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.
