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-Fifth 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
Xiaomi puts ‘Made in India’ banners to cover branding at stores
Chinese handset maker Xiaomi has begun covering its retail store branding with ‘Made in India’ logo in white color amid fears of vandalism at outlets in the backdrop of the Sino-India border tension, the All India Mobile Retailers Association (AIMRA) said. The association had written to Chinese mobile brands to highlight the threat of vandalism at offline stores by people amid calls for boycotting Chinese products in certain sections. Read More
Jio poised to play a key role in the development of 5G ecosystem in India: RIL
Reliance Jio would play a key role in the development of the 5G ecosystem in India based on the market dynamics, Reliance Industries said in its latest annual report. The government has also expressed its intentions of conducting the next round of spectrum auctions during the fiscal year 2020-21. Read More
HUL completes acquisition of hygiene brand VWash from Glenmark Pharma
Hindustan Unilever Limited (HUL) on 26 June, announced that it has completed the acquisition of intimate hygiene brand VWash from Glenmark Pharmaceuticals Ltd. In a regulatory filing, HUL said that it has acquired the intellectual property rights including trademarks, design, and knowhow related to the VWash brand worldwide. Read More
Google adds ‘Fact-Checked’ labels for search images to limit misinformation
Google announced that it will start identifying some misleading photos in its specific search tool for images with a fact-check label. This new feature is introduced to help people navigate issues around determining the authenticity of images and make more informed decisions about the content they consume. As per the blog post by Google product manager Harris Cohen, when a user searches for an image, some of the images will reflect a ‘Fact check’ label just underneath the thumbnail of the image. Read More
‘Boost with Facebook’ to help businesses adjust to the challenging time
The social network has kicked off a new initiative called Boost with Facebook Summer of Support during which, it will help millions of people get the digital skills and information they need to navigate these challenging times and adjust to a new normal. The six-week program features free on-demand online training, live sessions, and conversations around topics like reimagining customer service, creative reinvention, going from brick and mortar to digital, and more, the company announced. Read More
Economics
Cabinet decides to bring cooperative banks under RBI through an ordinance
The Union Cabinet decided to bring all cooperative banks under the RBI through an ordinance. This was announced by Union Information and Broadcasting Minister, Prakash Javadekar during the virtual press conference. It will bring nearly 1,500 urban cooperative banks and multi-state cooperative banks under RBI supervision. Read More
Money supply surges signals uncertainty amid a pandemic
Heightened uncertainty caused by the COVID-19 pandemic has led to a surge in currency circulation as people are hoarding money in cash to protect them from future job losses or pay cuts. Currency in circulation measures the money with the public and that in banks has also surged. Growth in currency notes held by the public was much higher than the deposits made in banks. Read More
IMF predicts a significantly deeper recession for virus hit the global economy
The International Monetary Fund (IMF) warned that the global economy is facing an even deeper downturn than it previously projected as the coronavirus pandemic continues to sow uncertainty and businesses around the world are struggling to operate amid the virus. It expects the global gross domestic product to shrink 4.9% this year, more than 3% predicted in April. For 2021, the fund sees a growth of 5.4%, down from 5.8%. Read More
FM Nirmala Sitharaman irked over non-essential imports from China
After the brutal face-off between India and China, there is a nationwide rage to boycott Chinese goods. Finance Minister Nirmala Sitharaman said that there is nothing wrong with imports that help to boost production and provide job opportunities but importing non- essential goods such as Ganesh idols is unacceptable. Read More
The US sent $1.4bn in stimulus checks to dead people
The Trump administration sent almost $1.4bn in coronavirus stimulus payments to dead people, according to its watchdog report. In the report released, the US Government Accountability Office (USGAO) said almost 1.1 million dead people received payments of about $1200 each, as of 30 April. The payments were part of about $3 trillion of the economic relief approval by congress in March and April. The GAO said the problem relates to the way data on who is deceased is made accessible to government agencies. Read More
Finance
India slips to 77th rank, accounts for 0.06% of all foreign funds with Swiss banks
India has moved down three places to 77th rank from 74th rank last year in terms of money parked by its citizens and enterprises with Swiss banks at the end of 2019, while the UK has retained its top position, as per the latest data from Swiss National Bank (SNB). According to reports funds parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by 5.8% in 2019 to 899 million Swiss francs (Rs 6,625 crore).
Zimbabwe suspends stock exchange, mobile payments over ‘economic sabotage’
Zimbabwe suspended all monetary transactions on mobile-phone platforms and halted trade on the local stock exchange in an effort to stabilize its currency. The measures come two days after President Emmerson Mnangagwa warned his government will tackle “malpractices” that he said has undermined his government’s efforts to end an economic crisis. Read More
UCO Bank Eyes Non-Oil import from IRAN to sustain Rupee-Rial Trade
As India is no longer importing oil from Iran, India’s UCO bank is looking at other avenues to keep the rupee payment mechanism with Iran alive. In the wake of US sanctions on Iran, India cannot engage in dollar-denominated trade with Iran. Hence, a special rupee-rial trade mechanism has been put in place. MD and CEO of UCO Bank, A K Goel says that the lender is in talks with importers to use the mechanism for other imports. Read More
RBI extends enhanced borrowing limit under MSF till 30 September
The Reserve Bank of India has decided to extend the validity of the enhanced borrowing limit provided to banks under the marginal standing facility (MSF) scheme till 30th September 2020 to meet their liquidity shortage due to the ongoing economic crisis due to the pandemic. As a temporary measure, the RBI had increased the borrowing limit of scheduled banks from 2% to 3% of their Net Demand and Time Liabilities (NDTL) with effect from March 27, 2020. Read More
Government launches 7.15% floating-rate bonds
The government has announced the launch of a seven-year Floating Rate Savings Bonds 2020 (Taxable) scheme from July 1, giving an opportunity to invest in secured government instruments. As per RBI, the interest will be paid semi-annually on January 1 and July 1 every year, the first reset being on January 1, 2021, at an interest of 7.15%. There is no option to pay interest on a cumulative basis i.e. having an option to receive it at maturity. Read More
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