Yet another major global tech company will be headed by an executive of Indian-origin. Parag Agrawal, an IIT Bombay alumnus and chief technology officer of Twitter will take over as CEO of the social media platform immediately following the departure of its co-founder CEO Jack Dorsey.
The Reserve Bank of India on Monday superseded the board of directors of Reliance Capital and announced plans for insolvency proceedings citing payment defaults and serious governance concerns which the board has not been able to address. The RBI also appointed Nageswar Rao Y, former executive director of Bank of Maharashtra as the administrator.
Taking the first official step towards launching full-fledged operations in the Indian market and falling in line with local laws, Elon Musk’s Starlink Internet Services has applied for a licence to begin pilot services. The move comes just days after the government advised the public not to subscribe to the services that were being advertised by the American company as it did not have the requisite licences to offer them.
The Centre has not received a proposal to recognise bitcoin as a currency in India, the government told Parliament on Monday, while adding that the Reserve Bank of India has recommended widening the definition of “bank note” for the launch of a Central Bank Digital Currency (CBDC). Responding to a question on whether the government has any proposal to recognise bitcoin as a currency, finance minister Nirmala Sitharaman replied in the negative in Lok Sabha.
The share of government spending in total health expenditure increased significantly to 40.8% in 2017-18, up from 32.4% in previous year, and went up from 28.6% in 2013-14 during the UPA regime, the National Health Accounts estimates show. The findings show government spending on health as a share of total government expenditure increased to 5.1% from 3.7% between 2013-14 and 2017-18, indicating higher investments in the sector as compared to previous years.
The Centre on Tuesday announced the sale of state-run Central Electronics Ltd to Nandal Finance and Leasing for Rs 210 crore, the second privatisation of a public sector entity in the current fiscal after the sale of Air India to the Tata group. The government hopes to complete the transaction in the current financial year.
Independent directors and non-executive directors on board a top social media, internet or electronics hardware company should also face legal and criminal proceedings for willful offences around data violations and in cases of complicity or negligence, the parliamentary panel on personal data protection (PDP) has said.
Paytm’s parent One97 Communications on Saturday reported a loss of Rs 461 crore for the quarter ended September 2021 compared to Rs 390 crore in the corresponding quarter last year and Rs 394 crore in the previous quarter ended June 2021. Losses widened on the back of a 40% jump in expenses in the second quarter.
A new variant of Covid-19 virus, first found in Botswana which can possibly resist available vaccines, pushed global investors onto the backfoot, that in turn led to a sell-off in risky assets. As a result, investors on Dalal Street too pressed the panic button, leading to a 1,688-point slide in the sensex — the biggest single-session loss in over seven months — which closed at 57,107. In late trades, the index had even entered the sub-57k mark, its first foray in that territory in 3 months.
Reserve Bank of India has not accepted a proposal to consider large corporates or industrial houses for a banking licence. It has however allowed promoters of banks to hold up to 26% in their banks, which is a positive for many lenders including Kotak Mahindra Bank, IndusInd Bank, Bandhan Bank and CSB Bank. The new norms allow those who have already diluted stakes to hike their shareholding.
The government has proposed changes to the bankruptcy legislation by adopting a global model law that will enable lenders to apply the insolvency law to defaulters’ assets lying overseas. These will include the offshore personal assets of the promoter if they have issued a personal guarantee. The changes would also allow execution of orders against defaulters by overseas courts that have adopted the model law.
India appears to be the flavour of current times for recruiters globally with Indian talent the most sought after amid a rise in cross-border hiring. Jobs from various global markets are being outsourced to skilled talent in India, and this is not restricted to IT alone. Recruitment firms say the trend is broad-based and is also playing out in non-IT fields such as digital marketing, content, design, accounting, administrative, project management, supply chain and even manufacturing.
Wall Street ended higher on Wednesday, lifted by gains in Nvidia and other tech stocks, while Gap and Nordstrom shares tumbled following weak quarterly reports.
Employees of debt-ridden Future Retail (FRL), the parent of supermarket chain, Big Bazaar, have asked the Supreme Court to clear the company’s asset sale to Reliance Retail and rule against US e-tailer Amazon.
Union finance minister Nirmala Sitharaman on Tuesday said all the money taken away from the banks will be taken back as the government is actively pursuing the cases of loan defaulters and will not let them go scot-free, particularly those who have fled the country.
Despite global inflationary concerns, Indians are looking forward to having a balanced life with plans to spend on luxuries such as personal care, clothing, vehicle, leisure travel and air travels, according to the findings of a survey by Deloitte Touche Tohmatsu India.
Global initial public offerings have smashed their previous record this year, propelled by a blank-check boom and companies cashing in on high valuations.
