ICICI Prudential MF plans to launch Dividend Yield Equity Fund
1.ICICI Prudential Asset Management Company has launched ICICI Prudential Dividend Yield Equity Fund, an open ended equity fund and the new fund offer period is from April 25 to May 9.
2.The fund will invest predominantly in companies that have dividend yield greater than the dividend yield of CNX Nifty Index.
3.The portfolio will be managed by Mrinal Singh, Fund Manager, ICICI Prudential AMC and Vinay Sharma, Fund Manager, ICICI Prudential AMC.
Airtel names new CTO
Bharti Airtel has appointed Abhay Savargaonkar as its Chief Technology Officer for India operations. He will also be on the company's managing board. Abhay has been at Airtel for over a decade and is currently the Chief of Network Operations. He has held various senior leadership roles covering all network verticals, including leading the 3G planning and deployment, quality, network planning and being the CTO of mobile business when it was a standalone business. The new CTO comes in a time when telecom companies are looking at deploying multiple technologies to meet the challenges of offering data services.
NBFCs approach RBI, govt over new companies Act
1.Non-banking finance companies (NBFCs) have approached the Reserve Bank of India (RBI) and the Ministry of Corporate Affairs to amend regulations under the new companies Act. These companies fear the stiff reserve requirements and norms on investment in government bonds will hit them hard.
2.NBFCs are, however, yet to raise the matter with the ministry in a formal manner.
3.Rules under the new companies Act make it mandatory for NBFCs to create a corpus (debenture redemption reserve account) to meet repayment obligations for debentures maturing within a year. Also, they have to invest 15 per cent of their resources in government bonds.
4.While building buffers for repayment is good for financial discipline, the provisioning would eat into the funds to be deployed into business. And, this will be a huge burden on the already stretched balance sheets of NBFCs, say executives at such companies.
RBI to shortly issue Rs 500, Rs 100 notes of 2014 printing year
1.The Reserve Bank will shortly issue banknotes of Rs 500 and Rs 100 denominations in the Mahatma Gandhi series with 2014 as the printing year.
2.The RBI will shortly issue Rs 500 denomination Banknotes incorporating rupee symbol on the obverse and reverse, with inset letter'E' in both the numbering panels, in the Mahatma Gandhi Series-2005," RBI has said.
3.Besides that, Rs 100 denomination banknotes will also be issued in the same series.
4.Currencies of both the denominations will bear the signature of RBI Governor Raghuram G Rajan.
5.RBI said the design of these banknotes will be similar in all respects to Rs 500 and Rs 100 banknotes printed in Mahatma Gandhi series-2005 issued earlier.
Malaysia, Australia to sign MoU on handling of plane debris
1.Malaysia and Australia will sign a deal over who handles the wreckage of the crashed Malaysian jet - including the black box and any human remains - to avoid “legal pitfalls” in future.
2.The agreement aims at “safeguarding both parties from any legal pitfalls” and covers every aspect of the ongoing Australia-led recovery process of the Malaysia Airlines Flight MH370 in the southern Indian Ocean.
3.The MoU will also address specific areas, including which parties will handle the wreckage or any parts of the plane, including the black box, once found.
4.Another critical area concerns the handling of human remains, the New Strait Times reported. The report said Canberra is studying the MoU, which Kuala Lumpur hopes will be concluded soon and endorsed by the cabinet at its next meeting.
Nobel laureate Garcia Marquez dies at 87
1.Gabriel Garcia Marquez, the Nobel laureate whose intoxicating novels and short stories exposed millions outside Latin America to its passions, superstition, violence and social inequality, has died at home in Mexico City. He was 87.
2.Widely considered the most popular Spanish-language writer since Miguel de Cervantes in the 17th century, the Colombian-born Garcia Marquez achieved literary celebrity that spawned comparisons to Mark Twain and Charles Dickens.
3.His flamboyant and melancholy fictional works – among them “Chronicle of a Death Foretold”, “Love in the Time of Cholera” and “Autumn of the Patriarch” – outsold everything published in Spanish except the Bible.
Wipro launches digital division
1.Wipro has announced the launch of Wipro Digital, a new division that will target chief marketing officers (CMO), who influence outsourcing spending associated with marketing services.
2.Additionally, it is planning to launch another independent business unit called Change the Business, which will be headed by Anurag Srivastava, who has driven the CTO mandate for Wipro.
Anand Mahindra, Banmali Agrawala appointed to USIBC Board
1.Anand Mahindra, Ellen Lord and Banmali Agrawal were today appointed as board members of the US India Business Council (USIBC).
2.While Mahindra is chairman & managing director of *Mahindra & Mahindra; Ellen Lord is president & CEO of Extron Systems; and Banmali Agrawala is president & CEO, South Asia, General Electric.
Royal Challengers Bangalore beat Delhi Daredevils by 8 wkts
Royal Challengers Bangalore beat Delhi Daredevils by eight wickets in their IPL campaign opener at the Sharjah Cricket Stadium here on Thursday.
Brief Scores:
Delhi Daredevils: 145 for four in 20 overs (JP Duminy 67 not out, Ross Taylor 43 not out).
Royal Challengers Bangalore: 146 for 2 in 16.4 overs (Yuvraj Singh 52 not out, Virat Kolhi 49 not out).
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