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Angus Deaton wins 2015 Nobel Prize in Economics
The 2015 Nobel Prize in Economics has been awarded to Scottish micro-economist Angus Deaton, the Royal Swedish Academy of Sciences announced here on Monday.
 
According to an academy statement, Deaton, 69, was awarded "for his analysis of consumption, poverty, and welfare", Xinhua news agency reported.
 
"More than anyone else, Angus Deaton has enhanced the understanding of individual consumption choices which is crucial to design economic policy that promotes welfare and reduces poverty," it said.
 
By linking detailed individual choices and aggregate outcomes, his research has helped transform the fields of microeconomics, macroeconomics, and development economics, the statement added.
 
Answering questions at the press conference after the announcement, Deaton said he was "surprised and delighted" to win the prize.
 
Deaton was born in Edinburgh and received his PhD at Cambridge University. 
 
Last year, the award - which is officially known as the Sveriges Riksbank Prize in memory of Alfred Nobel - went to French economist Jean Tirole for his pioneering work on the regulation of large companies.
 
This prize has been awarded every year since 1969.
 
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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Coffee Day's Rs.1,150 crore IPO opens on Wednesday
 India's leading coffee outlet player Coffee Day Enterprises on Monday announced Rs.1,150 crore initial public offering (IPO), aimed at reducing debt and dexpanding outlet footprint.
 
The company will initiate the IPO sale on Wednesday.
 
"We plan to increase Cafe Coffee Day outlet footprint by 135 outlets a year across India in the coming two years with the help of the funds we raise," said V.G. Siddhartha, chairman, Coffee Day Enterprises.
 
The company is offering equity shares of the face value of Rs.10 Equity Shares each for cash including a share premium aggregating up to Rs.1,150 crore.
 
While the issue comprises a net issue to the public (the Net Issue), a reservation of Equity Shares aggregating up to Rs.15 crore for subscription by eligible employees has been also provided.
 
Siddhartha said each new outlet would require an investment of Rs.37 lakh to Rs.40 lakh.
 
One special area, where Coffee Day Enterprises is concentrating, is setting up new outlets on the highways.
 
"Finding a decent washroom while travelling is a big problem for many of us, we plan to set up nearly 1,000 Coffee Day outlets on the highway which offer coffee, small bites, Internet and washrooms," said Siddhartha.
 
"With an outlet network of 1,538 spread across 219 cities in India, we have an outlet market share of approximately 46 percent in India which is nearly four times larger than the cumulative footprint of the next four competitors," added Siddhartha.
 
The Indian cities, with the highest number of Cafe Coffee Day outlets are Delhi (211), Mumbai (204) and Bengaluru (200) followed by other cities.
 
Cafe Coffee Day's competition includes Barista, Costa Coffee and Starbucks, among others.
 
Highlighting the company's backward and forward integration, Siddhartha said: "We are also the only Indian company with a highly optimised and vertically integrated coffee business which ranges from procuring, processing and roasting of coffee beans to retailing of coffee products across various formats."
 
Delving on the important coffee vending machine rental business, A. Venu Madhav, CEO, Cafe Coffee Day, said: "We currently rent about 30,900 coffee vending machines to corporates and other clients. We own a market share of 95 percent in vending machines. We plan to rent 5,000 new machines a year in the next five years."
 
Madhav said the average revenue per day per Coffee Day outlet is Rs.13,700.
 
The company employs 50 people in the R&D to come up with innovative brew and blends, Madhav added.
 
Coffee Day also has its presence in a few international markets where it operates exclusive via the franchisee model.
 
"All our international expansion comes through franchisee model... we operate in Malaysia, Egypt, Austria and the Czech Republic," added Siddhartha.
 
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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SEBI trying to check start-ups exodus: chairman
India's capital markets regulator SEBI on Monday said that it is making best efforts to check the flight of start-ups to other countries by creating a conducive climate for their growth in India.
 
"Start-up and SME IPOs have begun to develop in India. The perception, however, is building that start-ups are flying away from India and better performing wooing investments in countries like US and Singapore but this remains a perception at a time when such a thing has begun to happen," Securities and Exchange Board of India (SEBI) chairman U.K.Sinha said at an event here organised by the PHD Chamber of Commerce and Industry.
 
"This will change in due course and India will shortly begin witnessing sufficient conducive conditions and climate for start-ups to stay put in India and diversify their operations from being based here," he added.
 
In this regard, Sinha said SEBI would recommend to the government even tax concessions for start-ups.
 
He also said that close to 8,000 foreign portfolio investors were registered in India, reflecting the strength of its capital market.
 
"The start-ups exodus outside India would stop and a vast majority of them would prefer to work from here as already a good number of them are operating from here," Sinha said.
 
Among those who participated in the event included National Stock Exchange of India's business development head Ravi Varanasi and Bombay Stock Exchange SME platform head Ajay Thakur.
 
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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