From Bollywood to Hollywood – Amazon.in

Amazon is taking its popular services to India with the launch of Amazon.in last week. The American Fortune 500 company has already expanded to nine other countries where shoppers can browse through millions of products from musical instruments to furniture. According to the BBC, Amazon.in will only offer books, movies and TV shows from third party sellers until strict Indian regulations on e-commerce are relaxed. At present, Indian laws prevent foreign companies from selling products online directly to shoppers. The Hindu, an Indian newspaper, reported in February that Amazon’s Global Vice President Paul Misener met with the Indian Commerce Minister to encourage foreign competition in the country’s growing online market. It isn’t immediately clear whether the government will take action to improve Amazon’s situation.

In the meantime, Amazon Marketplace will be a much-needed middleman between third party sellers and shoppers. Through the “Fulfillment by Amazon” system, Amazon stores sellers’ goods in its own warehouses and packages them for delivery. “Our vision is to become a trusted and meaningful sales channel for retailers of all sizes across India, enabling them to succeed and efficiently grow their business online,” said Amit Agarwal, Vice President and Country Manager for Amazon India.

The company first explored Indian markets last February when it launched Junglee.com, a virtual storefront where customers could compare prices and share reviews but not buy products. Now that Amazon Marketplace has launched in India, the company has its eyes set on bringing Indian internet users the complete Amazon experience of being able to buy just about anything. It may take time for the government to relax its e-commerce laws, but Amazon.in should have plenty of books and movies to keep consumers happy until then.

For more on the launch of Amazon.in, check out the company’s official press release.

What do you think about Amazon’s expansion to India? Voice your thoughts in the comments section below.

Festival via Flickr

June 14

Maroon 5

Where?  Outside TODAY’s window-on-the-world studio, located at 49th Street and Rockefeller Plaza in New York City. Fans should arrive by 6 a.m. for best viewing.

Times? 7 to 9 AM

Click here for more information

June 21

John Legend Good Morning America

Where?  Rumsey Playfield in Central Park (via the 72nd street entrance on Fifth Avenue at 6:00am when the park opens to the public. Closest subway lines are the N and R, or enter at Central Park West and 72nd St closest to the B and C subway lines)

Time? 7 to 9 AM

Click here for more information

June 21

Amadou & Mariam / Bombino (aka the Hendrix of the Sahara)

Time? 7 PM

Where? CELEBRATE BROOKLYN! @ Prospect Park Bandshell (9th Street & Prospect Park West)

Brooklyn, NY 11215

 Click here for more information  

June 24

MOS DEF

Where? Central Park 14 E 60th St, New York, NY 10022

Time? 7:00-10:00PM

Click here for more information 

June 25

Angelique Kidjo

 Where? Rockefeller Park

Time? 7 PM

Click here for more information

June 28

Ladysmith Black Mambazo / Aurelio Martinez

Where? CELEBRATE BROOKLYN! @ Prospect Park Bandshell (9th Street & Prospect Park West).

Time? 7:30 PM

Click here for more information  

June 30

Movie night at Habana Outpost

Movie Title: The Outsiders

Where? Habana Outpost Brooklyn (757 Fulton Street, Brooklyn)

Time? 8 PM

Click here for more information

Open-air shopping mall in Guangzhou – via Ray from Flickr

What would happen if Amazon took a 30% stake in Twitter? Last month, Alibaba, China’s biggest e-commerce firm, announced that it would take an 18% stake in Sina Weibo, a microblogging service, with the option of owning up to 30% of the company. The $586m deal could be the precursor to one of the biggest experiments in data mining and marketing.

Alibaba is China’s e-commerce juggernaut, handling more transactions than Amazon and eBay combined according to The Economist. The firm offers consumer-to-consumer and business-to-business trading platforms in addition to online shopping malls. Weibo, another titan in its own right, is China’s most popular social media outlet. The service offers its 503 million users the ability to make short status updates and tag other posts. Much like Twitter, Weibo has a large celebrity user base that attracts millions of followers each day.

But it’s a different kind of user that catches the eye of Jack Ma, Alibaba’s chairman. Millions of Chinese consumers use Weibo to discuss the latest fashions and trends, post reviews and previews, and offer advice to fellow shoppers. Ma hopes to combine the wealth of consumer information that Sina has mined since Weibo’s inception and integrate it with Alibaba’s already impressive amount of user data. Reuters reports that both firms expect to see advertising revenue increase by nearly $400 million.

Charles Chao, Sina’s chairman, is enthusiastic about the synergy that Alibaba and Weibo will have together:

 ”Weibo and Alibaba’s e-commerce platforms are natural partners. Together we provide a unique proposition not only to existing online merchants, but also to individuals or businesses, who wish to offer products and services on social networking platform to take advantage of the traffic shift toward social and mobile internet.”

For more information on Chinese financial news and social media, check out the following links:

The New York Times’ Dealbook

Chinese financial news from Bloomberg

An infographic on Chinese consumers

You might also be interested in the following courses offered at Baruch:

IBS 3000 Innovation, Technology and the Global Enterprise

IBS 4200 Foreign Markets, Cultures, and Institutions

CIS 3444 e-Business Technologies

CIS 3750 Social Media in Organizations

Sara Blakely – via Entrepreneurs’ Organization

As Baruch students, we feel inclined to choose a business major such as finance or marketing. From there, we apply for internships at renowned companies in hope for a full-time offer. But why spend the rest of your career working for someone else? Why not start your own company?  That’s what Sara Blakely, the owner of Spanx, did.

Sara Blakely was a LSAT exam failure, Disney world ride greeter and a fax machine salesperson before she became the billionaire owner of Spanx. The famous pantyhose and undergarments start-up company started off as an idea to an irritable problem Blakely, along with other women had.  She spent her entire life savings, $5,000 and the next 2 years planning the launch of her product, researching patents and searching for hosiery mills. She started off with her product in Neiman Marcus stores, and then expanded to other luxury department stores such as Bloomingdale’s, Saks and Bergdorf Goodman.

Spanx hosiery – via Yaletown Business Improvement Association

Spanx raked in $4 million in its first year and $10 million the next. Blakely made the Forbes’ Billionaire list at 42 years old, the youngest self-made woman to grace the magazine’s cover. Blakely also has plans to expand her operations to international markets. Currently, Blakely is estimated to be worth $1 billion dollars and just decided to become a part of the Giving Pledge.

Here are some of Blakely’s tips for aspiring entrepreneurs:

1.      Don’t let the first “no” (or five) stop you – Rejection is inevitable. You will need to get used to it and learn how to overcome it.

2.      Don’t quit your day job just yet – Be smart about your dreams. Blakely was still working at her day job during her first few years of creating Spanx; she wanted to make sure that Spanx was on the right track before resigning.

3.      Don’t seek validation from others – You may want to get feedback from your friends and family but it is better to tell people who can help you move forward with your product. Looking for validation can stop potential multimillion dollar ideas.

4.      Hire your weaknesses – Blakely was a charismatic salesperson but needed someone familiar with business planning and hired the current CEO, Laurie Ann Goldman.

5.      Never stop evolving – Although she made her fortune off of women’s wear, Blakely knew her company needed to grow to keep up with consumer demand. Now, her company offers apparel, swimwear, men’s wear, active wear in addition to her original products.

Students at Baruch may feel that working for someone else is essential to having a successful career. However, starting your own business is a viable alternative. If you believe in an idea and work hard to bring it to fruition, the opportunities can be endless!

New Delhi Rickshaws | Image via Flickr

Thuy Dao received a travel grant from the Weissman Center for International Business to support her work aboard experience. If you’d like more information about work abroad and the travel grant click here.

Name: Thuy Dao

Major: Social Entrepreneurship and Sustainability

For senior Thuy Dao, working overseas was an opportunity that she just could not pass up.  What she did not expect was to receive the opportunity to pitch innovative eco-friendly products to the local government of New Delhi.

Thuy worked for Prothsahan Team, a NGO that focuses on ‘green’ environmentally-friendly initiatives by creating awareness in the local community and proposing green solutions to the local government.  The organization also provides education in computer-related skills to children and youth who fall below the poverty line to better prepare them for work.

I recently had the great fortune to ask Thuy some questions about her experience.  Here’s what she had to say:

Q: Hi Thuy, so to start things off, where did you intern?

A: New Delhi, India.  I worked for the Prothsahan Team.

Q: Nice!  Can you tell us what some of your responsibilities included?

A: Responsibilities included making presentations and teaching plan according to the targeted audience — from children in orphanages to workers at corporate level.  Also, I established connection with multiple companies to raise awareness.

Q: Raise awareness?

A: Yes, as part of the job description, I marketed new green products to local government of New Delhi.

Q: That sounds exciting!  What was the reason why you chose India as the country for your work abroad experience?

I wanted to immerse myself in new culture and do something meaningful at the same time.

Q: Did your experience change your outlook on academic or career choices?

A: Well, before the trip I was very passionate about environmental law and I hoped to make some changes for the environment in New Delhi, but when I arrived I realized that there were more pressing matters to these citizens like making money to feed their family.

Q: Could you elaborate more about the economic situation you observed in New Delhi in relation to your internship?

A: I learned that for many people living in New Delhi, it is a luxury to think about environmental issues. The mentality is that people that can afford to worry about environmental issues should contribute what they can to help improve the lives of those that ‘cannot spare the time.’  Despite this, it was still exciting to be able to market new green products to the local government – these products would certainly help the city with solving a few problems related to environmental concerns.

Q: Wow, that certainly is a unique perspective.  To wrap up this Q & A, can you tell us a bit about what you enjoyed most about working overseas?

A: I enjoyed forging bonds with other interns I have met on this trip, learning about a new culture, traveling around the Northern part of India, and establishing connections with companies so new coming interns for the same project can continue where we left off.

Q: Great!  Thank you for telling us about your experience!

Thuy’s work abroad is a testament to the amazing talent at Baruch, and for that, we salute Thuy as one of our many Student Stars!

Romi, former intern at WABC-TV

In addition to gaining insight into the industry, Romi strengthened her teamwork skills as it was essential to her role at WABC-TV. Throughout the semester, she had the opportunity to network with professionals in the industry. While interning at WABC-TV, she was also able to get a glimpse into the way different functional areas—marketing and sales, for example—work together towards a common goal. This allowed her to understand how her work in the marketing department fit in with the goals of the other departments. Most of all, she’s appreciative of the creativity that she refined over the semester.

To hopeful interns, Romi stresses that being proactive and mindful of deadlines is essential to working in media. She also highlights the importance of differentiating yourself from other applicants: “You don’t want to just be another face in the crowd.” Although Romi has moved on from WABC-TV, she is eager to explore other fields in which she can use her skills as a communications major. Currently, Romi is the Work Abroad Coordinator for the Weissman Center of International Business where she helps Baruch students discover internship opportunities in countries around the world.

Source: Matt Sherberg via flickr

As college students, we find ourselves caught up in school plans, work, searching for internships and other career related tasks. All these responsibilities are essential when trying to establish yourself as a  businessman/woman. Your credit score is your pass to many things in life such as whether you can buy a house, the interest rate on mortgage payments, starting a business, car payments, your ability to take out loans, the interest on those loans, insurance coverage and even whether you get a new job. Building your credit score at an early age is a great start to creating a stable financial foundation so you can have a stable credit history for future endeavors. Maintaining a good credit score is not easy but possible, if you are smart about spending. Here are some tips in order of importance to your credit score rating:

 
1. Pay your bills on time (35%) – The decision to shuffle your bill under a bunch of other papers may be tempting but not beneficial. Whether you have a two-cycle average daily balance (which computes the average daily balance for the current and previous billing cycle. What does this mean for you? You pay more), or an average daily balance (which is the average amount that exists in an account over a period of time).

2. Closing credit cards (30%) – Your debt-to-credit ratio is important because the lower the amount of credit card debt you have, the better it is for your credit score. This can be tricky due to the terms of the credit score system. An example is: you have two cards (Card A and Card B) you charge $1,000 on both with a credit limit of $5,000. Your current ratio is 20% (10% each total $1,000) the recommended debt to credit card ratio 25%. However, you decide to take advantage of a deal offering a 0% balance transfer fee of $1,000 from Card A to Card B. You decide to close the account with no balance thinking you are helping yourself, but this changes your score. Now you have Card B with $2,000 and a balance of $5,000 resulting in a 40% ratio. Although you haven’t spent any money, you now seem risky to credit review bureaus due to the 20% increase in your debt-to-credit ratio. It is therefore recommended that you try to keep your debit to credit ratio below 25%.

3. Your credit history is important (15%) – This goes hand in hand with the above point, older accounts boost your credit rating. If you must cancel a credit card, cancel the newest one and wait about 30 days. If by the end of the month your credit score has not been negatively affected, do the same for any other cards. Closed accounts will still be included in your credit score, but after 10 years, they will be dropped from your credit report.

4. Select the right credit card (10%) – Do your research and avoid cards with unnecessary fees (annual fee, interest rate, late fee, over-the-limit fee). Find a rewards program that will be useful to you. Do not choose a travel rewards card if you barely book flights. Determine the grace period; if you are able to pay your bill off in time, you will not have to pay interest on purchases you make until next month.

5. Have a mix of loans and credit (10%) – Often retail stores offer a credit card for their store to promote “extreme savings”. By owning too many cards, you give an impression of not being trustworthy. Instead of applying for more cards, apply for installment loans as lenders like to see a good mix of installment loans along with your credit cards. These loans (like for car and house payments) show how reliable a person can be, especially if payments have been made on time for an extended period.

Research extensively the various conditions for any credit card; in the end, these are for profit companies. As a college student with a good credit score at an early age, you will have a head start.

Workers Protesting In Belgium | Image Credits: Kevin Van den Panhuyzen via Flickr

May Day, or International Worker’s Day – the global counterpart of our beloved Labor Day holiday – proves to be a heated platform for protests and remonstrations again this year as workers lashed out to lament growing economic unrest this past Wednesday.

Although global ‘Labor Day’ movements seemed to start off ‘quietly’ on May 1st this year, news from Europe gradually filtered into the U.S. as images of disgruntled workers overseas captured the attention of Americans stateside. In Paris, the far-right National Front led a rally through the heart of the city, disgruntled with record-high unemployment levels. Spain’s labor unions rallied in over 80 cities.

In Asia, Bangladeshi garment workers paraded through cities demanding safety measures, progressive benefits, and better working conditions – calls to action that were clearly a response to the Bangladesh garment factory building that collapsed about a week ago and killed hundreds. Indonesians, Filipinos, and Cambodians marched in their respective counties bemoaning the skyrocketing cost of living and endless battles with big business. Indonesia, which ranks fourth in the most populous countries in the world, drew tens of thousands of protesters to assemble for increased wages and for the end to outsourcing jobs to contract workers.

Perhaps some of the most controversial news on International Labor Day came from Greece. In a highly visible and publicized country-wide event, thousands of Greeks walked off their jobs – leaving state-owned hospices and clinics to fend for themselves with emergency employees.  Protesters also created massive disturbances for public transportation. Labor Day marked the second calculated strike against Greek government’s austerity processes this year. Greek labor unions have fought against three years of state-backed economic schemas that have increased taxes and cut salaries and pensions.

What are your thoughts on May Day? Voice your thoughts in the comments section below.

On April 6, the Stern in Africa club (SIA) hosted the 2013 NYU African Economic Forum in partnership with NYU Africa House, The Council of Young African Leaders and Vital Voices. The forum was themed “Africa in Motion: People, Ideas and Events Reshaping the African Continent”. It examined how the power of entrepreneurship and influx of capital into the continent has led to unprecedented business activity that is changing lives and entire economies each day. Speakers at the forum included renowned individuals in business, politics, banking, technology, fashion and entertainment.

I had the opportunity to attend this conference. I walked away with several new connections and a plethora of invaluable knowledge. During the conference, I sat in one of 4 panels. Topics included Finance, Technology, Development and Social Enterprise. I attended the development panel that was led by Harvard Professor, Emmanuel Akyeampong; NYU Professor  Yaw Nyarko; and Melissa T. Cook, CFA, Founder and Managing Director of African Sunrise Partners. The three panelists did a great job of tackling a question I have often wondered about myself, “Is China good for Africa?” The panelists also explored the future of Africa’s interaction with China through commerce.

There was also a “9 on 9″ series which featured a new generation of leaders who are helping advance development in Africa and within the Diaspora. The series  provided a platform for nine young pioneers to share their experiences and ideas on the growing opportunities associated with Africa. My favorite featured young pioneer was Bozoma Saint John – the Director of Music and Entertainment Marketing at Pepsi-Cola North America, she spoke about the importance of branding ourselves as individuals! She is proud to be from Ghana and loves to share her heritage with others! The most inspiring line she said during her presentation was, “Its ok not to be a doctor, follow your passion.” As students we may have influence from our parents wanting us to be doctors, because this may look good for the family name, etc. There is nothing wrong with being a doctor but be a doctor if it is truly something you want to pursue.

I highly recommend this conference! Students get a discount on tickets. It’s an event filled with invaluable knowledge about the emerging African market, great networking opportunities and complimentary breakfast, lunch and wine, and hor d’oeuvres. For those interested in networking after the all-day conference, there is even an after party at the Empire State Building.

Harvard, MIT and Columbia also have similar conferences annually. Lookout for their 2014 conference dates on their respective websites!

Cameroonian Presidential Candidate Kah Walla (center)  with Baruch Students

Hong Kong – Containers Terminal Port | Image Credits: Stan Dalone via Creative Commons

We are all familiar with strikes. Sometimes a strike will take a few days to resolve – sometimes much longer. In Hong Kong’s Hongkong International Terminals port, a strike has stalled global business and commerce since March 28th of this year.

Due to the strike, some cargo ships face delays upwards of 60 hours (whereas a typical wait time might only take about three hours). The delays have a vast global impact in the supply chain as costs increase due to ships being forced to reroute to nearby ports (in Guangdong, China or Kaohsiung, Taiwan) or coerced into skipping subsequent destination ports.

Although immediate commerce has been affected by the strike, the mere presence of a strike in the Hong Kong port is bound to take a toll on the economy in the long run.  Hong Kong’s unions are historically not as effective at negotiations (in comparison to American labor unions for example), so resolution of a strike like this may take an exorbitant amount of time.

With that in mind, the perspective of the workers on strike is also understandable. The rising cost of living in Hong Kong and the widening income gap has led to unrest from the working class. Workers take to the streets and protest several times a year to raise awareness of this problem and to pursue a solution. The workers on strike at the port lament the long hours and low wages. Port workers make 55 HKD per hour (the equivalent of $7 USD) and are hoping to negotiate a wage increase of at least 20%.

What do you think about the strike situation in HK?  Voice your thoughts in the comments section below.