CBI registers criminal case against former ICICI Bank Chief Executive Officer Chanda Kochhar. Trump signs Bill to end US Govt shutdown. Mark Zuckerberg plans to integrate WhatsApp, Instagram and Facebook Messenger. Google fined $57m by France for failure to comply with GDPR.
Now here's the Breakdown:
CBI registers FIR in ICICI-Videocon loan case. Yes Bank names Ravneet Gill as MD and CEO. Government removes two PNB Executive Directors in light of the Nirav Modi scam. Renault Chief Executive and Chairman Carlos Ghosn resigns.
Conflict of Interest: The CBI has registered a criminal case against former ICICI Bank Chief Executive Officer Chanda Kochhar, her husband and NuPower Renewables founder Deepak Kochhar and Videocon Group Managing Director Venugopal Dhoot in light of the ongoing ICICI-Videocon loan fraud case.
Hit Refresh: It is alleged that Videocon promoter Venugopal Dhoot invested heavily in Nupower months after the Group received INR3,250cr as loan from ICICI Bank in 2012.
An Appointment: Yes Bank has won RBI's approval to appoint Ravneet Gill, India head at Deutsche Bank as its MD and CEO, who will succeed Rana Kapoor.
Backstory: This follows RBI's earlier directive which did not extend the bank's MD & CEO Rana Kapoor’s tenure after January 31, 2019.
Sacked!: The government has sacked two Executive Directors at the Punjab National Bank for failing to use the global payments network SWIFT to detect the INR14,000cr Nirav Modi fraud.
A Resignation: Renault’s board is set to meet on Thursday to replace its CEO and Chairman Carlos Ghosn who resigned on Wednesday. As per reports, Renault is likely to name Thierry Bolloré, its deputy CEO as Chief Executive and Michelin Chief Jean-Dominique Senard as the Chairman of the company.
Zoom Out: Mr Ghosn is currently under arrest in Tokyo, charged of understating his compensation for eight years. He is also accused of pushing Nissan to pay another company of a Saudi Arabian friend who granted him a personal favour.
Perspective: Mr. Ghosn’s legal troubles also threatened Renault’s alliance with Japanese automakers Nissan and Mitsubishi Motors. His resignation is likely to reign in peace.
Trump signs Bill to end US Govt shutdown; no mention of Border Wall money.
Trump Caves: President Donald Trump on Friday signed a Bill that would temporarily end the partial US govt shutdown and fund federal agencies for three weeks until 15th February.
What's the Catch: The Bill, however, does not include the $5.7bn, Trump has been demanding for building the border wall, without which he insisted that he would not reopen the government.
Trump's Insistence Came With a Price: The 35-day long partial shutdown has cost the US economy at least c. $6bn due to lost productivity from furloughed workers and economic activity lost to outside business, as per S&P Global Ratings.
She’s not one to bluff: Click here to read how House Speaker Nancy Pelosi won the shutdown battle against Trump.
Zee Group shares crash after allegations of link to company under fraud investigation.
Up Close: Zee Group on Friday suffered a loss in market capitalisation to the tune of INR14,000cr after shares of its entertainment arm crashed over 30% in light of a media report, which alleged links between its promoter company Essel Group and Nityank Infrapower and Multiventures, a company that is under the scrutiny of the Serious Fraud Investigation Office (SFIO) for deposits of over INR3,000cr after demonetisation.
Zee Enterprises fell c. 31%, Dish TV fell c. 37% and Essel Propack slumped c. 11%.
Read full copy of Essel Group Chairman Subhash Chandra's letter where he claims that the 'negative forces' are sabotaging Zee Entertainment's strategic sale process here.
Read the original story of The Wire which caused all the fuss here.
Mark Zuckerberg plans to integrate WhatsApp, Instagram and Facebook Messenger. Google fined $57m by France for failure to comply with GDPR. Google to reveal details of political ads, spends ahead of 2019 General Elections.
The Plan: Facebook is reportedly considering a merger of its three messaging platforms– WhatsApp, Instagram and Facebook Messenger, allowing users to send messages across the platforms.
The Outcome: After the proposed changes including an end-to-end encryption are deployed, a Facebook user could send an encrypted message to someone on WhatsApp or Instagram, without having either of those platforms. The services will continue to operate as stand-alone apps, but their underlying technical infrastructure will be unified.
The Motive: By stitching the apps’ infrastructure together, Zuckerberg seeks to increase the utility of the social network, keeping its users engaged within its ecosystem.
View an analysis video by Euronews here.
Violations: Two core privacy violations observed by the watchdog were:
Custom Made For India: Ahead of the upcoming 2019 General Elections, the tech giant is set to introduce an India-specific Political Advertising Transparency Report and searchable Political Ads Library. (Tweet This) The report and library will provide comprehensive information about who are purchasing election ads on Google platforms and how much money is being spent.
Ola applies for Non-Banking Finance Company licence. OYO in talks to acquire co-working company Innov8.
Widening Horizons: In a move to diversify beyond its core business, ride-hailing platform Ola is believed to have applied for a NBFC licence.
The Plan: As part of the plan, Ola seeks to:
Zoom Out: The move as such appears to be an addition to Ola’s strategic alliances undertaken in the recent past, expanding its push into delivery business across segments, which include its ongoing talks with Myra Medicines and its association with food delivery platform Foodpanda.
'Buy Now, Pay Later': Last year, Ola had partnered with Cashfree to launch a 'Pay Later' facility for consumers of its online merchants using which they can get 15 days of credit for an amount ranging from INR1,500-INR20,000.
OYO Expands: As per an Entrakr report, hospitality company OYO is reportedly in the final stages to acquire co-working company Innov8.
Perspective: The acquisition will mark OYO’s foray into coworking business and will be the fourth acquisition by the company after its earlier acquisition of wedding planning website Weddingz, Internet of Things (IoT) technology company AblePlus and apartment operator Novascotia Boutique Homes.
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