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World Bank President Jim Yong Kim to step down before end of term

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Schools, transport, banking services to be hit as 20 crore workers call for nation-wide strike

It will be a day of protests in the country as several trade unions, bank employee unions, farmers' bodies and teachers' associations are taking part in a two-day nationwide strike against the Narendra Modi government. Transport, banking, education, health, steel, electricity, insurance and other services may be affected as these trade unions, comprising over 20 crore workers, will join the two-day Bharat Bandh.

World Bank President Jim Yong Kim to step down, CEO Kristalina Georgieva to take charge


In a surprise move, World Bank President Jim Yong Kim on Monday announced that he will step down from his position on February 1 much before the end of his term in 2022. Kim, 58, has been in this position for over six years now. Kristalina Georgieva, World Bank CEO, will assume the role of interim President effective February 1.

Bandhan Bank to buy Gruh Finance in share-swap deal


Bandhan Bank Ltd will buy mortgage provider Gruh Finance Ltd in a share-swap deal to build up its housing loan portfolio, the companies said. The deal will also help Bandhan Bank's main shareholder, Bandhan Financial Holdings Ltd, reduce its stake in the lender to just above 60 percent, local media reported earlier in the day.

Air India delays salaries, two months in a row

National carrier Air India has defaulted on salary payments for the second consecutive month missing the December pay-day amid liquidity crunch. Air India had failed to pay to its over 20,000 employees on time for most of the months last year. Like other public sector enterprises, the airline is supposed to pay the salaries on the last day of the month.

SEBI slaps Rs 10 lakh fine on PRM Power for fraudulent trade

Markets regulator Sebi Monday imposed a fine of Rs 10 lakh on Jaipur-based PRM Power & Projects for fraudulent trade by creating artificial volume in illiquid stock options on the BSE. In April 2018, Sebi announced to take action in a phased manner against 14,720 entities for "non-genuine trades" through the illiquid stock options segment.
 
Jio launches app featuring family locator, lost-and-found services for Kumbh
 
Reliance Jio Monday launched an app with family locator, lost and found features and other customised services for the world's largest congregation Kumbh Mela to be held between January 15 and March 4 in Allahabad. The app Kumbh JioPhone can be accessed from Jio store which will have 'Family Locator' feature to help attendees stay close to their family and friends by getting their exact location and 'Khoya Paya' (Lost and Found) feature to help them reunite.
 
Musk lays foundation of USD 7 billion Tesla plant in China
 
US electric car maker Tesla CEO Elon Musk laid the foundation of a USD seven billion plant in Shanghai, becoming the first company to benefit from a new Chinese policy of allowing foreign vehicle manufacturers to set up wholly-owned subsidiaries in the nation. The plant, which is Tesla's first outside the US, is located at Lingang, a high-end manufacturing park in the southeast harbour of Shanghai. It has an annual production capacity of 500,000 electric cars