Author: News Desk
Riyadh, February 1, 2024 – In a strategic move aimed at transforming its technological and manufacturing landscape, Saudi Arabia has announced the launch of Alat, a PIF-backed company with a mission to create 39,000 jobs and contribute $9.3bn to the Kingdom’s non-oil GDP by 2030. Building a Global Hub for Sustainable Technology Manufacturing Crown Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Prime Minister of the Kingdom of Saudi Arabia and Chairman of the Board of Directors of the Public Investment Fund (PIF), unveiled the ambitious plans for “Alat.” The PIF-backed firm aims to position Saudi Arabia as a global…
The Reserve Bank of India (RBI) has ordered Paytm Payments Bank Ltd to halt a bulk of its activities from February 29 due to multiple violations of regulatory norms. The move comes after repeated warnings from the banking regulator regarding various issues, including breaches related to anti-money laundering laws and related-party transactions. With regard to this, the industry reacts differently. But what is the actual story behind this chaos? According to sources familiar with the matter, who reportedly spoke on condition of anonymity, an RBI-conducted system audit into Paytm Payments Bank revealed significant lapses in adhering to anti-money laundering laws,…
In the dynamic landscape of professional growth, employees who leave an indelible mark on their workplace – whether through revenue generation or enhanced productivity – are poised to reap the rewards. According to recruitment and HR experts, these exceptional contributors stand a good chance of negotiating a salary increase, supported by a holistic approach that extends beyond mere financial considerations. Diversifying Compensation Packages Nicki Wilson, Managing Director of Genie Recruitment, highlights that negotiation isn’t limited to salary alone. She emphasises the potential for additional benefits, flexible working arrangements, bonuses, schooling support, job title upgrades, work incentives, allowances, or even share…
The Reserve Bank of India (RBI) disclosed that as of January 31, 2024, a substantial portion, accounting for 97.50%, of the ₹2,000 denomination banknotes in circulation since the decision made on May 19, 2023, has been returned. The total value of ₹2,000 banknotes in circulation, previously standing at ₹3.56 lakh crore on May 19, 2023, has witnessed a significant reduction to ₹8,897 crore by the conclusion of business on January 31, 2024, as per the official statement released by the central bank. It is important to note that despite the withdrawal announcement made in May 2023, the RBI underscored that…
Lakhpati Didi, as announced by Finance Minister Nirmala Sitharaman in her 2024 budget speech, is a transformative initiative aimed at empowering women through economic means. The term ‘Lakhpati Didis’ specifically refers to women who are members of Self Help Groups (SHGs) and have showcased entrepreneurial skills, leading to an annual household income of at least Rs 1 lakh. The initiative recognizes the pivotal role of 83 lakh SHGs, comprising nine crore women, in reshaping the socio-economic landscape of rural areas. These groups have been instrumental in enabling nearly one crore women to achieve the status of Lakhpati Didis, serving as…
Finance Minister Nirmala Sitharaman unveiled the Indian government’s ambitious initiative to promote cervical cancer vaccination among girls aged 9 to 14. The announcement marks a significant move in the nation’s efforts to tackle cervical cancer, a disease that poses a considerable threat to women’s health. The vaccination program, as outlined by the Finance Minister, centers around the administration of the Human Papillomavirus (HPV) vaccine. This vaccine is specifically designed to provide protection against certain strains of cervical cancer, offering a ray of hope in the fight against this prevalent disease. India, with a population of 511.4 million women aged 15…
The U.S. branch of Indian educational technology startup Byju’s, known as Byju’s Alpha, has filed for Chapter 11 bankruptcy protection in a Delaware court, citing liabilities ranging from $1 billion to $10 billion. According to court documents, Byju’s Alpha listed its assets between $500 million and $1 billion, with estimated creditors numbering between 100 and 199. Byju’s Alpha Inc. lacks the financial means to continue its legal disputes with its parent company over debt obligations, as reported by Bloomberg. The lenders insisted on bankruptcy filing before providing further funding to Byju’s Alpha, as stated in the Chapter 11 petition. Additionally,…
In a groundbreaking move, Saudi Arabia’s national tourism brand, ‘Saudi Welcome To Arabia,’ has launched a global marketing campaign featuring football sensation Lionel Messi, who also serves as a Tourism ambassador for the country. The campaign, titled ‘Go Beyond What You Think,’ is strategically targeting key markets in Europe, India, and China. This initiative, spanning TV, social media, digital platforms, and online travel agencies (OTA), aims to dispel lingering misconceptions about the destination while inviting global audiences to witness the vibrant cultural transformation unfolding in Saudi Arabia. The campaign is rooted in consumer insights, revealing prevalent stereotypes and misunderstandings about…
One97 Communications, the parent company of Paytm brand, said it would disassociate from Paytm Payments Bank and partner with other banks. The move comes in aftermath of RBI’s actions against PPBL, which led to 20% drop in OCL’s shares. Addressing analysts, Paytm Founder and OCL CEO Vijay Shekhar said the development was a “speed bump” and the company will tide over the crisis. On January 31, the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank Ltd (PPBL) after reviewing a system audit report and a subsequent compliance validation report from external auditors. The bank, a subsidiary of India’s…
Pankaj and Radhika Oswal, a distinguished Indian-origin couple currently residing in Switzerland. They have recently acquired one of the world’s top 10 most expensive and lavish residences. This exquisite abode, known as ‘Villa Vari,’ comes with an astounding price tag of $200 million, which is approximately equivalent to Rs 1,649 crores. Originally owned by Greek heiress Christina Onassis, the Swiss mansion has undergone extensive renovations by the Oswals, who possess immense wealth and a penchant for extravagance. Renowned interior designer Jeffrey Wilkes was tasked with the redesign, and his remarkable work includes furnishings and artifacts sourced from around the globe.…