Uday Kotak: Do we really need so many PSU banks?

As Asia’s richest banker, Uday Kotak has an interesting job at a very interesting time in India’s financial history. The executive vice-chairman of Kotak Mahindra Bank leads the country’s most admired lender at a time when about $200 billion is stuck in bad loans in industries as diverse as steel and cement, infrastructure and textiles, with reverberations of India’s biggest banking fraud being felt across the financial system. In an exclusive interaction with Saloni Shukla and MC Govardhana Rangan, Kotak discusses the financial stress in the broader economy, the fallout…

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Patanjali moves High Court to get 50 tonnes sandalwood seized by DRI released

NEW DELHI: Baba Ramdev’s Patanjali Ayurved has moved the Delhi High Court against the seizure of red sandalwood by the Directorate of Revenue Intelligence (DRI) that was being exported to China.DRI and the customs department seized more than 50 tonnes of red sanders logs along with documents and a passport belonging to a Patanjali representative, said people aware of the matter. Patanjali had permission to export Grade C sandalwood but the goods were seized on suspicion that they may have included better-quality Grade A and Grade B, they said.Patanjali said…

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India key market, here for a long ride: Uber CEO

NEW DELHI: Uber CEO Dara Khosrowshahi said India was a core market for the cab aggregator, accounting for 10% of its trips globally and added that it could be a laboratory for new business streams, seeking to squelch speculation about the company exiting the country. He also downplayed any suggestion investor Soft-Bank may have made about Uber exiting unprofitable markets.“When we look at the key markets for Uber, both in terms of where we are today, but especially where we are going to be 5-10 years from now, India is…

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PM Narendra Modi to lead star cast of speakers at GBS ’18

NEW DELHI: Keynote address by Prime Minister Narendra Modi, speeches by the PM’s core economic team, finance minister Arun Jaitley, transport minister Nitin Gadkari, and railways minister Piyush Goyal, a star-studded CEO panel that includes steel king Lakshmi Mittal and metals baron Anil Agarwal, fireside chats with Netflix boss Reed Hastings, Uber CEO Dara Khosrowshahi, and Donald Trump Junior, special addresses by Apple cofounder Steve Wozniak and Sadhguru — all that and more are on offer at the two-day Economic Times Global Business Summit starting Friday.The economic and political context…

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Patanjali draws praise from top rival, Reckitt boss says Ramdev made FMCG better

NEW DELHI: British consumer goods maker Reckitt Benckiser’s global chief executive Rakesh Kapoor says that Baba Ramdev’s Patanjali has made the entire fast moving consumer goods (FMCG) industry ‘better’, illustrating how India’s cultural roots may be harnessed to build a scalable business.“The role of competition is not to eat your lunch; it is to make you better. Patanjali is making everyone better because it is making everyone deliver better value, not only in price but also in benefits,” Kapoor told ET in an exclusive interaction. “And it’s going to make…

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Their hopes hanging by a thread, telcos fear help may come too late

KOLKATA: Telecom companies fear a Cabinet decision after March on relief measures for the telecom industry will be way too late as financial stress levels of the sector, which is saddled with Rs 7 lakh-crore debt and is in the throes of brutal price wars, are rising by the day.The companies were pinning their hopes on an early decision, especially since the February 1 Budget totally ignored the industry’s call for a reduction in high telecom levies such as licence fees, spectrum usage charge (SUC), Universal Service Obligation Fund (USOF)…

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Topcoders get a quantum challenge from Wipro’s coding market

BENGALURU: Topcoder, a crowdsourcing marketplace for developers, plans to start administering coding challenges in quantum computing to build algorithms in the emerging area, its chief executive has said.Topcoder, which became a Wipro company after India’s third-largest IT services company acquired Appirio, throws up challenges to freelance coders to develop software applications and algorithms for data analytics. It has 1.2 million developers, coders and data scientists located across the world, solving complex problems of organisations such as IBM, GE, and Harvard Medical School.Mike Morris, CEO at Topcoder, said the platform will…

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What a successful bank does differently, and where PNB failed

By Hemant ManujThe business of lending is highly process-driven. In the words of Warren Buffett, it must be safe and boringly predictable, even as it generates value for its shareholders.A bank generates value by carrying out its standard activities in an efficient manner, and its judgemental activities (such as credit choice), to maximise net positive outcomes. These two sets of activities generate revenues for banks, even as they also involve costs and risks. A successful bank focuses on maximising its revenues and minimising its costs and risks.KYC: Know Your Charter…

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5,000 Aircel staff to hit job street choked with ex-employees of shut telcos

MUMBAI: Aircel’s 5,000-odd employees are headed to job market already clogged with former employees of telcos that have either pulled down shutters or are going through merger, with their employers telling them to brace for “more difficult times ahead”. Executive search firms, which already have received several resumes from Aircel employees, expect the number to shoot up post Aircel’s warning letter to its team members early this week.“Where will they go? The market is already choking with former employees of other telcos,” said A Ramachandran, partner at search firm Ema…

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Market outlook: Nifty vulnerable below 100-DMA at 10,411 level

The expiry day on Thursday witnessed volatility on expected lines. However, the NSE benchmark Nifty50 traded in a defined range and volatility too remained confined in a range.The Nifty ended with a loss of 14.75 points or 0.14 per cent. What remained important in Thursday’s trade was that market showed all the signs of forming a base at current levels. Still, the index failed to take a definite directional bias.It has closed slightly below its 100-DMA, but has stayed within its filters.Going into trade on Friday, the level of 100-DMA,…

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