Business & Economy Current Affairs 2018 - Current Affairs Today

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  • OBOPAY Card: new generation pre-payment instrument for enterprise customers launched by OBOPAY, Federal Bank and MasterCard

    4 hours ago
    OBOPAY, the global financial technology company, announced the launch of a new generation pre-payment instrument called- OBOPAY Card-in partnership with Federal Bank and Mastercard. It is built as a one-stop solution that facilitates easy disbursements and payments by enterprises. The multi-wallet facility that allows dedicated payments and allocation of money for various purposes, The ‘Split transaction’ feature which provides payment flexibility to users and multiple payment scenarios among many others. Card to card money transfer, making online payments, withdrawing cash at ATMs. This card can be used for multiple payments such as bank accounts for using salary, digital wallets for payments, food coupons for food coupons, insurance cards for an insurance claim.

    IHCL signed for construction of a second Taj hotel in Lucknow

    4 hours ago
    Indian Hotels Company Ltd. (IHCL), Tata group's hospitality arm, has signed an agreement for construction of a second Taj branded hotel in Lucknow. The new hotel is to come up in partnership with Luxus Hospitality Pvt. Ltd. The Taj branded hotel will be located at Vibhuti Khand, New Gomti Nagar Centre, with close proximity to key corporate parks, institutions, and recreational facilities. IHCL at present has two hotels in the city Taj Mahal Lucknow and Ginger Gomti Nagar. This signing is aligned to Aspiration 2022 with its focus on aggressive domestic growth.

    Sonata Software to acquire U.S. headquartered Sopris Systems

    4 hours ago
    Sonata Software, an IT software services and solutions provider, announced that it has signed a definitive agreement to acquire U.S.-headquartered Sopris Systems, a Microsoft Dynamics 365 enterprise partner. The firm hasn’t yet disclosed the value of the deal yet. Sopris specializes in helping project-centric and field services companies improve business performance.

    Iran falls to 6th biggest oil supplier to India in November

    1 day ago
    According to Reuters, Iran dropped two places to become the sixth biggest oil supplier to India in November, after New Delhi cut purchases due to the impact of U.S. sanctions. India is restricted to buying 1.25 million tons per month, or about 300,000 barrels per day (bpd). Iraq and Saudi Arabia continued to be the top two oil sellers to India. The UAE, which was the sixth biggest oil seller to India in October, became the third top seller to India in November, knocking down Venezuela by a notch to fourth position. Nigeria continued at No. 5 position, while Iran slipped to sixth place.

    Gemini Property Developers to enter the Indian real estate market

    1 day ago
    Gemini Property Developers, a Dubai-based firm, is planning to enter the Indian real estate market to build mid-income and affordable housing projects. The company prefers a joint venture (JV) model to reduce risk and for better returns. The firm said it is already in discussions with landowners and developers from India to develop projects in a joint venture (JV). It is expected that the company may invest up to $200 million in developing projects in India.

    Ericsson to set up a GAIA in India

    1 day ago
    Ericsson, Swedish telecom company, said it has set up its Global Artificial Intelligence Accelerator (GAIA) in India. The facility has been planned to be set up in Bengaluru. It will focus on research and development in Artificial Intelligence and automation and will be key in accelerating the execution of Ericsson’s strategy. This facility will help create 150 new jobs for data scientists, engineers, AI architects and software developers in 2019.

    Pricol to joint venture with Israel based Pointer Telocation

    2 days ago
    Pricol Limited, an automotive components manufacturer, announced that it has planned to enter into a joint venture (JV) with Israel-based Pointer Telocation. The JV is for manufacture and marketing of advanced telematics and IoT solutions in India and South East Asia. The initial focus will be on commercial vehicles. The Pointer will have 51% interest in the venture and Pricol 49%. Pricol is one of the leading telematics hardware suppliers to OEMs in India and had an installed base of more than one lakh vehicles.

    ITA signs MoU with CTMA to promote tea globally

    2 days ago
    Indian Tea Association (ITA) signed a memorandum of understanding (MoU) with China Tea Marketing Association (CTMA). It aims at promoting green and black tea consumption in major tea markets in Europe, the U.S., Russia, and West Asia. The MoU covers the areas of trade promotion, intellectual property protection, and technology exchange. China imported 30 million kg of black tea annually amid its rising popularity in the country where green tea had earlier held sway. Indian exports stood at about 8.7 million kg in 2017 with the market being dominated by Sri Lanka and Kenya. An export of 15 million kg was being targeted next year. China was the world’s third largest exporter, mainly of green tea.

    Economist Surjit Bhalla resigned from PM Economic Advisory Council

    12 December 2018
    Indian economist Surjit Bhalla announced his resigned from Prime Minister Narendra Modi’s Economic Advisory Council (PMEAC). His resignation is effective from December 1, 2018. After the resignation, he joined the CNN IBN group.  

    Arundhati Bhattacharya appointed as the new chairman of SWIFT India Board

    11 December 2018
    Arundhati Bhattacharya, the ex-SBI chief, is . Ms.Bhattacharya will succeed former banker M.V. Nair, who is stepping down after completing five years with the company. SWIFT India is a joint venture of top Indian public and private sector banks and SWIFT (Society for Worldwide Interbank Financial Telecommunication). The company was created to deliver high quality domestic financial messaging services to the Indian financial community. Ms.Bhattacharya said the venture has a huge potential to contribute significantly to the financial community in many domains. SWIFT India CEO Kiran Shetty hoped to work closely with the former SBI head.

    Gowda said the Govt is to clear fertiliser subsidy arrears of Rs 10K crore by March

    9 December 2018
    Union Chemicals and Fertilisers Minister Sadananda Gowda said that the fertilizer subsidy arrears to the industry have come down by 75% to Rs.10,000 crore in the last four years and the outstanding amount is expected to be cleared by March. Mr.Gowda also said that the Central government will also not raise the Minimum Retail Price (MRP) of urea to protect farmers interest. He also said the Direct Benefit Transfer (DBT) scheme in the fertilizer sector has been a great success as 55 million tonnes of nutrients have been sold to 138 million farmers through around 2 lakh PoS machines.

    KIL plans to demerge its tyre business into a separate company

    8 December 2018
    B.K.Birla group company Kesoram Industries Ltd. (KIL) plans to demerge its tyre business into a separate company. Post-merger, the resulting company, Birla Tyres Ltd. will be listed on the BSE and the NSE. It will issue to KIL’s existing shareholders one equity share of Rs.10 for every share. The demerger would be effective January 1, 2019.  KIL is now engaged in the manufacture of cement (Birla Shakti brand) and automotive tyres and tubes (Birla Tyres brand). It is said that approximately Rs.1,000 crore of the Rs.3,500 crore debt of KIL will get transferred to the demerged tyre company. With Rs.1,453 crore turnover, KIL’s tyre business contributes about 39% of the turnover. KIL expects the separation will enable a dedicated management focus as each of the two businesses had competitive dynamics. It will also enable the companies to access varied funding sources.

    Yes Asset Management gets SEBIs approval to launch 2 new schemes

    8 December 2018
    Yes Bank, a Private sector lender, announced that its wholly-owned subsidiary Yes Asset Management received SEBI’s approval to launch two mutual fund schemes. The asset management company is to launch two schemes, Yes Liquid Fund and Yes Ultra Short Term Fund. Yes Asset Management, India is the latest Indian company to enter the mutual fund segment.

    China seems optimistic on trade deal with U.S.

    7 December 2018
    China said that it is to immediately implement measures that were agreed under a trade truce with the U.S. China’s Commerce Ministry spokesman Gao Feng said that China is confident that it could reach a deal within 90 days. This move came days after the U.S. President Donald Trump and Chinese leader Xi Jinping agreed to give negotiators 90 days to resolve their trade spat. The two sides will also discuss intellectual property protection, market access, and balanced trade, and work hard to reach a consensus.

    Infosys opened its new hub at Hartford, Connecticut

    7 December 2018
    Infosys opened its new technology and innovation hub in Hartford, Connecticut. It has hired more than 7,000 American workers in the last 18 months. The Hartford hub will help Infosys work more closely with its clients in the region and serve as the global hub for Infosys’ InsurTech and HealthTech efforts. It is expected that labs at the Hartford hub will bring together expertise in business and technologies such as blockchain, extended reality and cognitive capabilities with techniques like design thinking, agile and DevOps.

    Cox & Kings Ltd. started a new business called Tour to Feast

    6 December 2018
    Cox & Kings Ltd. has started a new business called ‘Tour to Feast’ to promote food-related travel across India’s popular culinary destinations. Tour to Feast will offer journeys across the most popular culinary destinations in India like Mumbai, Delhi, Lucknow, Varanasi, Jaipur, Agra, and Goa. Travellers can choose from an array of customized culinary holidays. Each of these journeys has been designed to be accompanied by hand-picked experts who will take travellers through the evolution of the indigenous cuisines of each region.

    Paisabazaar.com launches India's first chance of approval feature for lending products

    6 December 2018
    India’s largest online marketplace for financial products, Paisabazaar.com launched a first of its kind feature Chance of Approval,  that will help loan applicants choose their most-suited lender on its platform in India. Chance of Approval’, is an advanced predictive algorithm that has been created by Paisabazaar.com using the last four years of lending data. Globally a few leading players, like Credit Karma in the US, have developed similar features to improve the acceptance rate on their platforms but this is the first such initiative in India.

    Venkaiah flagged off the first IndiGo Airlines flight to Singapore from the Vijayawada

    5 December 2018
    Vice-President M.Venkaiah Naidu flagged off the first IndiGo Airlines flight to Singapore from the Vijayawada international airport, Vijayawada on 4th December.  Mr.Venkaiah Naidu also laid the foundation stone for the integrated passenger terminal being developed at an estimated cost of Rs.611 crore at the airport. He appreciated the efforts of the State and the Central governments in facilitating Andhra Pradesh with air connectivity under UDAN (Ude Desh ka Aam Nagrik) scheme. He mentioned the scheme would enable greater regional connectivity. Vijayawada and Tirupati airports were already declared as international airports.

    Saavn Media launched JioSaavn

    5 December 2018
    Saavn Media Private Limited, a subsidiary of Reliance Industries Limited (RIL), launched JioSaavn. This launch signals the official integration of JioMusic and Saavn. It will be available across all app stores. RIL acquired Saavn Media in March and the implied valuation of the combined entity stands at over $1 billion. JioSaavn combines the streaming media expertise of Saavn with Jio’s digital services ecosystem. The Saavn co-founders Rishi Malhotra, Paramdeep Singh, and Vinodh Bhat, would continue their leadership roles.

    Qatar to pull out from OPEC

    4 December 2018
    Qatar is to leave the Organization of the Petroleum Exporting Countries (OPEC) in January 2019 in order to focus on gas production. Qatar has been a member of OPEC since 1961, and the decision to pull out after all these decades comes at a turbulent time in Gulf politics, with Doha under a boycott by former neighboring allies, including Saudi Arabia, for 18 months. Qatar is the world's biggest supplier of Liquefied Natural Gas (LNG), producing almost 30 percent of the world total. The decision to increase the supply of natural gas is to develop a future strategy based on growth and expansion, both in its activities at home and abroad.

    GlaxoSmithKline merges with HUL

    4 December 2018
    GlaxoSmithKline Consumer Healthcare Ltd. is to merge with Hindustan Unilever Ltd. (HUL), India’s biggest consumer goods company, in a deal worth Rs.31,70 0 crore. Because of this transaction HUL’s parent, Unilever will gain control of popular health drink brand Horlicks while other brands from GSK CH, such as Boost, Maltova, and Viva, will be a part of the merged entity in India. GSK CH had acquired Maltova and Boost from Jagatjit Industries in 2000. On the Bombay Stock Exchange (BSE), HUL shares gained 4.12%, or Rs.72.30, to close at Rs.1,825.90. Shares of GSK CH closed the day at Rs. 7,542.85, rising 3.75% or Rs.272.90.

    Microsoft passes Apple to become most valuable company

    3 December 2018
    Microsoft has surpassed Apple as the most valuable US company with a market value of about $812 billion. Apple’s market cap was about $1 billion less. In August 2018, Apple became the first US company with a $1 trillion valuation. Under CEO Satya Nadella, Microsoft has made a years-long bet on cloud computing. This has positioned Microsoft as one of the two dominant players - along with Amazon (AMZN) - in a fast growing market, and propelled the company to its first $100 billion sales year.

    Govt forms6-member panel to look at selling 149 fields of ONGC, OIL to privatecompanies

    3 December 2018
    The panel is headed by NITI Aayog Vice Chairman Rajiv Kumar and includes Cabinet Secretary P K Sinha, Economic Affairs Secretary Subhash Chandra Garg, Oil Secretary M M Kutty, NITI Aayog CEO Amitabh Kant and ONGC Chairman and Managing Director Shashi Shanker. The fields will be sold to private companies to boost domestic output. The government gave out 34 fields to private firms by offering them pricing and marketing freedom for oil and gas they produced from the fields in the first round of Discovered Small Field (DSF). The second round of DSF with 25 fields on offer is currently under bidding.

    RComs Jio deal gets approved with a rider

    1 December 2018
    The Supreme Court (SC) asked the Department of Telecom (DoT) to give a No-Objection Certificate (NoC) to Reliance Communications (RCom) to sell its spectrum to Reliance Jio, provided a corporate guarantee of Rs.1,400 crore is furnished by its group firm in favour of the government by December 2.  A bench headed by Justice R.F.Nariman said the NoC should be given to Reliance Communications Ltd. (RCom), an Anil Ambani Group firm, by the DoT if Reliance Realty furnishes the corporate guarantee within two days. The DoT filed a petition against the order of the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) which had allowed the debt-ridden RCom to sell spectrum to Reliance Jio without providing the bank guarantee of about Rs. 2,900 crore to the DoT. No Objection Certificate (NoC): ♦ NoC is a type of legal certificate issued by any agency, organization, institute or, in certain cases, an individual ♦ It does not object to the covenants of the certificate ♦ The certification is a requirement at most government-based departments predominantly from the Indian subcontinent

    Y.K.Koo resigns as MD and CEO of HMIL

    1 December 2018
    Y.K.Koo, the present Managing Director and Chief Executive Officer, Hyundai Motor India Ltd. (HMIL) resigned his position as he is to move back to Korea to take up a new role after completing a three-year term in India. He has been with the Hyundai Motor Company for more than 34 years, handling different assignments. He has served HMIL for over nine years. Seon Seob Kim, head of business operations division, will replace Mr.Koo as the MD & CEO of Hyundai Motor India Ltd. (HMIL).

    RBI launches survey on India's startup sector

    29 November 2018
    Reserve Bank of India (RBI) launched a Survey on India’s startup sector (SISS) with an endeavor to create a profile of the startup sector in India and provide dimensions relating to turnover, profitability and workforce. In a recent NASSCOM-Zinnov report titled “Indian Start-up Ecosystem 2018: Approaching Escape Velocity,”, India has emerged as the third largest startup hub in the world. According to the report, Bangalore, Delhi-NCR and Mumbai are the top cities which have seen a tremendous growth in startups, with Bangalore becoming one of the fastest growing technology startup hubs.

    AAI asked SpiceJet to pay Rs.20 crore by 30th November

    29 November 2018
    The Airports Authority of India (AAI) served a notice to SpiceJet asking it to pay Rs.20 crore by 30th November to partially clear its dues. AAI claimed that the airline’s dues have crossed the 80% threshold of its security deposit. As per the AAI norms, all the carriers are supposed to keep their dues within 80% of their security deposit with the State-run aerodrome operator. SpiceJet’s outstanding towards landing, parking and route navigation charges currently stands at Rs.117 crore, against its security deposit of Rs.104 crore. SpiceJet operates an average 446 flights daily to 57 destinations. It reported a net loss of Rs.389.37 crore for the September quarter on a surge in fuel costs and forex losses. The company had posted a net profit of Rs.105.27 crore in the same period of last fiscal. If the carrier fails to pay Rs 20 crore by the stipulated deadline, the AAI may increase the payment amount against its billing to Rs 3.5 crore.

    Ministerial Panel approved strategic sale of AI arm

    28 November 2018
    A Ministerial panel approved a proposal for strategic sale of Air India’s (AI) ground handling subsidiary Air India Air Transport Services Limited (AIATSL). The approval comes amid the government working on ways to revive the fortunes of AI, estimated to have a debt burden of more than Rs.50,000 crore, including the sale of non-core assets.  Proceeds from the sale would be used to pay-off part of AI’s debt. The Alternative Mechanism on AI disinvestment has decided to proceed with the strategic sale through divestment of 100% ownership of AIATSL.

    Tech Mahindra bagged Rs.270 crore deal from CIL

    28 November 2018
    Tech Mahindra bagged a Rs.270 crore deal to enable the digital transformation of Coal India Limited (CIL). The deal aimed at enterprise modernization and is to span a five-year period.  In the first of the project, Enterprise Resource Planning (ERP) would be implemented in CIL and its two subsidiaries, Mahanadi Coalfields Limited and Western Coalfields Limited. It also includes the supply and implementation of the hospital information management system across all eight subsidiaries of CIL, covering 21 hospitals. The primary objective of setting up an integrated ERP system in CIL and its subsidiaries is to deploy state-of-the-art information technology system, which can provide all necessary information based on real-time data and help the management in taking quick and timely decisions to achieve desired results.

    Govt proposes Rs 13 crore subsidy for hybrid cars in India

    28 November 2018
    The Department of Heavy Industry has proposed a subsidy of ₹13 crore to promote hybrid cars in India. The move follows lobbying by automobile manufacturers including Toyota, Maruti Suzuki and Honda. The incentives have been sought by the department for potential buyers of 10,000 hybrid cars fitted with lithium-ion batteries of 0.5-2 kilowatt-hour (kWh) in a meeting with the committee for the second phase of the Faster Adoption and Manufacturing of Electric and Hybrid vehicles (FAME) scheme.

    Ohio becomes the first US state to accept taxes in Bitcoin

    27 November 2018
    Ohio will become the first US state to accept payment of taxes by businesses in Bitcoin, beginning this week. Businesses can pay 23 different taxes with Bitcoin, from employee withholding tax to fuel and sales tax, through an online cryptocurrency portal. The state will use BitPay, a cryptocurrency global payment system, to complete the process. 

    Uber Eats appointed Alia Bhatt as its first brand ambassador of India

    26 November 2018
    Uber Eats announced the appointment of actress Alia Bhatt as its brand ambassador. India will be the first country where the global company appointed an ambassador.

    Panasonic expects Rs.140 crore sales from bluetooth based trackers

    24 November 2018
    Panasonic, Japanese technology, said it expects sales to around Rs.140 crore in the next one year from its bluetooth-based trackers that have been conceptualized and designed by its team in India. The company had launched two versions of its tracker ‘Seekit’. It priced around Rs.1,299. Panasonic will be selling the devices online from the first week of December 2018.

    Sikhs celebrated the 550th birth anniversary of Guru Nanak

    23 November 2018
    Sikhs celebrated the 550th birth anniversary of Guru Nanak. They celebrate the birthdays of all of their ten gurus as 'Gurpurab'. The birth anniversary of the first Sikh guru, Guru Nanak is known and celebrated as 'Guru Nanak Prakash Utsav'.  Sikhs celebrated 550th birth anniversary of Guru Nanak  It is one of the most sacred festivals for Sikhs and is celebrated on 23rd November 2018. Sri Guru Nanak Dev was born in 1469 in Talwandi, a village about 65 kilometers west of Lahore. During the course of his life, Guru Nanak traveled far and wide, teaching people the message of one God who dwells in every one.

    Rajesh Exports an order worth Rs.933 crore from UAE

    23 November 2018
    Rajesh Exports, the world’s largest gold refiner, procured an order worth Rs.933 crore from the United Arab Emirates (UAE). The order is to be executed in the month of March 2019. The Bengaluru-based firm has its other refineries located in Uttarakhand and at Balerna in Switzerland. It has a capacity to refine 2,400 tonnes of gold per annum. The company processes 35% of gold produced in the world.

    Paytm partners with LIC for insurance premium payments

    23 November 2018
    Softbank-backed, digital payments service provider, Paytm (One 97 Communications Limited) partnered with the Life Insurance Corporation of India (LIC) to offer online insurance premium payments on its platform. A simpler and faster method of premium payments will be offered through the Paytm app with the freedom of paying premium through debit card, credit card, net banking and Paytm Wallet, besides availing the benefit of several deals and offers. Life insurance sector in India is the biggest in the world in terms of policy count with about 360 million policies.  It is expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 % over the next five years.

    Ducati launched Panigale V4 R in India

    23 November 2018
    Ducati, the Italian super-bike maker launched Panigale V4 R in India. The bike priced at Rs.51.87 lakh. The new model would be limited to just five units in India and bookings were open across all Ducati dealerships in the country. The Panigale V4 R is powered by a 998-cc engine. It features a race-grade suspension with mechanical adjustment and an aluminium swingarm with an adjustable four-position axle.

    Grundfos to invest Rs.25 crore in its new unit by 2020 in Chennai

    23 November 2018
    The Indian subsidiary of Denmark-based Grundfos is to set up its third pump production unit by 2020 in Chennai, Tamil Nadu. It plans to set it up in a State which would offer approvals on fast track. Despite the invitations from several States to the Grundfos, it said that it has ‘natural tendency’ to establish the unit in Tamil Nadu as it possessed 15 acres of land near Chennai. However, it has sought clarity on the policy and system fronts. The company plans to invest Rs.25 crore towards a preliminary study for the new plant and other related activities.

    Mapletree to buy SP Infocity for Rs. 2,500 crore

    22 November 2018
    Mapletree Investments Pte Ltd., Singapore-headquartered firm, acquires SP Infocity, Tamil Nadu for Rs.2,500 crore. SP Infocity is jointly owned by Canada Pension Plan Investment Board and Shapoorji Pallonji Investment Advisors Pvt. Ltd., a 100% subsidiary of Shapoorji Pallonji and Company Private Limited.  The SP Infocity is spread over 2.7 million sq. ft., SP Infocity, an IT park on MGR Salai, houses some of the big corporate names from across the globe. Automobile firm Ford runs its global business services from its premises. Other tenants include Amazon, HSBC and BNP Paribas. Freshworks, a start-up, has over 1,000 employees working out of the facility. As on 31 March, Mapletree owns and manages Singapore $46.3 billion worth properties. It also manages four real estate investment trusts and six private real estate funds, which hold a diverse portfolio of assets.

    The domestic LPG price touched Rs.1,000 in Karnataka

    22 November 2018
    The price of non-subsidised domestic LPG (14.2-kg cylinder) has increased around Rs.1,000 mark in most parts of Karnataka. Besides the base price, with taxes and duties, LPG retail price at a particular city is determined by the distance from the bottling plant. LPG requirements in Bidar are catered to by the Belagavi bottling plant. Karnataka has 11 such plants across the State established by three public sector oil marketing companies. Some of the places where the prices of the cylinder increased has been mentioned below:   Sl.No. Place Current Price of  14.2-kg cylinder Price during the  month of April 1 Bidar ₹1,015.5 ₹721 2 Bengaluru ₹941 ₹654 3 Mangaluru ₹921 ₹630 4 Hubballi ₹962 ₹671 5 Belagavi ₹956 ₹666    

    The domestic LPG price touched Rs.1,000 in Karnataka

    21 November 2018
    The price of non-subsidised domestic LPG (14.2-kg cylinder) has increased around Rs.1,000 mark in most parts of Karnataka. Besides the base price, with taxes and duties, LPG retail price at a particular city is determined by the distance from the bottling plant. LPG requirements in Bidar are catered to by the Belagavi bottling plant. Karnataka has 11 such plants across the State established by three public sector oil marketing companies. Some of the places where the prices of the cylinder increased has been mentioned below:   Sl.No. Place Current Price of  14.2-kg cylinder Price during the  month of April 1 Bidar ₹1,015.5 ₹721 2 Bengaluru ₹941 ₹654 3 Mangaluru ₹921 ₹630 4 Hubballi ₹962 ₹671 5 Belagavi ₹956 ₹666    

    Jio partnered with KDDI for international roaming on VoLTE

    21 November 2018
    Mukesh Ambani led Reliance Jio Infocomm Ltd. partnered with KDDI Corporation launched Voice over Long Term Evolution (VoLTE)-based inbound international roaming between India and Japan. This service makes the international roamers and the Japanese travelers in India to enjoy HD voice and LTE high-speed data.  Japan-based KDDI Corporation is the first international service provider to avail Jio’s service which provides international travelers access to high-speed data and voice services on Jio’s network.

    Bosch appliances arm to invest Euro 100 mn in different sectors over the next 4 years

    21 November 2018
    Bosch Home Appliances plans to invest €100 million over the next four years into different sectors such as personalized solutions, brand building, strengthening its technology centre, and setting up a robust refrigerator factory in India. Bosch is developing solutions based on the blockchain, sensors, artificial intelligence (AI), and other futuristic technologies.  In India, Bosch’s AI solutions and transformation centre is located in Bangalore which is one of the global innovation centres. This center drives through Bosch’s “3S” strategy, that is, it uses sensors, software, and services.

    NSE launched online platform for retail investors to buy G-sec

    20 November 2018
    National Stock Exchange of India (NSE) launched a mobile application and web-based platform for retail investors to buy government securities (G-Secs). The new app - 'NSE goBID', was launched by SEBI chairman Ajay Tyagi. Through this app, retail investors can invest in treasury bills (T-Bills) of 91 days, 182 days and 364 days and various government bonds from one year to almost 40 years. It will allow investors to make payments directly from their bank accounts using the unified payments interface (UPI) and internet banking. RBI conducts auction of G-sec and T-bills on a weekly basis where 5 per cent of the notified amount is allotted for eligible investors under the scheme for non-competitive bidding facility.

    ACC appointed Sumanta Chaudhuri as the new Coal Secretary and many others

    20 November 2018
    The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi named 1985-batch IAS from West Bengal cadre Sumanta Chaudhuri as the new Coal Secretary. He replaced Inder Jit Singh. Prior to this appointment, he was the Managing Director of Small Farmers Agri-Business Consortium. Other Appointments: ACC also appointed Director of Lal Bahadur Shastri National Academy of Administration, Upma Chowdhry, was appointed Secretary, Department of Youth Affairs. IAS officer Jalaj Srivastava, currently Additional Secretary in the Department of Agriculture, Cooperation and Farmers Welfare, was appointed the new chairman of Inland Waterways Authority of India.

    U.S. and European firms sees India as an alternative to China

    19 November 2018
    U.S. and European firms are looking at options away from China after the U.S.-China trade war. China is now seen as not as cost competitive as it was in the past. Companies in the U.S. and Europe are looking at long-term options to build supply chain capabilities in India as an alternative to China. Now, India surely is in a good position to take advantage of this, though the scale is a challenge for us to match China.

    NGT directed Volkswagen to deposit Rs.100 crore as penalty

    18 November 2018
    The National Green Tribunal (NGT) directed auto major Volkswagen to pay an interim amount of Rs.100 crore with the Central Pollution Control Board (CPCB) after the allegation were made on the company saying that it used cheat devices in emission tests in its diesel vehicles. A bench headed by NGT Chairperson Justice Adarsh Kumar Goel further constituted a committee comprising representatives from the Ministry of Environment, Forests and Climate Change, Ministry of Heavy Industries, Central Pollution Control Board and the Automotive Research Association of India, to estimate the quantum of environmental loss.

    Lanxess plans to invest Rs.1,250 crore in India

    18 November 2018
    Lanxess, the Specialty chemicals major, is to invest €150 million (Rs.1,250 crore) by 2023 to strengthen its asset base in India. The company identified India as one of its top four growth regions. The company will be investing in the chemical intermediates, high-performance plastics, and water treatment products. The company aims at capitalizing the huge potential of the Indian chemical market.  The company currently has production facilities at Jhagadia in Gujarat and Nagda in Madhya Pradesh. Since its incorporation in India in 2004, Lanxess has grown its business in terms of asset base and turnover, which stood at Rs.2,608 crore last year.

    Jabong to merge with Myntra, 10% of all workers to be laid off

    17 November 2018
    Myntra CEO Ananth Narayanan has said all of Jabong's functions will be integrated with the company and about 10% of the combined workforce would be cut. Following Binny Bansal's resignation as Flipkart Group CEO, Walmart said Narayanan will report to Flipkart CEO Kalyan Krishnamurthy. Until now, Myntra and Jabong—wholly owned units of Flipkart—operated independently. 

    Walmart may wipe out Flipkart Group CEO post as Binny Bansal exits

    17 November 2018
    Walmart Inc controlled Flipkart and its co-founder and group chief executive Binny Bansal resign earlier this week over an investigation into “personal misconduct” and may abolish the position of Group CEO and retain the new structure it put in place after Bansal’s two people aware of the developments. PhonePe will remain majority-owned by Walmart but will raise funds from other investors.

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