1.
Centre to put Rs 20,000 crore more as capital infusion in public
sector banks this year.
i.
The government has decided to infuse capital to the tune of Rs 20,000
crore in public sector banks, Financial Services Secretary Hasmukh
Adhia said. 50%, or Rs 10,000 crore of this money will find its way
to "weak" banks.
ii.
This money is likely to strengthen balance sheets of banks reeling
with high non-performing assets and bad loans. In his union budget
for the fiscal presented in February, Finance Minister Arun Jaitley
had said that the government has earmarked slightly under Rs 8000
crore for capital infusion purposes for the current year.
iii.
The finance ministry is setting up a rating system for public sector
banks where their performance will be measured. Still in the planning
stage, some of the criteria that are under discussion for the rating
are the number of Jan Dhan accounts and financial inclusion
programmes that banks have implemented, and the quantum of retail
advances undertaken by them against their corporate advances.
iv.
Under this method, a higher rated bank will enjoy equity support from
the government unlike the practice earlier when government used to
support the weaker banks with equity erosion.
2.
Rajendra Srivastava of Singapore Management Univ to be next dean of
ISB.
i.
Rajendra Srivastava, the Provost and Deputy President and Professor
of Marketing at Singapore Management University, will be the next
Dean of Indian School of Business (ISB) with effect from January 1,
2016.
ii.
This was announced by Adi Godrej, Chairman of the ISB Board, here on
Friday. Srivastava will succeed Ajit Rangnekar, the outgoing Dean,
who has held this position since January 2009.
iii.
This was announced by Adi Godrej, Chairman of the ISB Board, here on
Friday. Srivastava will succeed Ajit Rangnekar, the outgoing Dean,
who has held this position since January 2009.
iv.
Prior to SMU, he held distinguished research chairs and senior
management positions at the University of Texas at Austin and Emory
University in Atlanta. He has an MBA and PhD (Business
Administration) from the University of Pittsburgh, an MS in
Industrial Engineering from the University of Rhode Island, and a
B.Tech (Mechanical Engineering) from the Indian Institute of
Technology, Kanpur.
3.
BHEL signs three MoU in Kazakhstan for power projects.
i.
Bharat Heavy Electronics Limited (BHEL) has signed three strategic
agreements with Kazakhstan companies in order to deepen its roots in
Central Asia.
ii.
BHEL will work with JSU on projects of mutual interest; JSU is the
national power utility of Kazakhstan having a major share in the
Kazakh power sector.
iii.
BHEL will work with KUS in the energy sector for design and
construction of power plants. KUS is one of the largest utility
companies in the Kazakh power sector specifically work in power
generation; transmission and sale of heat and electricity. It is
owned by the $ 9 billion assets Ordabassy Group.
iv.
BHEL will work with Kaznex Invest for co-operation in executing
projects in Kazakhstan. Kaznex Invest works under the Ministry of
Investments and Development of Kazakhstan, it is national export and
investment agency of Kazakhstan.
4.
India’s 10 companies in Forbes Asia Fabulous 50 list.
i.
Forbes Asia Fabulous 50 list released on the eve of its 10th
Anniversary has listed 10 Indian companies which stands second after
China in terms of number of companies listed.
ii.
This year’s list was also dominated by Chinese companies, over 25
Chinese companies made to the list against 16 last year.
iii.
China’s Tencent continued to be at the top on chart, which now
worth $ 176.5 bn. South Korea has third highest number of companies
with four firms after China and India, whereas Malaysia, Singapore,
and Philippines have two firms each and Japan, Indonesia have one
firm each on the list.
iv.
Indian companies that made to the list are: HDFC Bank, Tata
Consultancy Services, HCL Technologies, Aurobindo Pharma, Lupin, Sun
Pharma Industries, Motherson Sumi Systems, Tech Mahindra, Tata Motors
and Titan.
v.
Among the fifty companies HDFC Bank was named as Asia Fab 50’s
“brightest star” as it has made to the list nine times that is
more than any other company in the list.
vi.
Forbes selects The ‘Fab 50′ companies from the pool of 1,116
firms that have at least $ 3 billion in annual revenue or market cap.
5.
Japan’s Nikkei buys Financial Times in $1.3-bn deal.
i.
The two leading financial news operations from Europe and Asia are
now together, as Nikkei Japanese media group is going to buy the
Financial Times from Britain’s Pearson in a $1.3 billion.
ii.
Financial Times acquisition is a triumph for Nikkei as this is the
biggest acquisition ever by any Japanese media organisation.
iii.
This acquisition has brought an opportunity to Nikkei newspaper to
expand its readers outside its home market.
iv.
Pearson a 171-year-old international media company sold FT as it
wanted to expand its education business. Pearson owned FT for nearly
60 years.
6.
DIPP accepts ADB, JICA plans on industrial corridors.
i.
Department of Industrial Policy and Promotion (DIPP) has given nod to
Asian Development Bank’s (ADB) and Japan International Cooperation
Agency (JICA) for their conceptual development plan (CDP) report on
Vizag Chennai Industrial Corridor (VCIC) and Chennai-Bengaluru
Industrial Corridor (CBIC) respectively.
ii.
On 22 April 2015, Andhra Pradesh government approved to take loan
assistance from ADB for the development of proposed
Visakhapatnam-Chennai Industrial Corridor (VCIC) project. The
conceptual development plan report was in pipeline to receive nod
from DIPP to carry forward it’s on ground development.
iii.
VCIC is envisaged from Kolkata to Tuticorin (in Tamil Nadu) also
known as East Coast Economic Corridor (ECEC). ECEC in its first phase
focuses on the Vizag-Chennai section which runs from Vishakhapatnam
(Vizag), Andhra Pradesh to Chennai, Tamil Nadu.
iv.
The recent report sanctioned by DIPP includes development of three
industrial nodes in first phase they are; Krishnapatnam (Andhra
Pradesh), Tumkur( Karnataka) and Ponneri ( Tamil Nadu).
7.
India
to surpass China’s population by 2022: UN Report.
i.
India is going to become the most populous nation in the world by
surpassing China in 2022.
ii.
It was revealed in recently released United Nation’s report titled
‘World Population Prospects: The 2015 Revision’ indicating
India’s population growth within next seven years.
iii.
India will become most populous nation, six years earlier than it was
previously forecasted and will retain the top spot till year 2100.
iv.
At present, China which is world’s populous country with
approximately 1.38 billion population while, India has 1.31 billion.
v.
India’s population around and after 2022, is projected to grow for
several decades. It will be around to 1.5 billion in 2030 and 1.7
billion in 2050.