NATIONAL UPDATES:
1. IndiaFirst Life Insurance appoints Rushabh Gandhi as MD & CEO: The board of IndiaFirst Life Insurance has approved the elevation of Rushabh Gandhi, deputy chief executive officer, as MD and CEO. He will succeed R.M. Vishakha, Managing Director & CEO, who will be retiring on June 30. Gandhi will have a five-year term effective July 1 or the date of receipt of regulatory approvals, whichever is later. With more than 29 years of experience in Indian and international markets, Gandhi is one of the key driving forces at IndiaFirst Life.
2. Sanjiv Puri takes over as CII president for 2024-25: Apex industry chamber Confederation of Indian Industry (CII) has a new President in Sanjiv Puri, Chairman and Managing Director of ITC Limited. Puri, who is an alumnus of IIT Kanpur and Wharton School of Business, has assumed office as the President of CII for 2024-25. While Rajiv Memani, Chairman of EY India, has taken over as CII President Designate for 2024-25. R Mukundan, Managing Director & CEO of Tata Chemicals Limited, has assumed charge as Vice President of CII.
INTERNATIONAL UPDATES:
1. India, Australia, Indonesia conclude trilateral maritime security workshop: The second edition of India, Australia, Indonesia Trilateral Maritime Security Workshop (TMSW) concluded after discussing the ongoing maritime security challenges and opportunities for collaboration between the three maritime neighbours in the region. The theme of the workshop was ‘Indian Ocean Region: Collaborative Efforts to Enhance Regional Maritime Security’. The exercise was conducted at INS Dronacharya, Kochi, India. The Workshop was conducted under the aegis of Headquarters Southern Naval Command and witnessed participation of delegates from the three participating Navies.
2. World highest competition swimming pool opens in Bhutan: World Aquatics has announced the opening of the first-ever competitive swimming pool at a record altitude of 2,400 meters above sea level in Bhutan. The pool is part of the Pools for All Program to promote aquatic sports in the region. Swimming’s global governing body launched the program in 2019 to ensure accessible aquatics facilities to more countries and regions.
3. 20 May – World Bee Day: World Bee Day 2024 is observed every year on May 20. Objective – To raise awareness about the essential role of bees and other pollinators in maintaining the health of our planet, ensuring food security, and promoting biodiversity and sustainable agriculture. Theme 2024 – Bee Engaged with Youth World Bee Day was founded by the United Nations in 2017 following a proposal by Slovenia, which has a long tradition of beekeeping.
4. Iran’s President Ebrahim Raisi, minister die in helicopter crash: Iran President Ebrahim Raisi was killed in a helicopter crash in East Azerbaijan province. The chopper carrying Iran President Raisi and his foreign minister Hossein Amir-Abdollahian had disappeared over a mountainous region The eighth President of Iran, Ebrahim Raisolsadati, more popularly known as Ebrahim Raisi, was a principlist and a Muslim jurist, who became the Iranian President in 2021. This incident follows a period of heightened regional tensions, particularly in light of the Gaza conflict and Iran’s recent escalations with Israel.
OTHER UPDATES:
SPORTS
1. Nishad Kumar, Preethi Pal win medals at World Para Athletics Championships: Nishad Kumar and Preethi Pal have clinched silver and bronze at the World Para Athletics Championships in Kobe, Japan. Kumar, a Paralympic silver medalist, secures India’s first medal with a 1.99m high jump in the T47 category, finishing second. Preethi Pal then added a bronze to India’s tally after finishing third in the women’s T35 200m final with a time of 30.49 seconds.
2. Brazil to host FIFA Women’s World Cup 2027: Brazil was declared the host of the 2027 Women’s World Cup at the FIFA Congress. Brazil beating the joint bid of Belgium, Netherlands and Germany to become the first South American country to hold the tournament. The Brazil bid received the backing of 119 member associations of the FIFA Congress to host the 10th edition of the competition, compared to 78 votes for the European bid.
3. Satwiksairaj & Chirag Shetty win Men’s Doubles Title at Thiland Open 2024: Star Indian pair of Satwiksairaj Rankireddy and Chirag Shetty secured the men’s doubles title at the Thailand Open Super 500 badminton tournament with a straight-game win over Chen Bo Yang and Liu Yi of China in Bangkok. In the form of their lives, Satwik and Chirag, the world number three pair prevailed 21-15, 21-15 over Liu and Chen, ranked 29th, for their ninth BWF world tour title. It was also the second title of the season for the Asian Games champions following their triumph at the French Open Super 750 in March. They had also finished runners-up at Malaysia Super 1000 and India Super 750.
4. Max Verstappen won Emilia Romagna GP: Red Bull’s Max Verstappen clinched the Emilia Romagna Grand Prix as McLaren’s Lando Norris finished second. It was the 59th career win for the three-time Formula 1 world champion who kept Norris at bay despite struggling with his car.
Verstappen took his third consecutive win in Imola to take his season’s tally to five in seven races.
McLaren’s Oscar Piastri finished fourth to make it a solid performance for the team.
BANKING AND FINANCE
1. SBI raises short-term retail fixed deposit rates by up to 75 bps: State of India (SBI) has increased interest rates on short-term retail fixed deposits (FDs) by 25 to 75 basis points (bps). This is the first increase in the fixed deposit rates by the bank since December 2023. India’s largest bank also increased interest rates on domestic bulk term deposits (₹2 crore and above) by 10-50 basis points on five out of eight maturity buckets. The new interest rates are effective from May 15, 2024. This deposit rate hike comes against the backdrop of credit growth outstripping deposit growth.
2. SBI acquires 6.125% stake in CCIL IFSC, strengthens presence in GIFT City: State Bank of India has executed transaction documents to acquire a 6.125 per cent stake in CCIL IFSC Limited for ₹6.125 crore. CCIL IFSC, which will be incorporated with an authorized and paid-up capital of ₹200 crore and ₹100 crore, respectively, will operate the foreign currency settlement system and act as a clearing house and system operator at the IFSC within GIFT City. The indicative period for completion of the transaction (acquisition of 61.25 lakh equity shares at ₹10 each) is up to six months from the date of execution of transaction documents.
3. Yes Bank launches premium services under ‘Yes Grandeur’: Yes Bank has launched premium banking services under the label ‘Yes Grandeur’ targeting elite and rising affluent class to drive business growth. The exclusive banking program, tailored to meet distinctive financial and lifestyle needs, has an eligibility threshold of average monthly balance of ₹5 lakh or a Net Relationship Value (NRV) of ₹20 lakh, with additional consideration given to loan relationships.
Customers can also avail zero cross-currency markup charges on international debit card spends, complimentary airport lounge access, and lifestyle privileges across brands like Taj, ITC Hotels, Disney+ Hotstar, SonyLIV, Amazon, among others.
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