A Quick look on Financial Awareness – 22

Dear Aspirants,

In continuation with our ‘A Quick look on Financial Awareness’ series, today we are providing twenty second part of recent and current Banking, Economy & Financial news.

This article will help in your preparation for General Awareness section for upcoming exams like IBPS PO, RRB, India Post & NABARD exams.

1. Largest FDI deal - Rosneft partners buy Essar Oil for $13 billion

• In the largest FDI deal Russian consortium led energy giant Rosneft Oil Company has agreed to acquire India’s second biggest private oil firm Essar Oil in an all-cash deal valued at about US $13 billion.
• The consortium includes Rosneft Oil Company, Netherlands-based commodities trader Trafigura and private investment group United Capital Partners.
• The business transaction was announced in the presence of Prime Minister Narendra Modi and Russian President Vladimir Putin at the 8th BRICS Summit in Goa.

2. India ranks 39th in 2016-17 Global Competitiveness Index

• India has been ranked 39th among the 138 countries in the 2016-17 Global Competitiveness Index (GCI).
• The index was released as part of the World Economic Forum’s (WEF) Global Competitiveness Report for 2016-17.
• Switzerland is in the first position followed by Singapore (2nd) and United States (3rd).

 3. National Mission on Bio-economy launched in Shillong, Meghalaya

• Institute of Bio-resources and Sustainable Development (IBSD) launched The National Mission on Bioeconomy in Shillong, Meghalaya
• The purpose of the mission is to boost rural economy by utilizing bio-resources. Besides, it can be optimally utilized to create a large number of jobs at village level.

4. Chairman of Insolvency and Bankruptcy Board of India - MS Sahoo

• The Union Finance Ministry constituted a four-member Insolvency and Bankruptcy Board of India (IBBI) with Financial markets expert MS Sahoo as its Chairman.
• He will have a tenure of five years i.e. till 2021.

5. Reliance & Dassault Aviation signed deal to set up Dassault Reliance Aerospace

• French aerospace giant Dassault Aviation and Anil Ambani led Reliance Group have signed deal to set up a joint venture called Dassault Reliance Aerospace.
• The contract value is estimated up to Rs. 30,000 crore.
• It will be the largest offset contract to be executed by any defence company in India.

6. SBI becomes to open branch in Yangon, Myanmar

• State Bank of India is going to open its foreign branch in Yangon, the capital city of Myanmar.
• The Yangon branch is the 54th foreign branch of the SBI
• It will become the first domestic bank of India to open a branch in Myanmar.

7. BRICS (Brazil, Russia, India, China and South Africa) to set up Credit Rating Agency

• BRICS has agreed to set up an independent BRICS Rating Agency. Agency will be based on market- oriented principles to strengthen the global governance architecture.
• It was announced during the 8th BRICS summit held in Goa, India. 

8. OVL’s proposal to buy 11% stake in JSC Vankorneft gets approval from CCEA

• The Cabinet Committee on Economic Affairs (CCEA) has given approval to ONGC Videsh Limited (OVL) to buy 11% stake in JSC Vankorneft.
• An estimated amount of US 930 million dollars will be paid by OVL for acquiring 11% stake in Vankorneft.
• This acquisition is also in line with ONGC’s stated objective of adding high quality international assets to India’s Exploration and Production (E&P) portfolio for augmenting India’s energy security.

9. Skava Commerce, a modular e-commerce platform launched by Infosys 

• Infosys India’s second largest software services major has launched “Skava Commerce” a new standard for modern, mobile-first and modular e-commerce platform for retailers.
• The platform has been developed by Skava, a Silicon Valley-based e-commerce start-up that Infosys had acquired in June 2015 for 120 million dollars.

10. World Economic Freedom Index 2016: India ranks 112th

• India ranked 112th out of 159 countries in the 2016 World Economic Freedom Index.
• Hong Kong has the highest level of economic freedom worldwide, followed by Singapore, New Zealand, Switzerland, Canada, Georgia, Ireland, Mauritius, the UAE, Australia, and the UK.

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