General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Dec 17, 2018

All India Manufacturers' Organisation Survey

According to a survey by the All India Manufacturers' Organisation (AIMO), the TMSME segment (Traders, Micro, Small and Medium Enterprises) has seen job losses of 35 lakh in the last four-and-half years.
As per the survey, job loss of 43% was reported in the trader segment, 32% in the micro segment, 35% in small segment and 24% in medium segment.
The survey, conducted by AIMO, covered over 34,000 TMSME representatives across India between October 1 and 30, 2018.

Dec 16, 2018

Fortis Sale Put on Hold

The Supreme Court has put the sale of Fortis to Malaysia's IHH Healthcare on hold.
Cash-strapped Fortis, which operates about 30 private hospitals in India, accepted an investment offer from IHH in July after an extended bidding war for control of the company.
Japanese pharmaceutical firm Daiichi Sankyo Co Ltd had moved to Supreme Court filing a contempt plea against Malvinder and Shivinder Singh, alleging that they created encumbrances on 1.2 million shares of Fortis in violation of court orders.

Anti-dumping Duty on Chinese Chemical

The revenue department has imposed anti-dumping duty for five years on a Chinese chemical used in making detergents to guard domestic players from cheap imports from the neighbouring country.
The levy on 'Zeolite 4A' [Detergent grade] has been imposed on recommendations of Directorate General of Trade Remedies (DGTR).

Dec 15, 2018

SBI Orders Forensic Audit of Jet Airways

Country's largest lender State Bank of India (SBI) has ordered a forensic audit of Jet Airways' books, which has been grappling with financial woes for many months, for the period between April 2014 and March 2018.
The State Bank, which is the lead banker to the airlines' over Rs 8,000-crore loans, has mandated EY to conduct the forensic audit of its books, which has already begun the process.
The airline has been struggling to keep afloat following three consecutive quarterly losses of over Rs 1,000 crore each.
The audit was ordered following a complaint of alleged financial irregularities in Jet Airways accounts by a whistle blower.

Higher Denominations Indian Currency Notes Banned

Nepal's government has banned the use of Indian currency notes of Rs. 2,000, Rs. 500 and Rs. 200 denominations, in a move that could affect Indian tourists visiting the Himalayan nation, where Indian currency is widely used, as well as Nepalese working in India.
Indian currency is extensively used by Nepalese people and businesses for their savings and transactions.
According to Nepal's Minister for Information and Communications, Gokul Prasad Baskota, the government has asked the people to refrain from keeping or carrying Indian bank notes higher than Rs. 100 denomination as it has not legalised them.

Extra Tariffs on U.S. Cars Cut

China pressed on with its trade war truce with the United States, announcing that it will suspend extra tariffs added to U.S.-made cars and auto parts for three months from January 1.
Beijing had raised tariffs on American-made cars and auto parts this summer by 25% in retaliation for U.S. tariffs on $50 billion of Chinese goods.
Halting the punitive duties brings the tariffs back down from 40% to the 15% imposed on all foreign vehicles.

Gemini Property Developers to Enter India

Dubai-based Gemini Property Developers is planning to enter the Indian real estate market to build mid-income and affordable housing projects.
The company prefers a joint venture model to reduce risk and for better returns.
The company may invest up to $200 million in developing projects in India.

Sonata Software Acquires Sopris Systems

Sonata Software, an IT software services and solutions provider, has signed a definitive agreement to acquire U.S.-headquartered Sopris Systems, a Microsoft Dynamics 365 enterprise partner.
Sopris specialises in helping project-centric and field services companies improve business performance.

Dec 14, 2018

Pricol Plans JV with Israeli Firm

Automotive components manufacturer Pricol plans to enter into a joint venture (JV) with Israel-based Pointer Telocation.
The JV is for manufacturing and marketing of advanced telematics and IoT solutions in India and South East Asia.
Initially, the focus will be on commercial vehicles. Pointer will have 51% interest in the venture and Pricol 49%.

Dec 13, 2018

IIP Rises in October

Industrial production activity rose at almost a one-year high in October led by strong growth in the manufacturing and mining sectors even as retail inflation for November slowed.
Growth in the Index of Industrial Production (IIP) came in at 8.08% in October, up from 4.47% in the previous month, and 1.83% in October of last year.
This was primarily led by 7.04% growth in the mining sector and 7.92% growth in the manufacturing sector, both of which grew 0.11% and 4.62% in the previous month, respectively.

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