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India's central bank will launch a pilot program in 2025 offering local cloud data storage to financial firms at affordable prices, according to two sources aware of the matter, who declined to be identified as conversations are confidential. The Reserve Bank of India's planned cloud platform will use local IT firms, pitting it against the likes of Amazon Web Services, Microsoft Azure, Google Cloud and IBM Cloud, in a first-of-its-kind initiative from a major global central bank. In December last year, RBI governor Shaktikanta Das announced plans to set up a public cloud for the financial services industry. Initial work on the cloud is being driven by the research wing of the central bank called the Indian Financial Technology and Allied Services. It will then be developed further in partnership with one or more private sector technology firms, according to the sources.
Persons: Shaktikanta Das, EY Organizations: Bank, Reserve Bank of, Amazon Web Services, Microsoft, Google, IBM, International Data Corporation, Indian Financial Technology, Allied Services, Reuters
Shaktikanta Das, governor of the Reserve Bank of India (RBI), during an event at the Peterson Institute of Economics (PIIE) during the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Friday, Oct. 25, 2024. Central banks have managed to engineer a soft landing through a period of "continual and unprecedented shocks," but there is still a risk of global inflation returning and of economic growth slowing down, according to India's central bank chief. Speaking Thursday in Mumbai, India, at CNBC-TV18's Global Leadership Summit, Reserve Bank of India (RBI) Governor Shaktikanta Das said monetary policy from global central banks had largely "performed well" in recent years despite conflicts, geopolitical tensions and higher volatility. "A soft landing has been ensured but risks of inflation — as I speak to you here today — risks of inflation coming back and growth slowing down do remain," Das said. Das pointed to several contradictions in global markets to underline his view, including the appreciation of the U.S. dollar, even as the Federal Reserve is cutting interest rates.
Persons: Shaktikanta Das, Das Organizations: Reserve Bank of India, Peterson Institute of Economics, International Monetary Fund, Bank, CNBC, Leadership, U.S ., Federal Reserve, U.S Locations: Washington , DC, Central, Mumbai, India, London
The German balances punditry with his role as the commissioner of the European League of Football, a professional American football league founded in 2020 which has 18 teams split into three conferences. Paid options with increased coverage are now available through DAZN, the NFL League Pass, and RTL+. According to the NFL, there are approximately 19million fans in Germany, with 3.6m (18.9 per cent) following the NFL closely. The German Olympic Sports Confederation (DOSB) has 500 registered football teams with more than 70,000 members, according to sports marketing agency SPORTFIVE. There are 14 German players in the NFL Academy, based at Loughborough University in the United Kingdom.
Persons: Holt, ” Patrick Esume, Jürgen Kessler, Esume, ” Esume, Tom Brady, Sebastian Widmann, Daniel Jensen, ” Jensen, , Jakob Johnson, Marcel Dabo, Aaron Jones, Amon, Ra St, Brown, Gerrit Meier, Bjoern Werner, Markus Kuhn, Sebastian Vollmer, Duke Dennis, Ian Maule, Jensen, , Meech Robinson Organizations: American, NFL, Allianz Arena, New York Giants, Carolina Panthers, Frankfurt’s Deutsche Bank Park, RTL, Athletic, Sky Sports, ITV, , European League of Football, Getty, Hamburg Silver Eagles, Hamburg Blue Devils, Tampa Bay Buccaneers, Seattle Seahawks, Munich’s Allianz, Hamburg, NFL Europe, Bundesliga, Soccer, Bayern Munich, Bayer Leverkusen, Super, Kansas City Chiefs, Miami Dolphins, Sports Illustrated, Chiefs, New England Patriots, Dallas Cowboys, Pittsburgh Steelers, Patriots, Green Bay Packers, Giants, Indianapolis Colts, Minnesota Vikings, U.S . Army, Detroit Lions, Colts, Olympic Sports, SPORTFIVE, German Basketball Association, NBA, NFL Academy, Loughborough University, NCAA Division Locations: Germany, Europe, Munich, United Kingdom, American, U.S, DAZN, NFL Europe, German, Frankfurt, America, Mexico, “ St, Las Vegas, Los Angeles
He says his super PAC will "keep going" after this election and is "preparing for the midterms." Musk said he's interested in combating the influence of George Soros in district attorney races. AdvertisementElon Musk signaled on Tuesday that he plans to remain a major player in American politics, even after the 2024 election. At the end of an X Space on Tuesday evening, Musk told listeners that America PAC, the super PAC that the billionaire businessman has funded with at least $119 million, will "keep going after this election." Musk said that his super PAC was "preparing for the midterms and any intermediate elections, as well as looking at elections at the district attorney level."
Persons: Elon Musk, Musk, he's, George Soros, , It's, who's, Soros, DAs, Larry Krasner, Koch, Sue Altman Organizations: PAC, Service, America PAC, Soros, GOP, Democrat Locations: Philadelphia, Musk's, New Jersey
Among them are Anthropic, Elon Musk's xAI, OpenAI cofounder Ilya Sutskever's Safe Superintelligence, and AI search startup Perplexity. The last of the five rivals, and perhaps the least well-known, is Glean, an enterprise search assistant. Founded in 2019 by Rubrik cofounder and ex-Googler Arvind Jain, Glean helps corporate workers find information across their companies' tools and data. Related Video Sam Altman moves to Microsoft after OpenAI fires him as CEOThe company enables AI search by integrating apps like Slack and Dropbox and powering search across their company's universe of data. AdvertisementBesides enterprise search, Glean also has an AI assistant that generates answers based on search results, such as summarizing the day's Slack messages or synthesizing multiple documents.
Persons: Glean, Jain, , Sam Altman, Elon Musk's, Ilya Sutskever's, Googler Arvind Jain, Kleiner Perkins, Deedy Das, Larry Page, Das, Bipul Sinha, Rubrik, Mamoon Hamid, Vishwanath, Tony Gentilcore, Piyush Prahladka, , Arvind, Hamid, Paul, Rajeev Dham, they're, Slack, Altman, It's Organizations: Google, Service, Elon Musk's xAI, DST Global, Sapphire Ventures, Sequoia, Microsoft, Sony Electronics, Entrepreneurship, Indian Institute of Technology, IIT, Menlo Ventures, IIT Delhi, University of Washington, Akamai Technologies, Technology, YouTube, Kleiner Locations: Jaipur, Indian, IIT Delhi, India, Glean, Seattle
Yet, India's central bank appeared to dismiss the negativity earlier this month and reiterated its bullish view of India's growth rate, still expecting the economy to grow by 7.2%. However, when prompted on whether India's growth rate could compete with what China has already achieved for over two decades, the governor was less buoyant. But if you are looking at 10-plus growth, before I venture into that, I have to really do my homework much more," Governor Das said. This week, China's central bank, President Xi Jinping and other top leaders announced plans to boost the country's economy and attract investment. If India intends to grow as fast as China did, it may have to get a move on.
Persons: Goldman Sachs, CNBC's Tanvir Gill, Shaktikanta Das, Das, Narendra Modi, he's, , Xi Jinping, David Tepper, he'd, Kaanhari Singh Organizations: Bank of America, Deutsche Bank, Reserve Bank of India, CNBC, Bank, Appaloosa Management, Barclays Locations: Wall, India, China
OpenAI is said to be closing a funding round that could value the company at as much as $150 billion. "Kushner is betting the ranch on OpenAI and Sam Altman just as Masa Son pledged 40% of his Vision Fund on Yahoo and Jerry Yang. "Second, Sam Altman has proven himself to be one of the greatest tech founders of this generation. Sam Altman has said that AI superintelligence could be a reality within "a few thousand days ." "Everybody wants Sam Altman at the helm, and they're willing to do anything to keep him as the CEO.
Persons: OpenAI, , Sam Altman, ChatGPT, Mira Murati, Bob McGrew, Barret Zoph, Murati's, John Schulman's, Joe Aaron, Aaron, Capital's Josh Kushner, Kushner, Masa Son, Jerry Yang, Jerry Yang wasn't, Jai Das, Goldman Sachs, who's, Altman, they've, Ben Narasin, They're Organizations: Service, Research, Post, Reuters, Nvidia, Apple, Fund, Yahoo, Sapphire Ventures, Venture Locations: Silicon, UAE, OpenAI
DJT shares climbed as much as 7% in heavy trading shortly after the opening bell. The upswing followed six straight trading days in the red, which drove Trump Media stock down more than 32%. Stock Chart Icon Stock chart icon Trump Media (DJT) Stock PriceThat dive was just the latest negative stretch in a monthslong slump for Trump Media, which went public in late March after completing a merger with a special purpose acquisition company. Since surging to an intraday peak of $79.38 per share in its Nasdaq debut, Trump Media stock has lost more than 84% of its value. On Monday, the stock fell to its lowest point since before October 2021, when news of a planned merger between Trump Media and the SPAC, Digital World Acquisition Corp., was first made public.
Persons: Donald Trump Organizations: Getty Images Trump Media, Truth, Trump Media, Nasdaq, Trump, Republican
Read previewIn February, Glean announced a $200 million funding round valuing the AI enterprise software startup at $2.2 billion. AdvertisementThe transaction is the latest in a string of dizzying back-to-back funding rounds at ever-higher valuations for a handful of AI startups that stand in stark contrast to the doldrums of the overall market for startups. Earlier this year, Sakana raised $30 million in a seed funding round led by Lux Capital. Slingshot AI, which has built an automated mental health counselor, also raised separate rounds of funding just months apart. Advertisement"VCs are increasingly faced with frequent requests from their hot AI companies to follow on or double down on investments," said Iris Sun, an investor at 500 Global.
Persons: , Glean, Arvind Jain's inbox, Jain, Steve Brotman, Perplexity, SoftBank, Sakana, Gregg Hill, that's, Matt Murphy, Dario Amodei, Kimberly White, Murphy, I'd, I've, Jenny Chang, Rodriguez, Jai Das, Rajeev Dham, couldn't, Das, Sapphire, Uber, Iris Sun, Chandrasekar Organizations: Service, Business, DST Global, Alpha Partners, Bloomberg, Google, New Enterprise Associates, Khosla Ventures, Lux Capital, Parkway Venture Capital, Menlo Ventures, Getty, Sapphire Ventures, Investments Locations: Tokyo
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Shaktikanta Das, Reserve Bank of India's GovernorCNBC's Tanvir Gill spoke to Shaktikanta Das, Reserve Bank of India's governor, in an exclusive interview for CNBC Conversations. He discussed the strength of the Indian Rupee, India's inflation outlook, as well as the RBI's interest rate considerations.
Persons: Shaktikanta Das, CNBC's Tanvir Gill Organizations: Reserve Bank, India's, CNBC
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Record close for DowThe S&P 500 and Dow Jones Industrial Average rose on Monday, with the Dow notching a record close. Next move for the BOJThe Bank of Japan won't be raising interest rates at its September meeting, according to a CNBC survey of 32 analysts. [PRO] "Golden age of fixed income"The U.S. Federal Reserve is poised to cut interest rates this week.
Persons: Shaktikanta Das, Biden, Rick Rieder Organizations: Trade Center, CNBC, Dow, Dow Jones, Nasdaq, Nikkei, U.S ., Midea Group, Hong Kong, Bank of Japan, Bank of India, Intel, U.S . Federal Locations: Manhattan, Jersey City , New Jersey, Asia, Pacific, Hong
Speaking to CNBC in an exclusive interview, Reserve Bank of India (RBI) Governor Shaktikanta Das discussed the issue of slowing growth in bank deposits underperforming an expansion in loans. "So there is a gap of 350 to 400 basis points," he said, referencing the difference between credit and deposit growth. Annual figures from August put loan growth at 13.6% with deposit growth at 10.8%, according to Reuters. When lending outpaces deposits, net interest margins — or the difference between what a bank earns on loans and pays out for deposits — take a hit. India's GDP slowed to 6.7% in the second quarter compared to last year's 8.2%, piling pressure on the central bank to reverse a recent hiking cycle.
Persons: Shaktikanta Das, Das, Ashish Gupta, CNBC's Organizations: CNBC, Reserve Bank of India, Reuters, Mutual Fund, Monetary, MPC Locations: India
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: interest rate decision will be based on the future trajectory of inflation and growthShaktikanta Das, governor of the Reserve Bank of India, joins CNBC's Tanvir Gill in an exclusive interview, discussing India's inflation outlook, as well as the RBI's interest rate considerations.
Persons: Das, Tanvir Gill Organizations: Reserve Bank of India
Punit Paranjpe | Afp | Getty ImagesIndia can achieve sustainable economic growth of up to 8% over the medium term, according to the country's central bank governor. The figures have ratcheted up pressure on the central bank to launch its own rate-cutting cycle sooner rather than later. Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during the Global Fintech Fest 2024 in Mumbai, India, on August 28, 2024. Nurphoto | Nurphoto | Getty ImagesIt comes as major central banks have started to ease monetary policy in recent months, including the European Central Bank, the Bank of England and the Swiss National Bank. Women (silhouetted) walk past Reserve Bank of India (RBI) logo displayed at Global Fintech Fest exhibition in Mumbai.
Persons: Punit Paranjpe, CNBC's Tanvir Gill, Shaktikanta Das, Das, Goldman Sachs Organizations: Afp, Getty, Reserve Bank of India, International Monetary Fund, Nurphoto, European Central Bank, Bank of England, Swiss National Bank, The U.S . Federal Reserve, ECB, Bank of India, Global Locations: Mumbai, India, Japan, Germany, U.S, China
RBI Governor: 7.5% GDP growth for India is sustainable
  + stars: | 2024-09-16 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: 7.5% GDP growth for India is sustainableThe Governor of the Reserve Bank of India, Shaktikanta Das, joins CNBC's Tanvir Gill in an exclusive interview to discuss India's long-term growth trajectory.
Persons: Shaktikanta Das, Tanvir Gill Organizations: Reserve Bank of India Locations: India
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are not artificially keeping the Indian Rupee strong, says RBI GovernorShaktikanta Das, Reserve Bank of India's Governor discusses the reasons behind Indian Rupee's relative stability against the U.S. dollar the past 2 years.
Persons: Shaktikanta Das Organizations: Reserve Bank, India's, U.S .
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: Monitoring for any signs of stress in banking sectorShaktikanta Das, the Governor of the Reserve Bank of India, spoke at length about the strict regulation of the NBFC sector, highlighting the RBI's commitment to maintaining India's financial stability.
Organizations: Shaktikanta Das, Reserve Bank of India
Microsoft cofounder Bill Gates and Apple cofounder Steve Jobs were two of the biggest tech CEOs of their time. While they at times were both friend and foe, Gates admired and envied Jobs' magnetism, a new book says. Gates has previously said he was "jealous" of Jobs' ability to captivate an audience. AdvertisementBill Gates and Steve Jobs were some of the most influential tech leaders of their time while at the helm of Microsoft and Apple respectively. Gates has spoken of his admiration for Jobs' magnetic persona and ability to woo a crowd, and a new book reveals further details about Gates' envy of the late Apple cofounder.
Persons: Bill Gates, Steve Jobs, Gates, envied, , Jobs, Anupreeta Das Organizations: Service, Microsoft, Apple, New York Times, Macworld, Business
Images showed doctors in Kolkata and the capital Delhi holding signs reading: “Save our doctors, save our future.” In the southern city of Hyderabad, doctors held a candlelight vigil. Police officers stand outside the emergency ward during a doctors' strike to protest the rape and murder of a medic at RG Kar Medical College and Hospital in Kolkata, India, on August 11, 2024. India has struggled for years to tackle high rates of violence against women, with a number of high-profile rape cases drawing international attention to the issue. According to India’s National Crime Records Bureau, a total of 31,516 rape cases were recorded in 2022, an average of 86 cases per day. Despite these changes, rape cases remain prevalent in the country – with victims and advocates saying the government is still not doing enough to protect women and punish attackers.
Persons: , Sarvesh Pandey, Sudipta Das, Mamata Banerjee Organizations: New, New Delhi CNN, Kar Medical College, Hospital, CNN, Federation of Resident, Association, Indian Medical Association, Police, AP West Bengal, Crime Records Locations: New Delhi, India, West Bengal, Kolkata, Delhi, Hyderabad
Bill Gates often visited Warren Buffett to escape his tightly scheduled life, a new book says. Gates's workday was meticulously planned, with activities broken into five-minute increments. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Every moment of the 68-year-old Microsoft cofounder's workday was meticulously planned.
Persons: Bill Gates, Warren Buffett, , Anupreeta Das Organizations: Gates Foundation, Service, Microsoft, New York Times, Business
Not long ago, Bangladesh was hailed as an economic miracle. Its singular focus on exporting textiles and apparel delivered rapid growth, lifting millions out of poverty and winning the country’s prime minister, Sheikh Hasina, fame and admiration. But Ms. Hasina’s abrupt exit from power this week has exposed the limitations of that strategy, as Bangladesh struggles to combat steep inflation and joblessness that economists say are largely the result of poor policy decisions. Her increasingly authoritarian rule and Bangladesh’s widespread corruption only added to the frustration that boiled over and forced her ouster. Student protesters who had called for Ms. Hasina’s resignation have brought in Muhammad Yunus, a Nobel laureate and microfinance pioneer, to oversee an interim government.
Persons: Sheikh Hasina, Hasina’s, Muhammad Yunus, Yunus Organizations: Student Locations: Bangladesh
Every year, Bill Gates — and, until she left, Melinda French Gates — would hold multiple meetings with executives of the Gates Foundation to approve plans and budgets, and review strategies. For many, the meeting might be the only direct opportunity to interact with, and impress, Gates and French Gates. AdvertisementGates and French Gates followed the presentations closely, usually saving questions for the end. The former couple sought to maintain a professional relationship, giving themselves at least two years to see if they could work together, with the understanding that French Gates would leave if they couldn't. One former senior employee compared the style of discussion to the Socratic method, often used in law schools by professors who push students to reasoning through dialogue.
Persons: Bill Gates —, Melinda French Gates, Gates, Louis XIV, , opprobrium, Gates —, Bill Gates, Simon, It's, Melinda weren't, hasn't, Warren Buffett —, outargue Gates, seethed, Anupreeta Das Organizations: Gates Foundation, Business, Employees, Avid Reader Press, Simon & Schuster, Inc, HBO, Microsoft Locations: French Gates, Versailles, Gates
The president of Bangladesh on Tuesday appointed Muhammad Yunus, a pioneer in microfinance who is a Nobel laureate, to oversee an interim government, accommodating demands by protesters and offering a reprieve for a country scarred by violence. The announcement from the main coordinator of the protests, Nahid Islam, came a day after Bangladesh’s authoritarian leader, Sheikh Hasina, resigned and fled the country amid a popular uprising. Mr. Islam was among a group of military officials and others present at a meeting with the president on Tuesday. Mr. Yunus, 84, is expected to lead a temporary government now that the Bangladeshi Parliament has been dissolved. Mr. Yunus, who is widely admired in Bangladesh and once made a brief foray into politics, has two immediate tasks.
Persons: Muhammad Yunus, Nahid, Sheikh Hasina, Islam, Mr, Yunus Organizations: Mr Locations: Bangladesh, Nahid Islam
They came prepared for violence. A day after about 100 people were killed in antigovernment protests, hundreds of thousands took to the streets of Dhaka, Bangladesh’s capital, defying a curfew imposed by the government and demanding the resignation of Prime Minister Sheikh Hasina. They got their wish. It remained unclear what role the military, which has seized power in the past, will play — or whether it had a hand in persuading Ms. Hasina to leave. On Monday afternoon, Gen. Waker-uz-Zaman, the Bangladesh Army chief of staff, announced her departure and said he would request the formation of an interim government.
Persons: Sheikh Hasina, Hasina, Ms Organizations: Awami League, Bangladesh Nationalist Party, Bangladesh Army Locations: Dhaka
In the summer of 1991, Mary Gates, the mother of the Microsoft billionaire Bill Gates, convinced her workaholic 35-year-old son to spend the July 4 holiday at Hood Canal, a scenic, outdoorsy location about two hours from Seattle that had long been the family getaway. The Oracle of Omaha, Warren Buffett, was among the guests. When Mrs. Gates tried to introduce her son to Mr. Buffett, however, he brushed her off, saying that he didn’t want to meet a “stockbroker.”But the two men hit it off immediately. Mr. Gates was surprised by the penetrating questions Mr. Buffett directed at him about the software business, and found himself warming to the avuncular Midwestern billionaire. Once, recounting the story of their meeting to students at the University of Nebraska-Lincoln, Mr. Gates called it an “unbelievable friendship.” Mr. Buffett quipped, “The moral of that is, listen to your mother.”
Persons: Mary Gates, Bill Gates, Warren Buffett, Gates, Buffett, , ” Mr, Organizations: Microsoft, University of Nebraska Locations: Hood, Seattle, Omaha, Lincoln
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