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[ad_1] By Kunal Bose A forward looking producer of a ferrous or non-ferrous metal will most certainly be seeking to earn a higher EBITDA by way of adding value to the primary metal. If Tata Steel has pioneered value addition to the extent of ready to use doors and windows under the brand Pravesh and prefabricated houses called Nest, Hindalco has remained unflinchingly on the mission to grow value added products (VAPs) in both range and volume using its own primary aluminium. In fact, the world first got an idea of Kumar Mangalam Birla’s aluminium metal strategy when he made bold in May 2007 to acquire the Atlanta based Novelis, the uncontested global leader in downstream rolled products and as scrap recycler. There were doubters then within and outside the group whether the $6-billion acquisition was justified. Novelis performance, particularly in recent years and technology might that it gives to Hindalco, are vindication of Birla’s foresight. As Birla further reinforced the group’s global footprint in downstream VAPs by acquiring in April 2020 the US-based Aleris, which prides itself on making special alloys for use in aerospace and building and construction segments, within India too, the focus remains on building new downstream facilities. Hindalco managing director Satish Pai has said on a number of occasions that the group will continue to pursue a strategy to delink itself from volatility in global aluminium prices. According to him, more than 80% of the group’s consolidated EBITDA during 2020-21 was delinked from price swings on the London Metal Exchange. Hindalco says it will further expand its VAP oriented business in the next few years with orientation to meeting “customised requirements for varied and complex applications of aluminium.” The company will be investing up to Rs 10,000 crore to expand flat rolling capacity at Hirakud, build a 34,000 tonne extrusion plant at Silvassa and promote a greenfield unit at Mundra with recycling facility. As Tata Steel has done with steel, Hindalco is playing a trailblazing role in promoting VAPs. But how does Vedanta, which owns the country’s largest primary aluminium capacity, including that of 51% owned BALCO or the majority government owned National Aluminium Company (NALCO) do the catch up in converting their primary metal in VAPs in the quickest possible time? Even while NALCO chairman Sridhar Patra swears by the company’s original objective to provide primary metal to fabricators, he will be involved in giving shape to a highly technologically demanding alloy plant in a joint venture with Mishra Dhatu Nigam. The planned 60,000 tonne JV will make alloys for use in defence, aerospace and auto sectors. At the same time, NALCO is making progress in giving shape to some downstream projects such as a foil plant and a rolled products unit in Dhenkanal for which it has started getting land from Odisha government. What all are in the pipeline, the company is already in several VAPs such as foil stock, fan blades and some other flat rolled products. In alumina too, NALCO makes speciality hydrates used as filler material in plastic, paper and paint. Vedanta, which had half the share of the country’s aluminium production of 3.615 million tonne (mt) in 2020-21, is to give a thrust to VAPs since this is the surest way to boost EBITDA from aluminium business. As the group is investing `6,611 crore to raise BALCO’s smelting capacity by 414,000 tonnes to around 1 mt, it will simultaneously give a push to expand the VAPs portfolio at the Chhattisgarh based operation. In a breakthrough development for the aluminium industry in this country, both Vedanta and NALCO are to build aluminium parks adjacent to their smelters to get value added to primary metal by third parties. What could be the drivers for the two companies to seek third party downstream utilisation of their liquid metal virtually next to their smelters? When the parks become functional, the promoting smelting groups will have the assurance of a fixed amount of sale of liquid metal to value adding converters. There are likely to be technological and marketing arrangements between park promoters and units operating there. Both NALCO and Vedanta have their smelters in Odisha and the local government wants them to create parks that will secure investment in downstream and create employment. Unarguably, the inspiration for building parks close to smelters has come from West Asia where Aluminium Bahrain (ALBA) and Emirates Global Aluminium have built a (EGA) vibrant ecosystem of feeding a wide range of downstream units with molten metal. Through a hot metal road, EGA transfers molten metal to multiple industrial sites. According to Vedanta Aluminium CEO Rahul Sharma, “The large aluminium park to come up next to our Jharsuguda smelter will bring in investment of at least Rs 2,000 crore in downstream units that is to create an annual incremental economic value of Rs 4,500 crore for Odisha. Moreover, the park for which the company is making a liquid metal supply commitment of 300,000 tonne a year will create livelihood for more than 100,000 people.” Vedanta, says Shrma, will give VAP manufacturing units in the park access to its centre of excellence and R&D house. Both NALCO and Vedanta have found in Odisha state agency IDCO a partner in park development projects. In the 223 acre park at Angul, the equity ownership is in the ratio of 51% for IDCO and 49% for NALCO. Patra says: “Principal attraction for investors in the park is considerable logistics cost saving emerging from operating downstream units receiving molten metal from a dedicated hot metal road. Thereby transportation cost is cut so also the expensive cost of aluminium remelting.” The success of aluminium parks in India will also be underpinned by promoter commitment to offer the units a robust infrastructure and an assured supply of electricity and water. (A former FT correspondent, the author is now India correspondent for Euro Money publication Metal Market Magazine) [ad_2] Source link

[ad_1] Last week’s announcement from the Department of Housing and Urban Development cleared the way for lenders to adopt targeted lending programs, but so far, they are treading carefully. The pronouncement was more than 40 years coming, and arrived after both the Consumer Financial Protection Bureau and the Federal Housing Finance Agency had publicly weighed in on the issue. “The pieces are coming together,” said Bob Broeksmit, president of the Mortgage Bankers Association. Special purpose credit programs allow lenders to target loan products to benefit protected classes without running afoul of fair lending law. There is a lot of excitement, the MBA said, but the trade association estimates it will be several months before lenders can operationalize the programs. Earlier this year, the MBA, together with the National Fair Housing Alliance, wrote a letter to HUD to urge clarification of SPCPs under the Fair Housing Act. But in the wake of HUD’s announcement, some lenders have, privately, grumbled that there are not sufficient incentives to develop the programs. Properly documenting and targeting the programs could be costly. Some lenders fear documenting that their current lending practices are insufficient could inadvertently expose them to regulators hunting for evidence of redlining. Whether lenders choose to make the targeted lending programs is entirely optional, although doing so could help depositories meet their Community Reinvestment Act requirements. The programs could also help lenders give force to the promises they made in the wake of last year’s George Floyd protests. “Many lenders made bold proclamations wanting to take strong action in pursuit of racial justice,” said Nikitra Bailey, senior vice president of public policy at the National Fair Housing Alliance. Broeksmit said he hoped to see lenders take the first step, by designing a program and floating it to the GSEs. Other lenders could then see their success, implement a similar program, and the effect would snowball. “I’m quite sure [the GSEs] would be open to lenders saying, ‘Can we try this in this market and see how it works,’” Broeksmit said. That will be a gradual process. Without a clear incentive — or a template to follow — few expect lenders to adopt SPCPs en masse. There are two ways federal policy could dramatically change that calculus. In the short-term, the government-sponsored enterprises could weigh in. In the long-term, banking agencies could overhaul the Community Reinvestment Act. The first scenario is much more enticing for lenders. Fannie Mae and Freddie Mac could spur lenders to create SPCPs by committing to buy such loans. They could introduce pilot programs to help develop the targeted programs. SPCPs could even be factored into the GSEs’ equitable housing finance plans the Federal Housing Finance Agency expects the GSEs to submit by the end of this year. Affordable housing advocates are hopeful. So far, the GSEs have been noncommittal on whether the equity plans will say anything about SPCPs. “Hopefully we will see swift guidance from the GSEs,” said Bailey. “I think the equity plans will tell us a lot about what we can expect in terms of how the GSEs will use liquidity to push for SPCPs.” FHFA raised the possibility of including SPCPs in the equitable housing finance plans in September, when it ordered the GSEs to produce them. The agency asked, “Could special purpose credit programs … be included in the Enterprises’ plans? How should such programs be structured?” But at the time, HUD still had not clarified whether SPCPs would run afoul of the Fair Housing Act. The all-clear came three months later, just weeks before the GSEs’ plans are due. Still, FHFA Acting Director Sandra Thompson is pitching targeted lending programs. In a statement this week, Thompson urged the GSEs to “consider SPCPs as a powerful tool to advance equitable outcomes and ensure fairness in the housing finance system.” “In addition to contemplating SPCPs of their own, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks can impact the availability of these programs by providing liquidity and support for existing and future SPCPs, within the umbrella of safety and soundness,” Thompson said. Depositories could also be compelled to make SPCPs if the Community Reinvestment Act — the anti-redlining statute — got a serious update. While the statute was crafted to address redlining, it never included language specifically referencing race. The process to overhaul the statute is already underway. An uncoordinated Community Reinvestment Act reform process was definitively scrapped this month when the Office of the Comptroller of the Currency issued a final rule rescinding its effort. The final rule set the stage for multi-agency reform. Marshaling that process is Federal Reserve Board Gov. Lael Brainard, who was recently elevated to the number two position at the central bank. In an October 2020 advanced notice of proposed rulemaking, she signaled that the reform process would take race into consideration. Guidance from the GSEs and Community Reinvestment Act could encourage lenders to craft SPCPs. But Bailey cautions that the targeted programs are not a panacea, and SPCPs will not, alone, solve inequality. “But that doesn’t mean this isn’t substantial and significant,” Bailey said. “It has the potential to make a huge impact.” The post Lenders tread carefully around targeted lending programs appeared first on HousingWire. [ad_2] Source link

[ad_1] Love TOMS shoes? Don’t miss this great sale going on! Right now, Toms Surprise Sale is offering up to 70% off shoes for the whole family! Prices start at just $14.99 and there are tons of shoes included in this sale. Be sure to sort from “low to high” to see the best deals. This is great time to grab a few new pairs of shoes. Shipping is free on orders over $75. [ad_2] Source link

[ad_1] Thousands of flights scrapped globally as Omicron mars Christmas weekend [ad_2] Source link

[ad_1] The Godrej Consumer (GCPL) stock has corrected about 17% from its peak. We had earlier highlighted GCPL would have a weak Q2FY22 performance in India HI, Indonesia and margins. However, we believe most of these issues are transitory. GCPL will benefit from: (i) recovery in demand for personal care led by rising mobility; (ii) rising dengue cases, which could drive HI business, but watch out for a harsh winter; and (iii) strong performance in the Africa business while corrective actions in Indonesia (aided by soft base) should also help. We continue to be positive on the impact of the new MD & CEO, Sudhir Sitapati. Maintain ‘Buy’ with a TP of Rs 1,180. Decoding the correctionFour reasons for the recent correction include (i) In Q2FY22, Home care sales delivered muted growth of 5% y-o-y, due to a soft performance of HI impacted by extreme weather conditions; (ii) Dabur entered liquid vaporisers. (iii) Indonesia sales saw a decline of 2% y-o-y due to company-specific, macro-economic challenges; (iv) inflationary raw materials led to gross margin dip of 616bp while Ebitda margin dipped 201bp in Q2FY22. New leadership; growth drivers aheadSudhir Sitapati, new MD & CEO, comes with 22 years’ experience at Unilever. HUL’s systems and processes are a gold standard, and GCPL will benefit from his experience. His top five priorities could, in our view, include: (i) Tackle illegal HI players and ramp up more disruptive innovations in HI; (ii) dial up presence in salons to gain share from L’Oréal in urban India; (iii) close white spaces in health & hygiene; (iv) GCPL is still under-indexed in rural; (v) drive more aggression on field, analytics and automation. The focus on bottom-of-pyramid products in HI will help recruit new consumers. New innovations in the HI segment including Jumbo Fast Card will aid revenue growth. Scale-up of the personal repellent portfolio is likely too as out-of-home consumption comes back. Outlook: Just a blip; maintain ‘BUY’GCPL has the right triggers in place to lead the next leg of growth in spite of a disappointing Q2FY22. Growing demand for personal care and the improving penetration and non-mosquito repellent awareness will help the company. Both home and personal care portfolios continue to see strong innovations at disruptive price points. A few recent examples are Jumbo Fast Card, a slew of launches under the Protekt brand, shampoo hair colour, powder-based hand wash, henna-based hair colour and natural neem incense sticks. Indonesia is likely to gradually recover, whereas Africa continues to perform well. GCPL’s domestic business remains on a good trajectory as management has been taking corrective actions. We retain ‘BUY/SO’ with a TP of Rs 1,180. [ad_2] Source link

[ad_1] As we turn the page on 2021, it’s important to check in with ourselves and identify what we are leaving in the past and what we are taking with us into the new year. To some, that exercise might translate to forming resolutions. I’m taking a slightly different approach, however, by opting to reflect on wise words and research that have shaped my career path and how I can draw from these in 2022. If you are a people manager or leader within your organization, you’ve likely faced new hurdles due to the pandemic; leading a transition to a fully virtual workforce, keeping the team culture alive, maintaining operations and productivity while leading with more empathy and compassion than ever before, as COVID-19 challenged everything we held dear. While weeks turned into months, we settled into a “new normal” of Zoom calls, virtual events and happy hours that were the “next best thing” to the water cooler conversations we used to have at the office. As I reflect on the past year, while looking forward with optimism and excitement for what’s to come, there are several concepts I keep coming back to as I look to refine my own leadership approach. I’m sharing these with my fellow leaders in case they are helpful as you take inventory of your own leadership styles and what you’d like to leave behind or take with you into 2022. The Athena Doctrine – Nearly 10 years ago, I was introduced to a concept that has played a role in my career growth and helped to frame what I consider to be a brand of leadership I aspire to embody and under which, I thrive. “The Athena Doctrine,” a study and book co-authored by John Gerzema and Michael D’Antonio, shows “why femininity is the operating system of 21st century prosperity.” Diving deeper: Gerzema and D’Antonio surveyed 64,000 people in 13 countries over two years. What they found from their data was that two-thirds of respondents thought the world would be a better place if men thought more like women. From there, they decided to take a closer look at masculinity and femininity and the character traits that were most valued in leaders by creating two separate studies from their global sample. In sample one, they asked 32,000 people to classify 125 traits as either masculine, feminine or neither. In sample two, another 32,000 people looked at those same traits without discussing gender but rather, how these traits translated to making the world a better place. What they found was that those skills and competencies culturally and historically identified as feminine — flexibility, collaboration, sharing credit, fairness, nurturing, etc. —were increasingly important to people, which is a diversion from more traditional leadership styles of yesterday. The key takeaway: Anyone, regardless of gender, can lean into these skills and competencies as they look to hone their leadership skills in 2022. Weak ties – Reflecting on my life and career, I’ve realized how important “weak ties” have been to opening doors to new opportunities and ways of thinking for me. In 1973, Mark S. Granovetter published a paper titled “The Strength of Weak Ties.” Up until then, he — like so many others — assumed that people learned of career opportunities through their inner circles of family and friends but what he discovered was actually the opposite. For new information and ideas, weak ties or casual contacts were more important than stronger ones. Granovetter surveyed nearly 300 workers and found that most (84%) got their jobs from their weak ties. While this study is over 40 years old, it has gained newfound importance during the pandemic as virtual workforces have threatened weak-tie interactions that happen more organically in traditional office settings. As leaders and people managers, we should be aware of how this can impact employees — their career growth, mental health, etc. — and think through how we can boost weak ties in authentic ways. For example: starting mentorship programs across business lines, developing virtual affinity or special interest groups or increasing team and skill-building activities (virtual or socially distant), etc. The Great Resignation – In August 2021 alone, more than 4 million people resigned from their current roles. It’s difficult to pinpoint, exactly, why they are leaving in droves. A life-alerting experience — like a pandemic — can cause many to rethink what is important in life and in work and serve as a catalyst to striking out on a new career path entirely. Additionally, as emerging variants threaten family health and well-being, in addition to causing some day care centers to close again due to outbreaks, this could mean that more people are taking time off to care for loved ones who need them at home. Additionally, as the economy rebounds, employees may feel more comfortable exploring their next big role as so many companies vie for talent and look to fill open requisites. Additionally, women have reported feelings of burnout at higher rates than their male counterparts and some women — 1.8 million of them — are exiting the workforce altogether as they often bear the brunt of managing child care, schooling from home or caring for sick or elderly family members. All of these compounding stressors on employees in the past year and a half illustrate why it is so important — crucial, even — to check in with employees and their mental health and well-being. It goes back to the first concept above — the importance of leading with empathy. This article was first featured in the Dec/Jan HousingWire Magazine issue. To read the full issue, go here. The post Taking stock: Your leadership approach in 2022 appeared first on HousingWire. [ad_2] Source link

[ad_1] I had visions of this adorable photo of all five kids in their Christmas jammies. This was the best we got. But I think it’s the perfect example of how often life doesn’t pan out like we expect or envision. And this Christmas, I keep thinking of the many for whom Christmas is just bittersweet… or maybe plain sad. I think of the kids in foster care who are separated from their parents and families this year. I think of the women who have written me in the last few weeks about losing their husbands this year. I think of the unmarried followers who thought surely they’d be sharing this Christmas with a special someone. I think of the families who are struggling financially who couldn’t really afford to do much for Christmas this year. I think of the moms who lost babies this year and the women who so desperately wish for a healthy pregnancy. I think of the couples whose marriages are on the brink of divorce or the heartbroken person whose spouse walked out on them this year for someone or something else. I think of the families with estranged loved ones who would give anything to get to celebrate with them this year — or even to just hear something from them. I think of those undergoing chemo, those waiting for a difficult diagnosis, those who are in chronic pain, those caring for a loved one who is dying. I just want you to know that if you are struggling with sadness or heartache or disappointment this Christmas, I see you. And I’m pausing to remember you, to hurt for you, and to pray for you. You are not forgotten. And if you are having a wonderful Christmas season, I’m thrilled for you! But please remember to look around and show some extra love and kindness toward those for whom Christmas feels anything like the, “most wonderful time of the year.” The world could use a lot more kindness, empathy, and compassion. P.S. If you are struggling this Christmas, I would be honored to stop and pray for you by name. Just leave a comment on this post or send me a message with your name and/or special request and I will take time to pray for you this week. Even in the middle of your pain and darkness, I want you to know that you are loved. [ad_2] Source link

[ad_1] Fading Omicron concerns set up shares for weekly gain, dent dollar [ad_2] Source link

[ad_1] Covid-19 India Live News, New Omicron Variant Cases in India, Coronavirus Vaccine Statistics and Registration Latest Update Live, December 24 Live News: The Omicron wave is showing its early contours as India saw a sharp single-day increase in the fresh infections related to the variant first detected in South Africa. The official data says that India has 358 confirmed Omicron cases as of Friday morning. Tamil Nadu topped the national tally for daily Omicron cases. However, Maharashtra is still the worst-affected state. Latest reports say that the Uddhav Thackeray government is set to announce new measures to contain the spread of the virus sometime later in the day. Meanwhile, Prime Minister Narendra Modi chaired a key meet on Thursday. The PM has asked the state officials to remain vigilant. Madhya Pradesh has become the first state to announce night curfew. In South, Karnataka has reported first Omicron cluster due to a flyer who arrived in state capital Bengaluru recently. While numerous studies have shown that the Omicron wave of infections is likely to be milder in comparison to the Delta variant. However, health experts say that this should not result in any sort of laxity on part of either general public of local officials. Add to this is the question of booster jabs. While 60 per cent of the total population in India is fully vaccinated, there is still a larger pool of unvaccinated people. Also, the six month period has lapsed, which means that many of those who got their first dose at the start of the vaccination programme are vulnerable to coronavirus infection. Plus lack of enough genome sequencing infrastructure in India means that we won’t know the true extent of the spread of the Omicron variant. Watch this space for more updates on Omicron cases, fresh curbs from India and around the globe: [ad_2] Source link