UBS remains World’s Biggest Private Bank

UBS remains World’s Biggest Private Bank

Switzerland-based UBS retained its position as the world’s biggest private bank in 2015, a study by wealth management researcher Scorpio Partnership has stated. UBS had $1,737.5 billion managed assets by the end of 2015, nearly $300 billion more than the second-placed Bank of America Merrill Lynch. However, the study reported a 1% fall in UBS’ assets from 2014. Source: Inshorts

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8 MoUs Inked at India-South Africa CEOs Forum

8 MoUs Inked at India-South Africa CEOs Forum

Business leaders from India and South Africa on Friday signed eight MoUs at a CEO forum on the sidelines of PM Narendra Modi’s visit to the African country. The MoUs were signed in sectors including mining, railways, defence and education. The biggest of the MoUs was signed between a South African port and Cipla, involving investment worth around $90 million. Source: Inshorts

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Amazon Named World’s Smartest Company of 2016

Amazon Named World’s Smartest Company of 2016

Jeff Bezos-led online retail giant Amazon has topped MIT’s annual list of the world’s smartest companies of 2016 for combining innovative technology with an effective business model. Chinese web services company Baidu and the world’s largest DNA-sequencing company Illumina have been ranked second and third respectively. The list also includes Tesla Motors, Alphabet, Facebook, SpaceX and Snapchat. Source: Inshorts

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India Post Gets Govt Nod to Set Up Payments Bank

India Post Gets Govt Nod to Set Up Payments Bank

The Union Cabinet on Wednesday gave its approval to India Post to set up payments bank. The government will set up 650 branches of the postal bank across the country by September 2017, Telecom Minister Ravi Shankar Prasad said. Payments bank, aimed at improving financial inclusion, allows customers to transfer money or remittances using a mobile phone. Source: Inshorts

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India’s per Capita Income Rises 7.4% to ₹93,293

India’s per Capita Income Rises 7.4% to ₹93,293

India’s per capita income rose by 7.4% to ₹93,293 in 2015-16, as against ₹86,879 witnessed in the preceding fiscal. Several analysts expect that the per capita income will cross the ₹1 lakh mark for the first time ever in 2016-17. The Gross National Income (at 2011-12 prices) was estimated at ₹112.13 lakh crore, as against ₹104.28 lakh crore in 2014-15. Source: Inshorts

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Education Sector in India offers Huge Business Opportunities

Education Sector in India offers Huge Business Opportunities

Education in Indian offers huge business potential for the private sector in view of the persisting gap between demand and supply. It is borne out by the increasing share of private schools in the country between 2009 and 2015, says a report by the ratings agency, India Ratings and Research (Ind-Ra), released on Tuesday. “In FY15, the percentage share of government and private schools out of the total schools in India were 77% and 23%,…

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India Plans to Become Gas-based Economy

India Plans to Become Gas-based Economy

India plans to shift to a gas-based economy by boosting domestic production and buying cheap liquefied natural gas (LNG), Oil minister Dharmendra Pradhan has said. The move would help India – the world’s third-biggest oil importer – curb its greenhouse emissions, keeping in-line with the government’s target of shaving a third off the country’s emissions rate by 2030, he added. Source: Inshort

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ICICI First Indian Bank to Partner BRICS Bank

ICICI First Indian Bank to Partner BRICS Bank

ICICI Bank on Thursday became the first financial institution in the country to tie up with the BRICS (Brazil, Russia, India, China, South Africa) Grouping-promoted New Development Bank (NDB). The two banks signed a memorandum of understanding (MoU) to consider each other as “preferred” partners for collaboration in bond issuances, co-financing, treasury management and human resources. Chanda Kochhar, MD and CEO, ICICI Bank, and KV Kamath, President, NDB, signed the MoU on behalf of their…

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Chennai Metro Rail Expansion- Plan For Under Ground Line Ready

Chennai Metro Rail Expansion- Plan For Under Ground Line Ready

CMRL is gearing up to build a new under ground line between Washermanpet and Korukkupet including two stations as part of Phase –I extension to Wimco nagar, (part of the Airport- Washermanpet line) which will provide access to residents of North Chennai neighbourhood to the MRTS. The line will stretch through 2Kms beneath densely populated northern suburbs of New-washermanpet and Korukkupet.  The stations and tunnels for construction by the Contractor is on process and will be done away this month end….

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