General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Nov 23, 2023

Microsoft Appoints Aparna Gupta as Global Delivery Centre Leader

Tech giant Microsoft announced the appointment of Aparna Gupta as the company's new Global Delivery Center (GDC) leader. Ms. Gupta will spearhead customer innovation and delivery excellence.
Microsoft said that GDC is the delivery arm of Industry Solutions Delivery and was established in Hyderabad in 2005. It has scaled to two more locations- Bangalore and Noida.
GDC includes four Centers of Excellence (CoE) in app innovation, data and Artificial Intelligence, infra and security, and business applications, along with functions like partner and delivery management and adoption management.

Infosys Inks Partnership with TK Elevator to Help Build AI-first Strategy

IT major Infosys signed a strategic long-term collaboration with TK Elevator, a leading urban mobility company, to help the latter in its digital transformation with an artificial intelligence (AI)-first strategy.
As part of the engagement, Infosys will consolidate, harmonise, and modernise TK Elevator's digital landscape. The engagement aims to continually innovate and transform the company's application and IT environment, leveraging an AI-first strategy powered by Infosys Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies.
The two companies will work together to transition the operations of all TK Elevator's business applications across North America and major markets in Europe to Infosys, thereby enabling integrated applications management.

Binance CEO Steps Down

Changpeng Zhao the CEO of Binance, stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange.
The deal, which will see Zhao personally pay $50 million, was described by prosecutors as one of the largest corporate penalties in U.S. history. It is another blow to the crypto industry that has been beset by investigations and comes on the heels of the recent fraud conviction of FTX founder Sam Bankman-Fried.

Nov 22, 2023

The 7th Edition of Bengal Global Business Summit (BGBS)

The 7th edition of the Bengal Global Business Summit was held from November 21 - 22, 2023 at Biswa Bangla Convention Centre, Biswa Bangla Mela Prangan and Dhono Dhanyo Auditorium.
Leaders from the business world from more than 25 countries and host of prominent business leaders from India as well participated in the seventh edition of the Summit.
Bengal accounts for 12% of the country's leather and 10% of iron and steel exports.
MSMEs form the vital base of the industrial pyramid and the state has the country's second highest number of MSMEs (about 90 lakh units), which accounts for 14% of India's MSMEs.

Zubin Saxena Succeeds Navjit Ahluwalia as Hilton's Senior VP, Country Head

Hilton announced the appointment of Zubin Saxena as senior vice-president and country head in India, who will take charge in January 2024. He took over the position from Navjit Ahluwalia, who left Hilton after six years.
Saxena has been working at the Radisson Hotel Group for over eight years, as the Managing Director and area senior vice-president of South Asia. In his 24-year career in hospitality, Saxena has worked at IHG as director of development for South Asia, and senior advisory roles with Jones Lang LaSalle Hotels in India and HVS in New York. Saxena has an MBA from the Adam Smith School of Business, Glasgow.
Saxena will oversee 25 trading hotels of Hilton in India, and will lead the company's expansion in South Asia with 20 properties in the development pipeline.

Vinay M. Tonse New Managing Director of State Bank of India

The government appointed Vinay M. Tonse, the Deputy Managing Director of India's largest public lender State Bank of India (SBI) as its Managing Director (MD).
The tenure of the new MD is till November, 2025.
The development comes after Financial Services Institutions Bureau (FSIB) in September recommended the name of Vinay M. Tonse as Managing Director of SBI.
The post fell vacant after the appointment of Swaminathan Janakiraman as Deputy Governor of the Reserve Bank of India.

RBI to Implement a New Penalty Framework for Banks

The Reserve Bank of India (RBI) is reportedly contemplating a comprehensive review of its penalty system. The proposed changes under consideration involve a potential increase in penalty amounts. This adjustment could be based on factors such as the size of the regulated entities, their systemic importance, and the frequency of repeat offenses.
A significant aspect of the review is the exploration of clawback provisions for payouts to CEOs and key management personnel (KMP).
Clawback provisions are rules in a contract that say when it's alright to take back money given to an employee and give it back to the employer.
This measure could notably impact state-run banks, whose compensation packages have been a subject of debate, especially in comparison to those offered by private banks.

Nov 21, 2023

Australia's ASX Signs Deal with TCS to Revamp Clearing, Settlement Platform

Tata Consultancy Services (TCS) signed an agreement with Australia's primary securities exchange, ASX, to provide a clearing and settlement platform to serve that country's market.
TCS's flagship product, called BaNCS for Market Infrastructure, will be used to replace ASX's existing platform for cash equities clearing and settlement.
The new platform is proposed to be implemented in two releases. While the clearing service is expected to be delivered in the first phase, the settlement depository and sub-register services will follow in the second. This staged approach is expected to reduce overall delivery risk and help manage the impact on industry stakeholders.
The agreement with ASX strengthens TCS's footprint in Australia, one of its fastest-growing geographies, with a strong local partner network, expertise in cutting-edge technologies, investments in research and innovation, and deep domain knowledge of the banking financial services, and insurance sector.

Nov 20, 2023

Bengaluru Tops in Women-Led Start-ups

India's start-up landscape witnessed remarkable growth, emerging as the third-largest hub in the world, following the United States and China. Bengaluru, the capital of Karnataka, topped the list of women-led start-ups, boasting 1,783 women-led start-ups, leading the charge for gender diversity in entrepreneurship. Despite the overall success of the start-up ecosystem, the gender gap remains a significant challenge.
According to the data of Traxon, Bengaluru is at the forefront of women-led start-ups, with 1,783 ventures, followed by Mumbai (1,480) and Delhi (1,195). Noida, Kolkata and Ahmedabad also make notable contributions, ranking eighth, ninth and tenth, respectively, showcasing the geographic distribution of women entrepreneurs in India.

RBI Permits Banks to Open Current Accounts for Export Proceeds

The Reserve Bank of India (RBI) permitted banks to open additional current accounts for export proceeds in addition to special rupee vostro accounts with a view to providing greater operational flexibility to exporters.
To provide greater operational flexibility to exporters, banks maintaining special rupee vostro accounts as per the provisions of the RBI circular dated July 11, 2022 are permitted to open an additional special current account for their exporter constituents exclusively for the settlement of their export transactions.

Nov 19, 2023

UP, Bihar Replace Kerala as Top Contributor of Workforce to GCC Countries

There has been a significant pattern shift in migration of Indian workers to the six Gulf Cooperation Council (GCC) countries — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates — with Kerala, typically the biggest contributor of blue-collar workers, saw a 90 per cent drop. The vacuum so caused was filled by Uttar Pradesh and Bihar, which emerged as top contributors, shows a study by UAE-based organisation, Huntr.
Overall, there has been a 50 per cent increase in migration of blue-collar Indian workers to the GCC countries in first seven months of 2023. The top five states by the number of workers sent to GCC, according to the Huntr study, have been Uttar Pradesh, Bihar, Kerala, West Bengal, and Tamil Nadu. And the preferred destinations for labour migration remain Saudi Arabia, the UAE, Qatar, Kuwait, and Oman.

IndiGo Becomes First Airline to Have over 2,000 Daily Scheduled Flights

IndiGo became the first carrier in the country to operate over 2,000 scheduled or planned flights daily, nearly six years after the airline became the first Indian carrier to have 1,000 daily flights.
The airline, which began operations in 2006, currently flies to 85 domestic and 32 international destinations. In the past six months, the airline has launched flights to over 20 international destinations across Central and Southeast Asia, Africa, and the Middle East with a view to expanding its global footprint.

Mira Murati Appointed as OpenAI's Interim CEO

OpenAI appointed Mira Murati as the Interim CEO, following the unexpected ousting of Sam Altman.
Mira Murati held the position of Chief Technology Officer at OpenAI. Having joined the company in 2018, Murati played a pivotal role in overseeing product launches, including the highly successful ChatGPT.
Her appointment as Interim CEO reflects the board's confidence in her leadership abilities during this transitional period.

Kotak Mahindra Bank Appoints Ashok Vaswani As MD & CEO

The Board of Directors of Kotak Mahindra Bank Ltd. announced the appointment of Ashok Vaswani as Managing Director & CEO. This appointment is set for a three-year term, commencing from January 1, 2024.
Ashok Vaswani brings with him an impressive track record spanning over three-and-a-half decades.
His journey began at Citigroup, where he laid the foundation for his expertise. Further he contributed significantly during his tenure at Barclays.
His professional trajectory has been defined by his ability to build and grow global businesses at scale.

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