Jan 20, 2016 - Online wallets giving banks a run for money

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Sree Vijaykumar From the Editor's Desk It's not a good time for those who believe in the trickle-down theory of wealth. The wealthiest 62 people now own as much as half the world's population, some 3.5 billion people, as the super-rich have grown richer and the poor poorer. The wealth of the richest 62 people has risen by 44 percent since 2010, while the wealth of the poorest 3.5 billion fell 41 percent, Oxfam said in a report released ahead of the World Economic Forum's annual meeting in Davos, Switzerland, ironically a forum for the rich and powerful to pontificate about global issues. About $7.6 trillion of individuals' wealth sits in offshore tax havens, and if tax were paid on the income that this wealth generates, an extra $190 billion would be available to governments every year - Comment Online wallets giving banks a run for money Ryan Craine hates carrying cash and finds writing cheques to be a headache. He doesn’t do much of either anymore and uses his smartphone to pay for things. Advt:Affordable Housing Schemes in Dubai with Post hand over payment plans Affordable Housing Schemes in Dubai with Post hand over payment plans UK finance minister George Osborne hails Indian rupee-bond issuance in London British finance minister GeorgeOsborne said that Indian Railway Finance Corporation would beIndia's first public body to issue a rupee bond in London,bolstering the British capital's status as a global financialcentre. The fault in our start-ups Internet start-ups are cloning business models from the West, without much thought on how to Make in India Retail investors take to equity MFs Equity funds continued to dominate the retail wallet share Cognizant did more business in 2015 than TCS, Infosys, Wipro together Cognizant will have $2.15 billion in incremental revenue in January-December 2015, higher than the $1.96 billion in new revenues brought by the three largest home-grown IT firms UK-based investors call for interest rate cut in India to boost investments UK-based investors call for interest rate cut in India to boost investments - During Prime Minister Narendra Modi's visit to the UK last November, a Memorandum of Understanding was signed between the bank and the LSE to develop collaboration around bond and equity issuance, with a particular focus on Green Infrastructure Finance. IDFC Bank negotiating to purchase RBS' corporate banking portfolio in Rs 3,000 crore deal RBS India called a town hall meeting on Tuesday and announced the partial sale of its businesses to employees. No details were made available. PIB Likely to Approve India Post's Payments Bank Proposal The Public Investment Board (PIB) on Tuesday discussed the Rs 800-crore proposal from the India Post for setting up a payments bank and the final approval on the same is expected in the next meeting. CCEA to decide on HDFC's stake sale in insurance JV These are Quantum Simulators (defence), Sharekhan Limited (NBFC), Tata Sikorsky Aerospace (defence), and Aviva Life Insurance Co India (insurance). Indian Bank to raise Rs 1100 crore via Basel-III compliant bonds The board of directors of Indian Bank have accorded approval to the bank to raise Basel III compliant Tier II bonds for Rs 1,100 crore in one or more tranches in the current or subsequent years based on requirement. Private equity investments in realty tops $5 billion in 2015 Private Equity Real Estate (PERE) firms deployed over $5 billion in Indian real estate companies and projects – the highest since the financial crisis of 2008. Banks still struggling with trust deficit Perception of global banks stays low as news of malpractices in sector continue to come to light, shows survey India slips to 89th rank on global talent competitiveness Stating that India and China remain a net exporter of talent, the study said many emerging countries that have invested in higher education have neglected vocational education. Reliance Industries, Mukesh Ambani see record gains from crude oil slump Net profit rose 39% to Rs7,290 crore in the December quarter; Ambani’s net worth increased $620 million as of Friday, the most in the world in 2016 Here's why a resurgent Iran is good for India For the last 15 years, Irans annual crude exports have halved: from a little over 2 million barrels per day (mbpd) to a little more than 1 mbpd. Profits of 8 PSBs at risk from higher provisioning Lenders face litmus test on profitability as they provide for bad loans ahead of RBI deadline to clean up their books Start-up policy: a flipped cart Prime Minister Narendra Modi's Startup India initiative has evoked much interest and expectations from stakeholders. Implementation challenge for Indian economy: RBI Governor Raghuram Rajan Implementation remains a major challenge for the Indian economy and if it can deliver on its promises, the country will be "the place to be", Reserve Bank of India Governor Raghuram Rajan has said. Apple seeks DIPP nod to open own stores; no mention of proposed investment The maker of the iPhone and the iPad has made a proposal to the government for a wholesale foray, where up to 100 per cent foreign investment is permitted Retailers must provide 'ME'aningful customer experiences: Wipro-Planet retail research Business Wire India A new study by Planet Retail and Wipro Limited confirms that retailers who do not provide individualized and digitally connected customer experiences, are falling behind competitors. With 29% growth, Reliance retail reports highest ever quarterly turnover of Rs 6042 crore in Q3 Reliance Retail posted highest ever quarterly turnover of Rs 6,042 crore during the third quarter against Rs 4,686 crore during the same period last year registering a growth of 29 percent. The business delivered PBDIT of Rs 243 crore in Q3FY16 as against Rs 227 crore in the corresponding period of the previous year. Now, Pay at McDonald's With Your Mobile via FreeCharge The integration uses an On-the-Go Pin authentication method, which lets customers generate a code on the Freecharge wallet even the smartphone is not connected to the internet. Lingerie brand Wacoal to invest Rs 20 crore in India to open 75 stores Kyoto-based Wacoal has a presence in over 66 countries will compete with companies such as LaSenza, Marks & Spencer and Triumph in the country's intimate market. How the man behind Shopper's Stop's first store is now making lives of retail associates easy Back in 1991, B.S. Nagesh joined the Raheja Group as General Manager. He was trusted with the responsibility of setting up the Group’s retail arm and given Bagrry's India Ltd. to offer healthier snacks in fast-food lane dominated by KFC, McDonald's To be called Bagrrys On the Go, these stores will serve food and beverages such as oats-based sandwiches, burgers and bagels. Fabindia crosses Rs 1000 crore in sales; becomes largest retail apparel brand in the country During 2014-15, the ethnic wear firm posted a 12% rise in consolidated sales at Rs 1,148 crore with 36% increase profit. In Growing Spat, Facebook Claims India Telecom Regulator Blocked Its Emails The social network sent the regulator millions of generic emails supporting its Free Basics service. 'Spectrum depth crucial for growth of Indian telecom sector' 19 Jan 2016, 10:33PM IST Randall Stephenson, CEO at American multinational telecommunications corporation AT&T, speaks to ET Now about the Indian telecom landscape and says that the spectrum depth is crucial for growth of telecom sector in India. FMCG, e-commerce, telecom auto to boost Indian AdEx by 15.5% in 2016: GroupM MUMBAI: India’s advertising investment is predicted to reach an estimated Rs 57,486 crore in 2016, which is a growth of 15.5 per cent for the calendar year 2016 over the corresponding period in 2015, according to GroupM’s bi-annual advertising expenditure futures report This Year Next Year (TYNY). The last calendar year closed on a promising note, with the advertising expenditure in India closing at Rs 49,758 crore, growth of over 14.2 per cent over 2014. | FMCG, e-commerce, telecom & auto to boost Indian AdEx by 15.5% in 2016: GroupM | Indian Television Dot Com Mobile phone market to reach 250 million units in India this year Mobile phone market to reach 250 million units in India this year - The smartphone segment grew at an annual average rate of 32% to about 95 million in 2015 from 77 million a year ago. Mobile wallets finally gain currency, starts to innovate Credit card penetration in India is still quite low but mobile wallets are slowly starting to fill this gap with widespread acceptability. WhatsApp is eating telecom (or trying to) When WhatsApp opened up its API for transaction messages (announced yesterday), the first question that struck me was: why only this? Look carefully at the evolution of the product, and you'll see that the rollouts have been remarkably conservative, and that they mirror telecom operator ser India's Reliance telecoms unit to raise $2.2 bln via rights issue of shares Reliance Industries Ltd's (RELI.NS) telecommunications unit said its board had approved a plan to raise 150 billion rupees ($2.2 billion) via rights issue of shares to existing shareholders, ahead of an expected launch of its services in the second quarter. Telecom Ministry tops the government's grouse chart The telecom ministry, which is often bogged down by call drop complaints, tops the government Nestle agrees a partnership with Alibaba in China to grow online sales, build key brands and offer new products "Using Taobao.com, the country's largest shopping site overall, Nestle is expanding its distribution in rural areas," a statement said. 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