BUSINESS
SVB chief pressed US lawmakers to weaken bank risk scrutiny
Three years later - after the bank spent more than half a million dollars on federal lobbying - lawmakers obliged. On Friday, California regulators shut down the Silicon Valley Bank (SVB), a top lender to venture capital firms and tech startups, and the Federal Deposit Insurance Corporation took it over, following a bank run by its customers.
More Russian wheels to roll into India for Vande Bharat train
The 16 coach Vande Bharat train moves on 64 wheels and for 200 trains, the total number of wheels will be 12,800. The TMH-RVNL consortium was the lowest bidder to make 200 Vande Bharat trains at Rs 120 crore per train. The total value is Rs 24,000 crore. Not only India's prestigious Vande Bharat, but many other trains are moving on imported wheels, said serving and retired officials.
Silicon Valley Bank Collapse: 5 Facts to know about the largest bank failure since 2008 financial crisis
The Silicon Valley Bank Collapse has raised concerns about the stability of other banks and the potential impact on young start-ups who rely on such banks for funding. The situation highlights the importance of proper risk management and the potential risks associated with investing in bonds with high yields.
Infosys President Mohit Joshi resigns, appointed MD & CEO Designate at Tech Mahindra
The announcement comes on the heels of Mohit Joshi, the President of tech giant Infosys putting in his papers. Infosys, in its official communication to stock exchange stated, that Joshi will be on leave and his last date with the company would be on June 9. Joshi will take over as Tech Mahindra MD and CEO when incumbent CP Gurnani retires on December 19, 2023.
Silicon Valley Bank collapse leaves Indian startups worried
According to recent data by global software-as-a-service (SaaS)-based market intelligence platform Tracxn, SVB had exposure in at least 21 startups in India although it did not reveal the size of the investment in these startups. Also, the beleaguered bank did not invest in any Indian startup lately. Gokul Rajaram, a board member at Pinterest and Coinbase tweeted that India-based founders.
Need to reorient skill infrastructure system: PM
The Prime Minister addressed a Post Budget Webinar on the subject of 'PM Vishwakarma Kaushal Samman'. Referring to skilling and creating job opportunities for crores of youth through Skill India Mission and Kaushal Rozgar Kendra, the Prime Minister emphasized the need for a specific and targeted approach. Modi said that the PM Vishwakarma Kaushal Samman Yojana.
I am open to buy collapsed Silicon Valley Bank: Elon Musk
Min-Liang Tan, co-founder and CEO of Razer (a consumer electronic company), tweeted: "I think Twitter should buy SVB and become a digital bank". To which Musk replied: "I'm open to the idea". US regulators on Friday shut down Silicon Valley Bank (SVB) and took control of its customer deposits in the largest failure of an American bank since 2008.
Direct Tax collections for FY 2022-23 at Rs 16.68 lakh cr
Direct Tax collection, net of refunds, stands at Rs 13.73 lakh crore which is 16.78 per cent higher than the net collections for the corresponding period of last year. As per the Central Board of Direct Taxes, Department of Revenue, this collection is 96.67 per cent of the total Budget Estimates and 83.19 per cent of the Total Revised Estimates of Direct Taxes for FY 2022-23.
36% of senior positions in India's mid-market held by women: Report
With 36 per cent of women in leadership roles, India is ahead of the BRICS (34 per cent) and G7 (30 per cent) averages. Sadly, 5 per cent of mid-market businesses in India still don't have any women in senior leadership roles," according to Grant Thornton's International Business Report. Globally, 32 per cent of senior management positions are now held by women.
National Pension Scheme subscribers rise 23% to 6.24 cr Y-o-Y
According to data released by the Pension Fund Regulatory and Development Authority (PFRDA) on Friday, in NPS, the highest growth was seen in the All Citizen Model, where the subscriber base rose by a huge 32 per cent to 28.40 lakh from 23 lakh during the year-ago period. The Corporate Scheme too witnessed a jump of 20 per cent, as the subscriber base rose.
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