Jun 27, 2017 - Trump accepts Narendra Modi's invite for India visit, commits to India-US ties

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Sree Vijaykumar From the Editor's Desk What the business press ignored in their coverage of the recent Infosys AGM was Vishal Sikka's extended talk about an AI-led future. He admitted that 65% of his staff were working in areas that would get commoditized (or automated) in the future. The assumption is that the remaining 35% are working in areas where Infosys would help clients figure out how to use AI (and other 'digital' technologies). The opportunity is huge, but the challenge is that neither client nor technology partner have a clear problem statement in front of them. How does one really take advantage of this AI-led future? As suggested by Narayana Murthy and often quoted by Sikka, the challenge facing Indian IT companies now is 'to become pro-active problem finders as opposed to reactive problem solvers'! Advertisers of the day On behalf of SAP India: Get GST-Ready in just a few weeks shivkhera: Optimize Performance and Move Up to the Next Level : Programs by Mr. Shiv Khera   Our advertisers help fund the daily operations of TradeBriefs. We request you to accept our promotional emails (B2B Decision-Makers, B2C Decision-Makers, TradeBriefs Premium). Trump accepts Narendra Modi's invite for India visit, commits to India-US ties As a mark of his commitment to the India-US relationship, Donald Trump accepted Prime Minister Narendra Modi's invitation to visit India Advt: Lending solutions for all your long-term business needs No company starts big. They grow over time. Standard Chartered will be your companion in this growth journey, giving you solutions that fit your needs at every stage (Know More) Advt: Work for the best employer - Yourself Advantages - Best B2B audience in India, no hard-selling or up-front costs involved, access to our content repository and air-tight agreements with instant gratification. India's poor are not using LPG cylinders they got under Ujjwala scheme There is a huge mismatch in growth of LPG consumption and customers in 2016-17, even as the government's Ujjwala scheme has been a roaring success so far Bankers are hiring cyber-security experts to help get deals done 8 in 10 deal-makers don't think potential cybersecurity impacts are quantified as part of due diligence. Lawyers in India are smiling as GST set to fuel litigation wave The complex nature of GST is bound to attract thousands of lawsuits in a legal system already grappling with a backlog of more than 24 million cases Demonetisation has not impacted war on NPAs: SS Mundra, RBI If you look at history of past couple of years or even a decade, when the CDR was put up or whether it is SDR or S4A, all these mechanisms are device for that purpose and not to bring down an enterprise Chanda Kochhar's salary rises most among top private bank chiefs ICICI Bank boss Chanda Kochhar's salary rose to Rs7.8 crore in 2016-17, which included a performance bonus of Rs2.2 crore and a 47% jump in allowances Corporate salaries are still waiting for 'achhe din' Average nominal rise in salaries is not only well below what it was in the 2000s, but also lower than the salary hikes in the early years of the current decade Five years on, Sebi's quest to find Sahara bondholders unsuccessful Sahara Group over the past five years has deposited with Sebi Rs11,798 crore, which is not even half of the Rs24,000 crore that Supreme Court had ordered As bad loans pile up at banks, finance ministry seeks to extend RBI deadline on Basel III norms As per the norms, banks have to maintain a minimum common equity ratio of 8 percent and total capital ratio of 11.5 percent by March 2019. Banks face 60% haircut on top 12 bad loans: Report As per the RBI's provisioning norms, if an account turns into a non-performing asset, banks are required to set aside 15 per cent of the loan amount as provisioning in the first year. Insolvency resolution: SBI ropes in A M, EY, Deloitte and PwC Banking stocks were in action in the last week after Reserve Bank of India (RBI) announced a plan to resolve troubled assets of 12 large borrowers and had also asked banks to resolve 55 high-value cases of bad loans within six months. IFMR Capital plans fund to invest in firms focused on financial inclusion IFMR Capital is planning to set up an overseas fund, targeting international investors Banks may move NCLT against four of 12 major defaulters this week Monnet Ispat, Alok Industries, Amtek Auto and Essar Steel will likely be the first companies where bankruptcy proceedings are initiated this week Public markets have become competitors to private equity: Rothschild India MDs Rothschild India MDs Amitabh Malhotra and Chandresh Ruparel on factors driving M&As and private equity in the current economic environment Financial year change likely from 2018, Budget may be moved to November The govt and NITI Aayog is working on moving the financial year to January-December from April-March after PM Narendra Modi pitched for a change RIL seeks shareholders' approval to raise Rs25,000 crore via debentures Reliance Industries has sought shareholders' nod to raise Rs25,000 crore through issuance of debentures on a private placement basis HDFC seeks shareholders' nod for Rs 85,000 crore fund raise HDFC will seek shareholders' approval at the AGM next month to raise up to Rs85,000 crore through various debt instruments India does not need too many govt banks; consolidation the right move State-run banks will reduce in number but get healthier to stand up to competition from global banks With $10.1 billion, India tops emerging markets equity fundraising in 2017 Bankers expect to end the year with a record $25 billion in equity deals. Can Mahesh Kumar Jain turn around IDBI Bank? I don't know whether Mahesh Kumar Jain's sudden shift from Indian Bank to IDBI Bank is a reward for his work or a punishment, but for sure, no banker would envy his job Govt to revisit plan for 3-tier banking system The government is likely to revisit the nearly two-decade-old Narasimham Committee's recommendation for a three-tier banking system. The government is likely to take the consolidation approach while considering capitalizing of banks. RBI's new diktat could see banks face Rs 50000 crore blow The RBI has reportedly told banks to set aside at least 50 pc of the loan amount as likely losses for all cases referred to the insolvency process HDFC Life, Max prepare new structure for merger The new structure for merger of HDFC Life Insurance and Max Life Insurance comes after IRDA rejected the original three-step union Chaayos eyes partners to double stores With 80 per cent of Chaayos' revenues coming from its offline stores, an extensive offline presence will help the company chip away at coffee chains. Tata Group to enter online grocery business by acquiring Gurgaon-based GrocerMax Food and grocery account for almost 50% of India's $500-billion retail market which is attractive for any player, foreign or local. GST rollout: Cos say retailers refusing to buy fresh stocks; retailers want consumer firms to protect margins Future Group, Reliance Retail, Tata Group, D'Mart and Aditya Birla Retail said they wanted consumer companies to protect their post-tax absolute margins. Will not invest in e-commerce space for at least two years: Kishore Biyani On the goods and services tax (GST), Biyani said the retailer is ready for it and prices will come down for a lot of packaged food and FMCG products. Electronics next on Aditya Birla's Fashion & Retail store 'The Collective' cart It will launch new stores in Hyderabad and Chennai this year besides getting on board more brands like Paul Smith and Farah, said Amit Pande, brand head for The Collective. Amazon's food retail plan may get government nod in July Amazon will be the first big company to enter the food retail segment after the sector was opened up to foreign entities last year. Trent to step up sourcing from local farmers, increase private label business To rapidly expand chain across formats Zopo Mobile Plans to Set Up a Manufacturing Plant in India to Support 'Make in India' Initiative The china market is very different from the Indian market as of now. The Indian market is learning from the China market. , In floor price debate for telecom firms, India has Pakistan, Nigeria, Zimbabwe for company The concept of a blanket floor price is clearly out of the ordinary, especially when it's being considered for the reasons India's incumbent telecom operators are talking about No Aadhaar card? Forget new mobile connection Your existing cellphone connection could be deactivated after Feb 6 next year if it is not linked to the 12-digit unique number. What you actually pay for video on demand Video services are growing on the back of cheap internet but there are costs of using even the free ones. Know them before binge-watching your favourite shows online Debt don't have no mercy If this monsoon season has a theme in India, it has to be debt—be it bad loans at banks, farm loan waivers or telecom firms lobbying for a government bailout Telecom woes: IMG to submit policy recommendations in July New Delhi, Jun 25 (PTI) The inter-ministerial group (IMG) looking into financial difficulties of the telecom sector is expected to submit its policy prescription to the Telecom Commission next month. US activist presses for 'bold action' at Nestle NESTLE-THIRDPOINT:U.S. activist presses for 'bold action' at Nestle FSSAI issues draft regulations for organic food products FSSAI issues draft regulations for organic food products GST is the new normal, but issues still remain: Nykaa's Sachin Parikh Nykaa chief financial officer Sachin Parikh speaks about what GST means for the company and the cosmetics industry at large GST: FMCG companies expect dip in inventory levels, normalcy in Q2 Ambiguity over the anti-profiteering law under GST is said to be a major worry for automobile dealers and consumer packaged goods companies GST: Relief for Amazon and Flipkart as government defers implementation of a provision Ecommerce players had feared losing business as a large number of small suppliers were yet to register their operations as required under GST guidelines. 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