General Awareness for MBA : 10 March – 17 March
Get to know the most important Corporate news and happenings of the week (10 March – 17 March). It will help you in your preparation for General Awareness.
- United States on 13 March 2014 lifted the ban on oil giant BP that prevented it from winning new government contracts. This ban has been lifted following a commitment of the firm that it will implement a set of safety and operations, ethics and compliance and corporate governance requirements.
- The Insurance Regulatory and Development Authority (IRDA) on 12 March 2014 ordered a CBI probe into alleged fraud in four government-sponsored insurance schemes. The schemes were sponsored by ICICI Lombard Insurance which was meant for the poor.
- Spice Jet and Boeing Company signed a deal worth 4.4 billion dollar (26000 crore rupees) on 12 March 2014. The deal was signed at the inauguration of India Aviation 2014 in Hyderabad for 42 Next Generation 737 MAX8 aircraft.
- SBI Life Insurance Company on 12 March 2014 announced that it will appeal against the order of Insurance Regulatory and Development Authority (IRDA) to refund 275.29 crore rupees to the policy holders of Dhanaraksha Plus Limited Premium Paying Term (LPPT).
- Mercedes Benz, the luxury car maker of Germany on 13 March 2014 announced that it had commenced assembling the S-Class sedan in India at Chakan near Pune.
- Tata Motors on 10 March 2014 announced its plan to set up assembly units and sales offices in Southeast Asia and Africa. The company will sell commercial as well as passenger vehicles through its recently formed subsidiary in Indonesia.
- The French company Airbus launched its wholly owned subsidiary in India called Airbus India on 11 March 2014. The move is aimed at restructuring the Airbus operations in India and consolidate it to tap the growing Indian aviation market.
- Finnish company, Nokia launched its first Android phone named Nokia X in India on 10 March 2014. Nokia X is a unique combination of Nokia quality and experiences, Microsoft services and Android apps.
Agreements and Tie Ups
Tech Mahindra in partnership with Alstom Transport announced a new global development centre located in Bangalore on 12 March 2014. The two companies signed a three-year partnership contract for the development of centre.
India’s exports have contracted by 3.67 percent in February 2014 to 25.7 billion dollars (159858.16 crore rupees). This contraction is the first in past eight months. Imports of the country also have fell by 17.09 percent to 33.8 billion dollars (210451.11 crore rupees) during the month.
Union Government on 10 March 2014 announced to build 200 low cost airports in the next 20 years. The move is aimed at expanding connectivity to Tier-II and Tier-III cities. The development of low-frills airports will significantly reduce the cost of operations.
Indian Oil Corporation (IOC) sold 10 percent of government stake (for 5340 crore rupees) to the Oil India Limited (OIL) and Oil and Natural Gas Corporation (ONGC) on 14 March 2014. Earlier, government shareholding in IOC was 78.92% which has now reduced to 68.92 percent.
Reserve Bank of India (RBI) on 13 March 2014 hiked the trade related remittance limit from 2 lakh rupees to 5 lakh rupees per transaction with immediate effect. It also increased the number of transaction handled by exchange houses.
Union Finance Ministry and Securities and Exchange Board of India (SEBI) on 11 March 2014 jointly finalized the norms of investment for setting up Central Public Sector Enterprises (CPSE) - Exchange Traded Fund (ETF).
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