‘Golden age' of Opec has passed and Russia will not join cartel, says energy boss      

While the entire nation celebrated Independence Day by hoisting the tricolour, Shahid Kapoor and Mira Rajput's adorable daughter Misha had a special way of celebrating it.

By Deep Narayan MukherjeeTechnology tends to remove intermediaries from supply chain and thus increase efficiency. Bill Gates in 1994 commented that banking is necessary, banks are not. Since then, technology has helped banks to innovate and grow. However, with the advent of fintechs globally, Gates' comment gained relevance. Part of the uncertainty associated with the future of banks is attributable to the popular narrative that banks' are intermediaries. It may be argued that banks are much more important to an economy and government than the tag of a ‘financial intermediary' may suggest.Commonly two models are used to describe banking. As per “financial intermediary” model, banks take deposit from savers and lend it out to borrowers. The second being the “fractional reserve” model of banking. Here banks are treated as intermediaries, which requires an initial deposit to kickstart the credit creation cycle. Both these models suggests that deposit gives rise to credit .While simplicity and intuitive appeal make these models popular, they do not explain banking comprehensively.Richard Werner's empirical work (A Lost Century in Economics: Three Theories of Banking and Conclusive Evidence) suggests that fractional reserve banking and financial intermediation theory are not borne out in terms of data evidence. Implication ...

At a quiz competition held as part of a college fest here, a question stumped everyone. Who was the last Indian man to win a medal in the 100m or 200m at Asian Games? A majority of the students said Milkha Singh. They were not aware of the feats of Tamil Nadu's R Gnanasekaran, who won silver (100m) and gold (200m) at the Bangkok Asian Games back in 1978.

iOS 10 reached 14.45% of eligible devices in the first 24 hours of its release. In comparison, iOS 9 was on 12.60% of eligible device within 24 hours of it being released for all users.

Former Prime Minister Atal Bihari Vajpayee is critical and on full life support. His condition has sharply deteriorated in the last 24 hours, AiIMS said this in a statement issued late in the night on Wednesday, hours after Prime Minister Narendra Modi visited the ailing BJP stalwart.