General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Oct 27, 2019

India and Ecuador Ink Protocol to Start Trade Negotiations

India and South American nation Ecuador have inked the Protocol for Completion of the Joint Feasibility Study (JFS) between the two countries, in line with the government's efforts to expand its trade presence in the region
The Protocol was inked in New Delhi by Shyamal Misra, Joint Secretary, Ministry of Commerce and Industry and HéctorCueva, ambassador of Ecuador in India.
This has now opened the doors for both the countries to initiate trade negotiations for a Partial Scope Agreement (Preferential Trade Agreement).

Oct 26, 2019

Mahindra to Fully Acquire Peugeot Motocycles

Mahindra Two Wheelers Europe announced that it will take 100 per cent ownership of France-based Peugeot Motocycles (PMTC) for an undisclosed amount.
Mahindra Two Wheelers, a subsidiary of Mahindra & Mahindra Ltd, had acquired a 51 per cent equity stake in PMTC from Groupe PSA in 2015.
Then the company had infused £15 million, or ₹110 crore, into Peugeot to finance projects implemented through the partnership, and had spent £13 million on the purchase of shares held by PSA.
The company said that the acquisition is set to drive future growth in core European markets and expand into new geographies, including select Asian markets.
The company is also set to introduce seven new products between 2019 and 2021, it stated.

Oct 25, 2019

RBI Tells Banks To Not Send Agents To Do KYC For Retail Loans, Credit Cards

The Reserve Bank of India (RBI) has prohibited banks from deploying direct selling agents (DSAs) to sell retail loans and verifying borrowers' documents.
Currently, a substantial proportion of retail assets namely personal loans, credit cards and consumer credit are sourced via the DSA conduit.
The development has been communicated by the RBI in response to the queries of the banking industry.
The aim is to bring down cases of data theft and reduce operational risks. But the lenders are afraid that this might lead to deceleration of consumer loans and credit cards.
Meanwhile, banks are planning to approach the apex bank and the government regarding this matter.

Fitch Rating Slashes India's GDP Growth Forecast To 5.5% For FY20

Fitch Ratings slashed India's GDP growth forecast in the current fiscal to 5.5 per cent saying a large credit squeeze emanating from shadow banks has pushed economic growth to a six year low.
Fitch, which had in June 2019 put India's GDP growth at 6.6 per cent for the fiscal year that began in April 2019, said the recent government measures to boost economy including a cut in corporate tax rates will gradually nudge growth.

Credit Suisse: Top 1% Own Nearly 50% Of Global Wealth And China's Wealthy Now Outnumber America's

For the first time, China has overtaken the United States to become the country with the largest number of people in the top 10% of world's most wealthy people.
China now has a cohort of 100 million individuals who are in the top 10% of global wealth distribution, compared to 99 million for the U.S.
In addition, China has surpassed Japan as the country with the second-largest number of millionaires.
The annual global wealth report was released by Credit Suisse and provides a comprehensive review of the world's wealth.
In all, there are now 46.8 million adult millionaires globally, with China showing explosive growth over the past nine years.
In 2010, the number of Chinese millionaires was only 38 thousand, while the number in 2019 is now 4.4 million.
The number of millionaires in the rest of the world are - Africa has 171 millionaires, Latin America has 673, India has 759, Asia-Pacific has 7,505, Europe has 13,290 and North America has 19,946.

Oct 24, 2019

India's Rank Jumps 14 Places In World Bank's Ease Of Doing Business Ranking

India climbed 14 ranks in the World Bank's Ease of Doing Business 2020 survey to stand at 63, among 190 countries, making it the one of world's top 10 most improved countries for the third consecutive time.
The sharp rise in the ranking underscores the reformist credentials of the Narendra Modi-led National Democratic Alliance (NDA) government and may help the country lure multinational companies looking for investment destinations apart from China amid its ongoing trade war with the US.
In 2018, India jumped 23 places to reach 77th position in the rankings. In six years of the Narendra Modi government, India's ranking has improved 79 places from 142nd in 2014 to 63rd in 2019, a record for a major economy.

Govt Relaxes Norms For Setting Up Petrol Pumps

The Government has relaxed norms for setting up petrol pumps allowing non-oil companies to venture into the business.
The move could help private and foreign firms to enter the fuel retailing sector. The Cabinet Committee on Economic Affairs approved the Review of Guidelines for Granting Authorization to market Transportation Fuels.
Companies with a net worth of 250 crore rupees will be allowed to sell petrol and diesel.
The companies will be subject to the condition that they install facilities for marketing at least one new generation alternate fuel such as CNG, LNG, biofuels or electric vehicle charging within three years of start of operations.

Govt Hikes MSP For Wheat and Pulses

The government hiked the minimum support price for wheat by Rs 85 to Rs 1,925 a quintal and for pulses by up to Rs 325 per quintal.
A decision in this regard was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi.
The MSP is the rate at which the government buys grains from farmers.
The CCEA has approved Rs 85 per quintal hike in wheat MSP to Rs 1,925 per quintal for the 2019-20 rabi crop, up from Rs 1,840 per quintal in 2018.
Barley MSP has also been increased by Rs 85 to Rs 1,525 per quintal from Rs 1,440 per quintal in 2018.

Kolkata, Bengaluru To Be Included In World Bank's Doing Business Report

The World Bank will now include Kolkata and Bengaluru, besides Delhi and Mumbai, for preparing ease of doing business report to provide a holistic picture of business environment of the country.
The country of the size of India was not properly represented by just two cities, and now with the inclusion of Kolkata and Bengaluru, Indian ranking in the World Bank's report will present a much better picture.
The report ranks 190 nations based on ten parameters, which includes ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.

New Rules Mandate Company Boards To Explain Independent Directors' Suitability

Boards of directors of companies will have to provide shareholders details on the integrity, expertise and experience of independent directors hired during the year, according to new rules introduced by the Centre.
Independent directors should also have passed a self-assessment test conducted by the Indian Institute of Corporate Affairs (IICA), attached to the Ministry of Corporate Affairs, according to the Companies (Accounts) Amendment rules 2019 notified by the ministry.
The idea is to ensure that independent directors, expected to protect the interests of minority shareholders and keep an eye on the governance of the company, are qualified for the task.

BSNL-MTNL Merger Gets Nod

The government approved Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme, as well as their merger.
The Union Cabinet also approved merger of the state-owned telecom firms and till the completion of the process, MTNL will operate as a subsidiary of BSNL. Telecom Minister Ravi Shankar Prasad shared details of the revival package.
The package includes raising of Rs 15,000 crore sovereign bonds to meet the immediate capital requirement of both the companies, 4G spectrum allocation worth Rs 20,140 crore, Rs 29,937 crore for VRS covering 50 per cent of their employees, and Rs 3,674 crore for goods and services tax that will be levied on allocation of radiowaves.

Oct 23, 2019

Benelli Imperiale 400 Comes To India

Italian superbike manufacturer Benelli launched its classic model Imperiale 400 in India priced at Rs 1.69 lakh (ex-showroom).
The bike is powered by a 374cc air-cooled BSIV engine capable of delivering a maximum power of 21PS at 5500rpm.
With the launch of the Imperiale 400, they are confident of capturing a significant market share with a number of dealership launches set to take place.

ITC Launches World's Most Expensive Chocolate

Diversified group ITC launched the world's most expensive chocolate priced at Rs 4.3 lakh per kilogram under its Fabelle brand.
ITC's luxury chocolate brand Fabelle Exquisite Chocolates has introduced its limited edition range chocolate 'Trinity - Truffles Extraordinaire' - which entered into Guinness World Records to become the world's most expensive chocolate.
Co-curated by France's Michelin Star Chef Philippe Conticini and Fabelle's Master Chocolatier, Fabelle's 'Trinity - Truffles Extraordinaire' box is priced at approximately Rs 4.3 lakh per kg.

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