Daily GK Updates - 21st August, 2017

NATIONAL UPDATES:

1. Govt all set to hike GST cess on luxury cars, via ordinance: The government is set to promulgate an ordinance within weeks, allowing an increase in goods and services tax (GST) cess on luxury cars and SUVs, as it seeks to restore tax revenue from the automobile industry that unintentionally got affected in the transition to the new indirect tax regime.

2. Number of PSU banks to fall to 10-15 after consolidation - Sanjeev Sanyal: The government is looking to reduce the number of public sector banks to 10-15, more than what was envisaged earlier, through a series of mergers and acquisitions so that none of the banks become too big to fail, said Sanjeev Sanyal, principal economic adviser at the finance ministry. Earlier it was speculated that the number of PSBs might be reduced to 4-5.

3. AIADMK factions finally unite, Panneerselvam is deputy CM: The AIADMK factions finally merged following a power sharing arrangement. Palaniswami will remain the chief minister and O Panneerselvam will be his deputy. Panneerselvam will also be the AIADMK coordinator while Palaniswami will be the co-coordinator.

4. K Chandrasekhar Rao gets global agriculture leadership award: Chief Minister of Telangana ‘K Chandrashekhar Rao’ has been selected for the prestigious Agriculture Leadership Award-2017 for his innovative services rendered to the welfare of farmers and the farm sector. The Indian Council of Food and Agriculture (ICFA) Committee headed by agriculture scientist MS Swaminathan has recommended the CM’s name.

INTERNATIONAL UPDATES:

1. China launches first cyber court in e-commerce hub of Hangzhou: China launched its first cyber (internet) court specialising in handling internet-related cases in the e-commerce hub of Hangzhou, amid a spike in the number of online disputes. The cyber court will handle cases such as online trade disputes and copyright lawsuits. These cases handled by the court will be tried online.

2. China's army conducts military exercises 'to strike awe in India':  Global Times made sure to mention that the drills were conducted "amid tensions in Doklam" to "lay the ground for plateau warfare". More than 10 PLA units from the 'western theater command' participated in the drills. The units included aviation and armoured forces, said a China Central Television report.

3. World’s smallest surgical robot: British scientists have developed world’s smallest surgical robot which could transform daily operations for tens of thousands of patients. The robot, called Versius, mimics human arm & can be used to carry out a wide range of laparoscopic procedures including hernia repairs, colorectal operations.

OTHER UPDATES:

BANKING & FINANCE:

1. SBI waives processing fees on personal loans: State Bank of India has waived processing fees on most of its retail loans. It will waive upto 100 per cent processing fee on car loans, personal gold loans and other personal loans. The retail push comes three weeks after the bank announced a cut in the savings bank rate.

BUSINESS & ECONOMY:

2. Rosneft closes $13-billion Essar Oil acquisition deal: The nearly $13-billion acquisition of Essar Oil Ltd by a consortium led by Russia’s Rosneft PJSC is believed to have been completed, sources close to the matter said. This paves the way for the Essar group to reduce its debt. The deal, which Essar termed the largest foreign direct investment in India, includes the sale of a 20 million-tonnes-per-year Vadinar refinery and Vadinar port in Gujarat to Rosneft, United Capital Partners and Trafigura Group Pte. Essar’s promoters, the Ruias, will retain a 2% stake in these assets.

3. McDonald’s terminates franchise agreement with CPRL for 169 restaurants: McDonald’s India Pvt. Ltd (MIPL), the Indian subsidiary of the American fast food chain on Monday terminated its franchise agreement with Connaught Plaza Restaurants Pvt. Ltd (CPRL), the north and east India licensee of McDonald’s, the company said in a statement.

4. NTPC seeks shareholder nod to raise Rs15,000 crore via bonds: State-owned power giant NTPC Ltd has sought shareholders’ approval to raise Rs15,000 crore via non-convertible bonds on private placement basis domestically for capex, working capital and other corporate purposes. The special resolution is listed on the agenda of the annual general meeting scheduled for 20 September.

5. Chaayos plans to expand tea range, open more stores in India: Tea cafe chain Chaayos is planning to expand its range of tea-based packaged consumer goods and open more stores. Chaayos CEO Nitin Saluja says launching Chai Pattis to help customers enjoy top selling Chaayos Chai at the comfort of their homes.

6. Government imposes anti-dumping duty on tempered glass from China: The Union Finance Ministry (Revenue Department) has imposed anti-dumping duty on certain “textured toughened (tempered) glass” imported from China. This will help the local industry against the heavily dumped Chinese products.

SPORTS:

7. Indian hockey is on par with the best: Rupinder Pal Singh: Rupinder was named TOISA Hockey Player of the Year (Jury’s Choice) for an excellent 2016. He was part of a fruitful 2016 campaign during which India won the Asian Champions Trophy.

8. Shapath Bharadwaj wins bronze at Junior Shotgun World Cup: Shapath Bharadwaj (15-year) has won a bronze medal in the double trap event at the ISSF Junior Shotgun World Cup in Porpetto, Italy. Lakshay Sheoran and Manisha Keer combined to win a bronze in the mixed team trap competition.