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Daily G.K. - Top Stories

14 Jan 2018

BUSINESS AND ECONOMY

IDFC Bank & Capital First to merge, manage Rs. 88k crore assets

IDFC Bank and Capital First on Saturday agreed to a merger to form a combined entity that will have assets under management of Rs. 88,000 crore and a branch network of 194 serving over five million customers. The announcement is in line with the bank’s strategy of "retailising" its business and Capital First’s stated intention to convert to a universal bank. The boards also approved a share swap ratio of 139 shares of IDFC Bank for 10 shares of Capital First, a debt financing firm for small entrepreneurs. The merger will also result in V Vaidyanathan, currently chairman and managing director of Capital First, succeeding Rajiv Lall as MD and CEO of the merged entity.

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SPORTS

MESSI, FOOTBALL'S '100M-EURO MAN'

Lionel Messi, who recently penned a lucrative new contract with Barcelona, could comfortably earn more than 100 million euros every year. Journalists from European Investigation Collaborations (EIC) claimed to have seen the details of the updated contract signed by Messi on November 25. According to the report, Messi is guaranteed around 70 million euros a year in salary and image rights with more coming from a 63.5 million euro signing bonus and 70 million euro "loyalty bonus" for the period of the contract which stretches to 2021. The mind boggling deal was revealed as part of "Football Leaks".

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NATIONAL AFFAIRS

EU adds India's chilli to high-risk category, Maha exports take big hit

Green chillies are bringing tears to the eyes of exporters in the new year. The European Union recently added India’s peppers, except capsicum, in the high-risk category for pesticide residues. Agricultural and Processed Food Products Export Development Authority (APEDA) officials claimed that 10% pepper export consignments from India would now be randomly tested at European destinations for pesticide residues. Consequently, close to 90% of pepper export shipments from the state has stopped. Maharashtra, Andhra Pradesh, Karnataka and Gujarat are major pepper exporters in the country. An APEDA official said the European Union Commission added green chillies from India in the high-risk category, effective from January 1. They will now be tested for pesticide residues at a frequency of 10%.

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