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current affairs 23rd November 2018

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Rajesh Exports an order worth Rs.933 crore from UAE

Rajesh Exports, the world’s largest gold refiner, procured an order worth Rs.933 crore from the United Arab Emirates (UAE). The order is to be executed in the month of March 2019. The Bengaluru-based firm has its other refineries located in Uttarakhand and at Balerna in Switzerland. It has a capacity to refine 2,400 tonnes of gold per annum. The company processes 35% of gold produced in the world.

Paytm partners with LIC for insurance premium payments

Softbank-backed, digital payments service provider, Paytm (One 97 Communications Limited) partnered with the Life Insurance Corporation of India (LIC) to offer online insurance premium payments on its platform. A simpler and faster method of premium payments will be offered through the Paytm app with the freedom of paying premium through debit card, credit card, net banking and Paytm Wallet, besides availing the benefit of several deals and offers. Life insurance sector in India is the biggest in the world in terms of policy count with about 360 million policies. It is expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 % over the next five years.

Ducati launched Panigale V4 R in India

Ducati, the Italian super-bike maker launched Panigale V4 R in India. The bike priced at Rs.51.87 lakh. The new model would be limited to just five units in India and bookings were open across all Ducati dealerships in the country. The Panigale V4 R is powered by a 998-cc engine. It features a race-grade suspension with mechanical adjustment and an aluminium swingarm with an adjustable four-position axle.

Ujjivan Small Finance Bank launches personal loan facility for salaried individuals

The Ujjivan small finance bank a wholly owned subsidiary of Ujjivan Financial Services Limited introduced a new personal loan scheme for salaried individuals. The 14 tier I and tier II locations where the product will be launched are Ahmedabad, Bengaluru, Delhi, Kolkata, Pune, Surat, Mumbai, Mysore, Ankaleshwar, Coimbatore, Kochi, Chennai and Vadodara. Personal loans starting from Rs 50,000up to Rs 15 lakhs will be offered to salaried professionals who are earning a monthly salary above Rs 15, 000. Key features of the product include, loan without any collateral or deposit of any asset and its attractive interest rate with complete digital processing. However the credit history of the individual will be considered while passing the loan.

Australia and Poland join US rejection of UN migration pact

Australia and Poland refused to sign a UN pact on migration because the agreement would undermine their existing immigration policies. A draft of the agreement, which is not legally binding, was finalized in 2017 after more than a year of work.

Grundfos to invest Rs.25 crore in its new unit by 2020 in Chennai

The Indian subsidiary of Denmark-based Grundfos is to set up its third pump production unit by 2020 in Chennai, Tamil Nadu. It plans to set it up in a State which would offer approvals on fast track. Despite the invitations from several States to the Grundfos, it said that it has ‘natural tendency’ to establish the unit in Tamil Nadu as it possessed 15 acres of land near Chennai. However, it has sought clarity on the policy and system fronts. The company plans to invest Rs.25 crore towards a preliminary study for the new plant and other related activities.

U.S. suspended USD 1.66 billion assistance to Pakistan

The U.S. suspended $1.66 billion in security assistance to Pakistan. This happened days after President Donald Trump said the country does not do “a damn thing” for America alleging that its government had helped al-Qaeda chief Osama bin Laden hide near its garrison city of Abbottabad. Ties between the US and Pakistan strained after Trump, while announcing his Afghanistan and South Asia policy in August last year, hit out at Pakistan for providing safe havens to “agents of chaos” that kill Americans in Afghanistan and warned Islamabad that it has “much to lose” by harboring terrorists. In September, the Trump administration cancelled USD 300 million in military aid to Islamabad for not doing enough against terror groups like the Haqqani Network and the Taliban active on its soil.

WTO panels afreed to review U.S. steel, aluminium tariffs

The World Trade Organization (WTO) agreed to hear complaints from a range of countries over new U.S. steel and aluminum tariffs, as well as complaints from Washington over retaliatory duties. The WTO’s Dispute Settlement Body (DSB) agreed to establish panels to review U.S. President Donald Trump’s decision to hit a long line of countries with tariffs of 25% on steel and 10% on aluminum. The DSB is to create separate panels for the complaints by the European Union (EU), China, Canada, Mexico, Norway, and Russia. This move will after the U.S. said it would not agree to a single panel to hear all of them.

Saudi and UAE Announced USD 500 Million In Aid To Yemen

Saudi Arabia and the United Arab Emirates (UAE) announced $500 million in aid to war-torn Yemen in response to the dismal humanitarian conditions. The country is on the brink of famine after the long war which continued since 2015 Saudi Arabia and the UAE intervened in Yemen to support Yemeni President Abedrabbo Mansour Hadi after the Iranian-aligned Houthi rebel group took over the capital Sanaa.

India ranked 5th in the list of most vacation deprived nation in the world: Expedia

Expedia Vacation Deprivation Report 2018 was released that stated that India is among the most vacation deprived nation in the world ranking 5th among the 19 surveyed countries. As per data, 53 percent of Indians take fewer vacation days than they get. 35 percent don’t take leave as work schedule does not allow for vacation. 68 percent of Indians have ended up canceling their vacation due to work.

Institutions Innovation Council, innovation cell for higher education institutions launched HRD Ministry in New Delhi

HRD Minister Prakash Javadekar launched the Institution’s Innovation Council through video conferencing at the AICTE headquarters in New Delhi. The main objective of this initiative is to encourage, inspire and nurture young students by exposing them to new ideas.

IIM Calcutta Innovation Park and ICC signed MoU for energizing startup ecosystem in East and Northeast 

The Indian Chamber of Commerce (ICC) signed a memorandum of understanding with the IIM Calcutta Innovation Park to help facilitate incubation of start-ups primarily in the Eastern and North Eastern states. The main focus on developing start-up ecosystems that make a socio-economic impact in the eastern and north eastern states. The park is currently incubating 40 startups with almost half from Bengal. It will further add 10 more by the end of this fiscal. The company has in the last two years selected 25-odd start-ups for incubation.

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