1. Subir Gokarn appointed IMF Executive Director
Former RBI Deputy Governor Subir Gokarn was today appointed as an Executive Director on the board of the International Monetary Fund (IMF).
Gokarn will represent India, Bangladesh, Sri Lanka and Bhutan on the Washington—based IMF’s Executive Board, which is responsible for conducting the day—to—day business of the multilateral institution.
The name of 56—year—old economist was cleared by Appointments Committee of Cabinet headed by Prime Minister Narendra Modi, as per an order issued by the Department of Personnel and Training,.
On the IMF Executive Board, Gokarn will replace Rakesh Mohan, whose three year tenure ends this month. The order did not mention the tenure for Gokarn. Mohan has also been a Deputy Governor at RBI. The current RBI Governor Raghuram Rajan has incidentally been Chief Economist at IMF.
The Board is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries, and the Managing Director, who serves as its Chairman. The Board meets several times each week and carries out its work largely on the basis of papers prepared by IMF management and staff.
The grouping of India, Bangladesh, Sri Lanka and Bhutan would be represented by Gokarn with a total casting vote of 2.8 per cent. This includes more than 2.3 per cent for India.
The US, Japan, Germany, France and UK are among the major countries with individual representatives, while the highest vote is for the US at 16.74 per cent. Other countries with individual representatives on the Board include China, Russia and Saudi Arabia.
2. Modi arrives in UK on maiden visit
Prime Minister Narendra Modi has begun a three-day bilateral visit to the UK, which is expected to clinch billions of pounds of deals, including in the defence aviation, financial, and telecom sectors.
It is the first time an Indian Prime Minister has visited the UK since Manmohan Singh attended the G20 summit in 2009, and the first bilateral visit by a Prime Minister since 2006. It is the third meeting between UK Prime Minister David Cameron and Modi.
Modi, was greeted by Hugo Swire, Minister of State at the Foreign and Commonwealth Office, and Priti Patel, Minister of State for Employment and the Government’s Diaspora champion.
Modi is accompanied by a high profile business delegation, including Tata head Cyrus Mistry, Sunil Bharti Mittal, the chair of Bharti Enterprises Ltd, TK Kurien of Wipro, Tulsi Tanti of Suzlon Energy, and Atul Punj of Suzlon Energy.
3. Indiabulls Housing to buy 40% in UK bank for $100 mn
Indiabulls Housing Finance today said it will acquire a 39.76 per cent stake in the UK's OakNorth Bank for USD 100 million (about Rs 661 crore).
The company said the acquisition will help it chart a roadmap to a deposit-taking franchise.
"Pursuant to all applicable regulatory approvals from relevant regulators in lndia and the UK... Indiabulls Housing Finance Ltd' is investing USD 100 million for 39.76 per cent stake in OakNorth Bank, a licensed UK commercial Bank... the company will be the largest shareholder in the bank," Indiabulls Housing Finance said in a regulatory filing.
4. NASA's Cassini Spots Monstrous Ice Cloud on Titan
NASA's Cassini spacecraft has detected a monstrous new cloud of frozen compounds on the Saturn moon Titan's south polar region.
The ice cloud in the moon's low- to mid-stratosphere -- a stable atmospheric region above the troposphere, or active weather layer -- suggests that winter comes in like a lion on the largest moon of Saturn