Finance

Jet Airways CEO Cramer Ball Quits, To Join Alitalia

Jet Airways chief executive officer Cramer Ball has resigned and the airline’s whole-time director Gaurang Shetty will work as acting CEO in his place, Jet Airways announced on Thursday. Ball’s resignation will be effective from February 29 next year, it said. Jet Airways had appointed Ball as its CEO in May last year. Loss-making Italian airline Alitalia said on Thursday it ... Read More »

US Congress Decides to Lift 40-year Ban on Oil Export

The US is set to lift a four-decade ban on export of oil, a move that may benefit countries like India by giving them an option to purchase crude from non-Middle Eastern nations. The measure allowing oil exports is at the centre of a deal Congressional leaders announced yesterday on spending and tax legislation. Both the House and Senate still ... Read More »

RBI Deputy Governor Urjit Patel Set to Get Second Term: Report

Reserve Bank of India Deputy Governor Urjit Patel, who drafted historic changes to monetary policy in the country, is likely to get re-appointed after his three-year term ends next month, The Economic Times reported on Friday, citing a government official. “He will get an extension and continue his term,” Economic Times quoted the official as saying. The government will send ... Read More »

Edelweiss Mutual Fund Lists Second Exchange-Traded Fund on NSE

Edelweiss Mutual Fund on Friday said it has listed its second open-ended exchange traded fund (ETF), Edelweiss Exchange Traded Scheme-Banking (EBANK), on the NSE. The scheme is suitable for investors seeking long-term capital appreciation and investment in securities covered by the Nifty Bank Index, a company statement said. The investment objective of EBANK is to provide returns before expenses that ... Read More »

Dena Bank Ties Up With SBI Life for Group Life Insurance

Dena Bank on Friday said it has tied up with SBI Life Insurance Company to provide group life insurance coverage to its housing loan borrowers under the Dena Grihaswami Suraksha scheme. Under the memorandum of understanding (MoU), insurance cover will be given to all housing loan borrowers at a very low premium, Dena Bank said in a release issued here. ... Read More »

Citi to cut 2,000 jobs starting next month – Bloomberg

A green traffic light is pictured in front of a sign board of a Citibank branch in Hanoi, Vietnam July 8, 2015. REUTERS/KHAM Citigroup Inc (C.N) plans to cut at least 2,000 jobs starting next month as the lender restructures its businesses, Bloomberg reported. A substantial portion of the layoffs will be in middle or back-office positions, Bloomberg reported, citing ... Read More »

MPs caution government over Green Investment Bank sell-off plan

Britain’s Business Secretary Sajid Javid delivers his keynote address at the Conservative Party Conference in Manchester, Britain October 5, 2015. The planned privatisation of Britain’s Green Investment Bank (GIB) must not go ahead unless the government can guarantee the bank’s environmental objectives are protected, a parliamentary committee report released on Saturday said. The bank was created as a commercial venture ... Read More »

Prospects still slim for major global economic pickup

Traders work on the floor of the New York Stock Exchange in New York, December 16, 2015. The world economy may be set for another year like 2015, with modest growth in developed economies offsetting persistent weakness elsewhere but generating very little inflation and keeping interest rates low. The U.S. Federal Reserve’s long-awaited rise in rates from zero showed confidence ... Read More »

Most UK-based economists disagree with Osborne’s fiscal plans – survey

British Finance Minister George Osborne speaks at a joint news conference with French Finance Minister Michel Sapin and U.S. Secretary of the Treasury Jack Lew following their participation in a United Nations Security Council meeting to approve a resolution to cut funding. Only a minority of British-based academic economists back Chancellor George Osborne’s goal of reaching a budget surplus within ... Read More »

JP Morgan Chase to pay $307m for steering investors toward own products

Regulators said JPMorgan Chase Bank steered retail investors towards the firm’s own investment products. JP Morgan Chase agreed to pay $307m on Friday to settle charges that two of its wealth management units failed to disclose conflicts of interest when promoting investments to its wealthy clients. Regulators said that JP Morgan Securities and its nationally chartered bank, JPMorgan Chase Bank, ... Read More »