SBI Managing Director B Sriram appointed CEO of IDBI Bank
Economy

SBI Managing Director B Sriram appointed CEO of IDBI Bank

State Bank of India (SBI) Managing Director B. Sriram will serve as the CEO of IDBI Bank for tenure of 3 months following a special order by the GOI. The appointment was passed on through an official order and is the first lateral shift of senior management in decades. The vacancy for the top position opened after its CEO Mahesh Kumar Jain was named Deputy Governor of the RBI by the Appointments Committee of the Cabinet, which decides appointments to several top posts under the Government of India and is composed of the Prime Minister of India, who serves as the Chairman of the committee. Ja

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India is the sixth Wealthiest country in the World
Economy

India is the sixth Wealthiest country in the World

India is now the 6th wealthiest country in the world with fortunes raised massively from the year 2016 to an astounding $8,230 Billion in 2017. It has been rated as the best performing market globally. New World Wealth is a global wealth intelligence and market company that specializes in ratings, surveys, country reports and wealth statistics. It uses the total wealth of a country as an indicator to assess the economic patterns and determine the wealthiest of nations, and refers to the fortunes owned by all individuals living in each state, city or constituency. It includes cash, property s

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Asia stocks slide down as Trump raises stakes in china trade War
Economy

Asia stocks slide down as Trump raises stakes in china trade War

Reported in June 2018, a sell-off of Chinese stocks due to the trade war between the two biggest economies of the world has resulted in lowering Asian equities to a 4-month low. United States President Donald Trump has further threatened new tariffs on Chinese goods. A 10 per cent imposition on $200 Billion worth goods is expected as a comeback to China’s decision of raising tariffs on $50 Billion U.S goods. China has warned Washington that it will take substantial measures if any more additional list of tariffs on its products were published. Asian Economies like Taiwan, South Korea and So

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World Bank Predicts 7.3% groWth rate for india, making it the fastest groWing economy
Economy

World Bank Predicts 7.3% groWth rate for india, making it the fastest groWing economy

India has been designated as the world’s fastest growing economy with the World Bank’s projection of its growth rate at 7.3% for the year 2018. The World Bank is an international financial institution that provides loans to countries of the world for capital projects. The Global Economic Prospects is a World Bank Group flagship report that examines global economic trends, developments and prospects, with a special emphasis on upcoming markets and developing economies. After five consecutive slow quarters, India’s GDP growth bottomed out in the middle of 2017 and finally rose vigorously i

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India on the Verge of a New Chapter in Global Economy
Economy

India on the Verge of a New Chapter in Global Economy

Forecast by the International Monetary Fund (IMF) is a fulfilment now as India’s economy is growing faster than China’s. India has been moving in the opposite direction while many countries around the world are dealing with low growth. It’s definitely a special moment for India with so much growth prospect in front of it! Observing India’s third-quarter GDP growth and comparing it with that of China’s in the fiscal 2014–2015, the IMF had foretold in March 2015 itself that India would surpass China’s economy and soon become the fastest growing economy in the world. Amid the shak

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Adani Group’s Foray into Defence Manufacturing
Economy

Adani Group’s Foray into Defence Manufacturing

Adani Group is mulling a foray into defence and aerospace production, keeping pace with several other big industrial groups’ drives into the “Make-in-India” initiative. Big defence spending is in the offing as defence is being seen as a sunrise sector. The place pitched for the possible manufacturing is an obvious choice: Mundra in Gujarat (it is the country’s largest private port and SEZ), utilizing its sea and land linkages. Adani executives—including Karan Adani, the elder son of Gautam Adani, the chairman of the Adani Group—have met delegates from large overseas defenc

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Avago Broadcom Deal in $37 Billion
Economy

Avago Broadcom Deal in $37 Billion

Avago Technologies Ltd. has struck a landmark deal (the largest ever in the semiconductor or the high-tech industry) with its competitor Broadcom Corp., in which Avago will pay the Broadcom shareholders $37 billion ($17 billion in cash and $20 billion in shares). To raise the required $17 billion in cash, Avago will seek $9 billion in cash from various banks—it worked with the following during the deal: Deutsche Bank AG, Bank of America Corp., Barclays PLC, Credit Suisse Group AG and Citigroup Inc.; the rest of the amount would come from its own reserve. The deal should be closed by the firs

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IMAX Enters Hong Kong
Economy

IMAX Enters Hong Kong

IMAX has filed an application with the Hong Kong Stock Exchange (HKEx) for an initial public offering (IPO) of its China unit in Hong Kong (IMAX China Holding), as it plans to participate in the world’s fastest growing movie markets. Imax made about 30% profit last year through its China unit, which is not surprising as since 2012 it has nearly doubled its number of theatres in the Greater China region. Currently, IMAX has 239 theatres in China, Hong Kong and Taiwan, and it plans to build 219 more theatres in China itself. China is a critical growth market for IMAX, and if plans go well it w

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South Korea Records Slow Economic Growth
Economy

South Korea Records Slow Economic Growth

South Korea’s quarterly growth slowed more than expected. It is considered the lowest in more than two years with consumption battered by an outbreak of Middle East Respiratory Syndrome. Asia’s fourth-largest economy has recorded a mere 0.3 per cent growth in the last quarter. According to the bank, the private consumption turned sour as spending on services took a dip as an outcome of a severe-drought-hit agriculture. South Korea relies heavily on export and tourism, and has faced poor demand as well as sluggish consumption due to MERS breakdown, which resulted in enormous travel cancell

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BRICS Nations Launch New Development Bank in Shanghai
Economy

BRICS Nations Launch New Development Bank in Shanghai

BRICS, the group of emerging economies, has come up with the New Development Bank (NDB) in Shanghai. Backed by Brazil, Russia, India, China and South Africa – together known as BRICS countries, the bank aims at lending money to the developing countries, which are seeking financial support in infrastructure development projects. The bank is seen as an alternative to the World Bank and the International Monetary Fund, although the group claims to be a non-rival.

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