International News
China Sanctions US Defence Firms Over Taiwan Arms Sales
In the latest move against perceived infringements on its territorial claims, China has sanctioned Boeing and two other US defense companies for their involvement in arms sales to Taiwan. The announcement came on the day of Taiwan’s presidential inauguration, highlighting tensions in the region.
Banking News
SBI General Unveils ‘Surety Bond Bima’ for Infrastructure Projects
SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), has launched ‘Surety Bond Bima’ to support infrastructure development by providing a security arrangement for infrastructure projects.
Business News
IRDAI Lowers Solvency Requirement and Removes Exposure Limit for Surety Bonds
The Insurance Regulatory and Development Authority of India (IRDAI) has made significant adjustments to the regulations governing surety bonds in response to feedback from insurance stakeholders. These changes aim to enhance the accessibility of surety insurance products and encourage more insurers to participate in servicing the growing demand across various sectors of the economy, particularly the infrastructure sector.
Economy News
GDP Growth Rate Likely to be 6.7% in Q4, Around 7% in FY24: Ind-RA
The Indian economy showed robust growth in the first three quarters of the 2023-24 fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and 8.4% in the December quarter. India Ratings and Research (Ind-RA) expects the GDP growth rate to be 6.7% for the March quarter and around 6.9-7% for the entire fiscal year, according to their principal economist, Sunil Kumar Sinha. The official GDP numbers for Q4 and provisional estimates for FY24 will be released on May 31.
RXIL’s TReDS Platform Surpasses INR 1 Trillion in MSME Invoice Financing
India’s MSME sector, contributing over 30% to the GDP and employing approximately 12 crore people, faces a significant credit gap of around Rs. 28.2 lakh crores. RXIL’s Trade Receivables Discounting System (TReDS) platform has achieved a milestone by facilitating financing of over 50 lakh invoices worth ₹1,00,000 crore since its inception. This milestone underscores the platform’s role in providing accessible working capital financing solutions to MSMEs, crucial for economic growth and India’s journey towards achieving a Rs. 5 trillion economy.
Fusion Micro Finance Secures $25 Million Loan from US International DFC
Fusion Micro Finance has obtained a $25 million loan from the United States International Development Finance Corporation (DFC) to fuel its expansion plans, primarily focusing on empowering rural women entrepreneurs. The initial disbursement of $20 million, part of an eight-year loan, aims to enhance business operations and advance financial inclusion efforts.
SEBI’s Amendments to LODR Regulations: Enhancing Market Capitalization Computation
SEBI has introduced significant amendments to its Listing Obligations and Disclosure Requirements (LODR) regulations, focusing on the computation of market capitalization for listed companies. The amendments aim to redefine the criteria for applicability and establish a defined period for calculating average market capitalization.
Appointments News
RBI Approves Appointment of Pradeep Natarajan as IDFC FIRST Bank’s Whole Time Director
The Reserve Bank of India (RBI) has given its nod for the appointment of Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank, marking a significant development for the private sector lender. The approval, granted for a tenure of three years, underscores the bank’s commitment to strengthening its leadership team.
Ranks and Reports News
Mukesh Ambani and Gautam Adani Secure Positions Among the World’s Top 15 Super Rich
Mukesh Ambani and Gautam Adani have made it to the top 15 world’s super-rich list of the Bloomberg Billionaires Index. This marks a significant achievement, especially for Gautam Adani, who reclaimed his position after losing it in 2023 due to short selling in his company’s stock. Notably, for the first time, all individuals in the top 15 have a net worth of $100 billion or more.
Ronaldo Tops Forbes’ List of Highest-Paid Athletes Again
Cristiano Ronaldo, despite nearing the twilight of his career, has secured the top spot on Forbes’ list of the world’s highest-paid athletes. His significant earnings in Saudi Arabia have propelled him to this position for the fourth time.
World Bee Day 2024: Date, Theme, History, Significance and Celebrations
World Bee Day, observed on May 20, marks the birth anniversary of Anton Janša, a pioneer in beekeeping. Established by the United Nations in 2017, this day highlights the critical role of bees in ensuring food security, biodiversity, and sustainable agriculture. The 2024 theme, “Bee engaged with Youth,” emphasizes the importance of involving young people in bee conservation efforts to protect these vital pollinators.
Former Indian Army Officer Killed in Gaza Attack
The ongoing conflict in Gaza has claimed the life of Colonel (Retd.) Waibhav Anil Kale, a former Indian Army officer who was serving as a staff member of the United Nations Department of Safety and Security (DSS) in the region. The tragic incident occurred on May 13, 2024, when Kale’s vehicle came under attack in Rafah, Gaza, marking the first international casualty since the latest escalation of hostilities between Israel and Hamas.
