Economy Current Affairs
Economy Current Affairs September 2nd Week 2016
Category : Economy Current Affairs
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1) FIA opposes SEBI’s proposals on algorithmic trading.

  • Futures Industry Association (FIA), a leading global trade organization for derivatives, has opposed most of the proposals in a Securities and Exchange Board of India (SEBI) discussion paper on regulating algorithmic trading.
  • Most of the recommendations like forced speed delays, increased resting time between orders and a cap on order-to-trade ratio could impact liquidity and increase trading costs for investors.
2) CPCL mulls adding refinery at Narimanam.
  • Chennai Petroleum Corporation Ltd., (CPCL), a subsidiary of Indian Oil Corporation, is planning to set up an additional refinery at Narimanam in Nagapattinam District of Tamil Nadu to meet higher demand for petroleum products in the state.
  • As per the proposed plan, CPCL may set up either a six million tonnes or nine million tonnes refinery. The cost per tonne is estimated to be between Rs. 2,200 and Rs. 2,500 per tonne. It would take roughly four to five years to set up the unit.
3) Mahindra, Ola enter partnership, target vehicle financing of Rs. 2600 crore.
  • Mahindra & Mahindra Ltd and Ola formed an ``non-exclusive`` alliance where the automaker will sells its cars and services to earn Rs. 2,600 crore in revenue over the next two years.
  • An `unified special package`, announced by the two companies, will enable more than 40,000 drivers of Ola, to buy Mahindra cars at special prices, low interest rate financing with zero down payment from Mahindra Finance.

4) Ananya Birla launches luxury e-commerce startup.

  • Ananya Birla, daughter of Aditya Birla Group Chairman Kumar Mangalam Birla launched `CuroCarte`, a luxury e-commerce platform which will go live on September 11.
  • CuroCarte will offer products priced at Rs. 7,000-12,000 curated from nine countries including Spain, Thailand, Morocco and France.
  • Birla`s first venture was a micro-finance institution aimed at empowering women in rural areas.
5) Google invites startups for launchpad program.
  • Google has invited late-stage app startups from India, Brazil, Indonesia and Mexico to apply for the third class of its Launchpad Accelerator program.
  • Under the program, startups will work closely with Google for six months, including a two-week all-expense-paid training at Google headquarters in Silicon Valley.
6) Zuckerberg’s philanthropic arm invests in Byju’s.
  • Education-tech startup Byju’s has raised $50 million (about Rs. 332 crore) led by Chan Zuckerberg Initiative (CZI).
  • This is the first Asian investment from the Chan Zuckerberg Initiative which is the philanthropic arm created by Facebook founder Mark Zuckerberg and his wife Priscilla Chan in 2015.

7) HDFC Ergo acquired L&T Insurance.

  • HDFC Ergo General Insurance Company (HDFC ERGO) has completed the acquisition of 100 percent shares of L&T General Insurance Company (L&T Insurance) for Rs. 551 crore.
  • Company has recently received approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and Competition Commission of India.
8) BSE becomes 1st Indian stock exchange to file for IPO.
  • BSE has filed draft papers with markets regulator SEBI to raise an estimated Rs 1,200-1,300 crore initial public offering.
  • Which will make the first Indian stock exchange to be listed.
  • The much-awaited public offer of BSE is expected to be entirely an offer for sale (OFS) by the existing shareholders.