Companies & Sectors
40 percent food retailers unaware of logistics costs: DHL
Nearly 40 percent of Asian food retailers are unaware of logistics costs while six in 10 Indian food retailers are struggling to maintain adequate stocks, said a global logistics player DHL report released on Wednesday.
 
The "Hungry for Growth' report, commissioned by DHL, surveyed 300 industry decision makers in India, Indonesia, Thailand and Vietnam and found that in the last three countries, one in four food retailers anticipate to grow by 10 percent or more in 2015, while in India, the figure was four in 10.
 
And one in three retailers do not track their supply chain performance despite growing complexity, the report said.
 
The other findings included that 12 percent of Indian retailers sought to improve performance by fully outsourcing their supply chain while 40 percent believe in inventory optimization, transport management, and workforce planning technologies to be beneficial to their overall supply chain results, the statement added.
 
The research was done between December 2014 and April 2015 on food retailers who sell food for off-premise consumption which included grocery stores, convenience stores, hypermarkets, supermarkets, and specialist stores like butcheries and bakeries.
 
"Food retailers need reliable, agile supply lines if they are to focus on their core competencies and compete," said DHL Supply Chain Asia Pacific vice president, retail, Dean Eichorn in a statement.
 
"Many of these concerns are amplified because a large number of food retailers don't have visibility of their logistics operations, let alone the resources or subject expertise to improve and optimize them," he added.

 

Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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ICICI Bank introduces electronic cardless transaction on Visa
The ICICI Bank on Thursday launched a service enabling customers to make electronic payments from their smartphones at physical stores, e-commerce portals, radio taxis and utility billers, among others, without swiping a debit card.
 
The service is based on 'mVisa', a new mobile payment solution from Visa. ICICI Bank, India's largest private bank, is the first bank globally to launch a mobile app based on 'mVisa' solution for consumers and merchants.
 
The service is applicable only for Visa cards.
 
"We believe that this solution will herald a shift in the adoption of electronic payments in the country," the bank's executive director, Rajiv Sabharwal said in a statement.
 
He said that while there are 570 million debit cards in the country, there are only 1.1 million point-of-sale machines available for card payments which restricts cashless payments to be made only at a certain category of merchants.
 
The service has been introduced for its customers in Bengaluru only with 1,500 merchants brought under the fold of mobile electronic payments. The service will be rolled out in other cities shortly.
 
To use this payment solution, users need to click on the 'mVisa' icon on the bank's Pockets app.
 
The process involves scanning a Quick Response code at a merchant location without swiping the card.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Massive global coral bleaching event now underway
Driven by climate change and a persistent underwater heat wave, our oceans are now facing the third global coral bleaching event that could impact approximately 38 percent of the world’s coral reefs by the end of this year and kill over 12,000 square kilometres of reefs, scientists have warned.
 
Coral bleaching occurs when corals are exposed to stressful environmental conditions such as high temperature. Corals expel the symbiotic algae living in their tissues, causing corals to turn white or pale. Without the algae, the coral loses its major source of food and is more susceptible to disease.
 
"The coral bleaching and disease, brought on by climate change and coupled with events like the current El Nino, are the largest and most pervasive threats to coral reefs around the world," said Mark Eakin, coral reef watch coordinator at US National Oceanic and Atmospheric Administration (NOAA).
 
The first global bleaching event was in 1998, during a strong El Niño that was followed by an equally very strong La Nina. A second one occurred in 2010.
 
The current bleaching event, which began in the north Pacific in summer 2014 and expanded to the south Pacific and Indian oceans in 2015, is hitting US coral reefs disproportionately hard.
 
By the end of 2015, almost 95 percent of US coral reefs will have been exposed to ocean conditions that can cause corals to bleach, NOAA estimated.
 
"What really has us concerned is this event has been going on for more than a year and our preliminary model projections indicate it is likely to last well into 2016," Eakin said.
 
Although reefs represent less than 0.1 percent of the world’s ocean floor, they help support approximately 25 percent of all marine species. 
 
As a result, the livelihoods of 500 million people and income worth over $30 billion are at stake, the report said.
 
This announcement made on Thursday stemmed from the latest NOAA Coral Reef Watch satellite coral bleaching monitoring products, and was confirmed through reports from partner organisations, especially the XL Catlin Seaview Survey and ReefCheck.
 
While corals can recover from mild bleaching, severe or long term bleaching is often lethal.
 
After corals die, reefs quickly degrade and the structures corals build erode. This provides less shoreline protection from storms and fewer habitats for fish and other marine life, including ecologically and economically important species.
 
"We need to act locally and think globally to address these bleaching events. Locally produced threats to coral, such as pollution from the land and unsustainable fishing practices, stress the health of corals and decrease the likelihood that corals can either resist bleaching, or recover from it," Jennifer Koss from NOAA noted.
 
"To solve the long term, global problem, however, we need to better understand how to reduce the unnatural carbon dioxide levels that are the major driver of the warming," Koss pointed out.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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