The chief investment officer of SBI Funds Management Navneet Munot has resigned from the organization and is set to join HDFC Mutual fund as MD & CEO. HDFC Mutual Fund has announced that its board of directors had given their final nod to the appointment of Navneet Munot as its next managing director and chief executive officer. He will be succeeding the present managing director Milind Barve said HDFC Mutual Fund in a filing to the stock exchanges.
The Tata Group and Singapore Airlines promoted Vistara sees a top-level exit with its Chief Information and Innovation Officer Ravinder Pal Singh resigning from the airline. He will be leaving the organization on 15th January 2021. This would be a second top level exit in the airline in a little over a year. In December 2019, its then Chief strategy and commercial officer Sanjiv Kapoor had resigned from the airline. Kapoor was replaced by Vinod Kannan, who took responsibilities of key revenue functions of the airline.
US President-elect Joe Biden on Thursday (local time) announced a USD 1.9 trillion plan to revive the country’s economy and combat the coronavirus. The team said that Biden’s USD 1.9 trillion ‘American Rescue Plan’ is ambitious, but achievable, and will rescue the American economy and start beating the virus. The Biden plan will ask Congress to approve up to USD 400 billion to combat the novel coronavirus so it can establish community vaccination sites across the United States and boost testing and tracing. The plan has also proposed to provide eligible individuals with USD 1,4000 in stimulus payments. The plan seeks to provide USD 130 billion to help US schools safely reopen within the first 100 days of Biden’s presidency.
Swiss multinational investment bank UBS Group AG is pursuing to invest $400 million in India’s most valuable startup Paytm. A fund run by UBS’s asset management arm is in talks to buy a stake in Paytm. UBS is reportedly negotiating the purchase of Paytm stock from a group of Indian fintech company employees. While UBS wishes to finalise an agreement in the month of January itself, talks could still be delayed or fall apart. Paytm however isn’t raising any new capital as part of the deal. Both Paytm and UBS have declined to comment on the matter.
Nokia on Thursday partnered with Alphabets Google Cloud unit to build 5G core network infrastructure and allow business customers to offer services such as smart retail and automated manufacturing. While Nokia will bring its 5G expertise, Google Cloud will serve as the platform for launching applications and assist customers in building an ecosystem of services.
IDFC First Bank is offering a credit card allowing cash withdrawal and interest-free. The lender is set to levy finance charges at an annual rate of 9% for the best-rated customer, climbing up to 36% for lower-rated customers. Generally, the annual percentage rate for other banks ranges from 34-40%. Customers can also use interest-free cash withdrawal facilities at ATMs of up to 48 days. They will have to pay a nominal fee of Rs 250 per transaction against Rs 500 charged and interest charges levied by other major lenders. Currently, the credit card membership is only open to existing IDFC First Bank customers and will be thrown open to others from April 2021. The bank will offer a standard reward point structure with 10X reward points for incremental spends of over Rs. 20,000 in a billing cycle and 3X reward points on all spends, 6X on all online spends. There will be no cap or expiry on the reward points earned by the customer. The bank is also offering dynamic interest rates starting at 9% based on the customer’s credit assessment.
Ed-tech startup Unacademy, which was recently valued at $2 billion, said its top investors Tiger Global, Dragoneer Investment Group, Steadview Capital and General Atlantic have bought another $50 million worth of shares in the firm from existing investors through a secondary share sale. In a secondary share sale, the money does not come to the company but goes to the investors selling their stake.
India’s biggest automakers are yet to take a call on the quantum of price increase they will take on their popular models in the aftermath of significant input cost pressures, with the mass-market leader Maruti Suzuki launching a ‘price protection scheme’ to give its cars at old prices to customers. Carmakers have confronted elevated pricing pressures as a result of BS-VI emission conversion, security rules and rising input costs.
The Internet and Mobile Association of India (IAMAI) on Thursday said that it has appealed to the government to reduce TDS on e-commerce platforms to 0.25 percent from 1 percent to give much-needed relief to small sellers in the Union Budget 2020-21. IAMAI had earlier shared with the authorities an illustration that suggested for merchants who have a turnover of up to Rs 1.25 crore, 1 percent TDS under the new provisions would exceed their total tax liability, resulting in an unnecessary refund position.