20 May, 2021
Global Task Force on Pandemic Response Launched to Address Urgent COVID-19 Surges: US Chamber
Leading Companies and Business Associations has launched the Global Task Force on Pandemic Response to mobilize and deliver resources to assist COVID-19 efforts in areas of the highest need around the world. This US-Based public-private partnership is organised by the U.S. Chamber of Commerce and supported by Business Roundtable. The Global Task Force works in collaboration with the official of both the US and the Indian government to share the information and coordinate efforts.
About U.S. Chamber of Commerce :
U.S. Chamber of Commerce is the world’s latest business organisation which represents companies of all sizes across every sector of the economy.
President and CEO– Suzanne Clark
Headquarters– Washington, DC, United States
India, China, South Africa register better performance in Import & Exports during Q1 2021: UNCTAD
According to the Global Trade Update (May 2021) released by the United Nations Conference on Trade and Development (UNCTAD) – India, China, and South Africa performed ‘relatively better’ than other major economies in imports & exports during the 1st Quarter of 2021. Compared to 2020 averages, India’s imports increased by 45%, and Exports increased to 26% in Q1 of 2021. Service Imports increased by 14%, Service Exports increased by 2%. At the Global level, Trade in goods and services increased by 10% year-over-year. The overall forecast for 2021 indicates an 16% growth in Global Trade – 19% for Goods and 8% for services. In Q2 of 2021, the value of Global Trade in goods and services is expected to reach USD 6.6 Trillion. Due to the pandemic, Global economy shrank by 4.3% in 2020.
About United Nations Conference on Trade and Development (UNCTAD)
Acting Secretary-General – Isabelle Durant
Headquarters – Geneva, Switzerland
Halting new Oil, Gas, Coalfields key to achieving Net Zero emissions by 2050: IEA Report
According to the report ‘Net Zero by 2050’ released by the International Energy Agency (IEA) – Halting new oil, gas, and coalfields will be key to achieving Net Zero Global Carbon emissions by 2050. Achieving Net Zero emissions is vital to limit the increase in average global temperatures to less than 1.5 degree Celsius. The current pledges of the Nations across the world are insufficient to curb global temperature rise, they will result in an increase of 2.1 degrees Celsius by 2050.
About International Energy Agency (IEA)
Executive Director – Dr Fatih Birol
Headquarters – Paris, France
4th India-Swiss Financial Dialogue Held Virtually in New Delhi
The 4th India-Swiss Financial Dialogue was held Virtually from New Delhi,India. Indian delegation was led by the Economic Affairs Secretary Ajay Seth, while his counterpart was Ms. Daniela Stoffel, State Secretary for International Finance, Switzerland.
Jharkhand tops in Implementation of Smart City Projects: MoHUA
Jharkhand has clinched the 1st Position among the 36 States & UTs of India based on the progress of implementation of Smart City projects, Rajasthan came second in the rankings. The rankings were released by the Ministry of Housing & Urban Affairs (MoHUA). The ranking is based on factors like smart city plan implementation, ongoing work and tendering process, utilisation of funds and provision of utility certificates to the Central Government. Rajasthan has climbed 27 ranks to get to the 2nd position, it was ranked 29th in the previous rankings.
About Ministry of Housing & Urban Affairs (MoHUA)
Minister of State (Independent Charge) Housing And Urban Affairs – Hardeep Singh Puri (Rajya Sabha – Uttar Pradesh)
CBIC notifies Customs Amendment Rules, 2021 to boost Trade Facilitation
The Central Board of Indirect Taxes and Customs (CBIC) has notified the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021, it is expected to boost Trade Facilitation. It amends the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR, 2017). IGCR, 2017 lays down the procedures and manner in which importer can avail benefit of a concessional duty on import of goods required for domestic production of goods or providing services.
About Central Board of Indirect Taxes and Customs (CBIC)
Chairman – M. Ajit Kumar
Headquarters – New Delhi
Karnataka ranks 1st in establishing HWCs under Ayushman Bharat Scheme
Karnataka has been ranked as the Number One state in establishing a Health & Wellness Centre (HWC) under the Ayushman Bharat project for the year 2020-21, it was stated by Karnataka’s Health & Family Welfare Department. HWCs are established to provide comprehensive primary healthcare in rural areas.
Karnataka’s actions under Ayushman Bharat Project
i.The state has surpassed several targets set for it by the Union Government.
Central Government’s Target for the state
Establishing 2, 263 HWC sub-centres
Karnataka has upgraded 3,300 centres
(146% more than the target)
Upgradation of 2, 096 PHCs to HWC
2, 168 have been upgraded (103% more than the target)
Upgrading 294 urban PHCs
It has upgraded 364 PHCs (124% more than the target)
Total of 4, 653 HWCs to be established
5, 832 established by Karnataka (125% more than the target)
Ayushman Bharat was launched in 2018 with its two main pillars of HWCs & Pradhan Mantri Jan Arogya Yojana (PMJAY). The Central Government has set a target of 1.5 lakh functional AB-HWCs by December 2022.
Governor – Vajubhai Vala
Chief Minister – B. S. Yediyurappa
Capital – Bangalore
Govt to Raise Rs 4,000 crore via Sale of 58 million shares in Axis Bank
The government(govt) sold 58 million shares in Axis Bank, which is held through the Specified Undertaking of the Unit Trust of India (SUUTI) to raise around Rs 4,000 crore. The shares are sold through the offer for sale (OFS) route. The OFS was made open for non-retail investors on May 19, 2021, and for retail investors on May 20, 2021 35 million shares/ 1.21 percent stake in Axis Bank was sold by govt as a base offer and the remaining 22 million shares/0.74 percent stake was sold under a green-shoe option. The floor price for the stake sale has been fixed at Rs 680 apiece.
About Axis Mutual Fund:
Headquarters – Mumbai, Maharashtra
MD & CEO – Chandresh Kumar Nigam
Elon Musk Loses 2nd-Richest Ranking to Bernard Arnault: Bloomberg Billionaires Index
Tesla and SpaceX’s Chief Executive Officer Elon Musk lost his world’s 2nd-richest person position in Bloomberg Billionaires Index due to a sharp drop in Tesla’s share by 2.2 percent. Musk was overtaken by LVMH Moët Hennessy Louis Vuitton’s Chairman Bernard Arnault. Bernard Arnault’s net worth climbed by almost $47 billion to $161.2 billion due to a rise in the sale of his firm’s luxury goods in China and other parts of Asia.
Proposal for Changing Promoters to Person in Control, Rationalizing Promoters Group: SEBI
As the concept of promoters is losing its relevance in India, the Securities and Exchange Board of India(SEBI) reviewed the regulatory framework of the promoter, promoter group and group companies as per SEBI (Issue of Capital and Disclosure Requirements(ICDR)) Regulations, 2018 with certain proposals.
i.Definition of Promoter: Companies Act, 2013 and SEBI (ICDR) Regulations, 2018 define a “promoter” as a person who has been named as such in the offer document or in the annual return of the issuer or a person who has control over the issuer (directly or indirectly) or in whose advice, directions or instructions the board of directors of the issuer is accustomed to act.
ii.According to the Regulation 2(pp) of the ICDR 2018 of the SEBI, Promoter group is a group of individuals or companies or combinations thereof acting in concert, which holds 20 percent or more of the equity share capital in that body corporate
iii.The current lock-in period of 3 years for minimum promoters’ contribution (20%)has been proposed to reduce to 1year in the case if the objective of the issue is concerning offer for sale or something related to financing, other than for capital expenditure for a project
About Securities and Exchange Board of India(SEBI):
Establishment – On April 12, 1992, under SEBI Act, 1992.
Headquarters – Mumbai, Maharashtra
Chairman – Ajay Tyagi
Indian rowers Arjun Lal and Arvind Singh qualifies for Tokyo Olympics 2020
Indian rowers Arjun Lal Jat and Arvind Singh have qualified for the Tokyo Olympics 2020 in men’s lightweight double sculls event after finishing second in the final race of the Asia/Oceania Continental Qualifying Regatta in Tokyo, Japan and will be the only Indian rowers in Tokyo Olympics.
Adani Green to Acquire SB Energy India for EV of $3.5 billion
Adani Green Energy Limited (AGEL) agreed to acquire the 100 percent stake of SB Energy Holdings Limited at an enterprise valuation(EV) of ~ $3.5 billion, the largest acquisition in the renewable energy sector in India.
About SB Energy Holdings Limited:
Establishment – 2011
Representative Director & CEO – Shigeki Miwa
About Adani Green Energy Limited (AGEL):
Headquarters – Ahmedabad, Gujarat
MD & CEO – Vneet S. Jaain
CCI Approved – GPL to Acquire 100% Stake of YES AMC, YES Trustee; Adani port to Acquire 25% Stake of Krishnapatnam Port
The Competition Commission of India (CCI) approved the acquisition of 100 percent equity shares of YES Asset Management Company (AMC) (India)(YES AMC) and YES Trustee Limited (YES Trustee) by GPL Finance and Investments Limited(GPL). YES AMC and YES Trustee were the wholly-owned subsidiaries of YES Bank. Through these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor and it marks the exit of the YES bank from the mutual fund market.
About YES Bank:
Establishment – 2004
Headquarters – Mumbai, Maharashtra
MD & CEO – Prashant Kumar
Tagline– Experience our Expertise
Tashi Yangjom-1st Indian Woman Climber To Scale Mt Everest in 2021
Mountaineer, Tashi Yangjom from Arunachal Pradesh becomes the 1st Indian Woman Climber to Scale the World’s highest Mountain, Mt Everest (Elevation of 8,849 Metres) in 2021. She was trained at the National Institute of Mountaineering and Allied Sports (NIMAS) in Dirang, Arunachal Pradesh.
Prof Shankar Balasubramanian & Prof David Klenerman won 2020 Millennium Technology Prize by TAF
Cambridge University Chemists – Professor Shankar Balasubramanian and Professor David Klenerman won the 2020 Millennium Technology Prize for the development of revolutionary DNA sequencing techniques – Next Generation DNA Sequencing (NGS). The award is presented by the Technology Academy Finland (TAF). Shankar Balasubramanian and David Klenerman jointly invented the Solexa-Illumina Next Generation DNA Sequencing (NGS), which enables fast, accurate, low cost and large scale genome sequencing. Sauli Niinisto, President of the Republic of Finland and the Patron of the prize presented the award over a virtual ceremony.
About Technology Academy Finland (TAF):
CEO– Markku Ellilä
Headquarters– Espoo, Finland