General Awareness

BUSINESS AND ECONOMY - December 2019

Dec 2019

Apr 24, 2020

Treasury Considers 100% Guarantee On Small Firm Loans

The Treasury has confirmed it is considering offering 100% guarantees on loans up to £25,000 for small firms.
Chancellor Rishi Sunak said that UK-based small and medium-sized business could apply for interest-free loans to help them with Covid-19 related difficulties.

Amazon's £250,000 For Bookshops Fund Stuns Trade

Online retailer Amazon, long accused of killing off bricks-and-mortar book sales, has stunned the industry by donating £250,000 to a fund in aid of bookshops hit by coronavirus.
The tech giant initially made the donation on a "low-key" basis, said the Book Trade Charity.
But as speculation grew, the charity revealed that Amazon was the donor.
Chief executive David Hicks said he realised some booksellers would find that difficult.

Govt To Suspend Up To 1-Year IBC Provisions That Trigger Insolvency Cases

In a major relief for corporate borrowers hit hard by the coronavirus pandemic, the government has decided to amend the insolvency law to suspend up to one year provisions that trigger insolvency proceedings against defaulters.
Further, the amendments to the IBC (Insolvency and Bankruptcy Code) would pave the way for banks to restructure loans.
The ordinance would be promulgated to suspend three sections of IBC for up to one year and a decision in this regard was taken by the Union Cabinet.
Section 7, 9 and 10 of the IBC would be suspended for six months and the suspension time can be extended up to one year.

Victoria's Secret Shifts Image With New Faces For Asia

US lingerie retailer Victoria's Secret has unveiled two new brand ambassadors as it looks to Asia to reverse its struggling fortunes.
The appointment of popular actors Yang Mi and Zhou Dongyu marks a change from using models to represent the firm.
It also appears to be a shift away from the US brand's overtly sexualised image.
The high-profile partnerships come even as an agreement to take over the company looks to have collapsed.

Apr 23, 2020

Kotak bank to raise up to rs. 7,800 cr. Equity capital

Private sector bank Kotak Mahindra Bank will be raising between Rs. 7,500 -7,800 crore equity capital by issuing 6.5 crore shares, the lender informed the exchanges.
The board has accorded its approval for raising of capital by way of issue of equity shares, by the bank for up to 6,50,00,000 equity shares of Rs. 5 each, through a private placement, follow-on public offering (FPO), qualified institutions placement (QIP) or a combination [of both].

Apr 22, 2020

Paytm Payments Bank partners with Mastercard

Paytm Payments Bank had entered into a partnership with MasterCard for the issuance of virtual and physical debit cards. The company has announced that it will issue MasterCard virtual debit card to new customers so that they are able to perform secure online transactions.
After this, customers will also be able to request a physical card allowing then to do contactless in-store transactions. Along with this, the customers will also be able to withdraw cash at more than 1 million ATM terminals.

Netflix Gets 16 Million New Sign-Ups Thanks To Lockdown

Netflix has seen subscriber numbers surge this year, as lockdowns around the world keep people at home where they want to be entertained.
Almost 16 million people created accounts in the first three months of the year. That is almost double the new sign-ups it saw in the final months of 2019. However, the streaming service, which is behind some multi-million dollar productions, said shutdowns have halted "almost all" filming around the world.

Reserve Bank Cancels License Of Goa's Oldest Mapusa Urban Co-Operative Bank

India's central bank, the Reserve Bank of India (RBI) has canceled the license granted to the Mapusa Urban Co-operative Bank of Goa Ltd., Goa to conduct banking business which includes acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.
The order came into effect from the close of business on 16 April 2020.

Daimler, Volvo Trucks Team Up On Hydrogen Fuel Cells For Heavy Trucks

Daimler and Volvo Trucks plan to collaborate on development and sales of fuel-cells for heavy-duty trucks, as the costs of new technology and uncertainty related to the coronavirus pandemic are pushing large manufacturers to pool resources.
Daimler will consolidate all its fuel cell activities in the joint venture. The Volvo Group will acquire 50% of the joint venture for about 600 million euros ($650 million).

Facebook's $5.7bn bet on India's richest man Mukesh Ambani

Facebook has said it is investing $5.7bn (£4.6bn) in cut-price Indian mobile internet company Reliance Jio, which is owned by the country's richest person Mukesh Ambani.
The deal makes the social network the largest minority shareholder in the telecoms unit of Reliance Industries, with a 9.99% stake.
It gives Facebook a major foothold in India, where its WhatsApp chat service has 400m users and is about to launch a payments service.

Apr 21, 2020

RBI asks banks, NBFCs To Carry Out Money Laundering Risk Assessment Periodically

The RBI on Monday asked banks and NBFCs to carry out money laundering (ML) and terrorist financing (TF) risk assessment exercise periodically. The Reserve Bank said it has added a new section in the Master Directions on KYC.
This requires its regulated entities (REs) to carry out ML and TF risk assessment exercise periodically to identify, assess and take effective measures to mitigate its money laundering and terrorist financing risk for clients, countries or geographic areas, products, services, and transactions or delivery channels.

Smt Nirmala Sitharaman attends the 5th Annual Meeting of Board of Governors of New Development Ba...

Union Minister of Finance & Corporate Affairs Smt Nirmala Sitharaman attended the 5th Annual Meeting of Board of Governors of New Development Bank through video-conference in New Delhi.
The NDB was established by the BRICS countries (Brazil, Russia, India, China and South Africa) in 2014. The purpose of the Bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries to complement the existing efforts of multilateral and regional financial institutions for global growth and development. NDB has so far approved 14 projects of India for an amount of US$ 4,183 million.

Virgin Australia slumps into administration

Virgin Australia has confirmed it has entered voluntary administration - making it Australia's first big corporate casualty of the coronavirus pandemic.
The country's second-largest carrier cut almost all flights last month following wide-spread travel bans. It was already struggling with a long-term A$5bn (£2.55bn; $3.17bn) debt.
The airline is now seeking new buyers and investors, after failing to get a loan from Australia's government.

Apr 20, 2020

Equitas Small Finance Bank Allows Customers To Open Fixed Deposits And Savings Accounts Online

Small finance bank, Equitas Small Finance Bank, has said that new customers can 'self-onboard' to open a savings account or invest in a fixed deposit with no physical contact or branch visits during the on-going coronavirus lockdown.
Customers can open a 'Selfe Fixed Deposit' online for up to Rs 90,000 by using their Aadhaar Number and PAN. The bank's website states that you can complete the process in three minutes.

Govt Increases Loss Coverage For Micro Loan Defaults To 75% From 50% Earlier

The finance ministry has increased coverage of a lender's loss in case of loan default under the Credit Guarantee Fund for Micro Units (CGFMU) scheme to 75%, from 50% earlier.
The amendment to the scheme is aimed at incentivising lending to micro businesses which are bearing the brunt of the coronavirus outbreak and the ensuing nationwide lockdown.

Eros International Announces All-Share Merger With STX Entertainment

In a first of its kind deal, Indian movie producer and distributor Eros International announced an all-share merger with Hollywood's STX Entertainment to create an equally-held global entertainment company.
The six-year-old, privately-held STX has done 34 movies including 'Hustlers' and 'Bad Moms' which have cumulatively grossed $1.5 billion, while Eros focuses primarily on the Indian and diaspora markets by producing movies and distributing them through an OTT platform.

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