Companies & Sectors
Adani and Posco to build rail line in Australia
The agreement gives exclusive rights to Posco E&C to be the EPC contractor for the 388kms greenfield standard gauge rail  to the Galilee Basin coal reserves in Queensland, Australia
 
India's Adani Group company, Adani Mining and Posco E&C, a unit of South Korea's Posco, on Friday signed an agreement to develop a rail line to the Galilee Basin coal reserves in Queensland.
 
"The rail project will lead to the opening of the Carmichael mine project which will deliver in excess of 10,000 jobs, and will also provide vital opportunities for Australian industry involvement," Adani Group said in a statement.
 
The agreement gives exclusive rights to Posco E&C to be the engineering, procurement and construction (EPC) contractor for the 388kms greenfield standard gauge rail.
 
The binding agreement has set clear pathways to execute the final contract by the end of this year, the statement said.
 
"It will provide vital opportunities for Australian Infrastructure development and contribute to energy security of India by lighting the lives of millions of Indians," Adani Group Chairman Gautam Adani said in the statement.
 
Jeyakumar Janakaraj, chief executive and country head of Adani Australia, said, "The binding agreement will enable us to develop a cost efficient rail solution and this relationship gives Adani access to Korean market, Posco's expertise and capital."
 
"This is the largest EPC project in the region for Posco E&C, and we will put in our best efforts to maximise our engineering, procurement and financing capabilities to successfully complete the construction," Posco E&C President and CEO, Tae-Hyun Hwang said.
 
Adani and Posco E&C will jointly manage the development of this rail line.
 
The Queensland Government has declared the rail corridor as a Strategic Development Area, the statement said.
 

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Infosys: All for Vishal Sikka's fat paycheck, but…

Proxy advisory firm IiAS has recommended shareholders to vote the proposal to appoint Vishal Sikka as Infosys' MD & CEO and also fix his annual remuneration at a maximum of Rs42.5 crore. But IiAS is also raising some concerns

 
Infosys Ltd, India's second largest IT company has called for an extraordinary general meeting (EGM) to ratify the appointment of Dr Vishal Sikka as its managing director and chief executive officer (CEO) and also to fix his annual remuneration at a maximum of $7.08 million or about Rs42.48 crore. 
 
While recommending that shareholders vote for these proposals, proxy advisory firm Institutional Investor Advisory Services India Ltd (IiAS) has cautioned that Infosys and the industry could face new challenges with respect to executive compensation.
 
"Infosys has been conservative in paying its executive directors. This was applicable for both, promoter and non-promoter directors. Now, with the proposed remuneration for the CEO, there may be internal pressure on the board to raise the compensation for other executive directors.  A broader concern with the proposed remuneration is that it is high, compared not just to other Indian IT peers, but corporate salaries in general. This will put pressure on companies to increase their CEO compensations," IiAS said in a release.
 
Infosys has had problems with succession planning in the past. Therefore, instead of turning the clock back and passing the baton among the company’s founders, IiAS said it believes Infosys needs to invest in professional leadership and put a team in place, that can frame the company’s vision for the future. IiAS said, "Infosys’ decision to appoint Dr Sikka must be looked at as an investment in its leadership that will bear returns in the future. Sure enough, one may question the potential return ratios - but you must first invest."
 
There has been much debate about Dr Sikka’s remuneration, it is one of the highest for a professional in corporate India. 
 
IiAS said, "Given that more than 60% of Infosys’ topline comes from North America, Dr Sikka will continue to operate from his current base of California, US, and will shuttle in and out of the company headquarters in Bengaluru. Hence, a more comparable peer base will be global counterparts like Capgemini, Cognizant and Adobe where the remuneration levels for CEOs are comparable and in some cases, higher than what has been proposed by Infosys."
 
"Moreover, above of 80% of his total remuneration, including restricted stock, is variable and based on target achievement. This is a good remuneration practice as it establishes a strong linkage between remuneration and company performance," the proxy advisory firm added.
 
Infosys’ move to hire Dr Sikka is similar to Wipro’s move to transform itself when it hired Vivek Paul in early 1999, when he was asked to run Wipro's software unit in India. Vivek Paul was then the highest paid executive in India, with a salary of Rs4.95 crore, over $1 million (as per the prevailing exchange rates). Wipro was a $150-million company when Paul took over, and it had all the tendencies of a small, traditional company. Paul has been credited with creating a global business and for much of Wipro's growth into a multi-billion dollar company. "For Infosys too, bringing in a CEO who has worked in a leadership role in a global IT company and has strong connectivity in the sector, is a good decision," IiAS said. 

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COMMENTS

Babubhai Vaghela

2 years ago

None in India fit to be CEO Infosys? Or, Infosys not considered them at all? Infosys should tell the Investors.

When health goes Social: FDA pens proposal
The guidelines from US FDA would not necessarily carry any legal implications, but would rather serve as something that is suggested or recommended, though not required
 
The US Food and Drug Administration (FDA) has its concerns about Twitter; namely, how big pharma and others use the character-restricted platform to market its products. At the center of the issue is the challenge to communicate both the benefits and risks of a product – and other consumer information the FDA deems important – in a space limited to 140 characters. Thomas Abrams, director of the FDA’s Office of Prescription Drug Promotion, writes
In today’s world, in addition to traditional sources of medical product information, patients and health care providers regularly get information about FDA-regulated medical products through social media and other Internet sources… But, no matter the Internet source used, benefit claims in product promotions should be balanced with risk information.
 
To that point, the FDA has released a draft guidance on what the industry should be doing when it tweets, uses paid search engine results, or otherwise advertises prescription drugs or medical devices on the web where space is limited. The guidelines aren’t meant for product websites, individual product pages on social media, and online web banners where space isn’t limited. The document, which is in a feedback stage until 16th September, would not necessarily carry any legal implications, but would rather serve as something that is suggested or recommended, though not required.
 
As an example of what the FDA would consider acceptable on Twitter, the draft guidance offers up a sample tweet for a fictitious drug called NoFocus:
NoFocus (rememberine HCl) for mild to moderate memory loss-May cause seizures in patients with a seizure disorder www.nofocus.com/risk
 
The tweet works, according to the FDA, because it presents the most serious precaution associated with the drug alongside the prescribed treatment. It also contains a link to a full description of potential risks, and it includes the brand and generic name. Also, notice the dash between “loss” and “May.” The draft ordinance allows for the use of punctuation marks, common abbreviations and other symbols (like an ampersand in place of “and”) to help address character space constraints.
 
Of course, for drugs whose label details several potentially serious health risks – take Viagra, for example – the challenge to cram it all in a 140-word tweet becomes a difficult if not impossible task. The draft guidance suggests not to fight that fight:
If a firm concludes that adequate benefit and risk information, as well as other required information, cannot all be communicated within the same character-space-limited communication, then the firm should reconsider using that platform for the intended promotional message.
 
TINA.org investigated further and searched for some live tweets that would potentially run afoul of the draft guidance. We found the following post on the Twitter page for Pfizer: 
It would seem that this tweet for an FDA-approved drug called Elelyso immediately comes up short of the draft guidance’s recommendations because it fails to disclose any potential health risks, and thus should not be posted to Twitter.
 
If you come across a tweet or paid search engine result (such as you’d find on Google or Yahoo) that you think may violate the FDA’s draft ordinance, tweet at TINA.org @TruthinAd, leave a message on our Facebook page, or alert us here
 

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