The corporate speed dating between Western and Asian companies have reached a stage of perfect collaboration. More and more companies in Britain and the US are venturing in to partnership with their Asian counterparts. Tesco, Britain’s biggest retailer is now on a speed dating to owe Indian partners. But cautions are always there.
The latest to join Asian bandwagon is the Tesco chief Sir Terry Leahy. This passionate Evertonian though knows that the future of his group lies in India, he is yet to decide on when to take his company into India. The caution becomes more pronounced after Bharati group dumped it to jump into bed with Wal-Mart.
Tesco’s has been talking to as many prospective partners as possible without divulging too much about its plans. Though there are speculations that Sir Terry and Tata are inching towards a deal, any confirmation is yet to come.
In another news, the equity industry is shocked to hear the Chinese government announcement to invest $3bn (£1.52bn) of the country’s massive foreign-exchange reserves in Blackstone just before its forthcoming initial public offering. The Chinese coup is a surprise to all who has to labor for years to get an investment in a Chinese industrial machinery manufacturer approved by regulators and government officials. The rivals like TPG Capital has no alternative but to praise Leung, Blackstone’s chairman in China, who once proscribed for buying a Lexus during his term as Hong Kong’s financial secretary.
In another Asian country Philippines, British American Tobacco (BAT) company is on trouble after a court ruling over excise duties on its Pall Mall brand. Despite a full throttle effort BAT lost the battle for discount brand classification. Pall Mall presently sold for 14 pesos, is now need to add an excise bill of 26 pesos per every pack of 20 instead of 6.5 pesos after the Philippines Supreme Court’s decision last month. Insiders reveal that the ruling makes a sustained presence for the tabacco giant in the country commercially harmful.
Via:Telegraph
