Financial Affairs 14 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams

China assures wider market access for Indian products

Indian Prime Minister Narendra Modi (L) shakes hands with Chinese Premier Li Keqiang during a news conference at the Great Hall of the People in Beijing, China, May 15, 2015. REUTERS/Kenzaburo Fukuhara/Pool
  • China assured India that it will act on giving greater market access to domestic products to bridge the widening trade deficit.
  • The meeting held between Nirmala Sitharaman and Wang Shouwen, China.
  • India’s exports to China was USD 9 billion, while imports were USD 61.7 billion, leaving a trade deficit of USD 52.7 billion.

Govt approves Rs 1,955-cr road link project

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  • The Cabinet approved construction of a road link  between Sahibganj in Jharkhand to Manihari in Bihar, including a bridge on the Ganges.
  • The estimated project cost of Rs. 1,955 crore, 4,076 mondays are required for construction of one kilometre
  • The total length of the road to be developed is about 22 kms with a concession period of 19 years.

BRICS Renewable energy capacity targets

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  • BRICS countries will require additional annual investment of USD $51 billion on average.
  • The Institute for Energy Economics and Financial Analysis (IEEFA) said that overall nearly $10 billion would need to come in annually from public finance institutions to channelise sufficient private funds to meet the renewable energy capacity targets of BRICS nations.

Bharti Airtel’s debt to rise by $2 billion on spectrum buys: Moody’s

airtel-logo

  • Bharti Airtel’s debt will increase by $2 billion due to the recent spectrum purchase in next 6-12 months, Moody’s Investors Service said.
  • India’s largest mobile operator with over 257 million subscribers, won 173.8 Mhz of airwaves for Rs 14,244 crore in the just-concluded spectrum auction.

Monexo looks to raise $5-10 mn. for P2P business in India

p2p

  • Monexo Innovations, the latest entrant in the Indian peer-to-peer lending space, plans to raise about $5-10 million to scale up its business.
  • The Reserve Bank of India (RBI) released a discussion paper in April on the proposed guidelines for the participants.
  • “Currently, They have not raised any funds externally but they will need to raise in the range of $5-10 million to scale their operations,” CEO Mukesh Bubna said.

Foreign investors sue Toshiba over accounting scandal

LAS VEGAS - JANUARY 09: A general view at the Toshiba booth at the 2009 International Consumer Electronics Show at the Las Vegas Convention Center January 9, 2009 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 11 and features 2,700 exhibitors showing off their latest products and services to more than 130,000 attendees. (Photo by Ethan Miller/Getty Images)

  • A group of investors are suing Toshiba in a Tokyo court for $162.3 million in damages, over a $1.3 billion accounting scandal uncovered last year.
  • The 45 unnamed shareholders were seeking compensation for damages caused by its “inappropriate accounting”.
  • Tepco shareholders in 2012 sued the utility’s executives for a record 5.5 trillion yen.

Centre backs low GST rate, EU FTA to spur textiles jobs

GST or Goods and Services Tax alphabet letters with Malaysian currency. Concept of Government Service Tax. Slightly defocused and close-up shot.

  • The government is going all out to make the textile sector more competitive by pursuing a lower Goods and Services Tax rate and is even willing to allow automobile and wine imports from the European Union.
  • “We are at a critical juncture for Indian textiles as China is moving out of global markets due to increase in labour costs and higher domestic demand. It’s the right time for us to occupy the space, especially in countries where China was exporting, besides the EU and the U.S.”

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