Category: Business

Finance Minister Nirmala Sitharaman has instructed the regional rural banks (RRBs) to take steps to remove the duplication of Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts and ensure that the benefits of the scheme reach the intended beneficiaries. She also asked the RRBs to facilitate storage facility for apple growers in Jammu and Kashmir and Himachal Pradesh, where the fruit production is high. PMJDY scheme aims to provide financial inclusion…

Some of the biggest local and international banks in Singapore are facing scrutiny for their alleged involvement in one of the city-state’s largest money laundering cases involving more than S$1 billion ($740 million) of assets. The case has raised questions about the safeguards against illicit money flowing into one of the world’s most important financial hubs. How the money laundering scheme worked According to the charge sheets seen by Bloomberg…

The Federal Reserve has issued a series of private warnings to several regional banks with assets of $100 billion to $250 billion, urging them to take corrective actions on various issues related to their risk management, capital, liquidity, technology and compliance, according to a Bloomberg News report. Fed steps up supervision of mid-sized lenders The Fed has intensified its scrutiny of mid-sized lenders in the wake of the collapse of…

A new investor has entered the banking sector by purchasing a significant number of shares in United Community Banks, Inc. (UCBI), a regional bank holding company based in Georgia. O Dell Group LLC Buys 115,078 Shares of UCBI According to a recent filing with the Securities and Exchange Commission (SEC), O Dell Group LLC, a private investment firm, bought 115,078 shares of UCBI in the first quarter of 2023. The…

The federal government has abandoned its ambitious plan to modernise the business registry system, which was expected to cost $2.3 billion and take four years to complete. The project, which aimed to consolidate 35 different registries into one platform and improve the user experience for businesses, was plagued by technical challenges, governance issues, and stakeholder resistance. A vision for a simpler and faster business registry The project was initiated in…

NZ Entrepreneur is a free digital magazine that provides insights and inspiration for entrepreneurs and business owners in New Zealand. The magazine covers various topics such as startup stories, ecosystem news, business advice, innovation trends, and social impact. NZ Entrepreneur aims to showcase the diverse and vibrant entrepreneurial scene in Aotearoa and to support the growth and success of local ventures. Founder Focus: A Series of Interviews with Entrepreneurs One…

August is Black Business Month, a time to recognize and support the achievements of black entrepreneurs and business owners around the world. Black Business Month was founded in 2004 by John William Templeton and Frederick E. Jordan, two engineering entrepreneurs who wanted to highlight the contributions of black businesses to the global economy and society. The Impact of Black Businesses on the World According to the Global Entrepreneurship Monitor, there…

Milton Park-based software company posts positive results for the first half of 2023 K3 Business Technology Group, a provider of business-critical software solutions, has announced its interim financial results for the six months ended 31 May 2023. The company reported an increase in revenue and profit, as well as a healthy balance sheet and cash flow. The company posted revenues of £20.3 million, an increase of around 4 per cent…

Family businesses are the backbone of many economies, accounting for around 98 per cent of all businesses in Australia and 67 per cent of them being family-owned. However, running a family business is not always easy, especially when it comes to planning for succession. Many family businesses face conflicts and disputes over who will take over the business, how to manage the transition, and how to deal with the emotional…

What is Islamic banking and why is it different? Islamic banking is a form of financial system that operates under the principles of Shariah, the Islamic legal system that forbids transactions involving usury, or charging of interest as it is considered an unjust exchange. Islamic banking also does not finance sectors harmful to society such as alcohol, tobacco and gambling. Another key difference is that Islamic banking does not allow…