New York City tops the list of world’s wealthiest cities 2023
According to a recent report by London-based consultancy Henley & Partners, New York City has been ranked as the world's wealthiest city in 2023.
According to a recent report by London-based consultancy Henley & Partners, New York City has been ranked as the world’s wealthiest city in 2023. The second and third spots were claimed by Tokyo in Japan and Silicon Valley’s Bay Area, respectively. Notably, Mumbai made it to the 21st spot while Delhi, Bengaluru, Kolkata, and Hyderabad were also mentioned in the report.
India and World’s wealthiest cities 2023:
The rankings were based on the number of resident millionaires (rounded off to the nearest 100) as of December 31, 2022. Interestingly, the top 10 cities were dominated by those in the United States and China, with no European city featuring in the list, except for London.
According to the report, Bengaluru has been recognized as one of the fastest-growing cities in the Asia Pacific region. The city is commonly referred to as the “Garden City” and the “Silicon Valley of India” due to its thriving technology sector.
World’s Wealthiest Cities Report 2023:
Henley & Partners compiled the World’s Wealthiest Cities Report 2023, covering 97 cities worldwide. The report utilized data from wealth intelligence firm New World Wealth, which tracks the financial activities of high-net-worth individuals holding designations like Founder, Chairperson, CEO, and Director. The report also took into account the number of expensive homes in each city, as stated on the Henley & Partners website.
Here are the top 15 cities ranked in the World’s Wealthiest Cities Report 2023, along with the number of high-net-worth individuals:
New York City, United States – 340,000
Tokyo, Japan – 290,300
The Bay Area, United States – 285,000
London, United Kingdom – 258,000
Singapore, Singapore – 240,100
Los Angeles, United States – 205,400
Hong Kong, SAR China – 129,500
Beijing, China – 128,200
Shanghai, China – 127,200
Sydney, Australia – 126,900
Chicago, United States – 124,000
Toronto, Canada – 105,200
Frankfurt, Germany – 102,200
Zurich, Switzerland – 99,300
Houston, United States – 98,500
In terms of Indian cities, Mumbai ranked 21st with 59,400 high-net-worth individuals, while Delhi ranked 36, Bengaluru is at 60, Kolkata is at 63, and Hyderabad is at 65.
SBI seeks $500 million through issuance of dollar bonds
SBI seeks $500 million through issuance of dollar bonds: SBI is anticipated to begin discussions with investment banks next week regarding a proposed offering.
SBI seeks $500 million through issuance of dollar bonds
According to the sources, the biggest financial institution in the country, State Bank of India (SBI) is anticipated to begin discussions with investment banks next week regarding a proposed offering. The size of the offering may be increased based on investor interest. The offering is expected to be arranged by banks from Europe, Japan, and the United States.
SBI seeks $500 million through dollar bonds: Key Points
SBI has initiated initial discussions with overseas banks to obtain roughly $500 million by releasing bonds in US dollars, complying with regulations under Reg S/144 A.
The objective behind this action is to gather funds and monitor the upcoming FOMC meeting planned for the first week of May.
Next week, SBI is anticipated to initiate communication and interaction with investment banks to raise $500 million through a global bond issuance.
The extent of this fundraising could potentially increase, contingent on the response received from investors.
SBI is expected to contact significant banks from Europe, Japan, and the United States.
According to the report, the borrowing rate of the State Bank of India (SBI) is anticipated to be similar to other banks operating in the same field.
The report suggests that SBI’s pricing is expected to be based on the rates offered by Kookmin Bank of South Korea. Kookmin Bank recently raised a five-year bond at a rate of 95 basis points (bps) above the five-year US treasury rate.
The report also states that SBI currently has bonds worth $600 million that will mature in September 2023 and bonds worth $800 million that will mature in early 2024.
State Bank Of India (SBI): Important Takeaways
State Bank of India (SBI) is the largest public sector bank in India and has a wide network of branches and ATMs throughout the country.
SBI was established in 1955 and is headquartered in Mumbai, India. It has a history of more than 200 years, having evolved from the Bank of Calcutta, which was established in 1806.
Chairman of SBI: Dinesh Kumar Khara.
India-UK Financial Markets Dialogue Explores Collaboration in Regulation and Sustainable Finance
India and UK Explore Financial Cooperation and Regulation.
Six Themes Focused on During India-UK Financial Markets Dialogue
The India-UK Financial Markets Dialogue’s second meeting took place in London with the aim of discussing the possibility of cooperation in financial regulation between the two countries. During the financial markets dialogue between India and the UK, there was a primary focus on six themes, which included banking, payments, insurance, capital markets, asset management, and sustainable finance. Delegates from India and the UK shared their views on the respective areas of responsibility and identified emerging areas for collaboration, including knowledge exchange on regulatory frameworks for pension funds and the development of ecosystems for Social Stock Exchange.
Private Sector Partners Join India-UK Financial Markets Dialogue
After the discussion between the two governments, the private sector partners were welcomed to participate in the dialogue, which was chaired by the co-chairs of the India-UK Financial Partnership (IUKFP). The participants discussed recent developments in their respective banking sectors, including the trends and emerging risks in the sector, and explored the scope for augmenting knowledge on Central Banking Digital Currency (CBDC) through mutual learning. The governments also welcomed the appointment of new UK and India chairs of the IUKFP and presented their recommendations on the UK-India financial services relationship.
GIFT-IFSC Presents Opportunities for India-UK Financial Cooperation
The meeting emphasized the continuation of cooperation to explore the possibilities presented by GIFT-IFSC in various areas, including sustainable finance, fund management, capital markets for dual listing, and re-insurance. During the meeting, the participants discussed the potential for utilizing the asset management sector to facilitate greater cross-border trade and investment. Additionally, participants exchanged views on the appropriate regulation of ESG rating providers and decided to work together in the upcoming months, including participating in the Sustainable Finance Forum and the Economic and Financial Dialogue (EFD) to promote green cooperation.
India-Thailand Defence Dialogue: Strengthening Bilateral Engagements
Special Secretary from India to co-chair the 8th India-Thailand Defence Dialogue in Bangkok.
Ministry of Defence Official to Co-Chair India-Thailand Defence Dialogue
The Special Secretary of India’s Ministry of Defence, Smt Nivedita Shukla Verma, has been invited by the Government of Thailand to visit Bangkok on April 20-21, 2023. During her visit, she will co-chair the 8th meeting of the India-Thailand Defence Dialogue with General Nuchit Sribunsong, the Deputy Permanent Secretary for Defence of Thailand’s Ministry of Defence. The meeting aims to review the defence cooperation between India and Thailand and explore new initiatives to strengthen bilateral engagements. The two co-chairs will also discuss regional and global issues of mutual interest. The Special Secretary will also call on General Sanitchanog Sangkachantra, the Permanent Secretary for Defence of the Ministry of Defence, Thailand.
Strategic Partnership Between India and Thailand
India and Thailand have a strategic partnership, and defence is a key area of cooperation between the two nations. Over the years, the bilateral defence engagements have expanded significantly, including military-to-military exchanges, high-level visits, capacity building and training programmes, bilateral exercises and the Defence Dialogue meeting. The meeting between the Special Secretary and the Deputy Permanent Secretary for Defence is a continuation of these efforts to deepen the defence cooperation between India and Thailand and to explore new areas of collaboration.
HSBC signs up Virat Kohli as their brand influencer
HSBC India has recently announced Virat Kohli, the former captain of the Indian cricket team, as its brand ambassador.
HSBC India has recently announced Virat Kohli, the former captain of the Indian cricket team, as its brand ambassador. The financial services company issued a press release on April 19 to confirm the partnership. According to the release, the association with Kohli will involve a multi-media campaign that will showcase the benefits of banking with HSBC. The campaign will highlight the value proposition of the bank and demonstrate how HSBC can help customers achieve their financial goals.
Significance of the Virat Kohli as brand influencer of HSBC
In a recent press release, HSBC India has stated its intention to increase its focus on the Indian market, citing its extensive range of products and services as an advantage in supporting various sectors of the Indian economy. As part of this strategy, the financial services company has expressed a desire to support startups and assist Indian corporates in their global ambitions.
HSBC India’s decision to appoint Virat Kohli as its brand influencer is part of this effort to expand its presence in the Indian market. In the release, Kohli expressed his admiration for HSBC’s commitment and disciplined approach, stating that these values align with his own belief system of discipline, commitment, and focus. HSBC India CEO Hitendra Dave noted that Kohli’s appeal and pursuit of excellence reflect the company’s growth ambitions in India, adding that HSBC is eager to partner with India as it continues to make its mark on the global stage.
Mann Ki Baat 100th episode: Rs 100 coin to be released on the occasion
The Ministry of Finance has issued an official notification stating that a new Rs 100 coin will be minted to commemorate the 100th edition of Mann Ki Baat, with Prime Minister Narendra Modi.
The Ministry of Finance has issued an official notification stating that a new Rs 100 coin will be minted by the Central Government to commemorate the 100th edition of the radio programme, Mann Ki Baat, with Prime Minister Narendra Modi. The notification specifies that the One Hundred Rupees denomination coin will only be minted at the Mint and issued under the authority of the Central Government on the occasion of the 100th Episode of Mann Ki Baat.
key details of the new Rs 100 coin to be issued by the Central Government to mark the 100th Episode of Mann Ki Baat:
Design of the Coin:
The face of the coin will feature the Lion Capital of Ashoka Pillar in the centre.
The legend “Satyameva Jayate” will be inscribed below the Lion Capital in Devnagri script.
The word “Bharat” in Devnagri script will be present on the left periphery of the coin.
The word “INDIA” in English will be present on the right periphery of the coin.
The Rupee symbol “₹” and denominational value “100” in international numerals will be below the Lion Capitol.
Logo for the 100th Episode of Mann Ki Baat:
The other face of the coin will bear the logo for the 100th Episode of Mann Ki Baat.
The logo will consist of an image of a microphone with sound waves.
The year ‘2023’ will be written on the image of the microphone.
‘MANN KI BAAT 100’ in Devnagari script will be written above the microphone image.
‘MANN KI BAAT 100’ in English will be written below the microphone image.
What is PUBLIC SAFETY ACT, 1978?
The Public Safety Act (PSA) is used in Jammu and Kashmir to combat militancy and insurgency, but its arbitrary detention of civilians has been controversial.
Introduction
The Public Safety Act (PSA) is used in Jammu and Kashmir to combat militancy and insurgency, but its arbitrary detention of civilians has been controversial. Amnesty International calls it a ‘Lawless law’ due to the frequent human rights violations. This article analyzes the provisions, controversies, and significant judgments of the act.
Brief background of Public Safety Act, 1978
Initially enacted to curb timber smuggling in Jammu and Kashmir, the Public Safety Act has been widely used to detain individuals suspected of causing public outrage and inciting communal disharmony. The rise of terrorism and insurgency in the region has led to the broader application of the act, causing controversy over its arbitrary nature and potential for human rights violations.
Section 8 of the Public Safety Act
Section 8 of the PSA allows authorities to detain individuals who are deemed to be acting in a way that is harmful to public order, such as promoting hatred or inciting violence based on religion, race, caste, community, or region. It also includes those who prepare or incite the use of force or commit offenses that could lead to imprisonment for seven years or more. The District Magistrates and Divisional Commissioners have the power to authorize detention under Section 8(2) of the PSA.
What makes the Public Safety Act so controversial?
Despite its goal of ensuring public safety and preventing insurgency, the Public Safety Act is considered a controversial and draconian law. The Act provides unlimited powers to administrative authorities to detain any person suspected of posing a threat to the public interest, leading to potential problems. Although Section 13(1) of the Act requires authorities to communicate the grounds of detention to the detenu, Section 13(2) permits the authorities to withhold information deemed to be against the public interest. This provision undermines the fundamental right of the detenu to represent themselves, consult a lawyer, and file a bail application. Thus, the Act’s application and implementation can be misused, raising concerns about its draconian nature. Additionally, Section 22 of the Act grants immunity to officials against any order passed under its provisions, implying that the official acted in good faith. Last year, the Act gained national attention when political leaders, including opposition and separatist leaders, were detained under its provisions after the revocation of Article 370, leading to criticism of the government’s use of the Act to curb unrest in the valley.
Is the Public Safety Act constitutionally valid about Article 22?
The Public Safety Act has been the subject of controversy, particularly about Article 22 of the Indian Constitution. Article 22 ensures that a person who is detained or arrested is informed of the grounds for their detention, has the right to consult with a lawyer, and must be presented before a magistrate within 24 hours. These provisions protect individuals from arbitrary arrests and detentions and provide a check on the powers of the executive. However, these protections do not apply to the Public Safety Act, as Article 22 subclause (3) specifies that they do not apply “to any person who is arrested or detained under any law providing for preventive detention.” The constitutionality of the Public Safety Act’s provisions has been a matter of debate, but the Act is considered constitutional because it falls under the purview of “certain cases” outlined in Article 22.
For how long can a person be detained under the Public Safety Act?
Under Section 18(1) of the Public Safety Act, the maximum period for detention is 3 months initially, but it can be extended up to 12 months for threats to public order, up to 12 months for smuggling of timber, and up to 2 years for activities prejudicial to the security of the State. The government must refer the case to an Advisory Board within 4 weeks, and the Advisory Board must deliver its opinion within 8 weeks of the detention order being passed.
Can the detention orders be revoked?
According to Section 19 of the Public Safety Act, the Government has the power to revoke or modify a detention order at any time, even if it goes against the authorized officers’ order. However, if the revocation is due to technical defects or illegality, Section 19(2) allows the authorities to detain the same individual again on the same grounds. This creates a loophole in the Act, allowing for repeated detention and harassment of the same person.
Remedies available to the detenu
Although challenging a detention order under the Public Safety Act can be difficult, an individual can use constitutional safeguards to challenge it. This includes filing a writ petition of Habeas Corpus to the Supreme Court under Article 32 or to the High Court under Article 226. However, the scope of the challenge is limited to procedural violations or irregularities. If the High Court finds that there has been a miscarriage of justice and a blatant violation of an individual’s liberty resulting in illegal detention, it can quash the detention order. However, the High Court does not undertake a substantive review of the merits of the detention and generally does not review the “subjective satisfaction” formed by the administration regarding the cause of detention, except where clear discrepancies are visible to the court on the part of the detaining authority.
Conclusion
The Public Safety Act is a unique law that grants immense power to the executive, but it is necessary to balance individual and national interests. The founding fathers of the country recognized that national interest is of utmost importance, and the administration must ensure it for a smooth functioning nation. In cases of conflict, national interest must prevail, and reasonable restrictions may be imposed on fundamental rights to ensure public safety. While the PSA may seem overbearing, it is necessary in cases of abnormal situations such as the current situation in Jammu and Kashmir, where militancy has caused chaos and loss of innocent lives. The PSA provides exclusive powers to the executive to maintain law and order in such situations.