The First Forum is an initiative that focuses on covering the latest happenings going around in the world in a brief format. This is in lieu with the importance of catching up with these events in this fast-changing world.
In this Forty-First Edition of The First Forum we would be covering the following:
1. Business
2. Economics
3. Finance
(By Mehak Gupta , Nikunj Gulati and Kanika Meena)
Business
Google to help summer interns with open-source technology at home
Thanks to the open-source technology, thousands of young people will join Google from their homes in 43 countries for the summer internship as in-person classes and graduation ceremonies have been canceled. This is the first year when Google summer internship programme would be virtual and several technical internships would focus on open-source projects. Read More
SBI knocks on NCLT’s doors to recover Rs 1,200 cr from Anil Ambani
State Bank of India has filed an application in the National Company Law Tribunal (NCLT) to recover more than Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law. Anil Ambani had given a personal guarantee to the loans given to Reliance Communications and Reliance Infratel. The RCom and RITL Resolution Plans were approved by 100 percent of their lenders in March 2020. These Resolution Plans are awaiting the approval of NCLT, Mumbai.Read More
IT companies jittery over Donald Trump’s plan to suspend H-1B visa
The Donald Trump Administration is considering a proposal to suspend several employment-based immigration visas, including the H-1B visa, according to a report in The Wall Street Journal. Though details of the proposed suspension are vague so far, the report says that the suspension “could extend into the government’s new fiscal year, beginning October 1, when many new visas are typically issued”. Read More
Redington India loses sales worth Rs 1,800 cr due to Covid-19 spread
Redington (India), which provides end-to-end supply chain solutions for the IT and telecom sectors, has said it has lost sales worth Rs 1,800 crore due to the Covid-19 situation. This includes sales worth Rs 800 crore lost in India distribution. These orders would have pushed the top line up by 15% and even boosted the bottom line, said the company officials. Read More
Kedaara Capital invests Rs 567 cr in Religare’s health insurance arm
Religare Group said it had completed a transaction with Kedaara group entity, Trishikhar Ventures LLP, for investments in its health insurance subsidiary called Religare Health Insurance Company Limited (RHICL). This transaction will further the growth of the health insurance business for Religare and help RHICL to emerge as a stronger insurance player. The equity infusion is in sync with the long-term vision of the company to be future-focused, explore its full potential, and accelerate growth. Read More
Economics
Indian Economy to grow at 9.5% next fiscal: Fitch Ratings
The good news for the Indian economy, Fitch Ratings said that the Indian economy would register a sharp growth rate of 9.5% next year if it manages to avoid further deterioration in the financial sector. This forecast comes hours after credit rating agency Standard & Poor’s (S&P) retained India’s sovereign rating at “BBB”- the lowest investment-grade level with a stable outlook and promised to upgrade the country’s ratings if the government significantly curtailed its fiscal deficit. Read More
Indians pawn gold for loans as borrowings from banks become tougher
Many Indians are using gold to secure loans, bankers and experts say, as banks are unwilling to lend during the coronavirus pandemic due to fear of the loan souring. There are growing concerns that people will struggle to repay riskier business and personal loans. The overall loan growth in India’s banking system has already been decelerating and is expected to hit a multi-decade low of 0 to 1% in this financial year due to the fallout from the pandemic, said credit rating agency Crisil. Read More
Finance Ministry proposes to decriminalize minor offenses under 19 legislations
The Finance Ministry has proposed to decriminalize a host of minor offenses such as cheque bounce, non-repayment of loans, etc, to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include the Negotiable Instrument Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act. Read More
Singapore replaces the US as India’s top market for engineering exports
India’s engineering goods exports posted growth only in China and Singapore in April 2020, while shipments declined sharply in other top markets like the US, the UAE, and the EU as the world struggled to cope with the pandemic. So, only Singapore and China, out of top 25 destinations of India’s engineering exports, could manage a positive year- on- year growth in April 2020 while the rest conceded massive contraction up to 91% in some cases, due to a hugely disruptive impact of Covid-19, EEPC India analysis has shown. Read More
PSBs disburse Rs 12,200 crore loans to MSMEs
The Finance Ministry said Public Sector Banks (PSBs) have disbursed Rs.12,200.65 crore till June under Rs.3 lakh crore Emergency Credit Line Guarantee Scheme for the MSME sector, hit hard by the coronavirus induced lockdown. They have sanctioned loans worth Rs.24,260.65 crore under the 100% Emergency Credit Line Guarantee scheme for the Micro, Small and Medium Enterprises. The scheme is the largest fiscal component of the Rs.20 lakh crore Self-Reliant India Mission Package. Read More
Finance
Home Loans get cheaper as HDFC cuts rate by 20 base points
Housing Development Finance Corp Ltd (HDFC), India’s largest private-sector mortgage financier has reduced its benchmark lending rate by 20 basis points amid a gradual decline in the cost of borrowing across the system, with immediate effect. One basis point is 0.01 percentage point so new rates will now range between 7.65%-7.95% for existing salaried home loan customers. Read More
Lebanon to pump dollars to strengthen pound as protests escalate
Angry Lebanese protesters blocked roads across the country with burning tires, debris, and their vehicles, incensed over the local currency’s depreciation by more than 25% in just two days to 6000 to the dollar. In response, the government announced a series of measures intended to stabilize the value of the currency. President Michel Aoun said that Lebanon’s central bank will begin injecting dollars into the market beginning on Monday to strengthen the Lebanese pound, following a rapid fall in the currency in recent days. Read More
India’s forex reserves cross $500 bn but RBI won’t let rupee rise: Expert
India’s foreign-exchange reserves are at a record and crossed the $500 billion mark for the first time, and yet, the rupee is Asia’s worst performer over the past three months. It is because the Reserve Bank of India is not giving the currency a free run even as most of its regional peers have rebounded from the virus-induced selloff. Analysts say the central bank is adding to reserves to guard against a likely downgrade in India’s credit rating or to ensure a bigger transfer of surplus to the revenue-starved government. Read More
RBI modifies framework for financial market infrastructure, retail payment system
The Reserve Bank came up with a modified oversight framework for financial market infrastructure and retail payment systems with a view to ensure the safety and stability of payment structure. RBI said that the document by enhancing supervisory transparency and disclosure, would enable better regulatory compliance by payment systems operators, and enhance customer awareness, eventually contributing to the safety and stability of our payment systems. Read More
Reliance Industries’ rights issue shares to list on June 15
The Rs 53,124 crore rights issue of Reliance Industries Ltd (RIL) received an overwhelming response from investors and now the partly paid-up rights shares are set to debut on bourses on June 15. The partly paid-up shares will be separately listed under the RELIANCEPP symbol. RIL completed the allotment of partly paid-up shares to the Demat accounts of its shareholders on June 11 under the recently concluded rights issue, the company had informed the stock exchanges. Read More
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