ASE News of the DAY: July 24 (Wed) 1) FDI hike in 13 sectors, 100% in telecom as per Government FDI in multi-brand retail sector is allowed after the agreement from the Foreign Investment Promotion Board (FIPB). With the growing demands from the overseas retails the government decided to liberalise Foreign Direct Investment (FDI) limits in 13 sectors including telecom, insurance, retail and defence. The government also cleared the much awaited 100 % FDI in the telecom sector from the existing 74%. Commerce and Industry Minister Anand Sharma stated that the foreign direct investment limit in insurance sector will be increased to 49% from the existing 26%. 2) China lifts control on Bank lending rates In a move toward creating a market oriented financial system to support economic growth, the People’s Bank of China and its Central Bankpromulgated to lift the controls on bank lending rates. 3) Huawei Technologies working on Fifth Generation (5G) Technology Chinese equipment maker Huawei Technologies is working on the Fifth Generation (5G) which will be probably available for use by 2020. Samsung has also promulgated that it has tested 5G technology and it will be ready for commercial use by 2020. 4) Swiss tennis legend Martina Hingis included in Tennis Hall of Fame Swiss tennis legend Martina Hingis (32) was inducted in Tennis Hall of Fame. She has become the fourth youngest member to be inducted in the Tennis Hall of Fame after Tracy Austin (30), Bjorn Borg (31) and Hana Mandlikova (32).
Posted on: Wed, 24 Jul 2013 15:30:47 +0000
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