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BUSINESS AND ECONOMY - December 2015

Dec 2015

Apr 27, 2021

Abrdn: Standard Life Aberdeen Vowel-less Rebrand Mocked

  • Investment house Standard Life Aberdeen has announced a new name - with most of its vowels removed.
  • The firm said that its new name "Abrdn" would still be pronounced "Aberdeen", but that the rebrand would make it "modern" and "dynamic".
  • In a video posted on Twitter, it said the "A" would be taken from "Standard Life", rather than Aberdeen.
  • The decision drew some jokes online from those who were not impressed by the name change.
  • "Our new brand Abrdn builds on our heritage and is modern, dynamic and, most importantly, engaging for all of our client and customer channels," said chief executive Stephen Bird.

Reliance, BP Start Production at Satellite Cluster

  • Reliance Industries (RIL) and BP announced the start of production from the Satellite Cluster gas field, in block KG-D6, ahead of schedule. The second of the three deep-water gas developments, planned jointly, was expected to start production in mid-2021.
  • RIL and BP have been developing R Cluster, Satellite Cluster and MJ in the KG-D6 block — which together is expected to produce around 30 mmscmd (1 billion cubic feet a day) of natural gas by 2023. It will meet up to 15 per cent of the country's gas de¬mand.
  • Despite Covid-19 challe¬nges, the Satellite Cluster field has come onstream two months ahead of schedule, it said. The field is located about 60 km from the existing on¬shore terminal at Kakinada on the East Coast in water depths of up to 1,850 metres.
  • The fields will each utilise the existing hub infrastructure in the KG-D6 block. RIL is the operator of the block with a 66.67 per cent participating interest, while BP holds 33.33 per cent.

RBI Caps Bank CEO Tenure at 15 Years

  • Reserve Bank of India has capped the tenure of managing director and chief executive (MD&CEO) of commercial banks for the same incumbent to 15 years. The same limit is applicable to whole time directors (WTD).
  • The MD&CEO or WTD, who is also a promoter/ major shareholder, cannot hold these posts for more than 12 years, according to the latest RBI notification.
  • In extraordinary circumstances, RBI, at its discretion, may allow MD&CEO or WTDs, who are also promoter/major shareholder, to continue up to 15 years. While considering such cases, RBI will factor in level of progress and adherence to the milestones for dilution of promoters' shareholding in the bank.

RBI Cancels Licence of Bhagyodaya Friends Urban Co-Operative Bank

  • The RBI cancelled the licence of Bhagyodaya Friends Urban Co-operative Bank Limited (Amravati), as the lender does not have adequate capital and will be unable to pay its present depositors in full.
  • However, as per the data submitted by the bank, more than 98 per cent of the depositors will receive the full amounts of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs. 5 lakh from DICGC, subject to the provisions of the DICGC Act, 1961.

SA and Kenya Telecom Firms Bid for Ethiopian Market

  • Giant telecom operators from the UK, South Africa, Kenya and Japan are bidding to enter Ethiopia's untapped telecom market.
  • The country's finance ministry announced that it received two bids - from South Africa's MTN Group and a consortium that includes Kenya's Safaricom - as it works to open the telecom market to international operators.
  • The consortium also includes Vodafone and CDC companies from the UK, South Africa's Vodacom and Japanese firm Sumitomo.
  • Financial and technical assessments of the bids will be done by a national evaluation committee.
  • Opening up the telecom market was one of Prime Minister Abiy Ahmed's pledges of economic reform when he came to power three years ago.

RBI Turns Net Seller of US Dollars in February

  • According to RBI data, the Reserve Bank turned net seller of the US dollar in February 2021, offloading USD 1.219 billion in the spot market.
  • This is for the second time in the financial year 2020-21 when the central bank sold the US currency in the spot market on a net basis. In April 2020, RBI had net sold USD 1.142 billion. Since then, it remained a net purchaser for straight nine months till January 2021.
  • During February 2021, RBI bought USD 23.352 billion and sold USD 24.571 billion in the spot market, the central bank said in its monthly bulletin for April 2021.
  • In the same month of 2020, RBI had net purchased USD 9.144 billion.

Apr 26, 2021

Seven-point Action Plan 'ONGC Way Forward'

  • The petroleum ministry has told India's largest oil and gas producer ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.
  • Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, on April 1 wrote to Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director Subhash Kumar giving a seven-point action plan, 'ONGC Way Forward' that would help the firm raise oil and gas production by one-third by 2023-24.

Apr 25, 2021

Accenture India Head Rekha Menon to Take over as NASSCOM Chairman for FY2

  • The National Association of Software and Services Companies (NASSCOM), the information technology service body appointed Rekha M Menon, Chairperson and Senior Managing Director at Accenture in India as its Chairperson for 2021-22.
  • Menon succeeds U B Pravin Rao, Chief Operating Officer, Infosys, who served as Chairman of NASSCOM for the year 2020-21. NASSCOM named Krishnan Ramanujam, President and Head of Business & Technology Services, Tata Consultancy Services as the Vice Chairperson for this financial year.
  • Menon is the first woman to take on the role of Chairperson for NASSCOM in the association's 30-year history.

South Africa's FirstRand Bank to Exit India after 12 Years

  • Close on the heels of Citigroup's decision to exit retail banking business in India, South Africa's second largest bank - FirstRand Bank - with $118 billion in assets is the latest foreign bank to exit India. The news was broken to FirstRand staff in Mumbai - its only branch. FirstRand's exit is the second retreat by a foreign lender in India within a week after US giant Citibank announced plans to sell its consumer banking business in 13 markets, including India late last week. FirstRand India is a licensed financial services provider in India and operates as a "branch" of FirstRand Bank South Africa. In 2019, FirstRand Bank completed 10 years of operations in India under its corporate and investment banking franchise. According to FirstRand's Bank India's annual report (2019-20), its deposits stood at Rs. 318 crore and advances at Rs. 420 crore at the end of March 2020. Its investment book was of Rs. 1,208 crore.

Apr 24, 2021

Tata Steel Takes Liberty Steel to Court in UK over Missed Payments

  • Indian steel major Tata Steel has filed a commercial court claim in the UK against British Indian steel tycoon Sanjeev Gupta led GFG Alliance, which owns Liberty Steel, over alleged missed payments from an acquisition dating back to 2017.
  • Liberty Steel had stepped in to acquire Tata's Speciality Steels business employing more than 1,700 people in Yorkshire, Lancashire and the West Midlands in an estimated 100 million pounds deal, which Tata Steel announced as complete in May 2017.
  • Now, it has emerged that payments have been missed in that transaction resulting in Tata launching proceedings against Liberty Speciality Steels, Liberty House Group PTE and Speciality Steel UK all parts of GFG Alliance.

Torrent Power Bags 300 Mw Long-term Solar Power Generation PPA

  • Ahmedabad-based Torrent Power Limited has been awarded a long-term power purchase agreement (PPA) for 300 Mw capacity of solar power generation to be set up in Gujarat. The PPA was awarded from its licensed distribution business unit towards fulfilment of its renewable purchase obligation (RPO).
  • To be commissioned within 18 months from the date of execution of the PPA, the project will have a tariff of Rs. 2.22/ kWh for a period of 25 years. According to Torrent Power, the cost involved in the project is about Rs. 1,250 crore.
  • Having entered the renewable energy space with a 50 Mw wind power plant in 2012, Torrent Power has to date implemented various renewable projects aggregating to around 786.5 Mw (648.5 Mw wind project and 138 Mw solar projects).

Tiger Global Makes its First India Cryptocurrency Firm Investment

  • CoinSwitch Kuber, an Indian cryptocurrency investment platform, has raised $25 million (Rs. 181 crore) in a Series B round of funding from Tiger Global Management, at a valuation of over $500 million.
  • This marks the New York-based Tiger Global's first investment in an Indian cryptocurrency company. This also makes CoinSwitch the highest-funded cryptocurrency player in India. It sets CoinSwitch on the growth trajectory of global cryptocurrency platforms like Coinbase and Binance in the Indian market.

Apr 23, 2021

Dish TV Promoter Jawahar Goel Pledges Shares to Rescue Essel Group

  • Jawahar Goel, promoter and managing director of Dish TV, has offered a substantial portion of his equity in the firm as security for the credit facilities availed of by the Essel Group, Subhash Chandra, chairman and group promoter, said.
  • Chandra's statement acquires significance as the group has struggled with debt for a while. Dish TV is a direct-to-home (DTH) company, and the stake of the promoter family – led by Goel, who is Chandra's brother – stands at 7.3 per cent.
  • However, this promoter stake has been pledged to lenders, who have been revoking shares — in just a year, the stake has fallen from nearly 55 per cent to 7.3 per cent. Consequently, pledged shares as a percentage of total equity have dropped to 3.74 per cent from 51 per cent.
  • Lenders such as YES Bank are now among the key shareholders in Dish TV, holding 24.2 per cent in the firm. Deutsche Bank, Housing Development Finance Corporation (HDFC), and IndusInd Bank hold 6.2 per cent, 4.7 per cent, and 3.8 per cent, respectively.

Tata Steel-HSBC Do Blockchain-enabled Paperless Trade Deal

  • Tata Steel, along with HSBC, has executed a blockchain-enabled paperless trade transaction. According to the company, this is a global first for the steel industry.
  • The live financial transaction involved the export of steel by Tata Steel to Universal Tube & Plastic Industries, UAE.
  • The end-to-end paperless transaction, executed over the Contour platform, was made possible by a unique collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. The letter of credit was issued by HSBC UAE for Univ¬ersal Tube & Plastic Industries, UAE (importer), with HSBC India as the advising and negotiating bank for Tata Steel, India (exporter).
  • This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.
  • Tata Steel has also signalled its intent to explore similar opportunities in other geographies as well.

South Africa's FirstRand Bank to Exit India after 12 Years

  • Close on the heels of Citigroup's decision to exit retail banking business in India, South Africa's second largest bank - FirstRand Bank - with $118 billion in assets is the latest foreign bank to exit India. The news was broken to FirstRand staff in Mumbai - its only branch. FirstRand's exit is the second retreat by a foreign lender in India within a week after US giant Citibank announced plans to sell its consumer banking business in 13 markets, including India late last week. FirstRand India is a licensed financial services provider in India and operates as a "branch" of FirstRand Bank South Africa. In 2019, FirstRand Bank completed 10 years of operations in India under its corporate and investment banking franchise. According to FirstRand's Bank India's annual report (2019-20), its deposits stood at Rs. 318 crore and advances at Rs. 420 crore at the end of March 2020. Its investment book was of Rs. 1,208 crore.

Atanu Chakraborty Appointed as the Part-time Chairman of HDFC Bank

  • The Reserve Bank of India has approved appointment of Atanu Chakraborty as the Part-time Chairman of HDFC Bank.
  • The bank in an exchange filing said that the central bank has approved the appointment of Mr. Atanu Chakraborty as the Part Time Chairman of the Bank for a period of 3 years.
  • Chakraborty is a seasoned bureaucrat and last served as the economic affairs secretary until his superannuation on 30 April. He served the Government of India, for a period of thirty five years, as a member of Indian Administrative Service (IAS) in Gujarat cadre.

Ola Electric to Set up World's Largest EV Two-wheeler Charging Network

  • Ola Electric revealed its plans to set up the world's largest electric two-wheeler charging network. SoftBank-backed Ola Electric plans to provide charging solutions to all its electric two-wheeler customers. It unveiled the Ola Hypercharger Network, the charging network for its upcoming two-wheeler products starting with the Ola Scooter to be launched in the coming months.
  • The Ola Hypercharger Network will be the widest and densest electric two-wheeler charging network in the world, with more than 100,000 charging points across 400 cities. In the first year alone, Ola is setting up over 5,000 charging points across 100 cities in India, more than double the existing charging infrastructure in the country. Ola along with its partners would set it up at an estimated cost of $2 billion over a period of five years.
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