Ceremony on AI formal induction to Star Alliance on July 11
Top officials of several major global airlines are expected to arrive here later this week to attend a ceremony to formally induct Air India as the 27th member of the Star Alliance. The ceremony at the IGI Airport on July 11 would see Air India unveiling a Boeing 787 Dreamliner and an Airbus A-320, signifying its international and domestic operations, painted with the Star Alliance’s star-shaped logo along with the colourful Maharaja logo of its own.
PFRDA asks funds to match Rel Capital’s bid for pension corpus
The Pension Fund Regulatory and Development Authority (PFRDA) is understood to have asked shortlisted fund managers to match the lowest bid submitted by Reliance Capital Pension Fund for managing pension corpus of non-government employees for a period of five years. Other nine shortlisted fund managers have been asked to submit bids indicating fund management charges. If the bid matches that of the lowest bidder, they would be selected to manage the fund, sources said. In April, PFRDA shortlisted nine fund managers, including lIC Pension Fund, SBI Pension Fund, UTI Retirement, Reliance Capital Pension Fund based on Request for Proposal (RFP) floated in January for managing the funds of private sector NPS.
Dubai to build world’s largest shopping mall
Dubai has unveiled plans to build the world’s first temperature-controlled city Mall of the World, an ambitious project spread over an area of 48 million sq ft, to attract tourists even during the scorching summer months. The project will comprise the world’s largest indoor theme park, covered by a glass dome during the sweltering summer months, and 100 hotels and serviced apartments.
IFC to infuse Rs 160 cr into Bandhan
International Finance Corporation, an arm of the World Bank, will infuse Rs 160 crore into micro finance institution (MFI) Bandhan, which is to be transformed later into a full-fledged bank. “IFC will shortly infuse Rs 160 crore as Tier II capital in Bandhan”, chairman of the MFI Chandra Sekhar Ghosh told PTI. Ghosh was recently at the IFC headquarters in Washington to hold discussions with the World Bank arm which had shown interest in greater participation in the MFI’s transition into a bank.
Sebi attachment orders cross 700-mark; Ordinance may be tweaked
As the debate continues on extra powers given to Sebi to take on fraudsters and defaulters, the number of attachment orders passed by the capital markets watchdog has crossed 700 for recovery of over Rs 1,600 crore. Sebi got the powers to pass attachment orders and launch of recovery proceedings against fraudsters and market manipulators, among others, through an Ordinance that has been promulgated thrice and needs to be replaced by an Act after passage of the same in the Parliament.