Financial Affairs 12 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams

IPO market heads for mega year; 50 companies raise $2.93 billion in 2016


  • The year 2016 is set to be a record-breaking year for Indian IPO market as 50 firms have entered Dalal Street with initial share-sale offers to garner $2.93 billion.
  • Another 22 companies have lined up IPO plans in 2016 bringing the year-end estimated total deal value to $5.8 billion, more than double from last year’s deal value of $2.18 billion.
  • Further, 16 companies are in the pipeline to be listed domestically in 2017, raising $5.86 billion.

India’s exposure to US govt securities crosses $123 bn in July


  • Steeply increasing its exposure, India’s holdings of American government bonds touched a high of $123.7 billion in July making it the 12th largest holder of such securities.
  • China’s exposure stood at $1.22 trillion, followed by Japan with holdings to the tune of $1.15 trillion.
  • India has the third highest holdings of US government securities after China and Brazil ($254.1 billion). In July, Russia had trimmed its exposure to $88.2 billion.

Government revises excise duty evasion limit to warrant arrest.


  • The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature.
  • ” The monetary limit for arrest and prosecution in Central Excise to maintain uniformity of practice in central excise and service tax,” CBEC said.
  • “only if a person collects any amount as service tax but fails to pay the amount so collected to the credit of the Central Government beyond the period of six months from the date on which such payment becomes due and the amount exceeds Rs 2 crore.”

Govt keen FY18 budget should not clash with polls: Arun Jaitley

New Delhi: Finance Minister Arun Jaitley during a press conference after the RBI Central Board Meeting in New Delhi on Sunday. PTI Photo by Shahbaz Khan(PTI8_10_2014_000081b)

  • The government wants expenditure to start in April itself, finance minister Arun Jaitley said there are five state assembly elections lined up in 2017.
  • The Cabinet on 21 September had in-principle decided to end the colonial-era tradition of presenting the Union budget on last day of February.
  • Budget Session of Parliament to begin before 25 Jan 16 and go in for a three-week break between 10 and 15 Feb 16 before reconvening between 10 and 15 Mar 16 to complete the legislative exercise.

Apple stock hits highest since December on Samsung Note 7 fire crisis


  • Apple Inc’s (AAPL.O) stock on Monday jumped 2.3 percent, reaching a high not seen since December, after rival Samsung Electronics Co Ltd (005930.KS) suspended production of its flagship Galaxy Note 7 smartphones following reports of fires in replacement devices.
  • Apple’s stock was up $2.66 at $116.72 in afternoon trading and was the largest contributor to gains on the S&P 500. Earlier, Samsung’s stock dipped 1.5 percent.
  • Apple’s stock has rallied 13 percent since mid-September on optimism about demand for the recently launched iPhone 7.

Bankruptcy code: Centre issues three more draft guidelines


  • The government on 11 oct 16 unveiled three sets of draft rules specifying how to make an application to the adjudicating authority, the insolvency resolution process for corporate persons and liquidation of insolvent corporate persons.
  • The government has already constituted the Insolvency and Bankruptcy Board of India. Chaired by MS Sahoo, the Board held its 1st meeting on 7 oct 16.
  • The bankruptcy Code seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound and speedier manner.

World’s Best IPO Sees 6,000% Gain as Analysts Say Stay Away (1)


  • The world’s best-performing new listing this year is a Hong Kong civil-engineering stock soaring for reasons that appear unrelated to its business.
  • Luen Wong Group Holdings Ltd. jumped 1,438 percent on the first trading day after its April initial public offering and is now 6,715 percent above its offer price.
  • The company, which reported sales of $41 million last year and profit of $1.1 million from projects like laying roads and digging sewers, is today worth $2.9 billion.

BSNL offers ‘1 + 1 free data’ for prepaid subscribers


  • “Four new Data STVs have been launched on festive season on pan India basis with validity of 365 days with double data offer from October 10 to 31 Oct 2016”.
  • Under this offer, Rs 1,498 will give 18 GB instead of 9 GB data, Rs 2,798 will give 36 GB instead of 18 GB, Rs 3,998 will give 60 GB data instead of 30 GB and Rs 4,498 will give 80 GB data instead of 40 GB data.

Singapore shuts down Swiss Falcon Bank over Malaysian scandal


BARCELONA, SPAIN - MAY 20: General view in the Scuderia Toro Rosso garage during practice for the Spanish Formula One Grand Prix at the Circuit de Catalunya on May 20, 2011 in Barcelona, Spain. (Photo by Peter Fox/Getty Images)

  • The Monetary Authority of Singapore (MAS) said it had ordered Falcon Bank to cease its operations in the city-state because of a “persisistent and severe lack of understanding” of Singapore’s money laundering controls.
  • DBS was ordered to pay Sg$1m (£593,000/US$730,000) for 10 violations while UBS was ordered to pay Sg$1.3m for 13 violations.
  • The Malaysian prime minister, Najib Razak, who founded 1MDB, has been heavily embroiled in the scandal but has strongly denied any wrongdoing.

The World Economic Forum is setting up a tech-focused hub in San Francisco


  • The World Economic Forum is establishing a new center in San Francisco to connect tech companies and policymakers in the heart of the world’s technology industry.
  • The new facility will focus on bringing government officials and tech companies together to create frameworks for more productive legislative policies that can be implemented worldwide.
  • “There’s a policy question about how do you maximize the benefit to humans and minimize the downside” of most innovations coming from technology companies.



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