General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Nov 21, 2019

Chairman Anil Ambani, Four Directors Resign from Reliance Communications

Reliance Communications Chairman Anil Ambani along with four directors have resigned from the company, which is going through the insolvency process.
According to a regulatory filing, Manikantan V, the chief financial officer of the debt-ridden company has also resigned.
The development comes a day after RCom posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
This was the second-highest loss posted by any Indian corporate till date.

Reliance Industries Becomes 1st Indian Company To Cross Rs 9.5 Lakh Crore Market Cap

Reliance Industries Limited (RIL) became the first Indian firm to cross the Rs 9.5 lakh crore market capitalisation mark after the stock hit its fresh 52-week high on bourses.
The rise in RIL share price comes after Vodafone India and Bharti Airtel announced a tariff hike from December, 2019. The tariff hike is likely to attract more subscribers for Reliance Jio.
Reliance Industries share price rose up to 3.66% to Rs 1,511.9 compared to the previous close of Rs 1,458.50 on BSE.
TCS, its closest rival in terms of market capitalisation, recorded a m-cap of Rs 7.91 lakh crore on BSE. The IT firm's share price was trading 2% lower at Rs 2110 on BSE.

Six more States Selected for Pulses and Oilseeds Promotion

The centre has extended a government supported scheme to increase production and cultivation of oilseeds and pulses to six more states, taking the number of states under the scheme to 12.
Part of the National Food Security Mission (NFSM), the central government has been implementing the National Oilseeds and Oil palm (OS&OP) scheme to promote production of oilseeds, including oil palm, to increase production and domestic availability of edible oils.
The scheme was originally implemented in rice fallow areas of six eastern states, including Assam, Bihar, Chhattisgarh, Jharkhand, Odisha and West Bengal since 2016-17 and from 2019-20, six more states - Madhya Pradesh, Maharashtra, Tamil Nadu, Gujarat, Karnataka and Andhra Pradesh - have been included to bring additional area under production of pulses and oilseeds.

Cabinet Approves Sale Of Govt Stake In Five CPSEs Including BPCL

The central government took a major step towards privatization on November 20, 2019.
The government has also approved to bring down the stake of government in selected public sector companies to below than 51 per cent.
The Numaligarh refinery will be separated from BPCL, the country's second-largest refinery company.
The decision was taken after the Cabinet Committee on Economic Affairs (CCEA) meeting.
These companies are - Tehri Hydro Development Corporation India Limited (THDC), Bharat Petroleum Corporation Limited (BPCL), North Eastern Electric Power Corporation Limited (NEEPCO), Shipping Corporation of India (SCI) and Container Corporation of India (CONCOR).

GSTN Dismisses Complaints Regarding Its System's Non-Functioning

The Goods and Services Tax Network, GSTN has dismissed certain complaints made on the social media regarding its system's non-functioning.
Central Board of Indirect Taxes and Customs said, more than 11 lakh 52 thousand GSTR3B returns were filed. It saidthat the GST Return filing system was working within expected limits.
CBIC said, GSTN return filing system has been working as expected and coherently and a total of more than 55 lakh 79 thousand returns were filed.

Nov 20, 2019

Infosys Tops Rs 10,000-Crore Exports, Becomes IT Ratna of Karnataka

Software giant Infosys has been recognised as the IT Ratna of Karnataka at the Benglauru Tech Summit 2019 for IT exports by the Software Technology Parks of India (STPI).
Featuring in the category of IT exports greater than or equal to Rs 10,000 crore, Infosys was awarded for fiscal 2018-19 in STPI's Karnataka chapter.
As many as 15 global companies were recognised as IT Prides of Karnataka, for exports greater than or equal to Rs 2,000 crore and less than Rs 10,000 crore.
IT Pride awardees included Oracle, Goldman Sachs, SAP Labs, and Intel, among others.

Haryana Govt Decides to Create New Foreign Cooperation Department

Haryana Government has decided to create a dedicated new department namely Department of 'Foreign Cooperation' in order to streamline and provide focus to various initiatives taken by the state government for the promotion of investment, employment for youth and welfare of Non-Resident Indians.
A decision to this effect was taken in the meeting of State Cabinet which met under the Chairmanship of Chief Minister Manohar Lal at Chandigarh.
The new department will deal in formulation of country-wise strategies for promotion of investment, employment in the state, education and skill development and promotion of Haryanavi culture and welfare of Haryanavi diaspora.
Cabinet has also decided to convene one-day special session of Haryana Vidhan Sabha on November 26, 2019 to commemorate the 70th anniversary of adoption of Constitution of India.

Depositors can Approach RBI Admin for Emergency Withdrawals

Depositors of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank can approach the Reserve Bank-appointed administrator for withdrawal up to Rs 1 lakh in case of medical emergencies, the RBI told the Bombay High Court.
In an affidavit filed in the HC in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned the withdrawal ceiling at Rs 50,000 for scenarios like marriage, education, livelihood and "other hardships".

New IBC Rules to Cover Financial Service Providers

The government has put out detailed rules for the resolution of systemically important financial service providers under the bankruptcy law, opening the doors for resolution of stressed non-banking finance companies under this framework.
Financial service providers are ordinarily not covered under the Insolvency and Bankruptcy Code. Under the rules notified, the code can be invoked to find a resolution for stressed finance companies such as Dewan Housing Finance Corporation Ltd. (DHFL). These rules will not apply to banks.
Separately, the government will notify specific categories of financial service providers that do not fall under the systemically important category to be resolved as ordinarily applicable to corporate debtors.

Nov 19, 2019

ADB, India Sign $91 Million Loan for Comprehensive Water Management in Karnataka

The Asian Development Bank (ADB) and the Government of India signed a $91 million loan to modernize the Vijayanagara Channel irrigation systems and prepare river basin management plans in the Krishna river basin that will help improve irrigation water use efficiency and contribute to improving sustainable water security in Karnataka.
The signatories to the second project loan for the Karnataka Integrated and Sustainable Water Resources Management Investment Program (IWRM) were Mr. Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs, Ministry of Finance who signed for the Government of India and Mr. Kenichi Yokoyama, Country Director of ADB's India Resident Mission, who signed for ADB.

Nov 18, 2019

Yahoo Japan And Line Set To Merge

Japan's biggest search engine and messaging app are set to merge under a deal agreed by their parent companies.
Yahoo Japan is the country's biggest search engine, and has e-commerce and online banking subsidiaries.
Line is the dominant messaging app, and is also popular in Southeast Asia and Taiwan.
Yahoo Japan has long offered a diverse range of services but has lagged behind many of its competitors.

Indian Oil Corporation Rolls Out Winter-grade Diesel for Ladakh

State-owned Indian Oil Corporation (IOC) began supplying a special winter-grade diesel to Ladakh, solving technical issues faced in fuel supply to high-altitude regions during extreme winter conditions.
While IOC's Panipat refinery had flagged off the first consignment of truck carrying the special grade diesel, Home Minister Amit Shah presided over a function to launch the fuel in the Ladakh region through a video link.
Motorists in high-altitude sectors such as Ladakh, Kargil, Kaza and Keylong face the problem of freezing of diesel in their vehicles when winter temperatures drop to as low as minus 30-degrees Celsius.

Saudi Aramco Flotation Values Oil Giant At $1.7tn

Saudi Arabia has placed a preliminary valuation on state oil company Aramco of between $1.6tn (£1.22tn) and $1.7tn.
The company has published an updated prospectus for its initial public offering (IPO), seeking more than $25bn for the sale of 1.5% of its shares.
That would make it potentially the world's biggest IPO, coming from the world's most profitable company
It is short of the $2tn valuation that Crown Prince Mohammed bin Salman was reportedly keen to achieve.

Nov 17, 2019

Darjeeling's green and white teas get GI tag

Darjeeling Tea Association said green and white tea of the hills have been registered as geographical indication (GI) products in the country.
These two varieties of Darjeeling tea have been registered under Geographical Indications of Goods (Registration and Protection) Act 1999.
The Tea Board had filed an application in this regard on December 2017.
This will "strengthen the protection of the intellectual property rights of the Darjeeling tea" which is considered as "niche and luxury" products in the country and abroad.
Of the total annual production of 8.5 million kilograms of Darjeeling tea, green tea comprises one million kilogram and white tea one lakh kilogram.

Supreme Court paves way for ArcelorMittal's takeover of Essar Steel in ₹42,000 crore deal

ArcelorMittal won approval from India's top court to complete its $5.8 billion purchase of a bankrupt steel mill, clearing the way for tycoon Lakshmi Mittal to enter the world's second-biggest market for the metal.
The Supreme Court allowed Arcelor to pay creditors for Essar Steel India Ltd. and scrapped a bankruptcy appellate tribunal's order that had given secured and unsecured lenders equal right over the sale proceeds, a three-judge bench headed by Justice Rohinton F. Nariman ruled.

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