General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Jul 19, 2024

WazirX Experiences Significant Financial Losses Due to Security Vulnerability

WazirX, India's largest cryptocurrency exchange, suffered significant financial losses as a result of compromised two-factor authentication (2FA), with nearly half of its reserves being lost, amounting to close to $250 million
Mumbai-based crypto exchange WazirX has halted withdrawals from the platform after suffering a major hacking attack.
WazirX saw withdrawals in early European hours on Thursday (July 18). WazirX, which popularly calls itself as 'India Ka Bitcoin Exchange', primarily targets the Indian market.

NFDC and Netflix India Collaborate to Train Voice-Over Artists

The government and Netflix India have partnered to create opportunities for voice-over artists, especially women, to enhance their skills and find better opportunities in the media and entertainment sector.
The National Film Development Corporation (NFDC) and Netflix India signed a Memorandum of Understanding (MoU) to launch "The Voicebox," a program to train voice-over artists in multiple languages including English, Hindi, Marathi, Bengali, Malayalam, Tamil, Telugu, and Gujarati.
The Voicebox program will offer Recognition of Prior Learning (RPL) training through structured workshops featuring guest lectures, mentoring sessions, and assessments.
The training will be conducted in seven major cities: New Delhi, Mumbai, Kolkata, Ahmedabad, Hyderabad, Chennai, and Kochi. Each batch will consist of 30 participants, totaling 210 selected candidates through preliminary screening. At least 50% of the participants in each batch will be women.

The Most Valuable Fossil Ever Sold at Auction

A Stegosaurus skeleton has become the most valuable fossil ever sold at auction, being snapped up for $44.6 million in New York.
The dinosaur fossil was sold on Wednesday to an anonymous buyer after it was sought after by seven bidders, according to Sotheby's, the auction house handling the sale.
The fossil, nicknamed "Apex," smashed its pre-sale estimate, which was between $4 million and $6 million.
Apex was discovered on private land in Moffat County, Colorado, by commercial paleontologist Jason Cooper in 2022, Sotheby's said in a press release.
It was preserved in hard sandstone, which protected the bones from becoming distorted, Sotheby's added.

Global Microsoft Windows Outage

The global Windows outage in July 2024, which caused the "blue screen of death" for many users, was triggered by a new Crowdstrike update.
This update led to PCs getting stuck on the recovery screen, impacting various sectors including airports, companies, banks, and government offices.

Adani Ports Gets A Rating Upgrade From ICRA

Ratings agency ICRA has upgraded the rating of Adani Ports and Special Economic Zone (APSEZ) to AAA/Stable from AA+/Stable.
The company's long-term fund based/non-fund based facilities, non-convertible debentures (NCDs) and commercial papers have been upgraded to AAA/Stable.
APSEZ announced the development after market hours and the Adani Ports shares on July 18 ended at Rs 1,491.95 on the NSE, down by Rs 7.10 or 0.47%.
The company planned to ramp up its investment to Rs 100 billion ($1.2 billion) to boost its southern India trans-shipment container port. Citing people with knowledge of the matter, the report said the company is looking to lure some of the world's largest ships.

Jul 18, 2024

LIC Enters Into Tie-Up with IDFC First Bank under Corporate Agency Arrangement

Continuing with its endeavor to increase the contribution of bancassurance and its pursuit to provide life insurance coverage to all by 2047. Life Insurance Corporation (LIC) of India tied-up with one of the best technologically advanced and promising banks in the country, IDFC First Bank Ltd, under Corporate Agency Arrangement.
This tie-up will facilitate more than 1 crore customers of IDFC First Bank who will now be able to buy LIC policies through the Bank. The journey of digital on-boarding has already started and is in development phase and once completed, customers will be able to buy LIC policies online by visiting Bank's website.

Kantar: Google, Tata Motors Top 'Most Inclusive' Brands in India

According to a report released by leading marketing data and analytics firm, Kantar, a staggering 68 per cent of Indians claim to have been discriminated against, and in a majority of cases in commercial places and brand touchpoints, which is substantially higher than the global figure which stands at 46 per cent.
Kantar's Brand Inclusion Index 2024 is a survey of more than 23,000 people in 18 countries; the India leg comprises 1,000-plus respondents with an inclusive demographic.
The first edition of the India Brand Inclusion Index study explores skincare, banking, automotive and technology categories. The India index ranked Google, Tata Motors, Amazon, Jio and Apple as the top five 'most inclusive' brands. The brands were recognised by consumers for demonstrating a genuine commitment to Diversity, Equity & Inclusions (DEI) initiatives.

HSBC Holdings Plc appointed its Chief Financial Officer Georges

HSBC Holdings Plc appointed Georges Elhedery as its next Chief Executive Officer (CEO), opting for continuity as it tries to kickstart growth.
Elhedery who becomes HSBC's third Chief Executive Office in less than eight years, will replace outgoing head Noel Quinn from Sept. 2. While the 160-year-old lender did consider external candidates, it has traditionally appointed its CEO from within.
Elhedery began his career in banking as a rates trader before joining HSBC in 2005. He led HSBC's Middle Eastern, North Africa and Turkey region between July 2016 and February 2019.
After that, he was the co-head of the Global Banking and Markets business, the division that houses HSBC's trading and investment banking advisory businesses.
In October 2022, he was unexpectedly appointed CFO.

Jul 17, 2024

Bank of Baroda Unveils BoB Monsoon Dhamaka Deposit Scheme

Bank of Baroda, one of India's leading public sector banks, announced the launch of BoB Monsoon Dhamaka Deposit Scheme, a special term deposit product offering higher interest rates. The BoB Monsoon Dhamaka Deposit Scheme is available in two tenor buckets – offering interest rates of 7.25% p.a. for 399 days and 7.15% p.a. for 333 days.
The scheme is applicable on retail deposits below Rs. 3 crore.

Cummins India Inaugurates Its First IT Global Competency Centre in Pune

Power solutions technology provider Cummins India launched its first IT Global Competency Centre (GCC) in Pune to drive innovation across global operations through specialised talent and technical capabilities.
Set up at the company's India office campus in Pune's Balewadi area, the facility will house software engineers, product owners, architects, technology leads and process experts to drive innovation impacting the automobile, engineering research and development (ER&D), manufacturing and energy sectors.
The facility aims to harness emerging digital technologies like artificial intelligence, machine learning and Robotic Process Automation (RPA).

SBI Unveils Amrit Vrishti Term Deposit Scheme for 444 Days with 7.25% Interest Rate

State Bank of India (SBI) launched a 444-day term deposit scheme, 'Amrit Vrishti', with an interest rate of 7.25 per cent.
This scheme is available to domestic and non-resident Indian customers. India's largest bank will offer an additional 0.50 per cent to senior citizens on the scheme.
The 'Amrit Vrishti' scheme is available for investment until March 31, 2025, providing ample opportunity for retail investors to take advantage of the higher interest rates.

Jul 16, 2024

Government Appoints Robert J. Ravi as New CMD of BSNL

The Indian government made a significant move in the telecommunications sector by appointing Robert Jerard Ravi as the new Chairman and Managing Director (CMD) of Bharat Sanchar Nigam Limited (BSNL). This appointment marks a new chapter for the state-run telecom operator.
The appointment of Ravi came as the government decided not to extend the tenure of the outgoing CMD, P. K. Purwar. Purwar, who had been at the helm of both BSNL and MTNL since July 2019, completed his term on July 14, 2024. Despite applying for an extension, the government opted for a change in leadership.

MoPSW Approves Research Proposal on "Valorization of Dredged Sediments"

The Ministry of Ports, Shipping, and Waterways (MoPSW) approved a research proposal on Valorisation of Dredged Sediments. The project, sanctioned at an estimated cost of Rs. 46,47,380/-, will be implemented over a duration of three years by the Indian Institute of Technology Bombay (IIT Bombay).
The primary objective of this research is to create value from dredged sediments by converting them into aggregates suitable for various construction fields. This innovative approach aims to transform dredged sediment, typically seen as waste, into a valuable resource, thus contributing to sustainable development and environmental conservation.
The proposal was thoroughly deliberated in the 45th Research Committee Meeting chaired by the Additional Secretary (Ports, Shipping & Waterways). After detailed discussions, the Research Committee, recognising the study's potential benefits, recommended the proposal for further consideration. Following this recommendation, the proposal has been officially approved.
This research initiative signifies an important advancement in sustainable maritime practices. Through the conversion of dredged sediments into useful construction aggregates, it efficiently addresses environmental concerns and resource utilisation.

Jul 15, 2024

Citi to Axis Bank Credit Card Migration Completes

Axis Bank informed that the migration of Citibank credit cards to Axis Bank credit cards was completed on July 15, 2024.
Now, Citibank credit card customers can begin using their new Axis Bank card(s) on their current Citi-branded card(s) to get advantages.

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