Singapore’s OCBC Bank eyes ultra rich in Indonesia with set up of new private wealth business

Singapore’s OCBC Bank eyes ultra rich in Indonesia with set up of new private wealth business

Nicky Loh | Bloomberg | Getty Images Singapore’s second largest lender Oversea-Chinese Banking Corporation (OCBC) on Monday launched an Indonesian private banking unit as the bank expands its wealth management presence in the region. The new onshore unit will be run by OCBC NISP, the Indonesian subsidiary that is 85 percent owned by OCBC Bank. Its target clients are Indonesians with assets under management of more than $1 million. OCBC, citing Capgemini’s Asia Pacific Wealth Report 2016, said in a statement there are 48,000 high net worth individuals in Indonesia…

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Labour’s draft manifesto through a business lens

Labour’s draft manifesto through a business lens

So how radical is Labour’s draft manifesto really? On the face of it, it looks like the root and branch reversal of 40 years of government policy. But let’s take a moment to see how radical, how do-able, these proposals really are from a business, rather than a public finance, perspective. Let’s start with the easy ones. Renationalising the railways This actually happens from time to time anyway. The East Coast Main Line spent several years in public ownership after it was handed back to the government by National Express…

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Apple just bought a company that tracks your sleep

Apple just bought a company that tracks your sleep

Beddit Apple has made a move to get in bed with you. The iPhone maker has acquired Beddit, a startup that makes a sleep sensor. Beddit notified customers on Monday of the acquisition, alerting them that their data will now be collected in accordance with Apple’s privacy policy. CNBC first spotted the update to the Beddit’s webpage. Apple didn’t immediately return a request for comment. The company sells Beddit’s sleep monitor for $150 in its store. Beddit’s sensor looks like a thin rectangular pad that users place between their sheets. Working with a corresponding…

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PayPal launches a small biz toolset, ‘Business in a Box,’ with WooCommerce & Xero

PayPal launches a small biz toolset, ‘Business in a Box,’ with WooCommerce & Xero

PayPal today launched a new service, called Business in Box, aimed at bringing more U.S. small business owners to its payments platform. The service, which was developed in partnership with WooCommerce and Xero, offers merchants a suite of tools for running their online businesses, including an online storefront, accounting tools, the ability to apply for working capital from PayPal and, of course, support for taking payments either online or offline, via PayPal. Business in a Box is largely aimed at first-time business owners who already know what they want to sell and have a…

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How Trump’s tax proposal could impact his own business empire

How Trump’s tax proposal could impact his own business empire

The Trump administration unveiled their proposal to overhaul the tax code on April 26, outlining sharply lower tax rates but fewer tax breaks. (Video: Jenny Starrs/Photo: Jabin Botsford/The Washington Post) By Drew Harwell and Jonathan O’Connell April 26 at 6:17 PM President Trump’s massive tax-cut proposal would slash taxes on hundreds of businesses he and his family own. The White House on Wednesday unveiled a proposal that would cut the top tax rate for corporations, as well as entities known as pass-through businesses, to 15 percent. That could prove to…

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Modi pitches for simultaneous elections, changing fiscal year to Jan Dec

Modi pitches for simultaneous elections, changing fiscal year to Jan Dec

Prime Minister Narendra Modi today pitched for conducting simultaneous elections to the Lok Sabha and the state assemblies and shifting to a January- December fiscal year. Addressing the Niti Aayog Governing Council’s third meeting, which was attended by several state chief ministers, Modi said for long, India had suffered from economic and political mismanagement. “Because of poor time management, many good initiatives and schemes had failed to deliver the anticipated results,” he said, adding there is a need to develop robust arrangements that could function amidst diversity. The prime minister…

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Imax reveals European cinema expansion plan

Imax reveals European cinema expansion plan

Imax has struck a deal to more than double the number of its large screens in European cinemas run by the continent’s biggest operator. AMC – which owns Odeon among other brands – plans to create 25 new Imax theatres over the next three years, about 10 of which will be in the UK. Some will also be built in Germany, Italy, Spain and Scandinavia. One expert said Imax had proved popular with those seeking a “premium experience”. AMC and Imax expect to jointly spend about $25m (£20m) on the…

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RPSanjiv Goenka Group enters consumables business with snacks

RPSanjiv Goenka Group enters consumables business with snacks

Kolkata: RP-Sanjiv Goenka Group, which operates power utility CESC Ltd and the Spencer’s Retail stores chain, on Monday said it is entering the consumables business by launching packaged snacks on the advice of consulting firm McKinsey and Co. The business will be the first that the Kolkata-based group is building from scratch in several years. So far, all its key lines of business such as power, carbon black and business process outsourcing have been added via acquisitions. Chairman Sanjiv Goenka has set an ambitious target of scaling up the new…

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Cabinet nod likely to double gratuity cap to Rs 20 lakh

Cabinet nod likely to double gratuity cap to Rs 20 lakh

New Delhi, Mar 14 () The Union Cabinet is likely to consider tomorrow a draft amendment bill which seeks to double the ceiling of tax-free gratuity to Rs 20 lakh under the Payment of Gratuity Act. Besides, the bill seeks to enable the central government to change the ceiling for tax free gratuity after factoring in rise in income levels by an executive order bypassing Parliament route to amend the law. “The bill to amend the Payment of Gratuity Act is likely to be considered and approved by the Union…

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Rupee wobbles on capital outflows, down 8 paise to 67.99

Rupee wobbles on capital outflows, down 8 paise to 67.99

  MUMBAI: In line with stocks, the rupee today fell by 8 paise to 67.99 as massive capital outflow worries induced further instability in currency markets. A huge sell-off in local equities amid sustained withdrawal of funds by foreign portfolio investors (FPIs) in the wake of Fed rate hike largely kept sentiment shaky. Highly bullish greenback in overseas markets alongside stepped-up dollar purchases by oil importers and corporates demand also put the home currency under pressure. Domestic equities tumbled for the seventh consecutive session with flagship Sensex giving back all…

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