Chanda Kochhar says board has made its stand clear on Videocon loans : Bulletin: Business Today
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Chanda Kochhar says board has made its stand clear on Videocon loans

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May 8, 2018

Chanda Kochhar says board has made its stand clear on Videocon loans

Breaking her silence on ICICI-Videocon loan controversy, ICICI Bank CEO Chanda Kochhar said that the board has made its stand clear and she has nothing more to add. Kochhar added the bank has always co-operated with the regulatory and investigating agencies, and will continue to do so in future. On the question of bringing an interim CEO to maintain the stability at the bank, Kochhar replied saying, "I think the board has made its stand very clear in the March 28 board meeting and as far as the operations of the bank are concerned, you can see the stability, the enhancement in franchise and the results."

World to face biggest talent crunch by 2030; India to be only country with manpower surplus

US-based global organisational consulting firm Korn Ferry has said India would have a talent surplus of around 245.3 million workers by 2030 at a time when the Asia Pacific (APAC) region would face a talent deficit of 47 million workers. The world's sixth largest economy, India, is the only place in the APAC region that will have a talent surplus by 2030, says the Korn Ferry study named as 'Global Talent Crunch'. The study says the skilled talent shortage will continue to impede growth and, if not addressed, could have a significant impact on major APAC economies by 2030.The study says the world can expect a talent deficit of 85.2 million workers across the economies analysed - greater than the current population of Germany.

Will Walmart be liable to pay tax to Indian authorities after Flipkart buyout?

The largest-ever deal in India's booming e-commerce space is in its final leg. Flipkart, country's biggest e-talier, has bought back over 1.8 million shares worth more than $350 million from minority investors, clearing the decks before its sale to Walmart. The share buyback will help Flipkart convert itself into a private company under Singapore law, paving way for Walmart to buy around 70 per cent stake from a single entity rather than multiple parties. However, this may not be enough to escape taxes in India. Even though both the acquiring and the selling companies are based outside India, the acquisition of Flipkart Pvt Ltd, which is registered in Singapore, may still attract tax liability and the purchaser will have to deduct tax amount while making the payment to existing investors.

Google, Niti Aayog join hands for expanding India's AI ecosystem  

Tech giant Google today said it has collaborated with Niti Aayog to focus on fostering growth for India's nascent artificial intelligence (AI) and machine learning (ML) ecosystem.The two parties will work together on various initiatives, including organising training for relevant government functionaries to introduce them to open source AI tools to enable more effective governance, Google said in a statement. Besides, they will award grants and scholarships to researchers, scholars and university faculty conducting cutting-edge research in the field of AI/ML in India. Rajan Anandan, Vice President (India and South East Asia) at Google, said AI will help tackle huge challenges like healthcare, environmental protection and other social and developmental problems, while also spur innovation for businesses and developers.

Nestle pays $7.15 billion to sell Starbucks products

Swiss food giant Nestle announced Monday it will pay USD 7.15 billion in cash for the rights to market Starbucks products around the world, outside of the company's coffee shops. The agreement gives Nestle, which owns the Nescafe and Nespresso brands, a strong platform for continued growth in North America, the company said in a statement. Nestle is focusing on coffee as a main growth area and has already made some acquisitions in the sector. The Starbucks business covered by the deal currently generates around USD 2 billion sales annually and includes coffee beans and ground coffee that Nestle will be selling in supermarkets around the world.

Picasso's portrait of mistress to be auctioned after 20 yrs  

Spanish artist Pablo Picasso's 1932 portrait of his mistress and muse Marie Therese will go under the hammer at Sotheby's 'Impressionist and Modern Art Evening Sale' in London on June 19. Painted during Picasso's 'year of wonders', 'Buste de femme de profil. Femme écrivant', a monumental, yet remarkably tender and intimate painting of Marie Therese absorbed in the act of writing, will be unveiled in public for the first time in two decades. The estimated price of the artwork is "in the region of $45 million" (Rs 30.2 crores approx)
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