Citigroup to expand operations in China
Beijing: Citigroup Inc. plans to double its number of branches in China this year to more than 30 according to its chairman and chief executive Charles Prince.

Citi was among the first batch of four foreign banks that received approval in China on March 20 to incorporate as local banks, allowing them for the first time to do business with Chinese households that are estimated to have $2 trillion in savings.

Prince, who is on an Asian tour described the local incorporation as a milestone. He added that the bank intended to accelerate its network expansion with the aim of reaching more than 30 outlets by the end of 2007.

Citigroup, which now has 16 outlets on the mainland, has said it plans to hire about 1,000 staff in China this year, taking its workforce to around 4,000.

Prince declined to comment on media reports that Citigroup might cut 15,000 jobs as shareholders demand better performance and a higher stock price.
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Viacom signs on Intel Corp, Pepsi-Cola as first mobile phone program sponsors
Orlando: Media giant Viacom Inc. said its MTV Networks had signed on Intel Corp and Pepsi-Cola North America as the first advertising sponsors for its programs delivered on cell phones.

Wireless and media companies say mobile entertainment will gain momentum among subscribers in 2007, offering advertisers a new way to reach consumers and cell phone companies an additional revenue stream. Viacom sends 1 million video streams to mobile phones every month.

Intel and Pepsi brands will feature on mobile channels dedicated to MTV's music and youth programming as well as the content of Comedy Central.
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Denmark tops "Networked Readiness Index" list
Mumbai: For the first time ever, Denmark has topped the rankings of the sixth Global Information Technology Report (GITR) 2006-2007's "Networked Readiness Index" pushing the US from the top slot.

The US lost its top position and dropped 6 places to 7th, "mainly due to relative deterioration of the political and regulatory environment". However, the country maintains its primacy in innovation, driven by one of the world's best tertiary education systems and its high degree of cooperation with the industry as well as by the extremely efficient market environment displayed, states the report.

Countries from Asia and the Pacific have continued to do well this year, with Hong Kong, Taiwan, Japan, Australia and Korea occupying 12th, 13th, 14th, 15th and 19th positions, respectively. Taiwan and Korea, have lost some ground from last year (down 6 and 5 positions respectively).

India and China have also lost some ground. India is down 4 positions to 44th and China, 9 positions down, to 59th.

India and China's performance in leveraging ICT for increased development appears to have been hindered by weak infrastructure, with a very low level of individual ICT usage for India and of individual and business readiness and usage for China, the report states.

The World Economic Forum (WEF) has produced the GITR jointly with INSEAD since 2002, assessing the progress of networked readiness in over 100 economies and providing an authoritative instrument for facilitating public-private dialogue, said Professor Klaus Schwab, founder and executive chairman of the WEF.

The number of countries covered this year has moved up to 122.
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