General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Oct 03, 2019

US Widens Trade War With Tariffs On Airbus Planes, French Cheese, Scotch Whisky

The United States has said it would enact 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch, Irish whiskies and cheese from across the continent as punishment for illegal EU aircraft subsidies.
The announcement came after the World Trade Organization gave Washington a green light to impose tariffs on 7.5 billion dollars worth of EU goods annually in the long-running case, a move that could ignite a tit-for-tat transatlantic trade war.
The US target list for EU tariffs, set to take effect on October 18, 2019 includes large Airbus planes made in France, Britain, Germany and Spain for 10% tariffs.

DGTR Launches Online Filing System For Anti-Dumping Applications For Speedy Resolution

The commerce ministry's arm DGTR has launched an online system - ARTIS - for filing of anti-dumping applications by domestic industry with an aim to facilitate speedy resolution of dumping issues.
The Directorate General of Trade Remedies (DGTR) in a trade notice has said ARTIS (Applications for Remedies in Trade for Indian Industry and other Stakeholders) is developed for filing of applications, responses and other related submissions with respect to various trade remedial measures.

Oct 02, 2019

I-T Dept Has To Quote DIN To Taxpayer

The Central Board of Direct Taxes (CBDT) has launched a computer-generated documentation identification number (DIN) system which provides for a transparent and recorded communication between the income tax department and taxpayers.
A DIN will be mandatory for every type of communication with the income tax department, be it a notice, a letter, an order and summon, or any other correspondence.
Without it, the document and communication will be deemed invalid, said a CBDT statement.

TRAI Prescribes Rate Of Rs 6.46 For Mobile Number Portability Service

Telecom regulator TRAI prescribed nearly 66 per cent cut in per transaction charge to Rs 6.46 for port out services offered by mobile number portability service providers (MNPSPs).
The regulations would come into effect from November 11, 2019.

M&M Forms JV With Ford

Mahindra & Mahindra formed a joint venture (JV) with Ford Motor Company after buying a 51 per cent stake in the Indian unit of the US auto major.
The venture will manage Ford's Indian operations.
The completion of the transaction is expected to take place by the mid of 2020. The likely equity value for M&M's 51 per cent stake will be Rs 657 crore.

WTO Cuts Global Trade Growth Forecasts For 2019 To 1.2% Amid Slowdown

The WTO sharply cut global trade growth forecasts for 2019 to 1.2 per cent from the earlier 2.6 per cent, mainly due to trade tensions and sluggish global economy.
This growth projection will not augur well for India, as it is struggling to increase its exports.
World merchandise trade volumes are now expected to rise by only 1.2 per cent in 2019, substantially slower than the 2.6 per cent growth forecast made in April, 2019.

Oct 01, 2019

NBCC Bags Rs. 400 Crore Contract to Develop National Sports University in Imphal

State-owned construction firm NBCC bagged a Rs. 400 crore contract to develop the National Sports University at Imphal, Manipur.
NBCC signed a memorandum of understanding (MoU) with the Ministry of Youth Affairs and Sports to provide project management consultancy for development of National Sports University at Imphal, Manipur.

APTEL Approves Acquisition of Prayagraj Power Project by Tata Power JV

Apex power tribunal APTEL approved acquisition of 75 per cent stake in stressed 1,980 MW Prayagraj power project by its joint venture's arm Renascent Power Ventures.
APTEL upheld approval granted for transfer of 75.01 per cent ownership of Prayagraj power project to Renascent Venture but without any reduction of adopted tariff.
Resurgent Power is a joint venture based out of Singapore, and is held 26 per cent by Tata Power through its wholly-owned Singapore based subsidiary Tata Power International Pte. The balance 74 per cent of Resurgent is held by ICICI Bank, Power Platform Ltd and and Kuwait Investment Authority.
Prayagraj Power Generation Company Ltd (PPGCL) owns and operates a 1,980 MW (3X660 MW) coal based thermal power project in Uttar Pradesh and had become an NPA (bad loan) due to financial and operational stresses.

Sep 30, 2019

Ease of Doing Business: India among 20 Most Improved Countries

In a boost to Prime Minister Narendra Modi's ambitious target of India breaking into top 50 nations on the World Bank's ease of doing business ranking, the country figured among the 20 countries that have improved the most on the list.
China, Bangladesh, Myanmar and Pakistan are also part of the list which, as per the bank "is purely based on the improvements across 10 different regulatory areas".

HDFC Capital Advisors Looks to Raise $1 Billion in Affordable Housing Fund

After raising over $1 billion for its affordable funds, HDFC Capital Advisors — the property fund management company of HDFC — could raise a similar amount for its third affordable housing fund.
The fund manager is in talks with the Abu Dhabi Investment Authority (ADIA) to raise funds adding India's National Investment and Infrastructure Fund (NIIF) could also put fresh money into the fund. HDFC Capital Advisors guides HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) and (H-CARE 2).

RBI Initiates Prompt Corrective Action for Lakshmi Vilas Bank after Directors Probed For Alleged ...

The Reserve Bank of India initiated Prompt Corrective Action (PCA) against Lakshmi Vilas Bank (LVB) due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years, the private sector lender.
The RBI move comes amidst the Delhi Police's Economic Offences Wing registering a complaint against the board of LVB alleging cheating and misappropriation of funds.
The regulatory action may cast doubts over the proposed merger of Indiabulls Housing Finance with LVB, which is awaiting RBI nod.

Sep 29, 2019

Finance Ministry Urges CPSEs to Boost Capital Expenditure

Putting pressure on Central Public Sector Enterprises (CPSEs), the Finance Ministry urged these companies to their boost capital expenditure during the current fiscal year — 2019-20.
In a statement issued after a meeting with top officials of the Maharatna and Navratna categories of CPSEs and Financial Advisors attached to the key infrastructure ministries, the Finance Ministry said that the meeting was called to consider measures to boost capital expenditure of the Union government so as to pump liquidity into the market to boost demand.

Saudi Arabia Looking At Investing $100 Billion in India

Saudi Arabia, the world's biggest oil exporter, is looking at investing USD 100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country's growth potential.
Saudi Ambassador Dr Saud bin Mohammed Al Sati has said India is an attractive investment destination for Saudi Arabia and it is eyeing long-term partnerships with New Delhi in key sectors such as oil, gas and mining.
Saudi Arabia's biggest oil giant Aramco's proposed partnership with Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries.

Govt. May Seek Rs. 30,000 Crore Interim Dividend from Reserve Bank of India

The government may seek an interim dividend of about Rs. 30,000 crore from the RBI towards the end of the financial year to meet its fiscal deficit target of 3.3 per cent of GDP for 2019-20.
Government finances have come under pressure due to moderation in revenue collection and a slew of measures taken to lift growth from a six-year low of 5 per cent in the first quarter of the current fiscal.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

October GK, September GK, August GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services and Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26