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World's richest man Bezos earned ₹54 lakh as salary in 2017
short by Aditi Verma / on 19 Apr 2018,Thursday
World's richest person and Amazon CEO Jeff Bezos earned ₹54 lakh as salary from the e-commerce giant in 2017. The full compensation of the 54-year-old, whose current net worth stands at $126.5 billion, also included $1.6 million for the cost of "security arrangements" for Amazon CEO. Further, the median annual pay for Amazon workers other than Bezos stood at $28,446.
short by Aditi Verma / 11:04 pm on 19 Apr
India is world's sixth largest economy at $2.6 trillion: IMF
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
India is now the world's sixth largest economy, displacing France, with a Gross Domestic Product (GDP) of $2.6 trillion in 2017, according to the International Monetary Fund (IMF). The top five economies are the US, China, Japan, Germany and the UK. Further, the IMF has said that India is expected to grow at 7.4% in 2018 and 7.8% in 2019.
short by Krishna Veera Vanamali / 12:40 pm on 19 Apr
Ola Co-founder Bhavish among TIME's 100 Most Influential People
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
Bhavish Aggarwal, the Co-founder and CEO of ride-hailing startup Ola, has been named in TIME magazine's 100 Most Influential People of 2018 list. Writing for TIME, Flipkart Chairman Sachin Bansal called the 32-year-old the "flag bearer for India's consumer-tech ecosystem". Aggarwal started Ola in 2010 along with fellow IIT Bombay alumnus Ankit Bhati, who is now the company's CTO.
short by Krishna Veera Vanamali / 07:48 pm on 19 Apr
India to invest more than ₹9,000 crore in UK
short by Ankush Verma / on 19 Apr 2018,Thursday
The British government on Wednesday announced a new India-UK trade partnership wherein India will invest over ₹9,000 crore in the country. It said that India's investment will help create or safeguard nearly 6,000 British jobs. "It is clear that the opportunities for growth in trade with India are plenty," UK international trade secretary Liam Fox said.
short by Ankush Verma / 10:24 pm on 19 Apr
India has world's 2nd largest unbanked population: World Bank
short by Manaya Bagga / on 19 Apr 2018,Thursday
India has 19 crore adults without a bank account, making it the world's second-largest unbanked population after China, a World Bank report has said. Almost half of Indian account owners had an inactive account in past year, it added. The report added that the share of Indian adults with an account has more than doubled since 2011 to 80%.
short by Manaya Bagga / 09:40 pm on 19 Apr
Air India senior pilot threatens trainee pilots with axe
short by Manaya Bagga / on 19 Apr 2018,Thursday
Air India has reportedly ordered probe against one of its senior pilots for threatening to hit his trainee pilots with a "crash axe" at least on two flights. This comes after two trainee pilots complained to higher authorities about the instructor's behaviour. The airline also directed the senior pilot not to perform his duties as an instructor till further orders.
short by Manaya Bagga / 04:33 pm on 19 Apr
Cash shortage problem to be resolved by Friday: SBI chief
short by Manaya Bagga / on 19 Apr 2018,Thursday
SBI Chairman Rajnish Kumar has said the problem of cash crunch being faced by some states will be resolved by Friday. He said, "Cash is in transition and it is reaching these states by today (Thursday) evening." Explaining that the money withdrawn by people needs to come back to the banking system, Kumar said that the currency should be "recycled".
short by Manaya Bagga / 11:21 pm on 19 Apr
Mukesh Ambani built the world's first billion-dollar house
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
India's richest person Mukesh Ambani is said to own the world's first billion-dollar house 'Antilia' in Mumbai's Altamount road. Considered the world's most expensive home, the 27-storey building is spread over 4 lakh square feet and rises 173 metres. Antilia features three helipads, a ballroom, a 50-seater cinema, nine elevators and a six-storey garage that can house 168 cars.
short by Krishna Veera Vanamali / 03:22 pm on 19 Apr
RBI refuses to dilute new bad loan rules
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
RBI Deputy Governor NS Vishwanathan has defended the central bank's revised rules for bad loan resolution announced in February. The new rules stipulate that banks must implement a debt resolution plan within 180 days for bad loan accounts worth at least ₹2,000 crore. Banks will also have to disclose defaults even if the interest repayment is overdue by a day.
short by Krishna Veera Vanamali / 04:02 pm on 19 Apr
Australian bank charged dead clients for financial advice
short by Manaya Bagga / on 19 Apr 2018,Thursday
Australia's Commonwealth Bank has told a government inquiry panel that some of its financial advisers kept charging clients even after they died. In one case, an adviser knew his client had died in 2004 but was still charging almost $780 a year in fees till December 2015. The bank also revealed examples of charging customers for services they never received.
short by Manaya Bagga / 09:53 pm on 19 Apr
Domestic air passenger traffic grows fastest in 32 months
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
India's domestic air passenger traffic witnessed its highest growth in 32 months in March, according to data released by aviation regulator DGCA. The airline passenger traffic grew 28% compared with the same month last year to about 1.16 crore. IndiGo had the highest market shares of 39.5% followed by Jet Airways (15%) and Air India (13.4%).
short by Krishna Veera Vanamali / 10:20 pm on 19 Apr
Mukesh Ambani's wealth could fund India's govt for 20 days
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
The wealth of India's richest person Mukesh Ambani can keep the country's government running for 20 days, according to Bloomberg. The Chairman of India's second most valuable company Reliance Industries, Ambani has a net worth of around $40 billion. Born on April 19, 1957, the business tycoon celebrates his 61st birthday today.
short by Krishna Veera Vanamali / 04:09 pm on 19 Apr
Munjals, Burmans raise their bid for Fortis to ₹1,500 crore
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
The Munjals of Hero Enterprise and Burmans of Dabur Group have raised their offer to invest in Fortis Healthcare by ₹250 crore to ₹1,500 crore. To make the offer attractive, they have dropped the condition of a due diligence. Apart from the Munjal-Burman team, Manipal Health, IHH Healthcare, and China's Fosun International have made offers to invest in Fortis.
short by Krishna Veera Vanamali / 11:14 pm on 19 Apr
India's richest man Mukesh Ambani was not born in India
short by Manaya Bagga / on 19 Apr 2018,Thursday
India's richest man and Reliance Industries Chairman Mukesh Ambani was actually not born in India. Ambani was born in Yemen on April 19, 1957, but the family relocated in 1958 to Bhuleshwar in Mumbai, where they lived in a 'chawl'. Mukesh Ambani now has a net worth of $41-billion and owns the world's first billion-dollar house 'Antilia'.
short by Manaya Bagga / 02:54 pm on 19 Apr
Supreme Court allows Sahara to sell part of Aamby Valley
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
The Supreme Court has allowed the Sahara Group to sell a part of its Aamby Valley property by May 15 to raise money in order to refund investors. If the sale is not conducted before the date, the Bombay High Court's official liquidator will proceed with the proposed auctioning process. Sahara was asked to refund money raised illegally from investors.
short by Krishna Veera Vanamali / 09:41 pm on 19 Apr
CFO of Deepak Kochhar's firm quizzed in ICICI-Videocon row
short by Manaya Bagga / on 19 Apr 2018,Thursday
The CBI on Wednesday questioned Sunil Bhuta, the CFO of Deepak Kochhar's NuPower Renewables, in connection with the Videocon loan case. It is alleged that Videocon Chairman Venugopal Dhoot gave ₹64 crore to ICICI Bank CEO Chanda Kochhar's husband Deepak's firm after Videocon got ₹3,250-crore loan from ICICI. Bhuta has been associated with NuPower since its inception.
short by Manaya Bagga / 09:54 pm on 19 Apr
Govt seeks nod to attach properties of PNB fraud accused
short by Manaya Bagga / on 19 Apr 2018,Thursday
The government has approached the National Company Law Appellate Tribunal seeking power to attach properties of those involved in $2.1-billion PNB fraud. The Corporate Affairs Ministry has also sought to invoke powers including removal of the management and recovery of undue gains. Earlier, the NCLT had restrained over 60 entities including, Nirav Modi and Mehul Choksi, from selling their assets.
short by Manaya Bagga / 10:20 pm on 19 Apr
Mukesh Ambani only Indian businessman with Z Category security
short by Manaya Bagga / on 19 Apr 2018,Thursday
Reliance Industries Chairman Mukesh Ambani is the only Indian businessman to get the country's second highest 'Z Category' security. Ambani gets 22 security commandos, an escort and a pilot car, and reportedly pays ₹15 lakh each month for the security. Ambani received the security in 2013 after he allegedly received threatening letters from a banned terrorist group.
short by Manaya Bagga / 04:09 pm on 19 Apr
Ernst & Young accused of failing to act on groping complaint
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
A partner at professional services firm Ernst & Young in the US has alleged that the firm ignored her complaints against another partner who groped and assaulted her in 2015. Jessica Casucci claimed she was told to "trust the firm" when she reported the incident to human resources. She has now filed a federal sexual harassment complaint against the firm.
short by Krishna Veera Vanamali / 11:24 pm on 19 Apr
Suspect in Iceland's 'Big Bitcoin Heist' escapes prison
short by Krishna Veera Vanamali / on 18 Apr 2018,Wednesday
The suspected mastermind behind the theft of 600 computers worth $2 million used to mine Bitcoin and other cryptocurrencies has escaped prison in Iceland and likely fled to Sweden, officials said. The case has been dubbed the "Big Bitcoin Heist" by Icelandic media. Further, reports claimed that Iceland Prime Minister Katrin Jakobsdottir travelled on the same flight as the suspect.
short by Krishna Veera Vanamali / 10:31 pm on 18 Apr
Time not ripe for large scale privatisation of banks: SBI
short by Manaya Bagga / on 19 Apr 2018,Thursday
SBI Chairman Rajnish Kumar has said the time is not ripe for large-scale privatisation of state-owned banks given India's current socio-economic conditions. He said that privatisation hasn't always worked well, and ownership doesn't matter as there are good and bad companies in all sectors. "Maybe you will reach that stage of development in next 50 years," he added.
short by Manaya Bagga / 10:49 pm on 19 Apr
SEBI finds insider trading evidence using Facebook 'likes'
short by Krishna Veera Vanamali / on 19 Apr 2018,Thursday
Markets regulator SEBI checked the Facebook profiles of suspected persons to determine if they were 'connected' in an insider trading case. SEBI found that persons involved in alleged insider trading were 'friends' on Facebook and they 'liked' each other's photos. In its interim order, SEBI has asked three entities involved in the case to deposit unlawful gains worth ₹2.41 crore.
short by Krishna Veera Vanamali / 11:21 pm on 19 Apr
Facebook's rating downgraded for 1st time since data scandal
short by Aditi Verma / on 19 Apr 2018,Thursday
Facebook's rating has been cut to mixed versus positive by research firm OTR Global amid concerns that year-over-year growth in advertisement spending moderated in 2018 first quarter. This is Facebook's first downgrade since it was reported that millions of its users' data was exploited to influence the US elections. Following the downgrade, the company's shares also fell 1.7% on Wednesday.
short by Aditi Verma / 01:37 pm on 19 Apr
Cash availability in ATMs has improved in last 24 hrs: SBI
short by Ayushi Ahluwalia / on 18 Apr 2018,Wednesday
The State Bank of India Deputy Managing Director Neeraj Vyas on Wednesday said the availability of cash in ATMs had improved in the last 24 hours and efforts are on to improve it further. Finance Minister Arun Jaitley had earlier said "temporary shortage" of cash in ATMs in some areas was due to a "sudden and unusual increase" in demand.
short by Ayushi Ahluwalia / 10:37 pm on 18 Apr
Pampers-maker to buy 51.8% stake in Merck India for ₹1,290cr
short by Manaya Bagga / on 19 Apr 2018,Thursday
Pampers-maker Procter & Gamble (P&G) will acquire 51.80% stake for ₹1,290 crore in India-listed drug firm Merck. This is a part of the global deal, valued at about ₹27,728 crore, under which P&G will acquire German firm Merck's consumer health business. Approximately 3,300 employees, mainly from consumer health, will transition to P&G upon deal's completion.
short by Manaya Bagga / 10:24 pm on 19 Apr
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