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Daily G.K. - Top Stories

18 Nov 2015

ENVIRONMENT

Climate Change Biggest Threat to Polar Bear Survival

  • According to a new study by the International Union for the Conservation of Nature, global warming is now the single most important threat to the survival of the polar bear with retreating sea ice set to decimate populations.
  • The study found a “high probability” that the polar bears will suffer a 30% decline in population by 2050 due to the loss of their habitat, which is disappearing at a faster rate than predicted by climate models.
  • There is a high risk of extinction and the threat is serious.
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BUSINESS AND ECONOMY

KKR Inks $105m Deal

  • Global investment powerhouse KKR has signed a definitive agreement to acquire over 70% stake in homegrown investment bank Avendus Capital, valuing the Mumbai-based firm at $175 million. The deal will help Avendus, which emerged as India's top deal advisory firm last fiscal, to scale up its services in wealth management and private equity, besides expanding into NBFC offering credit solutions.
  • KKR will initially buy a 60% stake and has a road map to increase it to 70% in the next 12 months. Middle East investor Eastgate Capital, Spain-based Harish Fabiani and several HNIs are exiting as part of the transaction pegged at around $105 million. KKR will invest $70 million as fresh capital in Avendus.

Exports Decline for Eleventh Month

  • Exports contracted for the eleventh month in a row, but a sharper decline in imports helped narrow the trade deficit.
  • The fall in exports was largely due to fall in petroleum product exports, again a function of international oil prices. While overall exports fell by $4.5 billion, $3.25 billion was accounted for by oil products such as petrol and diesel. The other contributors were gems and jewellery and engineering goods with total shipments in October valued at $4.6 billion.

Cabinet Approves 10% Stake Sale in Coal India

  • The Cabinet approved 10 percent stake sale in Coal India and initial public offer of Cochin Shipyard amid growing concerns over meeting Rs. 69,500 crore disinvestment target in the current fiscal.
  • The government's expectations from the stake sale in the CIL, is around Rs. 20,000 crore.
  • At current market capitalisation, 10 percent stake sale could fetch about Rs. 21,137.71 crore. Government holds 79.65 percent stake in Coal India.
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NATIONAL AFFAIRS

VHP Leader Ashok Singhal Passes Away

  • Vishwa Hindu Parishad leader Ashok Singhal passed away, after he was admitted to private hospital Medanta in Gurgaon following complaints of breathlessness. He was 89 years old.
  • Ashok Singhal born on 15th September 1926 was an international working president of the Hindu organisation Vishwa Hindu Parishad (VHP) for over 20 years.
  • Singhal was at the forefront of the Ram Temple movement.
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