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BUSINESS AND ECONOMY - December 2015

Dec 2015

Mar 10, 2020

IIT Madras Collaborates with Rolls-Royce for Research

  • Global industrial technology company Rolls-Royce signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Madras (IIT-M) for joint research programmes.
  • The company said that as per the agreement, it will also send some of its engineers to IIT-M for higher education.
  • As part of the MoU, Rolls-Royce and IIT-M will also aim to pursue advanced research in areas of relevance to future technological and programmatic needs of the company.
  • As part of its Technical Higher Study Framework, Rolls-Royce will sponsor select employees keen to pursue Masters and PhD level studies, in partnership with IIT Madras.
  • To qualify for the program, employees must first clear the IIT Madras selection process, and their topic should be aligned with Rolls-Royce strategic research priorities and capabilities.

Tata AIA Life Insurance to Provide Football Coaching to under-Privileged Girls under its 'Bachhpa...

  • In order to create interest in education for the under-privileged girls aged 12-16 years, by using football coaching as a medium, Tata AIA Life Insurance, a joint venture company formed by Tata Sons Ltd and AIA Group Ltd(AIA), has launched a 'Bachhpan Ka Rakshakaran' program in association with Mumbai based Non-profit 'Oscar Foundation'.
  • It also conducted a full day coaching session at Astra Turf, WIFA (Western India Football Association), Cooperage, Colaba in Mumbai,Maharashtra.
  • In view of International Women's Day on March 8, 2020, Tata AIA Life Insurance also invited AIA Hotspurs celebrity coach, Anton Blackwood to train a team of 35 under-privileged girls belonging to the Oscar Foundation.

Mar 09, 2020

Arvind Unveils "United by Indigo" - Festive 2020 Collection

  • Stimulated by the acceleration in the sector, Arvind, the USD 2 billion textile-to-technology conglomerate, announced the launch of its latest collection, United by Indigo - a collection for the forthcoming Festive 2020 Season In India, that thoughtfully balances the legacy of authentic denim with future possibilities to capture the essence of the present-day global trends.
  • The Lycra Company, a market leader in functional and performance speciality - stretch yarn technology, co-hosted today's event. They have been Arvind's innovation partner since many years and have collaborated to deliver multiple unique and successful products to the Indian market.
  • At the unveiling held in Mumbai today, Arvind Denims debuted the INFIKNITY range, representing infinite possibilities in Indigo inspired activewear lifestyle, using a range of technology adaptations in Knitting. Also, on display were the latest up-dates on the already popular range of MUTANTS that blend the ruggedness and durability of traditional Jeanswear with comfort and supple softness of real knits.

Commerce Ministry Clears TCS, DLF Proposals to Set up SEZs for IT Sector in Haryana and UP

  • The highest decision-making body for special economic zones (SEZs) chaired by the commerce secretary Anup Wadhawan, approved the proposals of Information technology (IT) major TCS (Tata Consultancy Services Limited) and DLF (Delhi Land and Finance) Limited a premier real estate company in India to establish a special economic zones (SEZs) for IT sector in Uttar Pradesh (UP) and Haryana respectively.
  • TCS proposed to establish an IT/ITeS (Information Technology Enabled Services.) SEZ in Noida, Uttar Pradesh, over an area of 19.9 hectares at a cost of Rs. 2,433.72 crore.
  • Similarly, DLF has proposed to establish two SEZs in Haryana with an investments worth of Rs 793.95 crore and Rs. 761.54 crore.
  • The central government has cleared 417 such zones in India, as on November 14, 2019.Of these, 238 zones are in active state.

Centre Invites Bids for Sale of Bharat Petroleum Corporation Ltd.

  • The government invited bids for the sale of its entire 52.98% stake in country's second biggest State-owned oil refiner Bharat Petroleum Corporation Limited (BPCL).
  • However, amid falling oil prices, analysts believe that the government will find it difficult to get a good valuation for the company.
  • The government's plan to sell its stake in BPCL could be delayed, as many global oil majors that have been looking at the company as an outlet to refine their crude may revaluate their bids in a scenario of sinking oil prices.
  • Global oil majors, starting from world's largest oil firm Saudi Aramco to U.S. major ExxonMobil, from Russia's oil major Rosneft to Royal Dutch Shell, from Total of France to Abu Dhabi National Oil Company (ADNOC), are said to be interested.

Paytm, Hyderabad Metro Tie Up for QR-based Tickets

  • Hyderabad Metro Rail Limited (HMRL) in partnership with Paytm launched a QR-code-based metro ticketing system at Rasoolpura metro station Hyderabad.
  • This system will help people book digital tickets easily and it also reduces the ticket congestion at the ticket counters.
  • It also provides a hassle-free journey to the customers.

Mar 08, 2020

RBI to Extend Rs. 10,000 crore under Special Liquidity Facility

  • The Reserve Bank of India has decided to extend a loan of Rs. 10,000 crore immediately under the special liquidity facilty to Yes Bank against government securities.
  • The 90-day loan will be offered at the current Bank Rate of 5.4% plus 3% to meet the immediate liquidity needs of the bank. Under the special liquidity facility, RBI gives loan against eligible securities to financial institutions under emergency.
  • In 2004 RBI had given a loan of Rs. 463 under the similar facility to the troubled Global Trust Bank before it was merged with Oriental Bank of Commerce.
  • The decision to extend a loan comes alongside the RBI's move to supersede the board of Yes Bank and announce a draft reconstruction scheme for the private sector lenders. Under the scheme, State bank of India will invest up to 49% stake in the bank's expanded capital. Such a move would end up making Yes Bank, placed under RBI control, one of the subsidiaries of SBI, the country's largest lender.

Maharashtra Civic Bodies' Funds to the Tune of Rs. 1,125 cr Stuck in Yes Bank

  • For the second time in recent weeks, the Maharashtra government has sought details of the funds lying with various private sector banks following the Yes Bank imbroglio that erupted.
  • The state has asked various civic bodies, state public sector undertakings, autonomous bodies and other government departments on their exposure to the Yes Bank, and full details of their funds/deposits/salary accounts/etc., lying with other private sector banks.
  • The development came in the wake of Chief Minister Uddhav Thackeray's directives on Friday to avoid parking state government funds in private sector banks henceforth and only use the services of public sector banks.
  • The state's move came even as at least three major civic bodies have admitted that their deposits of around Rs. 1,125 crore are stuck in the beleaguered Yes Bank.

Trade Impact of Coronavirus Epidemic

  • In accordance with the estimates prepared by Division on International Trade and Commodities, UNCTAD and published by United Nations Conference on Trade and Development (UNCTAD) titled "Global trade impact of the Coronavirus (COVID-19) Epidemic", India is among the top 20 economies most affected by the slowdown of manufacturing in China due to Coronavirus (COVID-19) epidemic, which is disrupting world trade and could result in a 50 billion dollar decrease in global exports. The estimates are highest for European Union (EU) with an impact of USD 15.6 billion.
  • India faced a trade impact of 348 million dollars due to slow down in China's production.
  • Most affected economies: EU (USD 15.6 billion) is followed by the United States [US (USD 5.8 billion)], Japan (USD 5.2 billion), South Korea (USD 3.8 billion), Taiwan Province of China (USD 2.6 billion) and Vietnam (USD 2.3 billion).
  • Most affected sectors: Precision instruments, machinery, automotive and communication equipment.

Mar 06, 2020

SBI and LIC to pick up stake in Yes Bank in Govt. Approved Bailout

  • Banking major SBI and LIC are likely to acquire a 49 per cent stake in Yes Bank via preferential shares at Rs. 2 per share for a total amount of Rs. 490 crore.
  • SEBI may also give SBI an exemption from making an open offer.
  • The government approved the SBI and other government-backed financial institutions to take over cash-starved Yes Bank. The private lender, which is grappling with bad loans, is looking to raise fresh capital but the plans are facing uncertainties.

RBI Imposes Moratorium on Yes Bank; Caps Withdrawals

  • The Reserve Bank imposed a moratorium on the capital-starved Yes Bank and capped withdrawals at Rs. 50,000 per account till further orders.
  • The RBI also assured the depositors of the bank that their interest will be fully protected and there is no need to panic.
  • Former SBI CFO Prashant Kumar has been appointed as administrator for Yes Bank.
  • The latest development comes six months after the regulator did the same with the city-based cooperative lender PMC Bank after a large scam was unearthed.

ICICI Prudential AMC Inks Pact with Saraswat Co-op Bank to Tap Rural Market

  • ICICI Prudential AMC (Asset Management Company), one of the leading mutual fund investment companies in India, has entered into the partnership with Saraswat Co-operative Bank, an urban co-operative banking institution, to distribute its products with the latter's customers base spread across its 280 branches in 6 states.
  • This partnership will help ICICI Prudential to increase its outreach, especially in smaller villages and cities and also boost the bank's over 100-year presence in the country.
  • It will also help bank's customers to get the latest products and services like investment options in mutual fund schemes of ICICI Prudential Mutual Fund.

SEBI Launches Mobile App for Investors to Lodge Grievances

  • Markets regulator SEBI launched a mobile application for convenience of investors to lodge grievances in SEBI Complaints Redress System (SCORES).
  • The app, 'Sebi SCORES', is available on both iOS and Android platforms.
  • "SCORES' mobile app will make it easier for investors to lodge their grievances with SEBI, as they can now access SCORES at their convenience of a smartphone. The mobile app will encourage investors to lodge their complaints on SCORES rather than sending letters to SEBI in physical mode.
  • The app has all the features of SCORES, which is currently available electronically.
  • SCORES is a platform for investors to lodge online complaints with SEBI against listed companies, registered intermediaries and market infrastructure institutions.

P&W Ties up with AI Unit to Repair A320neos

  • Aircraft engine maker Pratt and Whitney (P&W) roped in Air India Engineering Services Ltd (AIESL) to provide maintenance, repair and overhaul (MRO) services to domestic carriers such as IndiGo and GoAir. AIESL will service PW1100G-JM engines at its facility in Mumbai. The PW1100G-JM geared turbofan (GTF) engine powers five aircraft platforms, which include the Airbus A220, the Airbus A320neo family and the Embraer E190-E2 that are already in commercial service and the Mitsubishi Regional Jet and Irkut MC-21 aircraft undergoing flight testing. AIESL's introduction to GTF maintenance will be a phased approach, starting with engine upgrade and module exchange capabilities.

RBI Deputy Governor Vishwanathan to Quit

  • RBI Deputy Governor N. S. Vishwanathan has decided to step down by March 31 due to ill health, three months before the end of his extended one-year tenure.
  • While the Reserve Bank has accepted his request to be relieved by March 31, the same has to be accepted by the Cabinet as well, which is likely to happen any day given his health condition.
  • His one-year extension was to end on July 3.
  • Vishwanathan has been in-charge of the key supervisory and regulatory functions at the Mint Road and it was this powerful position that led the government to offer him an extension given the mess in the banking system.

Mar 05, 2020

Lego Billionaire Takes over as Chairman

  • Lego A/S said that Thomas Kirk Kristiansen -- the fourth generation of the billionaire family that owns Europe's largest toymaker took over as its chairman. Kristiansen replaced Jorgen Vig Knudstorp, a former CEO at the company who will continue as a member of the board and develop the brand.

India Ranks 3rd in Trade-related Illicit Financial Flow Globally, China Tops: GFI Report

  • In accordance with the report titled "Trade-Related Illicit Financial Flows in 135 Developing Countries: 2008-2017" by US-based think tank Global Financial Integrity (GFI), India has the third-highest trade-related illicit financial flow among over 135 countries in 2017 while China has topped the report with USD 457.7 billion. As an average of 2008-2017, India ranked fourth among 135 countries and China stood at first.
  • Illicit Financial Flows (IFFs): It includes many types of activities, such as trade misinvoicing, smuggling, tax evasion, illegal earning etc. across an international border. But this report only focuses on trade misinvoicing, and the trade-related aspects of IFFs.
  • Trade misinvoicing: It is a method of hiding illicit financial flows within the international commercial trade system.
  • Value Gap: The amount of trade that was not properly taxed.

Merger of 10 PSBs Gets Cabinet Nod

  • The Union cabinet approved the consolidation of 10 public sector banks (PSBs) into four entities, a move aimed at having fewer but stronger lenders in India.
  • The amalgamation is being done so that customers are able to reap the benefit of larger banks being scaled up and more fund being available for credit.
  • At present, India has 18 state-owned banks compared with 27 in 2017. After the merger, the number will further come down to 12.

NMDC & i-TIC Foundation of IIT Hyderabad Sign Pact to Support Deep-Tech Start-Ups

  • National Mineral Development Corporation (NMDC) Limited & i-TIC foundation the Technology Business Incubator (TBI) of IIT Hyderabad signed an agreement to support start-ups through a joint incubation program through NMDC Innovation & Incubation Centre (NICE) to promote the spirit of innovation and entrepreneurship in the country.
  • A start-up ecosystem to be established on the premise of IIT Hyderabad to foster, nurture & incubate Deep-tech start-ups with new & innovative ideas.
  • NMDC Limited to contribute Rs. 10 crore for 5 year joint incubation programme & to support at least 15 start-ups.
  • The proposal is to support 5 start-ups a year with the incubation period for each of them being 2 years which is extendable by 6 months.
  • NICE is in line with the Centre's 'Startup India' initiative which will offer working space, facilitate networking with mentors, experts, apart from offering financial support to start-ups.
  • The agreement was signed by P. K. Satpathy, Director (Production), NMDC & B. S. Murty, Director, IIT Hyderabad and President of i-TIC Foundation.

NRIs Can Obtain 100% Air India Stake

  • The Union Cabinet allowed non-resident Indians (NRIs) to acquire up to 100% equity stake in Air India in order to make the sale offer of the state-run airline more attractive.
  • The proposed changes in the FDI policy will enable foreign investments by NRIs into Air India up to 100% under the automatic route.
  • NRIs will get permission to participate in Air India's strategic sale. Earlier, they were allowed to own up to 49% stake. It wasn't immediately clear whether any NRIs have expressed interest.

SC Lifts RBI Crypto Ban

  • The Supreme Court struck down a ban imposed by the RBI on banks from allowing their systems to be used for cryptocurrency related payments in April 2018. The RBI ban applied only to the use of banking channels for crypto transactions and thus, individuals continued to trade in cryptocurrencies using peer-to-peer networks, even after the ban. Trading between cryptocurrencies (without use of rupee payments for settlement), also continued. However the Supreme Court judgment may pave the way for revival of bitcoin and other cryptocurrencies as an asset class by reopening up the formal financial system to it.
  • A cryptocurrency can be defined broadly by two distinctive features. First, it is based on a distributed ledger meaning that records of its ownership are held across thousands of computers simultaneously, rather than any centralised system.

Zomato Acquires UberEats India for $206 million

  • According to the Uber's regulatory filings, Zomato, an Indian restaurant aggregator and food delivery startup has acquired Uber's food delivery business in India, Uber Eats for $206 million, where the investment was priced at $171 million, the balance $35 million was received as a reimbursement of goods and services tax (GST) receivable from Zomato.
  • Following this acquisition, all of Uber Eats' customers will be directed to Zomato platform and it will boost Zomato's position in the food delivery market.

SC Lifts RBI Crypto Ban

 
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