India has already raised more than $500 million from investors for a new fund that will invest in the stocks of state-controlled companies

India Raises $513 Million for State Company Stock Fund
Foreign Institutional Investors Accounted for About $120 Million
KENAN MACHADO
March 21, 2014 8:50 a.m. ET
MUMBAI—India has already raised more than $500 million from investors for a new fund that will invest in the stocks of state-controlled companies, a person familiar with the deal said Friday.
The exchange-traded fund—which was created to buy shares of state companies directly from the Indian government—has raised close to $513 million, out of which foreign institutional investors accounted for around $120 million, the person said.
The fund accepted investments from retail investors until 6 p.m. India time Friday. It is likely to buy the government shares and list before April 4, the person said. It will be managed by Goldman Sachs Asset Management (India) Pvt. Read more of this post

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Seven Myths of CEO Succession

Seven Myths of CEO Succession

David F. Larcker
Stanford University – Graduate School of Business
Stephen A. Miles
The Miles Group (TMG)
Brian Tayan
Stanford University – Graduate School of Business
March 19, 2014
Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance and Leadership No. CGRP-39
Abstract:
Many believe that the selection of the CEO is the single most important decision that a board of directors can make. In recent years, several high profile transitions at major corporations have cast a spotlight on succession and called into question the reliability of the process that companies use to identify and develop future leaders.
In this Closer Look, we examine seven common myths relating to CEO succession. These myths include the beliefs that:
1. Companies Know Who the Next CEO Will Be
2. There is One Best Model for Succession
3. The CEO Should Pick a Successor
4. Succession is Primarily a “Risk Management” Exercise
5. Boards Know How to Evaluate CEO Talent
6. Boards Prefer Internal Candidates
7. Boards Want a Female or Minority CEO Read more of this post

M&A pickup among U.S. conglomerates may be undercut by prices

M&A pickup among U.S. conglomerates may be undercut by prices
Fri, Mar 21 2014
By Lewis Krauskopf
NEW YORK (Reuters) – When United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) paid more than $16 billion to buy plane parts-maker Goodrich Corp about two years ago, the U.S. conglomerate’s biggest-ever takeover raised some eyebrows for its rich valuation. Read more of this post

China unveils pilot rules, paves way for firms to issue preferred shares for first time

China unveils pilot rules, paves way for firms to issue preferred shares for first time
Fri, Mar 21 2014
By Lu Jianxin and Kevin Yao
SHANGHAI/BEIJING (Reuters) – China’s securities regulator on Friday issued rules for a pilot programme allowing listed companies to issue preferred shares, paving the way for the long-awaited scheme to be launched soon in what the regulator called a major capital market reform. Read more of this post

‘Maids get stressed living and working 24 hours a day’

‘Maids get stressed living and working 24 hours a day’
Saturday, March 22, 2014 – 06:00
Zul Othman
The New Paper
The elderly woman spat at her regularly and in a fit of anger, the Myanmar maid retaliated and hit her.
The family found out about the assault on the elderly woman and reported it to the police.
The maid was jailed for four weeks as a result, said Ms Valli Pillai, a representative from foreign worker help group Humanitarian Organisation for Migration Economics (Home). Read more of this post

James Montier: “The Market Is Overvalued By 50%-70%” And “Nothing At All” Is Attractively Valued

James Montier: “The Market Is Overvalued By 50%-70%” And “Nothing At All” Is Attractively Valued
Tyler Durden on 03/21/2014 15:15 -0400
A month ago we presented a must read interview by Swiss Finanz und Wirtschaft with respected value investor Howard Marks, in which, when explaining the motives driving rational investing he summarized simply, “in the end, the devil always wins.” Today, we are happy to bring our readers the following interview with one of our favorite strategists, GMO’s James Montier, in which true to form, Montier packs no punches, and says that the market is now overvalued by 50% to 70%, adding that there is “nothing at all” that has an attractive valuation, and that he sees a “hideous opportunity set.” Read more of this post

How Harry Potter Bankrolled A Textbook Business; Publishing the hit series by J.K. Rowling has allowed U.K.-based Bloomsbury Publishing to expand into new territory.

March 21, 2014
CFO.com | US
How Harry Potter Bankrolled A Textbook Business
Publishing the hit series by J.K. Rowling has allowed U.K.-based Bloomsbury Publishing to expand into new territory.
Marielle Segarra
When Bloomsbury Publishing launched nearly 30 years ago, it didn’t set out to get into textbooks, exactly. It didn’t plan on publishing the best-selling children’s book series of all time. It had one specific goal: to bring high-quality books to the mass market. It has far exceeded that goal, publishing successful novels like The English Patient, The Kite Runner and of course, the Harry Potter novels. Read more of this post

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