1. PM Modi arrives in Kathmandu to attend 18th SAARC SummitPrime Minister Narendra Modi arrived in Kathmandu this afternoon to
attend the 18th South Asian Association for Regional Cooperation (SAARC) Summit.
This is his second meeting with nearly all the leaders, except for Afghanistan which has a new President in Ashraf Ghani. Modi had earlier invited the South Asian leaders for his swearing-in ceremony on May 26 as part of his government's outreach to the neighbourhood.
Modi is accompanied by External Affairs Minister Sushma Swaraj, National Security Advisor (NSA) Ajit Doval and Foreign Secretary Sujatha Singh.As per the schedule, Modi will tomorrow address the Summit where he will lay out his vision of what he sees as regional cooperation in South Asia and India's approach to harnessing the development potential of the region as a whole.
On the same day, Nepal Prime Minister Sushil Koirala will host a banquet for all the leaders.
On the following day, the leaders will hold a retreat session at Dhulikhel after which they will adopt the Kathmandu Declaration.
Meanwhile, the Ministry of External Affairs did not rule out a bilateral meeting between Modi and his Pakistani counterpart Nawaz Sharif on the sidelines of the SAARC Summit. This will be their first meeting since May, when Sharif attended Modi’s swearing-in ceremony in New Delhi.
This is his second meeting with nearly all the leaders, except for Afghanistan which has a new President in Ashraf Ghani. Modi had earlier invited the South Asian leaders for his swearing-in ceremony on May 26 as part of his government's outreach to the neighbourhood.
Modi is accompanied by External Affairs Minister Sushma Swaraj, National Security Advisor (NSA) Ajit Doval and Foreign Secretary Sujatha Singh.As per the schedule, Modi will tomorrow address the Summit where he will lay out his vision of what he sees as regional cooperation in South Asia and India's approach to harnessing the development potential of the region as a whole.
On the same day, Nepal Prime Minister Sushil Koirala will host a banquet for all the leaders.
On the following day, the leaders will hold a retreat session at Dhulikhel after which they will adopt the Kathmandu Declaration.
Meanwhile, the Ministry of External Affairs did not rule out a bilateral meeting between Modi and his Pakistani counterpart Nawaz Sharif on the sidelines of the SAARC Summit. This will be their first meeting since May, when Sharif attended Modi’s swearing-in ceremony in New Delhi.
2. Kotak Mahindra gets RBI approval to enter general insurance business
Following its acquisition of ING Vysya Bank last week, Kotak Mahindra Bank has announced its entry into the general insurance business.
On Tuesday, the fourth largest private bank (post-merger with ING Vysya) received approval from the RBI to form a 100 per cent subsidiary to enter the general insurance industry, which is currently growing at a Rs. 77,000 crore premium per annum, said Gaurang Shah, President - Asset Management, Insurance and International Business at Kotak Bank.
Executive Vice-President Mahesh Balasubramanium has been named Chief Executive Officer of the new venture, which has been started with an initial capital of Rs. 100 crore.
"We are likely to complete all our approval processes by the first quarter of FY16 and will start operations by the second quarter (2015-16)," Shah said.
Initially, the bank will focus on motor and health insurance and aim to grab about 0.5 per cent of the market share in five years. The industry is expected to grow at a CAGR of 15 per cent to grow to Rs. 1.80 lakh crore by 2020 (from Rs. 77,000 crore), Balasubramanium said.
3. Kathak legend Sitara Devi passes away
Kathak queen Sitara Devi died at a hospital here on Tuesday. She was 94. Born in 1920 in Kolkata, Sitara Devi drew from the themes, poetry and choreography collected by her father in her choreographies. She also got inspired from the environment around her — whether it is a town or a village.
Following its acquisition of ING Vysya Bank last week, Kotak Mahindra Bank has announced its entry into the general insurance business.
On Tuesday, the fourth largest private bank (post-merger with ING Vysya) received approval from the RBI to form a 100 per cent subsidiary to enter the general insurance industry, which is currently growing at a Rs. 77,000 crore premium per annum, said Gaurang Shah, President - Asset Management, Insurance and International Business at Kotak Bank.
Executive Vice-President Mahesh Balasubramanium has been named Chief Executive Officer of the new venture, which has been started with an initial capital of Rs. 100 crore.
"We are likely to complete all our approval processes by the first quarter of FY16 and will start operations by the second quarter (2015-16)," Shah said.
Initially, the bank will focus on motor and health insurance and aim to grab about 0.5 per cent of the market share in five years. The industry is expected to grow at a CAGR of 15 per cent to grow to Rs. 1.80 lakh crore by 2020 (from Rs. 77,000 crore), Balasubramanium said.
3. Kathak legend Sitara Devi passes away
Kathak queen Sitara Devi died at a hospital here on Tuesday. She was 94. Born in 1920 in Kolkata, Sitara Devi drew from the themes, poetry and choreography collected by her father in her choreographies. She also got inspired from the environment around her — whether it is a town or a village.
4. Shah Rukh Khan named as Brand Ambassador of DHFL
Housing finance company DHFL on 20 November 2014 announced to name Shah Rukh Khan as its brand ambassador. DHFL is the second largest housing finance company of India.
Shah Rukh is the first brand ambassador of DHFL in its 30 year journey.
5. Former SC judge Chandramauli Kumar Prasad chosen as the next chairperson of PCI
Former Supreme Court (SC) judge Justice Chandramauli Kumar (CK) Prasad was on 24 November 2014 chosen as the next chairperson of the Press Council of India (PCI).
CK Prasad will succeed Justice Markenday Katju as the Chairman of the PCI. He was selected by a committee headed by Vice-President Hamid Ansari.
6. Report titled Future of India- The Winning Leap released by PwC
The report titled Future of India- The Winning Leap was released on 24 November 2014 by global professional services firm PricewaterhouseCoopers (PwC) International Ltd.
The report revealed the winning solutions required to lead India to unprecedented economic growth along with radical improvements in the Human Development Index (HDI) over the next two decades.
The report emphasises that India has the potential to achieve 9 percent growth rate and become a 10 trillion US dollars economy by 2034
The report titled Future of India- The Winning Leap was released on 24 November 2014 by global professional services firm PricewaterhouseCoopers (PwC) International Ltd.
The report revealed the winning solutions required to lead India to unprecedented economic growth along with radical improvements in the Human Development Index (HDI) over the next two decades.
The report emphasises that India has the potential to achieve 9 percent growth rate and become a 10 trillion US dollars economy by 2034
7. Adani Power buys Avantha’s 600 MW plant for Rs.4,200 cr
Striking another major deal in less than four months, Adani Power, on Monday, entered into a binding agreement with Gautam Thapar-led Avantha group to buy out its 600-MW Korba West unit for more than Rs.4,200 crore.
This is the second acquisition by the Adani group since it bought the 1,200-MW coal-fired Udupi plant from the debt-laden Lanco Infra for Rs.6,000 crore in August.
Korba West Power owns a completed 600-MW coal-based power plant at Korba, and an expansion phase is in progress. The deal makes Adani Power the largest private sector power utility in the country with an installed capacity of 11,040 MW, the Adani group said in a statement issued from Ahmedabad. While the Adanis did not reveal the deal size, the Avantha group, in a statement issued from New Delhi, said the deal is valued in excess of Rs.4,200 crore.
With the Korba buy, the installed base of Adani Power will increase to 11,040 MW. The company has set a target of 20,000 MW capacity by 2020.
Striking another major deal in less than four months, Adani Power, on Monday, entered into a binding agreement with Gautam Thapar-led Avantha group to buy out its 600-MW Korba West unit for more than Rs.4,200 crore.
This is the second acquisition by the Adani group since it bought the 1,200-MW coal-fired Udupi plant from the debt-laden Lanco Infra for Rs.6,000 crore in August.
Korba West Power owns a completed 600-MW coal-based power plant at Korba, and an expansion phase is in progress. The deal makes Adani Power the largest private sector power utility in the country with an installed capacity of 11,040 MW, the Adani group said in a statement issued from Ahmedabad. While the Adanis did not reveal the deal size, the Avantha group, in a statement issued from New Delhi, said the deal is valued in excess of Rs.4,200 crore.
With the Korba buy, the installed base of Adani Power will increase to 11,040 MW. The company has set a target of 20,000 MW capacity by 2020.
8. Airtel sells mobile towers in Nigeria to ATC for $1.05 b
Bharti Airtel has sold its 4,800 mobile towers in Nigeria to the U.S.-based American Towers Company (ATC) for about $1.05 billion to pare debt.
In a joint statement, Airtel and ATC announced that they had entered into an agreement “for the sale of over 4,800 of Airtel’s communications towers in Nigeria.”
9. Indian economy set for a ‘goldilocks’ period: Nomura
Indian economy is set for a ’goldilocks’ period — used to describe a timeframe of high growth and low inflation — while it can become Asia’s fastest growing economy in 2016, Japanese financial major Nomura said.
The global financial services major is also optimistic about “productivity-enhancing reforms” in the country and estimated the GDP growth for 2015 at 6.4 per cent.
“We are positive on India’s economic outlook in 2015. The key downside risks to our view are weaker global growth, higher commodity prices, slower pick-up in domestic capex cycle and a sharp reversal of capital inflows, especially debt inflows,” Nomura Chief Economist Rob Subbaraman said.
“We expect India’s real GDP growth to rise to 6.4 per cent in 2015, from 5.2 per cent in 2014, and further to 6.8 per cent in 2016,” Nomura said.
10. India accepts panel recommendation on single smoke ban
India's health ministry has accepted the recommendation of an internal panel to ban the sale of single cigarettes, Health Minister J.P. Nadda said in a statement in the upper house on Tuesday.
The World Health Organization (WHO) Framework Convention on Tobacco Control states that countries "shall endeavour" to prohibit such sales as it makes them more affordable for minors. India is a party to the convention.
Shares in ITC Ltd, India's largest cigarette maker, fell as much as 5 per cent after the announcement, while the main Mumbai market index was down 1.1 per cent. A spokesman for ITC did not immediately respond to request for comment.
Indian economy is set for a ’goldilocks’ period — used to describe a timeframe of high growth and low inflation — while it can become Asia’s fastest growing economy in 2016, Japanese financial major Nomura said.
The global financial services major is also optimistic about “productivity-enhancing reforms” in the country and estimated the GDP growth for 2015 at 6.4 per cent.
“We are positive on India’s economic outlook in 2015. The key downside risks to our view are weaker global growth, higher commodity prices, slower pick-up in domestic capex cycle and a sharp reversal of capital inflows, especially debt inflows,” Nomura Chief Economist Rob Subbaraman said.
“We expect India’s real GDP growth to rise to 6.4 per cent in 2015, from 5.2 per cent in 2014, and further to 6.8 per cent in 2016,” Nomura said.
10. India accepts panel recommendation on single smoke ban
India's health ministry has accepted the recommendation of an internal panel to ban the sale of single cigarettes, Health Minister J.P. Nadda said in a statement in the upper house on Tuesday.
The World Health Organization (WHO) Framework Convention on Tobacco Control states that countries "shall endeavour" to prohibit such sales as it makes them more affordable for minors. India is a party to the convention.
Shares in ITC Ltd, India's largest cigarette maker, fell as much as 5 per cent after the announcement, while the main Mumbai market index was down 1.1 per cent. A spokesman for ITC did not immediately respond to request for comment.
1. PM Modi arrives in Kathmandu to attend 18th SAARC SummitPrime Minister Narendra Modi arrived in Kathmandu this afternoon to
attend the 18th South Asian Association for Regional Cooperation (SAARC) Summit.
This is his second meeting with nearly all the leaders, except for Afghanistan which has a new President in Ashraf Ghani. Modi had earlier invited the South Asian leaders for his swearing-in ceremony on May 26 as part of his government's outreach to the neighbourhood.
Modi is accompanied by External Affairs Minister Sushma Swaraj, National Security Advisor (NSA) Ajit Doval and Foreign Secretary Sujatha Singh.As per the schedule, Modi will tomorrow address the Summit where he will lay out his vision of what he sees as regional cooperation in South Asia and India's approach to harnessing the development potential of the region as a whole.
On the same day, Nepal Prime Minister Sushil Koirala will host a banquet for all the leaders.
On the following day, the leaders will hold a retreat session at Dhulikhel after which they will adopt the Kathmandu Declaration.
Meanwhile, the Ministry of External Affairs did not rule out a bilateral meeting between Modi and his Pakistani counterpart Nawaz Sharif on the sidelines of the SAARC Summit. This will be their first meeting since May, when Sharif attended Modi’s swearing-in ceremony in New Delhi.
This is his second meeting with nearly all the leaders, except for Afghanistan which has a new President in Ashraf Ghani. Modi had earlier invited the South Asian leaders for his swearing-in ceremony on May 26 as part of his government's outreach to the neighbourhood.
Modi is accompanied by External Affairs Minister Sushma Swaraj, National Security Advisor (NSA) Ajit Doval and Foreign Secretary Sujatha Singh.As per the schedule, Modi will tomorrow address the Summit where he will lay out his vision of what he sees as regional cooperation in South Asia and India's approach to harnessing the development potential of the region as a whole.
On the same day, Nepal Prime Minister Sushil Koirala will host a banquet for all the leaders.
On the following day, the leaders will hold a retreat session at Dhulikhel after which they will adopt the Kathmandu Declaration.
Meanwhile, the Ministry of External Affairs did not rule out a bilateral meeting between Modi and his Pakistani counterpart Nawaz Sharif on the sidelines of the SAARC Summit. This will be their first meeting since May, when Sharif attended Modi’s swearing-in ceremony in New Delhi.
2. Kotak Mahindra gets RBI approval to enter general insurance business
Following its acquisition of ING Vysya Bank last week, Kotak Mahindra Bank has announced its entry into the general insurance business.
On Tuesday, the fourth largest private bank (post-merger with ING Vysya) received approval from the RBI to form a 100 per cent subsidiary to enter the general insurance industry, which is currently growing at a Rs. 77,000 crore premium per annum, said Gaurang Shah, President - Asset Management, Insurance and International Business at Kotak Bank.
Executive Vice-President Mahesh Balasubramanium has been named Chief Executive Officer of the new venture, which has been started with an initial capital of Rs. 100 crore.
"We are likely to complete all our approval processes by the first quarter of FY16 and will start operations by the second quarter (2015-16)," Shah said.
Initially, the bank will focus on motor and health insurance and aim to grab about 0.5 per cent of the market share in five years. The industry is expected to grow at a CAGR of 15 per cent to grow to Rs. 1.80 lakh crore by 2020 (from Rs. 77,000 crore), Balasubramanium said.
3. Kathak legend Sitara Devi passes away
Kathak queen Sitara Devi died at a hospital here on Tuesday. She was 94. Born in 1920 in Kolkata, Sitara Devi drew from the themes, poetry and choreography collected by her father in her choreographies. She also got inspired from the environment around her — whether it is a town or a village.
Following its acquisition of ING Vysya Bank last week, Kotak Mahindra Bank has announced its entry into the general insurance business.
On Tuesday, the fourth largest private bank (post-merger with ING Vysya) received approval from the RBI to form a 100 per cent subsidiary to enter the general insurance industry, which is currently growing at a Rs. 77,000 crore premium per annum, said Gaurang Shah, President - Asset Management, Insurance and International Business at Kotak Bank.
Executive Vice-President Mahesh Balasubramanium has been named Chief Executive Officer of the new venture, which has been started with an initial capital of Rs. 100 crore.
"We are likely to complete all our approval processes by the first quarter of FY16 and will start operations by the second quarter (2015-16)," Shah said.
Initially, the bank will focus on motor and health insurance and aim to grab about 0.5 per cent of the market share in five years. The industry is expected to grow at a CAGR of 15 per cent to grow to Rs. 1.80 lakh crore by 2020 (from Rs. 77,000 crore), Balasubramanium said.
3. Kathak legend Sitara Devi passes away
Kathak queen Sitara Devi died at a hospital here on Tuesday. She was 94. Born in 1920 in Kolkata, Sitara Devi drew from the themes, poetry and choreography collected by her father in her choreographies. She also got inspired from the environment around her — whether it is a town or a village.
4. Shah Rukh Khan named as Brand Ambassador of DHFL
Housing finance company DHFL on 20 November 2014 announced to name Shah Rukh Khan as its brand ambassador. DHFL is the second largest housing finance company of India.
Shah Rukh is the first brand ambassador of DHFL in its 30 year journey.
5. Former SC judge Chandramauli Kumar Prasad chosen as the next chairperson of PCI
Former Supreme Court (SC) judge Justice Chandramauli Kumar (CK) Prasad was on 24 November 2014 chosen as the next chairperson of the Press Council of India (PCI).
CK Prasad will succeed Justice Markenday Katju as the Chairman of the PCI. He was selected by a committee headed by Vice-President Hamid Ansari.
6. Report titled Future of India- The Winning Leap released by PwC
The report titled Future of India- The Winning Leap was released on 24 November 2014 by global professional services firm PricewaterhouseCoopers (PwC) International Ltd.
The report revealed the winning solutions required to lead India to unprecedented economic growth along with radical improvements in the Human Development Index (HDI) over the next two decades.
The report emphasises that India has the potential to achieve 9 percent growth rate and become a 10 trillion US dollars economy by 2034
The report titled Future of India- The Winning Leap was released on 24 November 2014 by global professional services firm PricewaterhouseCoopers (PwC) International Ltd.
The report revealed the winning solutions required to lead India to unprecedented economic growth along with radical improvements in the Human Development Index (HDI) over the next two decades.
The report emphasises that India has the potential to achieve 9 percent growth rate and become a 10 trillion US dollars economy by 2034
7. Adani Power buys Avantha’s 600 MW plant for Rs.4,200 cr
Striking another major deal in less than four months, Adani Power, on Monday, entered into a binding agreement with Gautam Thapar-led Avantha group to buy out its 600-MW Korba West unit for more than Rs.4,200 crore.
This is the second acquisition by the Adani group since it bought the 1,200-MW coal-fired Udupi plant from the debt-laden Lanco Infra for Rs.6,000 crore in August.
Korba West Power owns a completed 600-MW coal-based power plant at Korba, and an expansion phase is in progress. The deal makes Adani Power the largest private sector power utility in the country with an installed capacity of 11,040 MW, the Adani group said in a statement issued from Ahmedabad. While the Adanis did not reveal the deal size, the Avantha group, in a statement issued from New Delhi, said the deal is valued in excess of Rs.4,200 crore.
With the Korba buy, the installed base of Adani Power will increase to 11,040 MW. The company has set a target of 20,000 MW capacity by 2020.
Striking another major deal in less than four months, Adani Power, on Monday, entered into a binding agreement with Gautam Thapar-led Avantha group to buy out its 600-MW Korba West unit for more than Rs.4,200 crore.
This is the second acquisition by the Adani group since it bought the 1,200-MW coal-fired Udupi plant from the debt-laden Lanco Infra for Rs.6,000 crore in August.
Korba West Power owns a completed 600-MW coal-based power plant at Korba, and an expansion phase is in progress. The deal makes Adani Power the largest private sector power utility in the country with an installed capacity of 11,040 MW, the Adani group said in a statement issued from Ahmedabad. While the Adanis did not reveal the deal size, the Avantha group, in a statement issued from New Delhi, said the deal is valued in excess of Rs.4,200 crore.
With the Korba buy, the installed base of Adani Power will increase to 11,040 MW. The company has set a target of 20,000 MW capacity by 2020.
8. Airtel sells mobile towers in Nigeria to ATC for $1.05 b
Bharti Airtel has sold its 4,800 mobile towers in Nigeria to the U.S.-based American Towers Company (ATC) for about $1.05 billion to pare debt.
In a joint statement, Airtel and ATC announced that they had entered into an agreement “for the sale of over 4,800 of Airtel’s communications towers in Nigeria.”
9. Indian economy set for a ‘goldilocks’ period: Nomura
Indian economy is set for a ’goldilocks’ period — used to describe a timeframe of high growth and low inflation — while it can become Asia’s fastest growing economy in 2016, Japanese financial major Nomura said.
The global financial services major is also optimistic about “productivity-enhancing reforms” in the country and estimated the GDP growth for 2015 at 6.4 per cent.
“We are positive on India’s economic outlook in 2015. The key downside risks to our view are weaker global growth, higher commodity prices, slower pick-up in domestic capex cycle and a sharp reversal of capital inflows, especially debt inflows,” Nomura Chief Economist Rob Subbaraman said.
“We expect India’s real GDP growth to rise to 6.4 per cent in 2015, from 5.2 per cent in 2014, and further to 6.8 per cent in 2016,” Nomura said.
10. India accepts panel recommendation on single smoke ban
India's health ministry has accepted the recommendation of an internal panel to ban the sale of single cigarettes, Health Minister J.P. Nadda said in a statement in the upper house on Tuesday.
The World Health Organization (WHO) Framework Convention on Tobacco Control states that countries "shall endeavour" to prohibit such sales as it makes them more affordable for minors. India is a party to the convention.
Shares in ITC Ltd, India's largest cigarette maker, fell as much as 5 per cent after the announcement, while the main Mumbai market index was down 1.1 per cent. A spokesman for ITC did not immediately respond to request for comment.
Indian economy is set for a ’goldilocks’ period — used to describe a timeframe of high growth and low inflation — while it can become Asia’s fastest growing economy in 2016, Japanese financial major Nomura said.
The global financial services major is also optimistic about “productivity-enhancing reforms” in the country and estimated the GDP growth for 2015 at 6.4 per cent.
“We are positive on India’s economic outlook in 2015. The key downside risks to our view are weaker global growth, higher commodity prices, slower pick-up in domestic capex cycle and a sharp reversal of capital inflows, especially debt inflows,” Nomura Chief Economist Rob Subbaraman said.
“We expect India’s real GDP growth to rise to 6.4 per cent in 2015, from 5.2 per cent in 2014, and further to 6.8 per cent in 2016,” Nomura said.
10. India accepts panel recommendation on single smoke ban
India's health ministry has accepted the recommendation of an internal panel to ban the sale of single cigarettes, Health Minister J.P. Nadda said in a statement in the upper house on Tuesday.
The World Health Organization (WHO) Framework Convention on Tobacco Control states that countries "shall endeavour" to prohibit such sales as it makes them more affordable for minors. India is a party to the convention.
Shares in ITC Ltd, India's largest cigarette maker, fell as much as 5 per cent after the announcement, while the main Mumbai market index was down 1.1 per cent. A spokesman for ITC did not immediately respond to request for comment.
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