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BUSINESS AND ECONOMY - November 2017

Nov 2017

May 15, 2023

Shipping Ministry Second in Data Governance Quality Index among Ministries

The Ministry of Ports, Shipping and Waterways (MoPSW) ranked second among 66 ministries in the Data Governance Quality Index (DGQI) assessment for the December quarter (Q3) of FY23.
The ministry secured a score of 4.7 out of 5, highlighting its commitment to excellence in data governance.
Conducted by the Development Monitoring and Evaluation Office (DMEO), NITI Aayog, the DGQI survey aims to measure the maturity level of administrative data systems and their use in decision-making of various ministries and departments on the implementation of central sector schemes and centrally-sponsored schemes.
The DGQI assessment encompasses six pivotal themes, including Data Generation, Data Quality, Use of Technology, Data Analysis, Use and Dissemination, Data Security and HR Capacity, and Case Studies.

RBI Imposes Rs. 2.92 crore Penalty on Canara Bank

The Reserve Bank of India imposed a penalty of Rs. 2.92 crore on Canara Bank for violation of various norms, including linking interest rates to external benchmark, and opening savings accounts of ineligible entities. The Reserve Bank of India (RBI) conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021.

RBI Expects Banks to Completely Stop Using LIBOR by July

The Reserve Bank of India (RBI) instructed financial institutions and banks to adopt an Alternative Reference Rate, primarily the Secured Overnight Financing Rate (SOFR), and end their reliance on the scandal-shrouded London Interbank Offered Rate (LIBOR) and Mumbai Interbank Forward Outright Rate (MIFOR) by July 1, 2023.
The central bank has said that most new transactions now use SOFR and the Modified Mumbai Interbank Forward Outright Rate (MMIFOR) as benchmarks.
Even though a few synthetic settings will still continue to be published after June 30, 2023, it's been made clear by the UK's Financial Conduct Authority, which oversees LIBOR, that these settings are not intended for use in any new financial contracts.

Elon Musk Hires Linda Yaccarino to be Twitter's CEO

Ex-NBCUniversal advertising executive Linda Yaccarino was named as the next CEO of Twitter, Elon Musk said. Musk, who runs Tesla and Space X had said that he plans to transition to a role as executive chairman and chief technology officer. The announcement came months after Musk pledged in December to step down as the head of Twitter as soon as he found someone "foolish enough to take the job." Yaccarino, who stepped down as the ad sales chief at NBCUniversal.
She brings longstanding relationships with major advertisers and a strong reputation within the corporate community. Yaccarino worked at NBCUniversal for nearly 12 years, rising through the executive ranks to become chairman of global advertising and partnerships in 2020. Before NBCUniversal, Yaccarino served as an advertising executive at Turner Broadcasting Company for almost 20 years.

May 14, 2023

NIIF Appoints Rajiv Dhar as Interim MD & CEO

Rajiv Dhar was appointed the interim Chief Executive Officer (CEO) and Managing Director (MD) of National Investment and Infrastructure Fund (NIIF). He succeeded Sujoy Bose who left after holding the position since 2016.
Dhar, with more than 30 years of experience, has been a critical member of the NIIFL leadership team since 2017. During this period, he oversaw some key achievements of the company. He served on the investment committee for all funds managed by NIIFL.

Karthik Balagopalan to Replace Abhishek Ganguly as MD of Puma India

Abhishek Ganguly will step down from his role as the managing director of Puma India and its global director of retail and e-commerce Karthik Balagopalan will take on the post from August 1, 2023.
Ganguly had been the MD of the company since 2014. Abhishek leaves Puma to pursue a career as an entrepreneur in his own venture.
Balagopalan has been with Puma since 2006. Prior to leading Puma's global direct-to-customer (DTC) business, he held management positions in retail operations and business development at the company.

May 13, 2023

Siemens Reappoints Sunil Mathur as MD & CEO

Siemens Ltd, reappointed Sunil Mathur as Managing Director and Chief Executive Officer and Daniel Spindler as Chief Financial Officer.
Sunil Mathur was reappointed as Managing Director and Chief Executive Officer the company for a further period of 5 (five) years with effect from 1st January, 2024.
Sunil Mathur is the Managing Director and Chief Executive Officer of Siemens Limited since January 1, 2014. He has been with Siemens for over 25 years, holding several senior management positions with Siemens AG in Germany and the UK. He is a member of the global leadership team of Siemens AG. He was Executive Director and Chief Financial Officer of Siemens Limited from December 2008 till December 2013.
He began his career in Siemens AG as an Apprentice in 1994.

AIBEA Introduces "Bank Clinic" to Assist Bank Customers with Grievance Redressal

The All India Bank Employees' Association (AIBEA) announced plans to establish an online "Bank Clinic" to assist retail bank customers with grievance redressal. AIBEA General Secretary C. H. Venkatachalam stated that once a customer files a complaint with the Bank Clinic, AIBEA's team will work with the bank to address the issue.
The primary objective of the Bank Clinic is to assist customers with their complaints and to provide feedback to banks on areas where there are service deficiencies. This will assist banks in improving their services and customer satisfaction. The AIBEA hopes that the Bank Clinic will help to establish good relations between customers and banks, resulting in increased customer loyalty.

May 12, 2023

Yes BANK Launches Solar Financing Program to Aid MSMEs

Yes Bank launched of YES KIRAN, an attractive lending proposition aimed at offering financial assistance to Micro, Small and Medium Enterprises (MSME) manufacturers who wish to install solar panels at their premises. Through this programme, the bank aims to support the adoption of sustainable energy practices by small and mid-sized enterprises while also bringing in cost efficiency by helping them curtail their expenses towards power and fuel.
Yes Bank is one of the largest lenders to the country's clean energy space. The launch of YES KIRAN is a testament to the bank's effort to revolutionize the global initiative of adopting renewable source of energy as a primary source. With the launch of the YES KIRAN initiative, the bank is partnering the nation in becoming an early adopter of solar energy, thereby setting an exemplary benchmark before the world.

Union Finance Minister Chairs the 27th Meeting of Financial Stability and Development Council

Union Finance Minister Nirmala Sitharaman chaired the 27th meeting of the Financial Stability and Development Council (FSDC) in New Delhi. This was the first meeting held after the announcement of the Budget 2023-24. The council discussed the policy and legislative reform measures needed to develop the financial sector further and increase financial access for the people.
Sitharaman emphasised that ensuring financial sector stability is a shared responsibility of regulators. The regulators were advised to reduce the compliance burden further and ensure a streamlined and efficient regulatory environment. The Union Finance Minister will review the progress achieved in this regard with each regulator in June 2023.
To safeguard the stability and resilience of the Indian financial ecosystem, regulators were also urged to ensure the cyber-security preparedness of the information technology systems to reduce the risk of cyber-attacks, protect sensitive financial data, and maintain overall system integrity.

May 11, 2023

A. M. Naik to Step Down as L&T's Non-executive Chairman

Anil Manibhai Naik, the firebrand group chairman of India's biggest infrastructure firm Larsen & Toubro (L&T), is stepping down as non-executive Chairman after 58 years of association with the company.
Naik will continue to guide the top leadership of the company as chairman emeritus after the end of his tenure on September 30, 2023.
L&T's board of directors also appointed S. N. Subrahmanyan as Chairman and Managing Director (MD) with effect from October 1, 2023. He is currently the Chief Executive Officer (CEO) and MD.
Naik, who passed out from Birla Vishvakarma Mahavidyalaya in Anand as an engineer, steadily rose through the ranks after joining L&T as a junior engineer in 1965. He became CEO in 1999 and became group chairman in July 2017.

NCLT Admits Go First's Plea for Voluntary Insolvency, Appoints IRP

The National Company Law Tribunal (NCLT) admitted Go First's plea for voluntary insolvency and initiate a corporate insolvency resolution process (CIRP). It appointed Abhilash Lal as the insolvency resolution professional and asked him to keep the company as a going concern.
It also granted Go First protection under a moratorium from recovery by lessors and creditors. The banks will not be able to recover their dues during the insolvency process.
The suspended board of directors was asked to cooperate with the IRP.
This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate its contracts and debts.

Microsoft Invests in India's Builder.ai, Marking another Tie-up for AI

US technology giant Microsoft invested an undisclosed sum in Builder.ai, an Indian start-up that helps companies develop applications without needing any coding experience.
The investment marked Microsoft scaling up its efforts in artificial intelligence (AI) and competing with rival Google. Microsoft and Builder will collaborate in creating AI-powered solutions that help businesses become digitally savvy without needing technical expertise.
Established in 2016, Builder.ai provides an AI-powered software platform that allows anyone to build an app (web or mobile), quickly and cheaply. It breaks software down into its reusable lego-like features, coupled with customisation from its network of designers and developers.

Bengaluru Tops List for Best High Streets

Bengaluru tops a list of 10 Indian cities ranked for the best high streets, "bustling and vibrant" places lined with businesses, restaurants and cafes.
Bengaluru's MG Road is the best high street and the city has three other such shopping hubs, said a report by Knight Frank, a real estate consultant. Linking Road in Mumbai comes third. Hyderabad, Mumbai and Delhi follow Bengaluru in terms of quality high streets. Delhi's upscale Khan Market is not in the top 10 list but South Extension is.
Somajiguda in Hyderabad is second on the list in terms of quality.
Ahmedabad and Pune are not in the top 10 high streets. The top ten high streets are convenient in terms of access, parking and they have a varied assortment of retailers, Knight Frank said.

MG Motor India Will Sell Majority Stake to Indians in 2-4 Years

MG Motor India, which is owned by Chinese company SAIC Motor, plans to sell a majority stake to Indian investors to raise more than Rs. 5,000 crore in 2-4 years.
MG Motor India will use these funds to build a second plant in Halol, Gujarat, and boost its annual capacity to about 300,000 units by 2028, said its CEO Emeritus Rajeev Chaba. The second facility is projected to have an annual capacity of 180,000 units, while the current Halol plant has a capacity of 120,000 units per year.
The company, which has invested about Rs. 4,000 crore in India till 2022, is trying to bring foreign direct investment from its Chinese parent for the last few years. However, it has not been able to get the necessary approvals from the Indian government to do so.

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