‘It’s for central bank to decide on Chanda’

It is for the Reserve Bank or ICICI Bank board to decide if bank CEO and managing director Chanda Kochhar should continue or not, a senior official in the finance ministry said.  The RBI governor has been saying that he has more power over the private sector, he stressed. The private sector banks deal with public money as well.

Fitch flags governance issues at ICICI

Rating agency Fitch in a credit market commentary said allegations against ICICI Bank pose reputational  risks and it would take appropriate rating action if risks to bank’s reputation and financial profile were to rise considerably.

Facebook did not do enough to prevent misuse: Zuckerberg

Facebook Inc chief executive Mark Zuckerberg told Congress in written testimony released on Monday that the social media network did not do enough to prevent misuse and apologised. “It’s clear now that we didn’t do enough to prevent these tools from being used for harm,” he said in written testimony released by the US House Energy and Commerce Committee.

“We didn’t take a broad enough view of our responsibility, and that was a big mistake,” his testimony continued. “It was my mistake, and I’m sorry. I started Facebook, I run it, and I’m responsible for what happens here.”

Walmart completes due diligence

Taking a step closer towards a deal to pick up majority stake in Flipkart, Walmart completed a due diligence process.

While Walmart proposes to buy a controlling stake of 51 to 55 per cent in Flipkart for a valuation close to $20 billion, further negotiations will be held on the basis of the due diligence and a final decision on the stake and the valuation will be taken, sources privy to the development said. During the last round of fund raising Flipkart was valued a little more than $14 billion. When contacted by Financial Chronicle, Walmart refused to comment.

IBS readies $100 mn to fund its play

IBS Software Services has chalked out its plans for another round of inorganic play.

The company that made six different acquisitions in the last 10 years has now set aside $100 million to acquire capabilities across travel, transportation and logistics spaces. It’s currently in the process of identifying suitable picks across multiple geographies.

Public wifi hotspots to proliferate broadband across the country

Trai on Thursday sought telecom ministry's nod for carrying forward its proposal on creating a framework for public wifi hotspots to proliferate broadband across the country, a move that would increase the number of access points for high digital inclusion.

But industry expert says as the current licensing regime stands of DoTstands, these could raise some regulatory, parallel network and revenue issues with the government besides opposition from private operators who could take a hit on their revenue .

Equity, bond markets rally on new hopes

Equity and bond markets made a strong comeback on Thursday, as stocks rallied with US President’s office and US Federal Reserve trying to ease escalated trade tensions with China and the RBI’s dovish monetary policy statements led to a rally in the bond market. Equity market benchmarks Sensex and Nifty gained 1.75 per cent and 1.94 per cent, respectively, with financials contributing the most to index gains. The fall in bond yields led to a rally in the shares of banks and non-banking finance companies (NBFCs).

Govt to recover revenues from likes of Mallya

The government is preparing an action plan to recover revenues from high networth defaulters like Nirav Modi and Vijay Mallya who escaped the law and slipped out of the country leaving the tax authorities in an embarrassing and helpless spot.

The Central Board of Direct Taxes (CBDT) has formed a committee tostudy these cases and prepare an action plan for due revenue to be extracted from them and ensure that the tax authorities are not left in the lurch.

Salman in jail, projects of Rs 1K cr hang in balance

The conviction of Salman Khan in the 1998 blackbuck poaching case has pushed Bollywood into a nervous spell as approximately Rs 1,000 crore is riding on the superstar. One of the biggest money-spinners in the industry, Salman was working on a slew of films that are scheduled for release in coming months. A Jodhpur court gave five-year jail term to Salman and imposed a fine of Rs 10,000 on him.

Fellow actors Saif Ali Khan, Sonali Bendre, Tabu and Neelam have been acquitted.