Amid the Tata-Mistry battle, markets regulator SEBI feels that the board of a company can continue to seek the expertise of a ‘Chairman Emeritus’ even after the person has left the company, though the regulator appears to be in favour of stricter norms for removal of independent directors. Ever since the boardroom battle erupted at the conglomerate after removal of Cyrus Mistry as chairman in October last year and subsequent allegations by him, including about ‘interference’ by Ratan Tata, SEBI has been keeping a close watch on the developments related to the group. The markets regulator has carried out a detailed scrutiny of any possible breach of securities laws, including about corporate governance and insider trading norms, a senior official said. However, no serious breac
Microsoft CEO Satya Nadella has been appointed to join the board of Starbucks. Nadella has been nominated along with President and CEO of Sam’s Club Rosalind Brewer and Executive Chairman of the LEGO Brand Group J rgen Vig Knudstorp, thereby increasing the count of people in the Board of Directors to 14. Nadella was born in Hyderabad, India and became CEO at Microsoft in February 2014. He said he was honoured to be appointed as one of the Board members. He also said that he has always admired Starbucks’ focus and deep passion for its customers and the communities it does business in and that he hopes his years of experience in the technology industry will be of value to the company. Starbucks, on their part, praised Nadella and said he was put forward for his invaluable insight
India`s trade deficit narrowed to $10.37 billion (nearly Rs 68,989.02 crore) in December from provisional $13 billion (nearly Rs 86,485.8 crore) a month ago, government data showed on Friday. Merchandise exports grew 5.72% year-on-year to $23.88 billion (nearly Rs 1,58,867.7 crore) last month, while imports rose 0.46% year-on-year to $34.25 billion (nearly Rs 2,27,856.7 crore), the data showed. "Taking merchandise and services together, overall trade deficit for April-December 2016-17 is estimated at $33.74 billion (nearly Rs 2,24,463.785 crore) which is 36.78% lower in dollar terms than the level of $53.37 billion (nearly Rs 3,55,057.3 crore) during April-December 2015-16," cited the official statement.
India grew fastest among major economies worldwide at over 7.5 per cent in 2016 and will continue to drive global growth in 2017 with its share in the world GDP expected to rise to 17 per cent, a study said today. “Asia will remain the fastest growing region of the world, but the spotlight will shift away from China to India and Indonesia,” PwC’s global economy watch said, adding that Indonesia is set to become the world’s 16th trillion dollar economy. As per the projections Chinese growth to remain at around the 6 per cent mark, while India’s contribution to world GDP growth could reach almost 17 per cent this year. The study noted that China will feel the costs of higher private sector debt burden. “China’s non-financial sector debt stands at more than 250 per cent of GDP. I
Though governments and banks may be wary of Bitcoin and its application, the technology behind the crypto-currency—blockchain—is what has attracted attention of many. In India, three private sector banks—ICICI, Yes and Axis—have already instituted the technology for domestic financing, intra-bank transactions and cross border remittances, with many more vying potential uses for the technology. But, now blockchain is expected to get a much-needed push, which may make it one of the primary platforms in the country. The central bank’s research arm, Institute for Development and Research in Banking Technology, has released a White Paper saying that the technology has matured enough to be considered for various uses across the spectrum. Moreover, the research also showcases a proof-of-conce