Business and Finance
China’s haidilao plans a global push to offer manicures with you
The Haidilao popular Chinese restaurant chain, which lures customers with shoe-shining and board games, plans to raise $ 1 billion.
China’s most popular meal is hot pot. This is where diners prepare their own meats and vegetables in a boiling broth. Haidilao is China’s most loved hot pot restaurant. This is due to the way employees greet, serve, and entertain.
Shang Feifei will sometimes go to a restaurant for manicures.
Ms. Shang (40) sat patiently in a Beijing branch of Haidilao on a Wednesday night. This restaurant chain has a reputation for poor customer service and a well-earned reputation for being slow to respond.
Haidilao employees buffed and painted Ms. Shang’s nails for free. The smell of broth-filled pots in the air lingered.
After getting her glittery, pink nails done, Ms. Shang didn’t plan to stay for dinner. She considered the experience more important than the food.
Ms. Shang said that Haidilao’s special services are so interesting. She comes to Haidilao every other week to get her manicures. “I like the free pedicures and the photo printing machine, Chinese checks, and origami.
China’s most popular meal is hot pot. This is where diners prepare their own meat and vegetables from a boiling broth. Haidilao is China’s most loved hot pot restaurant. This is due to the way employees are so friendly and eager to serve, entertain, and greet customers.
Haidilao hopes that people from outside China will also be captivated by the company. On Wednesday, it will raise almost $1 billion in an initial public offer in Hong Kong. This semi-autonomous Chinese city allows foreign investors to purchase shares. It plans to use the money for expansion, beyond California and New York.
It could prove to be more difficult for people outside of China.
Joel Silverstein, chief executive at the East-West Hospitality Group in Hong Kong, described the experience of visiting a Haidilao store in mainland China as “disgusting”.
He said that it would be against U.S. health codes to do such things. “But what I have learned about China is that Chinese love excessive service, provided they don’t have the financial burden.”
Another chain was the subject of global news when a diner discovered a dead rat in her hotpot. The Chinese company pledged to investigate the matter.
Haidilao is a loyal customer in a country where smiling is still the norm. While they wait, Haidilao offers shoe-shining and board games as a complimentary service to customers.
A traditional Sichuan opera can be viewed by diners. What about eating with toddlers? A “playground sibling” will keep them busy.
Haidilao has nearly 300 restaurants in China. This is why Chinese patrons can line up for hours. According to OC&C’s 2016 survey, Haidilao has been voted China’s favorite restaurant.
Harvard Business School’s 2011 case study cited Haidilao’s exceptional dining experience.
Liu Lu (42), a stay-at-home mother, said that the staff at the chain gives her the feeling of being a friend. She said that they would provide a crib so that she could enjoy the hot pot with no care.
Hot pot, also known as huoguo in China or fire pot, was originally eaten to combat the winter cold. Hot pot is now a year-round dish. Chinese people love to participate in the cooking process.
They gather around a pot of boiling broth and dunk their meats into it. Then they fish out the meats and dip them in sauces. Cooking gives people the opportunity to socialize and has many benefits.
Haidilao is a Sichuanese mahjongg term which connotes winning. Although the chain has a variety of broths available, its most well-known product is its Sichuan-style hot pot.
Zhang Yong, a former worker at a tractor factory, started Haidilao with four tables in Jianyang, his hometown in China’s southwest.
Huang Tieying was told by Mr. Zhang that he didn’t know how to make soups or how to cook ingredients. He is a Peking University professor and wrote a book called “You Can’t Copy Haidilao” in 2011.
He said, “In order to satisfy people, I gave more than I sold.” “As a consequence, customers were still willing and able to return, even though my food was not that great.”
Even the string of food safety scandals has not affected brand confidence.
A viral video shot last year in Beijing by an undercover Chinese journalist revealed rat-infested restaurants, grease-covered dishwashers, and staff cleaning the sewers with soup ladles. Chinese media reported in June that a customer at one of the offending outlets discovered a fly in the sesame sauce.
Haidilao apologized and promised to improve food safety in its restaurants.
Customers can now view a live stream of the kitchen via a flat-screen TV hung on the wall or tablets placed on their tables. Customers can also observe the cooking process in action.
Liu Yali, a teacher who eats at this chain every two to three working days, said that the food was very clean. Haidilao is always the first choice for my friends when they want to get together.
The popularity of hot pots has been growing in America, especially in areas near Chinese communities. Haidilao’s question is whether the chain’s high-quality customer service and hot pot will attract a wider range of foreigners in the same manner.
“If they want their popularity overseas, they will have to adjust the services and menu,” Darcy Zhang, a Shanghai-based food blogger, said. “Some of their services may feel exaggerated in other countries.”
She explained that customers will wash their hands, and staff will wait outside with tissue paper and smiles. “Perhaps that might be creepy to foreigners.”
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The deadline to link your Permanent Account Number (PAN) and Aadhaar has been extended until March 31, 2023. Please be aware that there is now a penalty associated with linking PANs with Aadhaar; if you link them now, there will be an additional fee of Rs 1,000 as the last date without penalty was June 30th 2022 which has passed already.
Prior to the March 31st deadline for linking your PAN and Aadhaar, all non-exempt PAN holders who do not fall under an exemption category must link their PANs with Aadhaar. Without this link, inoperative status of your PAN will take effect as of January 1, 2023; thus, don’t wait – link it now!
Please be advised!According to the Income-tax Act of 1961, all persons holding a PAN who do not fall within an exempt category are required to file returns… https://t.co/qvF4FWKsQz
Income Tax India (@IncomeTaxIndia) 1677558673000
According to a Central Board of Direct Taxes (CBDT) circular dated March 30, 2022, “Rule 114AAA of the Income-tax Rules provides that if someone’s PAN becomes inoperative, they cannot furnish, intimate or quote it and shall face all consequences under the Act as a result.”
According to an advisory published in The Times of India on March 6, 2023 by the income tax department, here are six consequences of not linking your PAN with Aadhaar.
Your PAN card will no longer function.
Filing an ITR will not be possible.
Pending returns will not be processed.
No refunds can be issued once an order has been placed.
Pending proceedings, such as those related to defective returns, cannot be completed.
Tax will be deducted at a higher rate.
If you have not linked your PAN with Aadhaar yet, here is how to do so according to the Income Tax Department website.
How to Link PAN with Aadhaar
How to Link PAN with Aadhaar
Step 1: Navigate to the Income Tax website (https://www.incometax.gov.in/iec/foportal/) for assistance with filing an income tax return.
Step 2: Navigate to the Quick Link section and click on ‘Link Aadhaar‘.
Step 3: Enter Aadhaar number and Permanent Account Number, then pay late fee of Rs 1000 using ePay tax functionality after following onscreen instructions.
Step 4: Once payment is complete, visit ‘Link Aadhaar’ section again and enter your name, mobile number, Aadhaar number and Permanent Account Number (PAN).
Step 5: Confirm the information by selecting ‘I agree to validate my Aadhaar details’ and clicking on the ‘Link Aadhaar’ option.
Step 6: Enter the OTP received on your mobile number and click ‘Validate’ to complete linking.
How to Verify Aadhaar-PAN Link Status
Are you uncertain if your Aadhaar and PAN numbers are connected or not? Here’s an easy way to verify.
Step 1: Navigate to the Income Tax e-filing website at www.incometax.gov.in to begin filing your taxes electronically.
Step 2: Under Quick Links, you will locate the ‘Link Aadhaar Status’ option.
Step 3: Enter your PAN and Aadhaar numbers, then click ‘View Link Aadhaar Status’.
Step 4: If your PAN is linked with your Aadhaar, a message will appear on your screen.
Here are essential FAQs regarding PAN (Pay As You Earn) and Aadhaar linking, according to the Income Tax website through March 31st 2023.
Who Needs to Link Aadhaar and Permanent Account Number (PAN)?
According to the Income tax website, Section 139AA of the Income Tax Act requires every individual who has been allotted a permanent account number (PAN) as of July 1st, 2017, and who is eligible for an Aadhaar number, to inform it in the prescribed form and manner before the prescribed date (31st March 2022 without fee payment or 31.03.2023). For further details regarding this requirement, refer to CBDT circular No.7/2022 dated 30.03.2022.”
Who does not require Aadhaar-PAN linkage?
The Aadhaar-PAN linkage requirement does not apply to anyone who is:
I) Living in Assam, Jammu and Kashmir, or Meghalaya.
II) A non-resident as defined in the Income-tax Act, 1961, if they reached eighty years or older at any point during the prior year;
III) Not a citizen of India as per the Income Tax website
(Originally Published March 06, 2023)
Business and Finance
Motilal Oswal Financial Services: Buy Tech Mahindra Targeted Price RS 1180 Lets Explain In Details
Motilal Oswal Financial Services has issued a buy call on Tech Mahindra with an objective price target of Rs 1180. At present, the stock’s market value stands at Rs 1106.95. Motilal Oswal Financial Services advises investors to maintain their stop loss at Rs 1100.
Tech Mahindra, established in 1986, is a large-cap company (with a market cap of Rs 107651.26 Crore) operating within the IT Software sector.
Tech Mahindra’s key products/revenue segments for the year ending 31 March 2022 include Software Services.
Motilal Oswal Reports
Financials
For the quarter ended 31-12-2022, the company reported a Consolidated Total Income of Rs 13981.70 Crore, up 4.19 % from last quarter’s Total Income of Rs 13419.65 Crore and 19.77% higher than last year’s same quarter Total Income of Rs 11673.90 Crore. Net profit after tax for this latest quarter came to Rs 1294.30 Crore.
The company’s top management consists of Mr. Anand G Mahindra, Ms. Shikha Sharma, Mr. Haigreve Khaitan, Dr.Mukti Khaire, Mrs.M Rajyalakshmi Rao, Penelope Fowler, Manoj Bhat, Dr.Anish Shah, C P Gurnani and T N Manoharan; B S R & Co LLP is its auditors; as of 31-12-2022 the company had 97 Crore shares outstanding.
Investment Rationale
The stock has reversed its lower highs on both daily and weekly time frames, suggesting it may have broken out of consolidation mode on a monthly basis.
Promoters/FII Holdings
On 31 December 2022, promoters owned 35.19 percent of the company; FIIs held 27.95 percent and DIIs 23.54 percent stake respectively.
(Disclaimer: Any recommendations given in this section or reports attached herein have been authored by an external party and do not represent the views of Economic Times (ET). ET does not guarantee, endorse, or support any of their contents and expressly disclaims all warranties, express or implied, related thereto. We advise you to consult your financial adviser for independent advice before making any decisions.
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CEO Crying Selfie Layoffs: A CEO of a US company is facing flak for the way he announced the firing of his employees on LinkedIn, with people deeming it reprehensible.
Braden Wallake, the CEO of HyperSocial, posted a photo of himself crying while trying to explain why few employees had to be laid off from his company.
CEO Crying Selfie Layoffs | Jump Two
CEO posts crying selfie on LinkedIn after firing employees
CEO criticised for his crying selfie after firing employees
CEO posts crying selfie on LinkedIn after firing employees
“I’ve gone back and forth whether to post this or not. We just had to layoff a few of our employees. I’ve seen a lot of layoffs over the last few weeks on LinkedIn. Most of those are due to the economy, or whatever other reason. Ours? My fault,” Wallake wrote.
“I made a decision in February to stop selling our main services and focus on a new service. A higher priced service. It’s a great service, and something we will continue to offer, but it’s for the right kinds of companies,” he added.
“Now, I know my team will say that ‘we made that decision together’, but I lead us into it. And because of those failings, I had to do today, the toughest thing I’ve ever had to do.”
Wallake said despite the layoffs, the company has always been a people first business. “We’ve always been a people first business. And we always will be. Days like today, I wish I was a business owner that was only money driven and didn’t care about who he hurt along the way.”
“So, I just want people to see, that not every CEO out there is cold-hearted and doesn’t care when he/she have to lay people off. I’m sure there are hundreds and thousands of others like me. The ones you don’t see talked about. Because they didn’t lay off 50 or 500 or 5000 employees,” he said.
He further went on add that hoped his employees realised how much he loved them. “I know it isn’t professional to tell my employees that I love them. But from the bottom of my heart, I hope they know how much I do. Every single one. Every single story. Every single thing that makes them smile and every single thing that makes them cry. Their families. Their friends. Their hobbies,” he wrote.
CEO criticised for his crying selfie after firing employees
The post has gone viral and people have laid into Wallake for the crying selfie he posted.
Screengrab/LinkedIn
“Don’t worry everyone. Not every CEO is cold hearted. Some are attention seeking narcissists. it’s fine. Stop worrying,” one user commented.
“Taking a selfie while crying. I applaud your ability to multitask under distress,” another user said.
“Three things that disturb me about this post – one, this strikes as “how hard this is for me, pity the poor CEO” when people have just lost their jobs. A bit insensitive. Two, the authors replies to peoples comments seem in a tone that suggests he’s not exactly heart broken. And three, if you’ve laid people off and you are taking to LinkedIn to post about it, maybe link them, sing their praises and skills and let other companies know they would be amazing people to hire. This post just comes off as attention seeking,” a third user added.
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