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International News
UAE, Russia, & Saudi Arabia Among the
Top Importers of Indian Engineering Goods: EEPC
- UAE: It was the
second-largest market for India with engineering exports rising 16% in the
first eleven months to $5.22 billion.
- Saudi Arabia: It was
the third-largest market with exports of engineering items spiking 75% to $4.62
billion in April-February 2023-24.
- Russia: There was a
near-doubling of engineering goods exports to Russia in April-February 2023-24,
with a 99% increase to $1.22 billion.
Forbes released its 38th annual World
Billionaires list
- The list features a record-breaking 2,781 billionaires, which is 141 more than in 2023 and 26 more than the previous record set in 2021.
- Mark Zuckerberg has gained the most in sheer dollar terms, with his wealth increasing by $116.2 billion in a single year, thanks to Meta stock nearly tripling.
- The AI gold rush has added more than a dozen newcomers working in artificial intelligence to the ranks.
National News
Vedanta’s BALCO Receives India’s First ASI
Performance Standard Certification
- The certification covers the manufacture and
supply of a wide range of primary aluminium products at its facility
in Korba, Chhattisgarh, which includes a smelter, three casthouses, a
rolled product plant, and a power generation plant.
- The ASI Performance Standard V3 (2022) defines 11 principles and 62 criteria under three sustainability pillars – Environment, Social, and Governance – to address sustainability areas in the aluminium value chain.
Paradip Port has emerged as the largest
Indian major port in cargo throughput in FY24
- The port achieved the highest-ever coastal shipping traffic of 59.19 million metric tonnes.
- The thermal coal
shipping reached 43.97 million
metric tonnes.
- The port handled 2,710 ships, an increase
of 13.82% compared to FY23.
- This achievement
is a testament to the port’s improved
system of operation and its strategic location near the mineral-rich
hinterland.
Banking
ICICI Securities Delists its Share and Merges with ICICI Bank
- ICICI Securities secured the necessary votes to delist its stock, despite opposition from some retail investors.
- About 71.9% of the brokerage’s minority shareholders voted in favor of the delisting and merger with ICICI Bank, exceeding the regulatory requirement of a two-thirds majority.
- ICICI Bank, which holds roughly a 75% stake in ICICI Securities, said its shareholder outreach was important to explain the proposal and maximize participation.
RBI: Reserve assets surge by USD34.8 billion, net claims of NRI declined by USD12.2 billion
- The report showed a significant rise in reserve assets by USD 34.8 billion during the third quarter of 2023-24, which constitutes over 85% of the increase in foreign assets held by Indian residents.
- This decline is primarily attributed to a substantial surge in Indian residents’ overseas financial assets, amounting to USD 40.7 billion, outpacing the increase in foreign-owned assets within India, which stood at USD 28.5 billion.
