Business news

Sistema exits Reliance Communications; sells its 10 percent stake

Sistema JSFC has decided to exit Reliance Communications after the struggling telco recently got entrapped in insolvency proceedings.

Jun 21, 2018

Air Asia passengers complain of suffocation in 'smoky' flight, accuse airline of ill-treatment

Some flyers on board an Air Asia Kolkata-Bagdogra flight reportedly had an argument with the crew members and the pilot of the plane. The passengers have accused the airline of ill-treatment and bad behaviour and said they were forced to deboard the aircraft after the flight was delayed by over four hours.

Jun 21, 2018

Blood on his hands: 'Fugitive' Mallya paid London staffers, but not those based in India, say Kingfisher employees

The employees of the now-defunct Kingfisher Airlines said in the letter that Mallya must be brought back and punished for his crimes, which includes "abetment of suicide." They slammed the government for prioritising the dues Mallya owed to banks, instead of worrying about paying his employees first.

Jun 20, 2018

Chanda Kochhar salary: On leave and facing probe, ex-CEO to draw full pay

The ICICI board that sent CEO Chanda Kochhar on leave pending investigation into loan irregularities has,however, allowed her to draw full salary. Industry watchers say it's a sign of lax corporate governance at the bank.

Jun 20, 2018

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Chanda Kochhar exit: This is how ICICI Bank board edged out 'aggressive, defiant' CEO

ICICI bank turns a leaf with the 'indefinite' leave of Chanda Kochhar and the appointment of Sandeep Bakhshi as interim head. However, reports say Kochhar was defiant and aggressive at the board meeting and forced changes in the phrasing of the statement announcing her departure, a fallout of the dirty loan to Videocon in 2012.

Jun 20, 2018

Plans to sell Air India shelved, government looks at improving profits

Modi government shelves plan to sell struggling national airline, plans cash injection to boost operational viability. New plans involve an IPO and public trading in the long term.

Jun 20, 2018

PNB scam: Lapses at several levels led to India's largest bank fraud, report says

A $2 billion fraud at India's Punjab National Bank (PNB) may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank's own internal probe has found.

Jun 20, 2018

China vows to hit back as Trump plans $200 billion additional tariffs on Chinese imports

The developments suggest an intensifying trade dispute that the International Monetary Fund fears would be one of the biggest risks to global growth.

Jun 19, 2018

Who is Sandeep Bakhshi? ICICI gets new COO amid Chanda Kochhar probe

The announcement came on Monday, June 18 and in his new role as COO, Sandeep Bakhshi will continue to report to CEO Chanda Kochhar, who has reportedly gone on leave. Bakhshi has been brought on board for a period of five years, which is subject to approvals from the regulatory board.

Jun 19, 2018

World's richest person, Jeff Bezos is now wealthier than ever

Amazon CEO Jeff Bezos is now worth $141.9 billion as per Forbes. Up by $5 billion since June 1.

Jun 19, 2018

Chanda Kochhar asked to go on leave until completion of internal inquiry

ICICI Bank's Board has, at its meeting on Monday, decided to appoint Sandeep Bakhshi as the lender's whole time director and chief operating officer (COO).

Jun 19, 2018

Only Uday Kotak gets a pay hike among all private bank chiefs in FY18

The annual report of Kotak Mahindra bank shows that Uday Kotak received a pay hike of 11.02 percent - Rs 2.92 crore - in the fiscal year ended March 2018, from Rs 2.63 crore in the year ended March 2017, mainly due to a similar rise in basic salary.

Jun 18, 2018

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ICICI Bank to finally boot out Chanda Kochhar? Sandeep Bakhshi to be named CEO

Major financial daily reports that ICICI Bank top management has decided to remove CEO Chanda Kochhar from the position following the investigation into alleged conflict of interest over Videocon loan. The report says Sandeep Bakhshi, the head of the bank's insurance division, will become the next CEO.

Jun 18, 2018

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Probe against Nirav Modi compromised? Top CBI officer's email blocked, desktop seized

Under whose wings is Nirav Modi taking shelter after duping Punjab National Bank of more than Rs 14,00 crore? While his passport was supposed to be revoked, he travels using it as recently as on June 12.

Jun 18, 2018

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DBT savings could touch Rs 40,000 crore in current Financial Year

Total savings since the inception of Direct Benefit of Transfer in 2013 to cross Rs1.25 lakh cr.

Jun 18, 2018

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