General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Apr 09, 2023

Citi Launches its Branch in GIFT IFSC

Citi launched its branch at Gujarat international Financial Tec-City — International Financial Services Center (GIFT-IFSC).This branch will offer corporate clients long- and short-term financing solutions through the IFSC branch, while providing an international financial banking experience within the India Standard Time (IST) zone.
The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corporates and financial institutions, as well as emerging mid-corporates.

Odisha Receives Investment Intent Worth Rs. 26K crore at Business Meet in Tokyo

Odisha received investment intent of Rs. 26,000 crore in various sectors as Chief Minister Naveen Patnaik met Japanese industrialists in Tokyo.
The investment intent was received in sectors such as logistics, steel, Green Hydrogen, and IT/ITeS.
An MoU for collaboration in the skill development sector was also signed between Nihon-Utkal and IIIT, Bhubaneswar.
The business meeting was attended by representatives of more than 200 leading companies in Japan and the Indo-Pacific region.

MCL Beats Chhattisgarh-based SECL in Coal Production

Chhattisgarh-based South Eastern Coalfields (SECL) remained a runner-up in terms of coal production among eight entities of the state-run Coal India (CIL) in the financial year 2022-23.
With 193.3 million tonnes (mt) of output in FY23, neighbouring Odisha-based Mahanadi Coalfields Limited (MCL) continued to be the largest coal-producing company in the country for a second successive financial year.
The SECL was holding the top position till FY21. Its output, however, dropped to 142.5 mt in FY22.
The SECL and MCL had set a target to produce 182 mt and 173 mt of coal, respectively, in FY23. Despite its production growing by over 17 per cent, the SECL could record an output of 167 mt in 2022-23.

Apr 08, 2023

Honda Motorcycle & Scooter India Shuffles Top Management

Japanese giant Honda Motor Company announced top management changes in its Indian two-wheeler arm, Honda Motorcycle & Scooter India (HMSI).
The automaker appointed Tsutsumu Otani as president, Chief Executive Officer (CEO) and Managing Director (MD) of HMSI at a time when the two-wheeler company is gearing up for its electric foray.
Otani, who was vice-president at Honda Motor, Japan, replaced Atsushi Ogata. Ogata returned to Shanghai, as executive general manager at Honda Motor (China) Investment Company.

Singer India Appoints Rakesh Khanna as Executive Vice Chairman & MD

After a career of over 37 years with Singer India Ltd and a successful stint as MD during the last 13 years, Rajeev Bajaj stepped down from the company to pursue other interests. Bajaj will continue with the company till April 30, 2023 to provide transition and support to his successor.
Further, the Board of Directors of the company considered the recommendation of the Nomination & Remuneration Committee and approved the appointment of Rakesh Khanna as Executive Vice Chairman & Managing Director.
Rakesh Khanna is an accomplished leader and strategist, having a consistent track record of achieving business turnaround, and building sustainable high profitability business models. Khanna was the Managing Director & CEO of Orient Electric, a Fortune 500 company in India.

Apr 07, 2023

Seshagiri Rao Steps Down from JSW Steel Board

Seshagiri Rao joint managing director and group chief financial officer, JSW Steel, stepped down from the board after 24 years, on superannuation.
However, he would be associated with the group in an advisory role.
Rao joined the company in 1997 as CFO and was appointed to the board in 1999. He played an active role in the merger and acquisitions over the years. Notable among them were the merger of JISCO and JVSL and acquisitions of SISCOL, Ispat, Bhushan Power & Steel, Asian Colour Coated Ispat, Vardhman Industries.

RBI Monetary Policy: MPC Votes for Pause, Keeps Repo Rate Unchanged

The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 per cent. While announcing the decision, RBI governor Shaktikanta Das said that the Monetary Policy Committee (MPC) voted unanimously to keep the rate unchanged.
The MPC voted 5-1 to remain focussed on 'withdrawal of accommodation'.
The repo rate, also known as the repurchase option, is the interest rate at which the RBI lends money to commercial banks against securities like treasury bills or government bonds.
The monetary policy committee (MPC) is a six-member committee set up to determine the set of actions to control the money supply, inflation and economic growth in the country.
Its current (as in April 2023) members are RBI governor Shaktikanta Das, Michael Debabrata Patra, Mridul Saggar, Jayanth R Varma, Ashima Goyal, and Shashanka Bhide.
The committee meets at least four times a year to come up with the monetary policy. However, it may also meet out of the cycle if it feels the need to do so.

Suzlon Board Appoints J. P. Chalasani as Chief Executive Officer

The board of clean energy solution provider Suzlon Energy appointed J. P. Chalasani as the company's Chief Executive Officer following the resignation of Ashwani Kumar from the post.
Ashwani Kumar resigned as the CEO on account of personal reasons.
Chalasani had been Group CEO of Suzlon for the period from April 2016 to July 2020 and continued as Strategic Advisor to the Suzlon Group thereafter.
Chalasani has over 40 years of experience in the public and private sector across the entire gamut of the power sector (power generation projects, transmission, distribution, trading and coal mining).

Apr 06, 2023

Karur Vysya Bank Ties Up with SBI Life to Market Insurance Schemes

Karur Vysya Bank Ltd. (KVB) entered into a pact with SBI Life Insurance to market the latter's insurance schemes through its branches.
KVB is a major player in the South with strong presence in urban, semi-urban and rural locations. SBI Life Insurance would leverage the strengths of the bank to market its schemes.
KVB offers the entire range of financial services through tie ups with leading service providers. In an attempt to offer a wider choice to its customers in the life insurance sphere, KVB inked an agreement with SBI Life.

Canara Bank Launches Premium Payroll Account

Canara Bank introduced "Premium Payroll Package" for the salary account holders with competitive features. The product has been designed to meet all banking requirements of salaried customers. The features such as free term life insurance, instant over draft, free Personal & air accident insurance coverage, premium cards are some of the unique features of the product apart of the other various features offered. Account is designed in terms of the whole 360-degree requirement of the salaried class.
Canara Bank's customers can avail this facility across all its branches in India.
Canara Bank was founded by Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalisation in the year 1969.

Kerala Tops GI Tag List in FY 2022-23

As per data shared by the GI Registry, Kerala topped the list of states in the country with the most number of products securing the Geographical Indication (GI) tag in the financial year 2022-23.
Attappady Aattukombu Avara (beans), Attappady Thuvara (red gram), Onattukara Ellu (sesame), Kanthaloor Vattavada Veluthuli (garlic) and Kodungallur Pottuvellari (snap melon) were picked for the GI recognition tag as per the data released by the registry.
Besides the 6 products from Kerala, Mithila Makhana (aquatic fox nut) from Bihar was selected for GI recognition followed by Alibag white onion from Maharashtra. Tandur Redgram from Telangana the local variety of pea, Ladakh Raktsey Karpo Apricot from Ladakh and Gamosa handicrafts from Assam were also chosen for the honours.
The Geogrphical Indication relates to particular location and product manufactured from that region. Accordingly, between April 2022 and March 2023, 12 products were selected for the recognition with two of them from overseas. Brandy De Jerez from Spain, which is locally manufactured, was selected while Provolone Valpadana from Italy also received GI recognition.

China's Yuan Replaces Dollar as Most Traded Currency in Russia

In recent years, there has been a shift in the global currency landscape, with China's yuan steadily gaining ground against the US dollar. This trend is reflected in Russia, where the yuan has overtaken the dollar as the most traded currency.
According to data from the Moscow Exchange, the yuan accounted for 23.6% of Russia's foreign exchange turnover in the first quarter of 2023, while the dollar's share was 22.5%. This marks the first time the yuan has surpassed the dollar in Russia's currency market.
The rise of the Yuan in Russia is part of a broader trend of increasing acceptance of the Chinese currency in international trade and finance. China has been actively promoting the internationalization of the yuan, encouraging its use in cross-border transactions and investing in infrastructure to support its use in global markets.

Mukesh Ambani Becomes Richest Sports Owner in Forbes Billionaire 2023 List

Apart from regaining his spot as Asia's richest person in the Forbes Billionaire 2023 list, Mumbai Indians cricket team owner Mukesh Ambani also became the richest sports owner of all in Forbes billionaire 2023 list, released in April.
Ambani claimed the top spot from Los Angeles Clippers owner Steve Ballmer.
As on March 10, 2023, when Forbes locked in net worth for the 2023 World's Billionaires list, Ambani net worth was $83.4 billion, compared to Ballmer's net worth of to $80.7 billion. Ballmer is now planet's second-wealthiest team owner.
Reliance purchased a franchise in the inaugural Women's Premier League and owns cricket teams in South Africa and UAE.
The following are the 5 richest sports team owners: Mukesh Ambani, Steve Ballmer, Rob Walton, François Pinault & family and Mark Mateschitz.

Apr 05, 2023

Axis Bank Launches Business Management Solution for Merchants

Axis Bank in partnership with Visa launched an app that will empower merchants to accept payments through various digital modes and also enable them to manage their day-to-day business digitally.
The app 'Digital Dukaan' has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing, among others.
Digital Dukaan will also enable merchants to set up an online store and grow their business effortlessly by creating new channels.

Kenichi Umeda New MD of Suzuki Motorcycle India Pvt Ltd

Suzuki Motorcycle India Pvt Ltd appointed Kenichi Umeda as its new Managing Director.
Umeda succeeded Satoshi Uchida, who completed his term as the Managing Director of the company.
He will be responsible for the further growing and strengthening Suzuki Motorcycle India's position in the Indian and overseas markets.
He brings with him over 27 years of valuable industry experience across various global markets.

Isuzu Motors Names Rajesh Mittal as New Head of India Operations

Isuzu Motors India appointed Rajesh Mittal as the new President.
Mittal, the first person of Indian origin to head the country operations, succeeded Wataru Nakano who took over as a Head of Isuzu operations in Vietnam.
Mittal joined the company's top management team as President of Isuzu Engineering Business Centre India (IEBCI) and as Deputy President at Isuzu Motors India (IMI) in February 2022.
Since then, he has focused on consolidating the business and steering key projects while fostering a culture of excellence and collaboration.
Isuzu Motors India also named Yasuhito Kondo as Deputy President.

PhonePe Forays into E-commerce

Fintech major PhonePe forayed into e-commerce with the launch of a shopping app, Pincode, on the government-backed Open Network for Digital Commerce (ONDC) platform. The app will focus on hyperlocal commerce.
The move is expected to help Walmart-owned PhonePe take on players such as Flipkart, Amazon, Reliance's JioMart and Tata-owned BigBasket in the e-commerce space which is forecasted to grow to $350 billion by 2030. Pincode is currently live only for customers in Bengaluru and will launch in other cities very soon.

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