Tata Steel pensjonsordning underskudd satt til ballong til 2 milliarder truer 130.000 pensjonsmidler 135 UK virksomheter står allerede overfor rekrutteringskrise som polske arbeidere går hjem - fredag 15. februar Etter en Brexit-stemme der en primær bekymring var for mye innvandring, kan noen applaudere trend, men for viktige britiske næringer er det allerede å skape et alvorlig problem, og en som gir en forhåndsvisning av hva som kan komme for den bredere økonomien. 235 Globalt salg av britisk mat og drikke slår 20 milliarder mark for første gang - tirsdag 21. februar Global salg av britisk mat og drikke har truffet 20 milliarder market for første gang i historien, da regjeringen forbereder seg til å øke fokuset på internasjonale handel etter Storbritannias beslutning om å forlate EU. 335 Plastindustrien presset Storbritannias regjering til å kutte gjenvinningsmål - fredag 17. februar Resirkuleringsmål i Storbritannia ble kuttet i fjor etter vellykket lobbyvirksomhet fra plastindustrien, en informasjonsfrihetsanmodning fra Greenpeace har avslørt.13 Regjeringen ble brann i fjor etter at Det ble annonsert at mål for resirkulering av plast ville bli redusert fra 57 prosent til bare 49 prosent i 2016 og deretter økt med 2 prosent hvert år til 2020, til maksimalt 57 prosent innen 2020.13 435 Inflasjon treffer 1,8 som post - Brexit pund svakhet strømmer gjennom til high street - tirsdag 14. februar Storbritanniens konsumprisvekst spratt til 1,8 prosent i året til januar, fra en økning på 1,6 prosent i år til desember, som nedgangen i pundet siden Brexit-folkeavstemningen fortsatte å trille gjennom til high street.13 13 Ifølge data fra Office for National Statistics publisert på tirsdag, var januar-tallet den største siden juni 2014. Men hoppet smalt savner Ed analytiker forventninger for 1,9 prosent økning, like under Bank of England offisielt 2 prosent mål. 535 Salatkrisen treffer de som elsker det mest: sultne britiske havskildpadder - fredag 10. februar Storbritannias grønnsakskrise har ikke bare gripet landets supermarkeder og sunne spisere, men også en bale med 12 sultne grønne sjøskildpadder i akvarier over hele landet.13 13 Åtte akvarier som drives av selskapet Sea Life, krever at besøkende sparer salat eller brokkoli for sine innbyggere som har mangel på noen grønnsaker i Storbritannia, og mangler favorittmålene sine. GREG WOODAFPGetty Bilder 635 Tim Cook møtte Theresa May og sa at Storbritannia ville være like bra post Brexit - torsdag 9. februar Administrerende direktør i Apple har fortalt statsminister Theresa May at han er veldig optimistisk om Storbritannias fremtid utenfor EU.13 13 Tim Cook møtte fru May på Downing Street torsdag morgen og reiterte at tech gigantene planlegger å bygge et nytt britisk hovedkontor på Battersea Power Station som bevis på selskapets støtte fra Storbritannia. 735 Brexit: Bank of England oppgraderer vekstprognoser, men regner fortsatt med at den britiske økonomien blir rammet - Torsdag Ferbruary 2 Bank of England har dramatisk oppgradert sin vekstprognose for dette året, men understreket at husholdninger fortsatt vil oppleve en stor presse på inntekter på grunn av økende inflasjon .13 13 I sin siste inflasjonsrapport oppgraderte Banken BNP-veksten i 2017 til 2 prosent, opp fra 1,4 prosent i november.13 13 Revisjonen vil sikkert bli tatt i bruk av Brexiteers som bevis for at økonomien ikke vil lide fra å forlate EU og at tidligere økonomiske advarsler fra banken nå er blitt utsatt som scaremongering.13 13 Likevel fortsetter bankenes prognoser å projisere en nedgang i veksten i 2018 og 2019, mens BNP ventes å vokse med 1,6 prosent og 1,7 prosent i de årene. 835 Grunnlegger av Morrisons supermarkeder dør i en alder av 85 Sir Ken Morrison, grunnleggeren av supermarkedkjeden Morrisons, som var medvirkende i å vokse selskapet til en av Storbritannias ledende forhandlere, har dødd i en alder av 85 935 Boohoo-ansatte kan få sparken for å smile - mandag 30. januar Arbeidsgivere som jobber for nettbutikkforhandler Boohoo-risiko blir sparket for å smilte eller sjekke sine mobiltelefoner, en undersøkelse av kanal 4 har funnet.13 13 Undersøkelsen kommer etter online-moteforhandler Asos ble anklaget for fjorårets utnyttende arbeidspraksis med staben angivelig ikke i stand til å ta vanlige vann og toalett bryter for frykt for manglende mål. Selskapet nektet disse påstandene. 1035 Tesco å kjøpe grossist Booker i 3,7 milliarder avtale for å skape Storbritannias ledende matvarevirksomhet - fredag 27. januar Britains største forhandler annonserte at det fusjonerte med Booker, Storbritannias toppmatvareforhandler, i en 3,7 milliarder avtale.13 13 I en felles uttalelse, De to selskapene sa at den kombinerte gruppen ville gi fordeler for forbrukere, uavhengige forhandlere, cateringfirmaer, små bedrifter, leverandører og kolleger, og levere betydelig verdi til aksjonærene. 1135 Tobaksgigant keiserlige merker skraper administrerende lønnsvekst - torsdag 26. januar Konsernsjef for Imperial Brands, produsent av Gauloises og Winston sigaretter, er ikke sannsynlig å få en lønnsvekst i år som synes å være et annet slag over styresalighet grådighet.13 13 Alison Cooper mottok en total lønnspakke på 5,5 millioner i det siste regnskapsåret, opp fra 3,6 millioner året før.13 13 ANNONSERING 13 13 inRead oppfunnet av Teads13 13 13 LES MER13 Forbindelse mellom høy executive pay og ytelse ubetydelig13 En ny lønnspolicy som ville ha hatt effekten av å ta Ms Coopers godtgjørelse til 8,5 millioner i 2017, ventet å bli utstedt til aksjonærenes stemme den 1. februar. Imidlertid, i en kunngjøring til børsen i torsdag, sa Imperial Brands at det ikke ville sette politikken til en stemme som opprinnelig planlagt. 1235 Dow Jones Industrial Average har nettopp nådd 20 000 poeng for første gang noensinne - onsdag 25. januar Wow Streets Dow Jones Industrial Average Stock Index på onsdag slo 20 000-tallet for første gang i sin historie. 13 13 I morgenhandel i USA økte indeksen rundt 0,5 prosent for å overgå den psykologisk viktige terskelen og ta gevinsten siden denne tiden i fjor til 23,8 prosent ifølge Thomson Reuters data. Thomson Reuters Eikon 1335 HSBC for å lukke 62 high street-grener i 2017, noe som resulterer i opptil 180 jobbsenkelser - tirsdag 24. januar planlegger HSBC å stenge 62 filialer i år, noe som resulterer i opptil 180 jobber som følge av den økende populariteten til online og mobilbanken, annonserte banken tirsdag.13 13 HSBC sa i en uttalelse at de siste fem årene hadde antall kunder ved hjelp av HSBC-avdelinger falt med nesten 40 prosent og 93 prosent av kundens kontakt med banken er nå gjort på telefon, internett eller via smarttelefon. Samlet 97 prosent av kontantuttak skjer via en minibank. 1435 Theresa kan kritiseres av toppøkonomer for å prøve å få henne kake og spise den med Brexit - onsdag 18. januar Topøkonomer og strateger har advart om at Theresa Mays visjon om Brexit mangler troverdighet og klarhet, en dag etter at statsministeren hadde satt en dagsorden tale om Britains fremtid utenfor EU.13 13 I hennes tale i London tirsdag bekreftet May at Storbritannia vil forlate EUs indre marked for å gjenvinne kontrollen med innvandringspolitikken og sa at hun ønsker å gjenforhandle Storbritannias tollavtale og søke en overgang periode for å fange inn endringer mens du forblir en bestevenn i blokken. 1535 Fiat mister 2,3 milliarder kroner i aksjevirksomhetstopp etter tonnasjekonsulering - Torsdag 12. januar Aksjer i Fiat Chrysler døde torsdag etter at amerikanske myndigheter sa at bilprodusenten hadde overtrådt Clean Air Act ved å tillate overskytende dieselutslipp i enkelte biler.13 13 USA Environmental Protection Agency (EPA) anklaget selskapet for å bruke programvare som tillot overskytende dieselutslipp i over 100 000 amerikanske lastebiler og SUVer solgt siden 2014.13 13 13 LES MER13 Seks eldre Volkswagen-ansatte belastet utslippskandal13 Aksjer oppført i Europa handlet nylig rundt 18 sent lavere på dagen. Aksjer i USA falt 16 prosent før de ble stanset fra handel, og slettet 2,3 milliarder kroner (1,88 milliarder kroner) av selskapets markedsverdi. 1635 Stigende ulikhet bak Brexit og Trump-seieren er topp global trussel for det neste tiåret, sier WEF - onsdag 11. januar. En økning i global inntektsforskjell, som allerede bidro til å stimulere til Brexit-stemme og Donald Trumps valgsøke, forventes å forme verdensutviklingen over det neste tiåret, ifølge World Economic Forum.13 13 For en rapport publisert foran sitt årlige toppmøte i Davos neste uke, undersøkte WEF 750 risikokunnskaper og fant at økende inntekt og formueforskjell ble sitert som de viktigste trendene for å bestemme global utvikling de neste 10 årene. 1735 borgmester Sadiq Khan aksjer ny rutemasterbuss fra gatene i London - fredag 6. januar Londons borgmester Sadiq Khan har avsluttet ethvert ønske om å kjøpe ny Routemasters-buss for hovedstadsgatene da han forsøker å balansere bøkene på Londons transportbudsjett.13 13 En gang kalt Boris busser oppkalt etter sin tidligere borgmester, hver buss ville koste rundt 350 000 hver eller rundt 50 000 mer enn en vanlig buss.13 13 Men den nye ordføreren har lovet å fryse innkjøp av kjøretøyene, som ble kritisert for å være dyre og sauna - lignende forhold. 1835 FTSE lukker 2015 på rekordhøyde - fredag 31. desember Britains blue chip FTSE 100 satte ny rekord på den siste handelsdagen i 2016 etter å ha klatret for å registrere nedtelling i to sammenhengende dager.13 13 Blue chip-indeksen fikk 22 poeng eller 0,3 prosent, til slutt på 7142 poeng på fredag, sin tredje lukking høy i så mange dager og en ny intradag høy. 1935 Hatton Garden: Londons berømte diamantkvarter truet fra Brexit og leie turer - torsdag 29. desember Londons verdensberømte smykkekvarter kan møte utryddelse på grunn av økende forretningspriser, leieprisene og etterspørselen til Brexit.13 13 Hatton Garden var sentrum av verdens diamantmarked, men handelsmenn kjemper for å bringe herlighetens dager tilbake, da de blir presset av stigende leier og usikkerheten som er opprettet av Storbritannias stemme om å forlate EU. 2035 verdens eldste bank Monte dei Paschi di Siena på randen av 17 mrd italiensk statsbudsjettering - torsdag 22. desember Verdens eldste bank, Monte dei Paschi di Siena, står klar for en statlig bailout på flere milliarder etter at den innrømmet onsdag at en privat redningsplan var usannsynlig å lykkes.13 13 Det italienske parlamentet ser ut til å gå inn for å redde Monte dei Paschi di Siena, nylig dømt de svakeste av de store bankene i EU, i løpet av de neste dagene, med et nytt redningsfond på 20 mrd. prop up Italys sliter långivere. 2135 NHS overbelastet med 12.000 for hydrokortisontabletter av narkotikafirmaet Actavis, CMA-krav - fredag 16. desember Farmasøytisk selskap Actavis har blitt anklaget for overbelastning av NHS ved å øke prisen på hydrokortisontabletter med mer enn 12.000 prosent i løpet av åtte år.13 13 Hydrokortisontabletter brukes av personer med binyreinsuffisiens, en livstruende tilstand der binyrene ikke produserer nok naturlige steroidhormoner. 2235 Solenergien blir verdens billigste form for elektrisitetsproduksjon - torsdag 15. desember Solenergien blir den billigste måten å generere strøm på, ifølge ledende analytikere.13 13 Data produsert av Bloomberg New Energy Finance (BNEF) viste kostnadene for solenergi i 58 lavere Inntektsland, inkludert Kina, Brasil og India, hadde falt til om lag en tredjedel av nivåene i 2010, og var nå litt billigere enn vindkraft. Jungle Urter Amp SpicesFacebook 2335 Italiens største bank Unicredit planlegger å kutte 14 000 jobber i løpet av de neste to årene - tirsdag 13. desember 2435 Donald Trump banker 3,5 milliarder kroner fra Lockheed Martin markedsverdi med en tweet - mandag 12. desember Knapt en uke etter å ha tatt skudd på Boeing, Donald Trump tok sikte på Lockheed Martins F-35-jagerflyprogrammet, og sa at kostnadene var ute av kontroll. Etter tweet på mandag morgen gikk andeler i luftfartsselskapet med mer enn 4 prosent i tidlig handel. 13 13 Basert på antall utestående aksjer har tweeten barbert litt over 3,5 milliarder fra Lockheeds markedsverdi. 2535 Brexit: Banker i avanserte samtaler om masseflytting til Paris, sier fransk regulator - torsdag 8. desember Ledende internasjonale britiske baserte banker er i avanserte stadier av planlegging om å skifte operasjoner til Paris som London-seler for virkningen av Brexit, Frances økonomiregulator har sagt.13 13 Paris er blant en rekke europeiske byer som ønsker å tvinge bedrifter til å se bort fra London for å opprettholde sin tilgang til EU-markedene og møte konkurranse fra blant annet Dublin, Frankfurt og Luxembourg. 2635 Pfizer bøyd rekord 84,2m for overbelastning NHS 2600 - Vededag 7. desember Drugsfirmaene Pfizer og Flynn Pharma har blitt bøtelagt nesten 90 meter av UKs konkurranse vaktmester for urettferdig prising til NHS etter å vandre opp kostnaden av et anti-epilepsi narkotika opp til 2.600 prosent.13 13 Konkurransetilsynet (CMA) sa at disse ekstraordinære prisøkningene har koster skattebetalere ti millioner kroner. 2735 Statsminister Theresa mai besøker valgkrets for små bedrifter lørdag - fredag desember2 Statsminister Theresa mai besøker slakter JampS Rook i hennes valgkrets i Maidenhead, foran småbedrifter lørdag Stefan Wermuth PA WirePA Images 2835 Oljeprisene stiger som Opec-landene er enige første oljeproduksjon kuttet på åtte år - onsdag 30. november Opec-landene har gått med på sin første forsyningsnedgang på åtte år og sender prisen på råstråler over 8. 2935 Butikker langt fra overveldet som Black Friday-salget begynner 25. november Folk streamer seg inn i Apple Store på 5th Avenue på Black Friday i New York .13 Crowds var tynne på amerikanske kjøpesentre og butikker på svart fredag morgen, tidligere den tradisjonelle starten på ferie shopping sesongen, med butikker som åpnet tidligere og online salg forventes å ta den største delen av gevinster i detaljhandel i fjor 13 13 I New York og Chicago-områdene sa kjøpere at butikkene var mindre opptatt enn tidligere år på dagen etterpå er Thanksgiving holiday.13 Bildene ligner i Storbritannia handlingen har skiftet fra high street butikker for å bli en overveiende online-hendelse 3035 Nintendo-aksjer hopper etter at den kunngjør lanseringsdatoen for Super Mario Run - onsdag 16. november Det enormt forventede spillet er en forsøk å kapitalisere på smarttelefonen spill markedet etter den fantastiske suksessen med Pokemon Go. 3135 Pound stiger som Høyesterettsregler mot Theresa Kan utløse artikkel 50 uten parlament - torsdag 3. november Pundet har steget mot alle sine store jevnaldrende torsdag etter at regjeringen kunngjorde at det ikke kan utløse artikkel 50 uten parlamentets godkjenning og Bank of England sa det forventer ikke lenger å redusere renten i år. 3235 Heathrows tredje rullebaner gir alvorlig hindring for å bekjempe klimaendringer - tirsdag 25. oktober Miljøgrupper uttrykte forferdelse på regjeringens beslutning om å gi en tredje rullebane på flyplassen, og Greenpeace lovet å utfordre det i domstolene. 13 13 Tillat Heathrow å utvide vil skape en alvorlig hindring for å møte Storbritannias forpliktelser om klimaendringer og redusere luftforurensning, har en ledende forsker advaret. Gjenvinn kraften 3335 Nesten 10.000 mennesker i Kina søker en jobb - Mandag 24. oktober Nesten ti tusen kinesiske arbeidssøkere konkurrerer om en stilling: en offiser i en politisk organisasjon. China's årlige sivile rekrutteringsstasjon begynte 15. oktober med mer enn 27 000 ledige stillinger i over 120 sentrale avdelinger - tegner ca 1,4 millioner søkere i år.13 13 Arbeidssøkere som registrerer sivilprøver, må velge de stillingene de er mest interessert i når de registrerer seg for testen, men en jobb var mer populær enn andre.13 13 Chinas årlige sivile rekrutteringsstasjon begynte 15. oktober, med over 27 000 ledige stillinger på over 120 sentrale avdelinger - tegnet om 1,4 millioner søkere i år. 3435 Prisen på vin satt til å svinge mens produksjonen nærmer seg 20 år lav - Fredag 21. oktober Vineyard manager Antonio Navarro ser på druer klar til å bli høstet på vingård Casa Bianchi i San Rafael 3535 Bankene vurderer å flytte London stab til Luxembourg for å få tilgang til EU - Onsdag 19. oktober Leder av finansiell utvikling for Luxembourg sa at en rekke utenlandske banker og fondforvaltere hadde undersøkt å flytte London-ansatte til det lille landet siden Brexit-stemme.13 13 Nicolas Mackel sa at det hadde vært stor interesse fra USA og andre ikke - EU-firmaer vurderer sine opsjoner siden Junes folkeavstemning. En plan som diskuteres, innebærer å lukke ordningen for fremtidig opptjening, spinne den fra Tata Steel UK, og tilby medlemmene et valg mellom å holde seg i det og få PPF-kompensasjon eller flytte til en ny ordning som for de fleste medlemmer vil tilby høyere kompensasjon enn PPF ville. Tata Steel UK ville fortsette å handle under en slik plan, men måtte betale en stor sum til gjengjeld for å avslutte sine forpliktelser for ordningen. Hvis forvalteren er fornøyd med at Tata Steel UK-insolvens ellers er uunngåelig (som det for øyeblikket virker som sannsynlig), mener forvalteren at separasjon på den måten som er skissert ovenfor, ville sikre det beste resultatet for BSPS-medlemmer, sa det. Weve la merke til at du bruker en annonseblokkering. Reklame hjelper med å finansiere vår journalistikk og holde den virkelig uavhengig. Det bidrar til å bygge vårt internasjonale redaksjonsteam, fra krigskorrespondenter til etterforskende journalister, kommentatorer til kritikere. 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I versjoner før 6,0 vil du se meldingen Nettstedet er hvitlistet. Klikk på Oppdater siden for å se endringene dine. Klikk på uBlock-ikonet. Deretter klikker du på den store strømknappen for å hvitliste det gjeldende nettstedet, og staten vil bli husket neste gang du besøker nettstedet. Legg deretter siden på siden. Denne kategori 20-hendelsen (gjennomsnittlig vurdering 2748) var 78 årlige inkarnasjon av turneringen. Den ble arrangert første gang i 1938 i Beverwijk, som er geografisk tilstøtende til og litt innlandet fra kystlandsbyen Wijk aan Zee, hvor turneringen nå holdes, og har blitt holdt årlig siden. (1) Elleve runder ble arrangert i De Moriaan i Wijk aan Zee i Nederland. Rundt fem ble arrangert i Science Center NEMO i Amsterdam og rundt ti i Spoorwegmuseum i Utrecht. I år har det skjedd mellom 15. januar og 31. januar 2016. Hviledagene var 20. januar, 25. og 28. januar. 100 minutter for 40 trekk, etterfulgt av 50 minutter for 20 trekk. Deretter går 15 minutter for de resterende med 30 sekunders kumulativ økning for hvert trekk fra begynnelsen. Arrangementet var en runde robin turnering med fjorten spillere, og derfor tretten runder av spill. 1.000.000 2. 6.500 3.000 4.000 2.500 5. 2000 6.000 7. 500 Om vinneren: Dette var verdensmester Magnus Carlsens femte seier på denne hendelsen, tilsvarende opptaket fra Anand i 2006. Carlsen trakk av med sin tradisjonelle sakte start og tegnet hans første fire spill. Men han plukket opp tre vinnende tre suksessive spill i runder fem, seks og syv på hvilket tidspunkt han var felles leder med Caruana. Han ledet direkte fra rundt åtte, sikret to flere seire i de siste fem runder. Etter hvert som turneringen trakk til slutt, utfordret Caruana og Ding Liren seg med ledelsen med førstepremie mellom Carlsen og disse to spillerne. Går inn i siste runde og ledet med et halvt punkt fra Caruana og et poeng fra Ding Liren, trakk Carlsen med Ding Liren (2) mens Caruana mistet Tomashevsky, og ga Carlsen en direkte seier i denne hendelsen for fjerde gang og en femte seier alt i alt. (3) Offisiell side og kilde: AylerKupp. ltfrogbertgt Jeg har mange problemer, bootstrapping er bare en av dem. Men det jeg prøver å forklare ved min nedre feederhypotes er årsaken til økningen i ratings, ikke rating inflasjon. Og etter min definisjon er de ikke det samme. Jeg vet ikke om det er en ting som rating inflasjon som jeg har definert, men jeg tror at de fleste av oss, bortsett fra de virkelig hengivne klimaendringene, vil være enige om at rangeringer har økt over sist de siste 30 årene for toppen spillere, og dataene som Ive samlet inn, viser at (a) de har økt for lavere rating spillere enda lenger enn det og (b) at for de lavere og midtre spillere har økningen enten flatt eller reversert seg selv. Hvorfor Vel, alt jeg har er en hypotese, og det mest jeg kan hevde er at det ikke er uforenlig med dataene. Men det er absolutt ikke bevis, og jeg vil aldri hevde at det var .. Og jeg er enig i at Elo-baserte systemer ikke forsøker å måle konseptet jeg kaller egen styrke, og at de aldri har hevdet at de gjør det. Jeg vet også og aksepterer at de bare måler bare måle relative styrke i et gitt basseng av spillere. Det er derfor ikke bare spillere fra ulike tidspunkter kan ikke sammenlignes, men sjakkmotordelingene kan ikke sammenlignes med menneskelige spillerangeringer siden, unntatt i svært sjeldne tilfeller, spiller mennesker og datamaskiner ikke hverandre i klassifiserte spill på klassisk tidskontroll, dvs. de er i forskjellige bassenger. Dette er trolig et emne som er verdt en gjentakende diskusjon, men jeg vet ikke et passende forum for det. Mitt forum er bra, det er bra også (hvis du er villig, selvsagt), men best av alt ville være en vurderingsside. Og denne Tata Steel-siden er tydeligvis ikke et passende sted å fortsette, men du vet hvordan disse trådene kommer i gang. Noen gjør et poeng om et interessant emne, andre reagerer på det, og plutselig er det mange innlegg som adresserer det teknisk off-topic emne for den siden. Det er synd fordi mye interessant og verdifull informasjon blir formidlet over ulike sider, og det er vanskelig å holde oversikt over hele bildet. Jeg vil spørre ltchessgamesgt hvis de er villige til å lage en eller kanskje peke oss til en passende side om dette emnet eller et relatert emne som allerede eksisterer uten vår kunnskap. Det ville være et sted hvor vi alle kan lære mye. Og ja, selvfølgelig Jeg er interessert i dine innspill, så vel som det til noen andre som er kunnskapsrik eller bare interessert i å lære om emnet. frogbert. ltAylerKupp: men jeg tror at de fleste av oss, bortsett fra de virkelig hengivne klimaendringene, vil være enige om at rangeringer har økt over sist de siste 30 årene for toppspillerne. Ja, fenomenet jeg refererer til som ltsystemisk inflasjon, kan demonstreres ganske enkelt, selv over hele bassenget. (Påpeker inflasjonen over noen tilfeldige X-tallet av toppspillere, er - etter min mening - et misforstått konsept i utgangspunktet fordi det ignorerer de naturlige konsekvensene av en (stor) økning av spillere i bassenget.) Ltshcweigzwanggt Spillersiden av Arpad Elo gjør bare moderat sans, tror jeg - bare fordi FIDEs implemlentasjon av et Elo-basert system har avviklet ganske mye fra Arpad Elos opprinnelige implementering av det. Basert på det jeg kjenner for tiden, er implementeringen av USCF enda lenger unna Elos originale formler, og uansett, er det fortsatt FIDEs-rangeringer som de fleste bryr seg om disse dager. (USCFs ratinggulv er en åpenbar inflasjonskjøringsfaktor - men jeg vet ikke den opprinnelige motivasjonen for å introdusere ratinggulv i USCF, selv om min første reaksjon da jeg først lærte om dem, var at jeg ikke kunne skjønne hvorfor de ville gjøre noe slikt .) Frogbert. ltOhioChessFangt Du vet hvordan det er. Noen ganger vises et emne i en diskusjon, og mens jeg er helt enig i at det ikke er noe spesielt å gjøre med den nylige Tata Steel Chess-turneringen, er en debatt om den turneringen nå over, og har vært i lengre tid. Jeg foreslår at du flytter diskusjonen om klassifiseringssystemer til ltAylerKuppgt s forum - hvis det er bra med det. Arpad Elos side er også bra med meg. Den triste ting om disse klassifiseringssystemene (FIDE-systemet er det viktigste), er at folk ikke får det. Og FIDE er det viktigste eksemplet på en organisasjon som ikke forstår hva ratingsystemet kan og ikke kan gjøre. La meg sitere fra FIDE-håndboken: 10.2 Vurderingskalaen er vilkårlig og åpen avsluttet. Dermed har kun forskjeller i karakterer noen statistisk betydning i form av sannsynlighet. Dermed hvis sammensetningen av FIDE Rating-puljen skulle forandre, kunne karakterskalaen drifte med hensyn til spillernes sanne kompetanse. Det er et viktig mål å sikre integriteten til systemet slik at rangeringer av samme verdi fra år til år representerer samme ferdighet i spillet. 10.3 En del av ansvaret for vurderingssystemadministratoren er å oppdage hvilken som helst drift i vurderingsskalaen. Starten av kapittel 10.2 er en forbedring i forhold til tidligere versjoner av vurderingsreglene. Denne delen er en god start: Vurderingskalaen er vilkårlig og åpen avsluttet. Dermed har kun forskjeller i karakterer noen statistisk betydning i form av sannsynlighet. Så langt jeg er helt ombord med FIDE. Imidlertid går de galt i det følgende ved å si at de kan få en konsistent kartlegging mellom sjakk ferdigheter og karakterer ved å sikre mangel på systemisk inflasjon i systemet. Dette er ikke tilfelle, fordi det utover hva et Elo-basert rating system kan love å gjøre. Man kan nesten ikke klandre sjakkfansene for misforståelse av vurderingssystemet, når FIDE selv synes å tro at det kan gjøre ting det ikke kan. perfidious. ltfrogbert. (USCFs ratinggulv er en åpenbar inflasjonskjøringsfaktor - men jeg vet ikke den opprinnelige motivasjonen for å introdusere ratinggulv i USCF, selv om min første reaksjon da jeg først lærte om dem, var at jeg ikke kunne skjønne hvorfor de ville gjøre noe slikt .) gt Den lange og korte av USCF-implementeringsvurderingsgulvene var dette: Bill Goichberg, tidligere en sterk mester, hadde på 1970-tallet vendt hånden til å styre hendelser, som begynte i New York-området, som utvidet seg til slike turneringer som World Open (hvor som helst sted), med store premiefond. Goichbergs motivasjon var å motvirke sandbagging, spesielt i hans (relativt sett) store penger hendelser. Han hadde masse juice med USCF - tro at han kanskje selv har vært involvert med dem på noen måte, kom til ratingadministrasjon. frogbert. Det vil da være feil å si at store pengepremier basert på for smale klassifiseringskategorier var problemet som førte til at folk implementerte løsninger som delvis løste sandbaggingproblemet, på bekostning av å ødelegge vurderingssystemet. Når man slår noe som er ( eller i det minste - tror jeg skal være) en hobby i et middel til å tjene penger (gjennom gambling, igjen IMHO), så kan noe skje. Jeg har sett at folk som ikke kan spille sjakk - en arrogant måte å beskrive 1300-1500 karakterister på - kan vinne ganske store pengepremier i visse amerikanske hendelser. Med store pengepremier mener jeg 4-sifret sum i amerikanske dollar. Å ha slike pengepremier i lavere ratingkategorier inviterer åpenbart sandbagging - og folk slutter å spille sjakk for å forbedre spillet sitt, men i stedet er villige til å miste poeng for å kunne tjene penger blant spillere som faktisk er svakere enn dem. Å fikse dette problemet ved å justere vurderingssystemet er feil løsning, etter min mening. Hva tror du, det er lurt. AylerKupp. ltfrogbertgt og andre. Jeg har ikke noe problem med å bruke forumet mitt for en diskusjon om rangeringer, men det ville ikke skje for noen å se etter det der. Så jeg er enig med ltschweigzwanggt. at Arpad Elo ville være et bedre sted, selv om det kanskje ikke var perfekt. Men siden hver gang noen nevner rangeringer eller klassifiseringssystemer, tror de trolig Arpad Elo (eller i det minste Elo), det er sannsynligvis akseptabelt. Jeg legger inn en lenke der som viser at det har vært flere vurderinger-relaterte diskusjoner på denne siden og en lenke til det første innlegget i emnet hvis noen vil se på det som er sagt. frogbert. Utmerket - takk. ) tuttifrutty. Jeg har ikke klart å finne en generelt avtalt definisjon av elo rating inflasjon heller. Coz det er ikke en. Det er en fairy tsil, en mama tror, holder opp og du kommer til å ende opp i den mentale menigheten. Men du var ganske adamant (Tata Steel (2016) (kibitz 1661)) at det ikke var noen prisvekst. Hvordan kan du kategorisk nekte at det ikke er noen prisvekst uten at du minst har et personlig konsept om hvilken ratinginflasjon er? Jeg vet at råvarer har inflasjons - og uttømningsrater på grunn av tilbud og etterspørsel. Elo rating inflasjon eksisterer ikke, derfor kan det ikke være annet enn et mirage. Det er jo bare fordi det ikke er en definisjon på noe, men det betyr ikke at dette noe eksisterer. Du må selv bestille et fly til ratinginflation og se om noen kan vise deg veien til reisemålet ditt. Du kan ikke nå et mål som ikke eksisterer. Men ja, fortsett å drømme, det er gratis. Ikke glem å henge dine stinkende sokker, Santa kan slippe deg et notat som forklarer hva elo inflasjon vurdering er. Det var Arpad Elo som ville være en bedre stedlig hmmmm. god, god riddance, du kan alle snakke varmluftsballong der borte for alt jeg bryr meg om. En siste ting, DET ER IKKE RATING INFLASJON. morfishine. ltfrogbertgt Beklager, jeg var halv sarkastisk, men halv alvorlig. Selvfølgelig må dette emnet diskuteres andre steder og var ikke rettet til deg i det hele tatt, men på den andre parten som kanskje eller ikke kan flytte off topic diskusjoner til riktig sted, selv når det blir forespurt direkte, det er alt AylerKupp. lttuttifruttygt Jeg antar at hvis det får deg til å føle deg bedre å fortsette å rope DER INGEN RATING INFLATION, så vær den. Jeg forstår fortsatt ikke hvordan du kan være så fast i å nekte at den eksisterer selv om du ikke kan definere den eller beskrive den. Ja, det er mange ting i denne verden som jeg ikke forstår, og du må bare være en av dem. MERK: Du må velge et brukernavn og passord for å legge inn et svar. Å få kontoen din tar mindre enn et minutt, helt anonymt, og 100 gratis - pluss, det gir deg rett til funksjoner som ellers ikke er tilgjengelige. Velg ditt brukernavn nå og bli med i sjakkesamfunnet. Hvis du allerede har en konto, bør du logge inn nå. Vennligst følg våre retningslinjer for innlegging: Ingen uanstendig, rasistisk, sexistisk eller profane språk. Ingen spamming, annonsering eller duplisering av innlegg. Ingen personlige angrep mot andre medlemmer. Ingenting i strid med amerikansk lov. Ingen innlegging av personlige opplysninger av medlemmer. Se noe som bryter med våre regler. Blås fløyten og informer en administrator. MERK: Hold all diskusjon om emnet på denne siden. Dette forumet er for denne spesifikke turneringen og ingenting annet. Hvis du vil diskutere sjakk generelt, eller dette nettstedet, kan du prøve Kibitzers 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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