These are the top five business stories of the day.
These are the top 5 business stories of the day:
1) Bad debts: SBI tops chart in NPA write off, PNB, IOB follow
Nearly 27 Public Sector Banks wrote off a whopping Rs 1.14 lakh crore of bad loans during FY12-15, with the last fiscal alone witnessing a steep 53% rise in write-offs as part of the balance sheet clean-up, data from the Reserve Bank of India has revealed.
Out of this, for 2014-15, SBI topped the chart of PSBs by writing off Rs 21,313 crore followed by Punjab National Bank Rs 6,587 crore and Indian Overseas Bank Rs 3,131 crore. Read more here.
2) Disappointed with TRAI; breaking connectivity barriers in India vital for Facebook: Mark Zuckerberg
Voicing disappointment over India's decision on net neutrality, Facebook founder Mark Zuckerberg has said he will not give up on breaking down connectivity barriers in India which he described as an important goal for his company.
"While we're disappointed with the decision, I want to personally communicate that we are committed to work towards breaking down barriers to connectivity in India and around the world. Internet.org has many initiatives, and we will keep working until everyone has access to the Internet," he said. Read more here.
3) Cognizant forecasts slowest revenue growth in 14 years
IT services provider Cognizant Technology Solutions Corp forecast its slowest revenue growth in 14 years for the current quarter, as clients worldwide rein in IT spending.
Shares of the company, which also reported its first revenue miss in six quarters, fell 8.1% to $53.80 in premarket trading on Monday.
New Jersey-based Cognizant said it expects its adjusted profit of between 78-80 cents per share and revenue of $3.18 billion-$3.24 billion for the three months ending March. Read more here.
4) Google CEO Sundar Pichai is now the highest paid executive in the US
Google CEO Sunder Pichai is now the highest paid executive in the US. Pichai's net worth rose after he was awarded 273,328 shares of Google's holding company Alphabet.
At the time, the shares were worth $199 million, taking his holdings up to $650 million.
As cited by Google, according to a Credit Suisse calculation, this is nearly 14,440 times higher than the average net worth of US citizens, however, it is still much lesser than what founders Larry Page and Sergey Brin make, and former CEO Eric Schmidt holds. Larry Page, according to the aforementioned report, is worth $34.6 billion and Brin is worth $33.9 billion. Read more here.
5) Why are 300 jewellery associations going on a strike tomorrow?
Over 300 jewellery associations across the country will observe one-day strike on February 10 to protest against norms that make it mandatory to quote PAN for any transactions of Rs 2 lakh and above.
"We are forced to call the strike on Wednesday for the government's decision to impose PAN card for purchases above Rs two lakh," chairman (east) of All India Gems and Jewellery Trade Federation (GJF) Sankar Sen said. Read more here.
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