Profitloss Centerstage Events

Pipeline deal between Russia and Pakistan took centerstage on Tuesday, 23 December 2014 among all major events across the globe, and remains the highlight of this week's list of center stage events.
Picture Courtesy: Profit loss

Centerstage events of week 4

Russia and Pakistan sign their first energy deal for the...

Russia and Pakistan sign their first energy deal for the Karachi-Lahore gas pipeline, valued at $1.7 billion. This marks an important milestone in bilateral relations, enhancing energy cooperation between the two countries. The pipeline project will contribute to Pakistan's efforts to meet its growing energy demands and strengthen regional economic connectivity.

Monday, 22 December, 2014

India's cabinet approves an ordinance to increase foreign investment in...

India's cabinet approves an ordinance to increase foreign investment in insurance, allowing greater foreign ownership in local insurance ventures. The move demonstrates the government's commitment to economic reforms despite opposition protests. The ordinance raises the foreign investment limit in insurance companies from 26% to 49%, while emphasizing that management control must remain in Indian hands. Parliamentary approval is required within six months to make the changes permanent.

Tuesday, 23 December, 2014

Citibank sells its Japan retail unit to Sumitomo Mitsui, with...

Citibank sells its Japan retail unit to Sumitomo Mitsui, with the purchase price estimated to be between ¥30 billion and ¥50 billion, depending on the number of customers and deposits inherited. This transaction signifies Citibank's strategic realignment and withdrawal from certain retail banking operations in Japan. Sumitomo Mitsui's acquisition expands its customer base and strengthens its position in the Japanese retail banking market.

Wednesday, 24 December, 2014

Despite Charles Prince's commitment to overhaul controls, Citigroup's Japanese retail...

Despite Charles Prince's commitment to overhaul controls, Citigroup's Japanese retail unit faces ongoing challenges. Japanese regulators had accused the bank of improper lending practices in 2004, leading to the closure of its private banking operations. Over the following decade, Citigroup faced penalties from Japan's Financial Services Agency for issues including anti-money laundering controls. These challenges resulted in customer attrition, as many Japanese clients switched to other private banks.

Thursday, 25 December, 2014

Andrei Kobyakov replaces Mikhail Myasnikovich as Belarus's new prime minister...

Andrei Kobyakov replaces Mikhail Myasnikovich as Belarus's new prime minister in the most significant government reshuffle since 2010. This leadership change reflects the government's efforts to address evolving priorities and implement new policies. Kobyakov's appointment brings fresh perspectives and aims to drive economic growth and stability in Belarus.

Friday, 26 December, 2014

The International Security Assistance Force (ISAF) officially concludes its combat...

The International Security Assistance Force (ISAF) officially concludes its combat mission. This milestone marks the end of a 13-year-long NATO-led mission in Afghanistan aimed at combating terrorism and assisting the Afghan government in achieving security and stability. The transition signifies a shift in Afghanistan's security responsibility to the Afghan National Security Forces, as the country continues its path towards self-reliance and development.

Saturday, 27 December, 2014

Vermont Yankee nuclear plant ceases electricity production, marking its retirement...

Vermont Yankee nuclear plant ceases electricity production, marking its retirement due to competition from cheap natural gas. Environmentalists applaud the closure, while others express concerns over the loss of low-cost, carbon-free electricity and jobs. Owner Entergy Corp. states that the plant has generated over 70% of Vermont's electricity since 1972, producing 171 billion kilowatt-hours.

Sunday, 28 December, 2014