Financial Affairs 13 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams

Samsung will ‘dispose of’ recalled Note 7 phones, won’t repair or refurbish them


  • Samsung adjusted its third quarter profit estimates to account for over $2 billion in losses  a direct result of the Note 7.
  • Samsung manufactured over 2 million Note 7s, and inefficient smartphone recycling practices make the difficult-to-mine rare earth elements and other components irrecoverable.
  • These are very expensive in terms of the environmental impact, but also in the lives they impact to mine them.

“US Fed hike to have only small impact on India”

FILE - In this Jan. 25, 2015 file photo, U.S. President Barack Obama, left, and Indian Prime Minister Narendra Modi prepare to shake their hands after they jointly addressed the media in New Delhi, India. On Monday June 7 2016 Modi arrived in Washington during a five-nation tour that also takes him to Switzerland, Afghanistan, Mexico and Qatar. He meets with Obama on Tuesday, and addresses a joint meeting of Congress on Wednesday. He’ll also meet Congressional leaders and top business officials. (AP Photo/Manish Swarup)

  • India is likely to see only a “small” impact if the US Federal Reserve decides to hike interest rates as the country is doing well.
    • The downside risks to the global economy remain quite high, except for the US.
    • Everybody agrees that countries cannot have “only monetary policy doing the job”.

    Wang Jianlin named China’s richest man with $32 bn net worth


    • Wang Jianlin, has retained his spot as the country’s richest person with a fortune of $32.1 billion.
    • Jack Ma and  President Pony Ma were ranked second and third respectively.
    • There are now 754 Chinese billionaires in the world.

    India receives its first oil parcel from Iran


    • Mangalore Refinery and Petrochemicals Ltd, which imported the very large crude carrier.
    • India will fill half of the storage with 6 million barrels of Iranian oil.
    • A second parcel to be procured by Bharat Petroleum Corp. is scheduled to arrive around Oct. 25.

    Wells Fargo CEO resigns over fake accounts dispute

    John Stumpf, chairman and CEO of Wells Fargo, arrives to testify in a Senate hearing in Washington, D.C., on Sept. 20. Stumpf was discussing the unauthorized opening of accounts by Wells Fargo.

    • John Stumpf, who led Wells Fargo & Co. and built it into the world’s most valuable bank.
      • He stepped down as chief executive officer and chairman.
      • Stumpf, is retiring from both posts.
      • Stumpf leaves Wells Fargo and its 268,000 employees with a damaged reputation.

      Inox Wind bags 40 MW power project from Malpani Group


      • It has bagged repeat orders from Malpani Group for 40 MW and 20 MW wind power projects in Gujarat.
      • The two orders will be executed on turnkey basis and are scheduled to be commissioned by March 2017”.
      • It will provide end-to-end solutions from development and construction to commissioning.

      Govt starts ₹5,000 cr seismic survey of 26 oil fields


      • The government has embarked on an exhaustive seismic survey across 26 sedimentary basins with presumed presence of of petroleum.
      • Rs 5,000-crore National Seismic Programme (NSP) was aimed at acquisition, processing and interpretation (API) of 48,243 line kilo metres of 2D seismic data.
      • In the last 25 years, there has been a deadlock in India to carry out seismic surveys.

      Schneider Electric to invest ₹750 crore in India


      • It plans to pump in Rs 750 crore in India over the next three to five years in research and development (R&D), innovation and manufacturing.
      • In the past 10 years they have invested around 800 million euro.
      • They plan to invest another 100 (million euros) at least in the next coming five years.



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