ICICI Bank, India's largest private sector lender, has deferred its sale plan on home finance division. ICICI Bank has put its home finance division's valuation at INR 2,400 crore, while potential private equity (PE) buyers have asked for a 20 percent discount on valuation.
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GE Shrinks Finance Business, Appeals For Omitting SIFI Label
GE has slashed down assets of finance arm from $549 billion to $265 billion while cutting ties with rest of the financial system that led to attain the SIFI status. Now the conglomerate appeals for its declassification since it no longer possesses ability to exert risk for the US economy. However, an FSOC spokesman vows to exercise its legislative authority in protecting the country’s economy from potential threats.
‘The Hundred Group’ Members’ Consensus Survey To Decide Whether To Take Public Stance on Brexit
Members of The Hundred Group are being surveyed over their planning centering the referendum poll on Brexit. The group members are the finance directors of Britain’s largest listed as well as private companies. The survey appears following difficult past experiences in cases of other membership based business organizations prior to the referendum.
Meketa Investment Group enhances staff ownership team
Meketa Investment Group has increased its employee ownership team. It has included seven new shareholders into employee ownership team. Meketa is optimistic on adding new expertise and talent that supports its business expansion plan across different geographies.
Realty growth propels China economic upswing in March
The world's second largest economy showed positive signs as resurgent sales in the real estate sector boosted growth during March. However, China recorded drop in exports and freight segments.
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Investments from the US surpassed China ever since Narendra Modi became Prime Minister of India in May 2014. The encouraging economy growth is the prime reason for robust US investments in India.
India's largest private industrial conglomerate Reliance Industries Ltd (RIL) has announced that its telecom venture Jio is the world's biggest startup with an estimated investment of INR 150,000 ($23 billion). A soft launch of Reliance Jio is expected in April 2016.
MetLife has won a legal battle against US regulators over systemically important' financial institution (SIFI) status. A Washington court has rejected Financial Stability Oversight Counsil's (FSOC) attempt to classify MetLife as SIFI.
Allowing proxy access, Yahoo Inc has revised its bylaws. It'll also enable long-time shareholders to nominate candidates at board on ballots. The new bylaws will come into force after 2016 annual general meeting (AGM) scheduled in June or July.
China Rapid Finance has been acknowledged as the founder member of NIFA. The recognition will enable CRF to work for publishing rules and regulations in developing self-disciplined online lending marketplace in China. CRF expects the official release of such rules and regulations will exert positive impact and eventually confirm the industrial development .
To tackle volatility in the US banking market, regulators are enacting new laws time to time directing to absorb new technologies. Adoption of automated technologies coupled with aggression by fintech startups. A recent Citigroup study predicts that US banking sector may witness 30% job cutts by 2025.
Dyson with its new air purifier is aiming to create fresh air within the household environment. The company's newly launched Pure Cool Link air cleaner pledges to clean up the pollutants enveloping the home atmosphere.
AIG has announced in January planning for spinning off its mortgage insurer unit United Guaranty, following pressure from the shareholders. Following the announcement, Standard & Poor’s, a credit rating agency has downgraded its rating with specific reasoning. The mortgage insurer of AIG has disclosed through a regulatory filing that it intends to go for an initial public offering.
Multiple awards-winning actress Whoopi Goldberg announced her startup company on Wednesday. The company offer medical marijuana product to relieve menstrual pain for women.
