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Banks Board Bureau has some key suggestions for PSBs

Banks Board Bureau has some key suggestions for PSBs

Finance
The Banks Board Bureau (BBB), headed by Vinod Rai, completes two years on March 31. The government says it has no plans to scrap the bureau but there is no clarity on its role going ahead. BBB has released a compendium of its recommendations on reforms at public sector banks (PSBs) in a report that also cites a lack of engagement with the agency by the government. Here are some of its key suggestions:APPOINTMENTS* Ownership-neutral guidelines for appointment to boards of banks * Boards should be empowered to appoint part-time/non-executive directors COMPENSATION*Delink bank compensation from those of civil servants; introduce performance-based compensation * Short-term variable salary component * Long-term component of stock options PERFORMANCE ASSESSMENT* Relative performance rating (RPR...
Banks Board Bureau backs RBI, says govt still to act on its recommendations on PSBs

Banks Board Bureau backs RBI, says govt still to act on its recommendations on PSBs

Finance
NEW DELHI: Days before its term ends, the Banks Board Bureau (BBB), led by former comptroller and auditor general Vinod Rai, has said that several of its recommendations were lying with the government and pitched for widening its mandate and greater dialogue over restructuring of public sector banks (PSBs). It also pointed out that the RBI does not have powers to regulate PSBs the way it does with private banks. The statement from BBB, in a report made public on Monday, is in line with the recent stance taken by RBI governor Urjit Patel, who had suggested that the regulator did not have sufficient powers to regulate public sector players, something that the gover nment has contested. “Everyone wants more powers saying they do not have enough. The only power available to us is to appoint
Airlines in America are in a race to improve their meals

Airlines in America are in a race to improve their meals

Finance
IN THE 1950s—when the International Air Transport Association (IATA), a cartel of airlines, used to set fare levels and service quality on international routes—there were few differences between major carriers. One way to persuade passengers to choose one airline over another was to offer better meals as entertainment on board. And so an arms race to serve fancier food on transatlantic flights began. It came to an end in 1958, when SAS, a Scandinavian carrier, was fined $ 20,000 by IATA for serving open sandwiches that, contrary to IATA’s rules, contained overly fancy ingredients such as ox tongue, lettuce hearts and asparagus. The quality of food on board flights has fallen greatly since. Liberalisation of the aviation industry in the 1980s and 1990s, with IATA losing its power over fares
‘Aadhaar no proof you are legally occupying house’

‘Aadhaar no proof you are legally occupying house’

Finance
MUMBAI: Aadhaar card, Pan card and electricity bills are not proof that a person is legally occupying a house, Bombay high court has ruled. Justice Shalini Phansalkar Joshi upheld the eviction of four families of former municipal employees from a building in Matunga owned by BMC. The families, claimed they had been staying in apartments at Laxmi Niwas, Matunga, for around four decades and had been issued identity and address documents “The documentary evidence on which (the families) have relied on, such as electricity bills, ration cards, Aadhaar card, PAN cards, etc, at the most prove their occupation but not the authority under which they are occupying those premises,” said the judge. “It may be true that as they are in possession of the enquiry premises since last several years, no obj
3 Reasons to Buy Garmin Stock

3 Reasons to Buy Garmin Stock

Finance
If you wrote off Garmin (NASDAQ: GRMN) stock after GPS-enabled smartphones began disrupting the company's automotive navigation device business some years back, it's time for you to take another look. The company just wrapped up its second straight year of sales and profitability gains, despite challenges in a few of its biggest market niches.Garmin expects that momentum to continue in 2018, and shareholders can count on an added boost to their ROI from its recently hiked dividend . There are better reasons than a meaty 3.5% yield to consider investing in this solid business, though.Image source: Getty Images.Diversification rulesGarmin's 2017 results demonstrated the power of its diversified product portfolio. Sure, revenue from its automotive GPS segment shrank last year, as they have an...