The battle within the British cabinet over the precise shape and path to Brexit continued to be waged over the past week, as politicians sought to expound their views on a range of related issues from the freedom of movement Britain currently enjoys with Europe to taxation and the transitional arrangements.
Direct Sanctions on Venezuelan President
The United States hit Venezuelan President Nicolas Maduro with direct sanctions over a disputed and deadly weekend vote that, while consolidating his power, has largely isolated him as the dictator of a failing petro-state.
The US measures were unusual in that they targeted a sitting head of state, but their reach was mostly symbolic, freezing any US assets Maduro might have and banning people under US jurisdiction from dealing with him.
The Reserve Bank of India has slapped a penalty of Rs. 3 crore on Union Bank of India for non-compliance of Know Your Customer (KYC) norms in two separate cases.
One of them was based on media reports related to a fraud in the bank, for which a penalty of Rs. 2 crore was imposed. In the other case, RBI received a complaint regarding huge cash withdrawals in certain accounts maintained with Union Bank of India, for which a penalty of Rs. 1 crore was imposed.
SBI Revises Savings Deposit Rate
For the first time since savings account interest rates were deregulated in 2011, State Bank of India has decided to revise the rate downward by 50 basis points to 3.5%, for deposits of less than Rs. 1 crore. Deposits of Rs. 1 crore and above will continue to earn 4%. The new rate has been made effective with immediate effect.
HDFC Life, Max Merger Called Off
The Max group and HDFC Life have decided to withdraw the merger proposal of Max Life and HDFC Life — mooted a year ago — following the insurance regulator’s discomfort with the proposed structure of the deal.
Since the parties were unable to obtain the requisite regulatory approvals to consummate the proposed merger and other transactions contemplated under the said definitive agreements,... the agreements stand terminated with effect from July 31.
Scientists have developed a material that can help convert carbon dioxide into fuel and other energy-rich products using light without generating unwanted byproducts. The achievement marks a significant step forward in developing technology that can generate fuel, while mitigating levels of a potent greenhouse gas using solar power.
When exposed to visible light, the material, a “spongy” nickel organic crystalline structure, converted carbon dioxide (CO2) into carbon monoxide (CO) gas, which can be further turned into liquid fuels, solvents, and other useful products.
According to latest reports, Paris is set to host 2024 Olympics, while Los Angeles will hold the 2028 edition after striking a deal with the International Olympic Committee.
The Karnataka government named T. Suneel Kumar as the new police commissioner of Bengaluru as Bengaluru's serving police chief, Praveen Sood, has been transferred.
Sood, who had taken charge in January earlier this year, has been posted as the ADGP Communications, Logistics and Modernisation.
Bill to Make Eviction from Govt. Homes
A bill which makes eviction of overstaying Members of Parliament, dignitaries and bureaucrats from their official premises smooth, speedy and time-bound, was introduced in the Lok Sabha.
Union minister Rao Inderjit Singh introduced the Public Premises (Eviction of Unauthorised Occupants) Amendment Bill, 2017, as the existing provisions allow the unauthorised occupants to stay for years in some cases by resorting to various methods.
The bill provides powers to estate officials to start summary eviction of people from the residences, which is given to them on license basis, within three days of their overstay.