Current Affair Shorts

Today's Headlines from: *Economic Times* 📝 Tokyo Olympics delay costs to reach $2.8 bn 📝 Ubs Principal Capital Asia sells IndusInd Bank shares worth Rs 184 cr 📝 IRFC to launch Rs 4,600 crore IPO this month 📝 Vedanta Resources to raise up to $700 mn via offshore bonds 📝 India’s industrial production up by 2.8% in October: Morgan Stanley 📝 FIFA extends 7-team Club World Cup to 2021; Japan to host 📝 Mumbai-based Luxury Fashion House Purple Style Labs acquires Wendell Rodricks Label 📝 Govt issues guidelines for implementing feeder-level solarisation under PM-KUSUM scheme 📝 Diesel crosses Rs 73-mark, petrol price nears Rs 83 in Delhi 📝 NMDC's Donimalai iron ore mine to be operationalised, Govt extends mining lease 📝 India biggest buyer of COVID-19 vaccine with 1.6 bn doses, experts say this could cover 60% population 📝 Sobha Ltd to invest Rs 1000 cr in Delhi and Gurgaon to develop 2.76 million sq ft 📝 MyGlamm to raise Rs 110 cr from new, existing investors; to wrap up fund-raising by Jan 📝 SaaS provider Swipez raises funds from Anicut and 9Unicorns *Business Standard* 📝 World counting on us for affordable coronavirus vaccine, says PM Modi 📝 RBI leans towards economic growth, keeps policy rates unchanged at 4% 📝 ONGC Videsh makes fourth commercial oil find in its Colombian block 📝 DCGI reassures all protocols being followed in Serum's clinical trials 📝 Flipkart extends work from home for its 12,000 employees till May end 📝 Ikea to launch its second physical store in India at Navi Mumbai on Dec 18 📝 IT sector likely to get a booster shot as firms plan to spend more 📝 Farmer leaders call for Bharat Bandh on December 8 if demands not met 📝 RBI hikes contactless card transaction limit to Rs 5000 to boost e-payments 📝 E-commerce order volume grew 56%, GMV by 50% this festive season: Report 📝 RBI to adopt scale-based regulatory framework for NBFCs, set audit norms 📝 Burger King IPO subscribed 157 times at close on robust all-round demand 📝 Zydus gets DCGI approval for phase-3 clinical trials of Covid-19 therapy 📝 Pentagon adds China chipmaker SMIC, oil producer CNOOC to defense blacklist 📝 Oil prices move up towards $50/bbl after OPEC+ supply compromise 📝 DBS Bank India gets Rs 2,500 cr capital support from parent for LVB merger *Financial Express* 📝 Gujarat’s renewable energy capacity set to touch 12,000 MW 📝 Chennai start-up Agnikul inks agreement with Isro to help develop launch vehicle 📝 Shipping costs skyrocket, exporters feel the heat 📝 Greaves Cotton to continue work on operational efficiency, shut Ranipet plant     📝 Bank credit grows by 5.82%, deposits by 10.89% 📝 Over 50 unicorn startups expected in India by 2022: Official 📝 Siemens launches IGnITE to support high-quality training, tech education 📝 Initial response looks ‘positive’ for PMC Bank resolution, says Shaktikanta Das 📝 Senvion GmbH to sell 100 pc stake in India arm to GREDHCL 📝 ADB approves $190 million loan for upgradation of Bengaluru power distribution system 📝 RBI projects 6.8 pc retail inflation in December quarter 📝 63 Moons to challenge Sebi order in STP services case *Mint* 📝 SAIL crude steel output grows by 7% to 1.417 MT in Nov 📝 Tata Power announces getting LoI for Odisha’s WESCO and SOUTCO discoms 📝 SBI fraud case: CBI searches 3 locations in Delhi in ₹1,800-crore bank scam 📝 India’s gold imports slump as festival fails to light up demand 📝 US employers add a modest 245,000 jobs as coronavirus intensifies 📝 IEX launches two new contracts for renewable energy trading 📝 TRAI directs telcos to submit details of segmented offers . 📝 EU tells UK to make up its mind as trade talks near climax 📝 Forex reserves down $469 million to $574.82 billion 📝 MobiKwik raises ₹52 crore from HT group, Kris Gopalakrishnan's family office 📝 PE firm Convergent Finance buys 10% stake in ADF Foods for ₹100 crore 📝 Delhi govt launches forum for successful implementation of EV policy 📝 Fuel supply by Coal India to power sector drops by 7% in Apr-Oct.

Today's Headlines from: *Economic Times* 📝 Rabi sowing likely to be 2 pc higher than last season: Report 📝 Union Bank to seek shareholders nod to raise up to Rs 6,800 cr equity capital 📝 Bajaj Finance raises Rs 755 cr by issuing bonds on private placement basis 📝 Emerging markets will grow at 7.4% on an average in 2021: Morgan Stanley 📝 Efforts underway to operationalise vital infra links between India, CLMV countries: DPIIT Secy 📝 Government approves creation of new post of deputy chief for military ops & strategic planning in Army 📝 Industry seeks sops for PCBA, says $109 billion opportunity 📝 Nava Bharat Ventures inks pact with Tata Steel arm for conversion of high carbon ferro chrome 📝 India office markets’ fit-out costs most economical in Asia Pacific: Report 📝 IL&FS receives approval to sell Chenani Nashri Tunnel to Cube highways for Rs 3900 crore 📝 Isro to help Agnikul with tech support to build its small rocket *Business Standard* 📝 JSW Steel sweetens offer by Rs 400 cr to close Bhushan Power deal 📝 Flipkart to spin-off PhonePe, payments firm to be valued at $5.5 billion 📝 Irked by outages, RBI asks HDFC Bank to halt fresh digital launches for now 📝 YES Bank takes on lease 62,500 sq ft office space in Noida from Max group 📝 Airtel gains 2.3 million more subscribers than Reliance Jio in September 📝 UltraTech Cement to invest Rs 5,477 cr to raise capacity by 12.8 mn tonnes 📝 SC allows Franklin Templeton to seek investors' nod for winding up schemes 📝 Tata Power fully repays Mundra unit's bank loans worth Rs 4,150 cr 📝 Services sector grows for second straight month, but rate falls in Nov: PMI 📝 After e-commerce, CCI looks at pharma sector to unlock competition 📝 Fitch affirms Issuer Default Rating on four PSBs including SBI 📝 Standard Life cuts 1.38% stake in HDFC Life, raises Rs 1,720 crore 📝 OPEC+ resumes talks on 2021 policy amid discord on how to tackle oil demand 📝 India's next Budget to focus on boosting growth, says FM Sitharaman 📝 Significant investments in 5G rollout, will accelerate further: Telcos 📝 World food price index jumps in November to almost six-year high - FAO *Financial Express* 📝 Domestic carriers may post loss of Rs 21,000 crore this fiscal: Icra 📝 Indian economy is gradually recovering: IMF 📝 Icra says proposed bank licensing rules to allow corporates a positive move 📝 Canara Bank raises fixed deposit rates by 0.2 per cent 📝 Digital could drive over 80% of spend for enterprises in near term: Report 📝 FreshToHome eyes Rs 1,500 crore revenue by December 21, sees strong growth in FTH Daily 📝 NCLT gives nod to Reliance Infratel resolution plan; lenders may get around Rs 4,400 cr 📝 Google accused of illegally spying on employees before terminating them 📝 Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services 📝 Sequoia India partners Niti Aayog’s WEP to promote women entrepreneurship in India 📝 RBI likely to maintain ‘accommodative’ stance in ongoing policy review: Assocham *Mint* 📝 Cloud, cybersecurity, and modernization will power digital biz models: Infosys 📝 Mumbai NCLT approves Jio's resolution plan for Anil Ambani's Reliance Infratel 📝 IndiGo to remove leave without pay for staffers from January 1 📝 US approves sale of $90 mn worth of military equipment and services to India 📝 Stripe teams up with Goldman, Citi to offer banking services 📝 Nestle commits 3.2 billion Swiss francs to tackle climate change 📝 EU Parliament approves Collective Redress Directive 📝 FSSAI seeks test details on adulterated honey, ASCI warns against misleading ads 📝 Moody’s downgrades Vedanta’s ratings further into speculative grade 📝 India Inc third most targeted by malware attacks after US and Japan, report 📝 Digital pocket money start-up Junio eyeing to raise $3 million 📝 WHO looks at possible 'e-vaccination certificates' for travel.

The owner of masala brand MDH 'Mahashay' Dharampal Gulati passes away.

Today's Headlines from: *Economic Times* 📝 Festive season supports India Inc’s return to normalcy: ICRA 📝 Two Sahara group firms move Supreme Court, files contempt plea against SEBI 📝 BSE executes physical deliveries of gold under India good delivery standard 📝 Burger King IPO subscribed more than 3 times on Day 1 📝 Gold hits one-week high on muted dollar, US stimulus hopes 📝 Japan's NTT weighs up to $19 billion bond offering for Docomo acquisition 📝 Sugar output jumps over two-fold at 42.9 lakh ton in October-November 📝 I-T refunds worth Rs 1.40 lakh crore issued to 59.68 lakh taxpayers in 8 months 📝 Export decline steepens in November at 9.07% 📝 24 industries can add Rs 20 lakh crore annual manufacturing, jobs for 3 crore people: Piyush Goyal 📝 Paytm partners with Suryoday Small Finance Bank to empower MSMEs with instant digital loans 📝 Wipro wins multi-year contract from payments major Verifone 📝 Rolls-Royce, Infosys announce strategic partnership for aerospace engineering in India 📝 US court overthrows H-1B visa program changes, says administration's causes unjustified 📝 Don’t limit data centre sops to location-based criteria: Nasscom 📝 Loop Health secures $2.3 million from Sierra Ventures, Y Combinator, others *Business Standard* 📝 UK approves Pfizer, becomes the first country to roll out Covid-19 vaccine 📝 60 companies submit bids for Reliance Capital's asset monetisation 📝 SpiceJet partners cold-chain solution firms for Covid-19 vaccine transport 📝 Bharti Airtel hikes Infratel holding by 4.9%, stake reaches 41.6% 📝 Supreme Court adjourns hearing in Tata Sons-Mistry case to December 8 📝 China's Ant considers Paytm stake sale amid tensions with India: Report 📝 Xiaomi shares slide 7.1% after finalising $3.9 billion in equity deal 📝 Salesforce agrees to buy workplace app Slack in $27.7 billion deal 📝 Will meet $1-trn export target by '25, says Goyal; industry seeks more help 📝 ICICI Bank, Indian Bank at risk of becoming 'fallen angels', warns S&P 📝 India to see $66 bn investment in gas infrastructure, says Pradhan 📝 State-run oil firms spend 40% of capital expenditure target by October *Financial Express* 📝 Steel makers hike hot-rolled coil prices by 6% 📝 IDBI Bank puts home loan, LAP, corporate NPAs worth around Rs 970 cr on sale 📝 CIL banks on supplies to non-power sector to expand sales 📝 Union Bank completes integration of all branches of Corporation Bank with itself 📝 SC stays NCLAT order for CCI probe against Flipkart 📝 Digital payments skyrocket as India steps into Unlock phase; UPI payments value surges 99% in Q2 📝 Exxon Mobil in talks to buy stake in Indian oil, gas fields, says Dharmendra Pradhan 📝 Exporters seek extension of tax benefits for SEZs, presumptive tax for cross-border e-commerce 📝 Govt makes it mandatory to mention 8-digit HSN Code in tax invoice for 49 chemical based products 📝 Indian economy to see positive growth in fourth quarter of current fiscal: Niti Aayog VC Rajiv Kumar 📝 RBI’S MPC starts deliberation on policy rate 📝 Australia bounces out of recession as economy grows 3.3% *Mint* 📝 Fossil fuel production far exceeds climate targets: UN 📝 Tata Sons buys 0.71% stake in Tata Chemicals for around ₹76 crore 📝 Reliance Jio leads funding round in gaming company Krikey 📝 Hiring sentiments to improve in October-December quarter:Report 📝 SC directs Centre to install CCTV cameras in offices of CBI, ED, NIA 📝 Central govt employees, pensioners to get AYUSH day care facility under CGHS 📝 Apollo Hospitals to seek shareholders' nod to raise up to ₹1,500 crore 📝 Axis AMC on course to cross ₹2 lakh crore AUM mark by March 📝 IndiGo reaches 70% of its pre-covid capacity, operating 1,000 daily flights 📝 NSE launches 1st agri commodity futures contract 📝 India invites UK’s Johnson as 2021 Republic Day chief guest 📝 Automation startups see business momentum in India in 2021.

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Yesterday ASSOCHAM surprisingly advised the government privatising of public sector banks, rather than condemning Nirav Modi for his cheating the Banks. It is very strange and interesting that the Associated Chamber of Commerce, the mouthpiece of the industrialists and business houses has suggested privatization of banks in view of the recent fraud in PNB. They have conveniently forgotten the track record of private banks in our country. 736 Private Banks Failed, Amalgamated, ceased to function/ transferred their liabilities and Assets, went into liquidation between 1948 and 1968. Private Banks put under moratorium in public interest due mismanagement and gone out of existence from 1969 . 1969 Bank of Bihar 1970 National Bank of Lahore 1971 Eastern Bank 1974 Krishnarao Baldeo Bank 1976 Belgaum Bank 1985 Lakshmi Commercial Bank 1986 Miraj State Bank 1986 Hindustan Commercial Bank 1990 Traders Bank Ltd. 1990 Bank of Tamilnad 1990 Bank of Thanjavur 1991Parur Central Bank 1991 Purbanchal Bank 1993 Bank of Karad Ltd. 1995 Kashinath Seth Bank 1997 Punjab Co-operative Bank Ltd. 1997 Bari Doab Bank Ltd. 1999 Bareilly Bank Ltd. 1999 20th Century Finance Corporation Ltd. 1999 British Bank of Middle East 1999 Sikkim Bank Limited 2000 Times Bank Ltd. 2001 Bank of Madura 2002 Benaras State Bank Ltd. 2003 Nedungadi Bank Ltd. 2004 South Gujarat Local Area Bank 2004 Bank Muscat SAOG 2004 Global Trust Bank Ltd. 2006 Bank of Punjab 2006 Ganesh bank of Kurundwad 2006 UFJ Bank Ltd. 2007 United Western Bank 2007 Lord Krishna Bank 2007 Sangli Bank 2007 Bharat Overseas Bank 2008 Centurion bank of Punjab If private banks are really efficient, why these Banks were closed down and merged with others. Most of these banks were merged with public sector banks. PSBs have become the "Neelakana Mahadev" to swallow the poison of failure of many private banks and it is funny that Assocham is asking PSBs to be privatized now. We understand their greed but they cannot claim that private banks are more efficient. Secondly, take the alarmingly increasing bad loans in Banks. Who are the delinquents and who are the defaulters? Are all of them not private companies, industrialists and corporate houses ? 12 cases of NPAs have been referred to NCLT for insolvency and bankruptcy proceedings involving Rs. 253,000 crores. Who are they? Are all of them not top private corporate borrowers. Why they did not repay the loans? Is it their efficiency? Should banks be privatized and handed over to these people? In the PNB fraud, no doubt there is an unpardonable sin on part of those officials who have gone out of the way to favour Nirav Modi. But who has tempted them and influenced them ? Is it not private corporate giant Nirav Modi ? Take any major fraud in our country. One will see the hand of private corporates in it. Let them not forget that bulk of the loans given by public sector banks are to private corporate houses. If public sector banks are not efficient, why do they avail these loans from PSBs and why have not taken such loans from private banks. Devil should not quote scriptures. We feel to advice Assocham to ask the private sector corporate defaulters to repay the bank loans to the PSBs and condemn NIMO for the fraud he has committed on PNB. "Forward this message to all of your contacts and let them aware about India's biggest conspiracy." Forward it to everyone save public sector banks