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Defisit skema pensiun Tata Steel ditetapkan ke balon untuk 2 miliar mengancam 130.000 dana pensiun 135 bisnis Inggris sudah menghadapi krisis perekrutan saat pekerja Polandia pulang - Jumat 15 Februari Setelah voting Brexit di mana perhatian utama terlalu banyak imigrasi, beberapa mungkin akan memuji Tren, tapi untuk industri Inggris yang penting, ini sudah menciptakan masalah serius, dan salah satu yang memberikan preview tentang apa yang mungkin akan datang untuk ekonomi yang lebih luas. Penjualan global makanan dan minuman Inggris mencapai angka 20 miliar untuk pertama kalinya - Selasa 21 Februari Penjualan global makanan dan minuman Inggris telah mencapai angka 20 miliar untuk pertama kalinya dalam sejarah, karena Pemerintah bersiap untuk meningkatkan fokusnya pada internasional. Perdagangan menyusul keputusan Inggris untuk meninggalkan UE. 335 Industri plastik menekan pemerintah Inggris untuk mengurangi target daur ulang - Jumat 17 Februari Target daur ulang di Inggris dipangkas tahun lalu setelah berhasil melakukan lobi dari industri plastik, sebuah permintaan informasi kebebasan dari Greenpeace telah terungkap.13 Pemerintah diserang tahun lalu setelah Itu mengumumkan bahwa target untuk daur ulang plastik akan berkurang dari 57 persen menjadi hanya 49 persen untuk tahun 2016 dan kemudian meningkat sebesar 2 persen setiap tahun sampai 2020, sampai maksimum 57 persen pada 2020.13 435 Inflasi mencapai 1,8 sebagai pasca- Kelemahan Brexit pound menyusup ke jalan yang tinggi - Selasa 14 Februari Inflasi harga konsumen Inggris melonjak menjadi 1,8 persen pada tahun hingga Januari, dari kenaikan 1,6 persen di tahun sampai Desember, karena kemerosotan pound sejak referendum Brexit Terus menetes ke jalan yang tinggi.13 13 Menurut data dari Kantor Statistik Nasional yang diterbitkan pada hari Selasa, kenaikan Januari adalah yang terbesar sejak Juni 2014. Namun lompatan tersebut sedikit mereda. Ekspektasi analis untuk kenaikan 1,9 persen, tepat di bawah target resmi Bank of Englands 2 persen. Krisis sayuran Inggris tidak hanya mencengkeram supermarket negara dan pemakan makanan sehat, tapi juga merupakan bale dari 12 penyu laut hijau kelaparan di akuarium di seluruh negeri.13 Krisis sayuran Inggris tidak hanya mencengkeram supermarket negara dan pemakan makanan sehat, tetapi juga merupakan bale dari 12 penyu laut hijau kelaparan di akuarium di seluruh negeri.13 13 Delapan akuarium yang dijalankan oleh perusahaan Sea Life meminta para pengunjung untuk membeli selada atau brokoli bagi penduduk yang dikupas mereka, yang akibat kekurangan beberapa sayuran di Inggris, kehilangan makanan favorit mereka. GREG WOODAFPGetty Images 635 Tim Cook bertemu Theresa May dan mengatakan bahwa Inggris akan baik-baik saja saja Brexit - Kamis 9 Februari Chief executive Apple mengatakan kepada Perdana Menteri Theresa May bahwa dia sangat optimis tentang masa depan Inggris di luar Uni Eropa.13 13 Tim Cook bertemu dengan May di Downing Street pada hari Kamis pagi dan mengulangi rencana raksasa teknologi tersebut untuk membangun markas besar Inggris di Battersea Power Station sebagai bukti dukungan perusahaan Inggris. 735 Brexit: Bank of England meningkatkan perkiraan pertumbuhan namun masih mengharapkan ekonomi Inggris akan terpukul - Kamis Ferbruari 2 Bank of England telah secara dramatis meningkatkan perkiraan pertumbuhannya untuk tahun ini namun menekankan bahwa rumah tangga masih akan mengalami tekanan besar terhadap pendapatan karena kenaikan inflasi. 13 Dalam Laporan Inflasi terakhirnya, Bank Dunia meningkatkan perkiraan pertumbuhan PDB 2017 menjadi 2 persen, naik dari 1,4 persen di bulan November.13 13 Revisi ini pasti akan disita oleh Brexiteers sebagai bukti bahwa ekonomi tidak akan menderita Dari meninggalkan Uni Eropa dan bahwa peringatan ekonomi sebelumnya dari Bank Dunia sekarang telah terpapar sebagai scaremongering.13 13 Namun prakiraan Bank Dunia terus memproyeksikan perlambatan pertumbuhan pada 2018 dan 2019, dengan PDB diperkirakan akan meningkat sebesar 1,6 persen dan 1,7 persen Di tahun-tahun itu. 835 Pendiri supermarket Morrisons meninggal pada usia 85 tahun Sir Ken Morrison, pendiri jaringan supermarket Morrisons, yang berperan penting dalam menumbuhkan perusahaan menjadi salah satu peritel terkemuka di Britains, telah meninggal dunia pada usia 85.935 Staf Boohoo dapat dipecat. Untuk tersenyum - Senin 30 Januari Pengusaha yang bekerja untuk pengecer mode online Boohoo berisiko dipecat karena tersenyum atau memeriksa ponsel mereka, sebuah penyelidikan yang dilakukan oleh Channel 4 telah ditemukan.13 13 Penyelidikan terjadi setelah peritel fashion online Asos dituduh tahun lalu melakukan praktik kerja eksploitatif. Dengan staf dilaporkan tidak dapat mengambil istirahat air dan toilet secara teratur karena kekhawatiran akan adanya target yang hilang. Perusahaan membantah tuduhan tersebut. 1035 Tesco untuk membeli pedagang grosir Booker dalam kesepakatan 3.7bn untuk menciptakan bisnis makanan terkemuka di Inggris - Jumat 27 Januari Pembuat terbesar Britains mengumumkan bahwa mereka bergabung dengan Booker, pedagang grosir makanan terkemuka Inggris, dalam kesepakatan 3.7 miliar. 13 Dalam sebuah pernyataan bersama, Kedua perusahaan mengatakan bahwa kelompok gabungan tersebut akan memberi keuntungan bagi konsumen, peritel independen, penyedia makanan, usaha kecil, pemasok, dan rekan kerja, dan memberikan nilai signifikan bagi para pemegang saham. 1135 Tambang raksasa Merek Kekaisaran memoar kenaikan gaji eksekutif - Kamis 26 Januari Pemimpin eksekutif Merek Kekaisaran, pembuat rokok Gauloises dan Winston, tidak mungkin mendapatkan kenaikan gaji tahun ini dalam apa yang tampaknya merupakan pertempuran lain atas keserakahan ruang rapat.13 13 Alison Cooper menerima total paket gaji 5.5m di tahun keuangan terakhir, naik dari 3,6 juta tahun sebelumnya.13 13 ADVERTISING13 13 diRead ditemukan oleh Teads13 13 13 READ MORE13 Hubungan antara gaji dan kinerja eksekutif yang tinggi diabaikan 15 Kebijakan pembayaran baru yang Akan memiliki efek mengambil remunerasi Ms Coopers menjadi 8.5m pada tahun 2017 yang diharapkan akan mendapat suara pemegang saham pada tanggal 1 Februari. Namun, dalam sebuah pengumuman ke bursa saham pada hari Kamis, Imperial Brands mengatakan bahwa pihaknya tidak akan memberikan kebijakan tersebut untuk memberikan suara sesuai rencana semula. 1235 Dow Jones Industrial Average baru saja mencapai 20.000 poin untuk pertama kalinya - Rabu, 25 Januari Indeks saham Wall Street Dow Jones Industrial Average pada hari Rabu mencapai angka 20.000 untuk pertama kalinya dalam sejarahnya. 13 13 Pada perdagangan pagi di AS, indeks menambahkan sekitar 0,5 persen untuk melampaui ambang psikologis yang penting dan mendapat keuntungan sejak tahun ini tahun lalu menjadi 23,8 persen menurut data Thomson Reuters. Thomson Reuters Eikon 1335 HSBC akan menutup 62 cabang jalan tinggi pada 2017 sehingga menghasilkan 180 pemotongan pekerjaan - Selasa 24 Januari HSBC berencana untuk menutup 62 cabang tahun ini, yang mengakibatkan kerugian kerja hingga 180, sebagai tanggapan atas meningkatnya popularitas online dan Mobile banking, bank mengumumkan pada hari Selasa.13 13 Dalam sebuah pernyataan, HSBC mengatakan bahwa selama lima tahun terakhir, jumlah pelanggan yang menggunakan cabang HSBC telah turun hampir 40 persen dan 93 persen pelanggan menghubungi bank sekarang Dilakukan di telepon, internet atau melalui smartphone. Sebanyak 97 persen penarikan tunai dilakukan melalui ATM. 1435 Theresa May dikritik oleh para ekonom atas karena mencoba mendapatkan kue dan memakannya dengan Brexit - Rabu 18 Januari Ahli ekonomi dan strategi terkemuka telah memperingatkan bahwa visi Theresa Mays tentang Brexit tidak memiliki kredibilitas dan kejelasan, sehari setelah Perdana Menteri menyampaikan sebuah agenda Pidato di masa depan Britains di luar Uni Eropa.13 13 Dalam pidatonya di London pada hari Selasa, Ms May memastikan bahwa Inggris akan meninggalkan pasar tunggal Uni Eropa untuk mendapatkan kembali kendali atas kebijakan imigrasi dan mengatakan bahwa dia ingin menegosiasikan kembali perjanjian pabean Inggris dan mencari sebuah transisi Periode ke fase dalam perubahan semua sambil tetap menjadi sahabat terbaik bagi blok tersebut. 1535 Fiat kehilangan 2.3bn dalam nilai saham setelah tuduhan emisi diesel - Kamis 12 Januari Saham Fiat Chrysler jatuh pada hari Kamis setelah pihak berwenang AS mengatakan bahwa produsen mobil tersebut telah melanggar Undang-Undang Udara Bersih dengan membiarkan emisi diesel berlebih di beberapa kendaraan.13 13 AS Environmental Protection Agency (EPA) menuduh perusahaan tersebut menggunakan perangkat lunak yang mengizinkan emisi diesel berlebih di lebih dari 100.000 truk dan SUV AS terjual sejak 2014.13 13 13 READ MORE13 Enam karyawan Volkswagen senior dikenakan biaya atas skandal emisi13 Saham yang terdaftar di Eropa baru-baru ini diperdagangkan sekitar 18 per Sen lebih rendah pada hari itu Saham di AS turun 16 persen sebelum terhenti karena diperdagangkan, menghapus 2,3 miliar dolar dari nilai pasar perusahaan. 1635 Meningkatnya ketidaksetaraan di balik kemenangan Brexit dan Trump adalah ancaman global teratas untuk dekade berikutnya, kata WEF - Rabu 11 Januari Kenaikan ketidaksetaraan pendapatan global, yang telah membantu memacu pemungutan suara Brexit dan kemenangan pemilihan Donald Trumps, diharapkan dapat membentuk perkembangan dunia selama Dekade berikutnya, menurut Forum Ekonomi Dunia.13 13 Untuk sebuah laporan yang diterbitkan menjelang pertemuan puncak tahunan di Davos minggu depan, WEF mensurvei 750 ahli risiko dan menemukan bahwa perbedaan pendapatan dan kekayaan yang meningkat disebut sebagai tren terpenting dalam menentukan Perkembangan global selama 10 tahun ke depan. 1735 Walikota Sadiq Khan naik bus Routemaster baru dari jalanan London - Jumat 6 Januari Walikota London Sadiq Khan telah mengakhiri harapan untuk membeli bus Routemasters baru ke jalan-jalan ibukota saat dia mencoba menyeimbangkan buku-buku tentang anggaran transportasi Londons.13 13 Pernah dipanggil Bus Boris menamai walikota sebelumnya, setiap bus masing-masing menelan biaya sekitar 350.000, atau sekitar 50.000 lebih banyak dari sebuah bus biasa.13 13 Walikota baru telah berjanji untuk membekukan pembelian kendaraan, yang dikritik karena mahal dan sauna- Seperti kondisi. 1835 FTSE tutup 2015 pada rekor tertinggi - Jumat 31 Desember Britains blue chip FTSE 100 menetapkan rekor baru pada hari terakhir perdagangan 2016 setelah naik untuk mencatat penutupan tertinggi selama dua hari berturut-turut.13 13 Indeks blue-chip naik 22 poin atau 0,3 persen, berakhir pada 7142 poin pada hari Jumat, penutupan tertinggi ketiga dalam beberapa hari dan level intraday baru. 1935 Hatton Garden: Londons terkenal berlian kuartal di bawah ancaman dari Brexit dan sewa kenaikan - Kamis 29 Desember Londons dunia terkenal perhiasan kuartal bisa menghadapi kepunahan karena tingkat bisnis yang melonjak, sewa naik dan setelah Brexit.13 13 Hatton Garden adalah pusat dari Pasar berlian dunia, namun para pedagang berjuang untuk mengembalikan hari-hari kejayaan, karena mereka terjepit oleh kenaikan harga sewa dan ketidakpastian yang diciptakan oleh pemungutan suara Inggris untuk meninggalkan UE. 2035 Bank tertua di dunia Monte dei Paschi di Siena di ambang bailout negara bagian 17bn - Kamis 22 Desember Bank tertua di dunia, Monte dei Paschi di Siena, siap menghadapi bailout negara bagian multi-miliar setelah mengakui pada hari Rabu bahwa sebuah rencana penyelamatan pribadi Tidak mungkin untuk berhasil.13 13 Parlemen Italia tampaknya akan masuk untuk menyelamatkan Monte dei Paschi di Siena, baru-baru ini menilai bank-bank besar Uni Eropa yang paling lemah, dalam beberapa hari ke depan dengan menggunakan dana penyelamatan 20 miliar baru yang dirancang untuk Menopang pinjaman pemberi pinjaman Italys. 2135 NHS ditagih berlebihan oleh 12.000 untuk tablet hidrokortison oleh perusahaan obat Actavis, klaim CMA - Jumat 16 Desember Perusahaan farmasi Actavis telah dituduh membayar terlalu banyak NHS dengan menaikkan harga tablet hidrokortison lebih dari 12.000 persen selama delapan tahun.13 13 Tablet hidrokortison digunakan oleh orang-orang dengan insufisiensi adrenal, kondisi yang mengancam jiwa dimana kelenjar adrenalin mereka tidak menghasilkan cukup hormon steroid alami. 2235 Tenaga surya menjadi bentuk produksi listrik termurah di dunia - Kamis 15 Desember Tenaga surya menjadi cara termurah untuk menghasilkan listrik, menurut analis terkemuka.13 13 Data yang dihasilkan oleh Bloomberg New Energy Finance (BNEF) menunjukkan biaya solar di 58 lebih rendah - negara-negara besar termasuk China, Brazil dan India telah jatuh ke sekitar sepertiga tingkat pada tahun 2010 dan sekarang sedikit lebih murah daripada energi angin. Italys bank terbesar Unicredit berencana untuk memangkas 14.000 pekerjaan selama dua tahun ke depan - Selasa 13 Desember 2435 Donald Trump mengetuk 3,5 miliar dari nilai pasar Lockheed Martin dengan satu tweet - Senin 12 Desember Hampir seminggu setelah mengambil tembakan di Boeing, Donald Trump membidik program jet tempur Lockheed Martins F-35, dengan mengatakan bahwa biaya tersebut tidak terkendali. Setelah menciak pada hari Senin pagi, saham perusahaan kedirgantaraan merosot lebih dari 4 persen pada awal perdagangan. 13 13 Berdasarkan jumlah saham yang beredar, tweet tersebut telah mencukur lebih dari 3,5 miliar dari nilai pasar Lockheeds. 2535 Brexit: Bank-bank dalam pembicaraan lanjutan mengenai perpindahan massa ke Paris, kata regulator Prancis - Kamis 8 Desember Bank-bank terkemuka internasional yang berbasis di Inggris berada dalam tahap-tahap lanjutan untuk merencanakan operasi ke Paris karena London bersiap untuk dampak Brexit, kepala regulator keuangan Frances Telah mengatakan.13 13 Paris termasuk di antara sejumlah kota di Eropa yang berusaha merayu perusahaan-perusahaan yang mempertimbangkan pindah dari London untuk mempertahankan akses mereka ke pasar UE, dan menghadapi persaingan dari Dublin, Frankfurt dan Luksemburg, antara lain. 2635 Pfizer didenda rekor 84.2m untuk pengisian daya yang berlebihan untuk NHS 2600 -Wednesday 7 Desember Perusahaan obat-obatan Pfizer dan Flynn Pharma telah didenda hampir 90m oleh badan pengawas persaingan Inggris untuk penetapan harga yang tidak adil ke NHS setelah menaikkan biaya obat anti-epilepsi hingga 2,600 persen.13 13 Otoritas Kompetisi dan Pasar (CMA) mengatakan bahwa kenaikan harga yang luar biasa ini memiliki biaya pembayar pajak puluhan juta pound. 2735 Perdana Menteri Theresa May mengunjungi konstituen menjelang Usaha Kecil Sabtu - Jumat 2 Desember Perdana menteri Theresa Mei, mengunjungi tukang daging JampS Rook di konstituennya di Maidenhead, menjelang Usaha Kecil Sabtu Stefan Wermuth PA WirePA Images 2835 Harga minyak melonjak karena negara-negara anggota OPEC sepakat Produksi minyak mentah pertama dipangkas dalam delapan tahun - Rabu 30 November Negara-negara anggota OPEC telah menyetujui penurunan pasokan pertama mereka dalam delapan tahun, sehingga harga minyak mentah melonjak lebih dari 8. 2935 Toko yang jauh dari kewalahan karena penjualan Black Friday dimulai - 25 November Orang-orang melakukan streaming ke Toko apel di 5th Avenue di Black Friday di New York .13 Massa berkulit tipis di mal dan toko AS di Black Friday pagi, yang merupakan awal tradisional dari musim belanja liburan, dengan toko-toko yang buka sebelumnya dan penjualan online diperkirakan akan mengambil bagian terbesar dari Keuntungan dalam penjualan eceran selama tahun lalu.13 13 Di daerah New York dan Chicago, pembeli mengatakan bahwa toko kurang sibuk daripada tahun-tahun sebelumnya pada hari terakhir Eh liburan Thanksgiving.13 Gambar-gambar serupa di Inggris aksi telah bergeser dari toko-toko high street menjadi acara online yang didominasi 3035 saham Nintendo melonjak setelah mengumumkan tanggal peluncuran Super Mario Run - Rabu 16 November Permainan yang sangat diantisipasi adalah sebuah Mencoba memanfaatkan pasar game smartphone setelah kesuksesan Fenomenal Pokemon Go. 3135 Pound naik sebagai peraturan Pengadilan Tinggi melawan Theresa May yang memicu Pasal 50 tanpa Parlemen - Kamis 3 November Pound telah meningkat terhadap semua rekan utamanya pada hari Kamis setelah Pemerintah mengumumkan bahwa hal tersebut tidak dapat memicu Pasal 50 tanpa persetujuan parlemen dan Bank of England mengatakannya Tidak lagi mengharapkan untuk menurunkan suku bunga tahun ini. 3235 Heathrow landasan pacu ketiga menimbulkan hambatan serius untuk memerangi perubahan iklim - Selasa 25 Oktober Kelompok lingkungan menyatakan cemas pada keputusan Pemerintah untuk memberikan landasan pacu ketiga di lapangan terbang dan Greenpeace bersumpah untuk menantangnya di pengadilan.13 13 Mengizinkan Heathrow Untuk memperluas akan menciptakan hambatan serius untuk memenuhi komitmen Inggris terhadap perubahan iklim dan mengurangi polusi udara, seorang ilmuwan terkemuka telah memperingatkan. Reclaim the Power 3335 Hampir 10.000 orang di China mengajukan satu pekerjaan - Senin, 24 Oktober Hampir sepuluh ribu pencari kerja China bersaing untuk satu posisi: seorang pekerja perwira di sebuah organisasi politik. Perekrutan pegawai sipil tahunan dimulai pada tanggal 15 Oktober, dengan lebih dari 27.000 lowongan yang ditawarkan di lebih dari 120 departemen pusat - menarik sekitar 1,4 juta pemohon tahun ini.13 13 Pencari kerja yang mendaftar untuk ujian sipil diminta untuk memilih posisi yang paling mereka minati saat mereka mendaftar untuk tes tersebut namun satu pekerjaan lagi Populer dari yang lain.13 13 Perekrutan pegawai negeri sipil Chinas dimulai pada tanggal 15 Oktober, dengan lebih dari 27.000 lowongan ditawarkan di lebih dari 120 departemen pusat - menarik sekitar 1,4 juta pelamar tahun ini. 3435 Harga anggur ditetapkan melambung saat produksi mendekati level terendah 20 tahun - Jumat, 21 Oktober Manajer kebun anggur Antonio Navarro melihat buah anggur siap panen di kebun anggur Casa Bianchi di San Rafael 3535 Bank mempertimbangkan untuk memindahkan staf London ke Luksemburg untuk mendapatkan akses ke UE. - Rabu 19 Oktober Kepala pengembangan keuangan untuk Luksemburg mengatakan serangkaian bank luar negeri dan manajer dana telah menjelajahi pindah staf London ke negara kecil tersebut sejak voting Brexit.13 13 Nicolas Mackel mengatakan bahwa ada ketertarikan kuat dari AS dan negara-negara non- Perusahaan Uni Eropa menilai opsi mereka sejak referendum Junes. Satu rencana yang sedang dibahas mencakup penutupan skema ini ke akrual masa depan, memutusnya dari Tata Steel UK, dan menawarkan pilihan kepada anggota mengenai tinggal di dalamnya dan mendapatkan kompensasi PPF, atau beralih ke skema baru yang, bagi sebagian besar anggota, akan menawarkan kompensasi yang lebih tinggi. Daripada PPF. Tata Steel Inggris akan terus melakukan trading dengan rencana seperti itu, namun harus membayar sejumlah besar sebagai imbalan atas berakhirnya kewajiban skema tersebut. Jika wali amanat puas bahwa insidensi Tata Steel Inggris dinyatakan tidak dapat dihindari (seperti yang diperkirakan saat ini), wali amanat percaya bahwa pemisahan dengan cara yang diuraikan di atas akan menjamin hasil terbaik bagi anggota BSPS, katanya. Anda melihat bahwa Anda menggunakan pemblokir iklan. Periklanan membantu mendanai jurnalisme kita dan tetap benar-benar independen. Ini membantu membangun tim editorial internasional kami, dari koresponden perang hingga wartawan investigasi, komentator hingga kritikus. Klik di sini untuk melihat petunjuk tentang cara menonaktifkan pemblokir iklan Anda, dan membantu kami untuk tetap menyediakan jurnalisme pemikiran bebas - gratis. Terima kasih atas dukungan Anda. Cara menonaktifkan pemblokir iklan Anda untuk independent.co.uk Adblock Adblock Plus Klik ikon AdblockAdblock Plus, yang berada di sebelah kanan bilah alamat Anda. Di Adblock klik Jangan buka halaman di domain ini. Di Adblock Plus klik Enabled di situs ini untuk menonaktifkan pemblokiran iklan untuk situs web Anda saat ini. Jika Anda berada di Firefox klik disable di independent.co.uk. Perlindungan Pelacakan Firefox Jika Anda Penjelajahan Pribadi di Firefox, Pelacakan Perlindungan dapat menyebabkan pemberitahuan adblock ditampilkan. Hal ini dapat dinonaktifkan sementara dengan mengklik ikon perisai di bilah alamat. Klik ikon Ghostery. Di versi sebelum 6,0 klik daftar putih situs. Di versi 6.0 klik situs kepercayaan atau tambahkan independent.co.uk ke daftar Situs Terpercaya Anda. Pada versi sebelum 6.0 Anda akan melihat pesan Situs masuk daftar putih. Klik muat ulang halaman untuk melihat perubahan Anda. Klik ikon uBlock. Kemudian klik tombol power besar untuk memasukkan situs web saat ini ke daftar putih, dan negara bagiannya akan diingat saat Anda mengunjungi situs web. Kemudian muat ulang halaman. Kategori 20 ini (rata-rata peringkat 2748) adalah inkarnasi tahunan ke-78 turnamen. Ini pertama kali dipentaskan pada tahun 1938 di Beverwijk, yang secara geografis berdekatan dan sedikit pedalaman dari desa pesisir Wijk aan Zee dimana turnamen ini sekarang diadakan, dan telah diadakan setiap tahun sejak saat itu. (1) Sebelas ronde dipentaskan di De Moriaan di Wijk aan Zee di Belanda. Babak lima dipentaskan di Pusat Sains NEMO di Amsterdam dan sekitar sepuluh di Spoorwegmuseum di Utrecht. Tahun ini berlangsung antara 15 Januari dan 31 Januari 2016. Hari libur adalah pada tanggal 20, 25 dan 28 Januari. 100 menit untuk 40 pergerakan, diikuti oleh 50 menit untuk 20 pergerakan. Kemudian 15 menit untuk pergerakan yang tersisa dengan kenaikan kumulatif 30 detik untuk setiap gerakan mulai dari pergerakan pertama. Acara tersebut merupakan turnamen round robin yang menampilkan empat belas pemain, dan karena itu tiga belas putaran permainan. 1st 10,000 2nd 6,500 3rd 3,000 4th 2.500 5th 2,000 6th 1,000 7th 500 About the Winner: Inilah Juara Dunia Magnus Carlsens yang kelima di ajang ini, menyamai rekor yang ditetapkan oleh Anand pada tahun 2006. Carlsen memulai dengan slow start tradisionalnya, menggambarnya. Pertama empat game. Namun ia mengambil langkah untuk memenangkan tiga pertandingan berturut-turut di babak lima, enam dan tujuh di mana ia menjadi pemimpin bersama dengan Caruana. Dia memimpin langsung dari babak delapan besar, mengamankan dua kemenangan lagi dalam lima putaran terakhir. Saat turnamen berakhir, Caruana dan Ding Liren sangat tertantang untuk memimpin dengan hadiah pertama untuk diperebutkan antara Carlsen dan kedua pemain ini. Pergi ke babak terakhir dan memimpin setengah poin dari Caruana dan satu poin dari Ding Liren, Carlsen bermain imbang dengan Ding Liren (2) sementara Caruana kalah dari Tomashevsky, sehingga Carlsen menang secara langsung dalam ajang ini untuk keempat kalinya dan kemenangan kelima secara keseluruhan. (3) Situs resmi dan sumber: AylerKupp. Ltfrogbertgt Saya memiliki banyak masalah, bootstrap menjadi salah satunya. Tapi apa yang saya coba jelaskan dengan hipotesis pengumpan bawah saya adalah alasan kenaikan peringkat, bukan rating inflasi. Dan, menurut definisi saya, mereka tidak sama. Saya tidak tahu apakah ada inflasi peringkat seperti yang telah saya definisikan, tapi saya pikir sebagian besar dari kita, kecuali orang-orang yang menolak perubahan iklim, setuju bahwa peringkat telah meningkat selama 30 tahun terakhir untuk puncak Pemain, dan data yang saya kumpulkan menunjukkan bahwa (a) mereka telah meningkat untuk pemain dengan rating lebih rendah bahkan lebih lama dari itu dan (b) bahwa untuk pemain kelas bawah dan menengah, kenaikannya telah diratakan atau dibalikkan sendiri. Mengapa Yah, yang saya miliki hanyalah sebuah hipotesis dan yang paling saya dapat klaim adalah bahwa hal itu tidak sesuai dengan data. Tapi itu pasti bukan bukti dan saya tidak akan pernah mengklaim bahwa itu adalah .. Dan saya setuju bahwa sistem berbasis Elo tidak berusaha mengukur konsep yang saya sebut kekuatan intrinsik dan bahwa mereka tidak pernah mengklaim bahwa mereka melakukannya. Saya juga tahu dan setuju bahwa mereka hanya mengukur kekuatan mengukur hanya di kolam renang tertentu. Itu sebabnya tidak hanya pemain dari era yang berbeda tidak dapat dibandingkan namun peringkat mesin catur tidak dapat dibandingkan dengan peringkat pemain manusia karena, kecuali dalam kesempatan yang sangat jarang, manusia dan komputer tidak saling bermain dalam permainan nilai pada kontrol waktu klasik, yaitu berbeda Kolam renang Ini mungkin topik yang layak untuk dibahas berulang kali, tapi saya tidak tahu forum yang sesuai untuk itu. Forum saya baik-baik saja, semuanya baik-baik saja juga (jika Anda mau, tentu saja), tapi yang terbaik adalah halaman Ratings. Dan halaman Tata Steel ini jelas bukan tempat yang tepat untuk melanjutkannya tapi Anda tahu bagaimana benang ini mulai seseorang membuat sebuah titik tentang topik yang menarik, yang lain meresponsnya, dan tiba-tiba ada banyak tulisan yang membahas topik off-topic secara teknis. Tunduk pada halaman itu Yang memalukan karena banyak informasi menarik dan berharga kemudian disebarluaskan ke berbagai halaman dan sulit untuk melacak keseluruhan gambar. Saya akan meminta ltchessgamesgt jika mereka bersedia membuat satu atau mungkin mengarahkan kami ke halaman yang sesuai mengenai subjek itu atau subjek terkait yang mungkin sudah ada tanpa sepengetahuan kami. Ini akan menjadi lokasi dimana kita semua bisa belajar banyak. Dan, ya, tentu saja saya tertarik dengan masukan Anda dan juga orang lain yang tahu atau bahkan hanya tertarik untuk belajar tentang subjek ini. Frogbert LtAylerKupp: tapi saya pikir kebanyakan dari kita, kecuali orang-orang yang menolak perubahan iklim yang benar-benar setia, akan setuju bahwa penilaian telah meningkat selama 30 tahun terakhir untuk pemain terbaik. Ya, fenomena yang saya lihat sebagai inflasi ltystemic dapat ditunjukkan dengan cukup Mudah, bahkan di atas seluruh kolam. (Menunjukkan inflasi pada beberapa nomor acak pemain top X, adalah - menurut pendapat saya - konsep yang salah paham sejak awal, karena mengabaikan konsekuensi alami dari peningkatan pemain di kolam renang.) Ltshcweigzwanggt Halaman pemain Arpad Elo hanya masuk akal, saya kira - karena FIDEs implemlentation dari sistem berbasis Elo telah sedikit menyimpang dari implementasi asli Arpad Elos. Berdasarkan apa yang saya ketahui saat ini, penerapan USCF lebih jauh dari formula asli Elos, dan terlepas dari peringkat FIDE-nya yang kebanyakan orang pedulikan akhir-akhir ini. (Tingkat pemeringkatan USCF adalah faktor pendorong inflasi yang jelas - tapi saya tidak tahu motivasi asli untuk memperkenalkan lantai rating di USCF, meskipun reaksi awal saya ketika saya pertama kali belajar tentang mereka, adalah bahwa saya tidak dapat memahami mengapa mereka melakukan hal seperti itu .) Frogbert LtOhioChessFangt Anda tahu bagaimana keadaannya. Terkadang sebuah topik muncul dalam sebuah diskusi, dan sementara saya sepenuhnya setuju bahwa sama sekali tidak ada hubungannya dengan turnamen Tata Steel Chess baru-baru ini, setiap perdebatan tentang turnamen itu telah berakhir, dan sudah lama sekali. Saya sarankan untuk memindahkan diskusi tentang sistem rating ke forum ltAylerKuppgt - jika Anda baik-baik saja dengan itu. Halaman Arpad Elos juga baik-baik saja dengan saya. Yang menyedihkan tentang sistem rating ini (sistem FIDE menjadi yang paling penting), adalah orang tidak mengerti. Dan FIDE adalah contoh utama dari sebuah organisasi yang tidak mengerti apa yang dapat dan tidak dapat dilakukan oleh sistem penilaiannya. Izinkan saya mengutip dari Buku Pegangan FIDE: 10.2 Skala penilaian sewenang-wenang dan terbuka berakhir. Dengan demikian hanya perbedaan peringkat memiliki signifikansi statistik dalam hal probabilitas. Jadi jika komposisi kolam renang Peringkat FIDE berubah, skala penilaian bisa melayang sehubungan dengan kemampuan sejati para pemain. Ini adalah tujuan utama untuk memastikan integritas sistem sehingga peringkat nilai yang sama dari tahun ke tahun mewakili kemampuan bermain yang sama. 10.3 Bagian dari tanggung jawab Administrator Sistem Penilaian adalah untuk mendeteksi adanya pergeseran dalam skala penilaian. Awal Bab 10.2 adalah perbaikan dari versi sebelumnya dari Peraturan Penilaian. Bagian ini merupakan awal yang baik: Skala pemeringkatan bersifat sewenang-wenang dan terbuka. Dengan demikian hanya perbedaan peringkat memiliki signifikansi statistik dalam hal probabilitas. Sejauh ini Im benar-benar onboard dengan FIDE. Namun, berikut ini salah, dengan menyatakan bahwa mereka mungkin memperoleh pemetaan yang konsisten antara keterampilan dan penilaian catur dengan memastikan tidak adanya inflasi sistemik dalam sistem. Ini bukan masalahnya, karena di luar apa sistem penilaian berbasis Elo mungkin akan dijanjikan. Orang tidak bisa menyalahkan penggemar catur karena salah memahami sistem penilaian, ketika FIDE sendiri tampaknya percaya bahwa hal itu dapat melakukan hal-hal yang tidak dapat dilakukan. Kurus. Ltfrogbert (Tingkat pemeringkatan USCF adalah faktor pendorong inflasi yang jelas - tapi saya tidak tahu motivasi asli untuk memperkenalkan lantai rating di USCF, meskipun reaksi awal saya ketika saya pertama kali belajar tentang mereka, adalah bahwa saya tidak dapat memahami mengapa mereka melakukan hal seperti itu . Gt Jangka panjang dan pendek dari tingkat pemeringkatan USCF adalah ini: Bill Goichberg, mantan master yang kuat, pada tahun 1970an telah menyerahkan tangannya untuk mengarahkan acara, dimulai di daerah New York, yang diperluas ke turnamen semacam World Open (Dimanapun tempatnya), dengan dana hadiah besar. Motivasi Goichberg adalah untuk mencegah sandbagging, terutama dalam acara uang besarnya (relatif berbicara). Dia memiliki banyak jus dengan USCF - percaya bahwa dia mungkin pernah terlibat dengan mereka dalam beberapa mode, datang ke administrasi pemeringkatan. Frogbert Jadi, apakah salah jika mengatakan bahwa hadiah uang besar berdasarkan kategori peringkat yang terlalu sempit adalah masalah yang menyebabkan orang menerapkan solusi yang sebagian memecahkan masalah sandbagging, dengan mengorbankan kerusakan sistem pemeringkatan. Ketika seseorang mengubah sesuatu yang ada ( Atau paling tidak - menurut saya seharusnya) hobi menjadi sarana menghasilkan uang (melalui perjudian, lagi IMHO), maka apapun bisa terjadi. Saya telah melihat bahwa orang-orang yang tidak dapat bermain catur - cara sombong untuk menggambarkan 1300-1500 pemain berperingkat - dapat memenangkan hadiah uang yang cukup besar dalam beberapa acara di AS. Dengan hadiah uang besar, saya bermaksud mengumpulkan 4 digit dalam dolar AS. Memiliki hadiah uang di kategori rating rendah jelas mengundang sandbagging - dan orang berhenti bermain catur untuk memperbaiki permainan mereka, namun malah kehilangan peringkat poin agar bisa menghasilkan uang di antara pemain yang sebenarnya lebih lemah dari mereka. Memperbaiki masalah ini dengan mengutak-atik sistem rating adalah solusi yang salah, menurut saya. Menurut Anda apa, ltperfidiousgt. AylerKupp. Ltfrogbertgt dan lainnya. Saya tidak punya masalah dengan menggunakan forum saya untuk diskusi mengenai peringkat, tapi tidak akan terpikirkan oleh siapa pun untuk mencarinya di sana. Jadi saya setuju dengan ltschweigzwanggt. Bahwa Arpad Elo akan menjadi tempat yang lebih baik, meski mungkin tidak sempurna. Tapi karena setiap kali ada yang menyebutkan peringkat atau sistem penilaian mereka mungkin menganggap Arpad Elo (atau setidaknya Elo), mungkin bisa diterima. Saya memposting sebuah tautan di sana yang menunjukkan bahwa ada beberapa diskusi terkait peringkat di halaman ini dan tautan ke posting pertama mengenai subjek ini jika ada yang ingin melihat apa yang telah dikatakan. Frogbert Bagus - terima kasih ) Tuttifrutty Saya tidak dapat menemukan definisi inflasi elo yang disepakati secara umum. Tidak ada satu pun. Its a peri peri, A mAke percaya, keep it up dan Anda akan berakhir di bangsal mental. Tapi Anda cukup bersikeras (Tata Steel (2016) (kibitz 1661)) bahwa tidak ada inflasi rating. Bagaimana Anda bisa menolak dengan pasti bahwa tidak ada inflasi peringkat kecuali Anda memiliki setidaknya konsep pribadi tentang tingkat inflasi apa yang saya tahu bahwa komoditas memiliki tingkat inflasi dan tingkat deplesi karena penawaran dan permintaan. Rating Elo inflasi tidak ada, oleh karena itu, tidak ada apa-apa selain fatamorgana. Bagaimanapun, hanya karena tidak ada definisi tentang sesuatu yang tidak berarti bahwa sesuatu ini tidak ada. Yeah, pesankan diri Anda untuk menilai inflasi dan melihat apakah seseorang dapat menunjukkan jalan ke tempat tujuan Anda. Anda mungkin bisa mencapai tujuan yang tidak ada. Tapi ya, teruslah bermimpi, gratis. Jangan lupa untuk menggantung kaus kaki busuk Anda, Santa mungkin akan menjatuhkan Anda sebuah catatan yang menjelaskan tentang tingkat inflasi elo. Pada Arpad Elo akan menjadi hmmmm yang lebih baik. Bagus, bagus, kalian semua boleh bicara balon udara panas di sana untuk semua yang aku sayangi. Satu hal lagi, TERIMA INFLASI RATING. Morfishine Ltfrogbertgt Maaf, saya setengah sarkastik, tapi setengah serius. Tentu saja, topik itu perlu didiskusikan di tempat lain dan bukan ditujukan kepada Anda sama sekali tapi di pihak lain yang mungkin atau mungkin tidak melakukan diskusi off-topic ke lokasi mereka yang sebenarnya, bahkan jika diminta secara langsung, semuanya adalah AylerKupp. Saya rasa itu jika itu membuat Anda merasa lebih baik terus meneriakkan THERES NO INFLASI RATING, biarlah. Saya masih tidak mengerti bagaimana Anda bisa begitu bersikeras dalam menyangkal bahwa itu ada meskipun Anda tidak dapat mendefinisikannya atau menggambarkannya. Oh well, ada banyak hal di dunia ini yang saya tidak mengerti dan kamu hanya harus menjadi salah satunya. CATATAN: Anda perlu memilih username dan password untuk mengirim balasan. Mendapatkan akun Anda membutuhkan waktu kurang dari satu menit, benar-benar anonim, dan 100 gratis - plus, ini memberi hak kepada Anda fitur yang tidak tersedia. Pilih nama pengguna Anda sekarang dan bergabunglah dengan komunitas chessgames Jika Anda sudah memiliki akun, Anda harus login sekarang. Harap perhatikan pedoman pengeposan kami: Tidak ada bahasa cabul, rasis, seksis, atau profan. Tidak ada pos spam, iklan, atau duplikat. Tidak ada serangan pribadi terhadap anggota lainnya. Tidak ada yang melanggar hukum Amerika Serikat. Tidak memposting informasi pribadi anggota. Lihat sesuatu yang melanggar peraturan kami Blow the whistle dan informasikan kepada administrator. CATATAN: Simpan semua diskusi tentang topik halaman ini. Forum ini untuk turnamen khusus ini dan tidak ada yang lain. Jika ingin membahas catur secara umum, atau situs ini, Anda bisa mencoba Kibitzer Cafeacute. Messages posted by Chessgames members do not necessarily represent the views of Chessgames, its employees, or sponsors. Spot an error Please suggest your correction and help us eliminate database mistakesSeptember 2016 We are building for the next 150 years, on the powerful foundation that we have inherited Cyrus Mistrys hands have been more than full since he took over at the helm of the Tata group in late 2012, and his imprint on the group and its companies has been distinctive. The chairman of Tata Sons has found a fine balance between modernity and tradition as he guides the group through demanding times and circumstances in a rapidly evolving business environment. In this exclusive interview with tata, the self-effacing Mr Mistry talks about coming to grips with the responsibility of chairmanship, the multiple challenges facing Tata companies, the essentials of technology, innovation and customer centricity, and the continuing Tata commitment to societal causes. How would you describe your experience since taking over as chairman of the Tata group When I assumed office as the group chairman, I was acutely aware of a few things. I knew I was not leading a single company, but was at the helm of a unique institution with a rich and glorious history. I was very conscious that we had a powerful foundation that had been nurtured over the last fifteen decades, and we now needed to build the capabilities that would allow us to succeed for the next 150 years. For this peerless institution, this was more than a routine change of guard at the leadership level. It was a generational change. Many senior executives who had helped shape the group for decades were retiring around the same time. There was great institutional knowledge with them which I needed to imbibe before they called it a day. Therefore, my initial approach was to adopt a listening mode. A corollary to this development was that we filled the vacuum in the leadership team with a judicious amalgam of maturing leaders from within the group as well as lateral inductees who brought in fresh perspectives and new knowledge. I also recognised that to successfully lead the group, instead of relying on the position of chairman as the primary basis of my authority, I needed to earn the trust and respect of all our chief executives, the boards of directors and external stakeholders. This meant building enough depth of knowledge about specific domains to ask the right questions, while exposing myself to a variety of views on geopolitics, technology and societal issues. A learning orientation on my part was essential. After obtaining a deeper understanding of the group, I focused on identifying areas that needed special attention. Then, several important group-wide initiatives were launched, leveraging the newly formed Group Executive Council (GEC) and other group resources for implementation. On the people side, we initiated interventions to improve engagement and the quality of life. We developed a customer manifesto to enhance customer centricity. And the newly created position of Chief Technology Officer (CTO) at the group level has been instrumental in making technology and innovation a central pillar of our growth strategy. Alongside these initiatives, there is an ongoing focus on performance management systems and the quality of the strategies deployed by our operating companies. Several measures have been taken towards this end, including reinforcing the need for performance and having clarity of strategy. We have set out an ambitious lsquoVision 2025rsquo for the Tata group, to touch the lives of a quarter of the worldrsquos population. What is the growth strategy identified to achieve this vision Each of our group companies is charting its own strategy and growth story, with the focus on sustainable, profitable growth. Each of these companies has identified the critical factors that make them sustainable over a longer time horizon. If we consider Tata Steel in India, for example, the fact that they are low on the cost curve, produce differentiated products and are a strong brand in the market, has helped them survive in a period when most steel producers globally are underwater. Similarly, the main factors underpinning sustainability in each company would be different. The group has invested Rs415,000 crore (79 billion) in capex over the last decade. Our investment over the last three years alone has been in excess of Rs170,000 crore (28 billion). We recognize that growth has to be a function of the operating cash flows we generate. At the group level, over the last three years, our operating cash flows have grown by over 30 percent CAGR but this, as we know, is not the appropriate way to use such data - our individual companies need to earn the right to grow. At the group level, we are focused on helping our companies earn this right by building strong operational cash flows and looking at their capital structures. It is crucial that we do not look at our capex in isolation from our investment in talent, brands and technology. These will be the true differentiators in the future. To this end, our companies track metrics such as workforce engagement, customer focus, net promoter score and the number of patents published mdash these are also monitored at the aggregate group level mdash in addition to metrics such as Tata brand performance. The metrics show a healthy and positive trend, though we still have a long way to go to meet our aspirations for 2025. How is the group responding to challenges posed by the rapidly changing global business and economic environment At our Annual Group Leadership Conference (AGLC) of 2015, I had articulated several dimensions of the powerful changes impacting our environment mdash geopolitical, social, economic and technological. We are already seeing many of these playing out. A significant number of our companies are particularly sensitive to the contextual environment in which we operate, and they are impacted to a greater extent by cyclical factors. Tata companies that are closer to the consumer, such as Titan and Voltas, tend to have less volatility and often have a smoother earnings graph. Our strategy at the group level is to get closer to consumers, to anticipate their needs. We will try and balance our portfolio to ensure that at an aggregate level we are more insulated from business cycles. We will continue to invest in our strong business-to-business enterprises, where we have powerful drivers for long-term value creation. In all our businesses, we are emphasising the importance of corporate foresight and customer insight. Companies that are able to understand longer-term trends and anticipate evolving customer needs will be well placed to make the most of these changes. What opportunities does the evolving business environment present to the group I see the rapid pace at which technology is moving mdash be it in digital, material sciences or biosciences mdash bringing both opportunities and risks. From the opportunities perspective, if we invest appropriately in research and development and combine that with a multi-layered understanding of customers, I believe there is a huge possibility for us to create new industries, new products and new business models. On the risks front, if we are not agile I think we will be left behind. A vital opportunity defining our times is the digital wave that is transforming all industries. Recognising this, the theme at AGLC 2015 was digital. We had Chandra of Tata Consultancy Services give a presentation on the digital future and I think it touched our leaders from across industries and geographies. We are incubating three companies in the digital space at this point in time. Tata CLiQ, our e-commerce platform, is an omni-channel marketplace with curated products that deliver value to our customers. It is quite a unique positioning we have chosen. We also have Tata iQ, our big data play, which effectively uses data analytics to connect the dots with respect to our many consumers so as to ensure we have a more holistic picture of their needs. And finally, with Tata Digital Health, we are creating a platform where we are experimenting with different business models to build the de facto platform for healthcare in India. I am delighted to see many Tata companies adopt different elements of digital in their operations, and our people using digital in the consumer and marketing side of their businesses. While we have had early successes within our companies, the more important aspect is that they are learning to use digital in a manner that brings value to customers. In the context of the increased market volatility, what are some of the key leadership and organisational initiatives being undertaken by our companies Fundamentally, Tata companies need to have robust strategies to deliver sustainable, profitable growth. In this light, at the 2014 AGLC, I had emphasised putting value creation for the customer at the heart of our strategy. Further, harnessing innovation and technology as differentiators will drive growth, even in the face of change. The best companies future-proof their strategies by exploiting industry trends, and stress-test these strategies for sudden environmental changes. Enlisting customer loyalty and building strong brands help companies weather many storms, and often enable the passing on of some of the volatility to the market. In the 2014 AGLC, we renewed our commitment to customers with a promise of building customer centricity as a cultural pillar. We promised to lsquodeveloprsquo a more profound understanding of the unique needs of our customers, lsquodeliverrsquo pioneering products and services of outstanding quality and value, and lsquodelightrsquo our customers with great experiences at every touch point. Fulfilling this promise in every instance is the key to having a secure place in the customerrsquos heart. I also mentioned the need to have organisational speed and agility and an openness to change. I think, in the context of turbulent environments, organisational agility is crucially important, and this is one of the points I stressed again at the 2015 AGLC. We have organisations which have strong hierarchical structures, and processes that actually mirror those structures. If we have to be agile in todayrsquos environment, we need to think of other organisational structures. This would involve having network structures which work alongside the traditional hierarchical structures. Care should be taken to have the right composition of teams in such embedded network structures, which can collaborate and break through hierarchical processes where needed. In Tata Motors, 25 percent of the team comprises young talent in the company - this gives young leaders the opportunity to show their mettle with challenging assignments and to shine. A network structure is often implemented by setting up a number of cross-functional teams, and having a governance structure led directly by the top leadership. What are the expected outcomes of the on-going thrust on innovation and technology in the Tata group Mr Ratan Tata was deeply involved in promoting a technology-oriented culture in the group. We are building on that strong foundation. The Group Chief Technology Officerrsquos role is to evangelise innovation within different group companies we tell our Chief Executives that this is now equally their role. The world has moved away from large industrial innovation labs to more distributed innovation at multiple locations. A lot can be done in a distributed manner in the digital space, in terms of virtual collaboration platforms for innovation. We may in the future also look at bringing together in a physical space some of our group companies to work on joint projects. What we are saying is: letrsquos evolve, letrsquos see what types of places and facilities we need, letrsquos look at the distributed model and see a combination of that with some of the physical spaces that we already have. Across group companies, we recently crossed the milestone of 7,000 patent applications, and the number of patents secured each year by the top five Tata companies has tripled in the last three years. I think we have done a significant amount of work through Tata Innovista, the collaborative platform created by the group to promote innovation. In building this platform, I would recall in particular, Mr Gopalakrishnanrsquos contributions. The Innovista model has, over the years, evolved into something quite fantastic. While some of the innovations are incremental, the lsquodare to tryrsquo concept in Innovista does make us bold. At the recent forum of Tata Chief Technology Officers, I underlined the need to be bolder. We have to start taking bolder steps because true value in todayrsquos environment will not only be created from incremental innovation, but the bolder and bigger strides that we take. What benefits do companies derive from being part of a diversified business group in todayrsquos context Isnrsquot depth of domain knowledge a critical success factor There is no denying that domain strength is a critical factor for success in business. This may be more true in the future. Even so, the Tata group adds value to its portfolio companies by nurturing them, orchestrating greater synergies and helping them optimise their long-term performance. It is also useful to note that the way in which a diversified business group such as Tata adds value is different from conglomerates or private equity funds. Tata as a business group, when compared with private equity firms, has distinct advantages as well as some drawbacks. From a nurturing perspective, the Tata brand, developed over 15 decades, adds huge value to our companies. This also makes exits more difficult as the Tata group has a deeper commitment to stakeholders and the brand cannot be transferred. On the other hand, the group can leverage resources across its large talent and leadership pools. With its global spread and reputation, it can capitalise on opportunities inaccessible to individual companies. From a synergy perspective, even within the restrictions of separated legal entities, there are many opportunities for two-sided or win-win synergies, where companies act in their self-interest and enjoy mutual benefits. The sharing of best practices is an example where we have platforms for the synergistic benefit of diverse businesses. Private equity funds are rarely able to tap into such synergies, due to the imperatives of individual exits. Lastly, from a portfolio perspective, the group can take decisions with longer-time horizons for value creation. For instance, this allows the incubation of next-generation businesses with long gestation periods, whereas private equity funds have average lives of seven years to exit. When compared with conglomerates, on the other hand, Tata companies benefit from the nurturing provided by their independent boards. The boards add a lot of value from deep domain expertise and through strategic guidance and good governance. At the group level, we have recently come out with our lsquocorporate governance guidelinesrsquo, which provide a framework on the effectiveness of boards, and articulate the agendas of the critical board committees. In addition, rather than impose common systems and practices, the Tata group allows flexibility within broad guidelines so that companies can optimise for their unique contexts. Could you elaborate further on our approach to corporate governance In keeping with the Tata ethos, we are fully committed to maintaining the highest standards of ethics and governance in the conduct of business by our enterprises. This includes emphasis at the group level on certain standards and longer-term aspirations providing sufficient and needed autonomy to group companies and their boards to independently focus on creating value for all their stakeholders and a variety of parenting styles that meet the needs of individual companies at their individual stage of growth and maturity. Significant changes in the external world, including regulatory changes, have provided us the opportunity to reflect on our policies and practices in corporate governance. Our new lsquogovernance guidelinesrsquo have been adopted by all our large operating companies in India. A lsquoboard effectiveness frameworkrsquo, comprising the six aspects required for the effective functioning of boards mdash composition, evaluation, learning and development, remuneration, succession, and process management mdash has also been put in place. Building on our tradition of governance and accountability, in each of these aspects we have tried to go beyond the letter of the law, by marrying current and emerging global practices with the values of the group. All our companies have strong, independent and autonomous boards. Apart from meeting the basic compliance requirements in terms of independence, gender, and other requirements, we have been consciously working towards ensuring that the composition of the boards of Tata enterprises reflects the required functional and domain capability to steer them in the desired direction. Our boards play critical roles in guiding management towards sustainable and profitable growth of Tata companies, and provide oversight on management and governance in these companies. While the executive leadership team develops the strategy, the board reviews the strategy, while challenging and guiding the leadership team. This includes giving feedback and inputs in setting aspirations, defining competitive and differentiated customer value propositions, making capital allocation efficient and ensuring that all expansion projects cover the cost of capital, setting the risk appetite and monitoring key risks, balancing short-term and long-term perspectives for all stakeholders, and agreeing on major strategic imperatives. The Tata Business Excellence Model (TBEM) has been a mainstay for the group for two decades now. What are some of the key changes you have introduced in TBEM in recent years TBEM provides a platform for companies to focus on excellence and for leadership talent to share and learn best practices. Since its beginning in 1995, some 730 TBEM assessments have been conducted by mentors and assessor teams from Tata companies across the world. We have strongly leveraged the Malcom Baldrige excellence framework, and owe a debt of gratitude to Mr Tata for the visionary thought to adopt the model for the group, to Mr Jim Setna and Dr JJ Irani for their leadership in the formative days to institutionalise TBEM implementation, and to Mr R Gopalakrishnan for driving the TBEM agenda as an important pillar of the Brand Equity and Business Promotion programme to strengthen the Tata brand. Cyrus P Mistry at the JRD QV Awards, which recognises business excellence at the Tata Group In the last three years, the character of TBEM has changed, with the assessment teams presenting to the board of directors of each Tata company. These presentations bring an independent reflection of the company to the board and provide assessment of the ability to convert strategy into actions. Accordingly, the expectations from the assessment teams (coordinated by the renamed Tata Business Excellence Group) are much higher. An architecture that enhances the performance of group companies in a sustainable manner has been created. This involves assessments, deep dives, capability building and the sharing of best practices in critical areas for the group: safety, quality of strategy, customer centricity, operational excellence and technology. Best practices have been identified in these areas based on the TBEM assessments of companies and on external sources. I would like to particularly commend EDGE, which now provides a group-wide digital platform to share best practices. I believe that leveraging the TBEM model and new initiatives being launched by the Tata Business Excellence Group will lead our companies to industry leadership. Some of our businesses clearly face very serious structural challenges. How should we think about their future It was clear to me relatively early that one needed to confront the challenging situations facing some of our businesses, and ultimately this would entail hard decisions on pruning the portfolio. But I have learned through experience that if you want to do the right thing by all your stakeholders, there are no shortcuts. There will always be external influencers and so-called experts, who may be motivated by immediate transactional gains, goading us on to churn our portfolio. It is important that we develop our own prognosis based on knowledge and context, keeping all stakeholders in mind. We should not be afraid of taking tough decisions for the right reasons, with compassion. ldquoCompassionrdquo is the key word. If there is one thing that I have absolute clarity on it is that the course of action selected should not undermine the moral contract with our larger employee base. As a result, I have chosen active transformation rather than revolution as our guiding policy. My approach is to ensure that we have a deeper understanding of the structural drivers for every stressed business and our presence in that context. We would then evaluate the leadership, strategy and operations of each business before we take any decision to exit. Tata Consultancy Services (TCS) and Jaguar Land Rover (JLR) make significant contributions to the scale of the group. What do you think of the contribution of other companies to the groups overall portfolio We are of course very proud of the achievements of TCS and JLR, and their contribution to the total portfolio of our business group, which is the leader in India from the revenue, profit and market cap perspectives. But it is worth noting that even if we were to take out the top three global Tata companies mdash TCS, JLR and Tata Steel Europe mdash the remaining portfolio would still rank us as the second-largest business group in India, with respectable operating profits and market leadership in distinct sectors. The remaining portfolio of the group would have businesses which are domestic leaders in their chosen segments, such as Voltas in air conditioners, Tata Motors in commercial vehicles and Titan in watches and jewellery. It would also have companies such as Tata Global Beverages, Tata Communications and Tata Chemicals, which are global leaders with market leadership in multiple chosen geographies. In this context, it must be stressed that it is not necessary for all our companies to be global leaders, but they should aspire to be leaders in the markets they define for themselves. Across the group, we should have a vibrant portfolio of Indian leaders, global leaders and a few new ventures. Some group companies have taken on significant debt. Your views This has to be seen in the context of business growth, increasing cash from operations, and capital projects underway which will lead to future growth. As the group has been growing significantly in the past, the total capital employed has also grown. Proportionately, there has been increase in debt. Over the last three years, the gross debt across the group has increased by about 2 percent per annum in US dollar terms, while cash and equivalents have grown at over 10 percent, leading to a reduction of 3.3 percent in net debt in the same period. This excludes our financial services businesses, where debt is integral to the product offering and, hence, their model is different from other businesses. As of March 2016, the group had a net debt of about 24.5 billion. Capex has been on average 9 billion in each of the last three years. In the financial year 2016, cash from operations reached 9 billion a year and exceeded the capex. At the group level, therefore, the aggregate debt is not something I feel concerned about. In fact, such aggregations at the group level could mislead, as the companies which have high cash generation, capex and debt are not all necessarily the same, and resources of different companies are not fungible with one another, as they are distinct legal entities with different shareholders. Of course, for a more meaningful discussion, these numbers would require to be viewed at each companys level. With recent events in markets like Europe, there has been some speculation about whether the focus of the Tata group will now be more on its Indian, rather than international, operations I cannot emphasise enough that this is far from the truth. Today, one has to look at opportunities with a global landscape in mind for most industries. However, one also has to consider the business environment, and India is particularly well placed, when compared with several other markets, in terms of growth prospects in multiple sectors. We must, from that perspective, make full use of the opportunities being thrown up in India. But no one should ignore the fact that the Tata groups international revenues are close to 70 percent of our composite turnover. The majority of the groups capital expenditure in the last three years has been in international geographies. At the recent AGLC, I had mentioned that two new markets, Iran and Myanmar, have opened up to us and several of our companies are gaining traction there. We continue to remain open to growth opportunities in India and overseas, through the organic route and through acquisitions. I must here appreciate Mr Ratan Tatas leadership and vision to take the Tata group global in the early 2000s, which has left us with a very strong platform. I think the onus is now on us to build on that, and to make sure that we not only have a global footprint, but that we create global mindsets. You had to invest a considerable amount of time at Tata Motors, particularly when they did not have a managing director in place. Would you like to share your experience Tata Motors has always had a pioneering streak in its DNA, from the first commercial vehicles that were brought out under Sumant Moolgaokar to, more recently, Indias first indigenously designed and built passenger car, the Tata Indica, that was launched under Mr Tatas leadership. In the initial years with Tata Motors, I gained an appreciation of the complexity of the situation, with the company facing multiple challenges in its core businesses. We worked on multiple fronts to strengthen internal capabilities, and some of this work is beginning to bear fruit. Challenges continue to exist in both parts of the business, particularly in passenger cars. The competitive landscape has changed significantly over the last five years. New original equipment manufacturers (OEMs) have entered the market with contemporary products developed on lean platforms that are engineered for cost and weight. We have seen the launch of more than 50 new passenger cars. Similarly, in commercial vehicles strong global competitors have made large investments at a time when the market itself is falling. On reviewing the passenger car product plan, it was evident we had challenges in aspirational design, platform strategy, and an over-reliance on diesel power trains. These contributed to challenges in brand perception and the health of our dealership network. Product and service quality were areas that needed strengthening. On the other hand, I also saw that the strength of Tata Motors lay in its people. It had a highly committed, creative and capable set of people that could make a difference if called upon to do so. To address all of the challenges that the company was facing, we identified eight strategic imperatives and set up over a hundred cross functional teams, comprising executives from various levels in the organization, but especially designed to ensure we gave an opportunity to our young leaders to shine. This strategy has paid dividends. The energy demonstrated by the teams and the results of their efforts have been incredible. Our journey has just begun, but we can already see the green shoots of a turnaround. Tata Motors has jumped five places on the JD Power IQS survey 2015, from twelfth to seventh, reflecting our work on quality improvement. Improvements in service delivery are reflected in our securing the third position in the JD Power CSI Survey 2015. More recently, we ran an endurance event for the Bolt, the Zest and the Tiago. It was a testament to our new product durability we broke a number of records running our cars for 50,000 km continuously over 18 days. Additionally, we secured the fourth position in the JD Power SSI 2016 results for sales satisfaction. We registered the highest improvement in rankings among OEMs, and outperformed the industry average for the first time. During the last Auto Expo in Delhi, we showcased some of our new products that will be launched in the next 12 months. These received a strong positive reaction from visitors. We have a rich pipeline of innovative products that I am confident will redefine Tata Motors in the future. The Kalinganagar facility is Indias largest integrated greenfield steel mill. How was the journey from conceptualisation to commissioning of the project Tata Steel decided in 2004, as part of its long-term strategy, to expand in India, which continues to be a growth market for the steel industry. After reviewing several options, Tata Steel signed an agreement with the Government of Odisha to build a 6 million-tonne steel plant in Kalinganagar. Cyrus P Mistry at the dedication of Tata Steels Kalinganagar plant by Odisha Chief Minister Naveen Patnaik However, there were significant challenges and hurdles in land acquisition and possession of the government-owned land in Kalinganagar for several years. An independent study in mid 2012 assessed a huge cost overrun and over a years delay in completion, among multiple issues identified. Of the total project work, only 11 percent of construction had been completed by then. The first task before me was to strengthen the team leading the project and then put in place clear governance and robust review processes. Key project risks were identified and measures put in place to address them and mitigate the risks. A closer working relationship with our principal contractors allowed the early sighting of warnings on likely issues and the finding of solutions. The apex governance mechanism included setting up a specific Board committee dedicated to reviewing the project. Frequent reviews helped pull back some of the cost and time overruns. This is indeed one of the largest greenfield industrial projects undertaken in India in recent years and includes several engineering firsts for the countrys steel industry. About 49,000 workers were mobilised at the peak of construction in 2015. Further about 50,000 cubic metre per month of concrete was poured for ten consecutive months, possibly the highest in India. Phase 1 of the project, for a capacity of 3 million tonnes, has been set up at a cost of Rs25,000 crore, including needed infrastructure for the full 6 million tonnes capacity. Commercial production has commenced since May 2016 and will reach its rated capacity in 18 months. Tata Steels Kalinganagar facility has the potential to grow significantly and produce world class and value added products for growth segments of the market. Kalinganagar is a demonstration of organisational perseverance and conviction in the building of an inclusive social and business environment with a commitment to creating long-term value for all stakeholders. The experience has taught us a lot in terms of carrying out large-scale, transformative projects. What, according to you, are the critical attributes of a Tata Leader Is there a framework or construct in the group to identify and develop these attributes in our leaders Leaders define the culture of the organization by their actions. They inspire with clarity of purpose and vision, enable people to perform to their true potential, engage on a foundation of trust and mutual respect, and possess the capability to ignite a deep sense of commitment in their people. A Tata leader, according to me, is someone who is proud of being part of the Tata group yet humble in terms of the knowledge one still has to gain and the milestones one still has to achieve. A Tata leader is knowledgeable about his or her domain and, at the same time, endlessly curious because in todayrsquos world there is no end to learning. A Tata leader is one who has depth and breadth of knowledge, is customer centric, empathetic to people, has an open mindset, an appreciation of technology in totality (the modern day equivalent of a scientific temper), and most importantly, a very strong value system and that is not subject to compromise. The subject of building tomorrowrsquos leaders is one of paramount importance, and that is why we selected lsquoLeaders 2025rsquo as the theme for this yearrsquos AGLC. Based on in-depth interviews with a number of group leaders and extensive research over the last year, the Tata Group HR has developed a new Tata leadership competency framework, Tata Leaders. This is a set of eight competencies that highlight the critical leadership behaviours that will contribute to our success in the future. The foundation of the framework is the grouprsquos core values and ethos. These competencies will be the bedrock of a comprehensive leadership development architecture for the group. I believe that this architecture will attract, identify and develop leaders who can help the group realise the bold objectives laid out in Vision 2025, and beyond. You have, in the past, spoken of the commitment that we as a group have towards improving the quality of life of our employees. How are we approaching this The core of any successful organisation is its people. More so in a group like ours, dedicated to improving the quality of life of the communities we serve - we truly believe that our people, in what they achieve every day, define our success. We have commenced work on a holistic approach that goes beyond employee engagement. The lsquoTata Quality of Lifersquo initiative is based on the foundation of happiness at work and reflects our innate belief in the importance of employee well-being and fulfilment. I am delighted that the development of this initiative by our Group HR has progressed well and is ready for implementation. The journey that we intend to undertake will not only focus on the measurement of the employeersquos quality of life, but also provide a framework for improving well-being at the workplace. The lsquoTata Quality of Lifersquo initiative is a reaffirmation of our commitment to our people. This has always been our guiding force. I strongly believe that this could be a differentiator for us as a group going into the future, and I have urged all our companies to adopt this framework. Doing the right thing in business mdash upholding our values mdash may appear to be straightforward, but this is almost never so. How can Tata companies ensure that they stay true to their tenets even during difficult times The Tata brand, the Tata culture and the Tata ethos are dependent on the value system of the group. This is our biggest asset. At the group centre, we are dedicated to upholding this value system. There is a series of communications that continuously happens from the group centre, cascading to our companies. Last year, we refreshed our lsquocode of conductrsquo, which is benchmarked to global standards and comparable to the best in the world. It is for us to make sure that we can communicate this in a manner which makes the code a living document, and makes it easier to practise. More recently, we have revisited the statement of our values to ensure that these truly reflect who we are and what we stand for. In particular, we have introduced the new value of lsquopioneeringrsquo to celebrate and carry forward our legacy of being pioneers and innovators of various products, services and business practices. Within the existing values, I was keen to articulate continuous learning and the promotion of meritocracy. Furthermore, it is not good enough for us alone to live the values just as importantly, we have to make sure that our partners and associates also live these values. When we get into a relationship with a partner, it is our duty to make sure that the relationship is based on the fundamental values we share. More recently we have done an organisational culture study across group companies, and after some introspection, we have started focusing on key areas to excel in. What is the philosophy and intent behind our efforts in the area of diversity and social inclusion The Tata commitment to diversity and inclusion has a 148-year-old history. It might sound incredible today, but we had cregraveches for working mothers in the 1880s and maternity benefits in 1921. This spirit is reflected in Tata LEAD, launched in 2014 to celebrate diversity in all its forms, across gender, race, ethnicity, special abilities and more. In the area of gender diversity, we want to double the number of women employees across the group and develop at least 1,000 Tata women leaders by 2020. A key step in this direction has been the launch of lsquoTata Mentorsrsquo, a unique cross-company mentorship programme that in its first phase covers women executives. I am pleased that this initiative has attracted enthusiastic participation from close to 50 of our companies. We have also launched a set of women-centric policies which address the needs of working women during different life stages. I congratulate all our companies that have adopted these policies, and I encourage others to do so. The next area of diversity that we would like to embrace is working with the differently-abled. We are fortunate to have more than 4,000 differently-abled colleagues already working with us across the world. While we are researching the specifics and developing our approach for this area, the endeavour is to strengthen our programmes and processes to bring in more differently-abled individuals into the mainstream workforce. We were part of the group led by the Federation of Indian Chambers of Commerce and Industry that has developed an lsquoaccessibility indexrsquo for workplaces in India. We are encouraging our companies to adopt the index to assess their readiness. This involves not just physical infrastructure and accessibility, but also identifying specific roles to earmark for people with special abilities. To achieve the goals of diversity, we are emphasising leadership commitment, sensitivity and awareness among all our employees, the development of opportunities for diverse talent, and creating an environment where diversity can flourish. The Tata group has been ahead of the trend in empowering traditionally disadvantaged groups through initiatives such as affirmative action and skilling. How do such initiatives impact business and do you see such activities growing As we pursue our mission, to improve the quality of life of the communities we serve, we must reflect that after almost 70 years of Indiarsquos independence, one among four of our population is still a victim of centuries of prejudice, discrimination and denial. Heart-wrenching narratives such as those we heard during the Tata Affirmative Action convention in May 2016 reveal the intensity of the need. Unless we positively discriminate to provide these sections of society their due share of opportunities, they will continue to languish. As the Tata group grows, we will have more opportunities to facilitate education, skilling, employment and entrepreneurship for these sections of society. Such initiatives will help broaden the impact of Indiarsquos progress. A step in the right direction is prioritising efforts to create meaningful and sustainable livelihoods, by being innovative and inclusive in employing Dalit and tribal youth, and giving them opportunities to become entrepreneurs and, thus, job creators. We need to appreciate the power of our collective might to address inequities in society. As we galvanise our efforts towards larger outcomes, we should gauge our progress through measurable and tangible results. As we move towards a more inclusive society, I look forward to seeing the wider impact of our affirmative action initiatives. That is how we can live up to the standards of the Tata grouprsquos founders. How is the group responding to the increasing challenges of sustainability We adopted a sustainability policy for the group in June 2015, with an approach that integrates our commitment to the preservation of the natural environment and to corporate social responsibility (CSR). In CSR, at the group level we focus on three broad areas: volunteering, disaster response and group programmes. Our volunteering initiative, Tata Engage, encourages Tata colleagues to connect with society at large, to develop a deep understanding of our core purpose to improve the quality of life of the communities we serve globally. I am proud that Tata Engage delivered over a million volunteer hours last year, which places it among the largest corporate volunteering programmes in the world. Tata Strive, a Tata group-led skilling initiative, aims to increase employability of the under-skilled youth segment in India We have undertaken disaster response activities in the recent past in Jammu amp Kashmir, Nepal, Uttarakhand, Andhra Pradesh and Tamil Nadu. I am grateful to our volunteers who have gone into disaster-struck areas and offered critical support in relief distribution, reconstruction and the rehabilitation of affected communities. We are identifying CSR programmes where our group companies can collaborate and create a bigger impact at the national or global stage. The first such initiative is in the area of skills development, under the banner of Tata Strive. In times to come, this initiative will help skill millions of youth and enable them to earn meaningful livelihoods. On the environmental side, perhaps the most critical challenge is posed by climate change and global warming, reflected in several unprecedented weather-related calamities in recent years. We have a number of ongoing initiatives to address this problem, such as Tata Steelrsquos participation in the ultra-low carbon steel initiative and Tata Motorsrsquo commitment to source 100 percent of its energy from renewable sources in the future. It is also a matter of great satisfaction that our corporate headquarters, Bombay House, has been recognised as Indiarsquos first heritage building to be lsquoplatinum ratedrsquo by the Indian Green Building Council. You continue to interact with Chairman Emeritus, Mr Ratan Tata. Would you like to tell us something about these interactions Yes, I continue to interact with Mr Tata, who is also the Chairman of the Tata Trusts, our largest shareholder. I need to ensure there is good alignment on strategy between Tata Sons and the Tata Trusts. Cyrus P Mistry with Ratan Tata, Chairman Emeritus of Tata Sons, at the unveiling of the foundation stone of the National Automotive Innovation Centre in the UK During my first year, I had the opportunity to concurrently serve, alongside Mr Tata, on the boards of many of our operating companies. One of the most positive takeaways from these interactions was the ease with which Mr Tata wore two hats. While sitting on the board of the operating company, his first duty was to the company and its board equally, he represented the promoter company and its interests. I have had the opportunity to visit JLR multiple times with Mr Tata. He has a very keen sense of design and an eye for detail. The credit must go to him for protecting the heritage of these two iconic British brands. We share a deep appreciation for technology and the impact it can have on business and society. Mr Tata continues to provide active advice to our aviation and aerospace ventures as he is passionate about this space and the group could benefit from his significant domain knowledge. What aspects of your work at Tata do you most enjoy I think it is a privilege to be part of the Tata group, and you are reminded of that privilege every time you meet a Tata employee. Whether it is in Canada in sub-arctic temperatures or at Kalinganagar in high heat, on shop floors or in offices, or while attending one of TCSrsquos energetic lsquoblitzesrsquo, I have had opportunities to interact with thousands of employees. After every such encounter, I return with the realization that I am exceedingly fortunate to be a part of the Tata group. I am proud to be a part of the Tata group. Design and technology are my special love, both the excitement and the anticipation of creating something new, as well as the potential it has to improve the lives of millions across the world. Whenever possible, I try to take the time to visit our technical centres and labs, and I spend time with universities which are incubating next-generation technologies. In recent years, apart from the Innovista events and our chief technology officer meets, I have had multiple opportunities to visit the development centres of TCS, the Tata Motors Engineering and Technical Centre, Tata Chemicals and others. At the Tata Chemicals Innovation Centre, with each visit I leave happier with the progress being made, whether in nano-materials, food derivatives or specialty chemicals. I enjoy discussing the work being done with the young scientists there. Could you tell us a bit about how you wind down during the time that you get away from work and business I am a voracious reader I enjoy reading a lot of non-fiction. I used to play golf on weekends but I havenrsquot stepped on a golf course in the last five years or so. I could probably say Irsquom doing a bad job of keeping a healthy work-life balance The most important thing for me, apart from work, is my family. My wife, Rohiqa, happens to be my best friend and we will be celebrating our 25th wedding anniversary next year. The words in Mr Gopalakrishnanrsquos book ring true: everybody needs a Clementine mirror. Rohiqa does not hesitate to disagree with me or tell me when Irsquom doing something wrong. I have two teenage sons. Looking at life through their eyes and trying to understand what is happening in their generation is interesting. The two of them are students mdash one in school and the other in university mdash and I grab every chance to chat and catch up with them. I also have two dogs who give me a lot of unconditional love. It is something I cherish and look forward to when I go back home
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