Three Indian-origin CEOs, Shantanu Narayen, Ajay Banga and Satya Nadella, are among the world’s top 10 best-performing chief executives, featured in a list complied by the Harvard Business Review (HBR). ‘The Best-Performing CEOs in the World, 2019’ list by the HBR features 100 CEOs and has been topped by American technology company NVIDIA’s CEO Jensen Huang. On the 6th spot is Adobe CEO Narayen, followed by MasterCard CEO Banga, ranked 7th and Microsoft chief Nadella on the 9th spot. The list also features India-born CEO of DBS Bank Piyush Gupta on the 89th spot. Apple CEO Tim Cook is ranked 62nd.
India will be no.3 eco by 2039: Study
India presents the same economic opportunity as China did at the beginning of its boom phase, and will the third largest economy by 2039, according to Bloomberg. However, the country faces challenges in terms of disruptive forces such as automation, digitisation, climate change, protectionism, and populism. According to a report released with Bloomberg’s New Economy Drivers & Disrupters Index, while India has favourable demographics and a far-reaching reforms agenda, which has the potential to supercharge growth, there is a barrier to rapid development. “The country is even more exposed to disruptive forces than China, as it is ranked 80th,” the report said.
The report highlights the complex challenges that come with this shift in power from the West to the East. It concludes that new economies are poorly positioned for the disruptive forces.
MTNL, BSNL to be merged
The Modi government announced a massive revival package of nearly £7 billion for the ailing telecom PSUs - BSNL and MTNL - as it looks to nurse back the “strategic”, but heavily bleeding, companies to health and profitability over the next three-four years. The two companies – which together hold about 14% market share in the mobile business - will also be merged. The merger will await sorting out of some operational and regulatory issues since MTNL is a listed company. The revival package aims to make the loss-making companies competitive again by giving them access to 4G spectrum; helping them retire a large number of employees through an attractive VRS package; and monetising their locked assets such as large swathes of land, and telecom towers.
RBI firm on retirement of pvt banks chiefs
The Reserve Bank of India has refused to relent on its guidelines requiring chief executives of private banks to mandatorily retire at the age of 70, setting the stage for Aditya Puri to step down as HDFC Bank managing director and chief executive officer next October, while Romesh Sobti will retire as IndusInd Bank chief at the end of the financial year. While bankers had been indicating that the regulator was reviewing the retirement age, sources said, a few months ago RBI conveyed its decision to the two banks where the incumbents were nearing the retirement age, with many expecting a fresh extension. Some bankers had raised the issue of bringing RBI’s rules on a par with the new Companies Act that allows CEOs to continue till the age of 75. But RBI is of the view that 70 years is a reasonable age for a private bank chief to hang his boots as banking is a high-pressure job.