< Back 1,238 Bank of Baroda branches issued fake gold loans to meet targets 7 Feb 2024 BoB branches with Gold Loan Shoppes issued disbursed the fake loans. Some friendly customers were in on it. In another case of bank fraud, some Bank of Baroda employees in the South India carried on the scheme in an alliance with friendly customers. The branches with Gold Loan Shoppes would sanction the fake loan without collateral and disburse the money to customer's account. A lien (a block on a sum of money) was created on it so the customer couldn't use the money. After some time, the money would be returned to the bank to show a regular loan repayment. The branch would pay processing fees from its internal expense account. Interest payments were avoided by back-dating the loan repayments. So the system would show that the loans were repaid the same day as they were disbursed, which reversed any interest charges. An offside audit identified anomalies in some gold loan accounts closed within three-month periods between April and September. Previous Next

< Back Google turns back on its privacy promise; third-party cookies will stay 24 Jul 2024 Google launched the Privacy Sandbox project in 2019 to replace the third-party trackers in its Chrome browser and allow advertisers to target users with appropriate ads. Third-party cookies record and share user information across websites visited. While Safari and Firefox banned these cookies years ago, Google tried to find a way to give advertisers access to user information and its users the option to choose their level of privacy. Google gets 80% of its revenue from advertising. It launched Privacy Sandbox in 2019 to be released within two years. It would shift the control of online user tracking from third-party trackers to Google Chrome. This would mean that ad-tech players and companies would not be able to track their ad performances. This opened the floodgates to several lawsuits and complaints filed with regulators and competition authorities against Google across the UK and the US. After repeated delays, Google announced on July 22nd that Chrome will continue to support third-party cookies while allowing users to block them, subject to approval from the UK-based Competition and Markets Authority. Previous Next

< Back India-West Asia-EU Corridor to make travel 40% faster Ishita Nigam 12 Sept 2023 The corridor will connect India's West Coast to the Middle East via shipping lines, pass through UAE, Saudi, Jordan, and Israel via a railway line, and enter the Mediterranean via France, Germany, and Italy. Leaders from India, the US, UAE, Saudi Arabia, France, Germany, Italy, Africa and the EU unveiled a Memorandum of Understanding to build a trade corridor connecting Asia, Africa and Europe. The new passage will provide neutral trade opportunities for manufacturing, food security and supply chain logistics. It will have two sections: the East Corridor connecting India to the Gulf and the Northern Corridor connecting the Gulf to Europe. This challenges the decade-old Chinese Belt and Road Initiative (BRI) that India has always opposed. The BRI acted as China’s tool to dominate developing nations by creating a debt trap and strategic issues. Many countries have started opposing the BRI, including Italy, that had joined the Chinese project in 2019. It is expected to reduce shipping time and expenses, fuel consumption, and make commerce between India and the Mediterranean more sustainable, faster, and cheaper. Previous Next

< Back Reliance Retail begins superfast deliveries within an hour 26 Jun 2024 The company has started a pilot program to offer quick deliveries of groceries and FMCG products in some parts of Mumbai and Navi Mumbai. Reliance Retail launched a pilot program via its Jiomart mobile app, offering hyperlocal delivery in some parts of Mumbai and Navi Mumbai. With the addition of more stores and expansion into other markets, it will reduce the delivery time to 30-45 minutes. However, Reliance Retail will fulfil the quick delivery demand from its stores and warehouses. In areas without its own stores, Reliance will utilise the Kirana stores associated with the Jiomart Partner Initiative. These Kirana stores are connected to Reliance Retail’s backend and source products from its wholesale arms. Reliance is using tech solutions like FYND and Locus to optimise fulfilment and delivery routes. Currently, Reliance Retail delivers goods in between twelve hours and up to three days. Earlier, JioMart catered to online orders via WhatsApp in partnership with Meta Inc, launched in 2020. It started offering quick delivery via JioMart Express in 2021 and shut it down in early 2023. Previous Next

< Back Accor to open 30 hotels in India within 5 years 3 Apr 2024 Luxury hotel brands like Fairmont, Sofitel, and Raffles planned. Accor may consider launching luxury brands like Orient Express, too. European hospitality chain, Accor plans to launch 30 more luxury hotels in India within three to five years, and one hotel every week in Asia this year. In India, it currently operates 62 hotels under 9 brand names from its portfolio of 40 brands worldwide. It will open Raffles in Jaipur this year. The other cities on its radar are New Delhi, Mohali, Chandigarh, Amritsar, Bhubaneswar among others. Novotel, Ibis, and Pullman make up 70% of its entire business. It develops Ibis hotels in India in partnership with InterGlobe Aviation, the owner of IndiGo Airlines. IndiGo's aircraft order last year fueled its plans for expansion in India. Accor launched its luxury and lifestyle division a year and a half ago, offering 24 brands like Delano, Mama Shelter, Mondrian, 25hours, and MGallery. It already offers hotels, trains, and yatchs under Orient Express and is considering launching it in India. Previous Next

S’abattant sur les côtes au début du festival de la mi-automne, Bebinca est la deuxième tempête à perturber la chine en plusieurs semaines. < Back Le typhon le plus forte depuis sept décennies s’abat sur Shanghai S’abattant sur les côtes au début du festival de la mi-automne, Bebinca est la deuxième tempête à perturber la chine en plusieurs semaines. Quelques semaines après le passage du super typhon Yagi sur l’ile de Hainan, un autre orage s’est attaque la capitale financière du chine, Shanghai. Plus tard, la tempête a procédé vers le nord du Viêt Nam et la Thaïlande. De violents coups de vent d’une vitesse de 120 kilomètres par heure se sont abattus sur Shanghai lundi matin. C’était un ouragan de catégorie 1 sur l’échelle de Saffir Simpson a cinq niveaux, la plus forte tempête depuis 1949, selon le Centre conjoint d’alerte aux typhons. Shanghai compte 25 millions d’habitants. Il a déclenché dimanche une intervention d’urgence hautement prioritaire et a entrainé l’arrêt des ports, des trains, de 1400 vols, et des routes, ce qui a eu un impact sur la logistique mondiale et l’a retardée. La production et le transport de marchandises ont été affectés, ce qui a eu un impact sur les prix mondiaux des produits de base. Previous Next

< Back Reliance to form a JV to absorb Disney’s India operations 14 Dec 2023 RIL will take a 51% stake in the upcoming unit under Viacom18 and merge Star India’s media operations. Reliance Industries will likely pick up a 51% stake in a new unit coming up under Viacom18 in possibly an all cash deal; Disney will hold a 49% stake in the new entity. The new unit will absorb Disney’s Star India media operations through a share swap deal. Disney’s India assets include the Disney+Hotstar OTT platform and Star India. Viacom18 currently runs the JioCinema streaming platform. Earlier, Reliance battled Disney to offer free streaming of IPL 2023. This move catapulted JioCinema to the #1 position as the most downloaded app in the country by May 2023, compared to the 13th rank in May 2022. Reliance also bought the rights to various movies and shows by global networks like HBO, NBC, and Warner Bros. It aims to build a platform with audience volumes bigger than television. It wants to become India’s foremost digital group and is not competing with other OTTs. Previous Next

< Back Fintechs offering credit card distribution to grow revenues 21 Nov 2023 Cred has already tied up with Axis Bank, and PhonePe is about to partner to provide Axis Bank’s credit cards on its platform. Several fintechs like Cred are partnering with banks to diversify their portfolio, boost user engagement, and expand into other revenue generation modes. Cred is already offering Axis Bank credit cards on its platforms. Walmart-backed PhonePe is in the process of tying up with Axis Bank to take the plunge. Such associations allow banks to access potential customers without spending much on lead generation and marketing. This trend could also pave the way for future co-branded card partnerships and enhanced options for credit card customers. A fintech platform can earn a commission fee between ₹500 and ₹2,500 for every customer sourced. Banks intend to leverage platforms’ user engagement levels to generate quality leads. However, the new dynamics are expected to transform the commission-based models to trail incomes, which translate as additional income earned by fintech platforms according to the credit card usage and interest paid. Previous Next

< Back Int’l car sunroof makers planning investments in India 7 Oct 2024 Now, around 27.5% of the cars sold in India have a sunroof, higher than 12.7% five years ago. One in four cars sold in India offers a sunroof, which has drawn the attention of global sunroof makers to India. Germany-based Webasto plans to invest €115 million to double its production capacity in India from 500,000 units annually to 950,000 units by 2027. Inalfa Gabriel Sunroof Systems (IGSS), the partnership between the Dutch company, Inalfa Roof Systems and Gabriel India, will double its capacity by next year. Their Chennai plant, which opened in 2024, can presently roll out 200,000 sunroof units yearly. It began operations by supplying sunroofs to Kia and Hyundai and expects to record a ₹1,000 crore revenue by 2030. In August, Uno Minda signed a license agreement with Japanese Aisin Corp to make and sell sunroofs. The market is expected to grow at a CAGR of 17.6% till 2029, Sunroofs are a status symbol despite their limited utility in the extreme weather conditions in Indian metros. Previous Next

< Back Govt planning wider coverage under social security schemes 15 Oct 2024 The revised Jan Suraksha model may provide higher insurance and pension coverage, doubling life and accident cover limits. The Centre is planning to upgrade the Jan Suraksha model to offer wider coverage for life and accident insurance and pension by linking all Jan Dhan account holders. It is also considering increasing the minimum guaranteed pension under the Atal Pension Yojana (APY), which is currently ₹1,000 to ₹5,000 per person. Under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the insurance cover is ₹2 lakh. Currently, insurers and banks have to settle claims within 14 days of receipt, giving one week each to the bank and the insurer. Centre plans to hike premium rates and push prompt claim payment. Banks are advised to proactively inform deceased account holder nominees by identifying the corresponding customers from core banking solutions. Centre had revised annual premium rates to ₹436 for PMJJBY’s life insurance scheme and ₹20 for PMSBY’s accidental death and disability scheme in 2022. Source: ET Previous Next

< Back PepsiCo, ITC vying for Balaji’s 10% stake 12 Sept 2025 Rajkot-based Balaji Wafers has been valued at ₹40,000 crore. Several companies, including PepsiCo, ITC, Temasek, and TPG, have queued up to buy a 10% stake in Balaji Wafers. PepsiCo had similar discussions in 2013 to buy a 49-51% stake, but Balaji resisted then. The Viranis, owners of Balaji Wafers, are eyeing professionalising management for the organisation, a move similar to Vadilal’s recent CEO appointment. 80% of their revenue comes from sales in Gujarat alone. Balaji Wafers is known for products like chips, noodles, and wafers, and is a prominent name in Western and Central India. Temasek acquired a 10% stake in Haldiram’s for $1 billion in March this year. It was the largest deal in the Indian packaged food sector. The IMARC Group predicts the Indian snacks market to double from ₹42,695 crore in 2023 to ₹95,521.8 crore in 2032, growing at an 8.63% CAGR. Local brands like Balaji are dominating the space compared to international brands. Check out my new book, THE BLACK FLAMES , on Amazon Kindle. A gripping, high-stakes novel Previous Next

Le syndicat Ver.di demande une augmentation de salaire de 8 % et des restrictions sur les contrats temporaires. < Back Une grève syndicale touche 13 aéroports allemands Le syndicat Ver.di demande une augmentation de salaire de 8 % et des restrictions sur les contrats temporaires. Après l’échec de la deuxième série de négociations, le syndicat allemand Ver.di a annonce une grève d’une journée, y compris un débrayage de 24 heures, le lundi 10 mars. 13 aéroports sont concernés, dont Francfort, Munich, Berlin, Hambourg, Stuttgart, Düsseldorf, Cologne, Dortmund, Hanovre, Brême et Leipzig-Halle. Le conflit porte sur les salaries et conditions de travail. Ver.di réclame une augmentation de salaire de 8 % ou un revenu supplémentaire d’au moins 350 euros par mois, une prime, trois jours de vacances supplémentaires et des contrats temporaires de moindre durée pour près de 2,5 millions de travailleurs publics. Les autorités aéroportuaires jugent ces demandes économiquement irréalisables. Les fonctionnaires, le personnel au sol et les gens de sécurité ont organise un débrayage de 24 heures lundi, entraînant des annulations massives de vols. Ver.di soutient les réformes fiscales annoncées par la futur chancelier Friedrich Merz, estimant qu’elles contribueront à moderniser les infrastructures allemandes. Ne manquez pas un autre article de SalestorrsNouvelles150. Suivez Salestorrs sur WhatsApp , LinkedIn , Facebook , X , et Instagram . Previous Next