Standard Chartered May Acquire Wealth Business of Morgan’s India

                      The reputed United Kingdom based bank, Standard Chartered, which mainly focuses the market of the Asian continent, may acquire Morgan India’s wealth management business. It is in high level talks, and the takeover is highly likely in near future.

                          Morgan Stanley is in the process to shut down some of its businesses to reduce its overall head count. It wants to boost up the revenue by increasing profitability of the company. So it has decided to exit the wealth management business too, and Standard Chartered has shown interest to acquire the said business.

                                                     A reliable source, who is very much familiar with the overall matter, said, “Standard Chartered is the frontrunner to acquire the business. Many players have reviewed the business, but there is no certainty the deal will go through. The talks are still on,"

World’s Most Billionaires Belong to Asia

                                 According to a latest survey, which was conducted by China-based wealth magazine, most of the billionaires belong to Asia only that means Asia has more billionaire personalities than any other continents of the world. North America and Europe are right behind Asia in the list of most number of billionaires.

                             The survey was released on this Thursday only. There were a total 1,453 people across the world with a total personal net worth of $1 billion or more as of January, 2013. This information was taken from the Hurun Report, which is a popular magazine publisher. Eventually the publisher itself compiled the whole list.

                                                  The global economic world mainly revolves around these billionaires, as they have the power of money with them. They make the economic news; they control the economy power of their country in every manner possible. They have an immense influence in global economy outcome, and living in the same continent where the most number of billionaires belong to is quite a thing for sure.

Government Sanctions Rs 2k Crore Fund For Scientific Research in Budget 2013

                                      Today the Finance Minister of India Mr. P. Chidambaram on his Budget 2013 speech at Lok Sabha said that the Indian Government has sanctioned a fund of Rs 2,000 crore for scientific researches in order to boost up the overall environment of the scientific researches or innovations that can be able to improve the life of the common people.

                                     The said fund has been approved just to encourage and finance such products, which can improve the life of ordinary people of India by some distinct manner.

                                                 Today the Finance Minister Mr. Chidambaram presents the General Budget 2013 in the Parliament. While presenting the budget he said that Ministry of Science and Technology, Ministry of Finance and Principal Scientific Advisor to the Government have already identified a few mind-blowing science and technology innovations, and the government has decided to support the process in every manner possible.

Tech Giant Intel Unveils Latest Software Platform for Crunching Massive Data

                                   The technology giant Intel has unveiled a latest brand new software platform, which will help to perform number-crunching very easily on massive scale. This is the brand new offering of the company in a field that is growing heavily day by day. Intel is hoping that it will enlarge the sales of its powerful server chips in a huge manner.

                                  California based chip maker the Santa Clara is one of such technology companies, which are growing in a very decent manner. It mainly wants to help various leading organizations to find desired value in Big Data, i.e. a thorough analysis of huge piles of information that can be easily culled from various social media sites, financial records, web searches, social bookmarking sites and other pillars of digital figures and facts.

Australian Tycoon Reveals Plan for New Titanic Replica

                                 Clive Palmer, a business tycoon of Australia, recently reveals his plan of building a new Titanic replica, with an addition of a lot of extra lifeboats. In 1912, the world famous Titanic, which was claimed to be unsinkable, hit a giant iceberg and went down in the depth of North Atlantic Ocean.

                                       Now the tycoon Palmer has decided to complete the unfinished journey of Titanic to the New York, United States of America. He said that after long wait of more than a century, the time has ultimately come to finish the unfinished business.

                                      At the official launch of the project in New York Mr. Palmer said, “"The Titanic was the ship of dreams. Titanic II is the ship where dreams will come true."

EPFO will Pay 8.5% Interest on PF Deposits for Fiscal Year 2012-13

                                  Employees’ Provident Fund Organization, better known as EPFO, which is a retirement fund management body, has decided that it will pay 8.5 percent interest on PF deposits for the current fiscal year of 2012-13. Eventually EPFO has an enormous subscribers list of over five crore.

                                  The interest rate for current fiscal is higher than 8.25 per cent, which it provided to all its subscribers in the previous fiscal year of 2011-12. It will bring smile to the faces of all the employees, who are registered under the EPFO.

                                                     The Central Board of Trustees (CBT), which the highest decision making body of the Employees' Provident Fund Organization (EPFO), had arranged an important meeting with its board of directors. In that meeting the decision on the interest rate for the current fiscal was taken. The said meeting was chaired by the honorable Labour Minister of India Mr. Mallikarjun Kharge.

State Bank of India to Fund Rs 2500 Crore in RINL Expansion

                                              State Bank of India (SBI) has said it will fund Rs 2500 Crore in the expansion plan of Rashtriya Ispat Nigam Ltd (RINL). On Monday the SBI has informed it has eventually approved the plan, and further proceedings will be done in quick successions. 

                                                 Mr. Pratip Chaudhuri, who is the current Chairman of SBI, said that the authorities of the bank will meet the management team of RINL tomorrow. In that meeting all the formalities will be completed by both the parties, and after that SBI will hand over the said loan amount to the RINL, which is the corporate entity of Visakhapatnam Steel Plant.

India Post to join banking business in India

                                               Do you want to open a new bank account? How about opening it at ‘Post Bank of India’? Yup you heard me right; Indian Postal Department, to be precise India Post is planning to join the Banking business in India. Few days back the Reserve Bank of India (RBI) has said that it is deciding to grant new bank licenses to the reputed entities, which have credible track-record.

                                              Some relevant sources said that the Postal Department has eventually appointed Ernst and Young as consultant partners for proposed 'Post Bank'. The Department of Posts has a very strong hold in the rural areas since its inception, which would be a beneficiary factor, if it’ll actually apply for the bank license to the RBI.

                                               A source at the Ministry of Communications and Information Technology told PTI (Press Trust of India), "Ernst and Young is expected to submit detailed project report by April 2013, after which all necessary measures will taken up to apply for banking license,"

Huawei Unveils World’s Fastest Smartphone

                                 World’s fastest Smartphone is soon to be available. Yeah you heard it absolutely right. China’s Smartphone making company Huawei has claimed that it has developed world’s fastest Smartphone ever.  Huawei is currently at number three among the Smartphone making companies, just behind the ruling giants Samsung and Apple. Huawei launched its new device, which is named as the Ascend P2, on this Sunday only.

                               As per Huawei, the Ascend P2 is the fastest in its own niche, and it comes with loads of ultra modern feature too. Eventually the company has said the new device can achieve speeds of 150 Mbps, which is bloody cool in deed. It is sharp-cornered and its body is thinner than a pencil at 8.4 mm. The device has the capacity of downloading a High Definition (HD) movie of two hour length in less than 5 minutes.

Francisco D’Souza has become Youngest Director of General Electric

                   Francisco D'Souza, who is the CEO at outsourcing company Cognizant Technology Solutions, has been appointed as independent director on the board of world famous General Electric. It’s quite a proud moment for him, as he eventually will become the youngest director in the board of General Electric, which is a 120 year old well-established and rock solid enterprise.

                      Francisco D'Souza is now 44 years old, and he is the son of a career diplomat. The other independent directors of the board of GE are Rochelle B Lazarus, Chairman Emeritus of Ogilvy & Mather and Alan Lafley, former CEO of Procter & Gamble.

Country’s First Space Weather Reading Centre to Be Set up in Kolkata

                                                   A brand new feather to be added in the crown of city of joy Kolkata, as a specialized ultra modern centre of excellence in reading weather conditions of the space to provide a support to air traffic on various polar routes to be set up in Kolkata by the middle of 2013. The centre will be the first of its kind in the whole country, as at present there are no such centres across the country.

                                                  India’s space science culture has improved a lot in recent times, and this new centre of excellence is a burning example of that. The main focus of the said centre will be on the areas of space weather especially in the gravitational physics and mysterious solar system. Along with that the centre will also study air traffic on polar routes; it would help in the functioning of Global Positioning System (GPS) networks and numerous numbers of mobile satellites, which are already placed in space.

Rationalization of Pay Structure of Air India Employees Approved

                                              The Government of India has approved the rationalization of pay structure of Air India employees. As a good result of that now the pay package of Air India's pilots, engineers and cabin crew will be fixed as per the standard industry norms, which is highly necessary considering the ongoing scenario. It is quite likely that this rationalization will save over Rs 320 crore per year for the suffering carrier Air India.

                                              The Cabinet Committee on Economic Affair (CCEA) has cleared the proposal in an important meeting, which was held very recently. As per the proposal the pay bands of Air India's pilots, cabin crew and engineers will now be restructured.

IMF has sanctioned $278.8 million aid to Bangladesh

                                        The important global economic body International Monetary Fund, mostly known as IMF, has sanctioned a huge financial aid of $278.8 million to Bangladesh. That’s not all; eventually the IMF has also approved the request of Bangladesh for a waiver for non-observance of the performance criterion on new non-concessional external debt, which is maturing in more than a year.

                                            The above information has been accumulated from a press release, which has came out after the IMF Executive Board meeting, which was held on 20^th February of this year.

BlackBerry 10 to Hit Indian Market on February 25

                                   After a long wait, it’s all final now that the global Smartphone maker BlackBerry will launch its brand new device, which is named as BlackBerry 10 on 25^th of February in the Indian Market. It is expected that it’ll create a craze among the people of India.

                                    On January 30 of this year BlackBerry launched its brand new operating system along with two brand new BlackBerry 10-powered devices- Z10 and Q10 globally. Obviously these two devices are powered by the new platform. At that launch ceremony BlackBerry maker Research In Motion (RIM) renamed itself to BlackBerry to set a new trend in the Smartphone market. The main focus of them is to compete with android and iPhone in the global market, which is once dominated by the BlackBerry itself.

Kerala’s Kudumbashree signed pact with Techno Giant Intel

                                 Few days’ back the state of Kerala started a new initiative, which is named as Kudumbashree (means prosperity of the family). The main mission of this initiative is to eradicate poverty as much as possible from the whole state. In order to do so the women of the Kerala need to be digitally empowered as soon as possible. After understanding the value of this need, Kudumbashree has made a few plans to achieve the target. As a part of that plan it signed a crucial pact with the computing technology giant Intel.

KFA is all set to lose International Air Transport Association membership

                         The cash-strapped Kingfisher Airlines, which was promoted by Vijay Mallya, is in trouble again. The International Air Transport Association (IATA), which is an association of the world's commercial airlines, has informed KFA that they are thinking to terminate its membership from the body. A source from the IATA said that they are disappointed with the KFA, and they might take strong decision of terminating KFA from the body, if it fails to start operations in near future.

                             Kingfisher Airlines is already in the sea of debt, and its promoters are finding difficulties to reduce it either. The sad part is loan has been defaulting on interest for over six months, and the condition of the airlines is now at its worst. The added trouble factor is that Kingfisher's IATA Operational Safety Audit (IOSA) is about to expire within February, 2013. That is the reason the airline body is likely to take proper attention of the overall matter.

Hyderabad Now Claims Second Most Affordable Office Market of the World

                        Another feather has recently been added to the city of Hyderabad, as it now claims the second most affordable office market in the whole world according to a latest survey. As per the survey Hyderabad is just below Surabaya, which is situated in Indonesia. Other major cities of India Chennai and Pune have also made impact on the list by acquiring a deserving place in the top ten slots. Eventually Chennai and Pune are at fifth and sixth positions.

                      This survey has proved that Indian markets are very much affordable, so any franchisee, who wants to make profits, they should choose these markets over others. It will reinforce the reputation of India among the cheapest destinations for various global firms to set up operations as soon as possible.

Current Economic News in India

 Tow Current Economic News in India

Reliance Communications and Ericsson Signed a Deal worth $1 Billion

                     This Monday Reliance Corporation arranged a press conference to talk about their planning and business operations. In that it said that it has eventually outsourced management and operations of its own network in Western and Northern India to Ericsson. It added that the agreement is valued at $1 billion and it will spread over eight long years.

                 The mentioned two firms have released a joint statement, in which they gave the details of the contract. According to the statement the contract would cover around 1 lakh kms of fiver and mobile infrastructure in 11 telecom circles of RCom. These circles are placed at North and West of Indian mainly, including the two of the major cities, Delhi and Mumbai.

IMF Predicts India’s FY13 Growth Rate to 5.4%

                         IMF said that India is quite likely to witness a fall in its overall economy growth rate. The fall will be larger than what the experts have expected earlier. According to International Monetary Fund (IMF) in 2012-13 India’s growth rate will be at 5.4%, which should rise up to at least 6% in the next fiscal.

                          On Wednesday IMF has released its annual country report and its consultations on India. In that press conference, the IMF spokesman said, “In 2011-12, India’s growth rate was 6.5%. That figure is expected to drop to 5.4% in 2012-13. Despite the poor outlook for the global economy, this is a far larger drop than might be expected,”

Tech Giant Wipro topped ‘Greenpeace’s Guide to Greener Electronics’ list

                             The tech giant private sector IT firm Wipro has topped the Greenpeace list of greener electronics company. Wipro has managed to top in its maiden appearance in the list of ‘Greenpeace’s Guide to Greener Electronics’. It’s quite a big achievement for the company, as it surpassed global giants like Apple, Samsung, Dell and Nokia etc.

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