Vikram Chandra, WION's chat with Adhil Shetty, CEO, BankBazaar on 'Powering the Next Wave of Fintech Innovation'.

Powering the Next Wave of Fintech Innovation | Adhil Shetty

British Prime Minister Rishi Sunak and wife Akshata Murty, who made their debut in the annual 'Sunday Times Rich List' two years ago, have moved up the ranks in the 2024 edition released on Friday (May 17) thanks to Murty's lucrative Infosys shareholding.

"The couple's most valued asset is Akshata Murty's shareholding in Infosys, a Bangalore-based IT company co-founded by Akshata Murty's father [Narayan Murthy]," reads the newspaper's analysis.

The couple, both 44, have risen from 275th rank last year to 245th with an estimated wealth of&nbsp;651 million pounds, making them the "wealthiest people to call 10 Downing Street home".

Akshata Murty's earnings are said to far exceed that of her husband as financial statements published in February revealed that&nbsp;Sunak made 2.2 million pounds in 2022-23 compared to Murty's estimated 13 million pounds in dividends over the past year.

"Over the past year, the shares have grown in value by 108.8 million pounds to nearly 590 million pounds. The latest annual report suggests that Murty received about 13 million&nbsp;pounds in dividends during that time - adding to the more than a million pounds she has been paid in previous years. She is poised to receive another 10.5 million&nbsp;pounds&nbsp;this year," the paper notes.

Top of the list is British-Indian businessman Gopi Hinduja and his family, whose fortune of 37.2 billion&nbsp;pounds&nbsp;is the greatest in the ranking's history, followed by Sir Leonard Blavtanik and David and Simon Reuben and family, who have fortunes of 29.2 billion&nbsp;pounds&nbsp;and 24.9 billion pounds, respectively.

Also read:&nbsp;<a href="https://www.wionews.com/world/global-life-expectancy-to-increase-but-people-to-spend-more-time-battling-health-study-722599">Global life expectancy to increase but people to spend more time battling health: study</a>

"It has been a year of expansion through acquisition for the group, made possible in part by growing stock market valuations of the family's main listed holdings, which have risen to a total of 8.7 billion pounds," reads the newspaper's analysis.

The top 10 of the 2024 'Sunday Times Rich List' sees another set of India-born brothers, David and Simon Reuben, build on their wealth to rise to third place from last year's fourth, with a fortune estimated at around 24.977 billion pounds.

At No. 8 is NRI tycoon of ArcelorMittal steelworks Lakshmi N. Mittal, who slipped&nbsp;two places from last year with an estimated 14.921 billion pounds, followed by Vedanta Resources' industrialist Anil Agarwal at No. 23 with an estimated 7 billion pounds - down one rank from 2023.

Other Indian-origin billionaires on the 2024 list include textiles entrepreneur Prakash Lohia at No. 30 with an estimated 6.23 billion pounds; retail majors Mohsin and Zuber Issa at No. 39 with 5 billion pounds; and pharma chiefs Navin and Varsha Engineer at 58 with 3 billion pounds .

Among the top 100 richest Britons are brothers Simon, Bobby and Robin Arora at No. 65 with 2.682 billion pounds and leading NRI industrialist Lord Swraj Paul and family ranked 67th with an estimated wealth of 2.6 billion pounds - same as last year.

Fashion industrialist Sunder Genomal, a new entrant in 2023, is ranked 77th with a fortune estimated at 2.214 billion pounds, with hoteliers Jasminder Singh and family coming in at 83 with 2.001 billion pounds .

On the whole, the 36th edition of the rich list reveals the largest fall in billionaires in its history - down from a peak of 177 in 2022 to 165 this year.

"This year's Sunday Times Rich List suggests Britain's billionaire boom has come to an end. Many of our home-grown entrepreneurs have seen their fortunes fall, and some of the global super-rich who came here are moving away," said the list's compiler, Robert Watts.

However, moving from millionaire to billionaire on the tally is former Beatle Sir Paul McCartney - now the first UK musician to achieve that status after boosting his wealth by 50 million pounds over last year. 
 
(With inputs from agencies)

British Prime Minister Rishi Sunak and wife Akshata Murty, who made their debut in the annual 'Sunday Times Rich List' two years ago, have moved up the ranks in the 2024 edition released on Friday (May 17) thanks to Murty's lucrative Infosys shareholding.

British Prime Minister Rishi Sunak and wife Akshata Murty, who made their debut in the annual 'Sunday Times Rich List' two years ago, have moved up the ranks in the 2024 edition released on Friday (May 17) thanks to Murty's lucrative Infosys shareholding. "The couple's most valued asset is Akshata Murty's shareholding in Infosys, a Bangalore-based IT company co-founded by Akshata Murty's father [Narayan Murthy]," reads the newspaper's analysis. The couple, both 44, have risen from 275th rank last year to 245th with an estimated wealth of 651 million pounds, making them the "wealthiest people to call 10 Downing Street home". Akshata Murty's earnings are said to far exceed that of her husband as financial statements published in February revealed that Sunak made 2.2 million pounds in 2022-23 compared to Murty's estimated 13 million pounds in dividends over the past year. "Over the past year, the shares have grown in value by 108.8 million pounds to nearly 590 million pounds. The latest annual report suggests that Murty received about 13 million pounds in dividends during that time - adding to the more than a million pounds she has been paid in previous years. She is poised to receive another 10.5 million pounds this year," the paper notes. Top of the list is British-Indian businessman Gopi Hinduja and his family, whose fortune of 37.2 billion pounds is the greatest in the ranking's history, followed by Sir Leonard Blavtanik and David and Simon Reuben and family, who have fortunes of 29.2 billion pounds and 24.9 billion pounds, respectively. Also read: Global life expectancy to increase but people to spend more time battling health: study "It has been a year of expansion through acquisition for the group, made possible in part by growing stock market valuations of the family's main listed holdings, which have risen to a total of 8.7 billion pounds," reads the newspaper's analysis. The top 10 of the 2024 'Sunday Times Rich List' sees another set of India-born brothers, David and Simon Reuben, build on their wealth to rise to third place from last year's fourth, with a fortune estimated at around 24.977 billion pounds. At No. 8 is NRI tycoon of ArcelorMittal steelworks Lakshmi N. Mittal, who slipped two places from last year with an estimated 14.921 billion pounds, followed by Vedanta Resources' industrialist Anil Agarwal at No. 23 with an estimated 7 billion pounds - down one rank from 2023. Other Indian-origin billionaires on the 2024 list include textiles entrepreneur Prakash Lohia at No. 30 with an estimated 6.23 billion pounds; retail majors Mohsin and Zuber Issa at No. 39 with 5 billion pounds; and pharma chiefs Navin and Varsha Engineer at 58 with 3 billion pounds . Among the top 100 richest Britons are brothers Simon, Bobby and Robin Arora at No. 65 with 2.682 billion pounds and leading NRI industrialist Lord Swraj Paul and family ranked 67th with an estimated wealth of 2.6 billion pounds - same as last year. Fashion industrialist Sunder Genomal, a new entrant in 2023, is ranked 77th with a fortune estimated at 2.214 billion pounds, with hoteliers Jasminder Singh and family coming in at 83 with 2.001 billion pounds . On the whole, the 36th edition of the rich list reveals the largest fall in billionaires in its history - down from a peak of 177 in 2022 to 165 this year. "This year's Sunday Times Rich List suggests Britain's billionaire boom has come to an end. Many of our home-grown entrepreneurs have seen their fortunes fall, and some of the global super-rich who came here are moving away," said the list's compiler, Robert Watts. However, moving from millionaire to billionaire on the tally is former Beatle Sir Paul McCartney - now the first UK musician to achieve that status after boosting his wealth by 50 million pounds over last year. (With inputs from agencies)

Rishi Sunak and Akshata Murty climb 'Sunday Times Rich List' with Infosys shares

India reported an inflation rate of 4.83 percent in April. That's close to the 4% medium term target set by the country's central bank. So, does this mean that the RBI can now look to cut interest rates? That's what this report decodes.

India | Is inflation under control for an interest rate cut?

2024 has been harrowing year for US Planemaker Boeing. Repeated mishaps and quality issues have brought it under intense scrutiny. All that has resulted in Boeing posting its lowest monthly deliveries since February 2022. Watch in for more details!

Boeing crisis: US Planemaker delivers just 24 commercial jets in April

The world is facing a massive economic downturn people are cutting down on spending companies are getting linear but one brand from China is turning out to be an outlier. Watch in for more details!

Shein seeks to list on the London Stock Exchange

The race for dominance in large language models has a new contender. Elon musk's x-AI corporation is nearing the close of a significant funding round, with investors valuing the company at $18 billion. Watch in for more details!

Musk's xAI valuation soars to $18 billion amid investor interest

Cambodia is building a massive new canal with China’s financial backing. The project promises to cut shipping costs and boost the Cambodian economy, but it's stirring up controversy. Watch in for more details!

Cambodia announces $1.7 billion canal project funded by China

Argentina is grappling with the world's highest inflation rate. To cope, the country's central bank just launched its biggest banknote ever – the 10,000 Peso bill. This is five times larger than the previous top denomination.

Argentina issues 10,000 Peso bill to combat world's highest inflation

Regulatory troubles continue to mount for Boeing. The federal aviation administration has launched an investigation into Boeing's 787 Dreamliner aircraft. This follows revelations that some Boeing employees may have falsified records related to inspections of wing joints on certain Dreamliner.

US Regulator opens probe into Boeing 787 Dreamliner inspections

Shares of public sector banks in India witnessed a sharp decline on Monday after the reserve bank of India proposed stricter norms for lending to infrastructure projects. The nifty PSU bank index plunged by around 3.2%, with individual stocks like Punjab national bank and Canara bank dropping over 4%.

India: RBI tightens infrastructure lending norms

Legendary investor warren Buffet addressed Berkshire Hathaway's annual shareholders meet on Saturday. These meetings have gained a cult-like following, with people flocking from different parts of the world to hear the 'Oracle of Omaha'. But this time, things were a lot different.

How will a post-Buffett Berkshire Hathaway look like?

In part 1 of this exclusive interview, we chat with Preeti Bajaj, CEO & MD of Luminous Power technologies, a major player in power batteries & solar energy. We discuss India's growth in renewable energy, especially solar. We also bust high cost myths around solar energy. We also discuss the rise of renewable energy as a 'soft power' in this ever evolving geopolitical landscape. Keep an eye out for part 2 (policy expectations & global ambitions)

WION exclusive with Preeti Bajaj, CEO & MD, Luminous

India stands at the forefront of technological innovation, and this wave of innovation is reshaping its electoral landscape. The intersection of politics and technology is becoming increasingly pronounced, especially in the context of election campaigns. This report puts the spotlight on the transformation in indian politics in the digital age.

Social media emerges as the top tool for political campaigns

Is the world becoming a more unequal place? A recent analysis by global non-governmental organisation, Oxfam, shows that global dividend payouts to rich shareholders jumped by 45% between 2020 and 2023, while workers’ wages rose by just 3%. What does this huge discrepancy tell us about the state of the global economy? We tell you more in this report.

How fast can you earn $9000?

Saudi Arabian authorities shut schools in several regions, as flash floods inundate roads. This is the latest instance of heavy rains disrupting life in the desert state.

Saudi Arabia Floods: heavy rains force schools closure in Riyadh, Medina

Saudi Arabia's ambitious economic transformation plan, known as vision 2030, remains steadfast despite facing some setbacks. Officials emphasise prioritising initiatives beneficial for both the delayed projects and the economy. The government's focus includes enhancing human capital, increasing female workforce participation,and strengthening institutions to tackle challenges.

Saudi prioritises human capital & women's workforce participation

India's foreign exchange reserves fell for a second consecutive week and stood at a six-week low of $640.33 billion. The reserves fell by $2.83 billion in the week that ended on april 19, adding to the previous week's $5.4 billion drop.

India: Foreign Exchange Reserves fall to six-week low of $640.33 bn

China's industrial profits posted smaller gains in the January-march quarter, compared to the first two months. Profits at China's industrial firms rose 4.3% in the first quarter from a year earlier. That was slower than a 10.2% rise in the first two months this year.

China: Profits at industrial firms fall from 10.2% to 4.3%

US Tech giant apple has renewed discussions with OpenAI about using the startup's generative ai technology to power some new features in the iPhone later this year. A Bloomberg report states that companies have begun discussing terms of a potential agreement, and how OpenAI features would be integrated into apple’s next iPhone operating system.

Apple renews talks with OpenAI to power new iPhones: Report

Fitch ratings has downgraded its outlook on US Planemaker Boeing to "negative" from "stable", amid a fallout from safety crisis impacting the US Planemaker's production and cashflow.

Fitch downgrades outlook on US Planemaker to 'negative'

The Reserve Bank of India (RBI) ordered Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards as well. The bank can, however, provide services to its existing customers, including its credit card customers.&nbsp;

As a result, Kotak Mahindra Bank's share price decreased 10.85% and closed at ₹1,643 on the BSE on Thursday (April 25).&nbsp;

"The Reserve Bank of India has today, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited (hereinafter referred to as 'the bank') to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers," the RBI statement read.

According to the RBI, serious deficiencies and non compliances were found in the bank's IT inventory management, patch and change management, user access management, vendor risk management, data security, and leak prevention strategy, business continuity, and disaster recovery rigor and drill.&nbsp;

The RBI stated that Kotak Mahindra Bank's Core Banking System (CBS), as well as its online and digital banking channels, have experienced several outages in the last two years.

Also read:&nbsp;<a href="http://wionews.com/business-economy/rbi-foresees-8-pc-growth-amid-global-slowdown-signals-shifts-in-consumer-demand-702115" hreflang="en">RBI foresees 8 pc growth amid global slowdown, signals shifts in consumer demand</a>

"In the past two years, the Reserve Bank has been in continuous high-level engagement with the bank on all these concerns with a view to strengthening its IT resilience, but the outcomes have been far from satisfactory. It is also observed that, of late, there has been rapid growth in the volume of the bank’s digital transactions, including transactions pertaining to credit cards, which is building further load on the IT systems," RBI said.

"The Reserve Bank, therefore, has decided to place certain business restrictions on the bank in the interest of customers and to prevent any possible prolonged outage which may seriously impact not only the bank's ability to render efficient customer service but also the financial ecosystem of digital banking and payment systems," RBI said in its statement.

Once Kotak Mahindra Banks completes an external audit with the RBI's prior consent and fixes any shortcomings found in the audit "to the satisfaction of the Reserve Bank," the restrictions will be reconsidered. 
 
(With inputs from agencies)

The Reserve Bank of India (RBI) ordered Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards as well.

The Reserve Bank of India (RBI) ordered Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and from issuing fresh credit cards as well. The bank can, however, provide services to its existing customers, including its credit card customers. As a result, Kotak Mahindra Bank's share price decreased 10.85% and closed at ₹1,643 on the BSE on Thursday (April 25). "The Reserve Bank of India has today, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited (hereinafter referred to as 'the bank') to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers," the RBI statement read. According to the RBI, serious deficiencies and non compliances were found in the bank's IT inventory management, patch and change management, user access management, vendor risk management, data security, and leak prevention strategy, business continuity, and disaster recovery rigor and drill. The RBI stated that Kotak Mahindra Bank's Core Banking System (CBS), as well as its online and digital banking channels, have experienced several outages in the last two years. Also read: RBI foresees 8 pc growth amid global slowdown, signals shifts in consumer demand "In the past two years, the Reserve Bank has been in continuous high-level engagement with the bank on all these concerns with a view to strengthening its IT resilience, but the outcomes have been far from satisfactory. It is also observed that, of late, there has been rapid growth in the volume of the bank’s digital transactions, including transactions pertaining to credit cards, which is building further load on the IT systems," RBI said. "The Reserve Bank, therefore, has decided to place certain business restrictions on the bank in the interest of customers and to prevent any possible prolonged outage which may seriously impact not only the bank's ability to render efficient customer service but also the financial ecosystem of digital banking and payment systems," RBI said in its statement. Once Kotak Mahindra Banks completes an external audit with the RBI's prior consent and fixes any shortcomings found in the audit "to the satisfaction of the Reserve Bank," the restrictions will be reconsidered. (With inputs from agencies)

RBI bars Kotak Mahindra Bank from issuing credit cards; Bank's share price falls more than 11%

Leaders of 10 multilateral development banks have committed to take action in five critical areas, including additional lending headroom totaling 300-400 billion dollars over the next decade.

10 multilateral lenders likely to act in five critical areas

India has completed phase 1 of its 7 phase election process to vote-in a new government. With less than 50 days left for the result to be announced, Punjab- a western Indian state is emerging as a key for the incumbent. Will M Modi and his party get the popular vote in this state?

Lok Sabha Elections 2024: Why Punjab matters for Indian polls

Crude oil pared gains after an initial spike on Friday. Oil rose by as much as 4 dollars earlier, on reports of Israeli strikes on Iran. However, prices began dipping as tensions eased after Iran played down the attack. The report gives a lowdown of the oil market movements on Friday.

Global oil pares gains after initial spike on Friday

Procter & Gamble, the maker of everyday essentials, is facing a tough situation. Their latest results show some improvement in earnings, but it comes at a cost. They've raised prices across the board, but that's led to flat sales for two quarters in a row.

P&G price hike backfires, sales flat despite profit hike

Archer aviation, backed by Stellantis and Boeing, aims to begin trials of its electric taxi in India by next year. Its commercial launch is planned in 2026.

Archer aims to begin its air taxi trials in India soon

The US economy is currently experiencing a rare phenomenon: Strong growth alongside persistent inflation. The latest data shows GDP expanding at 2.4%, fuelled by a surge in hiring with over 300,000 new jobs added in march. However, inflation remains stubbornly high, well above the federal reserve's 2% target for the march quarter.

FED policy uncertainty casts shadow on global outlook

Apple is in talks with India's Tata group for the potential takeover of Pegatron's iPhone manufacturing facility in Chennai, India. This comes as apple seeks to diversify production beyond china due to ongoing geopolitical tensions. Watch in for more details!

Tata group to take 65% control of Pegatron's iPhone plant in India

Embattled US planemaker boeing said the 2023 pay package of its outgoing CEO rose about 45% to nearly 33 million dollars.

Outgoing CEO Dave Calhoun's 2023 package rises to $33 mn

In a major win for CEO Bob Iger, walt disney shareholders voted to keep the current board in place, rejecting a challenge from activist investors. This clears the way for Iger to focus on the company's future, including finding a successor and navigating the competitive streaming market.

Disney shareholders back Bob Iger's leadership

Intel's stock has taken a significant hit, plummeting by 7.3%. This marks the largest intraday drop since January 26th. The decline comes hot on the heels of intel's disclosure regarding the losses in its foundry business operations. Watch in for more details!

Intel faces worst decline in 2 months amid losses

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