1. AP plans ‘zero-based’ budget for 2015-16
Andhra Pradesh Government is planning a zero-based budget for 2015-16 which seeks to make the process more efficient where allocations are based on works completed.
At the Pre-Budget State Level Conference held in Vijayawada today, State Finance Minister Yanamala Ramakrishnudu, said, “The zero-based budget is aimed at scrutinising every scheme and the results will be analysed. This means budget will be allocated based on the success rate.”
Ramakrishnudu briefed about the State’s finances in the last six months which registered a growth of 6.4 per cent in first half.
Andhra Pradesh Government is planning a zero-based budget for 2015-16 which seeks to make the process more efficient where allocations are based on works completed.
At the Pre-Budget State Level Conference held in Vijayawada today, State Finance Minister Yanamala Ramakrishnudu, said, “The zero-based budget is aimed at scrutinising every scheme and the results will be analysed. This means budget will be allocated based on the success rate.”
Ramakrishnudu briefed about the State’s finances in the last six months which registered a growth of 6.4 per cent in first half.
2. Avijit Ghosh took over the charge of CMD of Heavy Engineering Corporation
Avijit Ghosh took over the charge of Chairman-cum-Managing Director (CMD) of Heavy Engineering Corporation (HEC). He is the 21st CMD of HEC which is a Public Sector Undertaking (PSU).
He succeeded R. Misra whose tenure of three year ended on 31 December 2014.
His appointment was confirmed by the Public Enterprises Selection Board (PESB) under the Union Ministry of Personnel, Public Grievances and Pensions. The board had recommended his name on 26 June 2014.
3. Nilesh Shah resigned as MD & CEO of AXIS Capital Limited
Nilesh Shah resigned as Managing Director and Chief Executive Officer (MD &CEO) of Axis Capital Limited.
Shah with over 20 years of experience in capital markets has worked with the investment bank for nearly four years.
Shah joined Axis Bank as President, Strategic Initiatives—Corporate Banking in March 2011. He took over as MD & CEO of Axis Capital in November 2013.
4. Indian Junior weightlifters ended their campaign by bagging 14 medals
Indian weightlifters ended their campaign by bagging a total of 14 medals including 6 Gold Medals in the 17th Asian Youth (boys & girls), 22nd Junior Women and 29th Junior Men Asian Weightlifting Championships 2015 at Doha, Qatar.
Highlights of the 17th Asian Youth (boys & girls), 22nd Junior Women and 29th Junior Men Asian Weightlifting Championships 2015
• India won maximum number of gold in Youth Boys division in all the three categories.
• The other three gold medals came through Youth Girls, Junior Men and Junior Women sections.
• India won a silver on the last day of the competition as Swapna Priya Baruah ended second in the Junior Women 69kg division.
• Ragala Venkat Rahul clinched a gold medal in Junior Men 85kg with a total lift of 324kg-143kg in snatch and 181kg clean & jerk.
• Two Junior Women lifters- S Thasana Chanu (58kg) and Punam Yadav (63kg) fetched bronze medals.
• Kh Nungshiton got the third spot in Youth Girls 58kg.
Avijit Ghosh took over the charge of Chairman-cum-Managing Director (CMD) of Heavy Engineering Corporation (HEC). He is the 21st CMD of HEC which is a Public Sector Undertaking (PSU).
He succeeded R. Misra whose tenure of three year ended on 31 December 2014.
His appointment was confirmed by the Public Enterprises Selection Board (PESB) under the Union Ministry of Personnel, Public Grievances and Pensions. The board had recommended his name on 26 June 2014.
3. Nilesh Shah resigned as MD & CEO of AXIS Capital Limited
Nilesh Shah resigned as Managing Director and Chief Executive Officer (MD &CEO) of Axis Capital Limited.
Shah with over 20 years of experience in capital markets has worked with the investment bank for nearly four years.
Shah joined Axis Bank as President, Strategic Initiatives—Corporate Banking in March 2011. He took over as MD & CEO of Axis Capital in November 2013.
4. Indian Junior weightlifters ended their campaign by bagging 14 medals
Indian weightlifters ended their campaign by bagging a total of 14 medals including 6 Gold Medals in the 17th Asian Youth (boys & girls), 22nd Junior Women and 29th Junior Men Asian Weightlifting Championships 2015 at Doha, Qatar.
Highlights of the 17th Asian Youth (boys & girls), 22nd Junior Women and 29th Junior Men Asian Weightlifting Championships 2015
• India won maximum number of gold in Youth Boys division in all the three categories.
• The other three gold medals came through Youth Girls, Junior Men and Junior Women sections.
• India won a silver on the last day of the competition as Swapna Priya Baruah ended second in the Junior Women 69kg division.
• Ragala Venkat Rahul clinched a gold medal in Junior Men 85kg with a total lift of 324kg-143kg in snatch and 181kg clean & jerk.
• Two Junior Women lifters- S Thasana Chanu (58kg) and Punam Yadav (63kg) fetched bronze medals.
• Kh Nungshiton got the third spot in Youth Girls 58kg.
5. Tencent Holdings Limited launched China's first online bank WeBank
Chinese Internet giant Tencent Holdings Limited launched China's first online bank named WeBank to boost small businesses.
The online bank aims at lowering costs for delivering practical benefits to small businesses, while forcing traditional financial institutions to accelerate reforms.
WeBank's first loan amounting to about 5600 US dollars was availed by a truck driver at the bank’s opening ceremony.
Background
Tencent and Alibaba were among ten private investors that received a nod from the Chinese government in 2014 to launch five private banks.
6. Bihar Government increased maternity leave period to 180 days from 135 days
State Government of Bihar increased the duration of maternity leave to 180 days and also made provisions for 730 days of child care leave. Earlier, duration of maternity leave was 135 days only.
The decision was taken in a Cabinet meeting presided over by Chief Minister Jitan Ram Manjhi.
The state government took the decision for well-being of its women employees as there was no provision for child care leave for women government employees in the Bihar Service Rules.
The 730 days child care leave will help women to attend children during their illness, examinations and to raise them up.
7. Facebook Inc acquired voice recognition startup company Wit.ai
Facebook Inc acquired startup company Wit.ai in an attempt to develop voice recognition. However, the details of acquisition were not disclosed by the firms.
The Wit.ai platform will remain open and will be available entirely free for everyone even after the acquisition.
Through this acquisition, Facebook aims to connect everyone and build amazing experiences for the over 1.3 billion people on its platform.
8. Nomura forecasted Indian Economic growth at 5.5 percent for FY 2015-16
The global financial services firm Nomura forecasted that Indian Economy will grow at 5.5 percent during the financial year (FY) 2015-16 and 6.6 percent during FY 2016-17.
The firm also forecasted that Indian Economy will also recover in FY 2015-2016. The recovery is likely to get support from easing inflationary pressures and measures towards economic reforms.
On Inflation, the report noted that input costs have moderated due to lower commodity prices, which along with still-subdued demand, has kept output prices stable.
Chinese Internet giant Tencent Holdings Limited launched China's first online bank named WeBank to boost small businesses.
The online bank aims at lowering costs for delivering practical benefits to small businesses, while forcing traditional financial institutions to accelerate reforms.
WeBank's first loan amounting to about 5600 US dollars was availed by a truck driver at the bank’s opening ceremony.
Background
Tencent and Alibaba were among ten private investors that received a nod from the Chinese government in 2014 to launch five private banks.
6. Bihar Government increased maternity leave period to 180 days from 135 days
State Government of Bihar increased the duration of maternity leave to 180 days and also made provisions for 730 days of child care leave. Earlier, duration of maternity leave was 135 days only.
The decision was taken in a Cabinet meeting presided over by Chief Minister Jitan Ram Manjhi.
The state government took the decision for well-being of its women employees as there was no provision for child care leave for women government employees in the Bihar Service Rules.
The 730 days child care leave will help women to attend children during their illness, examinations and to raise them up.
7. Facebook Inc acquired voice recognition startup company Wit.ai
Facebook Inc acquired startup company Wit.ai in an attempt to develop voice recognition. However, the details of acquisition were not disclosed by the firms.
The Wit.ai platform will remain open and will be available entirely free for everyone even after the acquisition.
Through this acquisition, Facebook aims to connect everyone and build amazing experiences for the over 1.3 billion people on its platform.
8. Nomura forecasted Indian Economic growth at 5.5 percent for FY 2015-16
The global financial services firm Nomura forecasted that Indian Economy will grow at 5.5 percent during the financial year (FY) 2015-16 and 6.6 percent during FY 2016-17.
The firm also forecasted that Indian Economy will also recover in FY 2015-2016. The recovery is likely to get support from easing inflationary pressures and measures towards economic reforms.
On Inflation, the report noted that input costs have moderated due to lower commodity prices, which along with still-subdued demand, has kept output prices stable.
9. Australian airline Qantas named world's safest
Australian flag carrier Qantas has been named the world’s safest airline
Australian flag carrier Qantas has been named the world’s safest airline
in a report published by AirlineRatings.com on Wednesday.
Using a system that takes into account audits from aviation governing bodies and governments, as well as fatality records, Qantas was named the safest and most experienced airline going into 2015, Xinhua reported citing the report.
Qantas, which is in its 95th year of operation, was hailed for “an extraordinary record of firsts” in terms of its safety history and ranked the best of 449 airlines, including low-cost carriers, assessed by the website.
AirlineRatings.com praised Qantas for the way it monitors the engines of its aircraft using satellite communications, saying “doing so allows the airline to detect problems before they become a major safety issue”.
The report follows the worst year for fatal air accidents over the last decade, with AirlineRatings.com mentioning the Malaysia Airlines flights MH370 and MH17, in addition to the AirAsia Flight QZ8501, as the industry’s worst incidents.
The remainder of the top 10 in terms of the world’s safest airlines are Air New Zealand, British Airways, Cathay Pacific, Emirates, Etihad Airways, EVA Air, Finnair, Lufthansa and Singapore Airlines.
Using a system that takes into account audits from aviation governing bodies and governments, as well as fatality records, Qantas was named the safest and most experienced airline going into 2015, Xinhua reported citing the report.
Qantas, which is in its 95th year of operation, was hailed for “an extraordinary record of firsts” in terms of its safety history and ranked the best of 449 airlines, including low-cost carriers, assessed by the website.
AirlineRatings.com praised Qantas for the way it monitors the engines of its aircraft using satellite communications, saying “doing so allows the airline to detect problems before they become a major safety issue”.
The report follows the worst year for fatal air accidents over the last decade, with AirlineRatings.com mentioning the Malaysia Airlines flights MH370 and MH17, in addition to the AirAsia Flight QZ8501, as the industry’s worst incidents.
The remainder of the top 10 in terms of the world’s safest airlines are Air New Zealand, British Airways, Cathay Pacific, Emirates, Etihad Airways, EVA Air, Finnair, Lufthansa and Singapore Airlines.
10. ICICI Bank launches contactless debit, credit cards
ICICI Bank has announced the launch of country’s first ‘contactless’ debit and credit cards to enable electronic payments without swiping.
It will enable electronic payments by just waving the cards near the merchant terminal in lieu of dipping or swiping them. These cards are based on the Near Field Communication (NFC) technology, which provides customers the improved convenience of speed as these cards require significantly less time than traditional cards to complete a transaction along with enhanced security as they remain in control of the customer, ICICI Bank said in a statement.
At present, the ‘Coral Contactless Credit Card’ and ‘Expressions Wave Debit Card’ of ICICI Bank are powered to provide the contactless or the ‘tap and pay’ facility.
Both the contactless credit and debit cards can be used as regular cards at all MasterCard/Visa enabled merchant terminals, even those which are not enabled for contactless transactions. The facility is enabled through near field communication (NFC) technology.
“The bank has introduced these cards in Gurgaon, Hyderabad and Mumbai to begin with. Over 1,200 EDC machines capable of accepting contactless payments have been set-up across select merchants in these cities. The merchants include quick service restaurants, coffee shops, shopping marts and fuel stations where fast transactions are much required. The bank plans to shortly extend this facility to other cities as well,” the statement added.
Also, the RBI is looking at easing two-factor authentication requirement for small value transactions up to Rs. 3,000. This will further reduce the transaction process to less than a minute.
11. YES Bank to raise Rs. 5,500 cr over next one year
Mumbai-headquartered YES Bank will raise around ₹5,500 crore over the next 12 months, its Managing Director and CEO, Rana Kapoor, said here on Wednesday.
According to him, between ₹ 2,500 crore and ₹ 3,000 crore will be raised around March this year through infrastructure bonds.
Another ₹ 2,500 crore-odd will be raised as hybrid Basel-III capital from domestic markets. This will be done "latest by September this year".
"A fair amount of de-risking has been done in the infrastructure sector and hence we see growth opportunities there," he told reporters on the sidelines of the Bengal Global Business Summit organised here in the city.
The bank, he said, was aiming at a near 27-30 per cent growth in the coming days (fiscal), provided the economy improves and attain the 6.5 per cent GDP levels.
12. MNC subsidiaries can also hedge forex exposure, says RBI
The Reserve Bank of India on Tuesday clarified that subsidiaries of multinational companies can also hedge their foreign currency exposure through permissible derivative contracts executed with a bank that is authorised to deal in foreign exchange in India.
The RBI said the subsidiaries can hedge their foreign currency exposure on the strength of guarantee of its non-resident group entity.
In August 2012, the RBI had extended the facility of non-resident guarantee under the general permission for non-fund based facilities (such as Letters of Credit/guarantees/Letter of Undertaking (LoU) /Letter of Comfort (LoC) ) entered into between two persons resident in India.
ICICI Bank has announced the launch of country’s first ‘contactless’ debit and credit cards to enable electronic payments without swiping.
It will enable electronic payments by just waving the cards near the merchant terminal in lieu of dipping or swiping them. These cards are based on the Near Field Communication (NFC) technology, which provides customers the improved convenience of speed as these cards require significantly less time than traditional cards to complete a transaction along with enhanced security as they remain in control of the customer, ICICI Bank said in a statement.
At present, the ‘Coral Contactless Credit Card’ and ‘Expressions Wave Debit Card’ of ICICI Bank are powered to provide the contactless or the ‘tap and pay’ facility.
Both the contactless credit and debit cards can be used as regular cards at all MasterCard/Visa enabled merchant terminals, even those which are not enabled for contactless transactions. The facility is enabled through near field communication (NFC) technology.
“The bank has introduced these cards in Gurgaon, Hyderabad and Mumbai to begin with. Over 1,200 EDC machines capable of accepting contactless payments have been set-up across select merchants in these cities. The merchants include quick service restaurants, coffee shops, shopping marts and fuel stations where fast transactions are much required. The bank plans to shortly extend this facility to other cities as well,” the statement added.
Also, the RBI is looking at easing two-factor authentication requirement for small value transactions up to Rs. 3,000. This will further reduce the transaction process to less than a minute.
11. YES Bank to raise Rs. 5,500 cr over next one year
Mumbai-headquartered YES Bank will raise around ₹5,500 crore over the next 12 months, its Managing Director and CEO, Rana Kapoor, said here on Wednesday.
According to him, between ₹ 2,500 crore and ₹ 3,000 crore will be raised around March this year through infrastructure bonds.
Another ₹ 2,500 crore-odd will be raised as hybrid Basel-III capital from domestic markets. This will be done "latest by September this year".
"A fair amount of de-risking has been done in the infrastructure sector and hence we see growth opportunities there," he told reporters on the sidelines of the Bengal Global Business Summit organised here in the city.
The bank, he said, was aiming at a near 27-30 per cent growth in the coming days (fiscal), provided the economy improves and attain the 6.5 per cent GDP levels.
12. MNC subsidiaries can also hedge forex exposure, says RBI
The Reserve Bank of India on Tuesday clarified that subsidiaries of multinational companies can also hedge their foreign currency exposure through permissible derivative contracts executed with a bank that is authorised to deal in foreign exchange in India.
The RBI said the subsidiaries can hedge their foreign currency exposure on the strength of guarantee of its non-resident group entity.
In August 2012, the RBI had extended the facility of non-resident guarantee under the general permission for non-fund based facilities (such as Letters of Credit/guarantees/Letter of Undertaking (LoU) /Letter of Comfort (LoC) ) entered into between two persons resident in India.
1. AP plans ‘zero-based’ budget for 2015-16
Andhra Pradesh Government is planning a zero-based budget for 2015-16 which seeks to make the process more efficient where allocations are based on works completed.
At the Pre-Budget State Level Conference held in Vijayawada today, State Finance Minister Yanamala Ramakrishnudu, said, “The zero-based budget is aimed at scrutinising every scheme and the results will be analysed. This means budget will be allocated based on the success rate.”
Ramakrishnudu briefed about the State’s finances in the last six months which registered a growth of 6.4 per cent in first half.
Andhra Pradesh Government is planning a zero-based budget for 2015-16 which seeks to make the process more efficient where allocations are based on works completed.
At the Pre-Budget State Level Conference held in Vijayawada today, State Finance Minister Yanamala Ramakrishnudu, said, “The zero-based budget is aimed at scrutinising every scheme and the results will be analysed. This means budget will be allocated based on the success rate.”
Ramakrishnudu briefed about the State’s finances in the last six months which registered a growth of 6.4 per cent in first half.
2. Avijit Ghosh took over the charge of CMD of Heavy Engineering Corporation
Avijit Ghosh took over the charge of Chairman-cum-Managing Director (CMD) of Heavy Engineering Corporation (HEC). He is the 21st CMD of HEC which is a Public Sector Undertaking (PSU).
He succeeded R. Misra whose tenure of three year ended on 31 December 2014.
His appointment was confirmed by the Public Enterprises Selection Board (PESB) under the Union Ministry of Personnel, Public Grievances and Pensions. The board had recommended his name on 26 June 2014.
3. Nilesh Shah resigned as MD & CEO of AXIS Capital Limited
Nilesh Shah resigned as Managing Director and Chief Executive Officer (MD &CEO) of Axis Capital Limited.
Shah with over 20 years of experience in capital markets has worked with the investment bank for nearly four years.
Shah joined Axis Bank as President, Strategic Initiatives—Corporate Banking in March 2011. He took over as MD & CEO of Axis Capital in November 2013.
4. Indian Junior weightlifters ended their campaign by bagging 14 medals
Indian weightlifters ended their campaign by bagging a total of 14 medals including 6 Gold Medals in the 17th Asian Youth (boys & girls), 22nd Junior Women and 29th Junior Men Asian Weightlifting Championships 2015 at Doha, Qatar.
Highlights of the 17th Asian Youth (boys & girls), 22nd Junior Women and 29th Junior Men Asian Weightlifting Championships 2015
• India won maximum number of gold in Youth Boys division in all the three categories.
• The other three gold medals came through Youth Girls, Junior Men and Junior Women sections.
• India won a silver on the last day of the competition as Swapna Priya Baruah ended second in the Junior Women 69kg division.
• Ragala Venkat Rahul clinched a gold medal in Junior Men 85kg with a total lift of 324kg-143kg in snatch and 181kg clean & jerk.
• Two Junior Women lifters- S Thasana Chanu (58kg) and Punam Yadav (63kg) fetched bronze medals.
• Kh Nungshiton got the third spot in Youth Girls 58kg.
Avijit Ghosh took over the charge of Chairman-cum-Managing Director (CMD) of Heavy Engineering Corporation (HEC). He is the 21st CMD of HEC which is a Public Sector Undertaking (PSU).
He succeeded R. Misra whose tenure of three year ended on 31 December 2014.
His appointment was confirmed by the Public Enterprises Selection Board (PESB) under the Union Ministry of Personnel, Public Grievances and Pensions. The board had recommended his name on 26 June 2014.
3. Nilesh Shah resigned as MD & CEO of AXIS Capital Limited
Nilesh Shah resigned as Managing Director and Chief Executive Officer (MD &CEO) of Axis Capital Limited.
Shah with over 20 years of experience in capital markets has worked with the investment bank for nearly four years.
Shah joined Axis Bank as President, Strategic Initiatives—Corporate Banking in March 2011. He took over as MD & CEO of Axis Capital in November 2013.
4. Indian Junior weightlifters ended their campaign by bagging 14 medals
Indian weightlifters ended their campaign by bagging a total of 14 medals including 6 Gold Medals in the 17th Asian Youth (boys & girls), 22nd Junior Women and 29th Junior Men Asian Weightlifting Championships 2015 at Doha, Qatar.
Highlights of the 17th Asian Youth (boys & girls), 22nd Junior Women and 29th Junior Men Asian Weightlifting Championships 2015
• India won maximum number of gold in Youth Boys division in all the three categories.
• The other three gold medals came through Youth Girls, Junior Men and Junior Women sections.
• India won a silver on the last day of the competition as Swapna Priya Baruah ended second in the Junior Women 69kg division.
• Ragala Venkat Rahul clinched a gold medal in Junior Men 85kg with a total lift of 324kg-143kg in snatch and 181kg clean & jerk.
• Two Junior Women lifters- S Thasana Chanu (58kg) and Punam Yadav (63kg) fetched bronze medals.
• Kh Nungshiton got the third spot in Youth Girls 58kg.
5. Tencent Holdings Limited launched China's first online bank WeBank
Chinese Internet giant Tencent Holdings Limited launched China's first online bank named WeBank to boost small businesses.
The online bank aims at lowering costs for delivering practical benefits to small businesses, while forcing traditional financial institutions to accelerate reforms.
WeBank's first loan amounting to about 5600 US dollars was availed by a truck driver at the bank’s opening ceremony.
Background
Tencent and Alibaba were among ten private investors that received a nod from the Chinese government in 2014 to launch five private banks.
6. Bihar Government increased maternity leave period to 180 days from 135 days
State Government of Bihar increased the duration of maternity leave to 180 days and also made provisions for 730 days of child care leave. Earlier, duration of maternity leave was 135 days only.
The decision was taken in a Cabinet meeting presided over by Chief Minister Jitan Ram Manjhi.
The state government took the decision for well-being of its women employees as there was no provision for child care leave for women government employees in the Bihar Service Rules.
The 730 days child care leave will help women to attend children during their illness, examinations and to raise them up.
7. Facebook Inc acquired voice recognition startup company Wit.ai
Facebook Inc acquired startup company Wit.ai in an attempt to develop voice recognition. However, the details of acquisition were not disclosed by the firms.
The Wit.ai platform will remain open and will be available entirely free for everyone even after the acquisition.
Through this acquisition, Facebook aims to connect everyone and build amazing experiences for the over 1.3 billion people on its platform.
8. Nomura forecasted Indian Economic growth at 5.5 percent for FY 2015-16
The global financial services firm Nomura forecasted that Indian Economy will grow at 5.5 percent during the financial year (FY) 2015-16 and 6.6 percent during FY 2016-17.
The firm also forecasted that Indian Economy will also recover in FY 2015-2016. The recovery is likely to get support from easing inflationary pressures and measures towards economic reforms.
On Inflation, the report noted that input costs have moderated due to lower commodity prices, which along with still-subdued demand, has kept output prices stable.
Chinese Internet giant Tencent Holdings Limited launched China's first online bank named WeBank to boost small businesses.
The online bank aims at lowering costs for delivering practical benefits to small businesses, while forcing traditional financial institutions to accelerate reforms.
WeBank's first loan amounting to about 5600 US dollars was availed by a truck driver at the bank’s opening ceremony.
Background
Tencent and Alibaba were among ten private investors that received a nod from the Chinese government in 2014 to launch five private banks.
6. Bihar Government increased maternity leave period to 180 days from 135 days
State Government of Bihar increased the duration of maternity leave to 180 days and also made provisions for 730 days of child care leave. Earlier, duration of maternity leave was 135 days only.
The decision was taken in a Cabinet meeting presided over by Chief Minister Jitan Ram Manjhi.
The state government took the decision for well-being of its women employees as there was no provision for child care leave for women government employees in the Bihar Service Rules.
The 730 days child care leave will help women to attend children during their illness, examinations and to raise them up.
7. Facebook Inc acquired voice recognition startup company Wit.ai
Facebook Inc acquired startup company Wit.ai in an attempt to develop voice recognition. However, the details of acquisition were not disclosed by the firms.
The Wit.ai platform will remain open and will be available entirely free for everyone even after the acquisition.
Through this acquisition, Facebook aims to connect everyone and build amazing experiences for the over 1.3 billion people on its platform.
8. Nomura forecasted Indian Economic growth at 5.5 percent for FY 2015-16
The global financial services firm Nomura forecasted that Indian Economy will grow at 5.5 percent during the financial year (FY) 2015-16 and 6.6 percent during FY 2016-17.
The firm also forecasted that Indian Economy will also recover in FY 2015-2016. The recovery is likely to get support from easing inflationary pressures and measures towards economic reforms.
On Inflation, the report noted that input costs have moderated due to lower commodity prices, which along with still-subdued demand, has kept output prices stable.
9. Australian airline Qantas named world's safest
Australian flag carrier Qantas has been named the world’s safest airline
Australian flag carrier Qantas has been named the world’s safest airline
in a report published by AirlineRatings.com on Wednesday.
Using a system that takes into account audits from aviation governing bodies and governments, as well as fatality records, Qantas was named the safest and most experienced airline going into 2015, Xinhua reported citing the report.
Qantas, which is in its 95th year of operation, was hailed for “an extraordinary record of firsts” in terms of its safety history and ranked the best of 449 airlines, including low-cost carriers, assessed by the website.
AirlineRatings.com praised Qantas for the way it monitors the engines of its aircraft using satellite communications, saying “doing so allows the airline to detect problems before they become a major safety issue”.
The report follows the worst year for fatal air accidents over the last decade, with AirlineRatings.com mentioning the Malaysia Airlines flights MH370 and MH17, in addition to the AirAsia Flight QZ8501, as the industry’s worst incidents.
The remainder of the top 10 in terms of the world’s safest airlines are Air New Zealand, British Airways, Cathay Pacific, Emirates, Etihad Airways, EVA Air, Finnair, Lufthansa and Singapore Airlines.
Using a system that takes into account audits from aviation governing bodies and governments, as well as fatality records, Qantas was named the safest and most experienced airline going into 2015, Xinhua reported citing the report.
Qantas, which is in its 95th year of operation, was hailed for “an extraordinary record of firsts” in terms of its safety history and ranked the best of 449 airlines, including low-cost carriers, assessed by the website.
AirlineRatings.com praised Qantas for the way it monitors the engines of its aircraft using satellite communications, saying “doing so allows the airline to detect problems before they become a major safety issue”.
The report follows the worst year for fatal air accidents over the last decade, with AirlineRatings.com mentioning the Malaysia Airlines flights MH370 and MH17, in addition to the AirAsia Flight QZ8501, as the industry’s worst incidents.
The remainder of the top 10 in terms of the world’s safest airlines are Air New Zealand, British Airways, Cathay Pacific, Emirates, Etihad Airways, EVA Air, Finnair, Lufthansa and Singapore Airlines.
10. ICICI Bank launches contactless debit, credit cards
ICICI Bank has announced the launch of country’s first ‘contactless’ debit and credit cards to enable electronic payments without swiping.
It will enable electronic payments by just waving the cards near the merchant terminal in lieu of dipping or swiping them. These cards are based on the Near Field Communication (NFC) technology, which provides customers the improved convenience of speed as these cards require significantly less time than traditional cards to complete a transaction along with enhanced security as they remain in control of the customer, ICICI Bank said in a statement.
At present, the ‘Coral Contactless Credit Card’ and ‘Expressions Wave Debit Card’ of ICICI Bank are powered to provide the contactless or the ‘tap and pay’ facility.
Both the contactless credit and debit cards can be used as regular cards at all MasterCard/Visa enabled merchant terminals, even those which are not enabled for contactless transactions. The facility is enabled through near field communication (NFC) technology.
“The bank has introduced these cards in Gurgaon, Hyderabad and Mumbai to begin with. Over 1,200 EDC machines capable of accepting contactless payments have been set-up across select merchants in these cities. The merchants include quick service restaurants, coffee shops, shopping marts and fuel stations where fast transactions are much required. The bank plans to shortly extend this facility to other cities as well,” the statement added.
Also, the RBI is looking at easing two-factor authentication requirement for small value transactions up to Rs. 3,000. This will further reduce the transaction process to less than a minute.
11. YES Bank to raise Rs. 5,500 cr over next one year
Mumbai-headquartered YES Bank will raise around ₹5,500 crore over the next 12 months, its Managing Director and CEO, Rana Kapoor, said here on Wednesday.
According to him, between ₹ 2,500 crore and ₹ 3,000 crore will be raised around March this year through infrastructure bonds.
Another ₹ 2,500 crore-odd will be raised as hybrid Basel-III capital from domestic markets. This will be done "latest by September this year".
"A fair amount of de-risking has been done in the infrastructure sector and hence we see growth opportunities there," he told reporters on the sidelines of the Bengal Global Business Summit organised here in the city.
The bank, he said, was aiming at a near 27-30 per cent growth in the coming days (fiscal), provided the economy improves and attain the 6.5 per cent GDP levels.
12. MNC subsidiaries can also hedge forex exposure, says RBI
The Reserve Bank of India on Tuesday clarified that subsidiaries of multinational companies can also hedge their foreign currency exposure through permissible derivative contracts executed with a bank that is authorised to deal in foreign exchange in India.
The RBI said the subsidiaries can hedge their foreign currency exposure on the strength of guarantee of its non-resident group entity.
In August 2012, the RBI had extended the facility of non-resident guarantee under the general permission for non-fund based facilities (such as Letters of Credit/guarantees/Letter of Undertaking (LoU) /Letter of Comfort (LoC) ) entered into between two persons resident in India.
ICICI Bank has announced the launch of country’s first ‘contactless’ debit and credit cards to enable electronic payments without swiping.
It will enable electronic payments by just waving the cards near the merchant terminal in lieu of dipping or swiping them. These cards are based on the Near Field Communication (NFC) technology, which provides customers the improved convenience of speed as these cards require significantly less time than traditional cards to complete a transaction along with enhanced security as they remain in control of the customer, ICICI Bank said in a statement.
At present, the ‘Coral Contactless Credit Card’ and ‘Expressions Wave Debit Card’ of ICICI Bank are powered to provide the contactless or the ‘tap and pay’ facility.
Both the contactless credit and debit cards can be used as regular cards at all MasterCard/Visa enabled merchant terminals, even those which are not enabled for contactless transactions. The facility is enabled through near field communication (NFC) technology.
“The bank has introduced these cards in Gurgaon, Hyderabad and Mumbai to begin with. Over 1,200 EDC machines capable of accepting contactless payments have been set-up across select merchants in these cities. The merchants include quick service restaurants, coffee shops, shopping marts and fuel stations where fast transactions are much required. The bank plans to shortly extend this facility to other cities as well,” the statement added.
Also, the RBI is looking at easing two-factor authentication requirement for small value transactions up to Rs. 3,000. This will further reduce the transaction process to less than a minute.
11. YES Bank to raise Rs. 5,500 cr over next one year
Mumbai-headquartered YES Bank will raise around ₹5,500 crore over the next 12 months, its Managing Director and CEO, Rana Kapoor, said here on Wednesday.
According to him, between ₹ 2,500 crore and ₹ 3,000 crore will be raised around March this year through infrastructure bonds.
Another ₹ 2,500 crore-odd will be raised as hybrid Basel-III capital from domestic markets. This will be done "latest by September this year".
"A fair amount of de-risking has been done in the infrastructure sector and hence we see growth opportunities there," he told reporters on the sidelines of the Bengal Global Business Summit organised here in the city.
The bank, he said, was aiming at a near 27-30 per cent growth in the coming days (fiscal), provided the economy improves and attain the 6.5 per cent GDP levels.
12. MNC subsidiaries can also hedge forex exposure, says RBI
The Reserve Bank of India on Tuesday clarified that subsidiaries of multinational companies can also hedge their foreign currency exposure through permissible derivative contracts executed with a bank that is authorised to deal in foreign exchange in India.
The RBI said the subsidiaries can hedge their foreign currency exposure on the strength of guarantee of its non-resident group entity.
In August 2012, the RBI had extended the facility of non-resident guarantee under the general permission for non-fund based facilities (such as Letters of Credit/guarantees/Letter of Undertaking (LoU) /Letter of Comfort (LoC) ) entered into between two persons resident in India.
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