General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Jul 13, 2021

UK Minister Celebrates British Apple Exports to India for 1st time in 50 years

UK Secretary of State for International Trade Liz Truss welcomed the export of apples from the UK to India for the first time in 50 years as a sign that the strengthened trade partnership between the UK and India is working.
Truss on Twitter over the weekend, apple exports from farms in southeastern England show UK-India trade relations for the first time in 50 years in response to a tweet shared by UK Trade Minister Lanil Jayawardena Pointed out that there is. Details of his visit to AC Gotham and Sun Apple Farm in Kent.
"Our apples are heading to India for the first time in 50 years, thanks to a strengthened trade partnership," said Truss.
The Enhanced Trade Partnership, considered the predecessor of the Comprehensive Free Trade Agreement (FTA), was agreed by British Prime Ministers Boris Johnson and Narendra Modi at the May Virtual Summit.

Nepal signs $1.3 bn mega deal with India's SJVN

Nepal has signed a $1.3 billion deal with India's hydropower major Satluj Jal Vidyut Nigam (SJVN) to develop a 679-megawatt hydropower project in eastern Nepal, the second mega venture undertaken by India in the neighbouring Himalayan nation.
The single largest foreign investment project, based on the 2017 cost estimates, is located between Sankhuwasabha and Bhojpur districts in eastern Nepal.
The 679-megawatt Lower Arun Hydropower project is the second mega project undertaken by India after the $1.04 billion 900-MW Arun-3 hydroelectric project.

RIL Invests Rs1 lakh cash in 10,000 Equity Shares in the New Energy Business

Reliance Industries has invested Rs. 1,00,000 in cash in 10,000 equity shares in the newly formed Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary, the company said in a statement.
"RNESL is incorporated to undertake activities relating to solar energy. RNESL is yet to commence its business operations," the company said, adding that the investment in RNESL does not fall within related party transactions and the promoter/promoter group companies do not have any interest in RNESL.
Reliance Industries Ltd's chairman Mukesh Ambani on 24 June said the company plans to set up Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Gujarat,
investing over Rs. 75,000 crore to create and fully integrated, end-to-end renewables energy eco-system.
The investment would be done over the next three years.

Gadkari lays foundation stone for 16 National Highway Projects in Manipur

Union Minister Nitin Gadkari inaugurated and laid the foundation stone for 16 national highway projects in Manipur with an investment of Rs 4,148 crores covering a total length of 298 kms.
According to the Ministry of Road Transport and Highways, the projects will provide all-weather connectivity to Manipur with the rest of the country and the neighbouring countries. These highway projects will boost agricultural, industrial and socio-economic progress of the region, besides facilitating health care and emergency service to the remotest of the areas and generating employment and self-employment opportunities.

Given nod to set up small finance bank to take over PMC Bank: RBI to HC

The Reserve Bank of India (RBI) told the Delhi High Court that it has given in-principle approval for setting up a small finance bank which will take over the scam-hit PMC Bank soon.
A bench of Justices D N Patel and Justice Jyoti Singh granted time to the RBI to file an affidavit on the development in the matter and listed the case for further hearing on August 20.
Senior advocate Jayant Bhushan, representing the RBI, submitted that it has given in-principle approval to Centrum Finance Services Ltd to set up a small finance bank which will take over Punjab and Maharashtra Cooperative (PMC) Bank very soon as the process in near completion.

Retail Investors can open 'Gilt Account' via Online Portal

The Reserve Bank of India said retail investors can open a 'Retail Direct Gilt Account' (RDG Account) through an 'online portal', which will be provided under its RBI Retail Direct' scheme.
Under the scheme, the 'online portal' will also give registered users facilities such as access to primary issuance of government securities (G-Secs) and NDS-OM {Negotiated Dealing System — Order Matching}. The scheme will be a one-stop solution to facilitate investment in G-Secs by individual investors.
The RBI, in a statement, said the date of commencement of the scheme will be announced at a later date.
In February, the central bank had announced that as part of continuing efforts to increase retail participation in G-Secs and to improve ease of access, retail investors will be provided online access to the G-Sec market along with the facility to open their gilt securities account ('Retail Direct') with the RBI.

World Gold Council, GJEPC ink pact to Promote Gold Jewellery in India

The World Gold Council and Gems and Jewellery Export Promotion Council (GJEPC) have signed an agreement to promote gold jewellery in India this year, according to a statement.
Under the terms of the agreement, both the partners will jointly fund a multi-media marketing campaign that would aim to increase awareness, relevance and adoption of gold jewellery among Indian consumers, especially millennials and the new generation, GJEPC said in the statement.
Citing a report, it said although young women are active gold jewellery consumers, their future purchase intent could be higher.
This is especially true in the urban areas and could be achieved if the gold jewellery trade could tap into consumers' desire for self-expression and prestige, the council said.

The Growing Gulf Rivalry that's Pushing up Oil Prices

A bitter public rift between the United Arab Emirates and Saudi Arabia over oil production quotas this week caused talks between the world's biggest oil-producing nations to be abandoned and left energy markets in limbo, pushing oil prices to a six-year high.
The 23 nations in Opec+, which comprises the Organization of the Petroleum Exporting Countries cartel and allied producers like Russia, had to postpone their negotiations indefinitely, raising fears about its stability of a group that has deftly handled supplies over the past 18 months to cope with the coronavirus-related global economic crisis.
The problem began last week, when the UAE rejected a proposal by Opec+ leaders Saudi Arabia and Russia to extend output curbs for another eight months.

CCI Approves Deal involving SoftBank Group Entity Buying Stake in Swiggy

Competition Commission of India (CCI) gave its nod for a proposed deal involving SoftBank Group entity purchasing a stake in food ordering and delivery platform Swiggy.
SVF II Songbird (DE) LLC would acquire certain shareholding percentage in Bundl Technologies Pvt Ltd, according to a notice filed with the regulator.
SVF belongs to the SoftBank Group and is a newly incorporated entity set up to make mid to long-term financial investments in companies.
Bundl is a private limited company incorporated in India and is engaged in operating Swiggy, as per the notice.
The deal is likely to peg the valuation of Swiggy at $5 billion.

APEDA inks MoU with NAFED

For harnessing exports potential of agricultural and processed food products of cooperatives as well Farmer Producer Organizations (FPOs), the Agricultural and Processed Food Products Export Development Authority (APEDA) signed Memorandum of Understanding (MoU) with National Agricultural Cooperative Marketing Federation of India Ltd (NAFED).
According to the MoU, the key areas of cooperation include facilitating APEDA registered exporters getting assistance under all the Govt. of India schemes implemented through NAFED. The MoU also envisages ensuring sustainability and growth of exports by Cooperatives by addressing issues such as technology, skill, quality products and market access.
The collaborations between APEDA, which functions under Ministry of Commerce & NAFED, registered under the Multi State Co-operative Societies Act, also support engaging Cooperatives involved in agricultural production for improving the quality of agri-produce and its consolidation for better price realization to the farmers.
APEDA would facilitate exports by the Cooperatives, FPO's, partners and associates identified and promoted by NAFED.

Tech Mahindra to Launch Blockchain-based System to Track Vaccine Supply

IT firm Tech Mahindra has said it will roll out a blockchain-based open source system to track vaccine supply chains worldwide.
The Pune-based company has partnered with startup StaTwig to implement 'VaccineLedger' globally.
"The partnership aims to roll out a blockchain-based traceability solution for global vaccine supply chain transparency, predict and prevent failures in supply chains, including problems related to expired vaccines, stock out and counterfeiting," the company said in a statement.
The blockchain-based application will build peer-to-peer bridges on current systems that support real-time data sharing, authentication and validation. Vaccine manufacturers can use the system to track inventory, vendor payments through Internet-of-Things (IoT) integration and smart contracts, according to the company.
The companies will work with vaccine researchers, governments, pharmaceutical companies, distributors and healthcare workers to understand various steps of the supply chain.

Ship that Blocked Suez Canal Sets Sail After Deal Signed

A huge container ship that blocked the Suez Canal in March - disrupting global trade - is finally leaving the waterway after Egypt signed a compensation deal with its owners and insurers.
The Ever Given weighed anchor shortly after 11:30 local time (09:30 GMT) and headed north towards the Mediterranean escorted by tugs.
The ship has been impounded for three months near the canal city of Ismailia.
Terms of the deal were not disclosed but Egypt had demanded $550m (£397m).

Jul 12, 2021

G20 backs global tax rate of 15% to end tax havens

G20 Finance Ministers on Saturday approved a tax reform for multinationals that aims to put an end to tax havens by introducing a global corporate tax rate of at 15 per cent.
The G20 finance chiefs wrapped up two days of talks in the Italian city of Venice with the adoption of a joint communique.
The G20 Finance Ministers also endorse the group's broad agreement on a plan to introduce new rules for taxing cross-border businesses.

Jul 11, 2021

HCL Technologies bags IT Modernisation Deal from The Mosaic Company

IT company HCL Technologies signed a five-year global agreement to provide digital transformation and managed services to US-based The Mosaic Company.
As part of the agreement, HCL will manage and transform Mosaic's global application and infrastructure environments to enhance the company's agility and ability to drive growth in the marketplace.
HCL will deploy a scaled agile delivery model across North America and South America to deliver process-led services across applications, infrastructure, and business analytics environments.

RBI Imposes Penalty on 14 Banks

The Reserve Bank of India (RBI) imposed a monetary penalty on 14 banks, including State Bank of India (SBI), Bandhan Bank, IndusInd Bank, Bank of Baroda (BoB), Central Bank for non-compliance with certain provisions of directions issued by them. The penalty ranges from Rs. 50 lakh to Rs. 2 crore, with SBI being charged Rs. 50 lakh and BoB Rs. 2 crore.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Ministry of Defence Implements SPARSH System

Ministry of Defence has implemented SPARSH (System for Pension Administration Raksha), an integrated system for automation of sanction and disbursement of defence pension. This web-based system processes pension claims and credits pension directly into the bank accounts of defence pensioners without relying on any external intermediary. A Pensioner Portal is available for pensioners to view their pension-related information, access services and register complaints for redressal of grievances, if any, relating to their pension matters.
SPARSH envisages the establishment of Service Centres to provide last-mile connectivity to pensioners who may be unable to directly access the SPARSH portal for any reason. In addition to several offices of the Defence Accounts Department, which are already functioning as Service Centres for pensioners, the two largest banks dealing with defence pensioners – State Bank of India (SBI) and Punjab National Bank (PNB) – have been co-opted as Service Centres.

BHEL Bags Order from NPCIL for 12 Nuclear Steam Generators

State-owned BHEL has bagged an order worth Rs. 1,405 crore from the Nuclear Power Corporation of India Ltd for supply of 12 nuclear steam generators.
The steam generators will be manufactured at the Tiruchirapalli plant of BHEL.
Valued at Rs. 1,405 crore, the order has been won under NPCIL's Fleet Mode procurement programme. It mandates supply of 12 steam generators for India's highest rated indigenously-developed 700 MWe Pressurised Heavy Water Reactors (PHWRs) to be set up at four different locations in the country.
This is the second major supply order secured by BHEL through competitive bidding for the Fleet Mode implementation programme of 10x700 MWe nuclear projects.
The first equipment order secured by BHEL under this programme for the supply of 32 Reactor Header Assemblies is under execution.

RBI Asks Banks to Shift from LIBOR to Alternative Reference Rates

The Reserve Bank asked banks and financial institutions to use any widely accepted alternative reference rate (AAR) instead of LIBOR (London Interbank Offered Rates) as the reference rate for entering into new financial contracts.
The Reserve Bank's directive follows a decision of the Financial Conduct Authority (FCA), UK which on March 5, 2021 had announced that all LIBOR settings would either cease to be provided by any administrator or would no longer be representative.
In order to deal with the emerging situation, the RBI has asked banks and financial institutions to "cease entering into new financial contracts that reference LIBOR as a benchmark and instead use any widely accepted alternative reference rate (ARR), as soon as practicable and in any case by December 31, 2021."

Jul 10, 2021

LIC to Have CEO, MD as Govt. Does Away with Chairman

The Life Insurance Corporation of India (LIC) will now have the post of Chief Executive Officer and Managing Director instead of the Chairman position, with the government making changes to relevant rules ahead of the insurer's initial public offering this fiscal.
The changes have been made by the Department of Financial Services under the finance ministry by amending Life Insurance Corporation of India (Employees) Pension (Amendment) Rules. Besides, some other rules under LIC Act, 1956, have been amended.
Chief Executive and Managing Director means the Chief Executive Officer and Managing Director appointed by the Central Government under section 4 of the Act (LIC Act 1956), according to a gazette notification issued on July 7.

Larsen & Toubro Infotech Completes Acquisition of Cuelogic Technologies

Larsen & Toubro Infotech (LTI) has completed acquisition of Cuelogic Technologies, a digital engineering and outsourced product development company.
The company completed the acquisition of 100 per cent shareholding of Cuelogic. Consequently, Cuelogic is now a wholly owned subsidiary of the company and Cuelogic Technologies Inc., US, is now a wholly owned step-down subsidiary of the company.
Cuelogic, which is the seventh acquisition by LTI since the company got listed in 2016, will be integrated with the digital practice of Larsen and Toubro Infotech.
Pune-headquartered Cuelogic, which was founded in 2010, primarily focuses on developing cloud native web and mobile applications, modernisation, and runs Innovation Lab as a service for its clients in the US and India.

Amazon Launches Digital Kendra

E-commerce giant Amazon has launched its first Digital Kendra in India in Surat, Gujarat. Amazon Digital Kendras are brick and mortar resource centers that will provide micro small and medium enterprises (MSMEs) the opportunity to learn about the benefits of e-commerce.
They can avail a range of third party services such as shipping and logistics support, cataloging assistance, digital marketing services, GST (goods and services tax) and taxation support to kick start their journey towards being digital entrepreneurs. The initiative is in line with its commitment to digitally enable 10 million MSMEs.

Jul 09, 2021

Govt. Sets Up 25-Member Development Council for Cement Industry

The government has set up a 25-member development council for cement industry, including Dalmia Bharat Group CMD Puneet Dalmia and UltraTech Cement MD K C Jhanwar, which will suggest ways to eliminate waste, obtain maximum production, improve quality, reduce costs and promote standardization of products.
According to an order, other functions of the council include recommending measures for securing the full utilization of the installed capacity and for improving the working of the industry, particularly of the less efficient units; promote training of persons; and promoting or undertaking scientific and industrial research.
It would also work for standardization of accounting and costing methods and practice; and promoting the adoption of measures for increasing the productivity of labour, including measures for securing safer and better working conditions.
Dalmia is the chairman of the council. Its members include Shree Cement Ltd MD HM Bangur, The India Cements Ltd Executive President Rakesh Singh; Birla Corporation Limited CEO Pracheta Majumdar; J.K. Cement Ltd Deputy Managing Director Madhavkrishna Singhania, and JSW Cement Ltd CEO Nilesh Narwekar.

Govt. Launches Mobile App 'Matsya Setu'

Union Fisheries, Animal Husbandry and Dairying Minister Giriraj Singh launched a mobile app 'Matsya Setu' to disseminate the latest freshwater aquaculture technologies to the country's aqua farmers.
The app has been developed by the ICAR-Central Institute of Freshwater Aquaculture (ICAR-CIFA), Bhubaneswar, with the funding support of the National Fisheries Development Board (NFDB), Hyderabad.
Matsya Setu app has species-wise/ subject-wise self-learning online course modules, where renowned aquaculture experts explain the basic concepts and practical demonstrations on breeding, seed production and grow-out culture of commercially important fishes like carp, catfish, scampi, murrel, ornamental fish, and pearl farming.

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