Professional heads take charge at drug firms

For most of India’s leading traditional drug firms, the strategy, challenges and demands are changing for them to stay in their business. These have transformed from a turnover of few hundred crore a decade earlier, with operations confined to the domestic market, to many thousands of crore of annual revenue, with direct operations in a majority of the continents.

Glenmark, owned by Glenn Saldanha, is going through a similar transformation. Earlier, the top and the middle management reported directly to Saldanha. Now, only two executives report directly to him — the recently appointed chief operating officer, Arvind Vasudeva, who oversees the entire branded generics business, and Terrance Coughlin, chief executive of Glenmark Generics.

“We have always believed in creating an atmosphere where professionals have been employed at every level in the organisation. It is important for us to separate management from ownership, because only then will we be able to create a global world class organisation,” says Saldanha.

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source : http://www.business-standard.com/india/news/professional-heads-take-charge-at-drug-firms/407111/

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High court asked to reverse ruling clearing Arroyo, others in NBN case

THE SUPREME Court was asked yesterday to reverse an Ombudsman decision clearing former first gentleman Jose Miguel T. Arroyo and seven others of liability in the canceled National Broadband Network (NBN) project.

Lawyer Ernesto B. Francisco, Jr. filed a petition for certiorari questioning the exclusion of Mr. Arroyo from those charged with graft by the Office of the Ombudsman for their alleged participation in the $329-million NBN deal between the government and Chinese firm Zhong Xing Telecommunication Equipment Co. Ltd. (ZTE). The project was scrapped in 2007 on charges of overpricing.

On April 21, 2009, an Ombudsman investigating panel dropped from the charge sheet Mr. Arroyo, Leandro B. Mendoza, former Transportation secretary; Lorenzo G. Formoso III and Elmer A. Soneja, former Transportation assistant secretaries; and ZTE officials Yu Yong, George Zhu Ying, Fan Yang and Hou Weigui.

Source : http://www.bworldonline.com/main/content.php?id=14882

Qiao Xing Universal Announces 2009 Financial Results

HUIZHOU, China, June 30 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Universal Resources, Inc. (Nasdaq: XING) ("the Company" or "XING"), an emerging Chinese resources company headquartered in Huizhou, Guangdong Province, today announced its unaudited results for the fiscal year ended December 31, 2009.

"We are pleased with the progress we have made in the past several months executing our resources driven growth strategies. During this time, we were able to divest our fixed line terminal business and complete the acquisition of our molybdenum mine. In addition, we entered into preliminary agreements to acquire participation in copper, lead and zinc," commented Mr. Ruilin Wu, the Company's Chairman and Chief Executive Officer. "We expect the Chinese and the Global economy will continue to grow in the months and years ahead, and we expect that our strategy to exit our legacy telecom businesses and focus our efforts on building a portfolio of strategic mining assets will provide us with more stable and attractive returns on our shareholder's capital going forward."

Fiscal 2009 Highlights

Fiscal year 2009 represented a critical year for the Company as it transitioned its business focus from telecommunication terminals to the resources industry. In April 2009, XING successfully acquired China Luxuriance Jade Co., Ltd. to enter the molybdenum mining and processing industry. In July 2009, XING started commercial production of molybdenum concentrate at its molybdenum mine, generating sales revenue of Rmb193.9 million (US$28.4 million) and net income of Rmb64.2 million (US$9.4 million) in the second half of the year.

Source : http://www.prnewswire.com/news-releases/qiao-xing-universal-announces-2009

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Confident Global Indians taking centre stage: Scribe

BEIJING: Though little impresses the Chinese, the emergence of confident and articulate 'Global Indians' is leaving lasting impression on the people here as they think this tribe could become more vocal on the world stage in future.

"The world is bound to see and hear more from Indians. As they become more prominent on the world stage, they will become more vocal and resolute on global issues and their views are certain to become more important," Li Xing, a senior journalist wrote in China Daily.

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Source : http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Confident
-Global-Indians-taking-centre-stage-Scribe/articleshow/6097348.cms