BANKING AND FINANCIAL AWARENESS – 23.9.16

BANKING AND FINANCIAL AWARENESS – 23.9.16

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India, EU to ink pact on pharma exports soon

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  • India and the European Union (EU) are likely to finalise the Broad Based Trade and Investment Agreement (BTIA) for free trade of pharmaceutical exports.
  • Negotiations are at an advanced stage and both countries are expected to sign an agreement soon.
  • High-level talks resumed after Prime Minister Narendra Modi insisted on ironing out differences between both countries and pitched for removing the non-tariff barriers on Indian pharma exports to the European markets.

Kingfisher official gets 18-month imprisonment in cheque bounce cases

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  • A Hyderabad court on Thursday sentenced A Raghunathan, former CFO of Kingfisher Airlines Ltd and a close aide of businessman Vijay Mallya, to 18 months imprisonment in connection with two cheque bounce cases.
  • Third Special Magistrate Court at Erram Manzil also imposed a penalty of Rs 20,000 on Raghunathan, who has been named accused no. 3 (A-3) in the case.
  • Raghunathan paid the penalty amount in the court. He also filed a petition seeking suspension of the sentence for a period of 30 days, pleading that he was only an employee of the company who acted according to the instructions of the chairman. Magistrate Justice M Krishna Rao referred the petition to the Nampally Criminal Courts in the city.

Tata sets up new office in Yangon

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  • Tata Group has set up its new office in Yangon aimed at strengthening its presence in Myanmar.The office, set up by Tata International, will be a central hub for Tata companies and further enhance and strengthen the Tata Group’s engagement with stakeholders in Myanmar.
  • It will facilitate growth of Tata companies in the region through furthering existing capabilities and exploring new opportunities across sectors.
  • “Myanmar plays a significant role in a number of our group companies’ international portfolio, and we hope to be able to further capitalise on the potential opportunities present in the region.”

L&T bags $100 million Vietnam ship order

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  • Larsen & Toubro (L&T) has landed a $99.7-million contract from Vietnam Border Guard to design, construct and supply high-speed patrol vessels.
  • The contract provides for supply of 12 vessels. These would be delivered over 30 months.
  • They have given us their requirements. He was hopeful that the two sides would freeze the design within the next six months.A combination of factors – ranging from its track record to design capability and execution skills – had clinched the deal in favour of L&T.

Vodafone responds to Reliance Jio with $7 billion push

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  • Vodafone India Ltd said it has received an equity infusion of Rs47,700 crore ($7 billion) from its parent Vodafone Group Plc. that will help it buy more spectrum, expand infrastructure, reduce debt, capitalize a proposed payments bank and improve service quality.
  • “This equity infusion will be used for right-sizing our spectrum portfolio, expansion of technology across our multiple technology layers and deployment of future next-generation 4G and 5G technology,”
  • Vodafone is infusing the money at a time when India is preparing for its largest auction of telecom radio waves on 1 October and in the background of an aggressive launch by Reliance Jio Infocomm Ltd, the telecom unit of Reliance Industries Ltd, that threatens to disrupt the market.

Consensus eludes GST Council on major issues

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  • Tamil Nadu may not join the rest of the country in rolling out the Goods & Service Tax (GST) from April 1, 2017, the deadline Prime Minister Narendra Modi has given for implementing the new indirect tax.
  • Opening day of the very first meeting of the newly-created GST Council, the State on Thursday called for deferring the roll-out of the GST. The Council includes representatives of all the 29 States and 2 Union Territories.
  • “As things stand at present it seems extremely difficult to meet the time lines indicated,” Tamil Nadu School Education and Sports & Youth Welfare Minister – K. Pandiarajan.

Centre names economists to monetary policy committee

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  • Centre on Thursday named three academics trained in economics as the external appointees on the monetary policy committee (MPC) that will work with the Reserve Bank of India’s three members to decide interest rates.
  • RBI is represented on the MPC by Governor Urjit Patel, Deputy Governor in-charge of monetary policy R. Gandhi, and M.D. Patra, the executive director who was nominated by the RBI board.
  • Three external members — Pami Dua, Chetan Ghate and Ravindra Dholakia — will have a fixed four year term, which is non-renewable.  The RBI will set interest rates according to the majority view of the six-member MPC, with the Governor having the casting vote in case of a tie.

Wipro Consumer Care buys Chinese FMCG firm

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  • It has signed a definitive agreement to acquire 100 per cent shareholding of Zhongshan Ma Er Daily Products Limited, a Chinese Fast Moving Consumer Goods (FMCG) company.
  • The acquisition will be done through its Singapore business Wipro Singapore Pte Limited. Through the buyout the FMCG arm of Wipro Enterprises is looking at strengthening its presence in fast growing South China’s personal care business.
  • Zhongshan Ma Er has a strong footprint in China and Hong Kong and its brand portfolio includes personal care brands Enear, Zici, and Vcnic, comprising bath and shower products and fabric care brands Pahnli and Sunew.

 

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