General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Nov 23, 2024

World Bank Launches 'Jobs at Your Doorstep' Report in Delhi

The Union Minister for Education, Dharmendra Pradhan, along with Minister of Labour and Employment, Youth Affairs and Sports Mansukh Mandaviya, launched the World Bank's report titled 'Jobs at Your Doorstep: A Jobs Diagnostics for Young People' in six states in New Delhi. The report focuses on bridging skill gaps in young people and aligning school curricula with industry needs.

DPIIT Approves Hinduja Group's IIHL Acquisition of Reliance Capital

The Department for Promotion of Industry and Internal Trade (DPIIT) granted approval for the Rs. 10,000-crore acquisition of Reliance Capital Ltd. (RCAP) by IndusInd International Holdings Ltd. (IIHL), a Hinduja Group-backed firm.
This marks a significant development in the resolution of the debt-ridden Reliance Capital, which had accumulated liabilities exceeding Rs. 40,000 crore. The deal, which has passed through the necessary regulatory clearances, paves the way for the finalisation of the acquisition, resolving one of the key challenges facing the troubled financial entity.

Nov 22, 2024

Tata Power Signs Historic $4.25B Agreement with ADB

Tata Power, a leading integrated power company in India, signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) for $4.25 billion to finance various clean energy projects. This collaboration aims to promote renewable energy sources, improve India's power infrastructure, and contribute to achieving the country's ambitious renewable energy goals. The partnership includes financing for large-scale solar-wind hybrid projects, pumped hydro storage systems, and enhancing power distribution networks.

RBI, Maldives Monetary Authority Sign Pact to Promote Use of Local Currencies

The RBI and the Maldives Monetary Authority signed an MoU in Mumbai for establishing a framework to promote the use of local currencies — the Indian Rupee and the Maldivian Rufiyaa (MVR) for cross-border transactions.
The Memorandum of Understanding (MoU) was signed by Governor of Reserve Bank of India Shaktikanta Das and Governor of Maldives Monetary Authority Ahmed Munawar.
Use of local currencies in bilateral transactions will eventually contribute to promoting trade between India and Maldives as well as deepen financial integration and strengthen the economic relations between India and Maldives.

Kenya Cancels Airport, Energy Deals with Adani Group

The Kenyan government scrapped its airport and energy deals with the Adani Group, hours after the conglomerate's chairperson Gautam Adani was indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.
Kenyan President William Ruto directed the relevant agencies to "immediately cancel" the ongoing procurement process related to Nairobi's Jomo Kenyatta International Airport (JKIA) and a state-owned electricity service with Adani Group.

Nokia Wins Multi-billion Dollar Deal in India

Finland-based telecom gear maker Nokia won a "multi-year, multi-billion" extension deal by Bharti Airtel to deploy 4G and 5G equipment across key Indian cities and states.
Nokia will also help Airtel modernise its existing 4G network with multiband radios and baseband equipment, which can support 5G.
Airtel will also use Nokia's MantaRay Network Management for network monitoring and management that uses artificial intelligence (AI)-based tools covering digital deployment, optimisation, and technical support.

Nov 21, 2024

Paytm UPI Goes Global

Paytm launched UPI International, allowing Indian travellers to make Unified Payments Interface (UPI) transactions at select global locations. This feature enables users to make cashless payments using the Paytm app in the UAE, France, Mauritius, Singapore, Bhutan, and Nepal, the company announced.

SBI Horniman Circle Marks 100 Years of Legacy

The State Bank of India (SBI) celebrated the centenary of its iconic Horniman Circle Branch (Mumbai) with the unveiling of a specially minted Rs. 100 commemorative coin by Finance Minister Nirmala Sitharaman. The event also featured the release of the 5th edition of the book 'The Evolution of the State Bank of India,' detailing the bank's transformation between 1981 and 1996. From its humble beginnings with just 100 branches in 1920, SBI today boasts over 22,640 branches, with plans to expand further in FY25. The bank's impressive digital presence, financial inclusion efforts, and significant role in India's banking revolution were highlighted during the event.

Tata Power & Druk Green Power Collaborate on 5,000 MW Green Energy Project in Bhutan

Tata Power entered into a strategic partnership with Druk Green Power Corporation Ltd (DGPC) to develop at least 5,000 MW of clean energy generation capacity in Bhutan. This collaboration aims to harness Bhutan's vast hydropower potential and contribute to the region's energy security and sustainability. The initiative aligns with Bhutan's vision to diversify its energy portfolio and improve regional energy integration.

Nov 20, 2024

Punit Goenka Resigns as MD and CEO of Zee Entertainment

Punit Goenka, the Managing Director (MD) and Chief Executive Officer (CEO) of Zee Entertainment Enterprises, resigned from his position as MD but will continue to serve as CEO of the company. This decision came just days before a shareholders' meeting where Goenka was set to seek approval for a new five-year term as MD and CEO, from January 1, 2025, to December 31, 2029.
Mukund Galgali, Chief Financial Officer, assumed the role of its Deputy Chief Executive Officer.

WeWork India Appoints Virwani as Non-Executive Chairman, Karan to be MD, CEO

Co-working major WeWork India announced the appointment of Jitendra Mohandas Virwani as Non-Executive Chairman of the company while Karan Virwani was appointed Managing Director and CEO.
In WeWork India, realty firm Embassy Group holds a 73 per cent stake, while WeWork Global has a 27 per cent shareholding.
WeWork Global, which is a leading provider of flexible workspace, had in June 2021 invested $ 100 million in WeWork India.

Nov 19, 2024

Taiwan Seeks Economic Partnership with EU to Boost Semiconductor Ties

Taiwan President Lai Ching-te called for the signing of an economic partnership agreement with the European Union, saying that it would boost cooperation in semiconductors and that as democracies the two sides should be working together.
Taiwan has pushed for the signing of investment and trade deals with the EU, in what would be politically significant for Taiwan given its diplomatic isolation and general exclusion from most global bodies and agreements.
For its part, the EU has been courting Taiwan as a "like-minded" partner under the European Chips Act to encourage more semiconductor production in Europe and lessen dependence on Asia, despite the lack of formal ties with the Chinese-claimed island.

ESB Chairperson Mallika Srinivasan Gets One-year Extension

The government extended the tenure of Mallika Srinivasan as the head of the Public Enterprises Selection Board (PESB) by one year after it made an exception to rules to allow the private sector specialist to continue on the job beyond the cut-off age of 65 years from November 2024 to November 2025 or until further orders.

CCI Imposes a Monetary Penalty of Rs. 213.14 crore on Meta

The Competition Commission of India (Commission) imposed a penalty of Rs. 213.14 crore on Meta for abusing its dominant position. This relates to how WhatsApp's 2021 Privacy Policy was implemented and how user data was collected and shared with other Meta companies. The Commission also issued cease-and-desist directions and also directed Meta and WhatsApp to implement certain behavioural remedies within a defined timeline.

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