Business & Economy Current Affairs 2019 - Current Affairs Today

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Updated:16-06-2019 15:06:15
Updated:16-06-2019 1 day ago

  • Adani Group got its approval for the Carmichael coal mine project in Australia

    1 day ago
    Adani-led Adani Group has got its approvals from the Queensland state government, Australia for the Carmichael coal mine project in Australia. The plan was approved by the central government in April, 2019. The project aims to ensure energy security for India and create more jobs for Australia.  Setbacks: Adani Group's mining project in Australia faced various controversies for almost nine years as the environmentalists warned it of the severe damage it might cause to the Great Barrier Reel.  In August 2015, a federal court in Sydney revoked the environmental clearance given to the project. It cited the reason as the project threatened the Yakka skink, Australia's native lizard, and a species of ornamental snake found in the area.  The Australian government later reversed the decision and gave the approval. But the government imposed more conditions relating to community issues and environmental standards.

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    Dell emerged as the most trusted brand in India in 2019: TRA

    2 days ago
    Dell emerged as the most trusted brand in India in 2019, according to the report of TRA Report 2019. Around 31% Brand Trust Index (BTI) difference from Dell, an auto brand Jeep attained a dramatic entry in the second spot. LIC and Amazon ranked on third and fourth spots . Apple and iPhone emerged as India’s fifth most trusted brand. Samsung at the sixth spot and it is top among mobile phones. LG’s televisions are the leader and occupied the 7th position in the list. The eighth trusted brand rank is held by Aviva Life Insurance. Maruti Suzuki is at the ninth position and is followed by the State Bank of India at tenth place. The study conducted across 16 Indian cities on 2,315 consumers aged between 21 and 50 years with a minimum annual income of ₹ 2.4 lakh. The categories with the maximum brands are food & beverages and fast moving consumer goods, contributing to 26.8% of the total brands in the listings. About TRA  Founded: February 2008 HeadquartersNew York, USA Key people: Mark Lieberman, CEO

    Max Life Insurance Company launched 'My Protection Quotient' Tool

    12 June 2019
    Max Life Insurance company one of the famous insurance companies in India announced the launch of a unique proprietary tool, 'My Protection Quotient' (MyPQ) its commitment to ensuring financial protection in the country. MyPQ a smart tool designed to gauge the level of an individual's financial protection and their main aim to promote awareness and importance of term plans in protecting the financial future of families. This tool will help consumers gauge their preparedness for their life stage goals and protection against unplanned eventualities of life.  Max Life insurance to drive the agenda of financial protection in India.  The program'My Protection Quotient encourages all Indians to engage with protection need more closely. Its aim to help customers understand various aspects of financial planning, elements that are missing or require an upgrade to ensure that they have the right amount of life cover which helps customers to achieve their life goals with risk protection. MyPQ on the first-month anniversary dedicated 6th of every month as 'Protection Day' The survey conducted in association with Kantar IMRB mainly to understand where India stands with regards to life and term insurance ownership.  The Company is among the market leaders in online sales of pure protection products and has independent digital protection portfolio to further persevere in this direction. About Max Life Insurance Company Founded: 2000 Headquarters: New Delhi Net income: INR 440 crore Total assets: INR 35,825 crore



    ICAT released Indias 1st BS VI Certificate in Two Wheeler Segment

    12 June 2019
    International Centre for Automotive Technology (ICAT) released India’s first Type Approval Certificate (TAC) for Bharat Stage - VI (BS – VI) norms for the two-wheeler segment in New Delhi. The certificate released and handed over by Director ICAT, Dinesh Tyagi to top officials of the OEM (Original Equipment Manufacturers). India’s first certification in the two-wheeler segment for the BS – VI  They are the latest emission norms as notified by the Government of India.  Norms of the ICAT - India’s 1st BS – VI Certificate in Two Wheeler Segment  The ICAT drive through many steps in providing assistance and support to the automotive industry for the development, optimization and calibration of engines and vehicles for complying with these upcoming emission norms.Bharat Stage norms are the automotive emission norms which the automotive manufacturers have to comply to sell their vehicles in India.  The norms are applicable to all two wheelers, three wheelers, four wheelers. The Government of India decided to leapfrog from the exiting BS – IV norms to the BS- VI, thereby skipping the BS – V norms. They are to be effective from 1st April 2020. The vehicles will be sold and registered in India from 1st April 2020 onwards which comply to these norms. The norms are stringent and at par with global standards.I issued the approval for BS –VI norms to M/s Volvo Eicher Commercial Vehicles for the Heavy Commercial Vehicle segment. It is the first in its segment in India. About ICAT It is the testing agency authorized by the Ministry of Road Transport and Highways for providing testing and certification services to vehicle and the components vehicles in India. It has the latest equipment, facilities, and capabilities to develop, validate, test and certify the engines and vehicles for the latest norms in the field of emission and many other facilities like crash lab, NVH lab, EMC lab and test tracks.

    Amazon clinches top spot in the world's most valuable brand ranking

    12 June 2019
    Amazon clinched the world’s most valuable brand in cloud computing, consumer tech and movie production. It is founded by the world’s richest man Jeff Bezos. According to the 2019 BrandZ Top 100 Most Valuable Global Brands rankings, Amazon online retailer set its brand value quintuple in the past five years to reach $315.5billion. It is undertaken annually by advertising holding company WPP. The detailed study of Brand Z reveals firms financial data and draws on an extensive consumer survey to reach its conclusions. Amazon expanded into grocery, healthcare, food delivery and, with its Alexa devices, even voice recognition. Amazon jumped from third to first place to eclipse Google.The brand of Amazon from 52 percent to $315 billion. The company jumped from third place to first place and got the third position to topmost by replacing Google. About Financial Market  There are two online shopping namely Alibaba and JD.com Chinese website which are down its Chinese e-commerce operation. Huawei company got a sudden break down of telecom network equipment and smartphone maker poses security and spying risks. Huawei added 8 percent to its brand value in the past year to reach $26.9bn.Netflix was third among the global market and they obtained 65% to obtain its brand value of 34.3 billion. About Amazon Founder: Jeff Bezos Headquarters: Seattle, Washington, U.S. Services: Amazon.com, Amazon Alexa, Amazon Appstore, Amazon MusicAmazon PrimeAmazon Video Revenue: US$232.887 billion - 2018

    Mahindra Group Won Gold Award In South Africa

    11 June 2019
    Mahindra Company has 60 dealers in South Africa secured top position out of which 29 vehicle brands surveyed for the awards. They received the award from the country’s National Automobile Dealers Association (NADA) and resided at Africa for 16 years and they tested dealers satisfaction with the way a brand supports and communicated with them. This Award is a welcome recognition of the team’s hard work in every aspect of dealer support knowing that happy dealer ultimately leads to a happy customer. About Mahindra Group It is established in 1945 as Mohammad & Mahindra and later renamed as Mahindra and Mahindra. Parent organization: Mahindra Group CEO: Anand Mahindra Subsidiaries: SsangYong Motor, Club Mahindra Holidays About the National Automobile Dealers Association (NADA) It is an American trade organization. It is Established in 1917, the organization is based in Tysons Corner, Virginia. Abbreviation: NADA Formation: 1917 Founded: Chicago, Illinois, U.S.

    Wipro to acquire US International TechneGroup for 312 crore

    9 June 2019
    IT major Wipro it will acquire US-based International TechneGroup Incorporated for $45 million (around ₹312 crore). International TechneGroup Incorporated (ITI) provides Computer Aided Design and Product Lifecycle Management interoperability software services. Founded in 1983 and headquartered in Ohio, USA, ITI has offices in the UK, Italy, Israel and Germany. ITI is privately held and has 130 employees as of March 2019. Its revenue stood at $ 23.2 million in FY'18 (year ending June 30). The acquisition complements Wipro's core strengths in Industry 4.0 and will allow Wipro to offer end-to-end solutions in Digital Engineering and Manufacturing ITI’s offerings and solutions will be consolidated as a part of Wipro’s industrial and engineering services business and will function as a wholly-owned US subsidiary of the company.

    Ashok Leyland ties up with Suryoday Small Finance Bank for vehicle loans

    7 June 2019
    Ashok Leyland partnered with Suryoday Small Finance Bank for vehicle loans. The two partners have signed an initial agreement to enter a strategic financing partnership for three years Under the agreement, the bank will provide end-to-end financial solutions to Ashok Leyland's customers for auto loans across India. Suryoday Small Finance Bank will benefit its customers with financial products and with a hassle-free experience. About Suryoday Small Finance Bank Chairperson: Dr. Mrs. Sheela Bhide Founded: 2008 About Ashok Leyland Parent organization: Hinduja Group Headquarters: Chennai Founder: Raghunandan Saran Subsidiaries: Optare, Ashok Leyland Defence Systems

    Nirmala Sitharaman to attend G20 Finance Ministers Meeting in Japan

    6 June 2019
    Finance Minister Shri Nirmala Sitharaman attend the two-day meeting of G-20 Finance Ministers and Central Bank governors in Japan on June 8 and 9 It is the first overseas visit of Sitharaman as the Finance Minister. She took charge as full time finance minister last week. The main aim is to focus on the risks and challenges of overseas trade and investment in infrastructure which are faced by our country. Organisation for Economic Co-operation and Development (OECD) submit a report on taxation, urging greater cooperation among nations. India actively participating in the OECD-G20 efforts to create a global consensus on the taxation of the digital economy. About G 20  Chairperson: Shinzō Abe Founder: Group of Seven Founded: 26 September 1999 Purpose  :  Bring together systemically important industrialized and developing economies to discuss key issues in the global economy


    Google Sunder Pichai, Nasdaqs Friedman Receive 2019 Global Leadership Award

    6 June 2019
    Google's Chief Executive Officer (CEO) Sundar Pichai and Nasdaq President Adena Friedman selected for Global Leadership Awards 2019 by business advocacy group USIBC. They both are recognized for their companies contribution as the leading technology-driven platforms Washington-based US-India Business Council (USIBC) gives this award for achievements in over 30 categories for talented people who are recognized for their work by their companies. The award will be given in 'India Ideas Summit' next week. Google and Nasdaq at the vanguard, bilateral trade in goods and services grew by nearly 150% over the past five years to touch $142.1 billion in 2018. About Google Founded: 4 September 1998 CEO: Sundar Pichai Parent organization: Alphabet Inc. Founders: Larry Page, Sergey Brin About  Nasdaq CEO: Adena Friedman Headquarters: New York, United States Market cap: $10 trillion

    Flipkart co-founder joins Ujjivan Small Finance Bank as Director

    5 June 2019
    Ujjivan Small Finance Bank appointed Flipkart founder Sachin Bansal as its independent director. This is the second big futuristic move by Ujjivan management after it roped in HDFC Bank’s digital banking head Nitin Chugh as its next chief executive. About Ujjivan Small Finance Bank Industry    Banking, Financial services Founded    1 February 2017 Founder    Samit Ghosh Headquarters    Bangalore, Karnataka, India About Flipkart  Founded    2007; 12 years ago Headquarters    Bengaluru, India Founder(s)    Sachin Bansal, Binny Bansal CEO: Kalyan Krishnamurthy 

    ONGC became the Most Profitable PSU by overtaking India Oil Corp

    5 June 2019
    Oil and gas producer Oil and Natural Gas Corporation (ONGC) has overtaken Indian Oil Corporation (IOC) and regained the title of India's most profitable Public Sector Undertaking (PSU), which ONGC lost to IOC in the previous two financial years. The net profit of ONGC hiked up 34% in its 2018-19 fiscal to ₹26‎,716 crore compared to IOC's ₹17,274 crore net profit during the same period. For the fourth straight year, with a 44% rise in revenue and a turnover of Rs 6.23 lakh crore, Mukesh Ambani led Reliance Industries is India’s biggest firm in terms of revenue, profit and market capitalisation.

    Mahindra Susten partners with Mitsui & Co. Ltd for solar power generation

    5 June 2019
    Mahindra Susten, the private equity division of Mahindra Group, has partnered with Mitsui & Co. Ltd, of Japan. The aim is to jointly develop and operate distributed solar power generation projects in India.  Mahindra Susten will hold 51% stake in Marvel Solren Private Ltd. with Mitsui holding the rest 49%. It is expected that the collaboration between the two groups would help in targeting India's industrial and commercial sectors. Marvel currently operates four solar power projects in the country with a combined capacity of 16 megawatts. The company helps its clients reduce their carbon footprint through long-term purchase agreements that run between 10 to 25 years. Utilizing Mitsui’s global network, the company aim to expand the business to 150 megawatts by 2023. Mahindra Susten: Founded on: 2010 Headquarters: Maharashtra, India Parent: Mahindra & Mahindra Limited It is a portfolio company of Mahindra Partners, the private equity division of the Mahindra Group. It provides services within the renewable energy segment such as site surveys and feasibility reports to unit maintenance.  The company also provides advisory services pertaining to aspects such as financing, financial benefits, and regulatory approvals. Mitsui & Co.: Founded on: July 25, 1947 Headquarters: Tokyo, Japan Founder: Takashi Masuda, Tatsuzo Minakami Chairman: Masami Iijima President and CEO: Tatsuo Yasunaga It is a global trading and investment company which has a presence in over 60 countries. It is focussed on sectors such as energy and resources, machinery and infrastructure and chemicals.

    Two-wheeler loan named 'Sabse Khaas Loan' launched by L&T Finance

    4 June 2019
    Indian multinational conglomerate, L&T Finance, a subsidiary of L&T Finance Holdings, launched 'Sabse Khaas Loan' for two-wheeler customers. This scheme provides burden-free and low-cost finance for two-wheelers eliminates the need for hypothecation of the vehicle to the financier over the tenure of the loan.  This loan is for a financially strong customer who spends their hard-earned money smartly.  The Borrowers can choose 3 different EMI periods- 6, 12 and 18 months with the interest rates between 7.99 percent and 8.99 percent.  About Larsen & Toubro (L&T):  Founders: Henning Holck-Larsen, Soren Kristian Toubro  Headquarters: Mumbai

    GDP Growth slips to 5.8 % in Q4 in 2018 - 19 : Central Statistics Office (CSO)

    3 June 2019
    The Central Statistics Office (CSO), the rate of gross domestic product (GDP) growth in the January-March quarter of 2018-19 decreased to 5.8% as compared to the forecast of 6.5%. The economic growth rate for the full 2018-19 financial year stood at a 5-year low of 6.8% when compared with 7.1% The main reason behind the slip is the slowdown in the countrys key sectors like agriculture, industry and manufacturing in the past nine months. India's fiscal deficit in full 2018-19 stood at 3.4% of GDP. The revised target is around Rs 24.1 trillion. The Gross value added (GVA) growth for FYI 9 came was at .6%. The sectors which registered growth GDP rate of over 7% in FYI 9 are public administration, defence and other services (8.6 per cent), construction (8.7 per cent), financial, real estate and professional services (7.4 percent), electricity, gas, water supply & other utility services (7 per cent). About Central Statistics Office Formed    May 2, 1951 Jurisdiction : Government of India Headquarters : New Delhi, India Minister responsible   : DV Sadananda Gowda, Minister of Statistics and Programme Implementation

    ONGC became Indias most profitable public sector company

    3 June 2019
    Oil and Natural Gas Corp (ONGC), India's top oil and gas producer, has toppled Indian Oil Corp (IOC) to regain the crown of being the country's most profitable public sector company.  Oil and Natural Gas Corp (ONGC) reported a 34% jump in its 2018- 19 fiscal net profit to Rs.26,716 crore.  Whereas, IOC registered a net profit of Rs.17.274 crore for the fiscal year ended March 31, 2019.  ONGC, in the previous two financial years, had lost the most profitable PSU tag to IOC. With its refining margins under pressure due to falling oil prices, IOC had also lost the title of being India's largest company by turnover tag to billionaire Mukesh Ambani-led Reliance Industries in FY19.  Reliance has been India's most profitable company for the fourth year in a row. Oil and Natural Gas Corporation (ONGC): Founded on: 14 August 1956 Headquarters: New Delhi, India Chairman & MD: Shashi Shankar Owner: Government Of India ONGC is an Indian multinational oil and gas company. It is a Public Sector Undertaking (PSU) under the administrative control of the Ministry of Petroleum and Natural Gas. It produces around 70% of India's crude oil and around 62% of natural gas.  

    Forex reserve rises by 1.99 billion to 419.99 billion

    2 June 2019
    India's foreign exchange reserves increased by 1.994 billion to 419.992 billion US Dollar in the week ended 24th May 2019.  RBI released that foreign currency assets rose by 1.991 billion to 392.188 billion US Dollar. In the previous week, the reserves had declined by 2.05 billion to end at 417.99 billion US Dollar.   Gold reserves remained stable at 23.021 billion US Dollar. India's special drawing rights with the International Monetary Fund went by 0.8 million to 1.445 billion US Dollar, while the country's reserve position also increased by 2 million to 3.336 billion US Dollar. 

    PepsiCo to build Rs 500 crore food plant in Uttar Pradesh

    2 June 2019
    PepsiCo India will invest nearly ₹500 crore to build a food manufacturing plant in Uttar Pradesh. It will invest $2.1 bn in India by 2022, which is part of the $5.5 bn it had promised in November 2013. It is part of PepsiCo’s efforts to expand capacity in India's growing packaged foods market. The makers of Lay's chips and Kurkure snacks, PepsiCo will invest along with its local bottling partner. PepsiCo’s global chairman and CEO:- Ramon Laguarta. PepsiCo, which sells Tropicana, 7Up, Mountain Dew and Kurkure chips, among others, services the domestic market through 62 food and beverage plants. The bottling operations are owned by its local partner Varun Beverages.The packaged snacks and foods market in India is expected to grow 22.3% between 2018 and 2022.

    FICCI survey predicted GDP growth of India at 7.1% for FY20

    1 June 2019
    FICCI's (Federation of Indian Chambers of Commerce and Industry) economic outlook survey projected India's median GDP (Gross Domestic Product) 7.1% for FY20 and 7.2% for FY21. The survey was conducted among economists belonging to the industry, banking and financial services sectors. of Survey for 2019-20: Minimum and maximum growth estimate stood at 6.8 per cent and 7.3 per cent. Wholesale Price Index (WPI) based inflation rate is projected at 3.1% in 2019-20 with a minimum and maximum range of 2.1 per cent and 4 per cent, respectively. Consumer Price Index (CPI) based inflation forecasted at 4% for 2019-20 with a minimum and maximum range of 3.5 per cent and 4.1 per cent, respectively. The median growth forecast for agriculture and allied activities was pegged at 3%. About FICCI: Founded: 1927 Headquarters: New Delhi, India Founders: Ghanshyam Das Birla, Purshottamdas Thakurdas President: Sandip Somany

    Honda Motorcycle partnered with IDFC First Bank for retail financing

    1 June 2019
    Honda Motorcycle & Scooter India (HMSI) partnered with IDFC FIRST Bank to provide financing solutions for vehicles across the country The Memorandum of Understanding(MJ) was signed for the loan facility up to 100% of vehicle cost, zero processing fee, down payment of Rs.999 and extended loan tenure of 48 months offered to two-wheeler customers. This will lead to extra savings of Rs 5,000 on an average loan. About IDFC FIRST Bank: IDFC stands for Infrastructure Development Finance Company. It was founded by the merger of Capital First and IDFC Bank in December 2018 Headquarters: Mumbai Managing Director & CEO: V. Vaidyanathan About HMSI: Parent Organization: Honda Motor Company Headquarters: Gurgaon, Haryana CEO: Minoru Kato

    Former Flipkart Executive Sandeep Patil appointed as India Managing Director of Truecaller

    31 May 2019
    Former Flipkart Executive Sandeep Patil appointed as India Managing Director of Truecaller. He served as the head of consumer and commercial lending vertical at Flipkart until his new appointment with Truecaller. Sandeep Patil will be leading business strategies to expand the company and increase its revenue. He will be supervising the teams based in Delhi, Mumbai and Bengaluru. India is the largest market for Truecaller with 60-70% of global revenue and user base.  It has 100 million daily active users in the country. About Truecaller Headquarters: Stockholm Founded: 2009  Founders: Nami Zarringhalam and Alan Mamedi

    NCLT approved the the resolution plan of Tata Steel to acquire Bhushan Energy Ltd.

    31 May 2019
    The National Company Law Tribunal (NCLT) approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy Ltd. for about Rs.800 crore on 30 May. The principal bench of NCLT-Delhi also rejected objections from Bhushan Energy’s former promoter Neeraj Singal opposing Tata Steels’ bid. Resolution plan: Under the resolution plan, Tata Steel will offer an upfront payment of Rs.730 crore. It would also pay Rs.50 crore additionally to operational creditors of the company. Besides, Tata Steel would also infuse Rs.367 crore into the company as a part of equity infusion. A detailed order is still awaited in this matter. Acquisition of Bhushan Steel Ltd.: Bhushan Energy was a subsidiary of Bhushan Steel Ltd., which was also taken over by Tata Steel last May and later renamed as Tata Steel BSL Ltd. Tata Steel had offered Rs.35,200 crore in cash to acquire Bhushan Steel besides Rs.1,200 crore to creditors and convert the remaining debt owed to banks to equity. Earlier in June 2018, in this matter, NCLT had extended the insolvency resolution period for 90 days after the creditors failed to find a suitable buyer within the initial period of 180 days as mandated under the Insolvency & Bankruptcy Code (IBC).  

    Goldman Sachs to invest USD250 mn to construct one of its largest global workspaces in Bengaluru

    31 May 2019
    New York-based investment and financial services major Goldman Sachs have pumped in $250 million to construct one of its largest global workspaces in Bengaluru. Bengaluru workspace: Bengaluru, with 2,500 techies, is the second-largest engineering talent base of Goldman Sachs after New York.  Goldman Sachs Service, Bengaluru has become one of the firm’s global centres of innovation focused on the development and application of artificial intelligence, machine learning, and data analytics to help solve business problems for our worldwide network. The investment bank has seen significant technology value-addition from Bengaluru during the past one-and-a-half decades, and software solutions developed in the city have been used in many business verticals. It has also undertaken automation of key services such as client onboarding. Goldman Sachs: Founded: 1869 Headquarters: New York, U.S Goldman Sachs is an American multinational investment bank and financial services company.  

    Saudi Arabia lifts export ban on fruits and vegetable from Kerala

    30 May 2019
    Saudi Arabia lifted export ban on fruits and vegetables from Kerala.  In June 2018, the ban was imposed due to the outbreak of Nipah virus.  Saudi Arabian authorities had communicated this information to the state in the second week of May and it has led to the commencement of direct exports from the 3 airports.  Kozhikode airport exports 20 tonnes of fruits and vegetables per day worth $50,000 to various destinations in Saudi.  Other 2 airports of Kochi and Thiruvananthapuram export the items to Dammam, Riyadh and Jeddah airports.  The major items of export at present are mangoes such as Alphonso, Banganapalle, followed by banana and pineapple.  Kerala exports around 150 tonnes of perishable commodities to gulf countries.  It alone exports 30-40 tonnes to Saudi Arabia.  About Saudi Arabia Capital: Riyadh  Currency: Saudi Riyal  

    Walmart Appoints Suresh Kumar as Chief Technology Officer

    30 May 2019
    US-based retail chain Walmart appointed Suresh Kumar, an IIT Madras graduate, and former Google executive, as chief technology officer and chief development officer. The appointment comes at a time when Walmart is transforming its customer and associate experiences. He has 25 years of technology leadership experience, coming from Google, Microsoft, Amazon, and IBM. He has a unique understanding of the intersection of technology and retail, including supply chain, and has deep experience in advertising, cloud and machine learning. About Walmart Founded : July 2, 1962; Founder: Sam Walton Headquarters: Bentonville, Arkansas, U.S. Chairman: Greg Penner President and Chairman: Doug McMillon   

    Wirecard teams up with India to issue PAN cards

    27 May 2019
    Wirecard, a German Payments Company announced that it would work with India to simplify the process of issuing tax identity cards which required for opening bank accounts, transfer money and complete business transactions. The deal between Wirecard and state company UTI Infrastructure Technology and Financial Services seeks to widen the distribution of Permanent Account Number (PAN) card. Currently, Wirecard has a network of 15,000 retail agents in 350 cities of India which would help in collecting and scanning of documents that people need to apply for a PAN card. About Germany Capital: Berlin Currency: Euro

    Adani to set up container terminal in Myanmar

    26 May 2019
    Adani Ports & Special Economic Zone signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar. It will act as a network point to feed into our upcoming transshipment hub at Vizhinjam. The proposed container terminal will be integrated with our Ports/Terminals along the east and south coast of India, unlocking synergies by offering multiple entry/exit points for the shipping lines which wish to call on this region. The project site is located at city cluster & inner harbor of Yangon Port. The site is ideally placed to serve the traffic from industries surrounding the city with adequate storage and good evacuation channel for the port. The estimated cost for implementing phase I of 0.5 Mn TEUs is between the US $ 220- 230 Mn and phase II expansion to 0.8 Mn TEUs is expected to cost between the US $55-60 Mn The terminal will have a quay length of 635 meters with the capability to handle three vessels at a time.  

    Kalpataru introduces Launch Code Starlight homes in Thane

    26 May 2019
    Kalpataru presents 2, 3 BHK homes and 3 BHK sky loft at Kolshet Road, Thane. It is equipped with a host of amenities like racquet club, clubhouse, Olympic-length swimming pool, 20.5-acre park and more. Priced at ₹85 lakh, the apartments offer vitrified tile flooring, gypsum finished walls, video door phone, and integrated intrusion alarm system. About Kalpataru Nationality    Indian Known for    Founder, promoter, and Chairman of Kalpataru Group Home town    Piparcity, Jodhpur Net worth    US$2.0 billion 

    Sony to stop selling its smartphones in India

    26 May 2019
    Japanese technology giant Sony has revealed it will stop selling its smartphones in several countries including India. Sony added it presently considers Japan, Europe, Taiwan and Hong Kong as the "focus regions" — to drive profit for the smartphone business. Sony reported an operating loss of 97.1 billion yen ($879.45 million) in the year ended March. Samsung with shipment of 71.9 million units, Huawei with 59.1 million, Apple with 36.4 million, Xiaomi with 25 million, Vivo with 23.2 million and Oppo with 23.1 million are the top smartphone brands in the first quarter of 2019.

    Google bans 2nd largest phone maker Huawei from some Android updates

    26 May 2019
    New Huawei smartphones are set to lose access to some Google apps like YouTube and Maps and the next version of Android to be launched later this year. This comes after the US government sought to blacklist Chinese company Huawei around the world. Google’s suspension follows a report calling for Huawei to be prevented from supplying 5G mobile networks in the UK, because its operations are “subject to influence by the Chinese state”. Australia, which also shares intelligence with the UK, has already moved to ban Huawei as a supplier for its future 5G network. Huawei has always insisted it is a privately held company, independent of the Chinese state, owned largely by its employees, and has worked supplying phone technology in the UK for 15 years without problems.

    Vedanta bags two copper blocks in Maharashtra

    26 May 2019
    Mining and metals major Vedanta Ltd has been declared the final bidder for two copper mining blocks in Maharashtra’s Chandrapur district. The blocks, located in Thanewasna and Dubarpeth, are spread over 768.62 hectares and 816.29 hectares respectively. To ensure transparency in the mineral sector, the Mines and Minerals (Development and Regulation) Amendment Bill was passed by the Parliament in 2015.

    Google faces indexing issues, displays old Search results

    25 May 2019
    Google experienced some indexing issues which led to a few users seeing old links on Search results. Google didn't reveal the cause of the issue but it has been resolved. Notably, Google had faced similar indexing issues twice in April, once for Search and the other time for News. About Google Founded: September 4, 1998 Founders: Larry Page, Sergey Brin Sundar Pichai: CEO Ruth Porat: CFO

    Reliance Capital to sell its stake in mutual funds biz for Rs 6,000 crore

    25 May 2019
    Anil Ambani's Reliance Capital will exit mutual fund business by selling its stake in Reliance Nippon Life Asset Management to Japanese partner Nippon Life Insurance. Reliance Capital will sell 32.12% stake to Nippon Life for ₹4,520 crore, taking the latter's shareholding to 75%. It will offer its remaining 10.76% stake to other investors for ₹1,480 crore. Reliance Nippon is the fifth largest asset management company in the country, managing assets worth Rs 2.33 lakh crore. This is the largest FDI in India’s financial services industry from Japan.

    German payments company Wirecard teams up with India to issue PAN cards

    25 May 2019
    German payments company Wirecard would work with India to simplify the process of issuing tax identity cards required to open bank accounts, transfer money or complete business transactions. The deal, with state company UTI Infrastructure Technology and Financial Services, seeks to widen the distribution of so-called PAN cards in India of 1.3 billion where most people still live and work in the informal economy. Wirecard, which is already present in India, with its network of 15,000 retail agents in 350 cities would help collect and scan in the documents that people need to apply for a PAN card. About PAN: PAN - Permanent Account Number It is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes. It also serves as an identity proof.

    Facebook Registers New Fintech Firm in Switzerland

    22 May 2019
    Social media giant Facebook apparently formed a new financial tech firm, Libra Networks LLC, in Geneva, Switzerland. Libra Networks was registered in Geneva by Facebook Global Holdings II LLC. Facebook registered the trademark “Libra” with the United States Patent and Trademark Office back in June, which was reportedly part of its secretive in-house crypto project About Facebook Founded: February 2004, Cambridge, Massachusetts, United States CEO: Mark Zuckerberg Headquarters: Menlo Park, California, United States CFO: David Wehner

    Ola launches Ola money SBI Card

    22 May 2019
    Transport Company, Ola Cabs launched Ola Money SBI Credit Card in partnership With SBI Card to provide a flexible and convenient payment system to its customers. The credit card is powered by Visa. This partnership will enhance the co-brand card portfolio and also enable Sal Card to access Ola's vast customer base to make new acquisitions. There is no joining fee as Ola users will be able to apply, view and manage their credit card directly on the Ola app. About Ola: CEO - Ahavish Aggarwal Headquarters - Bengaluru SBI Card: MD and CEO - Hardayal Prasad 

    Facebook registers its new secretive cryptocurrency firm Libra Networks LLC in Geneva, Switzerland

    21 May 2019
    Facebook Global Holdings registered a new cryptocurrency firm named ‘Libra Networks LLC’ in Geneva, Switzerland. It will provide financial and technology services by developing related hardware and software components. Facebook has been very secretive about its new cryptocurrency project. Facebook had registered the trademark “Libra” with the United States Patent and Trademark Office. Facebook has hired 2 cryptocurrency compliance experts who formerly worked at the major crypto exchange Coinbase to assist in their work. About Facebook: ♦ Headquarters: Menlo Park, California, United States ♦ Founded: February 4, 2004 ♦ CEO: Mark Zuckerberg  

    India's Forex reserve rises to $420.055 bn

    20 May 2019
    According to the Reserve Bank of India's weekly statistical supplement, the overall forex reserves rose to $420.055 billion from $418.687 billion. India's forex reserves comprise of Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India's reserve position with the International Monetary Fund (IMF). Foreign Currency Assets (FCAs), the largest component of the forex reserves, edged higher by $1.358 billion to $392.227 billion. Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

    IBM Garage To Co-Create AI-based Automation Solutions With HDFC ERGO

    19 May 2019
    IBM India tied-up with HDFC ERGO General Insurance Company, India’s third-largest non-life insurance provider in the private sector, to co-create new Artificial Intelligence (AI)-based solutions. Leveraging IBM Garage that uses data-driven insights to develop end-to-end strategies and solutions for business transformation, teams from HDFC ERGO and IBM Services will work together to develop and test new solutions. About IBM India Headquarters: Bengaluru Number of employees: ~ 350,000 Parent organization: IBM Key person: Karan Bajwa Founded: 1992 Subsidiary: IBM India Research Laboratory

    Tech Mahindra Partners With France Based Firm Rakuten Aquafadas

    19 May 2019
    Tech Mahindra and French digital content publishing firm Rakuten Aquafadas signed an MoU to collaborate on building enhanced customer experience offerings. Rakuten Aquafadas and Tech Mahindra aim to build a Customer Experience Offering leveraging the suite of software that Rakuten Aquafadas provides for digital publishing. About Tech Mahindra Founded: 24 October 1986; 32 years ago Founder: Anand Mahindra Headquarters: Pune, Maharashtra, India Chairman: Anand Mahindra  MD and CEO: C.P. Gurnani 

    CBIC introduced weightage system for appointments under compassionate appointment scheme

    17 May 2019
    Central Board of Indirect Taxes and Customs (CBIC) introduced a weighting system for appointments under compassionate grounds which will be based on nine criteria like family income, dependents, remaining service period of the deceased, etc. The main objective is to ensure objectivity, transparency, and uniformity in the selection process for appointments on the compassionate ground. The government appoints the dependent member of a government employee under compassionate appointment scheme on the grounds of medical condition or that employee dying in harness. The guidelines for appointment are issued by the Department of Personnel and Training (DoPT) and CBIC introduced a weighted points system for its cadres according to the guidelines of DoPT.

    Infosys Foundation registration cancelled over FCRA Violation

    16 May 2019
    Home Ministry canceled the registration of NGO Infosys Foundation under the Foreign Contribution (Regulations) Act for violating the norms of receiving foreign grants. Under the FCRA Act, all non-government organizations (NGOs) have to mandatorily register under the act. Infosys Foundation had not submitted annual income and expenditure statement on foreign funding for last 6 years. Due to this reason the registration of Infosys Foundation was canceled by Home Ministry. Under the FCRA Act, there are guidelines according to which registered associations are required to submit an annual report of income and expenditure statement, receipts and payment account, balance sheet, etc. electronically. This submission should be done within the 9 months of the closure of the financial year.

    NMCG, HCL Foundation and INTACH inked MoU for Rudraksh Plantation in Uttarakhand

    16 May 2019
    National Mission for Clean Ganga (NMCG), HCL Foundation and Indian National Trust for Art and Culture Heritage (INTACH) signed tripartite Memorandum of Understanding (MoU) for Plantation of Rudraksha Trees in Uttarakhand under the ‘Namami Gange’ Programme. The objective is to create a greener ecosystem in the Ganga Basin along the stretch of 97 towns and 4,465 villages. Under the project, the aim is to plant 10,000 Rudraksha trees in the catchment area of Ganga River in Uttarakhand. About Uttarakhand ♦ Capital: Dehradun ♦ Governor: Baby Rani Maurya ♦ Chief Minister: Trivendra Singh Rawat ♦ National Parks/Wildlife Sanctuaries: Corbet National Park, Rajaji National Park, Binsar Wildlife Sanctuaries, Valley of Flowers National Park, etc. ♦ Dance Forms: Barada Nati, Langvir Nritya, Pandav Nritya, etc.

    ICICI Bank along with online travel booking portal Goibibo launched co-branded multi-currency card

    15 May 2019
    Industrial Credit and Investment Corporation of India(ICICI) Bank along with online travel booking portal Goibibo launched co-branded multi-currency card- Goibibo ICICI Bank Travel Card. Customers can use one card for multiple currencies and enjoy discounts on flights and hotel bookings. It can be used by anyone who are travelling abroad The card is accepted across 200 countries and 4.6 merchants globally and can be dealt in 15 currencies. The joining fee is Rs. 499+ GST and customers can buy the card by logging into the iMobile App. The card will be activated within one working day. The card provides travel insurance of Rs. 2 lakh to Rs. 10 lakh. The card offers the benefits up to Rs. 20,000, gift vouchers of Rs. 15,000 from Goibibo, a complementary card protection from theft and loss up to Rs. 5 lakh. In terms of currency conversion rate, 40 paise discount is offered for a minimum of $1,000. About ICICI Bank: ♦ Headquarters: Mumbai ♦ Tag line: “Hum Hai na” ♦ CEO: Sandeep Bakhshi About Goibibo: ♦ CEO: Sanjay Bhasin

    Bharti Airtel and HDFC Life tied up to offer insurance for prepaid customers

    15 May 2019
    Bharti Airtel and the Housing Development Finance Cooperation (HDFC) Life had tied up to offer life cover for customers at a prepaid recharge of Rs 249. This new Rs 249 prepaid recharge will include 2 GB data, unlimited calls across all the networks and 100 SMS per day with an insurance cover of worth of Rs 4 lakh from HDFC Life. The recharge validity is for only 28 days. The insurance cover of Rs 4 lakh will be there with the customers till recharge will active and once validity will over customers have to recharge it again to avail the insurance cover. To avail this insurance cover, the customers need to enrol after the first recharge through either by SMS, My Airtel App or the retailer. This insurance cover will be available to 18 to 54 years of age. About HDFC Life ♦ Headquarter: Mumbai ♦ CEO: Vibha Padalkar About Bharti Airtel ♦ Headquarter: New Delhi ♦ CEO: New Delhi

    Paytm Partners With Citibank To Launch 1st Credit Card- Paytm First Card

    15 May 2019
    Digital payments company Paytm, in association with Citibank, launched its first credit card called Paytm First Card. Paytm First Card comes with unlimited cash back and will be accepted in India as well globally. The card is issued by Citibank and doesn’t involve any hidden fees or charges.

    TAFE, Petroleum Conservation Research Association Sign MoU

    12 May 2019
    Tractor-manufacturer Tractors and Farm Equipment (TAFE) Ltd signed an MoU with Petroleum Conservation Research Association (PCRA) to aid conservation of resources. Under the MoU, the association plans to jointly conduct agricultural workshops by involving TAFE’s dealership network. The workshop would help spread awareness on the advantages of better maintenance and upkeep of the tractors, resulting in lesser fuel consumption and maximizing productivity, among others.

    Facebook Chooses London As Base For WhatsApp Payments

    12 May 2019
    Facebook chosen London as the centre for the global roll-out of WhatsApp pay, before the social media giant launches its digital payments service on the mobile messaging platform in India. WhatsApp would hire nearly 100 people in London to focus on the digital payments service and additional operations staff would be hired in Dublin. Facebook chose UK because it attracts a multicultural workforce from many of the countries where WhatsApp is widely used, such as India.

    Amul company to sponsor Afghanistan in Cricket World Cup 2019

    11 May 2019
    Amul announced to sponsor Afghanistan team in upcoming World Cup 2019 which will be held in England and Wales from May 30, 2019.   Amul’s logo will be visible on the leading arm of jerseys of the Afghanistan players in an international match and also in training kit throughout the world cup. Earlier in only two instances, Amul sponsored any cricket team in World Cup tournament. These two countries are New Zealand and Holland About Afghanistan ♦ Capital: Kabul ♦ Currency: Afghan afghani About Amul ♦ Headquarter: Anand, Gujarat ♦ CEO: R S Sodhi  

    Reliance Brands signs to buy out Hamleys for 68 million euros

    11 May 2019
    Reliance Brands, a subsidiary of Reliance Industries Ltd. (RIL), has signed a definitive agreement with C Banner International, a Hong Kong-listed company. The aim is to acquire 100% shares of centuries-old British toy retailer Hamleys for £68 million. Reliance Brands said that the 250-year old English toy retailer pioneered the concept of experiential retailing, decades before the concept of creating a unique experience in brick and motor retailing become the new global norm. The worldwide acquisition places Reliance on the frontline of global retail.

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