News that Shapes the Views
India, Israel to Develop Missile for Army. Ahead of the first visit of an Indian Prime Minister to Israel later this year, India has approved a deal to develop jointly a medium range surface-to-air missile (MR-SAM) system for the army.
Five Associate Banks Will Merge with SBI. Five associate banks of State Bank of India (SBI) will merge with SBI from April 1 in the largest consolidation exercise in the banking history of India. Post merger, SBI will become a global-sized bank with an asset base of USD 555bn and 22,500 branches.
RBI’s Enforcement Department to Develop Rule-based Approach. The Reserve Bank of India (RBI) will kick off operations of a new department for enforcement on April 1 in line with the central bank’s broader plan to develop a rule-based approach to deal with breaches of law, rules and directions and to make the enforcement process stringent and consistent.
China’s Sinochem in Early Talks to Buy Stake in Noble Group. China’s state-owned Sinochem is in early talks with Noble Group to buy an equity stake in the embattled trader, three sources familiar with the matter said, in a move that would help it gain access to the commodity trader’s global supply chain.
Chinese Billionaire Xiao Jianhua Seized from Hong Kong. A Chinese billionaire with Canadian citizenship has been seized from his apartment at the Four Seasons hotel in Hong Kong and taken to mainland China.
Donald Tsang: Hong Kong Ex-leader Guilty of Misconduct. Former Hong Kong Chief Executive Donald Tsang has been found guilty of misconduct in office, in a case related to a luxury flat in China. Mr Tsang, who led Hong Kong from 2005 to 2012, had faced three charges of misconduct and bribery.