Mumbai, Nov 15 (PTI): Domestic ratings agency Icra has downgraded the long-term ratings of the youngest private sector lender IDFC Bank on profitability concerns.Also Read - Supreme Court Set to Take Up All-Or-Nothing Abortion Fight

Downgrading the bank, the agency said profitability of the bank will remain weak in the medium- to near- term even after the planned merger with Capital First and added that high cost wholesale liabilities are also a concern. Also Read - Texas Chosen As Centre For Samsung's $17B chip factory

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Houston mayor woos investors

Mumbai: Sylvester Turner, the visiting mayor of the Texas, US city of Houston Thursday met with industry leaders in the city, pitching for investments and collaboration in the energy, innovation ecosystems and on the cultural fronts.

He signed a pact with an industry lobby for business development. There are over 3 lakh people of Indian origin or descent in the fourth biggest American city, he said. Texas is home to large oil and gas reserves and other natural resources.


Paypal launches women-oriented programme

Mumbai: Global payments major Paypal has launched the third edition of a six-week programme focused on empowering women technologists to get back to the workforce after taking time-off.

Under the ‘Recharge’ inititiave the company tries to help women who have taken time off to explore their passions, develop interests, spend time or take care of their family, an official statement said.


Actor Singha takes 10% in sports mgmt co IT Magia Solutions Mumbai: Actor and MTV Roadies host Rannvijay Singha has invested Rs 1 crore to take a 10 percent stake in sports management company IT Magia Solutions.

The company was incorporated in 2012 by co-founders and directors – Hemant Sharma and Arpit Gupta.


Sundaram MF launches new savings fund

Chennai: Sundaram Mutual Fund has launched a new open-ended scheme which will invest in equity, arbitrage and debt. Chief investment officer for equities, S Krishna Kumar, will be managing the new fund, an official statement said.

This is published unedited from the PTI feed.