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The Dollar Business Bureau The Ministry of Commerce had discussions with the officials of the World Bank in Washington, conveying its concerns over the methodology used by the Bank in ranking countries in terms of ease of doing business. The index rates the top economies among 189 countries. The commerce ministry was joined by officials from the Department of Industrial Policy and Promotion (DIPP) in its discussions. DIPP secretary Ramesh Abhishek shared in a tweet that the detailed interaction with the team in Washington DC resulted in creating better awareness about reforms in India. "The Bank team also sensitized on various concerns on methodological and other issues. All departments/agencies made excellent presentations," Abhishek quipped in his tweet. The annual ratings exercise has been a ...

The Dollar Business Bureau Keeping in view the US’ recovering economy and the investors’ positive sentiments around it, the US Federal Reserve Chair Janet Yellen on Friday said the fed will adopt a more aggressive rate path ahead, first by raising interest rates at its next meeting on March 14-15, and possibly make further adjustments after the meeting.   "At our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal fund rates would likely be appropriate," Yellen said. “We realise that waiting too long to scale back some of our support could potentially require us to raise rates rapidly sometime down the road, ...

Sairaj Iyer Uday Kotak, Executive Vice Chairman and MD of Kotak Mahindra Bank, believes that the premise for rejuvenation of India’s economy (post demonetization) and the overall financial atmosphere is to replenish the confidence of the public in banks. Especially since we see receding confidence in recent times due to an uncertain global environment. But to do so there is a need to improve upon governance standards, specifically in PSU banks. At a talk show organised by the Indian Merchants Chamber, Kotak said that the PSU banking sector is an area that needs immediate attention. Referring to the rising NPAs, and infusion of tax-money into recapitalization of failing PSU banks, he said, “70% of bank accounts are with the PSUs, and I want ...

The Dollar Business Bureau Deutsche Bank agreed to a $7.2 billion settlement with the US Department of Justice over its sale of toxic mortgage-backed securities prior to the 2008 financial crisis. The department said, Deutsche's nod represents the largest such resolution for its conduct in misleading investors in residential mortgage-backed securities. This settlement is also higher than the Citigroup’s $7 billion paid to federal and state authorities in 2014. "Deutsche Bank did not merely mislead investors: it contributed directly to an international financial crisis," Attorney General Loretta Lynch said. Deutsche's chief executive John Cryan termed the bank's conduct between 2005 and 2007 as "unacceptable." “The bank had exited many of the underlying activities and improved standards,” he said. The Frankfurt-based bank had reached the settlement ...

The Dollar Business Bureau  Japanese business leaders and investors on Friday said India is an attractive manufacturing base and market that has a huge potential for business but sought more "free and open" investment climate and relaxation of land acquisition policies. Chairman of Keidanren (Japan Business Federation), Japan's most influential business lobby, Sadayuki Sakakibara, while addressing the business forum meeting attended by Prime Minister Narendra Modi especially referred to the need for relaxing norms on land acquisition and suggested that India should have bidding processes. He said that Japanese companies have "deepest regards for Modi's "strong leadership" and hoped that his government will address these issues. "There is a high potential ahead for the bilateral collaboration to reach its full potential. ...

PTI West Bengal Chief Minister Mamata Banerjee today made an impassioned plea to investors, both foreign and those in the country, to invest in the state and assured them that her government would pull out all the stops to help and support. "We will help. Give us the choice, we will give you all options. If you want to set up industry, the state government will give land from the land bank. Our land bank, land policy is ready. If you come, we will be happy," Banerjee said while addressing a business meeting in Munich. Banerjee, who led a business delegation to Munich to explore investment opportunities, urged the German auto major BMW to consider investing in the state and said, "We ...

The Dollar Business Bureau A prolonged dream that we will have an Indian jockey for the finest Japanese horse, Softbank, remains a dream as Nikesh Arora, the 48-year-old President and Chief Operating Officer (CEO) of the telecom giant, decided to step down from the company effective June 22. SoftBank Chairman and CEO Masayoshi Son said he had hoped to hand over the position to Arora, but since he was working on cementing SoftBank 2.0, which will take another five to ten years, he didn’t want to keep Nikesh waiting. “This is not a time frame for me to keep Nikesh waiting for the top job,” Son said. “All good. Masa wanted to be CEO for longer, I did as promised, time to move on,” Arora ...

 The Dollar Business Bureau Aimed at bringing in more investment and establish foreign collaboration in fields of Electronics and Information Technology, government is focusing on global IT trade fare -CeBIT 201, being held in Hannover, Germany. CeBIT, being held from March 14-18, 2016, will have Aruna Sharma, Secretary, Department of Electronics and Information Technology (DeitY) as a representative from the Indian side, where she is expected to present a case to woo investors towards Indian Electronic and IT sectors. “Aruna Sharma is leading a government -industry delegation to participate in CeBIT 2016," DeitY reportedly said. The delegation includes key officials from Central & State governments and also key executives from the Information & Communications Technology (ICT) companies. This step is part ...