SBI keeps IDBI waiting for proposal to set up infra development fund
Two corporate heads, Vikram Pandit and Mukesh Ambani, on Friday predicted great things about India's growth story. Particularly, the recent stress on inclusive growth.
Even as the chorus against black money and corruption is getting louder in India, hacktivism, a coinage created of activism and hacking, is creating mayhem in the virtual world.
Trade is set to transform with most growth coming from emerging markets.
As per a regulatory filing by Citi, Pandit's pay package for 2011 included a salary of $1.67 million, a cash incentive of $5.33 million and stock options valued at $7.98 million, totalling to $14.98 million.
At the bank's current market price, the stake on offer is worth about Rs 5,700 crore
Indians are increasingly rising to the top of global corporate ladders and just 10 of them are together managing business worth over $400 billion -- an amount nearly double the total exports from India in a year.
Prime Minister Narendra Modi on Monday gifted famous Indian tea to the captains of 11 large American corporations.
Foreign institutional investors have offloaded shares worth nearly Rs 3,000 crore (Rs 30 billion) in 23 Indian companies, such as mortgage lender HDFC and Bombay Dyeing, among others, so far in 2011.
Rinehart, 57, head of Perth-based Hancock Prospecting is on course to overtake Carlos Slim, the Mexican magnate worth 46 billion pounds ($73.44 billion), and Microsoft chairman Bill Gates, who is worth 35 billion pounds ($55.80 billion), Citigroup has estimated.
E-commerce firm eBay and its online payment unit PayPal has dragged search engine Google to court over the latter's mobile payment system alleging the internet giant used trade secrets to build a rival service.
The agency had in May projected an economic growth between 7.7 and 8 per cent for this fiscal and Monday's revision comes within a week of rival Fitch Ratings, and Citigroup revising the same to 7.5 per cent from 7.7.
Encouraged by improvement in corporate earnings and decent monsoon forecasts, Citigroup has raised its BSE Sensex target to 28,800 for the fiscal year ending March 2017.
Citigroup Inc has defended its $75 million settlement with the Securities and Exchange Commission over under-declaration of its subprime mortgage exposure, setting the stage for a federal judge to decide on whether to approve the deal, according to a media report.
The New York attorney general has launched a probe against eight banks, including Citigroup, to determine whether they provided misleading information to rating agencies for inflating the grades of certain mortgage securities
If the deal materialises, Angel will have to pay at least Rs 800-1,000 crore (Rs 8-10 billion) for a 51 per cent stake, valuing the brokerage at Rs 1,500-2,000 crore (Rs 15-20 billion). The talks are at an early stage.
After the crunch period of 2009, the private banking industry, which caters to high net worth individuals, is once again in growth mode.
Even after this sale, the founder group will continue to have a substantial shareholding in the company.
The hedge fund servicing unit would be headed by John Nicholson, a former Barclays Capital executive, who would become the managing director in Citi's US trading team, the Financial Times reported.
Senior executives and auditing firm Ernst & Young have been criticised, among many others, for the failure of Lehman Brothers, by an official report that delved deep into the collapse of once-famed Wall Street major.
The net proceeds of the fund raising will be used to repurchase certain equity shares issued to Tata Motors and for general corporate purpose.
Sahai, who did his master's in economics from the University of Delhi, is currently head of Citi's Securities and Fund Services business.
Three new directors including private sector lender ICICI Bank CEO Chanda Kochhar and Citigroup South Asia head Mark Robinson have joined the board of Indian School of Business (ISB).
India Inc loves to applaud every time any businessman or executive of Indian origin makes it to the top in the developed world.
Concerns are swirling that Japan's dream of hosting the Tokyo 2020 Olympics could be a fatality of the spread of the new coronavirus, jolting organisers, sponsors, and media firms who have spent billions of dollars in the run-up to the event. Global insurers face a hefty bill if the coronavirus forces the cancellation of the Games, with estimates of the cost of insuring the showpiece running into billions of dollars.
From a technocrat turned fraudster Ramalinga Raju's confession to the snub-nosed Nano, 2009 offered some forgettable and many memorable moments in business.
As many as nine companies which suffered the brunt of the economic crisis and were bailed out by the government -- including Citigroup and Goldman Sachs -- are among the least reputed companies in the US, a study said.
The company's IPO -- the first by a private bank in a decade -- was oversubscribed a staggering 69.62 times.
The Axis Bank share sale was launched on Thursday in an indicative price band of roughly Rs 1,290 to Rs 1,357 a share.
World's largest asset manager Blackrock will host a global investors meet in India next year, CEO Laurence Flik conveyed to Prime Minister Narendra Modi.
In a bid to rein in exorbitant executive compensation, the US government has appointed a pay czar who will oversee pay practices at seven companies including Citigroup, which have received "extraordinary" Federal assistance.
Bank of America Merrill Lynch, Citigroup, Credit Suisse, Goldman Sachs International, JP Morgan Securities, Morgan Stanley, Nomura and UBS have confirmed their commitment to the FSA Rule and the supporting Code on remuneration practices. These were published in August and would come into force on January 1, 2010 (and cover payments for performance year 2009).
Attributing to people familiar with the situation, the Wall Street Journal said that some officials at the agency have expressed doubts about the rigour of the report, which was based partly on interviews of Citi executives who were asked to rate the effectiveness of their colleagues.
Financial services firm Citi has retained the projection for India's economic growth in next fiscal at 8.4 per cent, saying there is less challenging atmosphere to various aspects of the economy, including outsourcing.
Banking behemoth Citigroup has reported a loss of $7.6 billion for the three months ended December 2009, mainly on account of expenses related to repayment of bailout funds.
Citigroup plans to launch a $200 million fund for small-business lending in low and moderate income communities.
The US financial crisis and the resultant economic downturn pushed many a top honchos out of their corner rooms in 2009, but Citigroup's India-born chief Vikram Pandit continues to steer the once financial colossus out of its biggest ever crisis.
After extending billions of dollars to protect themselves from the economic turmoil, the US moved to arrest the trend of exorbitant pay among the nation's big entities like Citigroup, Bank of America and American International Group.
Citigroup on Monday said it will repay $20 billion bailout money to the US government, a move that will ease strict government regulations on the financial services provider.
Major American banks, including Citigroup and Goldman Sachs, temporarily lowered their debt in the past five quarters before reporting it to the public in order to mask risk levels, says a media report.
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