Spotify Co-founder steps down as Chairman after 10 yrs
- Martin Lorentzon, is stepping down from his role as chairman at the company.
- Daniel Ek will take over the role in addition to his CEO position.
- Lorrentz said that he look forward to another 10 years at Spotify as vice chairman.
ONGC beats Infosys to become India’s 5th most valuable firm
- ONGC on Friday (14.9.16) beat India’s second largest software exporter Infosys Ltd and become the fifth most valuable company in India.
- ONGC had a market capitalization of Rs2.37 trillion.
- In the last three months, ONGC shares have gained over 19.72% and gained 14.32%.
India, Germany to collaborate for rail projects worth Rs 1L cr
- India will collaborate with Germany for projects to improve and enhance rail connectivity of Indian ports.
- The two countries decided to identify the potential areas where projects can be implemented with mutual cooperation.
- They will also identify cost-effective rail technologies for implementation.
TRAI proposes uniform broadcast inter-connection norms
- TRAI has proposed uniform inter-connection guidelines for transmission of TV channels.
- The Authority is of the view that the common regulatory framework for inter-connection of all types of addressable systems.
- Two separate regulatory frameworks are applicable for inter-connection of HITS , IPTV and DTH, and cable TV services.
Bank deposits touch Rs 100 lakh crore for the 1st time
- The demand deposits crossing Rs 10 lakh crore and time deposits crossing the Rs 90 lakh crore.
- The month saw the highest-ever monthly rise of Rs 5.32 lakh crore.
- The banks’ deposits grew at a CAGR of 12.88% in the last five years.
Internet shutdown cost India Rs 6,000 crore in a year
- A number of countries have blocked particular applications, shutdown specific digital services, disrupted the entire internet. etc.
- West examines 81 short-term shutdowns in 19 countries over the past year.
- India faces the highest economic loss at $968 million followed by $465 million loss in Saudi Arabia, Morocco ($320 million) etc.
SoftBank, Saudi Arabia plan largest tech fund of $100 bn
- Japan’s SoftBank has announced a technology investment fund of up to $100 billion with Saudi Arabia’s sovereign Public Investment Fund.
- The ‘SoftBank Vision Fund’ will comprise $25 billion from SoftBank, up to $45 billion from Saudi Arabia.
- This helps to create the world’s largest technology investment fund.
SBI to divest up to 5% in SBI Life
- “The Executive Committee of the Central Board at its meeting held on 14 October, 2016, has approved to dilute up to 5% stake of SBI in SBI Life to a non-promoter,” the lender said in the filing.
- SBI Life is a joint venture between State Bank of India and BNP Paribas Cardiff. SBI owns 74% in the life insurer.