BANK OF BARODA MD AND CEO GETS 1YEAR EXTENSION
NEW DELHI: Bank of Baroda’s managing director and chief executive officer PS Jayakumar was Thursday given one-year extension, an order issued by the personnel ministry said. Jayakumar, a chartered accountant by qualification, had joined Bank of Baroda in October, 2015. The Appointments Committee of the Cabinet has approved extension in tenure of Jayakumar for a period of one year, i.e. till October 12, 2019, beyond his currently notified period of appointment of three years that expires on October 12, 2018, it said. Prior to his appointment as the MD of the bank, he was the co-founder and CEO of VBHC Value Budget Housing (VBHC), a leader in housing for low and moderate income household, as per his bio data. He is a career banker since 1986 and has spent over 23 years in Citibank in India and Singapore. Jayakumar has contributed to several innovations in retail banking in India.
Govt in talks to hike import duties to prop up rupee
NEW DELHI: India is considering a proposal to increase import duties on a raft of products ranging from plastic to steel as it seeks to curb a ballooning current account deficit (CAD) and prop up a sagging rupee, people familiar with the matter said. Prime Minister Narendra Modi’s administration is planning to increase tariff on items including furniture, chemicals, and mobile phone components, the people said, asking not to be named as the information is not public. The prime minister’s office is planning a meeting in New Delhi as early as this week to review measures including curbs to curtail the trade gap, they said. Finance ministry spokesman DS Malik declined to comment. The trade deficit represented 2.4% of gross domestic product, more than the 1.9% seen in the March quarter, according to latest data from the Reserve Bank of India.
Google India FY18 revenue rises 29% to ₹9,338 crore
NEW DELHI: Tech giant Google saw its India revenues grow 29% to about ₹9,338 crore in 2017-18 over the previous financial year, as per regulatory documents. Google India’s total revenue was at ₹9,337.7 crore during 2017-18 as against ₹7,239.5 crore in 2016-17, according to Registrar of Companies filing shared by market intelligence firm Tofler. The net profit was higher by about 33% at ₹4,07.2 crore last fiscal as compared to ₹306.6 crore in the previous year. Google India’s total expenses rose nearly 29% to ₹8,710.9 crore from ₹6,760.4 crore in 2016-17 as the company continues to invest heavily in the fiercely competitive Indian market where it offers services like cloud and payments.
Musk denies Murdoch will replace him as Tesla chair
SAN FRANCISCO: Tesla Inc. chief executive officer (CEO) Elon Musk denied a report in the Financial Times that James Murdoch is poised to replace him as chairman, prolonging the uncertainty over leadership at the electric-car maker after a deal with the US securities regulator. Murdoch, the CEO of Twenty-first Century Fox Inc. and a Tesla board member, is the lead candidate for the job, the Financial Times said, citing two people briefed on the discussions. The newspaper is wrong, Musk tweeted in response, without elaborating.
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