General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Nov 20, 2024

Punit Goenka Resigns as MD and CEO of Zee Entertainment

Punit Goenka, the Managing Director (MD) and Chief Executive Officer (CEO) of Zee Entertainment Enterprises, resigned from his position as MD but will continue to serve as CEO of the company. This decision came just days before a shareholders' meeting where Goenka was set to seek approval for a new five-year term as MD and CEO, from January 1, 2025, to December 31, 2029.
Mukund Galgali, Chief Financial Officer, assumed the role of its Deputy Chief Executive Officer.

WeWork India Appoints Virwani as Non-Executive Chairman, Karan to be MD, CEO

Co-working major WeWork India announced the appointment of Jitendra Mohandas Virwani as Non-Executive Chairman of the company while Karan Virwani was appointed Managing Director and CEO.
In WeWork India, realty firm Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding.
WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested $ 100 million in WeWork India.

Nov 19, 2024

Taiwan Seeks Economic Partnership with EU to Boost Semiconductor Ties

Taiwan President Lai Ching-te called for the signing of an economic partnership agreement with the European Union, saying that it would boost cooperation in semiconductors and that as democracies the two sides should be working together.
Taiwan has pushed for the signing of investment and trade deals with the EU, in what would be politically significant for Taiwan given its diplomatic isolation and general exclusion from most global bodies and agreements.
For its part, the EU has been courting Taiwan as a "like-minded" partner under the European Chips Act to encourage more semiconductor production in Europe and lessen dependence on Asia, despite the lack of formal ties with the Chinese-claimed island.

ESB Chairperson Mallika Srinivasan Gets One-year Extension

The government extended the tenure of Mallika Srinivasan as the head of the Public Enterprises Selection Board (PESB) by one year after it made an exception to rules to allow the private sector specialist to continue on the job beyond the cut-off age of 65 years from November 2024 to November 2025 or until further orders.

CCI Imposes a Monetary Penalty of Rs. 213.14 crore on Meta

The Competition Commission of India (Commission) imposed a penalty of Rs. 213.14 crore on Meta for abusing its dominant position. This relates to how WhatsApp's 2021 Privacy Policy was implemented and how user data was collected and shared with other Meta companies. The Commission also issued cease-and-desist directions and also directed Meta and WhatsApp to implement certain behavioural remedies within a defined timeline.

Nov 18, 2024

Moody's Optimistic About India's Economic Growth Despite Volatility

Moody's Ratings has projected steady growth for India, maintaining its forecast of 7.2% GDP growth for 2024, despite some signs of slowdown in urban demand and mixed corporate results in Q2. The global rating agency highlighted positive economic indicators, including strong household consumption, increased rural demand, robust investment, and manufacturing activity. These factors, combined with government infrastructure spending and rising capacity utilization, support the outlook for the country's economy.

Tata Electronics Acquires Majority Stake in Pegatron's iPhone Plant

Tata Electronics has taken a major step in strengthening its position as an Apple supplier by acquiring a 60 per cent majority stake in Taiwanese contract manufacturer Pegatron's sole iPhone plant in India. The deal, which forms a new joint venture, marks a significant milestone in Apple's efforts to diversify its supply chain beyond China.
Under the agreement, Tata will handle daily operations of the Chennai-based plant, while Pegatron will retain a 40 per cent stake and provide technical support. Details of the financial terms were not disclosed, and Tata, Apple, and Pegatron have declined to comment publicly.
The announcement was internally communicated at the iPhone plant last week, and the companies plan to seek approval from the Competition Commission of India (CCI) shortly, according to sources.

Galaxy Health Insurance Launches 'Galaxy Promise'

Galaxy Health Insurance Launches 'Galaxy Promise' to Tackle Rising Healthcare CostsGalaxy Health Insurance has introduced 'Galaxy Promise', its first health insurance product offering coverage ranging from Rs 3 lakh to Rs 1 crore. The plan features flexible options for families, multiple claim facilities, and benefits like unlimited restoration of the sum insured.

NASA Partners with Microsoft to Simplify Access to Earth Science Data

In a major technological advancement, NASA and Microsoft have collaborated to create "Earth Copilot," an AI-driven chatbot aimed at democratizing access to complex Earth Science data. Earth Copilot leverages Microsoft's Azure cloud and advanced AI capabilities to make NASA's extensive geospatial data repository accessible to a broader audience. Traditionally complex and requiring expert knowledge, this data can now be retrieved using simple, plain-language queries, such as assessing the impact of hurricanes or monitoring climate change effects.

Nov 17, 2024

Nepal-Bangladesh Power Trade via Indian Grid Begins With First Trilateral Transaction

Union Minister for Power, Manohar Lal jointly inaugurated the flow of power from Nepal to Bangladesh through the Indian grid along with Md. Fouzul Kabir Khan, Advisor, Ministry of Power, Bangladesh and Dipak Khadka, Nepal's Minister of Energy, in a virtual event hosted by Nepal's Ministry of Energy, Water Resources and Irrigation.
This historic occasion marks the first trilateral power transaction which has been carried out through the Indian grid. The start of this power flow from Nepal to Bangladesh through India is expected to boost sub-regional connectivity in the power sector.

Nov 16, 2024

China Unveils Megaport in Peru

In a move to enhance its global influence and economic ties with Latin America, China unveiled a state-of-the-art mega port in the southern region of Peru. This ambitious project, called the "Chancay Port," is expected to transform the region's infrastructure, facilitating increased trade between China and Latin America. Despite the economic opportunities it promises, local communities have expressed concerns over its environmental impact and the limited benefits for them. This development is part of China's broader Belt and Road Initiative (BRI), aimed at strengthening global trade routes.
The Chancay Port project, located about 60 kilometers north of Lima, is one of the largest infrastructure investments in Peru's history. With an estimated cost of $1.3 billion, this port is designed to handle up to 1 million containers annually, positioning it as a critical hub for international trade.

Amul to Enter Europe by End of This Month

India's biggest diary brand Amul is planning to launch its products in Europe by the end of this month (November), Managing Director of the company and Gujarat Cooperative Milk Marketing Federation Jayen Mehta said.
The company's European foray will be through a tie-up with a milk cooperative in Spain. Milk will be procured from the Spanish Cooperative and processed by it for sale in the whole of Europe. While the production will be done by the cooperative in Spain, marketing and branding will be Amul.

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