General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Mar 27, 2024

In a First, Amul Launches Fresh Milk in US

For the first time, Amul fresh milk is available outside India, the Gujarat Cooperative Milk Marketing Federation (GCMMF) launched four variants of milk in the US market, to cater to Indian diaspora and Asian population.
GCMMF MD Jayen Mehta said that the GCMMF tied up with 108-year old cooperative organisation Michigan Milk Producers Association (MMPA) and launched fresh milk in the US market," The milk collection and processing is done by MMPA, while GCMMF will do marketing and branding of Amul fresh milk.

Mumbai Surpasses Beijing as Asia's Billionaire Capital

Mumbai emerged as Asia's billionaire hub, surpassing Beijing for the first time, according to Hurun Research's 2024 Global Rich List.
The financial capital of India now boasts 92 billionaires, edging past Beijing's 91, despite China having a higher overall count of 814 billionaires compared to India's 271.
This places Mumbai third globally in terms of billionaires, with New York leading with 119 billionaires, followed by London with 97.
The Maharashtrian city's rise is attributed to the addition of 26 new billionaires over the past year, driving its total billionaire wealth to $445 billion, marking a 47 per cent increase from the previous year. In contrast, Beijing's total billionaire wealth amounts to $265 billion, experiencing a 28 per cent decrease.

LIC World's Strongest Insurance Brand

According to a report by Brand Finance Insurance 100 2024, Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating.
According to the report, Cathay Life Insurance is the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion, followed by NRMA Insurance, which saw an 82 per cent rise in brand value to $1.3 billion.
Allianz from Germany and AXA from France held on to their positions in the top 5 rankings.

Hurun Rich List: Meta's Mark Zuckerberg Biggest Wealth Gainer in 2024

The Hurun Research Institute released the 'Hurun Global Rich List 2024'. Among global billionaires, Tesla CEO, Elon Musk, re-emerged as the richest man, boasting a fortune of $231 billion. Two new entrants, Mark Zuckerberg of Meta, with a fortune of $158 billion, and ex-Google CEO Larry Page, with $123 billion, joined the elite top 10, displacing Bertrand Puech of Hermes and Francoise Bettencourt Meyers of L'Oreal.
The top ten in the list are: Elon Musk ($231 billion), Jeff Bezos ($185 billion), Mark Zuckerberg ($158 billion), Larry Ellison ($144 billion), Warren Buffett ($144 billion), Steve Ballmer ($143 billion), Bill Gates ($138 billion), Larry Page ($123 billion) and Mukesh Ambani ($115 billion).

Modi Government Allocates Rs. 6212.03 Crore for Strengthening Regional Rural Banks

The Modi government allocated Rs. 6212.03 crore to Regional Rural Banks (RRBs) as part of the recapitalisation scheme. RRBs, established in 1975 and owned by the Indian government, function at the regional level across various states. They were set up with the objective of offering fundamental banking and financial services to rural regions, specifically targeting small and marginal farmers, agricultural labourers, artisans, and small entrepreneurs.

Mar 26, 2024

Govind Dholakia New Chairman of Surat Diamond Bourse

The Surat Diamond Bourse (SDB) appointed Govind Dholakia, a Rajya Sabha MP from Gujarat, as its new chairman. This appointment came a day after the previous chairman, Vallabhbhai Patel (Lakhani), resigned from his position.
Surat Diamond Bourse (SDB) is a diamond trade centre located in DREAM City, Surat, Gujarat, India, designed by the architecture firm Morphogenesis. It is the world's largest diamond trading hub with a floor space of 660,000 square metres (7,100,000 sq ft), as well as the world's largest office building, ahead of the Pentagon.
It was inaugurated by Prime Minister Narendra Modi in 2023.

Federal Bank Launches 'Flash Pay' in Partnership with NPCI for Contactless Payments

In a strategic collaboration with the National Payments Corporation of India (NPCI), Federal Bank introduced 'Flash Pay,' a revolutionary RuPay smart key chain facilitating contactless NCMC (National Common Mobility Card) payments. This innovative solution enables users to tap and pay at metro stations and PoS terminals, ensuring swift transactions with enhanced security.
Users can effortlessly make payments up to Rs. 5,000 without requiring a PIN, streamlining the payment process at various locations.
For transactions exceeding Rs. 5,000, PIN authentication is mandatory, ensuring heightened security for higher-value purchases.
A daily cap of Rs. 1 lakh at any PoS terminal has been instituted, offering users flexibility while ensuring prudent financial management.

Hong Kong Regains Fourth-Largest Market Spot

Hong Kong regained its spot as the world's fourth-largest market following a broad market rout in Indian equities. Currently, the Chinese territory's market capitalisation stands at $4.9 trillion versus India's $4.75 trillion, as per data compiled by Bloomberg.

Tech Mahindra Announces Merger of Two Subsidiaries Based in the US

IT services and consultation company Tech Mahindra announced the merger of two of its wholly-owned subsidiary companies -- Born Group and Tech Mahindra Americas (TMA) -- to synergise business operations, optimise operational costs, and reduce compliance risk.
Born Group, incorporated in the US in 2011, specialises in providing brand strategy, visual design, brand identity exploration, and more for digital products, mobile apps, and physical products.
Tech Mahindra Americas (TMA) was started in the US in 1993 and provides computer consulting, programming support services, and IT management & consulting services.

Mar 25, 2024

Mariam Mammen Mathew New Chairperson of DNPA

Mariam Mammen Mathew, CEO of Manorama Online, was appointed as the Chairperson of the Digital News Publishers Association (DNPA) for a two-year term. She succeeded Tanmay Maheshwari, Managing Director of Amar Ujala.
Puneet Gupt, COO of Times Internet, was appointed as the new Vice-Chairman.
DNPA serves as a significant umbrella organisation for digital media businesses, including print and broadcasting.
Member Organisations: DNPA comprises 18 prominent media organisations, including Dainik Jagran, Dainik Bhaskar, The Indian Express, and others.
DNPA aims to democratise the digital news space, aligning with regulatory efforts to ensure fairness in the operations of Big Tech platforms in India.

Mar 24, 2024

PolicyBazaar Establishes Wholly Owned Subsidiary 'PB Pay Private Limited': Expansion into Payment...

PolicyBazaar, a prominent player in insurance and financial services, unveiled plans to diversify its offerings by establishing a wholly owned subsidiary named 'PB Pay Private Limited.' This subsidiary, approved by the board of directors, aims to specialise in payment aggregation services, both domestically and internationally, subject to regulatory clearances.
PB Pay Private Limited is slated to operate as a Non-Banking Financial Company (NBFC) with a focus on payment aggregation.
The authorised share capital for the subsidiary is set at Rs. 50,00,00,000, with a proposed paid-up capital of Rs. 27,00,00,000.

SBI Card and Titan Launch Titan SBI Card

SBI Cards and Payment Services Ltd, in partnership with Titan Company Ltd, launched Titan SBI Card, a shopping credit card.
With a focus on cashbacks, gift vouchers, and reward points, this card promises benefits worth over Rs. 2,00,000 annually.
Individuals can enrol for the card digitally through SBI Card SPRINT on SBI Card website or Titan stores. The joining and annual renewal fee for the card is Rs. 2,999. The contactless card is available on RuPay and VISA payment platforms.

BPCL Secures 5th Spot in Business World Real 500

Bharat Petroleum Corporation Limited (BPCL), a Maharatna and India's second-largest government-owned downstream oil producer, proudly announced its continued position as the 5th-ranked company in The Business World Real 500 List of 2024. This accomplishment underscores BPCL's unwavering commitment to excellence and highlights its consistent and robust financial performance in a dynamic operating environment.
BPCL has demonstrated agility and resilience in navigating through changing times while remaining firmly committed to the strategic path of energy transition.

Mar 23, 2024

Mustafa Suleyman, the New Face of Microsoft's AI Division

Microsoft named British AI pioneer Mustafa Suleyman as the head of its AI division. Suleyman, who co-founded Google's DeepMind, will now report directly to Microsoft CEO Satya Nadella.
In his new role, Suleyman will oversee various AI projects at Microsoft, including:
Integration of AI Copilot into Windows
Adding conversation elements to Microsoft's Bing search engine
Consolidating all consumer AI projects under one leader

Naveen Jindal Takes Charge as President of the Indian Steel Association

Naveen Jindal, chairman, Jindal Steel and Power, took charge as president of Indian Steel Association (ISA), the apex body for steel producers.
The association said that Naveen Jindal was unanimously elected as the president of ISA by the apex committee, the governing body of ISA. He succeeded Dilip Oommen, CEO of ArcelorMittal Nippon Steel India.

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