General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Dec 04, 2024

Govt. Scraps Windfall Tax on Oil, Fuel Exports

The Central Government scrapped the windfall profit tax on domestically produced crude oil, diesel, petrol, and aviation turbine fuel (ATF), following a decline in international oil prices.
A windfall tax is levied by governments against certain industries when economic conditions allow those industries to experience significantly above-average profits.
The tax was introduced in July 2022 to tax supernormal profits of oil-producing companies, which they were earning because of rising global crude prices. Now, since the average prices are coming down, the government was not earning much in revenue, so it decided to withdraw the tax.

Dec 03, 2024

Telangana Joins Mineral Auction Regime, Auctions Limestone Blocks

Telangana joined India's mineral auction regime, with the auction of two limestone blocks at Sultanpur and Saidulnama. These blocks, essential for cement manufacturing, were auctioned to NCL Industries and Deccan Cement. This marks the state's entry into the Centre's mineral auction system, making it the 14th state to participate. The Centre had earlier urged Telangana to auction 11 limestone blocks, with a deadline set for the first phase; failure to comply would have led the Centre to conduct the auction itself.

Intel CEO Pat Gelsinger Steps Down

Intel Chief Executive Pat Gelsinger was forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.
Gelsinger, who resigned, left after a board meeting during which directors felt Gelsinger's costly and ambitious plan to turn Intel around was not working and the progress of change was not fast enough. The board told Gelsinger he could retire or be removed, and he chose to step down.

Dec 01, 2024

GAIL India Signs Long-term Charter Deal with K-Line for New LNG Ship

State gas utility GAIL (India) Ltd signed an agreement with Kawasaki Kisen Kaisha, Ltd for long-term charter hire of a newly built LNG ship.
The pact was signed through the ship-owning company established in Singapore.
The contract was signed in the presence of R K Jain, GAIL Director (Finance), Sanjay Kumar, GAIL Director (Marketing), and R. K. Singhal, GAIL Director (Business Development) by S. Bairagi, GAIL Executive Director (Marketing - Shipping & International LNG) and Satoshi Kanamori, Managing Executive Officer (LNG, Carbon Solution Business), K-Line.

Nov 30, 2024

IICA Hosts MoU Signing Ceremony with Executive Search Leaders, Launches New Governance Initiatives

The Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, Government of India, hosted the MoU Signing Ceremony with Executive Search Leaders at the National Financial Reporting Authority (NFRA) Headquarters, New Delhi. The event was presided over by Ajay Bhushan Pandey, Chairman, NFRA, and DG & CEO, IICA.
The MoUs were signed with six leading executive search firms: Korn Ferry, ABC Consultants, EMA Partners Limited, DHR Global, Sheffield Haworth, and Vahura. These partnerships aim to enhance the selection and appointment processes for Independent Directors in Indian boardrooms, a critical step towards advancing corporate governance excellence in Indian Boardrooms.

SBI Funds Management Limited Appoints Nand Kishore as MD and CEO

SBI Funds Management Limited, a joint venture between State Bank of India and Amundi, Europe's largest asset manager, announced the appointment of Nand Kishore as Managing Director and Chief Executive Officer.
Nand Kishore, Deputy Managing Director of State Bank of India, took over as the Managing Director and Chief Executive Officer of SBI Funds Management Limited from Shamsher Singh.
Kishore has more than 34 years of rich experience working with the State Bank of India across major banking verticals such as branch banking, international operations, treasury operations, investment banking, corporate banking, and retail operations.

Vijay Chandok, New MD and CEO of NSDL

Vijay Chandok, a financial market veteran, joined the National Securities Depository Ltd (NSDL) as its Managing Director and Chief Executive Officer.
Prior to joining NSDL, Chandok served as the MD and CEO of ICICI Securities. He held pivotal roles at the ICICI Group, including on the board of ICICI Bank as an executive director.
A seasoned banker and a financial market veteran with over three decades of experience, Chandok brings a wealth of expertise in the BFSI sector.

Nov 29, 2024

SAIL and John Cockerill India Sign MoU to Drive Innovation and Green Steel Technologies

Steel Authority of India Limited (SAIL), a Maharatna and India's largest public sector steel producer, signed a Memorandum of Understanding (MoU) with John Cockerill India Limited (JCIL), the Indian arm of the global John Cockerill Group in Mumbai. This MoU aims to leverage the combined strengths of the two companies, including cutting-edge technologies, extensive industry expertise and a shared vision for innovation and sustainability. Anil Kumar Tulsiani, Director (Finance), SAIL and Michael Kotas, Managing Director-Metals Division, John Cockerill India Limited signed the MoU.
The focus areas of this collaboration will be Cold Rolling and Processing for Carbon Steel, Green Steel and Silicon Steel — specifically CRGO (Cold Rolled Grain Oriented) and CRNO (Cold Rolled Non-Oriented) steels. Additionally, the partnership seeks to integrate green technologies into iron and steel making processes and incorporate advanced steelmaking technologies to enhance efficiency and sustainability.

Ministry of Mines Launches the First Ever Tranche of Auction of Mineral Blocks in the Offshore Areas

The first ever tranche of e-auction of mineral blocks in the offshore areas of India was launched by G. Kishan Reddy, Union Minister of Coal and Mines. This landmark event is a major step forward in India's journey to explore and utilize its extensive offshore mineral resources within its Exclusive Economic Zone (EEZ).
This first tranche of auction includes 13 mineral blocks spanning across the Arabian Sea and Andaman Sea, featuring a mix of minerals, such as construction sand, lime-mud and polymetallic nodules and crusts. These minerals are critical for infrastructure development, high-tech manufacturing and the green energy transition.

Russia Hands over BRICS Chairmanship to Brazil at Sherpa Meeting in Ekaterinburg

The final Sherpa and Sous-Sherpa meeting of BRICS in Ekaterinburg concluded with the ceremonial handover of the BRICS chairmanship from Russia to Brazil, marking the end of a pivotal year for the bloc under Russia's leadership.
Sergey Ryabkov, Russia's Deputy Foreign Minister and BRICS Sherpa, reflected on the achievements of Russia's presidency during the past year.
During its tenure, Russia organized over 250 events to strengthen cooperation within BRICS, with additional meetings still scheduled before the year's end.

Eight Start-ups Selected Under National Quantum Mission

In a stride towards cementing India as a global quantum technology leader, Union Minister Jitendra Singh announced the selection of eight pioneering start-ups under the National Quantum Mission (NQM) and the National Mission on Interdisciplinary Cyber-Physical Systems (NMICPS). These start-ups, chosen after meticulous evaluation, are positioned to drive cutting-edge research and innovation, contributing to national security, healthcare, energy efficiency, and environmental sustainability.

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