Hinduja Bank names Karam Hinduja as its new CEO

Karam Hinduja, 29, the grandson of Srichand Hinduja, has been appointed as the new CEO of  the family’s Geneva-based Hinduja Bank. He succeeds Gilbert Pfaeffli, who has been at the helm since 2016. Born in Britain and raised in Switzerland, Karam represents the newest generation of the Hinduja family. The Swiss bank is chaired by […]

Bank package to help nations survive Covid crisis: Sir Suma

By Amit Roy AS SIR Suma Chakrabarti steps down on July 2 as presi­dent of the European Bank for Reconstruction and De­velopment (EBRD) after completing two four-year terms, he has given a valedictory interview setting out what he thinks the organisation has achieved under his leadership and also some of his plans for the future. […]

EU to borrow $8.5 billion to boost spending on vaccines, drugs

THE European Commission on Wednesday (27) proposed borrowing €7.7 billion ($8.49 billion) on financial markets to fund extra spending on vaccines, drugs and healthcare over the next four years and reduce its dependency on foreign supplies. The plan, which requires approval from EU member governments and lawmakers, would complement a $2.6 billion emergency fund which […]

ArcelorMittal, Nippon Steel ink £4.20bn loan pact

THE joint venture of ArcelorMittal and Nippon Steel has inked a £4.20 billion ($5.15bn) loan deal with Japanese lenders.  The loan agreement has been signed with top Japanese banks, including Japan Bank for International Cooperation, Japan’s largest steelmaker said in a statement on Tuesday (17). Other lenders who are part of the loan deal are MUFG […]

Europe panicking over India’s pharmaceutical export curbs  

INDIA’S top pharmaceuticals export group said the government’s curbs on some drug exports amid the spreading coronavirus outbreak has caused panic in Europe and will “severely impact” businesses in the sector. India, the world’s main supplier of generic drugs, has restricted the export of 26 active pharmaceutical ingredients (APIs) and the medicines made from them, […]

Coronavirus hits outlook for British Airways

BRITISH AIRWAYS (BA)-parent IAG on Friday (28) said annual net profit dived 41 per cent on higher fuel costs and strikes at BA, adding that the outlook was “adversely affected” by the coronavirus. Profit after tax slumped to €1.72 billion (£1.47bn) last year from almost €2.9bn in 2018, International Airlines Group (IAG) said in an […]

Vodafone takes £169m hit from Huawei 5G curbs

BRITISH telecoms giant Vodafone said Wednesday (5) that it would cost about €200 million or £169m over five years to remove Chinese group Huawei’s equipment from core 5G European activities. “We have now decided, as a result of the EU (recommendations) and the UK government’s decision, to take out Huawei equipment from the core,” Vodafone […]

India’s Vistara signs codeshare deal with Lufthansa

INDIA’S Vistara has entered into a codeshare pact with German airline Lufthansa, the sixth such agreement with an international airline as the domestic full service carrier seeks to expand its overseas network. As part of the agreement, Lufthansa will add its ‘LH’ designator code to nearly 18 Vistara-operated flights every day covering ten Indian cities, […]

Thyssenkrupp steel workers protest against job cuts

THOUSANDS of Thyssenkrupp steelworkers in Germany on Tuesday (3) protested against planned job cuts, accusing bosses at the struggling conglomerate of mismanagement after a failed merger bid with India’s Tata steel. Germany’s powerful IG Metall union said 6,000 workers gathered at Thyssenkrupp’s Steel Europe headquarters in Duisburg to vent their anger. The group, which makes products […]

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