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Economy

SBI Launched First Multi-Currency International Debit Card Launched
State Bank of India (SBI) on 8 September launched its first multi-currency international debit card to allow consumers to use a single card to pay in multiple currencies. This card launched in a tie-up with MasterCard would, at present, enable customers to load four international currencies in this card.

Mukesh Ambani Tops Richest Indian List
Reliance Industries (RIL) Chairman Mukesh Ambani has again topped the list of richest Indian while Adani Group Chairman Gautam Adani has made it to the 10th spot. As per the Hurun India Rich List for 2014 released on 16 September, Mukesh Ambani’s wealth has risen 37 percent to Rs 1.65 lakh crore this year.

India Ranks 6th In Billionaire Numbers
According to the Wealth-X and UBS Billionaire Census 2014, released on 17 September, India has retained its sixth position in the number of billionaires residing in the country. It is home to 100 such people, with a collective net worth of $175 billion. There are 2,325 billionaires worldwide, with the addition of 155 new ones in 2014. On the top 40 list of billionaire countries/territories, the US maintained its position as the first, with a population of 571 billionaires in 2014.

Alibaba Becomes World’s Largest IPO
The IPO of China’s largest e-commerce outfit, Alibaba Group, has become the world’s biggest ever on strong demand, raising $US25.03 billion after bankers exercised an option to boost the deal size by 15 per cent. Agricultural Bank of China previously held the world record, with a $US22.1 billion IPO in 2010. The record was achieved after the underwriters of the previously announced Initial Public Offering (IPO) exercised in full the option to purchase an additional 48,015,900 American depositary shares on 22 September, from Alibaba Group and certain shareholders.

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