General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Aug 09, 2023

PayPal becomes first major fintech to launch dollar-backed stablecoin

Payments giant PayPal has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers.
While stablecoins - crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility - have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem.
PayPal's announcement, which lifted its shares 2.5% in afternoon trading, reflects a show of confidence in the troubled industry that has over the last 12 months grappled with regulatory headwinds that were exacerbated by a string of high-profile collapses.
Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta's, then Facebook, 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability.A string of major economies, from Britain to the European Union, have since laid out rules to govern stablecoins. The EU's policies will come into force in June 2024.

Mumbai's NITIE to become IIM-Mumbai; first in country's financial capital

Mumbai, the country's financial capital, gets its own prestigious Indian Institute of Management as National Institute of Industrial Engineering (NITIE) will be renamed as the IIM-Mumbai, after both Houses of the Parliament passed the IIM (Amendment) Bill 2023 Tuesday.
The NITIE will be 21st IIM in the country and a second in Maharashtra, after the IIM Nagpur which was first among the six new-generation IIMs established by the Government of India in 2015.
The reputed city institute made the much-awaited announcement through a Twitter post, which states, "Both Houses of Parliament has passed IIM (Amendment) Bill 2023. The National Institute of Industrial Engineering (NITIE), Mumbai – well known for its techno-managerial strength and expertise in Supply Chain and Management, has been included in the Schedule of IIM Act."

Star Health Insurance enters into bancassurance tie-up with Standard Chartered Bank

Star Health and Allied Insurance (Star Health), a standalone health insurer, has entered into a strategic corporate alliance with Standard Chartered Bank (SCB).
Under this tie-up, SCB will offer Star Health's insurance products through their extensive branch network across India. SCB currently has 100 branches spread across 42 cities.
With this branch network, SCB will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the bank's distribution network.
This strategic alliance will enhance Star Health's distribution network. As of June 30, 2023, the standalone health insurer had over 6.4 lakh agents and 38 bancassurance partners.

Aug 08, 2023

Keki Mistry New Strategic Advisor for Cyrus Poonawalla Group's Financial Services Ventures

Cyrus Poonawalla Group appointed Keki Mistry, former HDFC CEO and Vice Chairman as the strategic advisor to all the financial services ventures spearheaded by Adar Poonawalla.
Mistry served as the CEO and Vice Chairman of HDFC Ltd since 2010. Post its merger with HDFC Bank, he joined the bank as an additional and Non- Executive Director (Non-Independent) on June 30, 2023. He is also the Non-Executive Chairman of HDFC Ergo General Insurance Company Limited.
The Cyrus Poonawalla Group, based in Pune, has businesses across pharmaceuticals, biotechnology, finance, clean energy, hospitality realty and aviation.
Cyrus Poonawalla founded the Serum Institute of India in 1966, now led by Adar Poonawalla as India's top biotech firm and the world's largest vaccine manufacturer.

Qualcomm India Appoints Savi Soin as President

Qualcomm appointed Savi Soin as the senior vice president, and president of its India business.
Soin will lead the company and execute its strategy in the country by developing relationships with industry partners and the government across the mobile, automotive, semiconductor, industrial, IoT, and communication infrastructure sectors.
He has been with Qualcomm for over 20 years and was previously the head of strategy and business development at Qualcomm Technologies' semiconductor division.
Soin succeeded Rajen Vagadia who was Qualcomm India's president for the last five years. Vagadia will take up a new role as a vice president to lead global distribution and global carrier strategy in Qualcomm's San Diego headquarters.

Aug 07, 2023

Microsoft has Appointed Puneet Chandok as the New Corporate Vice President

Microsoft has appointed Puneet Chandok as the new Corporate Vice President of Microsoft India and South Asia, effective from September 1, 2023.
He will take over operational responsibilities from Anant Maheshwari and will lead the integration of Microsoft's businesses across South Asia, including countries like Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. Puneet aims to strengthen Microsoft's presence in the region and focus on key industries through a customer-centric approach, with generative AI as a core technology.
This appointment comes during a period of significant market expansion for Microsoft, especially in cloud technology and digital innovation.
With a massive partner ecosystem globally, including a substantial network in India generating high cloud revenue, and investments in local infrastructure, such as a new data center in Hyderabad, Microsoft's growth aligns with India's emergence as a global innovation hub. The company is dedicated to serving the market with transformative digital technology to contribute to India's economic progress and inclusive growth agenda.

Jio Ties up $2.2 billion Funding from Swedish Export Credit Agency.

According to the telco's website, its 5G services are available in 6,258 neighbourhoods currently. "To fulfil its ambitious pan-India 5G rollout plan, Jio has committed to an investment of Rs 2 lakh crore," RIL said.Jio Infocomm tied up $2.2 billion in funding from Swedish Export Credit Agency (EKN) in the last financial year to buy 5G equipment, the company said on Sunday.
During FY 2022-23, Reliance and its subsidiary Jio Infocomm Limited (JIL) tied up $3 billion equivalent through syndicated term loan facilities, the conglomerate said in its annual report 2022-23.
As on March 31, 2023, Jio's 5G services under Jio True 5G were available in 2300 cities and towns.

RBI fines ONGC Videsh, Indian Oil, GAIL and Oil India for Delayed Reporting of Overseas Investments.

RBI fines ONGC Videsh, Indian Oil, GAIL and Oil India for delayed reporting of overseas investments. he Reserve Bank of India (RBI) has imposed late submission fees amounting to ₹2,000 crore on four major public sector undertakings namely, ONGC Videsh Ltd, Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for failing to promptly report their overseas investments.
The delayed reporting has prompted RBI to take restrictive measures, affecting further remittances and transfers until the discrepancies are resolved.
In response to the delayed reporting, the authorized dealer banks have been directed not to facilitate any outward remittance or financial commitments by individuals residing in India towards foreign entities until the reporting issues are regularized. This regulatory measure has raised concerns among the affected companies regarding the smooth functioning of their overseas subsidiaries.

Aug 06, 2023

Adani Group's Ambuja Cements to Acquire Stake in Sanghi Industries

Gautam Adani-owned Ambuja Cements announced the acquisition of a majority stake in Sanghi Industries at an enterprise value of Rs. 5,000 crore, in a first major deal since Adani Group was rocked by allegations of financial misconduct by Hindenburg Research. Ambuja Cements, a part of Adani Cement Ltd (ACL), will buy a 56.74 per cent stake in Sanghi Industries Ltd (SIL) from its existing promoter group - Ravi Sanghi & family.
The acquisition will be fully funded through internal accruals. Besides, it would make an offer to acquire another 26% or 6.71 crore equity shares from SIL's public shareholders.
The acquisition of SIL will help ACL strengthen its market leadership and increase its cement capacity to 73.6 MTPA from the current 67.5 MTPA.

Fusion Microfinance to Enter Andhra and Telangana

Fusion Microfinance Ltd, a microfinance lender, is set to establish up to 30 branches across the southern states of Andhra Pradesh and Telangana. This move follows a High Court ruling which allayed concerns regarding dual regulatory control over microfinance institutions' (MFIs') operations.
According to Devesh Sachdev, Managing Director and Chief Executive of Fusion Microfinance, the lender plans to open 12-15 branches in each state as part of calculated network expansion efforts. In the initial phase, the company intends to move slowly, focusing on building human capital, implementing processes, and understanding the local culture, given that these states have been disconnected from microfinance activities for many years.

Aug 05, 2023

Govt Restricts Import of Laptop, Tablets and Computers with Immediate Effect

The government took decisive action by imposing immediate restrictions on the import of laptops, tablets, and personal computers, with the primary objective of promoting local manufacturing.
According to the notice shared by the government, these products can now only be imported if a valid license for restricted imports is obtained.
This move aligns with India's ambitious vision to establish itself as a global manufacturing hub, focusing particularly on the electronics sector. In fact, the government is trying to boost local manufacturing across sectors, ranging from automobiles to technology.
As a consequence of this policy change, the costs associated with importing laptops, personal computers, and tablets are expected to experience a significant decline.
However, this move may pose challenges for companies like Dell, Acer, Samsung, Panasonic, Apple, Lenovo, and HP.
These firms are major players in the Indian market and heavily rely on imports, particularly from countries like China, to meet consumer demands.

Reliance Jumps 16 Places, Now at Number 88 on Fortune Global 500 List

Billionaire Mukesh Ambani's Reliance Industries maintained its highest ranking among Indian corporates in the latest Fortune Global 500 list, jumping 16 places to rank at number 88. Reliance was ranked at number 104 in the 2022 ranking.
The company gained 67 places in the last two years from number 155 in 2021.
As many as eight Indian companies feature in this year's Fortune Global 500 ranking. State-owned Indian Oil Corporation (IOC) jumped 48 places to rank at number 94.
Life Insurance Corporation of India (LIC) slipped nine places to rank at 107. Oil and Natural Gas Corporation (number 158), Bharat Petroleum Corporation Ltd (number 233), and State Bank of India (number 235) were the other state-owned firms on the list.
Tata Motors rose 33 places to rank at number 337 and Rajesh Exports jumped 84 spots to number 353.
The ranking of number 88 is the best-ever achieved by Reliance Industries on the Fortune Global 500 ranking list.

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