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Business & Economy Current Affairs October 3rd Week 2019

CCI approves Kora to invest on Edelweiss Securities: 

The Competition Commission of India (CCI) approved the Kora Master Fund LP investment of $75 million up to 10% in Edelweiss Securities Ltd. US-based Kora signed an agreement with Edelweiss in August 2019. As per the share subscription agreement, Kora is to invest in Edelweiss Securities Ltd (ESL) and Edelweiss Global Investment Advisory (EGIA) business subsidiaries.

Kora Master Fund LP:

Kora is a foreign portfolio investor. The principal activity of Kora is investment holding and related activities. The target entities that belong to the Edelweiss Group with Edelweiss Financial Services are the ultimate holding company.

Competition Commission of India (CCI):

Formed on: 14 October 2003

Chairman: Vijay Kumar Agarwal

Secretary: PK Singh

CCI is responsible to enforce the Competition Act 2002 across India. It aims to prevent activities that will cause an appreciable adverse effect on competition in India. CCI is a Trade Practices Commission.

India, US defence trade to reach Rs.1.2 lakh crore:

The US Department of Defence said that the bilateral defence trade between India and the US is expected to reach $18 billion (over Rs.1.2 lakh crore) by the end of 2019. The statement comes before the 9th India-US Defence Technology and Trade Initiative (DTTI) meeting in New Delhi in October.

US-India:

The US Department of Defence also reaffirmed its commitment to strengthening its partnership with India. 

In 2008, the bilateral defence trade was zero between India and the US.

 

The US also granted the India Strategic Trade Authority Tier 1 designation to Indian in August 2018. It provides India with greater supply-chain efficiency by allowing American companies to export a greater range of dual-use and high-technology items to India under streamlined processes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Business & Economy Current Affairs October 2nd Week 2019

India jumps to 7th spot in Brand Finance Nation Ranking:

India jumped two levels to 7th position in the Brand Finance Nation ranking of 2019 The overall economic growth due to slowdown in the manufacturing and construction sectors.

The latest report by independent brand valuation consultancy Brand Finance, India has jumped to the seventh position from 9th last year, after recording a solid 19 percent growth in brand value to USD 2.6 trillion.

The Indian economy to recover after the global financial crisis with growth now reduced by a recent slowdown in both the manufacturing and construction sectors.

Canada secured 7th position dropped to 8th position. South Korea was at the 10th position last year managed to jump a level up to reach the 9th position.

Italy which was at 8th position last year, slipped to the 10th.US, China and Germany continued to be the top three nations, respectively even in 2019.

Brand Finance Nation Ranking

Brand Finance is an independent branded business valuation consultancy. It advises branded organizations or those with intangible assets, on how to maximize their value through effective management, of their brand and other intangible assets.

Founded: 1996

Headquarters: London, United Kingdom

CEO: David Haigh

Union Govt may restrict palm oil import from Malaysia over Kashmir stand:

India is restricting imports of some products from Malaysia including palm oil in reaction to the Southeast Asian country`s leader criticizing New Delhi for its actions in Kashmir.

India is looking for ways to limit palm oil imports and may place restrictions on other goods from the country, said a government source and an industry source who participated in discussions led by the Ministry of Commerce and Industry on the planned restrictions.

India`s government was angered after Malaysian Prime Minister Mahathir Mohamad said last month at the United Nations that India had "invaded and occupied" Jammu and Kashmir and asked New Delhi to work with Pakistan to resolve the issue.

Muslim-majority Kashmir is divided between India and Pakistan, which both claim it in full and have twice gone to war over the territory. India revoked the special constitutional status of its portion of Kashmir in August, angering Pakistan. The government wants to send a strong signal of its displeasure to Malaysian authorities.

India, the world`s biggest importer of edible oils, is planning to substitute Malaysian palm oil with supplies of edible oils from countries such as Indonesia, Argentina, and Ukraine. The Palm oil accounts for nearly two-thirds of India`s total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

 

In the first nine months of 2019, India was the biggest buyer of Malaysian palm oil, taking 3.9 million tonnes, according to data compiled by the Malaysian Palm Oil Board.A spokeswoman for India`s commerce ministry said the ministry could not comment on things that were under consideration.

 

 

 

 

 

 

 

 

 

 

 

 

 

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Business & Economy Current Affairs October 1st Week 2019

CCI approved the acquisition of GAL:

The Competition Commission of India (CCI) gave its approval to an arm of Tata Group, and its two overseas partners to acquire a majority stake in GMR Airports Limited (GAL) under Section 31(1) of the Competition Act, 2002. The announcement was made by the Ministry of corporate affairs.

Deal:

The approval relates to the acquisition of up to 55.2% equity stake in GAL collectively by TUTPL, Valkyrie, and Solis. It is expected that the deal will pump Rs.1,000 crore into GMR Airports. It also includes the purchase of Rs.7,000 crore of the airport unit’s equity shares from the parent. GMR currently operates Delhi international airport and the Hyderabad International airport, in India.

Stake holders are:

  • TATA group`s arm TRIL Urban Transport Private Limited (TUTPL)
  • Valkyrie Investment Pte. Ltd. (Valkyrie)
  • Solis Capital (Singapore) Pte. Limited (Solis)

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