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BUSINESS AND ECONOMY - June 2020

Jun 2020

Dec 08, 2020

ICICI Bank Launches 'iMobile Pay'

  • ICICI Bank has launched the 'iMobile Pay' app, which offers payments and banking services for all. This app will not be limited to ICICI Bank customers only, and customers of any bank can use this app. This is an online payment system app in line with Google Pay, PhonePe, etc.
  • The banking app iMobile Pay extends the ambit of mobile banking apps which are hitherto restricted to only the customers of the respective banks. At the same time, 'iMobile Pay' eliminates the need to maintain multiple apps—be payments or banking—as it empowers customers to undertake all transactions. In the process, it also offers compelling reasons for users to link their multiple bank accounts to this app.

France's SocGen to Close 600 Bank Branches in Profitability Push

  • France's Societe Generale accelerated plans to boost profitability by merging its two retail banking networks, resulting in the closure of 600 of its nearly 2,100 branches by 2025.
  • With low interest rates continuing to crimp lending income and retail banking margins, France's third-biggest listed lender said the merging of the two networks would save more than 350 million euros ($424 million) in costs in 2024 and nearly 450 million euros in 2025.
  • As per SocGen, the plan will cost between 700 million euros and 800 million euros.
  • European lenders have been cutting branch numbers for years, but opposition from unions and politicians over banking access meant many were unable to cut as many as they wanted.
  • The number of bank branches in the European Union fell from about 238,000 in 2008 to 174,000 at the end of 2018, European Banking Federation figures show.

Abu Dhabi Investment Office Invests in FreshtoHome, Pure Harvest, Nanoracks

  • The Abu Dhabi Investment Office (ADIO) has put in US$41 million in fresh meat and fish e-tailer FreshToHome and two agritech companies – Pure Harvest and Nanoracks – to develop cutting-edge projects in Abu Dhabi with the intent to boost the emirate's agriculture technology capabilities.
  • With the partnership, the three firms will widen their operations in Abu Dhabi as well as gain access to its innovation ecosystem and infrastructure. Meanwhile, the emirate will continue its efforts to accelerate agritech's growth through the AgTech Incentive Programme.
  • Founded in 2015, Bengaluru-based FreshToHome offers cold chain solutions to farmers and fishermen. It also provides an ecommerce platform to sell directly to consumers.
  • Pure Harvest is based in Abu Dhabi and focused on the production of greenhouse fruits and vegetables, while US-based Nanoracks is aiming to build a space-based farming center.

Singapore Airlines and Vistara Sign Commercial Cooperation Agreement

  • Singapore Airlines and Vistara have signed a commercial cooperation framework agreement that will allow them to harmonise efforts in capacity planning, sales, marketing, joint fare products, customer services and operations.
  • The agreement is an extension of a codeshare partnership between the airlines.
  • Strengthening the partnership between SIA (Singapore Airlines) and Vistara will allow both airlines to achieve further synergies on services between Singapore and India, as well as in the key regions of South East Asia, Australia and New Zealand.
  • Vistara is a 51:49 joint venture between the Tata Group and Singapore Airlines.

Kotak MF Launches Fund of Funds, to Invest in East Asian REITs

  • Kotak Mahindra Asset Management Company has launched of Kotak International REIT Fund of Funds, which is India's first diversified Real Estate Investment Trusts (REIT) Mutual Fund. The open-ended scheme will invest in units of SMAM Asia REIT Sub Trust Fund. This MF scheme will have a diversified investment portfolio comprising of listed REITs which will invest in real estate projects such as residential, office, data centres, warehousing, retail and hospitality.
  • Kotak International REIT Fund of Funds offers an opportunity for domestic investors to invest and benefit from growth in real estate market without actually owning the entire asset. REIT owns, operates, or finances income-generating real estate.

Dec 07, 2020

LDF and Congress Flay Centre's Decision to Name Rajiv Institute Campus after RSS Ideologue

  • The ruling LDF and opposition Congress in Kerala on Saturay flayed the Centre's decision to name the second campus of Rajiv Gandhi Centre for Biotechnology here after late RSS ideologue MS Golwalkar, alleging that the BJP was communalising everything and questioned his contribution to science.
  • Amid the opposition to the move, Chief Minister Pinarayi Vijayan urged Union Minister Dr. Harsh Vardhan, to reconsider the decision to name the new campus after Golwalkar and instead name it after some eminent Indian scientist of international repute.
  • The institute is a premier research institution and has been above political divides, Vijayan said in a letter to the Union Minister.
  • The RGCB, which was initially run by the state government, was handed over to the Union Government with an aim of developing it into a centre of international standards in research and development.

India's Coal Import Drops in April-October this Fiscal

  • India's coal import saw a drop of 18.6 per cent to 116.81 million tonnes (MT) during April-October this fiscal as against the same period a year ago.
  • India had imported 143.63 MT of coal during the corresponding period of FY 2019-20, according to a provisional compilation by mjunction services, based on monitoring of vessels' positions and data received from shipping companies.
  • mjunction -- a joint venture between Tata Steel and SAIL -- is a B2B e-commerce company and also publishes research reports on coal and steel verticals.
  • However, the country's coal import increased to 21.50MT in October this year as against 18.28MT in the corresponding month of the previous fiscal, it said.
  • Of the total import in October 2020, non-coking coal was at 14.46MT. In October 2019, the import was 13.57MT. Coking coal import stood at 4.92MT in October 2020, up from 2.79MT imported in the same month last fiscal.

Everstone to Buy Mumbai-based Chemical Maker Calibre

  • Singapore-headquartered private equity fund Everstone Capital will acquire a controlling stake in Calibre, the Mumbai-based specialty ingredients player focused on the pharmaceutical, nutritional and personal care segments.
  • Based in 1984 by Ranjit Bhavnani, Calibre is a number one specialty components participant in iodine derivatives, persulfates and prchlorates. Exports of chemical substances accounted for round 60% of complete income of Calibre Chemical substances. About 35% of Calibre's income is generated from European markets, 25% from the US, 30% from India and relaxation from different markets.

Dec 06, 2020

Denmark Set to End All New Oil and Gas Exploration

  • Denmark will end all new oil and gas exploration in the North Sea, as part of a wider plan to stop extracting fossil fuels by 2050.
  • Its government also agreed to cancel its latest licensing round, which gives firms permission to search for and produce oil and gas.
  • However, the country's latest licensing round was facing uncertainty, after Total of France pulled out in October, leaving only one other applicant.
  • Denmark is currently the largest oil producer in the European Union, although it produces much less than non-EU members Norway or the UK.
  • The decision will cost Denmark about 13 billion kroner (£1.1bn), according estimates by the energy ministry, though it said this amount was subject to substantial uncertainty.

24X7 RTGS from Dec 14; Rs. 5,000 New Limit for Contactless Card Transactions

  • In a bid to give a push to digital payments, the Reserve Bank announced a slew of measures including enhancing the limit for contactless card transactions to Rs. 5,000 and making RTGS transaction facility available round the clock from December 14.
  • The RBI has also decided to grant licence to entities operating payments systems on a perpetual basis, and permitted companies to reapply for licence after one year of rejection of their application or revocation of their licence.
  • The RTGS will be available for customers and inter-bank transactions round the clock, except for the interval between 'end-of-day' and 'start-of-day' processes, whose timings would be duly broadcast through the RTGS system.

RBI Monetary Policy Committee Meeting

  • The RBI held its Monetary Policy Committee meet. During the meet, the Reserve Bank of India has kept the repo rate unchanged at 4%. Repo rate is the rate at which RBI lends to banks. The Reverse Repo Rate is to continue at 3.35%.
  • The meeting concluded that the "Accommodative Stance" of monetary policy is to continue. Accommodative Stance means the apex bank will keep cutting rates in order to inject money in to the financial system. When the accommodative stance of the bank is addressed as "neutral", it means that RBI may alter rates in any direction to control the flow of the currency in the country.
  • The bank rate and the Marginal standing facility were kept unchanged at 4.25%
  • Real GDP for the year 2020-21 has been projected at -7.5%.
  • The Q3 GDP of 2020-21 was projected to grow at 0.1%. In Q4, the GDP is expected to grow at 0.7%.
  • The CPI Inflation for Q3 was projected at 6.8% and for Q4 at 5.8%.
  • The limit of contactless card transaction has been raised from Rs 2,000 to Rs 5,000 per transaction. This is to be implemented in January 2021.
  • The RTGS (Real Time Gross Settlement) system is to be made 24/7 in few days.
 

Dec 05, 2020

HCL's Roshni Nadar Richest Woman in India

  • IT major HCL Technologies' Roshni Nadar Malhotra has topped a list of the richest women in the country with a networth of Rs. 54,850 crore, followed by Biocon's Kiran Mazumdar-Shaw at Rs. 36,600 crore,.
  • A total of 31 women in the list of 100 having a net worth of at least Rs. 100 crore, prepared by Hurun India and Kotak Wealth, are self-made. This includes six professional managers and 25 entrepreneurs.
  • Shaw leads in the self-made category, followed by Radha Vembu of Zoho (Rs. 11,590 crore networth) and Jayshree Ullal of Arista Networks (Rs. 10,220 crore).
  • Interestingly, all the three, Shaw, Ullal and Vembu, also feature in a global rich list prepared by Hurun.

Boeing Cuts 787 Jetliner Production as Deliveries Slow

  • Boeing Co is reducing production of its 787 Dreamliner for the fourth time in 18 months after posting zero deliveries in November as recent production flaws compound delays from the COVID-19 crisis. The reduction to five jets a month from six will take place by mid-2021 and follows a downturn in demand for long-haul jets.
  • Extra quality inspections are taking longer than expected and will continue to slow deliveries in December.

RBI Bars HDFC Bank from Issuing New Credit Cards

  • In an unprecedented move, the RBI has temporarily barred HDFC Bank from launching digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the country's largest private sector lender over the past two years.
  • The RBI's order came, days after the last instance of service outage across its digital banking channels, including internet banking, mobile banking and other payments. The outage, which happened in November, had severely inconvenienced customers.

HCL's Roshni Nadar Richest Woman in India

  • IT major HCL Technologies' Roshni Nadar Malhotra has topped a list of the richest women in the country with a networth of Rs. 54,850 crore, followed by Biocon's Kiran Mazumdar-Shaw at Rs. 36,600 crore,.
  • A total of 31 women in the list of 100 having a net worth of at least Rs. 100 crore, prepared by Hurun India and Kotak Wealth, are self-made. This includes six professional managers and 25 entrepreneurs.
  • Shaw leads in the self-made category, followed by Radha Vembu of Zoho (Rs. 11,590 crore networth) and Jayshree Ullal of Arista Networks (Rs. 10,220 crore).
  • Interestingly, all the three, Shaw, Ullal and Vembu, also feature in a global rich list prepared by Hurun.

Dec 04, 2020

Tata Power Wins Bids for Odisha Discoms

  • Tata Power Co. Ltd emerged as the winner in bids for two electricity distribution companies (discoms) in Odisha—the Western Electricity Supply Utility of Odisha Ltd (WESCO) and the Southern Electricity Supply Utility of Odisha Ltd (SOUTCO).
  • Tata Power's winning bid in the Odisha government's discoms privatisation round comes after the company won a 25-year licence for distribution and retail supply of power in five circles of Central Electricity Supply Utility of Odisha (CESU Odisha) last December.
  • A consortium of India Power Corp. and French government-owned power utility Electricite de France (EDF) were the only other bidders for WESCO and SOUTCO respectively. However, their bids weren't technically qualified, resulting in only Tata Power's bids being opened.

Radhakishan Damani Sells Stake in Tata Group's Retail Arm Trent

  • Ace investor Radhakishan Damani, promoter of Avenue Supermarts, and persons acting in concert (PACs), have trimmed stake in Tata Group's retail arm Trent by selling over 28.22 lakh shares in the open market for an estimated sum of over Rs. 202 crore.
  • As per reports, Radhakishan Damani, Kirandevi G Damani, Jyoti Kabra, Bright Star Investments Pvt Ltd, Damani Estates and Finance Pvt Ltd, Derive Investments and Derive Trading and Resorts Pvt Ltd, sold 28,22,516 shares in the open market.
  • Radhakishan Damani and persons acting in concert, held 3.87 per cent stake in Trent earlier. It has now come down to 3.08 per cent.
  • Last month, Trent had reported a consolidated net loss of Rs. 78.56 crore and revenue from operations stood at Rs 585.37 crore for the second quarter ended September 30, 2020.

India Opens Four Trade Routes with Bhutan; Agartala to Connect Nation with Bangladesh

  • India has opened four new trade routes with Bhutan--at Nagarkata, Agartala, Jogighopa, and Pandu, of them are riverine ports. The Nagarkata Port in West Bengal has been notified as a "permanent" Land Customs Station, with no restriction on commodity movement. Earlier it was a "seasonal" station, allowing only trade of certain commodities like oranges, ginger, cardamom.
  • The other trade route is Tripura's capital Agartala, which will facilitate the country's trade with Bangladesh. This comes, even as India plans to complete work on Agartala-Akhaura rail by next year as part of increased regional connectivity plans.
  • New Delhi has also given a go-ahead to Jogighopa and Pandu riverine ports for connectivity. Both ports are located on India's national waterway 2 along the Brahmaputra passing through Assam. So far, Dhubri in Assam was the only riverine port designated for Bhutan's trade with India.

Bank of India to Acquire Stake in Subsidiaries

  • Bank of India has entered into a share purchase agreement (SPA) with AXA investment Managers Asia Holdings Private Limited (AXA IM) whereby Bank of India has agreed to purchase AXA IM's entire 49% equity shares in BOI AXA Investment Managers Private Limited (BAIM); and entire 49% equity shares in BOI AXA Trustee Services Private Limited (BATS).
  • Bank of India is holding 51% equity shares in BAIM and BATS.
  • The Transaction is proposed to be completed by end of December 2020 or such other extended date mutually agreed between Bank of India and AXA IM.
  • BOI AXA Mutual Fund is a joint venture between Bank of India and AXA Investment Managers, a part of AXA Group.

UltraTech Cement Announces Rs. 5,477 cr Investment to Expand Capacity

  • Aditya Birla Group's flagship cement company, UltraTech Cement, announced Rs. 5,477 crore investment towards 12.8 million tonnes per annum (MTPA) capacity expansion. The investment in the infrastructure sector will boost economic activity and kick start the private investment cycle.
  • The board of directors at its meeting approved increasing capacity by 12.8 mtpa with a mix of brown field and green field expansion.
  • The additional capacity will be created in the fast-growing markets of the east, central and north regions of the country.
  • This expansion includes the existing approval for the cement plant at Pali in Rajasthan, in addition to its 6.7 mtpa capacity expansion currently underway in Uttar Pradesh, Odisha, Bihar and West Bengal, which has picked up pace and is expected to get commissioned by FY22, in a phased manner.
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