>>> Banking And Financial Awareness Container Corporation of India Limited (CONCOR) Explanation :- The Ministry of Heavy Industries and Public Enterprises, Department of Public Enterprises, Government of India granted Navratna status to CONCOR on 23 July 2014. CONCOR is a PSU engaged in providing comprehensive logistics solutions. It has the largest network of 62 inland container depots (ICDs)/container freight stations in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of ports, air cargo complexes and establishing cold-chain. The Government of India (GoI) holds 61.80% stake in CONCOR (as per the shareholding pattern as on 30 June 2014). 3) Which private sector bank has agreed to buy a 15% stake in beleaguered Multi Commodity Exchange of India Ltd (MCX), announcement of which pushed the stock value of MCX by more than 10% on 21 July 2014? => Kotak Mahindra Bank Explanation :- The commodity market regulator, Forward Market Commission (FMC), had ordered MCX to reduce its promoter- Financial Technologies’ (FT’s) stake from 26 to 2% in December last year after FT was found not fit and proper to own stake in any exchange, following the NSEL crisis. However, since the promoter repeatedly missed the deadline for reducing its stake, the regulator said it would not allow the exchange to issue any new contracts beyond August, unless they did so. The news of Kotak Mahindra Bank’s buyout has thus come at the right time. Prominent investor Rakesh Jhunjhunwala had also acquired nearly 2% stake in MCX for about Rs. 66 crore during July 2014. 4) The Bank Employees Federation of India (BEFI) on 19 July 2014 released a list of 1,129 ‘wilful’ corporate loan defaulters on the occasion of the Bank Nationalisation Day. All the companies mentioned in the list had defaulted loans over Rs. 10 crore. What is the approximate aggregate value of these defaulters? => Rs. 54,000 crore Explanation :- The purpose of releasing the list by BEFI on the Bank Nationalisation Day was to put pressure on the defaulters and bank managements. BEFI claimed that a similar list released by unions about five years ago helped some recovery. This list claimed that during the year ended 2013-14, provisioning for Non Performing Assets (NPAs) accounted for Rs. 63,591 crore out of a total operating profit of Rs. 1,27,965 crore. Lanco Mandakini Hydro Energy, Sujana Group, Kingfisher, Progressive Construction, Viceroy Hotels, Regency Ceramics, Nav Bharat International, S Kumars Nationwide Ltd and Deccan Chronicle have been named in the list, among others. 5) Who was during July 2014 chosen as the head of the committee formed to review the previous UPA government’s decision to raise the price of natural gas that would have led to a cascading effect on power tariff, urea costs and retail price of piped cooking gas? => Suresh Prabhu Explanation :- Suresh Prabhu is a former Union power minister. An indicative terms of reference for the committee includes revisiting the Natural Gas Pricing Guidelines of 2014 (NGPG 2014) and the C. Rangarajan formula and the possibility of applying the same in its present form or with modifications. 6) Which company on 23 July 2014 became the first Indian company to cross market capitalization value of Rs. 5 lakh crore? => Tata Consultancy Services (TCS) Explanation :- Market capitalization is the value of a company’s outstanding shares and is used to determine a company’s size. TCS’s market capitalization crossed 5 lakh crore mark on account of appreciation in the price of TCS scrip following good financial results and record dividend declaration by the company. State-held ONGC’s market cap of around Rs. 3.5 lakh crore is way behind that of TCS. It is worth mentioning that TCS’ market cap is more than the combined market cap of its nearest three rivals – Infosys (Rs 1.90 lakh crore), Wipro (Rs 1.39 lakh crore) and HCL Tech (Rs 1.07 lakh crore). 7) The Union Govt. on 19 July 2014 set up an expert committee to look into concerns raised by cost accountants over some provisions in the new Cost Records and Audit Rules. Who is heading this committee? => R. S. Sharma, ONGC’s former Chairman and Managing Director Explanation :- Following notification of the Companies (Cost Records and Audit) Rules 2014, the Council of the Institute of Cost Accountants of India (ICoAI) had expressed concerns over certain provisions of the rules, particularly coverage of sectors of economy under the rules. The other members of the committee will be R K Jain, Additional Secretary in Ministry of Health and Family Welfare, former ICWAI (Institute of Cost and Works Accountants of India) President Chandra Wadhwa, and Aruna Sethi, Adviser (Cost), Ministry of Corporate Affairs. 8) Which country on 17 July 2014 became world’s first developed nation to repeal carbon laws that put a price on greenhouse-gas emissions? => Australia Explanation :- Australian upper Senate on 17 July voted 39-32 to scrap the carbon tax that was introduced by centre-left Labour government Prime Minister Julia Gillard in July 2012 and was introduced in November 2013. This tax imposed A $25 (US$23.45) tax per metric tonne of carbon dioxide on country’s worst greenhouse gas polluters. The tax was devised to penalize hundreds the country’s biggest polluters. Australia is one of the largest per capita greenhouse gas emitters due to its reliance on coal-burning power stations to power homes and industry. The carbon tax and plans for an eventual emissions market dominated Australian politics for years, gaining momentum in 2007, when former Labour Prime Minister Kevin Rudd called climate change “the greatest moral challenge of our time” and made signature of the Kyoto climate protocol one of his first political acts after taking office. 9) Which country became the first in the world to legalise child labour during July 2014? => Bolivia Explanation :- While most of the world is trying to diminish child labour, Bolivia has become the first nation to legalise it from age 10. The Congress of this Latin American country had (during early July 2014) approved a legislation legalise child labour from the age of ten. Vice-President Alvaro Garcia signed it into law on 17 July 2014 in the absence of President Evo Morales, who was travelling. Under the legislation, 10-year-olds will be able to work as long as they are under parental supervision and also attend school. It sets 12 as the minimum age for a child to work under contract. They also would have to attend school. The bill’s sponsors say lowering the minimum work age from 14 simply acknowledges a reality: Many poor families in Bolivia have no other choice than for their kids to work. The bill offers working children safeguards. 10) Which Southeast Asian country on 20 July 2014 allowed 100% foreign ownership in banks? => The Philippines Explanation :- The order announced on 20 July allows foreign banks to own 100% stock of an existing domestic bank or to open a fully owned subsidiary incorporated under Philippines laws. It replaces a cap of 60% on foreign ownership and abolishes previous rules that allowed just 10 foreign banks in the country. The new law is in preparation for the economic integration of members of the 10-country Association of South-East Asian Nations (ASEAN) in 2015. Posted By Our Page Member : MANOJ KARKI (y) (y) (y)
Posted on: Sat, 09 Aug 2014 12:52:04 +0000
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