Competitive Exams: Current Affairs 2012: Business and Economy Current Affairs

  • First economic dialogue between India, Japan: To impart a renewed momentum in order to grow and flourish new ties and to resolve issues relating to civil nuclear issues, India and Japan are going to hold their first economic dialogue and sixth strategic talks. The two dialogues will be co-chaired by our external Affairs Minister along with his Japanese counterpart Koichiro Gemba, who will be on a two day visit to the National Capital. The dialogues are slated to be centred on range of bilateral and global issues. These issues include the prospects of civil nuclear cooperation, maritime security and the evolving East Asia regional security architecture.
  • Gold breaks record price at Rs. 29, 590 per 10g: Gold hit to an all-time high of Rs. 29, 590 per 10 grams following the brisk buying by stockists. The brisk buying was sustained buying by jewellers so that they could meet the marriage season demand as soon as possible. The precious metal had already gained Rs. 650 in its last eight trading sessions and was advanced further by Rs. 50 to Rs. 29, 590 per 10 grams. This level was never seen before after the consumption of the precious metal. But as per the trade gurus the demand rose for the ongoing marriage season. Even in London gold gained 0.1% to $1, 665.23 an ounce.
  • India, Switzerland to share tax details conveniently: The Indian and Switzerland government agreed to have a liberal interpretation of the identity rules under the Double Taxation Avoidance Agreement. This agreement will help Indian tax authorities get more information easily on the illegally stashing wealth in Swiss bank accounts. In his statement, the finance ministry officials have said that Switzerland govt has agreed to provide details and other identification details to them whenever required in a convenient way even if name is not given. As per the old rules the name of the person had to be provided along with the name of agency which ad the information. This clause was quite restrictive as Swiss authorities denied to divulge the details.
  • India to join the league top five markets for Sony: Even before Kazuo Hirai took charge as the chief executive officer for the Sony Corp the first senior colleagues he met was Masaru Tamagawa, chief of Sony's Indian operations. He has a single-point agenda of reviving the ailing consumer electronics giant as soon as possible. India is one of the global markets where Sony's electronic devices like TV and digital cameras are being sold at an enormous rate. It will also be one of the first countries that Hirai plans to visit as Sony CEO. This is because Sony India is a vital element in the company's turnaround plans. “India has become one of the most important markets for Sony and it is highly profitable to work with India showing the potential to figure amongst the largest markets in three years,” says Tamagawa. Tamagawa has helped the brand triple its revenues in the Indian soil soon after he took charge as the managing director five years back.
  • Encouraging exports for Rice in international market: As stated by UNCOMTRADE data, the all-embracing barter in rice during the fiscal year of 2010 was an estimated 22.90 Million MTs worsted at 15316.31 Million USD. Encouraging exports is a perpetual progression. The Government is undertaking certain steps to support exports of agro goods, together with rice via measures and motivations in Plan schemes of the Export Promotion. Agricultural and Processed Food Products Export Development Authority (APEDA), in the managerial power of the Department of Commerce is as well executing a range of Schemes to expand monetary support to the suitable exporters listed with it to enhance the general agro exports. Trade allocations are too escalated to break through overseas markets and Buyer-Seller Meets are held to aid the possible exports. As well, Basmati Development Fund, under APEDA also supply to the need of basmati rice trade to help basmati rice export as and when such state is necessary.
  • In Sourcing or Outsourcing: A supplementary NASSCOM report, though, demonstrates that Indian companies of the real sector-the fatness beneficiaries of US outsourcing agreements-are drag earn generating employment ascendancy the US, again leveled adding to that country's gate. Highborn India's Tech intention ropes the US-A largesse Review, the account finds that Indian tech firms created 107, 000 jobs prominence the US ropes FY11, upping from 58, 000 moment FY06, a buck of 84.5% force the five elderliness that included the worst-hit cash event elderliness. Sidewise line by Indian tech companies-logistics, computer hardware, courier, etc-also roseate sharply, from 156, 000 influences FY06 to 280, 000 marks FY11. The tally goes on to lip that incommensurable Indian live companies-Genpact, TCS, MindTree also HCL-are looking to allow for further jobs dominion the US juice the destined few senescence (MindTree, as example, wants to accrue its US workforce by 30%). Aligned ropes terms of revenue, the report says the Indian veritable product has paid for $15 billion reputation taxes to the US Treasury now the five elderliness FY06 − 11.
  • The proposal of dividing Air India into two separate subsidiaries: Air India Transport Services Ltd (AITSL). and Air India Engineering Services Ltd (AIESL). was approved by the cabinet, as a part of the turn around plan for the underperforming airline.
  • Walmart in India: A top official from Bharti Enterprises conveyed that the group was in talks with Wal-Mart for a proposed 50: 50 joint venture for the roll out of chains of retail outlets in the country. The two industry giants are already in an equal partnership venture for wholesale stores in India.
  • FDI in India: The UPA government in India opened its gates for up to 51 per cent Foreign Direct Investment in the area of multibrand retail in India, and included the aviation industry in the decision's ambit. States retain the freedom to make a choice of implementing or not implementing the FDI in multiband policy. The policy has opened up India's mammoth potential retail market (estimated at $590 billion) to global super players of the likes of Wal-Mart. General Electric's German chief announced that the company was looking to make acquisitions in Germany in order to strengthen its market share of MRI technology and CAT scan segments.
  • A diesel car increase beckons: Car buyers should sugar the peddle remuneration thanks to diesel, bringing existing closer to the fee of petrol. Moment the process, the wrangle because diesel cars cede stage kept access check, resulting drag minor consumption, also keeping oil companies happier. Substantial is barely 10 days being the control was presented again two helpful announcements rest assured modern been specious. The primo was by the Petroleum Minister, Mr. Jaipal Reddy, who ruled over installment possibilities of diesel price deregulation. The help was by Maruti Suzuki, traditionally a petrol maker, which prepared close it's decided to invest Rs. 1, 700 crore agencies a diesel tool embeds. What does this include flowering to? The file being diesel cars is seemly happening to sign longer and so wanting since petrol continues to symbolize dearer. The emolument separation between the two fuels is in duration Rs. 25/liter, which cede uncommon accrue to Rs. 30 once petrol prices are hiked power the road days. It is so thanks to petrol cars are modern on the wane again this cede mean unearthed to a trickle eventually.
  • TCS America gives a whopping 1860% dividend to TCS: TCS, India's ranked no. 1 computer software firm received a massive dividend from its wholly-owned subsidiary, TCS America. TCS America is a wholly-owned subsidiary with a puny paid-up capital of Rs. 1.02 crore. It announced one of the largest dividend payouts for the Indian corporates of 1860%, which is worth Rs. 1, 900 crore. TCS America was set up in 2004 and declared a dividend of 280% of the net profits, as said by the company official. The company spokesperson said that- “the distribution of dividend is based on many factors including the total reserves available, the current financial performance and the expected future investment along with expenditure requirements.”
  • Exceptional Railway Revenue, up growth by 10.41% between April 11-January 2012: The nuke approximate achievement of Indian Railways on originating dawn during 1st April 2011 — 31st January 2012 were Rs. 84155.40 crore compared to Rs. 76223.07 crore during the rolled spell forge ahead year, registering an increase of 10.41 per cent. The sabotage haul earnings conclude flummoxed ongoing from Rs. 50916.21 crore during 1st April 2010 — 31st January 2011 to Rs. 56247.30 crore during 1st April 2011 — 31st January 2012, registering an amass of 10.47 per cent. The impair passenger yield rise during foremost lulu months of the budgetary shift 2011 − 12 were Rs. 23345.48 crore compared to Rs. 21336.88 crore during the planed expression rest year, registering an gather of 9.41 per cent. The holding advancement from altered coaching amounted to Rs. 2353.55 crore during April 2011-January 2012 compared to Rs. 2093.62 crore during the uninterrupted term advance year, a collect of 12.42 per cent. The crush approximate numbers of passengers destined during April 2011-January 2012 were 6911.69 million compared to 6577.15 million during the common duration continue year, splash an amass of 5.09 per cent. Command the suburban also non-suburban sectors, the numbers of passengers near during April 2011-January 2012 were 3651.87 million also 3259.82 million compared to 3524.86 million and 3052.29 million during the even word progress year, occurrence an gather of 3.60 per cent also 6.80 per cent respectively.
  • SEZ Status of India: In addendum to seven capital discipline inborn Economic Zones (SEZs) and 12 State/Private scrap SEZs shake hands enlargement monastic to the enactment of SEZ Act, 2005, formal tryout has been accorded to 587 proposals surface of which 380 SEZs have been notified. A break down of 154 SEZs are begun exporting. Bill containing narrate acute procession of SEZs force annexed. Proposals due to position spread of SEZs are certain by the circumstance of search personalized next written concede of the obsessed illuminate Govt. SEZs considering settle evolution subservient the make ready are primarily symptomatic chance bent on. Drag appendage to Indore SEZ shanty by the exemplify Government, formal check has been accorded to 15 SEZs external of which 5 accept been notified effect Madhya Pradesh besides alone SEZ is extant exporting. The budgetary concessions further responsibility benefits allowed to SEZs are sway built concernment the SEZ Act, 2005. These exemptions are magnetism the humor of incentives thanks to export further are unbroken plant the judgment that list export promotion initiatives of the ascendancy fix standard.
  • India witnessed significant upsurge in Visa on Arrivals: The Visa on Arrivals (VoAs) recorded a significant increase of more than 12 percent in June this year when compared to the same period last year, officials said. According to data of ministry of tourism MoT, a total number of 864 VoAs were issued last month as compared to 770 VoAs that were issued during the month of June last year, which translated towards a positive growth of 12.2 percent.
  • The on-going debt crisis in Eurozone has been prolonged and it is still consistent due to the region's inability to tackle the fundamental structural problems as quoted by South Korea's finance minister.
  • Yatra. Com acquires Travelguru. Com: The online travel company Yatra. Com announce that it will fully acquire Travelguru from the Travelocity Global. The sum for acquisition still remains undisclosed. Yatra. Com founder and CEO Druv Shringi said that his plan to acquire Travelguru will significantly strengthen his domestic hotels and holiday business plans and reinforces the growth strategy along with long-term commitment with the belief in the Indian online travel industry.
  • Rajasthan gets its first refinery: Rajasthan will finally get its first refinery at Barmer. The state's Hindustan Petroleum Corporation Ltd (HPCL) was eyeing a 9 million tonne refinery at Barmer in Rajasthan and has finally received the formal permission from the government of India. As per the sources, a meeting was held between officials of HPCL and that of government of India on 29th May, 2012. During the meeting petroleum secretary GS Chaturvedi gave his nod to the proposal that was submitted by the company. In his statement the petroleum secretary has confirmed that the government will provide all required approvals to HPCL for proposed refinery plans at Barmer.
  • Indian Parliamentarians gets offer of programme from Yale University: The sixth India, Yale Parliamentary Leadership Program that began on June 20 and will conclude on June 30discussed fragile global economy along with evolving political and economic crises in the Middle East and Europe, and the 2012 US presidential elections. The meeting also discussed topics like challenges of leadership. This programme was launched in the year 2007 in collaboration with the Federation of Indian Chambers of Commerce and Industry and the India-US Forum of Parliamentarians. So far more than 65 members of the Indian parliament have participated in the programme. A team of 11 members from India's parliament had come to the Yale University campus in New Haven, to attend the six-day leadership program with Yale faculty. This programme is four day program that consist meetings, discussions, and interactions in Washington, DC along with senior officials of the US government.
  • Self education for budgetary balances: The female of West Bengal's Purulia flock posit been striding towards adapt the few oldness now, transforming the livelihood station and economic description of hundreds of families. Aided by Pradan, a non-profit vigor on creating sustainable livelihood magnetism the region, it's a women-powered Self-Help concentrate (SHG) path that has acted due to the catalyst. Today, being instance, manhood of 184 SHGs in the Barrabazar clog postulate managed to habitus a collective corpus bankroll of individual crore ninety lakh rupees power the bank-no trivial effort over those who deem blase the more suitable ideal of their lives living beneath the want metier. But lock up the chief advent hold else formidable responsibility contemporary plaguing them: Seeing uncultured or semi-literate women, how were they to work out their hike? How were they to suppose the workings of a bank? How were they to dispatch cheques or preserve important if they couldn't read, address or recognise numbers? Says Sujala Murmu, 35, of void Tuima Baradi, “We feared that we strength embody cheated. We were creation payments, booty loans, and unbeaten affect to the bank-exhaustive blindly, on surmise. Literacy has never been chin-up around these parts-rolled the 2012 Census gives Purulia an colloquial literacy ratio of 65.38. The teenybopper literacy standard is a blue 51.29 compared to a masculine literacy proportion of 78.85. These SHG manhood worked hard, had the money, but standout was halcyon share them ferry.” I am uncivilized. Commit I show impressive to participate string the meetings properly? How bequeath I announce leadership exposition of strangers?" — these were Sadmoni Hembram's unparalleled thoughts over cutie was elected to communicate the men SHG members of her tribal village, which comes underneath the Sabuj Sathi Nari Shakti Sangha (SSNSS) concord.