NATIONAL UPDATES:
1. CCI approves acquisition of certain equity stake of TVS Certified Private Limited by Mitsubishi Corporation: The Competition Commission of India (CCI) has approved Mitsubishi Corporation’s acquisition of a certain equity stake of TVS Certified Private Limited and TVS Vehicle Mobility Solution Private Limited. The Proposed Combination relates to Mitsubishi Corporation (Acquirer) acquiring an equity stake in TVS Certified Private Limited (Target 1) and TVS Vehicle Mobility Solution Private Limited (Target 2). The Acquirer is a global integrated business enterprise that develops and operates businesses with offices and subsidiaries in 90 countries and regions and around 1,700 group companies around the world and operate across industries including natural gas, industrial materials, petroleum & chemicals, mineral resources and industrial infrastructure.
2. TCS ranks 46, Infosys at 74 in Kantar’s most valuable brand report: IT bellwether Tata Consultancy Services (TCS) is the most valuable Indian brand, ranked 46th globally, followed by Infosys at number 74, according to Kantar BrandZ Most Valuable Global Brands report. TCS’ brand value grew by 7% in a year to $44.79 billion, the report said. The brand value of Infosys, which found itself among the 100 most valuable brands in the world for the third consecutive year, is pegged at $24.68 billion. TCS is ranked 16th in the top 20 business technology and services platforms, and Infosys at 20th.
3. Industrial production declines to a three-month low of 5% in April: The Index of Industrial Production (IIP) in India slowed to 5 per cent in April, a three-month low, as against 5.4 per cent in March, according to Ministry of Statistics and Programme Implementation (MoSPI). The IIP growth rate was recorded at 4.6 per cent in April 2023. The previous high of IIP was recorded at 11.9 per cent in October 2023, which slowed to 2.5 per cent in November, 4.2 per cent in December and 4.1 per cent in January 2024. As per the data, the growth rates of the three sectors in April 2024, Mining, Manufacturing and Electricity stood ate 6.7 percent, 3.9 percent and 10.2 percent year-on-year respectively.
4. Retail inflation eases to 12-month low of 4.75% in May: India’s retail inflation eased to the lowest in a year at 4.75 percent in May 2024, data released by the statistics and programme implementation ministry. The Consumer Price Index (CPI) inflation in April was at 4.83 percent.
The headline rate for last month is the lowest after May 2023 when it came in at 4.31 percent and has now been under the 5 percent-mark for three consecutive months starting March 2024.
Core inflation, which excludes volatile components such as food and fuel, is now at an all-time low of 2.97 percent, reflecting some demand imbalances and gaps in the economy.
5. TDP Chief Chandrababu Naidu takes oath as Andhra Pradesh CM: The Telugu Desam Party (TDP) National president N. Chandrababu Naidu was sworn in as Chief Minister of Andhra Pradesh for the second consecutive term. Governor S. Abdul Nazeer administered the oath of office to Mr. Naidu at Kesarapalle close to Gannavaram near Vijayawada. This is the fourth time that Naidu will be serving as Chief Minister in his more than four decades of political career. He served as Chief Minister of combined Andhra Pradesh twice, and this is the second time in Residual Andhra Pradesh. Except for 11 Assembly seats won by the ruling YSR Congress Party (YSRCP), the NDA bagged the remaining seats out of the total 1 75 Assembly constituencies in the State.
6. Pema Khandu become Arunachal CM for third straight term: Pema Khandu has become the chief minister of Arunachal Pradesh for the third term in a row. He became CM for the first time in 2016. The BJP returned to power in Arunachal Pradesh for the third time in a row, winning 46 seats in the 60-member assembly.
INTERNATIONAL UPDATES:
1. Wipro launches Lab45 AI platform to boost efficiency across biz functions: Wipro has launched its Lab45 artificial intelligence (AI) platform, which leverages generative AI (GenAI), machine learning (ML), and deep learning technologies to help companies increase efficiencies, transform business functions, and enable industry-specific solutions. Lab45 is Wipro’s innovation lab, and the Lab45 AI platform is available to all Wipro employees and clients. The Lab45 AI platform runs on a software-as-a-service (SaaS) model and supports various state-of-the-art large language models (LLMs) from leading providers as well as custom deep-learning and other models.
2. TCS ranks 46, Infosys at 74 in Kantar’s most valuable brand report: Kantar has released its ‘BrandZ 2024 most valuable global brands’ report. The report included a list of the top 100 brands in the world based on their overall brand valuation. A total of four Indian brands made the list in 2024 with a cumulative brand value of over $130 billion. Tata Consultancy Services (TCS) came in as the 46th most valuable global brand in 2024 at a valuation of $44 billion (approx). HDFC Bank came in at 47th with a brand value of around $43 billion.
3. Global Gender Gap Index 2024: India at 129th; topped by Iceland: India slipped two places on the World Economic Forum’s Global Gender Gap index to 129th place as Iceland retained its top position in the rankings. In South Asia, India was ranked fifth after Bangladesh, Nepal, Sri Lanka and Bhutan while Pakistan was ranked last. In the world, Sudan was ranked last on the index of 146 countries while Pakistan fell three places to 145th. India was among the economies with the lowest levels of economic parity, with Bangladesh, Sudan, Iran, Pakistan, and Morocco as all of them registered less than 30 per cent gender parity in estimated earned income.
4. 13 June – International Albinism Awareness Day: International Albinism Awareness Day is observed on 13 June every year. Objective – To raise awareness about albinism, a rare, genetically inherited condition that causes a lack of pigmentation in the skin, resulting in uncharacteristically light hair, skin, and eyes. Theme 2024 – 10 years of IAAD: A decade of collective progress. Albinism is a significant public health concern, affecting an estimated one in every 20,000 people worldwide. In some countries, the majority of people with albinism succumb to skin cancer between the ages of 30 and 40. Regular health checks, sunscreen, sunglasses, and sun-protective clothing can easily prevent this cancer. However, in many low-income countries, these facilities may not be available.
OTHER UPDATES:
SPORTS
1. World Athletics signs 5-year broadcasting services deal with Tata Communications: World Athletics has signed five-year global broadcasting deal with Tata Communications, making the Indian telecom major a key partner for marquee events starting with the Tokyo World Championships. The agreement aims to enhance innovation and audience engagement. Tata Communications will be the host broadcaster for World Athletics Series events, delivering immersive coverage and custom live content across continents.
BANKING AND FINANCE
1. HDFC Bank raises FD rates by 20 basis points: The largest private sector lender HDFC Bank has hiked retail fixed deposit rates by upto 20 bps across various buckets with effect from June 10. The move comes even if the Reserve Bank of India decided to keep the policy repo rate unchanged in the June review of monetary policy. The highest interest rate offered by HDFC Bank is for the 18 months to less than 21 months category where the rate is 7.25 per cent. The bank offers 7.10 per cent for 15 to 18 months category. In the one year to 15 months bucket, HDFC Bank will offer 6.60 per cent. Senior citizens will get 50 bps more than the rate offered to others.
2. Bank of India takes 6% stake in CCIL IFSC: The Bank of India has acquired a 125 per cent stake in the incorporated Clearing Corporation of India Ltd. (IFSC) listed in the GIFT SEZ in Gujarat. The acquisition of a 6.125 per cent stake in CCIL IFSC for ₹6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider. Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City. The entity will act as a clearing house and system operator at GIFT City.
3. FIU imposes over Rs 1.66 crore fine on Axis Bank for failing to detect fraud NSG account: The Financial Intelligence Unit (FIU) has fined Axis Bank over Rs 1.66 crore for failure to detect and report suspicious transactions involving a fraudulent account created in the name of the NSG counter-terrorist force. The agency’s order under the PMLA found Axis Bank employees complicit in a large-scale fraud. The federal agency has issued an order on June 3 under Section 13 of the Prevention of Money Laundering Act (PMLA) that empowers its Director to impose a monetary penalty on a reporting entity (like Axis Bank) if the agency finds that its designated director on the board or any of its employees failed to comply with the obligations mandated under the said law.
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