General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

May 13, 2023

Siemens Reappoints Sunil Mathur as MD & CEO

Siemens Ltd, reappointed Sunil Mathur as Managing Director and Chief Executive Officer and Daniel Spindler as Chief Financial Officer.
Sunil Mathur was reappointed as Managing Director and Chief Executive Officer the company for a further period of 5 (five) years with effect from 1st January, 2024.
Sunil Mathur is the Managing Director and Chief Executive Officer of Siemens Limited since January 1, 2014. He has been with Siemens for over 25 years, holding several senior management positions with Siemens AG in Germany and the UK. He is a member of the global leadership team of Siemens AG. He was Executive Director and Chief Financial Officer of Siemens Limited from December 2008 till December 2013.
He began his career in Siemens AG as an Apprentice in 1994.

AIBEA Introduces "Bank Clinic" to Assist Bank Customers with Grievance Redressal

The All India Bank Employees' Association (AIBEA) announced plans to establish an online "Bank Clinic" to assist retail bank customers with grievance redressal. AIBEA General Secretary C. H. Venkatachalam stated that once a customer files a complaint with the Bank Clinic, AIBEA's team will work with the bank to address the issue.
The primary objective of the Bank Clinic is to assist customers with their complaints and to provide feedback to banks on areas where there are service deficiencies. This will assist banks in improving their services and customer satisfaction. The AIBEA hopes that the Bank Clinic will help to establish good relations between customers and banks, resulting in increased customer loyalty.

May 12, 2023

Yes BANK Launches Solar Financing Program to Aid MSMEs

Yes Bank launched of YES KIRAN, an attractive lending proposition aimed at offering financial assistance to Micro, Small and Medium Enterprises (MSME) manufacturers who wish to install solar panels at their premises. Through this programme, the bank aims to support the adoption of sustainable energy practices by small and mid-sized enterprises while also bringing in cost efficiency by helping them curtail their expenses towards power and fuel.
Yes Bank is one of the largest lenders to the country's clean energy space. The launch of YES KIRAN is a testament to the bank's effort to revolutionize the global initiative of adopting renewable source of energy as a primary source. With the launch of the YES KIRAN initiative, the bank is partnering the nation in becoming an early adopter of solar energy, thereby setting an exemplary benchmark before the world.

Union Finance Minister Chairs the 27th Meeting of Financial Stability and Development Council

Union Finance Minister Nirmala Sitharaman chaired the 27th meeting of the Financial Stability and Development Council (FSDC) in New Delhi. This was the first meeting held after the announcement of the Budget 2023-24. The council discussed the policy and legislative reform measures needed to develop the financial sector further and increase financial access for the people.
Sitharaman emphasised that ensuring financial sector stability is a shared responsibility of regulators. The regulators were advised to reduce the compliance burden further and ensure a streamlined and efficient regulatory environment. The Union Finance Minister will review the progress achieved in this regard with each regulator in June 2023.
To safeguard the stability and resilience of the Indian financial ecosystem, regulators were also urged to ensure the cyber-security preparedness of the information technology systems to reduce the risk of cyber-attacks, protect sensitive financial data, and maintain overall system integrity.

May 11, 2023

A. M. Naik to Step Down as L&T's Non-executive Chairman

Anil Manibhai Naik, the firebrand group chairman of India's biggest infrastructure firm Larsen & Toubro (L&T), is stepping down as non-executive Chairman after 58 years of association with the company.
Naik will continue to guide the top leadership of the company as chairman emeritus after the end of his tenure on September 30, 2023.
L&T's board of directors also appointed S. N. Subrahmanyan as Chairman and Managing Director (MD) with effect from October 1, 2023. He is currently the Chief Executive Officer (CEO) and MD.
Naik, who passed out from Birla Vishvakarma Mahavidyalaya in Anand as an engineer, steadily rose through the ranks after joining L&T as a junior engineer in 1965. He became CEO in 1999 and became group chairman in July 2017.

NCLT Admits Go First's Plea for Voluntary Insolvency, Appoints IRP

The National Company Law Tribunal (NCLT) admitted Go First's plea for voluntary insolvency and initiate a corporate insolvency resolution process (CIRP). It appointed Abhilash Lal as the insolvency resolution professional and asked him to keep the company as a going concern.
It also granted Go First protection under a moratorium from recovery by lessors and creditors. The banks will not be able to recover their dues during the insolvency process.
The suspended board of directors was asked to cooperate with the IRP.
This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate its contracts and debts.

Microsoft Invests in India's Builder.ai, Marking another Tie-up for AI

US technology giant Microsoft invested an undisclosed sum in Builder.ai, an Indian start-up that helps companies develop applications without needing any coding experience.
The investment marked Microsoft scaling up its efforts in artificial intelligence (AI) and competing with rival Google. Microsoft and Builder will collaborate in creating AI-powered solutions that help businesses become digitally savvy without needing technical expertise.
Established in 2016, Builder.ai provides an AI-powered software platform that allows anyone to build an app (web or mobile), quickly and cheaply. It breaks software down into its reusable lego-like features, coupled with customisation from its network of designers and developers.

Bengaluru Tops List for Best High Streets

Bengaluru tops a list of 10 Indian cities ranked for the best high streets, "bustling and vibrant" places lined with businesses, restaurants and cafes.
Bengaluru's MG Road is the best high street and the city has three other such shopping hubs, said a report by Knight Frank, a real estate consultant. Linking Road in Mumbai comes third. Hyderabad, Mumbai and Delhi follow Bengaluru in terms of quality high streets. Delhi's upscale Khan Market is not in the top 10 list but South Extension is.
Somajiguda in Hyderabad is second on the list in terms of quality.
Ahmedabad and Pune are not in the top 10 high streets. The top ten high streets are convenient in terms of access, parking and they have a varied assortment of retailers, Knight Frank said.

MG Motor India Will Sell Majority Stake to Indians in 2-4 Years

MG Motor India, which is owned by Chinese company SAIC Motor, plans to sell a majority stake to Indian investors to raise more than Rs. 5,000 crore in 2-4 years.
MG Motor India will use these funds to build a second plant in Halol, Gujarat, and boost its annual capacity to about 300,000 units by 2028, said its CEO Emeritus Rajeev Chaba. The second facility is projected to have an annual capacity of 180,000 units, while the current Halol plant has a capacity of 120,000 units per year.
The company, which has invested about Rs. 4,000 crore in India till 2022, is trying to bring foreign direct investment from its Chinese parent for the last few years. However, it has not been able to get the necessary approvals from the Indian government to do so.

May 10, 2023

Amara Raja Launches Gigafactory in Telangana

Amara Raja Batteries Limited launched the first gigafactory in Telangana. Considered to be one of India's largest gigafactory, it will manufacture lithium-ion batteries, with a planned investment of Rs. 9,500 crore over the next 10 years.
This new facility in Telangana by Amara Raja plans to create employment opportunities for nearly 4,500 people and a similar number of indirect jobs. It is also expected to contribute significantly to the socio-economic development of the region.

Fitch Retains India's 'BBB-' Rating with Stable Outlook

Fitch Ratings affirmed India's long-term foreign-currency issuer default rating (IDR) at 'BBB-' with a Stable outlook, backed by robust growth outlook and abating core inflation pressure, but concerns of high deficits linger.
S&P and Fitch rated India 'BBB-' while Moody's rated 'Baa3', all indicative of the lowest-possible investment grade. They have a stable outlook.
India has been vying for sovereign credit rating upgrade that remain at the lowest-possible investment grade, as key officials and leaders believe its economic metrics have improved significantly following the pandemic.
These ratings are crucial as they are used to decide on a country's creditworthiness, which often impact its lending costs.

Vedanta Appoints Terry Daly as Advisor for Semiconductor Business

Former IBM executive Terry Daly was appointed as 'Advisor' by Vedanta for its semiconductor business. Daly has over 30 years of experience in the industry.
Daly would be responsible for providing strategic counsel and inputs as the conglomerate looks at setting up a state-of-the-art semiconductor unit and semiconductor assembling and testing unit in India.
Daly previously spent over 25 years at IBM working in the semiconductor division. Before joining IBM, he spent five years as an officer in the United States Army.

May 09, 2023

Reserve Bank of India Imposes Penalty Worth Rs 1.75 Crore on HSBC

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.73 crore on the Hongkong and Shanghai Banking Corporation (HSBC) for violating the Credit Information Companies Rules.
The supervisory evaluation revealed that the bank furnished incorrect credit information about expired credit cards with nil dues to all the four Credit Information Companies.

Adani Group Gets Financial Support from Three Japanese Banks

Multinational conglomerate Adani Group received financial assurances from three Japanese banks - Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking and Mizuho Financial Group.
Earlier, these three banks were not lenders to the group and as the group embarked on a series of expansion plans, their financial support will include loans for new projects and refinancing of high-cost debts. After a January report by Hindenburg Research which eroded the group's market capitalisation, the assurances came as a result to the group's investor road shows held across Asia and Europe to win back trust.
Existing lenders, including Standard Chartered and Barclays too have reaffirmed their confidence in the group's operations. All banks have pledged support to refinance bonds maturing in FY24 and FY26, and existing & new debt.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

August GK, July GK, June GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26