 Dec

A barrage of cyber attacks on government websites is compelling the government to develop a counter strategy to deal with countries that are behind these assaults. Government officials suspect Pakistani & Chinese hackers for being responsible for most of these attacks, & have asked security agencies to jointly map out the cyber infrastructure of neighboring countries as part of a 'cyber preparedness' strategy. IT security experts believe that most of the recent attacks on official websites are state sponsored. The Citizen Lab at the University of Toronto, in a report last year, said a clique of hackers based in China had conducted extensive spying operations in India, pilfering confidential documents from the defence ministry. Security company McAfee in August said it had uncovered the 'biggest ever cyber attacks to date' where hackers in a five-year campaign stole information from governments and companies located in the US, Taiwan, India, South Korea, Vietnam and Canada among others.

27) Dev Anand Passes Away After Heart Attack in London-TOI 4th Dec When he was around, even the claustrophobic interiors of Qutub Minar became the most romantic place in the world. There were few women who wouldn‟t have secretly fantasized about swapping places with heroine Nutan in that song, Dil ka bhanwar kare pukar (film: Tere Ghar Ke Saamne, 1963). For a generation of Indian women in the 1950s and ‟60s, Dev Anand was a pin code to heaven. The actor, who passed away after a heart attack on 3rd Dec, at the age of 88 in London, where he had gone for a medical check-up and for the UK release of Hum Dono in colour, was part of the famed trinity of stars who ruled Hindi films in the 1950s and ‟60s; Dilip Kumar and the late Raj Kapoor being the other two. He was impish without being intense and sexy without ever hinting sex. With a screen personality modeled on Hollywood actor Gregory Peck—his then girlfriend Suraiya‟s idea—Dev Anand not only typified the male cool of his era, he also helped define it. 28) India slips to 95th rank on Corruption Perception Index-FT 1st Dec

India's image on tackling graft seems to have gone from bad to worse in the perception of people dealing with the system, with its rank slipping to a low 95 among 183 countries in Transparency International's Corruption Perception Index (CPI). While the debate continues in India over an anti-graft ombudsman, the study by the international watchdog shows the country's image declining consistently over the past three years. This year, the country scores 3.1 on 10, with 10 being the highest score. New Zealand is at the top spot with a score of 9.5 followed by Finland and Denmark. The countries that occupy the bottom ranks in the index are Somalia, North Korea, Myanmar and Afghanistan, which are helmed by unstable governments and conflicts.

29)World’s most expensive road crash- ET 5 Dec Eight Ferraris, a Lamborghini, two Mercedes and about 8-9 Toyota Prius cars were involved in what was described as Japan‟s worst and the world‟s costliest road crash. A pack of 20 supercars were zooming on the wet Chugoku Expressway, when a Ferrari slipped into a highway-rail, leading to the pile-up. The vehicles were worth $4 million (approx Rs 21 crore). An outing of luxury sports car enthusiasts in Japan ended in an expensive freeway pileup — smashing a stunning eight Ferraris, a Lamborghini and two Mercedes likely worth more than $4 million together. A pack of about 20 supercars were zooming on the wet highway to Hiroshima some 130 kms away to the east to a gathering of supercars there. 30) Move to curb offensive content on social media- ET 7 Dec

Kapil Sibal vowed to crack down on cyberspace‟s foul mouths and weirdos who hide behind the cloak of anonymity after companies such as Google and Facebook pleaded that they were unequal to the task of preventing mean and spiteful behavior on the Internet. The communications minister‟s attempt to curb cyber nasties was interpreted by many as an attempt by the government to set itself up as a cyber nanny, earning him heaps of opprobrium on the Internet. But Sibal, undaunted by the criticism or the enormity of the challenge he has undertaken, has decided to confront Internet and social networking companies on the issue of cyber-offenders. The government will frame guidelines to monitor online content for „blasphemous‟ and „objectionable‟ material, the Harvard-educated lawyer said, but did not say how the rules

would be enforced. Sibal himself met executives from Facebook, Google, Microsoft and Yahoo! and showed them a Facebook page that maligned Congress President Sonia Gandhi, saying it was “unacceptable”.

CORPORATE INTELLIGENCE

INDIGO AIRLINES Head Quarters: Gurgaon, India Key People: Aditya Ghosh (President); Rahul Bhatia (MD) Brand ‘India + Go’: IndiGo, a private low-cost Indian airline owned by InterGlobe Aviation, was launched by entrepreneur Rahul Bhatia and US-based investor Rakesh Gangwal. The parent company of the airline is Gurgaon-based InterGlobe Enterprises. Since commencing operations in August 2006, with a service from New Delhi to Imphal via Guwahati, IndiGo has established itself as one of India's leading airlines using its model of efficient, low-cost operations and by attracting customers with low fares. If good branding begins in a name then IndiGo airlines had quite a launch pad, with a play on „India‟ and „Go‟ cleverly couched within the name. IndiGo has become the kind of brand that spawns customer appreciation pages on Facebook, an unlikely acclaim for an Indian airline where service-oriented brands usually get flak for failures, not fans for their flair.

President of IndiGo at 32: At 28, Aditya Ghosh bagged the job of General Counsel for InterGlobe Enterprises and worked on the aircraft deal, when IndiGo ordered its first 100 A320s in 2005. When the 3-year term of IndiGo's first CEO, Bruce Ashby, ended in 2008, IndiGo's promoters Rahul Bhatia and Rakesh Gangwal had no doubt Ghosh was the ideal person to succeed him. Ghosh's lack of a B-school qualification did not matter: they liked his ability to connect with employees and his inherent leadership qualities. Ghosh lived up to Bhatia and Gangwal's expectations, taking IndiGo to just-steps-away from the No. 1 spot in Indian skies in just 3 years. Ghosh‟s „A-ha‟ moments include when IndiGo's first

flight took off in 2005-06 and when IndiGo was named the travel industry's best employer in 2010. The smash hit commercial for the airline, which premiered in March 2010, had the tagline “on-time”, selected from the trinity of tenets that the company rests on (low-cost, on-time, courteous). Following Indian regulations, IndiGo received its license to operate international flights upon completing 5 years of operations, joining peers such as Air India, Jet Airways & JetLite, Kingfisher Airlines and SpiceJet. Its main operational hub is New Delhi's Indira Gandhi International Airport. With a fleet of 46 brand new Airbus-A320 aircrafts, the airline serves 26 cities within India and 5 cities (Bangkok, Dubai, Kathmandu, Muscat and Singapore) internationally with 274 daily flights. Go Indigo: Despite market instability, India's youngest airline has completed a successful first 5 years of domestic operations. The largest low-cost airline, IndiGo posted an 18% growth in net profits, even as all other airlines, except SpiceJet, bled in 2011. Profits jumped from Rs551 crore to Rs650 crore in the year ended March 2011, marking a 3rd straight year of profit for the carrier. Among rivals, low-fare carrier SpiceJet was the only one that made a profit during the year—Rs101.16 crore, up 64.62%. IndiGo‟s total revenue rose 48% to Rs3,946 crore on expenses of Rs3,229 crore. Ghosh attributes this success to various factors, including cost control measures, strict maintenance, lower distribution costs and almost no interest costs. In comparison to other full-service carriers, the airline has a far lower spend on sales and distribution and maintenance cost. Having a single fleet with common training and spares also helps in reducing expense. Another factor contributing to the profitability of the airline is its practice of doing a sale and lease-back of planes. INTELLIGENCE BYTES:

In 2011, at the Paris air show, IndiGo confirmed an order for 180 planes from Airbus. The IndiGo deal worth about $15.6bn was for 150 A320neos & 30 A320s. The Airbus A320neo is 15% more fuel-efficient than the conventional A320 which should save airlines almost $1m per year per plane & should reduce CO2 emissions from each aircraft by 3,600 tonnes per year.

Indigo has set trends considered fresh for the Indian aviation industry. These include the much-blogged-about cute hair-dos for airplane crew and advertisements like "Sleep with your wife tonight" which won IndiGo airlines an award at the world low-cost airlines Asia Pacific awards in 2010 in Singapore. IndiGo‟s On-Time Performance has been 94.6% (April 2011) - best in the industry.

IndiGo has recently released a TV commercial to promote the launch of its international operations. Patterned on a Broadway musical, the high-energy, 1-minute television spot was made in Los Angeles by Steven Antin, director of the Christina Aguilera musical feature "Burlesque" and choreographed by Denise Faye of "Chicago" fame.

SOURCES SOURCES FOR ECONOMIC INDICATORS, STATS & GRAPHS:

www.rbi.org.in www.bseindia.com www.eonomist.com/blogs/dailychart

SOURCES FOR COVER STORY

http://en.wikipedia.org/wiki/Economy_of_Thailand

http://en.wikipedia.org/wiki/2011_Thailand_floods

http://en.wikipedia.org/wiki/Asian_crisis http://business.financialpost.com/2011/11/02/economic-impact-of-thailands-floods-not-gaining-enough-attention/

http://www.bt.com.bn/business-asia/2011/11/30/thai-flood-may-hit-asia-more-japan-earthquake http://www.businessweek.com/news/2011-11-15/thai-floods-may-shift-japan-investment-to-indonesia-vietnam.html

http://in.reuters.com/article/2011/11/09/idINIndia-60405520111109 http://greyhill.com/blog/2011/11/16/thai-floods-are-serious-risk-to-economy.html

SOURCES FOR PERSONALITIES OF THE WEEK:

http://www.iloveindia.com/indian-heroes/shobhana-bhartia.html

http://economictimes.indiatimes.com/features/businesswoman-shobhana-bhartia/articleshow/2429976.cms http://www.forbes.com/lists/2009/77/india-billionaires-09_Shobhana-Bhartia_IIDD.html

http://www.youtube.com/watch?v=8DI8mcnR5v0

http://www.moneycontrol.com/news/cnbc-tv18-comments/shobhana-bhartia-wants-to-see-more-womenmedia-

business_539092.html http://en.wikipedia.org/wiki/Cyrus_S._Poonawalla

http://www.forbes.com/lists/2011/77/india-billionaires-11_Cyrus-Poonawalla_9AVG.html http://www.forbes.com/forbes/2011/0328/billionaires-11-passions-cyrus-poonawalla-thoroughbreds.html

http://www.moneycontrol.com/news/business/cyrus-poonawalla-the-makingsa-vaccine-mogul_409309.html

SOURCES FOR ARTICLES (1-30)

1. Dalits venture into funding to help community with Rs 500 cr fund- ET 3 Dec

http://articles.economictimes.indiatimes.com/2011-12-03/news/30471808_1_dalit-indian-chamber-dalit-entrepreneurs-dalit-businessmen

2. RBI introduces micro-finance institutions as a new category of NBFCs- Live Mint 3 Dec http://epaper.livemint.com/Default.aspx?Id=4450632F415373393356713639323577643669316B44312B3752726B33374575312F39

6C37787356754D673D 3. FSDC to discuss steps to arrest rupee slide- TOI 5th Dec

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/05&PageLabel=1&EntityId=Ar00100&ViewMode=HTML

4. Indian households hold over $950 billion of gold: Macquarie- ET 5th Dec http://economictimes.indiatimes.com/markets/commodities/indian-households-hold-over-950-billion-of-gold-

macquarie/articleshow/10978409.cms 5. Indian migration remains high despite economic crisis- TOI 4th Dec

http://timesofindia.indiatimes.com/business/india-business/Indian-migration-remains-high-despite-economic-crisis/articleshow/10978885.cms

6. Amul Sues Nestle for ‘Copying’- ET 6 Dec

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/1

2/06&PageLabel=1&EntityId=Ar00104&ViewMode=HTML 7. Multi-brand FDI on hold, UPA-II’s authority comes under a cloud- ET 6 Dec

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/06&PageLabel=1&EntityId=Ar00103&ViewMode=HTML

8. India faces 'worst' financial crisis- FT 5 Dec

http://www.financialexpress.com/news/india-faces-worst-financial-crisis/884282/0 9. India’s income inequality has doubled in 20 years- TOI 7 Dec

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/07&PageLabel=3&EntityId=Ar00303&ViewMode=HTML

10. Bangalore animators brought ‘Puss in Boots’ to life- TOI 7 Dec http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2011

/12/07&PageLabel=1&EntityId=Ar00107&ViewMode=HTML 11. Indian businesses not prepared for disasters: Regus- ET 6 Dec

http://timesofindia.indiatimes.com/business/india-business/Bangalore-animators-brought-Puss-in-Boots-to-life/articleshow/11012147.cms

12. At work, Indians fifth most vacation-deprived- TNN Dec 1

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2011

/12/01&PageLabel=1&EntityId=Ar00106&ViewMode=HTML 13. Slowdown Hits Hard as Growth Slumps to 6.9%- TNN Dec 1

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/01&PageLabel=1&EntityId=Ar00100&ViewMode=HTML

14. Hyundai workers stage demo, 23 dismissed employees arrested- The Hindu Business Line Nov 30

http://www.thehindubusinessline.com/companies/article2675098.ece?homepage=true&ref=wl_home 15. Biyani Sells Future Capital to Deccan Chronicle for 700cr- TOI 7 Dec

http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/indian-businesses-not-prepared-for-disasters-regus/articleshow/11006948.cms

16. State-run banks led by State Bank of India to install 40,000 ATMs- TNN Dec 1 http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/state-run-banks-led-by-state-bank-of-india-

to-install-40000-atms/articleshow/10937196.cms 17. 1 in 2 farmer households in debt: Study- TNN Dec 2

http://timesofindia.indiatimes.com/india/1-in-2-farmer-households-in-debt-Study/articleshow/10952430.cms 18. Wary of foreign retailers, traders go on strike- Reuters Dec 1

http://in.reuters.com/article/2011/12/01/india-retail-idINDEE7B009620111201 19. India to get $58 b in foreign remittances: World Bank- The Hindu Business Line Dec 1

http://www.thehindubusinessline.com/industry-and-economy/economy/article2677180.ece?homepage=true&ref=wl_home 20. http://economictimes.indiatimes.com/news/news-by-industry/auto/automobiles/rupee-fall-hyundai-ford-gm-toyota-to-hike-prices-

from-january/articleshow/11022639.cms 21. London Olympic Games panel to drop £7 m deal with Dow Chemical- The Hindu 2 Dec

http://www.thehindubusinessline.com/industry-and-economy/article2681580.ece 22. UN says world on brink of another recession, calls 2012 'make or break' year-Business Today 2 Dec

http://businesstoday.intoday.in/story/recession-economic-meltdown-united-nations-global-economy/1/20608.html 23. World industrial output up 5.5% despite crisis: United Nations- TNN Dec 1

http://economictimes.indiatimes.com/news/international-business/world-industrial-output-up-5-5-despite-crisis-united-nations/articleshow/10946530.cms

24. Why sell uranium to only India, Pakistan asks Australia- TOI 5 Dec http://economictimes.indiatimes.com/news/economy/foreign-trade/why-sell-uranium-to-only-india-pakistan-asks-

australia/articleshow/10993974.cms

25. Pak gave nod for Nato strike?

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2011/12/03&PageLabel=20&EntityId=Ar02000&ViewMode=HTML

26. Cyber attacks on government websites- ET 3 Dec http://articles.economictimes.indiatimes.com/2011-12-03/news/30471838_1_cyber-attacks-hackers-symantec-india

27. Dev Anand Passes Away After Heart Attack in London-TOI 4th Dec

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2011/12/05&PageLabel=1&EntityId=Ar00100&ViewMode=HTML

28. India slips to 95th rank on Corruption Perception Index-FT 1st Dec http://www.financialexpress.com/news/india-slips-to-95th-rank-on-corruption-perception-index/882906/0

29. World’s most expensive road crash- ET 5 Dec http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2011

/12/06&PageLabel=1&EntityId=Ar00110&ViewMode=HTML 30. Move to curb offensive content on social media- ET 7 Dec

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=ETNEW&BaseHref=ETM/2011/12/07&PageLabel=3&EntityId=Ar00300&ViewMode=HTML

SOURCES – INDIGO AIRLINES – CORPORATE INTELLIGENCE

http://en.wikipedia.org/wiki/IndiGo

http://www.interglobe.com/ http://book.goindigo.in/skylights/cgi-bin/skylights.cgi

http://dgca.nic.in/reports/Market.pdf http://www.bbc.co.uk/news/business-13884433

http://www.airlinenewsindia.com/2011/06/indigo-to-fly-abroad-from-august-spur.html http://www.airlinenewsindia.com/2011/10/low-non-fuel-costs-kept-indigo-afloat.html

http://www.airlinenewsindia.com/2011/10/indigo-posts-profit-third-year-in-row.html http://www.cnngo.com/mumbai/life/brand-story-behind-indigo-044435

http://www.cnngo.com/mumbai/life/when-budget-indian-airline-goes-broadway-us-518267 http://businesstoday.intoday.in/story/young-indian-business-leaders-aditya-ghosh/1/15125.html