Meaning of the day : “Symbol”

A mark or character used as a conventional representation of an object, function, or process, e.g. the letter or letters standing for a chemical element or a character in musical notation.

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No Brick and Mortar business will survive post 2023 : Amitabh Kant

Chief Architect of startup India campaign and CEO of Niti Ayog feels that brick and mortal businesses will be dead by 2023.  Speaking at an event organized by TIE, Mr Kant Said “India is the only country with a billion mobile phones and biometrics. In the last 6-7 months we have added almost 28 crore bank accounts. In the last 45 years we have given license to 19 banks but in the last nine months we have given license to 23 payment banks, and many of them are telecom companies including Paytm and Airtel. The brick and mortar sector will go dead”.

According to Kant Banking sector will be see a major hit with the launch of many payment banks like PAYTM and Airtel.  According to him it will be more of a technology show and technology will take the driver’s seat. Currently 350 million people use internet via mobile and internet and 1 billion people will be online by 2023.  According to him “It will all be mobile, telephonic transaction. India will leap frog again. This is because today we are about 350 million using the Internet but 2020-23 there will be about 1 billion people in India using the Internet. Similarly, usage of the Internet will increase with more people on smart phones. A billion Indians with access to the Internet, biometric and using the smart phones we will radically alter the world.”

He added that “Across the world, whether you look at trends in Japan, US or Germany, everywhere is getting digitized. It is inevitable.”

Dewan housing to buy Andromeda for $37 million

Dewan housing finance limited has decided to buy  Andromeda’s loan distribution , mortgage , financing and financial instruments business.  Mumbai based holding company CASA holding holds 80% of Andromeda’s stake . The total deal value will be amounted somewhere between 200 and 250 crores.

Altamount capital is advising CASA capital for the deal . The deal comes  4 years after Malaysians capital fund Navis Capital sold Andromeda for Rs 180 crore to CASA capital holding.  Andromeda currently operates in 16 cities across India and has disbursed loans worth more than Rs 5000 crores.

Andromeda is facing tough competition from competitors like Bank Bazar and Loan adda. These two banking and financial platform boasts more than 9 million visitors per month and offer more than 11 financial products with a collaboration of 40 banking partnersDHFL

1.5L Crore Capex For Reliance Jio

In a move that would surprise and excite many telecom honchos , Reliance Jio announced a total CAPEX of 1.5 Lakh Crore. The companies group Chairman Mukesh Ambani made an announcement while reporting the highest operating profit for Reliance Insdustries in 8 years.  According to group’s deputy CFO “Our capex in the reporting fiscal year stood at Rs 1.20 trillion and this will go up to Rs 1.5 trillion in the ongoing fiscal year. The money will be spent to complete the ongoing expansion projects at Jamnagar and the rollout of the telecom network.”

The announcement would push the oil major’s telecom initiative to the next level.  According to the Deputy CFO 50,000 to 60,000 crore will be used to expand the Jamnagar refinery while 60,000 crore will be used for Reliance Jio and rest will be used for company’s retail arm.  Around $150 million which is around 1,000 crore will be used for US shale gas operations

It is interesting to see that with a record decrease in crude oil price , Reliance industries has seen the highest increase in profit in eight years.

 

 

 

 

 

 

Prince, No more!

Musical heartthrob for many , Prince breath his last on Thursday morning at his suburban residence in Minnesota.  In a statement issued by his publicist vette Noel-Schure , he said “It is with profound sadness that I am confirming that the legendary, iconic performer, Prince Rogers Nelson, has died at his Paisley Park residence this morning at the age of 57,”.

 

Prince

According to Carver County’s Sheriff’s Office they received a call related to a high profile medical situation in the Minnesota suburb. The cause of death is yet to be released.

Prince was a pioneer in music industry and has been inducted in the musical Hall of fame In 2004.  He made his debut in 1970 and has been instrumental in bring the cult musical revolution in the world. According to sources “it didn’t take long for him to upend the music world with his startling music and arresting demeanor. He rewrote the rulebook, forging a synthesis of black funk and white rock that served as a blueprint for cutting-edge music in the Eighties.”

“Prince made dance music that rocked and rock music that had a bristling, funky backbone. From the beginning, Prince and his music were androgynous, sly, sexy and provocative. His colorful image and revolutionary music made Prince a figure comparable in paradigm-shifting impact to Little Richard, James Brown, Jimi Hendrix and George Clinto”

It was interesting to see that he was hospitalized last week while returning from a concert in Georgia. He threw his last party on Saturday and the death has come as a surprise for many.

Celebs from across the world took on social media to mourn his death.

More Reports are waited.

Major 7.0 Earthquake Strikes Southern Japan

Japan.jpg-largeAccording to latest report , a major earthquake of 7.0 magnitude struck Japan earlier today. Massive aftershocks were reported after the shocks . Many building have been destroyed because of the same. More than 9 people have been reportedly killed because of the earthquake. The quake struck early saturday in Japan’s Kiyoshi island . The epicentre of the quake has been reportedly at the same place where an earthquake of 6.2 magnitude hit Japan two days ago. A tsunami advisory has been ordered in the coastal regions of Japan.

More reports are awaited. For more  visit cnn.com