NATIONAL NEWS
India to be Guest of Honour country at 29th Abu Dhabi International Book Fair
India has been nominated as the “Guest of Honour” country at the 29th edition of the Abu Dhabi International Book Fair (ADIBF). Indian Ambassador to the UAE, Navdeep Singh Suri said that India's selection as the guest of honour reflects the strong relations between the leadership and the people of the UAE and India.
- A three-member team from the Publications Division is also participating in the Fair. Books on the life and struggle of Mahatma Gandhi will be on display as part of the 150th birth anniversary celebrations. An annual fair is a major event in the publishing sector in the Middle East and North Africa. It will conclude on the 30th of April.
Hero Group's clean energy arm to invest $200 million in Rajasthan
Hero Future Energies Global (HFE), the clean energy arm of Hero Group, will invest around $200 million in a solar project in Rajasthan. The project will be supported by International Finance Corporation (IFC), which will invest around $43.3 million (Rs 300 crore).
- The project will be developed by Clean Solar Power (Jodhpur), a step-down subsidiary of HFE. Total estimated project cost is approximately $200 million.
Govt extends ban on import of milk products from China
The government extended the ban on import of milk and its products, including chocolates, from China till laboratories at ports for testing presence of toxic chemical melamine are upgraded. Food regulator FSSAI had recommended extending the ban until all labs at ports are modernised to test the chemical.
- The ban was first imposed in September 2008 and extended subsequently from time to time. The ban was imposed on apprehensions of presence of melamine in some milk consignments from China. Melamine is a toxic chemical used for making plastics and fertilisers.
BuyUcoin Introduces First Indian Platform for Wholesale Cryptocurrency Trading
BuyUcoin, which is the second oldest Cryptocurrency Exchange in India, announces the launch of a new and unique platform for wholesale cryptocurrency trading which allows its users to trade on a large scale with low price fluctuations. The platform currently works on free trading model i.e. charges zero fee on any trade.
- This new feature introduced by BuyUcoin will help to improve the liquidity of cryptocurrency in Indian market and lead to quicker transaction, better prices and market stability.
- The platform is aptly described and known as OTC (Over-the-counter) desk. It is preferred by traders who deal with cryptocurrency in bulk and want to resist much price fluctuations during the trade.
INTERNATIONAL NEWS
Iran, Pakistan to set up border 'reaction force' after militant attacks
Iran and Pakistan have agreed to set up a joint border "reaction force" following a number of deadly attacks by militant groups on their frontier, Iranian President Hassan Rouhani announced after talks with visiting Pakistani Prime Minister Imran Khan.
- The border skirts the volatile southeastern Iranian province of Sistan-Baluchistan which has been the scene of frequent attacks on Iran's security forces.
BANKING & FINANCE
Kotak Bank launches debit card-based e-mandate on NPCI's API
Kotak Mahindra Bank (Kotak) announced the launch of an industry-first debit card-based authentication solution on NPCI’s e-Mandate API platform. Kotak has become the first Destination Bank to go live with both Net Banking and Debit Card-based e-mandate authentication.
- This capability will enable Kotak customers to create electronic mandates (similar to the erstwhile eNACH with Aadhaar + OTP) via both the Debit Card and Net Banking channels.
RBI becomes the first APAC (Asia-Pacific) central bank to begin interest rate easing cycle
The Reserve Bank of India is the first central bank in the Asia-Pacific region to begin an explicit interest rate easing cycle buoyed by benign food inflation and easier global financial condition.
- The Monetary Policy Committee (MPC), headed by RBI Govenor Shaktikanta Das, cut rates in February and April, citing prospects of benign inflation. In the four months of 2019, the RBI has cut policy interest rates twice by 0.25 per cent each to one-year low of 6 per cent.
BUSINESS & ECONOMY
Microsoft edges toward $1 trillion valuation, boosted by cloud business
Microsoft Corp.’s cloud computing business fueled quarterly sales and profit that topped analysts’ estimates, boosted by several new deals with large corporate clients. The company’s shares rose as much as 5.1 per cent in New York, briefly pushing its valuation across $1 trillion before pulling back slightly.
- The move nosed the software maker ahead of Apple Inc. as the world’s most valuable company. The two tech giants, along with Amazon.com Inc., are all within striking distance of the symbolic $1 trillion mark as their stocks have rallied this year.
Mahindra to deploy 50 electric vehicles on Uber's platform in Hyderabad
Indian automobile company Mahindra & Mahindra announced the deployment of its electric vehicles (EV) on global ride-sharing platform Uber in Hyderabad. Earlier, Mahindra had announced its strategic collaboration with Uber, to explore the deployment of EVs on its platform in several cities across India.
- The two companies will be deploying 50 EVs, which include both e2O hatchback and e-Verito sedan models, in a tie-up with taxi partners such as eee-Taxi to begin with in Hyderabad.
Indian retail mall space to rise to 95 million sq ft in 7 cities by 2021
India’s retail mall space is set to rise to 95 million square feet (msf) by 2021 from 75 msf now in the top 7 cities of the country with NCR, Hyderabad and Bengaluru leading the supply, according to a report by Reed Exhibitions India titled 'Malls of India'.
- The report said that India was poised to become the third largest consumer market, with consumer spending growing to $ 6 trillion by 2030 from $ 1.5 trillion at present.
India’s Pharmaceuticals export increases 11% to USD 19.2 billion
The country's pharmaceutical exports rose by 11 per cent to USD 19.2 billion in 2018-19, mainly driven by higher demand in regions such as North America and Europe, as per a commerce ministry data.
- The pharma exports in 2017-18 stood at USD 17.3 billion and USD 16.7 billion in the previous fiscal. The other important destinations include South Africa, Russia, Nigeria, Brazil and Germany, where exports are registering growth.
Sebi reduces minimum subscription requirement for REITs, InvITs
Markets regulator SEBI has reduced the minimum subscription requirement as well as defined trading lots for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). REITs have to offer their units in lots worth at least Rs 50,000 in initial and follow on public offers.
- The minimum value of a single lot should be Rs 1 lakh in the case of InvITs. Further, leverage limit for InvITs has been increased to 70 per cent from current 49 per cent.
Uber Asia Pacific head Amit Jain resigns
Uber Asia Pacific Head Amit Jain has resigned from the company after a four-year stint at the US-based ride-hailing company. Jain, who was elevated to the APAC position in May last year after serving as the India head, will remain with the company till the end of May.
- Pierre-Dimitri Gore-Coty will take responsibility for Uber's Asia Pacific Rides business in addition to his current role leading Rides teams across Europe, the Middle East and Africa.
Wipro BFSI president Shaji Farooq resigned
Shaji Farooq, president of Wipro’s banking financial services and insurance (BFSI) business unit, has stepped down from the role five years after he was elevated to it. His direct reportee, Angan Guha, will take over as senior VP and global head of the BFSI unit effective July 1.
- Guha has been with Wipro for over 25 years and was the vertical head for BFS Americas in his previous role. He is based in New York and will report to Wipro CEO Abidali Neemuchwala.
APPOINTMENTS
Rajendra Kumar Nayak Takes Over as the 52nd CGDA
Rajendra Kumar Nayak has taken charge as the 52nd Controller General of Defence Accounts (CGDA). Nayak is 1983 batch Indian Defence Accounts Service (IDAS) officer.
- During the career span of more than 35 years, Shri Nayak has held important assignments in the Defence Accounts Department and on deputation in the Government of India. He has vast and varied experience in handling Finance, Personnel, Pay & Budget matters of Ministry of Defence.
Karnam Sekar has been appointed as Indian Overseas Bank’s new MD & CEO
Former Dena Bank MD Karnam Sekar is set to take over as the new Managing Director and CEO of Indian Overseas Bank from July 1, 2019. He will take over from R Subramaniakumar, who was instrumental in taking measures to turn around the bank, which has been reporting loses due to high NPA.
- Prior to joining as officer on Special Duty and Whole Time Director of IOB in April 2019, Sekar was the MD & CEO of Dena Bank till March 31, 2019.
