1. $25.6 billion raised by Saudi Aramco
- $25.6 billion has been raised by Saudi Aramco through its world's biggest initial public offering (IPO).
- The firm had set the final price of its shares at 32 riyals, and it received total bids of $119 billion.
- The oil giant had offered only 1.5% of its shares.
- When Aramco starts trading, it will become the world’s most valuable publicly-traded company ousting Microsoft Corp and Apple Inc.
- Initial Public Offering (IPO): It is the process by which a private company sells its first stock to raise funds.
2. Consumer Confidence Index declines in November
- The Consumer Confidence Index (CCI) has fallen in November 2019, according to the Reserve Bank of India’s (RBI) November 2019 round of consumer confidence survey (CCS).
- CCI is based on the current perception and future expectations regarding the economic situation, price level, employment, income, and spending.
- Four out of five variables reflect negative sentiments with a sign of deterioration compared to last round, and only spending reflect positive sentiments.
3. Bank of America inaugurates its Global Business Services Centre at GIFT City
- Bank of America Corporation opened its Global Business Services Centre at International Final Services Centre (IFSC) at GIFT City, Gujarat.
- With this, Bank of America has become the first international bank to start its business in the only IFSC of India.
- This will help Indian corporates to raise funds in international currency.
- GIFT IFSC:
- Gujarat International Finance Tec-City Co. Ltd (GIFT) is the country’s first and only international financial services center (IFSC).
- IFSC is a jurisdiction that provides financial services in foreign currencies to both residents and non-residents Indians.
- IFSC can be set up in a Special Economic Zone (SEZ) or as an SEZ.
- Companies regulated by RBI, SEBI, and IRDAI can open their offices in IFSC.
4. CFO of Axis Bank Jairam Sridharan resigns
- The Chief Financial Officer of Axis Bank Jairam Sridharan has resigned.
- He will continue to serves as the Group Executive and CFO for three months under the notice period.
- Jairam Sridharan has earlier served as President, Retail Lending and Payments, and was promoted to the post of Group Executive and CFO in October 2015.
- Axis Bank:
- It is the third largest private bank in India that is headquartered in Mumbai.
- MD & CEO: Amitabh Chaudhry
5. RBI tightens norms for Asset Reconstruction Companies (ARCs)
- RBI stated that the ARCs could not take over financial assets on a bilateral basis from their sponsor bank/ financial institution.
- Also, the ARCs cannot take over financial assets on a bilateral basis from their lender bank or from a bank that is a subscriber to fund, raised for their operations.
- ARCs are also barred from taking over financial assets on a bilateral basis from an entity in the group to which ARC is related.
- ARCs can take part in auctions of financial assets, which is to be conducted transparently and market forces should decide the prices.
- Presently, 28 ARCs are registered with RBI.
- Asset Reconstruction Companies (ARCs):
- It is a type of financial institution that purchases the debtors of a bank at a predetermined value and recover the debts by itself.
- These are registered under RBI and regulated under the SARFAESI Act, 2002.
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