Business news

SEOUL, South Korea: Kim Woo-choong, founder of the now-collapsed Daewoo business group whose rise and fall symbolized South Korea's much turbulent rapid economic growth in the 1970s, has died. He was 83. Kim died of pneumonia on Monday night at a hospital in Suwon, just south of Seoul, with his family at his side, according to the Seoul-based Daewoosky Institute, an organization of former Daewoo executives and employees. Kim was honorary chairman of the institute. Born in 1936, when a single Korea was under Japan's 35-year colonial rule, Kim started as a textile salesman and built Daewoo Corp. in 1967. The company later grew into South Korea's second-largest business empire, producing everything from cars, ships, TV sets, refrigerators and other electronics to clothes. Often dubbed by local media as ``Kim Woo-choong myth,'' his rise represented South Korea's explosive economic development engineered by then-authoritarian leader Park Chung-hee, who nurtured a small number of chaebol … [Read more...] about Kim Woo-choong, founder of Daewoo business group, dies

MUMBAI: At a time when political, policy, and economic uncertainty is all pervasive, India’s most high-profile platform for political and corporate elite, YES Bank and The Economic Times Global Business Summit (GBS) is set to take place on March 27-28, 2017, in New Delhi. Over the two-day conference, global leaders will ponder over the most pressing issues facing the world economy— Post Trump America, Brexit fallout, fate of Eurozone, China slowdown — and also what will it take to deal with surprises and shocks of 2017. With major economies faltering, India, world’s fastest-growing large economy, finds itself in a sweet spot and the ideas and insights generated at GBS debates will help script the India story better. “In our connected world, the futures of economies are becoming increasingly inter-dependent. Thus the ripple effect of events such as Brexit and fears of protectionism in developed economies can be felt in the furthest corner of the globe. In … [Read more...] about YES Bank and ET Global Business Summit to be held on March 27-28

NEW DELHI: Prime Minister Narendra Modi will be the star attraction at this year’s Global Business Summit, presented by YES Bank and The Economic Times, on March 27-28 in Delhi. The PM will address the third edition of GBS on the evening of March 27. At the first GBS, in January 2015, the prime minister had dared Indian business leaders to dream of a $20-trillion economy. And, at last year’s edition of the event, he spelt out his elaborate vision for rebooting India. The prime minister is expected to deliver a powerful message of inspiration this year as well. More so because India is an island of stable prosperity in an increasingly uncertain global environment. It is also a rare example of a major economy where policymakers are taking big, bold decisions to speed up growth. This year FDI is likely to be at record levels. This year the PM’s message will be all the more eagerly anticipated. Since the last GBS, Parliament has passed key legislation, notably the GST … [Read more...] about PM Modi to be the star attraction at this year’s ET Global Business Summit

The bank is expecting that a little less than 50% of its portfolio will be dominated by affordable housing loans in the next 3 to 5 years. Shedding its identity as a microfinance firm, Bandhan Bank is now eyeing a big role in the affordable housing finance segment. This comes in the wake of its recent acquisition of Gruh Finance, the housing finance arm of HDFC. The bank is expecting that a little less than 50 per cent of its portfolio will be dominated by affordable housing loans in the next three to five years.The bank will stay away from loans to large corporate entities. Small and medium enterprises, too, will not be the major focus area of the bank in the years to come, C S Ghosh, managing director (MD) and chief executive officer (CEO) of Bandhan Bank told Business Standard. “In MSME (micro small and medium enterprises) loans, we are cautious. Affordable housing will grow, and it will diversify our books,” he added. After acquisition of Gruh Finance, Bandhan … [Read more...] about Bandhan Bank keen on affordable housing loan

New Delhi: The government has assured renewable energy developers of providing more business-friendly environment and policies like payment secuirty mechanism to lower risk on investment. "Government is committed to managing curtailments to enhance the ease of doing business for developers in the renewable energy sector," New and Renewable Energy Secretary Anand Kumar said on the sidelines of the ongoing Madrid Climate Conference (CoP25) at Madrid in Spain late Monday. A payment security mechanism to de-risk investments in renewable has also been been put in place, and on the demand side, the ministry is working with farmers and commercial and industrial (C and I) consumers to embed them into the renewables value chain as direct stakeholders, he was quoted as saying in a release by the Ministry of New and Renewable Energy (MNRE). At the summit, the official also informed about India's 175 GW renewable energy capacity by 2022 and said 83 GW has already been installed, and additional … [Read more...] about India assures renewable developers of pro-business policies