Financial Affairs 16 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams
Deutsche Bank May Need to Shrink U.S. Activities, Welt Says
- It may be forced to shrink its U.S. activities as part of a deal to settle litigation over residential mortgage-backed securities with the Department of Justice.
- The shares closed at 12.24 euros on Friday, up 2.04 percent on the day. The company has lost about 46 percent of its market value this year.
- It the fourth-worst performer on the Bloomberg Europe Banks and Financial Services Index, which slipped 22 percent.
Meet Rajeev Misra, the man SoftBank’s Son chose to head the $100 bn fund
- Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, will launch a $100 billion tech fund.
- The 54-year-old Misra, currently head of strategic finance at Softbank, is a former debt trading veteran.
Everything is going right for Indian economy, says K V Kamath
- The government should keep the accelerator fixed firmly to the ground,” Kamath, who is credited for the growth of ICICI Bank into biggest private sector lender said.
- Kamath gave a slew of positives including the control over inflation which is leading a “dramatic fall” in interest rates and passage of the crucial indirect taxation reform, GST.
BCCI president Anurag Thakur now part of ICC’s finance committee
- Anurag Thakur is now officially a part of the ICC’s Finance and Commercial Affairs committee.
- It is arguably one of the most powerful decision making sub-committees of the ICC.
- The decision was taken at the ICC’s board meeting in Cape Town.
Affordable housing market to reach $100 bn over 5-7 years
- The market for this segment is estimated to touch USD 100 billion per annum over the next 5-7 years.
- Simplification of policies and processes, innovation in technology and financing will go a long way in attracting private sector participation.
- There is a current shortage of around 60 million housing units — 20 million in urban areas and 40 million in rural.
Uber, Centre sign pact to impart skills training
- Uber said it has signed an agreement with the Ministry of Electronics and IT to use Common Services Centers (CSCs) to impart skills training to drivers.
- Through this agreement, Uber aims to ensure that people who come to these CSCs, especially at the grassroot level, gain access to tools, training resources and related information for becoming a driver on its platform.
Internet shutdowns cost $968 million a year
- India suffered a loss of almost a billion dollars over the past year due to temporary Internet shutdowns in the country – more than any other country during the same period, according to a recent study by research firm Brookings.
- The study, which examined such shutdowns in 19 countries over the past year, found that in India there were 22 such disruptions, totalling to about 70 days.
Women board members: Naina Lal Kidwai says govt firms failed the system
- Terming excuses like lack of talented women for board positions as “ridiculous and irrational”.
- The big disappointment is the public sector, and she is not quite sure why they are having issues.
- The government has been “historically very good” when it comes to representation of women in elite services like the IAS, IPS and IFS.
NDB to more than double its lending to $2.5 billion next year: KV Kamath
- The New Development Bank plans to support infrastructure projects to the tune of $2.5 billion in 2017.
- They are targeting incremental lending of $2.5 billion over next year.
- They believe it will be largely in the sustainable and green infrastructure.
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