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Finance and Banking
SEBI reduces timeline for IPO price band
The Securities and Exchange Board of India (SEBI) on Thursday announced a reduction in the timeline for the announcement of Initial Public Offering (IPO) prices.
Addressing a press conference post a board meeting, SEBI Chairman Ajay Tyagi announced that the timeline for announcing IPO has been reduced from five days to two.
Three regulations around initial public offerings and buybacks have been redrafted.
In the case of Market Infrastructure Institutions (MIIs), foreign shareholding limit will now be harmonised to 15 percent, Tyagi said.
The SEBI Chief also shared that the board has approved amendments to the share buyback and takeover regulations.
2nd edition of MSME Pulse report by SIDBI-TransUnion CIBIL released
The Small Industries Development Bank of India (SIDBI), a premier financial institution for the promotion, financing and development of the Micro, Small and Medium Enterprise (MSME) sector, in joint venture with TransUnion CIBIL, a Credit Information Company, has released the second edition of MSME Pulse, a quarterly report on MSME sector.
The report provides the policy makers, regulators and industry with precise data-driven insights to support policy as well as business decisions. The first edition of the report was released in March 2018.
The findings of the report showed that the overall commercial credit exposure (Y-o-Y) has shown the highest growth rate in the last five quarters.
The report further stated that the total on-balance sheet commercial lending exposure in India stood at Rs.54.2 lakh crores, as of March 2018 with Micro and SME segment constituting Rs.12.6 lakh crores, which contributes to ~23% of commercial credit outstanding.
Further, the report stated that while the growth in NPA rate has moderated, it was too early to conclude that the NPA problem was close to bottoming out.
India slaps tariffs on 29 US items; higher import duties from August 4
After a week of speculations, India on Thursday finally imposed higher tariff rates on 29 import items from the United States (US) but announced that new rates would kick in from August 4.
India had last week notified the World Trade Organization (WTO) of its decision to impose ‘reciprocal tariffs’ on American products. The move comes after New Delhi got a cold shoulder from Washington DC on its request for exempting India from the higher tariffs announced by the US on steel and aluminium imports.
The government has not officially clarified why it chose to impose the new rates — which have been doubled for some items — from a later date instead of June 21, as had been widely expected. But senior officials in the commerce department suggested that it may have been done to provide the US with some elbow room for negotiations next week when a senior US delegation visits New Delhi for official talks.
Accenture Ventures, Consulate General of Israel & NASSCOM launch “Scalerator” Program
In a first-of-its-kind collaboration, Accenture, the Consulate General of Israel to South India, and the National Association of Software and Services Companies (NASSCOM) have jointly launched ‘scalerator,’ an exclusive program that aims to enhance the collaboration between Israeli and Indian startups to create innovative solutions for global markets.
With support from Accenture Ventures’ Open Innovation initiative, scalerator will identify growth-stage Israeli startups with deep expertise in emerging technologies — particularly cybersecurity, cloud computing, artificial intelligence, automation, the Internet of Things, blockchain and extended reality – and connect them with India’s startup community through NASSCOM’s 10,000 Startups initiative.
The Consulate General of Israel to South India will work with Accenture Ventures to oversee the process of selecting startups for the program. The Consulate will also provide business development support to the selected startups from Israel, and facilitate an understanding of the available local funding channels.
Goibibo partners with PhonePe for seamless bookings
Online travel company, Goibibo, announced its partnership with PhonePe, a digital payments start-up, to provide a unified login and payments experience to over 100 million PhonePe users while making their hotel bookings.
As a part of this partnership, Goibibo will be live with their ‘Hotels’ store (microapp) on the PhonePe app. Leveraging mutual synergies, the alliance brings together a streamlined travel booking experience through Goibibo, and assured reliability and integrity of payments through PhonePe.
In an industry first, PhonePe users will also be able to use their goCash balance (Goibibo’s promotional currency) in the PhonePe app, to book domestic and international hotels.
India
India’s first robotic telescope opens in Ladakh
India’sfirst robotic telescope launched in one of the world’s highest astronomical observatories Hanle, Ladakh.
The telescope located at the Indian Astronomical Observatory (IAO) at Hanle in Ladakh is the country’s first robotic telescope and the first one designed to observe dynamic or transient events in the universe.
Called GROWTH-India, the facility at Hanle is part of a multi-country collaborative initiative known as ‘Global Relay of Observatories Watching Transients Happen’ (GROWTH) to observe transient events in the universe.
The fully robotic optical research telescope is designed to capture cosmic events occurring in timescales much shorter than light years – years, days and even hours.
Universities and research institutes from the US, the UK, Japan, India, Germany, Taiwan and Israel are part of the initiative. The primary research objective of the project is time domain astronomy, which entails the study of explosive transients and variable sources in the universe.
Gujarat government launches Wind-Solar Hybrid Power Policy-2018
The state government of Gujarat on June 21, 2018 announced its wind-solar hybrid power policy – 2018 to promote setting up of wind as well as solar power projects at one location.
The ‘Wind-Solar Hybrid Power Policy-2018’ will remain in force for five years.
It will provide encouragement to renewable power producers supplying to the grid as well as to those having captive use.
The policy would enable the developer of an existing solar project to use the same land for setting up wind and solar power units.
It would also allow them to use the common transmission line to evacuate the power.
A power project could also be set up on a land being used for wind farms.
IIT-BHU Signs An MoU With Amazon To Establish Cloud Research Lab On AI & ML
The Indian Institute of Technology (BHU) Varanasi and Amazon Internet Services Private Limited (AISPL) signed a memorandum of understanding this week to develop cloud-ready job skills by providing access to the AWS Educate program.
The key reason for this venture is to establish a Cloud Research Lab on artificial intelligence and machine learning.
According to a statement put out by the Press Information Bureau, Government of India and the Ministry of Human Resource Development, the Cloud Research Lab will provide students with opportunities to use AWS Cloud technology to pursue research initiatives that focus on AI and ML innovation for India.
The MoU was signed in the presence of Union Human Resources Development Minister Prakash Javadekar in New Delhi.
India & Tajikistan agree to enhance mutual cooperation for sustainable water development
India and Tajikistan have reaffirmed their commitment to promote bilateral relations and agreed to enhance economic cooperation, particularly in sustainable water development.
Nitin Gadkari, the Union Minister for Water Resources, River Development & Ganga Rejuvenation, Road Transport & Highways and Shipping, currently on a two-day official visit to the central Asian republic, held wide-ranging talks with Sirodjidin Muhridin, Foreign Minister of Tajikistan in Dushanbe on June 20.
The two leaders underlined the need to give further impetus to the ongoing bilateral cooperation in various fields and agreed to enhancemutual cooperation in the area of sustainable water development.
7th India Minerals and Metals forum inaugurated in New Delhi
The 7th India Minerals and Metals forum was inaugurated in New Delhi on June 21, 2018.
The forum seeks to come up with solutions to leverage in the sector with the changing global scenario.
The deliberations took cognizance on the need to consolidate small players for strengthening of overall health of the industry.
Rajasthan: Record set at State Level yoga celebration in Kota
In Rajasthan, a record has been set at State level yoga function in Kota on June 21, 2018 where around one lakh 60 thousand people performed yoga at one place at a same time on International Yoga Day.
The function has set a world record for largest number of people performing yoga at one place at the same time.
Chief Minister Vasundhara Raje and Yoga Guru Baba Ramdev led the people at RAC Ground, where 30 lakh squre feet area was prepared for performing yoga.
Surat to receive ‘City Award’ under India Smart Cities Award 2018
Surat smart city has been selected for ‘City Award’ for showing great momentum in the implementation of projects under ‘India Smart Cities Award’ 2018.
Overall, nine awards have been announced under the India Smart Cities Awards.
Appointments
SBI MD B Sriram appointed IDBI Bank chief for three months
State Bank of India’s Managing Director B Sriram was today appointed as the MD and CEO of IDBI Bank for a temporary period of three months, according to an official order.
He has been appointed in place of incumbent Mahesh Kumar Jain who was recently named Deputy Governor of the Reserve Bank of India (RBI).
The Appointments Committee of the Cabinet has approved the appointment of Sriram as Managing Director and Chief Executive Officer of IDBI Bank for a temporary period of three months with effect from Jain’s demitting office, the order issued by the Personnel Ministry said.
‘Anti-naxal expert’ retired IPS officer Vijay Kumar appointed as advisor to JK Governor
A retired IPS officer and an anti-naxal expert, K Vijay Kumar, has been appointed as an advisor to the Governor of Jammu and Kashmir along with IAS officer BB Vyas, the Chief Secretary of the state.
His most recent occupied post had been senior security adviser to the Union Ministry of Home Affairs.
He was the chief of the Special Task Force that had launched ‘Operation Cocoon’ to nab or kill sandalwood smuggler Veerappan in Tamil Nadu. The success of the operation had made him famous in his state.
He had earlier served in the Kashmir Valley as Inspector General of the Border Security Force (BSF) between 1998 and 2001. He had also served as the Director General of the Central Reserve Police Force (CRPF) between 2010 and 2012, before being appointed as a senior security advisor.
Sikkim govt announces A R Rahman as its Brand Ambassador
Renowned music composer A R Rahman has been appointed as the Brand Ambassador of the Sikkim government.
Rahman will promote and project Sikkim’s achievements nationally and globally
Sikkim, with its natural and pristine beauty, has over the last two decades emerged as a world famous eco-tourism destination, besides attaining a distinct identity as the first fully organic farming state of the country.
Books & Authors
Priyanka Chopra to come out with memoir in 2019
Actor Priyanka Chopra will come out with her memoir next year in which she will write about things which she has never spoken before.
“Unfinished” is a collection of personal essays, stories and observations of the actor, producer, activist and UNICEF goodwill ambassador.
The announcement was made by publishers Penguin Random House India on June 19.
The book will be published simultaneously in the US by Ballantine Books and in the UK by Michael Joseph.
Days
International Yoga Day observed globally
The 4th International yoga day was celebrated across the world on June 21, 2018. The day’s celebrations in India were led by Prime Minister Narendra Modi in Dehradun.
The theme for the 2018 celebrations of the International Day is ‘Yoga for Peace’.
World Music Day is observed globally
World Music Day was observed globally on 21 June, 2018.
World Hydrography Day observed globally
World Hydrography Day was observed globally on 21 June, 2018.
The theme of 2018 was Bathymetry – the foundation for sustainable seas, oceans and waterways.
World
Japan halts evacuation drills simulating North Korean missile attack
Japan has halted evacuation drills simulating a North Korean missile attack in the wake of historic talks between Washington and Pyongyang.
Yaita in Tochigi prefecture north of Tokyo had been planning an evacuation drill for next week involving some 800 residents including 350 school children.
Canada legalises recreational use of marijuana nationwide
Canadian Senate has passed a landmark law that legalises the recreational use of marijuana nationwide.
The Cannabis Act passed its final hurdle on June 20 in a 52-29 vote in the Senate. The bill controls and regulates how the drug can be grown, distributed and sold.
US President Donald Trump orders to end separation of immigrant families
US President Donald Trump has signed an executive order to keep together immigrant families who have been detained at the border with Mexico.
With the decision, Trump reversed his own policy amid heavy pressure from his fellow Republicans, Democrats and the international community, over the separation of undocumented parents and children.
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