Adani to buy 49 pc in Quintillion Business
MUMBAI: Gautam Adani’s AMG Media Networks is buying a 49 per cent stake in Quintillion Business Media for an undisclosed sum, according to a regulatory filing with the National Stock Exchange. Quintillion Business Media runs the news platform Bloomberg Quint, now called BQ Prime. Quint Digital Media Ltd confirmed the proposed deal in a separate regulatory filing, according to a prominent business daily.
Six not suitable for bank permits: RBI
MUMBAI: The Reserve Bank of India (RBI) on May 17 said it has found six applicants not suitable for permits of small finance bank licences and universal bank licences after an examination. Those found not suitable for universal bank permits are UAE Exchange and Financial Services Limited, The Repatriates Cooperative Finance and Development Bank Limited (REPCO Bank), Chaitanya India Fin Credit Private Limited, and Shri Pankaj Vaish, and others.
Cryptos could lead to economy dollarisation’
NEW DELHI: Crypto-currencies can lead to the “dollarisation” of a part of the economy, which could be against the country’s sovereign interest, top officials of the Reserve Bank of India told a parliamentary committee on finance. “Almost all crypto-currencies are dollardenominated and issued by foreign private entities, it may eventually lead to dollarisation of a part of our economy, which will be against the country’s sovereign interest,” the officials said.
UNGCNI initiative for rare disease treatment
NEW DELHI: UN Global Compact Network India (UNGCNI), along with Takeda Pharmaceutical, a global values-based, R&D-driven biopharmaceutical leader, launched a national initiative for improving early access to treatment for rare disease patients in the country. Through the initiative, over 300 PSUs and corporate leaders were reached, which has helped to generate a pool of insights and recommendations that will help in shaping the future of access to rare disease treatment in the country
IMF lifts weighting of $ and Yuan in SDR
BEIJING: The International Monetary Fund said on May 14 it has increased the weighting of the dollar and Chinese yuan in its review of the currencies that make up the valuation of its Special Drawing Rights (SDR), an international reserve asset. The review is the first since the yuan joined the basket of currencies in 2016 in what was a milestone in Beijing’s efforts to internationalise its currency
Punjab crackdown on power thefts in state
PATIALA: In a bid to end the power theft menace, CM Bhagwant Mann has given instructions to the Punjab State Power Corporation Limited (PSPCL) authorities to take strict action against the consumers using illegal connections. Following the directives, the recent drive by the PSPCL has detected power theft worth crores of rupees involving religious deras, policemen and even illegal units established in villages.
Ratan Tata warns on ‘fake’ Facebook page
MUMBAI: Ratan Tata took to Instagram to warn people about a Facebook page that was scamming people using the name of his colleagues. The Chairman Emeritus of Tata Group of Industries often posts on Instagram to debunk fake or false news related to him. He warned people yet again and promised legal action in the matter. Tata posted three slides as Instagram Stories, two of which also contained pictures of the page that he was warning people about.
‘Malviya Mission’ for faculty development
NEW DELHI: Union Minister of Education Dharmendra Pradhan reviewed the report on institutional mechanism for capacity building of teacher/faculty in higher education institutes. He pitched in with an idea of a ‘Malviya Mission’ to develop enabling ecosystem across the country for teacher education/faculty development. The minister said a multi-dimensional approach to upskill faculty aligned with the challenges of the 21st century India must be adopted.
Goa housing funds in $60-million UN scandal
WASHINGTON: A $60-million scandal involving loans and grants by a little-known UN company additionally included a $2.5 million funding to construct inexpensive homes in India in 2019 — none of which has materialised but. A Singapore-based agency, owned by businessman David Kendrick, was in command of getting a minimum of 50,000 homes built in Goa. Delhibased Amit Gupta and Arti Jain are the administrators of this agency, says media reports.
India slams OIC on J&K delimitation remarks
NEW DELHI: India on May 16 said it was dismayed with “unwarranted comments” from the Organisation of Islamic Cooperation (OIC) on the delimitation exercise that was conducted in Jammu and Kashmir and urged the bloc to refrain from carrying out its “communal agenda” at the behest of another nation. MEA spokesperson Arindam Bagchi said India “categorically rejected” the OIC’s comments criticising New Delhi over the delimitation exercise in J&K.
BRICS bank to open regional office in GIFT City
NEW DELHI: The New Development Bank (NDB) of the BRICS countries has announced plans to open its regional office at the GIFT City in Gujarat to cater to infrastructure and sustainable development needs of the country. Working in close coordination with the NDB Headquarters, the Indian Regional Office will focus on project origination including initial project preparation,technical assistance, pipeline development, project implementation and monitoring as well as regional portfolio management.
Public health cadre soon for medical pros
NEW DELHI: India will set up a central public health cadre for medical professionals along the lines of Central services officers recruited through the Union Public Service Commission. As part of the plan, all health professionals, including those working for the DGHS, will be recruited through the permanent cadre and help the Government implement healthcare policies. The plan was approved at a recent Chintan Shivir held in Gujarat.
Goyal launches NavIC Grand Challenge
NEW DELHI: Speaking at the fourth meeting of the National Startup Advisory Council, Minister of Commerce and Industry Piyush Goyal assured continued Government support in developing startup ecosystem. The minister appreciated the work done by NSAC members and urged them to focus on Tier-2 and Tier-3 cities where limited VC funding is available. He also launched NavIC Grand Challenge, which aims at promoting the adoption of NavIC as geo-positioning solution, a key proponent for digital Aatmanirbharta.
Karti Chidambaram booked by the CBI
NEW DELHI: The CBI has registered a new case against Lok Sabha MP Karti Chidambaram, son of former Finance Minister P Chidambaram, for allegedly receiving illegal gratification, officials said on May 17. Following the registration of the FIR, the CBI started searches at nine premises of Chidambaram in Chennai and other cities in the country, they said.