Business, Economy & Banking Current Affairs - 2019
Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.
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ITC Group’s present Managing Director (MD) Sanjiv Puri was elevated as new Chairman and Managing Director of company. His appointment comes after noted industry leader and erstwhile ITC Chairman Yogi C. Deveshwar died on 11 May 2019.
- Y C Deveshwar (aged 72) had stepped down from ITC’s executive role in 2017 but remained non-executive chairman of company. He was ITC’s longest serving Chairman and corporate head.
- Later in 2017, as part of succession planning in company, the ITC group split the role of company’s Executive Chairman between Chairman and Chief Executive Officer (CEO). Y C Deveshwar then mentored the executive management led by Sanjiv Puri.
- He is an alumnus of the Indian Institute of Technology (IIT), Kanpur and Wharton School of Business.
- He joined ITC in 1986.
- Since 2015 he was a director on the board of company.
- In February 2017 he was appointed Chief Executive Officer (CEO), assuming independent charge of executive leadership of ITC.
- ITC stands for ‘India Tobacco Company’, is India’s largest cigarette company.
- It was established in 1910 and is headquartered in Kolkata, West Bengal.
- It has diversified presence in various business like Cigarettes, Packaging, Hotels, Agri-Business, Paperboards & Specialty Papers, Packaged Foods & Confectionery, Information Technology, Branded Apparel (Wills), and other FMCG products.
According to Sunday Times Rich List 2019, Indian-origin Billionaire Hinduja brothers (Sri and Gopi Hinduja) were named as wealthiest people in the UK continuously for a third time. They topped No. 1 rank with a fortune of 22 billion pounds.
Others in Sunday Times Rich List
- Mumbai-born Brothers David and Simon Reuben secured second place with a combined wealth of 18.66 billion pounds. They made fortune in scrap metal, property and carpets
- The richest person on 2018’s Times Rich List, Sir Jim Ratcliffe, founder of Ineos chemicals firm, slipped to third rank.
- Zimbabwe-born Valerie Moran became first black female entrepreneur ever to be ranked in the Times Rich List.
About Hinduja Brothers
- The Hinduja Group, family business was founded in 1914 in Mumbai, India.
- It now holds a global interests in various areas which includes banking, oil and gas, IT (Information and Technology) and property.
- The Indian origin Hinduja Brothers namely Sri, aged 83 and Gopi, aged 79 are London based British citizens. They are two of the four brothers controlling the empire.
- Properties owned by them include ‘The Old War Office in Whitehall’ (that was used as headquarters by Winston Churchill during World War II) which they soon might reopen as a luxury hotel.
- In past, two brothers have topped the Sunday Times list in 2014 and in 2017.
About Sunday Times Rich List
- It is an annual list which estimates 1,000 wealthiest people or families resident of United Kingdom (UK) and rank them by net wealth.
- It is published by Britains national Sunday newspaper The Sunday Times.
- It is based on identifiable wealth which includes property, land, other assets like art, and shares in companies.
- It does not include the amount people have in their bank accounts.