Archive For The “Business & Economy Current Affairs 2018” Category

Infosys to shift its ADS from Nasdaq to NYSE Euronext

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Indian IT major Infosys will shift its American Depositary Shares (ADS) from the NASDAQ to NYSE Euronext. The step is being taken to provide European investors better access to its stock. What is ADS? It refers to US dollar denominated share of any foreign company trading on an American stock exchange. Why Infosys has chosen…

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Tata Sons to offload a part of its 60 per cent stake in direct-to-home Tata Sky Ltd

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Tata Sons, a holding company of the Tata Group has 60% stake in the DTH (Direct-To-Home) Tata Sky Ltd. DTH (Direct-To-Home) Tata Sky Ltd is loss-making company and thus, Tata Sons plans to sell a part of its share to private equity players and institutional investors and raise funds for the satellite TV company’s growth…

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Maldives cancels GMR’s $511m airport project

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Maldives has cancelled a USD 511 million deal with Indian firm GMR. Maldives has also ordered Orders GMR to leave the country within 7 days. India has warned Maldives to honor the legal contract. Why was the cancellation of GMR project? Background: The deal b/w Maldives and GMR was inked under former president Mohamed Nasheed’s…

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OVL to buy ConocoPhillips’ 8.4% stake in Kashagan field

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ONGC Videsh Ltd. (OVL) has finalized agreements for the acquisition of 8.40% Participating Interest (PI) of ConocoPhillips in the North Caspian Sea Production Sharing Agreement (NCSPSA), which included the Kashagan field in Kazakhstan. Kashagan Field is an offshore oil field located in the northern part of the Caspian Sea close to the city of Atyrau…

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Aurobindo Pharma recalled anti-depressant drug from US

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Hyderabad based Aurobindo Pharma Ltd recalled Mirtazapine drug from the US market due to the product not meeting a specification for a known degradation product during routine stability testing. The drug is an anti-depressant and generally indicated for treatment of mood disorders.             Source:gktoday

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Jet Airways may get approval to join Star Alliance

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Jet Airways may get nod from Civil Aviation to join the Star Alliance with state-owned Air India. What is Star Alliance? Star Alliance is the world’s first and largest global airline alliance, headquartered in Frankfurt am Main, Germany. It was founded in 1997 by five founding airlines, Air Canada, Lufthansa, Scandinavian Airlines, Thai Airways International,…

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Hind Copper disinvestment rescued by LIC and PSU banks

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In the direction of achieving Rs 30,000 crore target for fiscal 2012-13 by disinvesting PSUs, the government of India managed to yield Rs 800 crore by selling shares of Hindustan Copper. The sail was mainly on support from the Life Insurance Corporation and public sector banks. The offer for sale (OFS) saw lukewarm response from…

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RINL’s navratna status extended by one year

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The Union Government extended ‘navaratna’ status to Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) till November 2013. The government took into account the company’s performance, investment of huge amounts in expansion and plant modernisation and completion of all formalities for an IPO.             Source:gktoday

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Pepsi replaces DLF by winning 5 years sponsorship of the IPL

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Pepsi won the five-year title sponsorship of the Indian Premier League (IPL). It replaced earlier sponsor DLF by paying Rs 396.8 crore ($71.93 million) which is almost double the amount DLF paid.             Source:gktoday

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TDSAT reserves order on Tata Teleservices-Vodafone dispute on SMS fee

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Tata Tele took Vodafone to Telecom Disputes Settlement and Appellate Tribunal (TDSAT) against Vodafone’s notice threatening to disconnect termination of SMSes on its network over a dispute on certain fees. A single-member Telecom Disputes Settlement and Appellate Tribunal (TDSAT) bench of P.K.Rastogi reserved its order on the interim plea of Tata Teleservices. TDSAT: Establishment: The…

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Airtel Completes Largest Network Transformation in African Telecoms History

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Bharti Airtel Ltd, India’s largest telecommunications operator has finished an end-to-end network transformation program across the 16 African countries in which it operates. This transformation programme by Airtel follows the 2011 declaration of an on-going 5 year multi-country managed services arrangement, in which Ericsson would manage and optimize Airtel’s mobile networks across Africa. The project…

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RBI advises banks not to grant loans for purchase of gold in any form

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The RBI advised banks not to give loans for purchase of gold in any form, including primary gold, bullion and jewellery. Still, RBI held that banks can provide finance for genuine working capital needs of jewelers. Objective: To discourage people from indulging in speculative activity. Such advances by the banks are probable to be utilized for…

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“White Goods makers miss targets despite good demand” – What are White Goods ?

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What are AWhite Goods’ or AWhiteware’ ? What are AWhite Sales’? AWhite Goods’ or AWhiteware’ basically refer to two groups of household items: Household linens Household appliances Household linens Household linens like Handkerchief, bed sheet, towel, pillow, etc. These were originally were/are made of white cotton or linen fabric, thus were referred to as White…

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Intel CEO Paul Otellini to retire

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Intel CEO Paul Otellini Otellini who has worked with Intel for nearly 40 years and became CEO in 2005. Otellini will retire in May at the age of 62 years. Intel held that search it is searching for replacement for Otellini both within and outside the organization.             Source:gktoday

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Sweden’s Volvo to invest in India

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Volvo is a Swedish truck, bus and earth-moving equipment maker. Volvo is the world’s 2nd largest truck maker by revenue. Volvo declared its plans to invest R s 3,800 Crore in India in next few years. Of this amount, it will be investing Rs 1,800 Crore in a joint venture with Eicher Motors. Volvo and…

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Tata Sons appoints Cyrus Mistry as it Chairman

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Cyrus P Mistry will be the Chairman of Tata Sons from December 28 following retirement of Ratan N Tata. Ratan Tata will be conferred with the honorary title of Chairman Emeritus. Mistry has also been appointed as the Chairman of Tata Steel and Tata Chemicals. Tata Sons is the promoter of the major operating Tata…

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Infosys ADS begins trading on NYSE

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Infosys American Depository Shares (ADS) have begun trading on NYSE (New York Stock Exchange). Very recently, the company had shifted its shares from NASDAQ to NYSE to give its European investors better access to its stock.  The company is also in the process of listing its ADS on the Paris and London exchanges of NYSE…

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Wipro’s Sunflower Vanaspati brand sold to Cargill India

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Cargill India, US-based food producer and marketer, acquired the Sunflower Vanaspati brand from Bangalore based IT major Wipro. Wipro wanted to get out of its traditional edible oil business.  The acquisition is expected to make Cargill, (that processes 4,000 tonne per day) the largest vanaspati player, with Rath, Gemini and Nature Fresh Purita brands in…

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Walmart spent $25 million in lobbying to enter Indian retail market

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Global retail major Walmart has reported in its disclosure that it has spent close to USD 25 million (aboutRs.125 crore) since 2008 on its various lobbying activities, including on the issues related to "enhanced market access for investment in India".  The disclosure has come at a time when India has just opened up its multi-brand…

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Apple joins hands with Google to bid for over $500 million Kodak patents

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Apple Inc. and Google Inc. came together to offer more than $500 million to buy Eastman Kodak Co. (EKDKQ)’s patents out of bankruptcy. Why Apple and Google came together despite being competitors? Despite being competitors in the smartphone market, the two companies have joined hands in order to reduce the individual cost of purchasing the…

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Golden Cards for industrialists in Uttar Pradesh

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The Uttar Pradesh govt will issue Golden Card to to industrialists and industrial associations for easy access to its offices. What is a Golden Card? A Golden Card will be like an identity (ID) card with the holder’s photo. It will allow entry of industrialists to the state secretariat and government departments on priority basis…

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