World
CEO of Twitter calls it quits
Twitter's chief executive officer (CEO) Dick Costolo has decided to step down in July, the company's top brass announced.
 
Twitter co-founder Jack Dorsey, chairman of the board and first CEO, will fill the gap as interim CEO when Costolo relinquishes the top post on July 1.
 
Costolo, who will remain on Twitter's board of directors, repeatedly characterised the departure as his call, in a briefing with shareholders on June 11.
 
"I initiated conversation with some members of the board at the end of last year about CEO succession as I contemplated what was next for me," Costolo was quoted as saying.
 
"And ultimately following discussions with the full board at the last week's meeting, we agree that now is the right time to begin this transition."
 
Twitter has been in the middle of major controversies recently, such as widespread piracy of the Mayweather v Pacquiao title fight using the company's new streaming video platform, Periscope.
 
Then there are lingering issues related to trolling and bullying on the micro-blogging site, which critics say Twitter has not addressed very efficiently.
 
Within five minutes after the news came out, Twitter's stock spiked in after-hours trading from $35.75 to $39.29.

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Creator of Chandigarh's world acclaimed Rock Garden dead
Creator of Chandigarh's famous Rock Garden, Nek Chand, died at the Post Graduate Institute of Medical Education and Research (PGIMER) here early Friday following cardiac arrest, his family members said. He will be cremated here on Saturday.
 
Chand was 90 years old and was suffering from diabetes, hypertension and cancer. He was hospitalised for the past few days.
 
The Chandigarh administration has declared a holiday in its offices on Friday as a mark of respect to the world-acclaimed architectural genius.
 
His body has been kept in the Rock Garden for the people to pay tribute, the family members said.
 
The master creator celebrated his 90th birthday last December.
 
Prime Minister Narendra Modi condoled the death of Nek Chand.
 
"Nek Chand-ji will always be remembered for his artistic genius and fabulous creation that is cherished by many. May his soul rest in peace," Modi said in a tweet.
 
Nek Chand was the most exhibited Indian artist ever with his creations being part of leading cities like Paris, London, New York, Washington and Berlin, and numerous books in different languages being written about him. He had also been offered honorary citizenship in various countries.
 
He was a road inspector in a construction project in Chandigarh in the 1950s and 60s. At that time the city, popularly called "City Beautiful", was being designed by French architect Le Corbusier.
 
Nek Chand developed the art of creating figures from waste material discarded by people and secretly set up his laboratory in a forested area in north Chandigarh.
 
It was only in the mid-70s that Nek Chand's art was recognised and Chandigarh's 'Rock Garden' came into being. The Rock Garden was officially inaugurated in October 1976.
 
He was honoured with the Padma Shri award in 1984 but the Nek Chand Foundation believes his contribution to Indian art deserved a greater award.
 

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Jaitley asks banks to pass RBI rate cuts to borrowers
Finance Minister Arun Jaitley on Friday expressed the hope that those commercial banks which have not passed on to borrowers the interest rate cuts made by the Reserve Bank of India (RBI) this year, would do so over the next few weeks.
 
"There was a presentation made by each bank on the RBI rate cuts of 25 basis points each from December to June. Some banks have not passed on the rate cuts. I hope over the next few weeks they will be in a position to reduce rates," Jaitley told reporters here after meeting with heads of public and private sector banks.
 
"The banks expressed problems in their balance sheets. They also asked us to take a relook at the small saving schemes, which with their high rates at 8.5 to 9 percent is pushing up their deposit rates," the finance minister said.
 
"The banks said that when the repo (RBI's short-term lending rate) rate was raised, they were slower to raise their interest rates, and now they are also slower to bring them down," he added.
 
Following his meeting with RBI Governor Raghuram Rajan on Thursday, Jaitley was expected to take up the matter of banks passing on RBI's earlier rate cuts.
 
This was the finance minister's first meeting with Rajan after RBI, last week, reduced its repo rate, at which it lends to commercial banks, from 7.5 percent to 7.25 percent.
 
In three separate cuts this year, the RBI has reduced the repo rate, at which it lends to commercial banks, by 0.75 percent.
 
"Our policy is neither too conservative, nor too aggressive -- but just right for the given moment," Rajan said at a post-review press conference, and made it clear that he would like to see the commercial banks passing on the rate cuts down the line.
 
In April, Rajan said banks have to pass on the previous rate cuts, and dismissed claims that cost of funds remained too high.
 

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COMMENTS

MG Warrier

1 year ago

It is comforting to find that the focus is shifting from forcing RBI to ‘cut’ rates again and again, there is someone responsible acknowledging the need to ensure that the effect of cuts already done reaches the beneficiary down the line, namely the borrower who deploys the credit availed for productive purposes.
It is intriguing that all the sermons from the Finance Minister are addressed to Public Sector Banks which are burdened with heavy social sector responsibilities which add to their stressed assets and draw on their resources due to the huge number of accounts(both deposits and credit) they have to service. Last week only HDFC Bank(a major private sector bank) MD said, “…I turned digital, I got into semi-urban and rural areas, I got the brand, systems and people…” Such claims make one wonder, why the share of private sector banks in banking business is not growing fast and why the FM is speaking exclusively to public sector banks when it comes to social sector or financial inclusion issues.
Back on rate cut, it has to be clearly understood that base rate cut by RBI does not directly result in reduced cost of funds for banks. That is why the deposit rates get affected first and long after, when pressure mounts, depending on market scenario, a part of the benefit is shared with borrowers by reducing lending rates.
It is necessary for all the stakeholders to reconcile to the reality that whether in public sector or in private sector the resources belong to the country and its people and government and organisations have to manage them with care.
M G Warrier, Mumbai

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