Business Current Affairs

Government may approve a hike in DA

Government is expected to give sanction to the decision related to a hike in dearness allowance (DA) from 100 percent to 107 percent of the basic salary. This will benefit 30 lakh emloyees at the Centre and 50 lakh pensioners including their dependents. The previous UPA government had hiked DA from 90 percent to 100 percent with effect from January 1, 2014. But the central government employees' union is not happy with the 7 percent hike.

AirAsia India offers tickets for Rs 600

AirAsia India launched a promotional offer with fares as low as Rs 600. The offer will be available on the bookings which will be made before 31 August for travel between 26 October 2014 and 24 October 2015. At present, AirAsia operates from Bangalore to Kochi,Goa and Chennai sectors.

CBI books more lenders as its probe widens in Syndicate Bank case

The Central Bureau of Investigation (CBI) has registered two enquiries against UCO Bank and Bank of Maharashtra. The enquiries were made against the two banks in connection with alleged irregularities in extending the credit facilities. CBI took these steps to widen its probe in the Syndicate Bank case. It had earlier arrested Director of Altius Finserv Pvt Ltd for bribing S.K. Jain, Chairman and Managing Director of Syndicate Bank.

SEBI changes trading safety rules

With a view to strengthen the risk market, the Securities and Exchange Board of India (SEBI) has asked the depositories to set up a fund that would act as a safety net in case of default. As per reports, the regulator has also asked the clearing houses to launch separate funds for different market segments such as debt, currency and equity.

EPFO to offer 8.75 percent interest in fiscal year 2014-2015

The Employee Provident Fund Organisation (EPFO) will retain the interest amount on deposits of provident fund at 8.75 percent for the fiscal year 2014-2015. K K Jalan, Central Provident Fund Commissioner (CPFC), confirmed the interest rate for 2014-2015. As per media reports, the decision to retain the interest rate was kept the same despite the protests from the union members of the Central Board of Trustees (CBT). The final notification for the same will be issued by the Finance Ministry later in the year.

Rajan alerts against debt waiver schemes

Raghuram Rajan, Reserve Bank of India (RBI) Governor has alerted against the debt waivers which are proposed by few state governments. He has emphasised on the adverse effects such schemes can bring on the financial condition of the banks, which are reeling under prudential requirements and deterioration in asset quality. While addressing a conference, he stressed on the need for strengthening the state-level coordination committees (SLCCs).

Adani plans to invest $2 billion in power plant in Odisha

Adani Group is expected to sign a pact with the Odisha government to set up 2,500 megawatt power plant. As per reports, the company will invest $2 billion or Rs 12,000 crore in this plant. It is also expected to have identified several sites in different districts of Odisha. As per reports, the power plant is likely to be built in phases and the raw material will be sourced from Chendipada and Machakata coal blocks. 

SpiceJet's festive fares starting at Rs 1,888

During the festive season, SpiceJet is offering tickets at Rs 1,888 including taxes. It will be a limited period offer and will be available on bookings till 27 August, 2014. The tickets will be available at this price for traveling between 25 September and 15 January 2015 (including both the days). These offers will only be available for domestic travellers. Since January, Spice has launched over a dozen discount schemes.

Nifty touches new heights

Sensex has touched a new peak by hitting a record high of 26,561.65 points in early trade. Nifty also touched new peak of 7945.90. As per reports, all the sectors were trading in green and good buying was noticed in healthcare, banking and auto sectors. The S&P BSE gained 116.42 points, auto by 63.08 points and healthcare index by 103.15 points.

Second arrest in connection with Saradha scam

The Central Bureau of Investigation (CBI) arrested Kolkata businessman Sandhir Agarwal after interrogation related to the Saradha scam. The is a second arrest in a week's time in connection with the the multi-crore rupee scam in West Bengal. On Wednesday, East Bengal Football Club official Debabrata Sarkar was arrested by the CBI. Sudipta Sen on April 2013 wrote a letter to the CBI stating the names of Sarkar and his confederates including Agarwal for taking more than Rs 40 crore from him to conceal the investigation carried out by market regulator SEBI.

Uttar Pradesh government announces new electronic manufacturing policy

A new electronic manufacturing policy has been announced by the Uttar Pradesh government which will allow the mass production of electronic goods like cell phones, computers, DVDs and other such items. The state cabinet has approved the policy which has been inspired by the Chinese model. In the initial phase, small electronic manufacturing cluster will be set up and promoted. The site for one such cluster is at Greater Noida whereas process of finding sites to establish other two clusters is still going on. The state cabinet has also announced 15 percent capital subsidy for investing up to Rs five crore in these clusters.

RBI likely to introduce plastic currency next year

The Reserve Bank of India (RBI) is planning to launch the plastic currency notes next year. It will introduce these notes on a pilot basis and will improve the security features so as to avoid the situations of counterfeit. As per reports RBI, is also seeking other alternatives which can be used to improve the quality of the bank notes. RBI governor Raghuram Rajan said that tender for 1 billion notes have been released.

SpiceJet becomes the second-largest domestic airlines in July

The low-cost carrier (LCC) SpiceJet has reached the second position in the aviation market in the month of July. The market share of the aviation company is 20.9 per cent, while the combined share for the Jet Airways-JetLife is 19.6 per cent in the month of July. The share of the number one airlines IndiGo marginally declined to 30.7 per centin July which was 31.6 per cent in June. As per reports, SpiceJet is the only airline in India which has reported a growth in the market share in July.

New rules imposed by TRAI for cheaper international calling cards

The Telecom Regulatory Authority of India (TRAI) has lowered the rate payable by international long distance players to local operators. According to a statement released by TRAI, the new access charges for wireless services has been fixed at 40 paisa per minute and for wireline services at Rs 1.20 per minute. The international long distance operators (ILDO) pay the access charges for international subscriber dialing (ISDs) to the local players. As per the new rules, a customer will be able to buy the calling cards from any ILDO.

OBC and Dena Bank shares Fall on Reports of Scam

The shares in Oriental Bank of Commerce (OBC) and Dena Bank fell as low as 5 per cent over the reports that the branches of these banks based in Mumbai have misappropriated the funds. As per media reports, the Union Finance Ministry has brought a light on the scam and ordered a forensic audit for the same. It has also referred the case to the Central Bureau of Investigation (CBI).

Earlier, the CBI arrested Syndicate Bank chairman Sudhir Kumar Jain over another bribery scam. Not surprisingly, the PSU bank sub-index of Nation Stock Exchange is down over 1 per cent.

Xiaomi Mi3 available for re-sale

The Chinese Xiaomi Mi3 mobile phone is available for re-sale on several websites like OLX, Quikr and eBay. The smartphone is offered by a large number of resellers on these sites but at higher prices. As per reports, sellers in Delhi,Bangalore, Chennai, Surat etc., are offering unopened or sealed Mi3 mobile phones at price ranging from Rs 15,000 to Rs 25,000 per handset. Xiaomi has an exclusive agreement with e-commerce website Flipkart for the sale of the device. However, the resellers are creating a killing in the market with such offers.

JSW Steel to buy Welspun Maxsteel in a Rs 1,000 crore deal

India’s third largest steel maker, JSW Steel Ltd will buy Welspun Maxsteel Ltd (WMSL) for Rs 1,000 crore. Welspun Enterprises has declared in a BSE filing that WMSL has long-term debt of Rs 1,087 crore. JSW has made a goal to improve the steel production of WMSL to 40 million tonnes per annum in the next ten years. In a statement released by JSW, it wishes to take over the overall equity shares of WMSL. As per reports, WMSL has approximately 480 acres of land which can be used for future expansions.

KFA may be declared a willful defaulter

IDBI Bank has announced that it has decided to take strict action against Vijay Mallya’s Kingfisher Airlines as it has failed to fulfill its financial obligations. As per media reports, all the requisite documents were handed over to the CBI by the bank to initiate a preliminary enquiry. Now, the process is in the advanced stage under the CBI scanner and soon the authorities will declare the Kingfisher Airlines as a willful defaulter. Also, other PSU banks like SBI and United Bank of India have initiated similar action against the company.

If the outcome of the investigation favours the banks, KFA will face grave consequences. A company included in the list of willful defaulters is held back from receiving new financial aids from banks or launching fresh ventures for a period of five years.

India for more participation of Singapore in infrastructure projects

In the projects related to connectivity and infrastructure, especially the Delhi-Mumbai Industrial Corridor and the Chennai-Bangalore Industrial Corridor, India has sought a greater participation of the Island nation, Singapore.  While inaugurating the "Year of India in Singapore", External Affairs Minister Sushma Swaraj said that a "Little Singapore" or a virtual city can be developed along the industrial corridor. Singapore is India's largest trading partner in the Association of Southeast Asian Nations (ASEAN) as well as the largest source of FDI across the global.

Textile export shows a jump of 12 percent in 2013

Textile export of India showed a positive sign by going up by 11.58 percent as the country exported $36.69 billion worth textile in 2013 as compared to $32.88 billion in 2012. Foreign currency inflow because of export is $35.42 billion during April-May, 2014-15, it was $31.62 billion during 2012-13 as per media reports. Textile ministry of India cleared that government is taking steps to improve the export by exploring new markets. It is holding exhibitions in Russian Federation, Israel, Eastern Europe, Latin American countries and other non-traditional markets.

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