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Venture capital giant <keyword id="144381" type="COMPANY" weightage="100" keywordseo="Accel-Partners">Accel Partners</keyword> and <keyword id="3267567" type="UNKNOWN" weightage="100" keywordseo="Infosys-cofounder-Nandan-Nilekani">Infosys cofounder Nandan Nilekani</keyword> has funded the robotics firm <keyword id="3267189" type="UNKNOWN" weightage="100" keywordseo="Systemantics">Systemantics</keyword>, which builds industrial robots for the manufacturing sector. The last time it had received funding was in 2013, when <keyword id="592779" type="ORGANIZATION" weightage="100" keywordseo="Blume-Ventures">Blume Ventures</keyword> had invested in the firm. 
 Systemantics was founded by IIT-Madras alumni <keyword id="3267568" type="UNKNOWN" weightage="100" keywordseo="Jagannath-Raju">Jagannath Raju</keyword> in 1995. 
 
This is the seventh venture that Nilekani has backed. He has earlier invested in early-stage start-ups which he believes to be building highly impactful disruptive ideas. 
 In the past one year, Nilekani has backed Team Indus, Fortigo, Mubble, Juggernaut, Lets-Venture and <keyword id="1501494" type="UNKNOWN" weightage="100" keywordseo="Power2sme">Power2SME</keyword>, while co-investing in a number of these ventures with Accel, including Fortigo and Power2SME. 
 Even though Systemantics likes to keep a low profile, it has quietly worked on custom robotics projects with the Government, as well as with tech giants like <keyword id="6359357" type="COMPANY" weightage="100" keywordseo="Titan">Titan</keyword> and Hindustan Aeronautics (<keyword id="68124" type="COMPANY" weightage="100" keywordseo="HAL">HAL</keyword>). 
 
"Systemantics is Make In India truly at work - with India's cost structure advantages and innovative design efficiency at full strength. This core belief drove our decision to back them. Their seasoned management team's executional ability, coupled with deep-tech IP, could eventually challenge global incumbents," Sanjay Nath, managing partner at Blume Ventures, told ET. 
 
<a href="http://4.bp.blogspot.com/-GqZVMuglEzo/TsuDQiMhpGI/AAAAAAAAAR8/WEFieIp16N8/s1600/Nandan+Nilekani.jpg">Image source</a>

Nandan Nilekani funds robotics firm Systemantics

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Chaiwat Subprasom</div></div></div>Britain's financial regulator made two huge oversights when it came to treating sensitive information from the SME Alliance, a small not-for-profit group that aims to help small to medium enterprises with problems they may have with their banks, says prominent London lawyer.Chris Finney, Partner in Cooley LLP's London office told Business Insider in an interview that the way in which the Financial Conduct Authority passed on sensitive information from SME Alliance members to the banks, which were subject to their complaints, may deter people from reporting potential wrongdoing in the banks because they would not be protected.This is because the FCA didn't ask the SME Alliance's permission, nor did it warn them of what it was doing.Over the last few years, the SME Alliance has been communicating with regulators, authorities and relevant organisations on the collective issues of its members, such as misselling financial products. Its main goal is not to deal with individual cases but instead to present the regulator with a raft of cases to demonstrate some of the issues a number of members are collectively experiencing.However in January this year, the SME Alliance wrote to the chairman of the Treasury Select Committee Andrew Tyrie "to express concerns that the FCA had betrayed the confidence of whistleblowers by passing on sensitive information to the subject of their complaints, the high street banks."Subsequently, this led to Tyrie writing to the FCA's acting-CEO <a href="http://www.parliament.uk/documents/commons-committees/treasury/Correspondence/Treasury-Chairman-to-Tracey-McDermott-Whistleblowing-09-02-2016.pdf">Tracey McDermott in February</a>, to respond "to claims made by the SME Alliance that its representatives have been 'badly compromised' by the passing on of sensitive information to the banks," as well as to enquire about what progress the FCA has made to encourage a "significant shift in cultural attitudes towards whistleblowing."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">CooleyChris Finney, Partner in Cooley LLP's London office.</div></div></div>McDermott responded and said the <a href="http://www.parliament.uk/documents/commons-committees/treasury/Correspondence/Tracey-McDermott-to-Treasury-Chairman-10-03-16.pdf">FCA didn't treat the SME Alliance as whistleblowers</a>.Tyrie <a href="http://www.parliament.uk/documents/commons-committees/treasury/Correspondence/Treasury-Chairman-to-Tracey-McDermott-13-05-16.pdf">then later wrote back to the FCA in late May</a> to ask for "further clarity about what measures it is putting in place to improve its treatment of whistleblowers, following concerns raised by the SME Alliance." The FCA has yet to respond to that letter.The FCA told Business Insider "we don't have any further comment to make than what Tracey <a href="http://www.parliament.uk/documents/commons-committees/treasury/Correspondence/Tracey-McDermott-to-Treasury-Chairman-10-03-16.pdf">said in her letter to Andrew Tyrie on March 10.</a>"So Business Insider spoke to Finney, who leads Cooley's London financial services and financial technology regulatory practices,to see what potential repercussions this has on the industry.Business Insider: So what did the communications between the Treasury Select Committee and the FCA regarding the FCA's apparent failure to treat members of the SME Alliance as whistleblowers in accordance with its own policies truly show?Chris Finney: That the FCA's fallible. It was careful and thoughtful enough, and it had the decency, to ask for permission to disclose information and documents to the police and it was absolutely right to do so.But it didn't think to ask for permission to disclose the information and documents to the banks and it didn't think to warn the SME Alliance that it had done so. And these oversights might well have caused harm to the Alliance and its members. They're also likely to have caused harm to the FCA - from a reputational point of view, and because other whistleblowers might now be deterred from whistleblowing.That doesn't necessarily mean the FCA acted unlawfully - although that is possible, notwithstanding the fact that the FCA did seem to have the power to disclose the information and documents to the banks and to the police as well.The result? - Anyone else who's thinking about blowing the whistle, should take pro-active steps to protect themselves from these risks in other cases. BI: Were the allegations founded? What kind of evidence? CF: There's no way of telling whether the SME Alliance's allegations against the banks were well-founded - and at least one of the banks denies the allegations against it.The SME Alliance's allegations that the FCA disclosed information and documents to the banks certainly appear to be true - at least in part - and the FCA has admitted as much. (<a href="http://www.parliament.uk/documents/commons-committees/treasury/Correspondence/Tracey-McDermott-to-Treasury-Chairman-10-03-16.pdf">In her letter to Tyrie of 10 March 2016, McDermott says "we did disclose limited information to the banks in question, and did not treat the SMR [sic] Alliance as whistleblowers "</a>). BI: What was the response and has there been any repercussions over the businesses making these public, so to say? <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">FCATracey McDermott, acting CEO at the FCA.</div></div></div>CF: We don't know. The SME Alliance alleges that it and its members have been prejudiced by the FCA disclosing the information and documents to the banks.It might well be the case that the SME Alliance's members will now be more reticent about disclosing information and documents to the SME Alliance; and, even if that's not the case, the SME Alliance is likely to find it harder to meet its objectives, if it feels bruised and undermined by the results of its communications with the FCA. BI: Has the FCA acted on it and if not, why? CF: Andrew Tyrie has written to the FCA to ask it how it decides whether an informant is treated as a whistleblower, whether they are told clearly of this decision, and what assurance [it] can give to those who are so treated that their involvement will remain confidential.<a href="http://www.parliament.uk/documents/commons-committees/treasury/Correspondence/Treasury-Chairman-to-Tracey-McDermott-13-05-16.pdf">His letter</a> was sent on May 13, so the <a href="http://www.parliament.uk/documents/commons-committees/treasury/Correspondence/Treasury-Chairman-to-Tracey-McDermott-13-05-16.pdf">FCA's reply may be this month</a>. It will be interesting to see how the FCA responds.Although it might fall back on its narrow legal obligations - arguing, perhaps, that it makes its decisions, and meets its obligations, in accordance with the law; it seems more likely that it will repeat its earlier assertions that (because whistleblowing is a good and positive thing from society's point of view, and especially from a regulator's point of view) it does everything it reasonably can to treat people as whistleblowers, and to protect their identity, whether the law requires this, or not.I anticipate that we will also see more training for FCA staff, and improvements to internal FCA procedures, so that the FCA and whistleblowers are more likely to have these discussions up front; and the FCA is more likely to record and act in accordance with the whistleblowers preference for anonymity, whenever and however it reasonably can. BI: What does this mean for businesses reporting this form of alleged wrongdoing from banks? Are they protected? CF: Whistleblowers are given some protection by the law. But this case shows how easily that protection can be lost.Although I think the FCA was wrong to impliedly blame the SME Alliance for its own misfortunes ("the SME Alliance did not present themselves to us as proving this information in confidence") whistleblowers probably need to be more pro-active in future, if they want to protect their anonymity.This could be done, for example, by asking to be treated as a whistleblower (rather than assuming - however reasonably) that this is what will happen and marking every document you give to the FCA as confidential, and not to be shared with or copied to anyone outside the FCA without the express written permission of the person who provided the document and the person whose information it contains.This will not be fail-safe - there is still a risk of leaks, and the FCA may be obliged to disclose regardless - but at least the risk of disclosure will be reduced to the greatest extent reasonably possible. And misunderstanding of the SME Alliance / FCA type (if that's what it was) will not recur. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tim-sykes-instagram-star-million-cash-bank-withdrawal-2016-5">Why this Instagram star withdrew $1.2 million in cash - then deposited it the next day</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xteTBsMzE66LW5zu1o_toAUh5j4YKAgp" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Britain's financial regulator made two big 'oversights' that could deter future bank whistleblowers

IPOs of <keyword id="22105289" type="General" weightage="20" keywordseo="Aasan-Loans" source="keywords">Aasan Loans</keyword> (<keyword id="22105288" type="General" weightage="20" keywordseo="Akme-Fintrade" source="keywords">Akme Fintrade</keyword> India) and <keyword id="22105291" type="General" weightage="20" keywordseo="DEE-Piping-Systems" source="keywords" meta.keywordsubtype="org" meta.entityname="DEE Piping Systems" meta.hostid="261" meta.entityid="DEE Piping Systems">DEE Piping Systems</keyword> (DEE Development Engineers Limited) are set to hit the D-street for subscription today, and will close on Friday, 21st June. With a price band of Rs 114-Rs 120, Aasan Loans, which offers loans to rural and semi-urban populations, aims to raise 132 crores via a fresh issue of 1.1 crore shares. With its niche in vehicle and business financing, experts are advising staying away from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>, given how competitive the Indian NBFC space is. The company also harbours significant NPAs, and has had some compliance issues in the past as well. The other mainboard IPO, <keyword id="22105286" type="General" weightage="100" keywordseo="DEE-Piping" source="keywords">DEE Piping</keyword> Systems, intends to raise Rs 418 crore via combination of fresh issue and offer for sale (OFS). While Rs 325 crores will be raised via fresh issue, Rs 93.01 crores will be raised via OFS. With its price band set between Rs 193-Rs 203, DEE specialises in providing piping solutions to oil, gas, chemicals and power industries. <cmsannotation type="cmsannotation" annotationid="SME IPO dashboard" comment="subhead" text="SME IPO dashboard">SME IPO dashboard</cmsannotation> While these are mainboard IPOs, 3 small and medium enterprises (SME), namely <keyword id="22105292" type="General" weightage="20" keywordseo="Falcon-Technoprojects-India" source="Orion">Falcon Technoprojects India</keyword>, <keyword id="22071172" type="General" weightage="20" keywordseo="Durlax-Top-Surface" source="Orion">Durlax Top Surface</keyword> and <keyword id="22105290" type="General" weightage="20" keywordseo="Gem-Enviro" source="keywords">GEM Enviro</keyword> are also opening for subscription today. The company, which aims to raise Rs 13.69 crore, offers mechanical and plumbing services, which includes installing air conditioners, water supply and lighting systems. Its share price has been set at Rs 92. The other company on the SME dashboard is Durlax Top Surface, which has 2 brands, namely LUXOR and ASPIRON. The company manufactures solid surface materials, which include UV acrylic solid sheets. The company wants to raise Rs 40.80 crore, out of which Rs 28.56 crore will be raised via fresh issue, and the remaining will be accumulated via offer for sale. The stock’s price band is set between Rs 65-68. Gem Enviro, which specialises in plastic waste management and recycling, aims to raise Rs 44.93 crore via this IPO. Stock analyst Dilip Dawda recommends investing in this IPO for medium to long-term gains, given that the company has paid dividend over the past 2 years <cmsannotation type="cmsannotation" annotationid="IPOs closing today" comment="subhead" text="IPOs closing today">IPOs closing today</cmsannotation> IPOs of <keyword id="22105287" type="General" weightage="20" keywordseo="GPES-Solar" source="keywords" meta.keywordsubtype="org" meta.entityname="GPES Solar" meta.hostid="261" meta.entityid="GPES Solar">GPES Solar</keyword>, which opened on 14th June, and United Cotfab, which opened on 13th June, are closing today. GPES Solar, which is in the business of solar inverters and panels, aims to raise Rs 31 crore. Its IPO was oversubscribed around 408.3 times. Retail investors oversubscribed to the share by around 519.57 times. However, Dawda recommends subscription to this IPO only if you are a market veteran and have surplus, long-term funds to park. The IPO of United Cotfab, which manufactures open-end cotton yarn, is also closing today. It was oversubscribed by 48.27 times in the retail investor category. While the company intends to raise Rs 36.29 crore entirely via fresh issue, experts have raised concerns about the company’s profitability and sustainability.

IPO Overview : DEE Piping, Akme Fintrade, GPES Solar

<keyword id="80487" type="COMPANY" weightage="100" keywordseo="walmart">Walmart</keyword> is planning to open around 50 new stores in India over the next three-to-four years, around half of which would come up in <keyword id="6357713" type="COMPANY" weightage="100" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> and <keyword id="44522" type="CITY" weightage="100" keywordseo="Uttarakhand">Uttarakhand</keyword>, which recently saw <a href="http://www.businessinsider.in/politics/bjps-victory-in-uttar-pradesh-just-established-five-socio-politicalfacts/articleshow/57606253.cms">BJP coming to power</a>. 
 
Also read: <a href="http://www.businessinsider.in/politics/state-election-results-will-ease-bjps-reforms-says-moodys/articleshow/57648365.cms">State election results will ease BJP’s reforms, says Moody's</a> 
 
As of now, there are around 20 Walmart stores in <a href="http://www.businessinsider.in/small-business/companies/CVC-summons-Walmart-India-head-over-bribery-charges/articleshow/49660050.cms">India</a>. Besides Uttarakhand and <a href="http://www.businessinsider.in/modi-hopes-record-development-in-up-with-yogi-adityanath-as-cm/articleshow/57717700.cms">Uttar Pradesh</a>, there would be 10 new stores each in Maharashtra, <keyword id="37102" type="COMPANY" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> and <keyword id="68884" type="ORGANIZATION" weightage="20" keywordseo="Telangana">Telangana</keyword>. 
 
Talking of UP and Uttarakhand, there might be two more stores coming in Lucknow, along with Ghaziabad, Noida, Kanpur, Allahabad, Haridwar, Dehradun and Haldwani. 
 
Also read: <a href="http://www.businessinsider.in/Know-all-about-Walmarts-great-expansion-plans-in-India/articleshow/48332773.cms">Know all about Walmart’s great expansion plans in India</a> 
 
These stores provide direct and indirect employment to 2,000-2,500 persons each, and opening stores at this level means that the company may end up creating over 40,000 jobs in UP and Uttarakhand combined. 
 
"Our commitment to the country is very deep and we are growing our footprints in India further by opening 50 more cash-and-carry stores in next few years across key focus states, including <a href="http://www.businessinsider.in/small-business/companies/Walmart-Extends-B2B-Online-Wholesale-Platform-In-Andhra-Pradesh/articleshow/45337052.cms">AP</a>, Telangana, UP, Uttarakhand, Haryana, Maharashtra etc. Our development team is growing this store pipeline for last couple of years and we're confident of continuing our contribution to the creation of thousands of skilled jobs, helpings kiranas, farmers &amp; SME suppliers succeed through our cash &amp; carry business," a Walmart India told TNN. 
 
In other news, Walmart is also looking forward to getting clarity on the food retail guidelines so that it can enter into food retail in the country as it does not want to limit itself to domestically produced and manufactured food products. 
 
Also read: <a href="http://www.businessinsider.in/India-has-allowed-100-per-cent-FDI-in-food-ecommerce-and-a-warzone-has-already-been-formed/articleshow/52848943.cms">India has allowed 100 per cent FDI in food ecommerce and a warzone has already been formed</a> 
 
(Image source: Walmart News Now)

Walmart to open 50 new stores in India; focuses on Uttar Pradesh and Uttarakhand

As economic activities gain momentum, <keyword id="2385401" type="General" weightage="20" keywordseo="industry-players" source="Orion">industry players</keyword> are turning optimistic about the performance of the <keyword id="6395867" type="General" weightage="20" keywordseo="manufacturing-sector" source="Orion">manufacturing sector</keyword>. The <keyword id="12077865" type="General" weightage="20" keywordseo="FICCI-Manufacturing-Survey" source="Orion">FICCI Manufacturing Survey</keyword> for July-September showed that after experiencing subdued Q1 (April-June 2021-22), the <keyword id="23268" type="General" weightage="20" keywordseo="Outlook" source="Orion">outlook</keyword> seems to have improved significantly in Q2. The percentage of respondents reporting higher production in second quarter of 2021-22 was much above the 50 per cent mark -- around 61 per cent. This was significantly higher than the similar percentage of last year's Q2 quarter (around 24 per cent). A <keyword id="6355001" type="General" weightage="20" keywordseo="FICCI" source="Orion">FICCI</keyword> statement also said that the assessment is also reflective in order books as 72 per cent of the respondents in July-September 2021-22 expected a higher number of orders in comparison to April-June 2021-22. However, the survey revealed that a high percentage of respondents are experiencing rising costs of doing business and production. The cost of production as a percentage of sales for manufacturers in the survey has increased for 80 per cent respondents in Q1 2021-22. This is considerably higher than that reported in Q4 2020-21, where 72 per cent respondents recorded an increase in their production costs. "Industry respondents have attributed the hike in productions costs primarily to high fixed costs, higher overhead costs for ensuring safety protocols, drastic reduction in volumes due to lockdown, lower capacity utilisation, high freight charges and other logistic costs, increased cost of raw materials, power cost and high interest rates," the statement said. The latest quarterly survey assessed the sentiments of manufacturers for Q2 (July-September 2021-22) for eleven major sectors namely automotive, capital goods, cement and ceramics, chemicals, fertilizers and pharmaceuticals, electronics and electricals, metal and metal products, paper products, textiles, textiles machinery, toys and miscellaneous. Responses have been drawn from over 300 manufacturing units from both large and SME segments with a combined annual turnover of over 2.7 lakh crore. The survey showed that the overall capacity utilisation in manufacturing was 72 per cent in Q2 2021-22, which again reflects signs of recovery in manufacturing. The future investment outlook, however, remains that of cautious optimism, as 32 per cent respondents reported plans for capacity additions for the next six months. It also noted that the cost of doing business remains a cause for concern for the sector. High raw material prices, high cost of finance, uncertainty of demand, shortage of skilled labour and working capital, high logistics cost, low domestic and global demand, excess capacities due to high volume of cheap imports into India, unstable market, high power tariff, are some of the major constraints which are affecting expansion plans of the respondents, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/motorcycle-engine-vibrations-can-degrade-iphone-camera-performance/articleshow/86134711.cms">Motorcycle engine vibrations can 'degrade' iPhone camera performance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/perseverances-rock-sample-to-give-insight-into-mars-history/articleshow/86136571.cms">NASA Perseverance's rock sample to give insight into Mars' history</a>

Outlook for manufacturing sector improves in second quarter, high cost of production causing worry, says FICCI survey

Financial solutions company <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> on Monday said it has acquired AI-based risk tech <keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword> (software-as-a-service) platform <keyword id="11669390" type="UNKNOWN" weightage="20" keywordseo="tera-finlabs">TERA Finlabs</keyword> for an undisclosed sum. TERA Finlabs is an Indian subsidiary of GAIN Credit, a leading UK digital lender which was launched in 2018 to expand their global footprint in digital lending. This marks the company's third acquisition after foraying into the B2B SME lending space with the launch of Razorpay Capital in 2019, it said in a statement. "The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting &amp; risk management and we see immense value in TERA Finlabs core lending infrastructure capabilities," said Harshil Mathur, CEO and Co-Founder, Razorpay. Razorpay Capital, along with TERA Finlab's technology capabilities, will be able to service the credit needs of over 10,000 businesses in India by the next year, the company said. "We are excited that the strengths of Razorpay and TERA Finlabs are now coming together to ensure that small businesses aren't burdened by the short-term uncertainties. Our robust end-to-end platform will enable new businesses to build a scalable and profitable credit business," said Pradeep Rathnam, Co-Founder and CEO, TERA Finlabs. Razorpay acquired <keyword id="5569668" type="UNKNOWN" weightage="20" keywordseo="thirdwatch">Thirdwatch</keyword>, an AI-driven company that helps reduce Return-to-Origin (RTO) fraud losses in e-commerce in 2018, and <keyword id="8363793" type="UNKNOWN" weightage="20" keywordseo="opfin">Opfin</keyword>, a payroll management software company, in 2019. The company said it has been witnessing a 40-45 per cent growth (on-month) and has achieved $40 billion TPV (Total Payment Volume). Razorpay currently powers payments for over 8 million businesses including the likes of Facebook, Airtel, Ola, <keyword id="11669388" type="UNKNOWN" weightage="20" keywordseo="zomato-swiggy-cred">Zomato, Swiggy, Cred</keyword> and ICICI Prudential, among others, and is set to reach 200 million customers this year. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

Fintech startup Razorpay buys SaaS firm TERA Finlabs

Is <keyword id="2364818" type="UNKNOWN" weightage="100" keywordseo="E-commerce-3-0">e-commerce 3.0</keyword> only about business tweaks? Almost all experts will tell you that the new format of <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-commerce</keyword> is on its way, but nobody is quite sure what it is like. Some pinpoint it as online shopping, largely influenced by social media parameters, while others are betting big on the mobile impact. No doubt these are crucial indicators, but they only provide you a partial glimpse into the business-to-consumer (B2C) part of it. However, we need to take a more incisive look at the fast-evolving strategic context of e-commerce, which is throwing up some surprising trends that may affect the industry in the long run. Let us take a look at the recent happenings in the Indian e-commerce space to identify the most prominent trends and what they signify. 
	 
	 
	 
	1. Calibrated aggression for survival: That’s exactly what the much-anticipated cash-and-stock deal between <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword> has taught us. Competition has been ironed out by strategic <keyword id="42411" type="UNKNOWN" weightage="100" keywordseo="Merger">merger</keyword> in order to survive against global giants like <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword>. Flipkart is not new to the game but co-founders Sachin and <keyword id="6364080" type="PERSON" weightage="100" keywordseo="Binny-Bansal">Binny Bansal</keyword> have not gone the LetsBuy way this time, for pretty predictable reasons (for your recap, Letsbuy.com was the electronics e-tailer that was acquired by Flipkart in February 2012 and shut down in May that year). 
	 Before the acquisition, the Myntra brand was way ahead of Flipkart as the <keyword id="2364834" type="UNKNOWN" weightage="100" keywordseo="Biggest-India-fashion-e-tailer">biggest India fashion e-tailer</keyword>. While Flipkart required size to survive against the likes of Amazon, the bigger margins enjoyed by fashion e-tailing was an added icing to the cake (after all, fashion is expected to be the largest category in e-commerce over the next five years). So this time around, it was a calibrated aggression on Flipkart’s part and the merger, along with the much-talked-about <keyword id="2364826" type="UNKNOWN" weightage="100" keywordseo="Management-autonomy">management autonomy</keyword> enjoyed by <keyword id="705865" type="PERSON" weightage="100" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>’s Myntra, will continue to work for two specific reasons. 
	 One is local competition, not only from <keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>, which is promoted by Berlin-based <keyword id="1965711" type="COMPANY" weightage="80" keywordseo="Rocket-Internet-GmbH">Rocket Internet GmbH</keyword> (a venture arm of the deep-pocketed Samwer brothers), but also from <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>.com, quite a veteran in the marketplace model. It is too early to assume that Jabong has missed the bus in stamping its dominance in the <keyword id="902070" type="UNKNOWN" weightage="100" keywordseo="e-com">e-com</keyword> space and the same applies to Snapdeal, which has recently raised $100 million and could be opting for an IPO in the next 18-24 months. Moreover, if India eases its <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword> policy further and allows <keyword id="2364830" type="UNKNOWN" weightage="100" keywordseo="Foreign-e-commerce-companies">foreign e-commerce companies</keyword> to sell their products directly to Indian consumers (as of now, only marketplaces are allowed to do this), <keyword id="2364831" type="UNKNOWN" weightage="100" keywordseo="Home-grown-e-commerce-firms">home-grown e-commerce firms</keyword> will require maximum <keyword id="573045" type="UNKNOWN" weightage="100" keywordseo="Customer-loyalty">customer loyalty</keyword> to stay in business and the likes of Myntra will play a key role in ensuring enhanced <keyword id="485911" type="PERSON" weightage="100" keywordseo="brand-loyalty">brand loyalty</keyword>.
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	The way ahead: Similar mergers may happen soon and we may see some monopolistic polarisation in the e-commerce space. If branding and management autonomy can be retained in the same way it had been done in the <keyword id="2196490" type="UNKNOWN" weightage="100" keywordseo="Flipkart-Myntra-deal">Flipkart-Myntra deal</keyword>, a Snapdeal-Jabong deal may very well be a possibility. On the other hand, Amazon may come up with a similar offer for Snapdeal (we don’t rule out <keyword id="161767" type="COMPANY" weightage="100" keywordseo="eBay-India">eBay India</keyword> either) and once again, we may witness the emergence of an e-commerce mega power in India. Also, in most of these deals, unequals could be gunning for merger-of-equals status, thus complicating the merger and acquisition operations. Ultimately, the <keyword id="2364839" type="UNKNOWN" weightage="100" keywordseo="Entry-barrier">entry barrier</keyword> will be too high for small or niche e-commerce sites and staying profitable will become a tough proposition. 
	 
	 
	 
	2. SME focus for marketplace growth: A couple of days ago, Flipkart announced tie-ups with two SME (small and medium enterprise) promotion bodies and signed MoUs with the Federation of Indian Micro and <keyword id="6375845" type="UNKNOWN" weightage="100" keywordseo="Small-and-medium-enterprises">Small and Medium Enterprises</keyword> (<keyword id="174192" type="ORGANIZATION" weightage="100" keywordseo="FISME">FISME</keyword>) and the National Centre for Design and Product Development (<keyword id="2348217" type="UNKNOWN" weightage="100" keywordseo="NCDPD">NCDPD</keyword>). With this move, the Bangalore firm expects to create a powerful affiliation with 50,000 SMEs and artisans by helping them with data analytics, marketing and customer acquisition. The company is also holding talks with several <keyword id="533862" type="UNKNOWN" weightage="100" keywordseo="Manufacturing-clusters">manufacturing clusters</keyword> in Punjab, Uttar Pradesh and Gujarat in a bid to attract more sellers on board and thus ensure strong growth for its marketplace model. 
	 
	As of now, Flipkart has about 3,000 sellers on board, mostly SMEs, and offers 15 million products across 70-plus categories. The company aims to grow the seller base to 12,000 by the end of the current fiscal, according to Economic Times. Myntra, too, has about 100 sellers on board and plans to increase this number to 1,000 by fiscal-end. However, this is too paltry a number, compared to the largest Chinese <keyword id="2049184" type="UNKNOWN" weightage="100" keywordseo="E-commerce-marketplace">e-commerce marketplace</keyword> <keyword id="302749" type="COMPANY" weightage="100" keywordseo="Alibaba">Alibaba</keyword>.com that has about 20 lakh SMEs on board, but has less than 20,000 in India. 
	 As for other key players in India, here are some mindboggling numbers according to media reports. Snapdeal currently features about 500 categories, 100,000 sellers and more than 5 million products (excluding books and movies); eBay has 1.1 million product listings at any given point <keyword id="54921" type="ENTERTAINMENT" weightage="60" keywordseo="spread">spread</keyword> across 2,000 categories and 45,000 sellers on board while Amazon has 15 million products from 5,000 sellers across 24 categories. Amazon has already opened two Fufillment Centers in India, enabling home-grown SMEs to get a scalable and robust national platform. Sellers opting for FBA (<keyword id="2023087" type="UNKNOWN" weightage="100" keywordseo="Fulfillment-by-Amazon">Fulfillment By Amazon</keyword>) send their products to these ‘fulfillment centers’ and once an order is placed, Amazon packs and ships the order.
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	The way ahead: Right now, no one can possibly predict whether the death of the inventory-led e-commerce model is imminent. But one thing is pretty certain – e-commerce businesses need as many products and categories as possible to enhance customer engagement. However, that won’t be possible without growing their marketplaces and bringing on board a huge number of sellers. Hence, the <keyword id="2364811" type="UNKNOWN" weightage="100" keywordseo="SME-focus">SME focus</keyword> and <keyword id="6630005" type="UNKNOWN" weightage="100" keywordseo="private-labels">private labels</keyword> are going to dominate e-commerce 3.0. 
	 
	 
	 
	3. VAS for better customer loyalty: In spite of a Mumbai firm delivering pizza on an experimental basis, civil/commercial drones à la <keyword id="2364850" type="UNKNOWN" weightage="100" keywordseo="Amazon-Prime-Air-drones">Amazon Prime Air drones</keyword> are still not a reality in India (neither they are commercially ready in the US). However, Amazon, eBay, Flipkart and Snapdeal are trying their best to ensure ‘fastest possible’ delivery in the country. While <keyword id="6354743" type="COMPANY" weightage="100" keywordseo="Amazon-India">Amazon India</keyword> offers same-day and guaranteed one-day delivery, eBay is testing a 9-hour delivery model in Mumbai. 
	 Only recently, Flipkart has launched its annual subscription service called <keyword id="2230132" type="UNKNOWN" weightage="100" keywordseo="Flipkart-First">Flipkart First</keyword>, offering a number of benefits including <keyword id="1591575" type="UNKNOWN" weightage="100" keywordseo="free-shipping">free shipping</keyword> for any purchase, free in-a-day guaranteed delivery, <keyword id="2364858" type="UNKNOWN" weightage="100" keywordseo="Discounted-same-day-delivery">discounted same-day delivery</keyword>, 24×7 <keyword id="2364859" type="UNKNOWN" weightage="100" keywordseo="Priority-customer-service">priority customer service</keyword> and more. This is similar to the lucrative logistics part of Amazon’s Prime subscription (currently not available in India), but Amazon offers a bigger service bouquet for its Prime subscribers, including access to songs, movies, TV shows and books. Flipkart, or any other Indian e-tailer for that matter, is yet to launch such extensive customer engagement programme, but the bait has been thrown by Flipkart and to some extent, by Snapdeal, which also offers free same-day delivery in certain regions and hopes to expand this service next year. 
	 
	The way ahead: Some experts feel that e-com businesses will soon curtail services like <keyword id="1972252" type="UNKNOWN" weightage="100" keywordseo="Express-delivery">express delivery</keyword> and free shipping in order to generate more cash. High transportation costs and other logistics issues have been cited as the main culprits. But keeping in mind that <keyword id="758541" type="ORGANIZATION" weightage="100" keywordseo="Amazon-Prime">Amazon Prime</keyword> works more as a <keyword id="1426078" type="UNKNOWN" weightage="100" keywordseo="loyalty-programme">loyalty programme</keyword> and less as a revenue-churner, fixing fickle customer loyalty may lie in developing these services. Now that Flipkart is going to market <keyword id="2364868" type="UNKNOWN" weightage="100" keywordseo="Affordable-tablets">affordable tablets</keyword> under its <keyword id="2338688" type="UNKNOWN" weightage="100" keywordseo="DigiFlip">DigiFlip</keyword> label, the Indian e-commerce giant can very well experiment with some Prime-like services and craft user experience based on ‘All things Flipkart’ just as Amazon does with its affordable <keyword id="785825" type="UNKNOWN" weightage="100" keywordseo="Kindle-Fire">Kindle Fire</keyword>. If that happens and other companies follow suit, e-commerce 3.0 in India will evolve into an inclusive and exciting user experience. For now, let us wait and watch. 
	 
	Images: Thinkstock/Getty Images

Life After
Flipkart-Myntra Deal: Will These 3 Trends Rule E-commerce In India?

New Delhi, Dec 20 () Infrastructure sector on Friday urged the government to bring captive renewable policy and exempt from cross subsidy and transmission charges to make renewable energy more viable for those willing to set up clean energy plants beyond factory boundaries.
The infrastructure companies raised these issues during a pre-budget consultation with Finance Minister Nirmala Sitharaman and top officials from finance, new &amp; renewable, road transport and environment ministries.
They also asked to make finance available for real estate and affordable housing to boost consumption of cement and other inputs like steel.
Besides, they were of the view that government should release stuck up funds meant for infrastructure sectors as soon as possible for bringing in buoyancy in the economy.
 "We asked government to see, how can finance be made available for real estate and affordable housing. We also asked to release funds withheld at different levels in the government.
"Cement and other Core infrastructure sector can do a lot of work toward renewable energy. But the deterrents are cross subsidy and transmission charges. These two charges made renewable energy even more expensive than thermal power," Dalmia Bharat Cement MD &amp; CEO Mahendra Singhi said after the meeting.
The infrastructure players have asked the government to bring captive renewable energy policy and give exemption from cross subsidy and transmission charges for clean energy plants beyond factory boundaries, he added.
Infrastructure sector players, particularly cement, claimed that they can also set up 12GW to 15GW of renewable energy projects and there is positive mood on this in the country.
The cross subsidy charges ranging from Rs 1.5 to Rs 2 per unit and transmission charges are to the tune of 50 paisa per unit. These add Rs 2.5 per unit to the cost of clean energy, which comes around Rs 3.5 per unit. That make renewable energy cost Rs 6 per unit, which is even higher than thermal power cost in most of the cases.
On the tax issues, he said that there was no discussion in the meeting held on Friday.
Cement sector is paying GST (Good &amp; Service Tax) at the rate of 28 per cent and contributing around Rs 40,000 crore annually to the exchequer.
They also informed the minister that how can infrastructure sectors can play a role in dealing with plastic and municipal waste or bio mass.
"Government is positive about it. Lets see what best comes out (budget)," he added.
 The main areas of discussion during the meeting included issues relating to challenges in the infrastructure sector vis-a-vis framing of trade rules and policies in global context, quality of resilience of infrastructure sector and related finance, railway infrastructure, enhanced focus on adapting renewable energy for economy and environment, and climate resilient infrastructure development among others, the finance ministry said in a statement.
The stakeholders of infrastructure sector and experts of energy sector and climate change gave a wide range of suggestions in the meeting including availability of finance for real estate, infrastructure and affordable housing; renewable energy sector to have larger capacity creation, further fine-tuning in IT Act and lower duties and softer lending rates.
They also suggested on automotive industry's role in fighting climate change through support for electric mobility, scrapping policy for old polluting vehicles and focus on mass transport powered by renewable energy; attention on taxonomy on green economic activities/climate finance; climate compliant investment and more funds for combating air pollution and increasing efficiency of resources.
They also called for promoting energy efficiency in SME sector via government support to cluster based intermediaries and faster phasing out of depreciated coal fired power plants.
The suggestions also include push to bio-fertiliser; viability gap funding for batteries to encourage renewable energy power storage, expansion of existing Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM), promotion of energy efficient appliances including LPG Cooking stoves and bringing technology for improving Railway infrastructure. KKS BAL

Infra players pitch for captive renewable energy policy, exemption from cross subsidy charges

<ul><li>The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex rallied nearly 400 points in opening trade on Monday, led by gains in index-heavyweights HDFC, Infosys and Reliance Industries amid largely positive cues from Asian markets. The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gail </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of October 12, 9:55 am These are the top stocks in news today. Vedanta locked in 10% lower circuit The shares of Vedanta were locked in a 10% lower circuit after its buyback offer is deemed to have failed as per the terms of the delisting regulations. This comes after its promoter Vedanta Resources did not receive the required number of shares to delist the firm. Wipro trades in green The shares of Wipro were trading barely a percent higher ahead of its earnings today and the buyback announcement due tomorrow. Glenmark Pharma cracked 2% The shares of Glenmark Pharma lost 2% after the company said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. Premier Explosives locked in 5% upper circuit The shares of Premier Explosives were locked in 5% upper circuit for the second time in a row after the company said it had bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. Shilpa Medicare down 7% The shares of Shilpa Medicare were down 7% after its Telangana-based Jadcherla facility received a warning letter from the US drug regulator on October 9. The company said that it will be engaging with the agency and is fully committed to resolving this issue at the earliest. Future Retail shares lost 7% The shares of Kishore Biyani led Future Retail was down 7% after <a href="https://www.businesstoday.in/current/corporate/future-ril-deal-amazons-arbitration-proceedings-against-future-group-may-start-in-nov/story/418465.html">reports </a>surfaced that arbitration proceedings between e-commerce giant Amazon and Future Group are expected to start in November. The <a href="https://www.bloombergquint.com/law-and-policy/reliance-future-group-deal-whys-amazon-objecting-and-is-it-likely-to-succeed">reports </a>also claimed that Amazon might succeed in the arbitration proceedings against Future Group. ITC shares gain 5% The shares of hospitality and cigarette giant ITC were up 5% after CLSA upgraded ITC rating from outperform to ‘Buy’ with a target price of ₹220 per share. CLSA says FMCG is the new value driver and long-term positives are unfolding as revenue diversifies. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-vedanta-wipro-rites-mazagon-dock-uti-amc-glenmark-pharma-and-others/articleshow/78612041.cms">Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others</a> <a href="https://www.businessinsider.in/science/space/news/china-launches-earth-observation-satellite-amid-border-tensions-with-india/articleshow/78613147.cms">China launches Earth observation satellite amid border tensions with India</a>

Top stock movers —ITC, Future Retail, Vedanta, Wipro, Premier Explosives, Shilpa Medicare and more

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">SageStephen Kelly is the CEO of the £6 billion <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> company Sage.</div></div></div>The small Swiss town of Davos is about to be flooded with 2,500 people from over 100 countries for the <a href="http://www.weforum.org/">World Economic Forum (WEF) Annual Meeting 2016.</a>The conference is used as a platform for world leaders, business and industry executives, and representatives from academia, civil society, media, and arts to help shape global agendas when it comes to global economics, security, public health, education, gender parity, and climate change.Basically, it's an opportunity for the power brokers of the world to set the agenda.This year, the theme is "Mastering the Fourth Industrial Revolution," which is looking at how technology is reshaping the world.You might think Stephen Kelly, CEO of one of Britain's largest financial technology companies Sage, would be looking forward to it then.But Kelly told Business Insider just before the start of Davos 2016: "In reality, Davos is not representative of the real world and I am calling them out."Kelly is not attending the conference despite being the boss of the FTSE 100 company that has a market value of over £6 billion."Two-thirds of jobs created in developed economies are by small-to-medium enterprises (SME). SMEs are the powerhouse of the economy but at Davos they are under-represented and close to zero," Kelly says. "Davos is an exclusive event where it costs around <a href="http://we-forum.org/en/about/FAQs/index.html">€38,000 to be a member of WEF</a>. Then to attend the conference there are thousands of euros in more fees and of course the opportunity costs and time out of the office."On top of that, female representation at the conference is only 17%. So really, Davos is just full of old men from big business."<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Sage</div></div></div>Many of the sessions at Davos this year centre around climate change and large-scale migration - <a href="http://uk.businessinsider.com/wef-global-risks-report-2016-climate-change-forced-migration-weapons-of-mass-destruction-2016-1">two issues WEF recently highlighted as the most pressing in the world right now.</a>Sage's Kelly says that while the WEF meeting "serves a purpose," it is worth remembering that the major and immediate concerns for smaller businesses are very different to the agenda touted at Davos."SMEs are concerned over issues like red tape, bureaucracy, and business rates. One of the surveys we did recently of our customers shows that 57% want their governments to reduce business rates, and 56% want bureaucracy and legislation to be cut down," said Kelly.Kelly argues that these issues should be given more prominence."Davos serves a purpose but they need a wake up call and to make future meetings more representative of the power houses of the economy - the little guy. They also have to represent women better, as 20% of business owners are female and they're still not being represented properly," said Kelly."They could make the event more inclusive, do more around social media and webcasts, or even lower the entry price so people can attend. But I don't think they are going to do that."Sage's boss added that world leaders need to give "the little guy" a platform because they also are going to provide major jobs growth over the next year. A survey conducted by them says nearly a third plan on hiring more employees."The crux is, the real issues for SMEs are holding back economies and it is valuable to discuss them rather than just finding a way to get a headline." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/regret-avoidance-in-lottery-tickets-powerball-sell-profit-probability-cognitive-bias-2016-1">We tested an economic theory by trying to buy people's Powerball tickets for much more than they paid</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlOTU2MDE6tCw0GqSor_wM7L40EQEVfv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

This FTSE CEO is boycotting Davos because it's 'just full of old men from big business'

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>HSBC's London HQ is becoming less of a logical choice, and there are good reasons that jumping ship and moving back to Hong Kong may be a good idea.That's the message from Bank of America Merrill Lynch's analysts, who pointed out in a note early Monday that HSBC (which was headquartered in Hong Kong until 1993) has two good reasons to move back.Both are to do with increases in regulation and tax brought in by the British government in recent years:The requirement for <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> banks to split out retail and domestic corporate operations undermines London as the natural base for HSBC's global operations... If it is not able to integrate in London any more, Hong Kong (with £220bn in retail and SME deposits) becomes a more logical place to book and run global operations.Despite the expense of moving locations, the analysts reckon it the billions that a move would cost would be offset by <a href="http://uk.businessinsider.com/this-is-the-real-reason-that-hsbc-may-ditch-london-and-move-its-hq-abroad-2015-4">no longer having to pay the UK's bank levy</a>: The UK bank levy was originally announced as being aimed at the large, short-term wholesale funding dependence of the UK domestic banks. It has since morphed into a tax on any balance sheet not funded by UK deposits.HSBC's US$1.2bn potential levy is now more than a third of the total and rising. With the chancellor recently stating the levy is permanent, the cost of moving HSBC's headquarters out of the UK declines in relative size. We believe a move would likely be a several-billion dollar challenge but potentially one the market could reward the group incurring.HSBC didn't actually mention the bank levy in <a href="http://uk.businessinsider.com/hsbc-is-launching-an-immediate-review-into-leaving-uk-as-headquarters-2015-4">its announcement that it would look into headquartering somewhere else</a>. But it has become a much bigger slice of HSBC's tax bill in recent years - the levy has been hiked from 0.05% to 0.21% of the bank's global balance sheet since 2011 (during which time there have been eight increases).It made up 12.5% of HSBC's tax bill last year, when the levy was at 0.156%:<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="HSBC" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/553a05f1dd0895db058b45f8-960/hsbc bank levy.png"></a>HSBC</div></div></div>The Sunday Times gave a further indication this weekend that HSBC is thinking seriously about a move, <a href="http://www.thetimes.co.uk/tto/business/industries/banking/article4423227.ece">with the scoop that it could spin off the Midland Bank again</a>. HSBC took over Midland in 1992 and made it a major part of its UK retail banking arm.Here's the Sunday Times: The move could be considered as part of the far-reaching review by Britain's largest bank, announced on Friday, into whether to move its headquarters to Asia amid rising costs and increasingly onerous regulations in the UK. If HSBC were to split off Midland, it would create a powerful new force in retail banking, something that would chime with the political mood of wanting more competition in the sector. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/intense-circuit-workout-plank-army-crawlers-push-ups-2015-3">Here's an easy fat-burning circuit workout you can do using only a line</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="doNHRsczoq6XDEgpNk0k37IbtfpAiDui" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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