Archive For The “Business & Economy Current Affairs 2018” Category

OVL to buy ConocoPhillips’ 8.4% stake in Kashagan field

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ONGC Videsh Ltd. (OVL) has finalized agreements for the acquisition of 8.40% Participating Interest (PI) of ConocoPhillips in the North Caspian Sea Production Sharing Agreement (NCSPSA), which included the Kashagan field in Kazakhstan. Kashagan Field is an offshore oil field located in the northern part of the Caspian Sea close to the city of Atyrau…

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Sweden’s Volvo to invest in India

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Volvo is a Swedish truck, bus and earth-moving equipment maker. Volvo is the world’s 2nd largest truck maker by revenue. Volvo declared its plans to invest R s 3,800 Crore in India in next few years. Of this amount, it will be investing Rs 1,800 Crore in a joint venture with Eicher Motors. Volvo and…

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Aurobindo Pharma recalled anti-depressant drug from US

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Hyderabad based Aurobindo Pharma Ltd recalled Mirtazapine drug from the US market due to the product not meeting a specification for a known degradation product during routine stability testing. The drug is an anti-depressant and generally indicated for treatment of mood disorders.             Source:gktoday

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Jet Airways may get approval to join Star Alliance

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Jet Airways may get nod from Civil Aviation to join the Star Alliance with state-owned Air India. What is Star Alliance? Star Alliance is the world’s first and largest global airline alliance, headquartered in Frankfurt am Main, Germany. It was founded in 1997 by five founding airlines, Air Canada, Lufthansa, Scandinavian Airlines, Thai Airways International,…

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Hind Copper disinvestment rescued by LIC and PSU banks

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In the direction of achieving Rs 30,000 crore target for fiscal 2012-13 by disinvesting PSUs, the government of India managed to yield Rs 800 crore by selling shares of Hindustan Copper. The sail was mainly on support from the Life Insurance Corporation and public sector banks. The offer for sale (OFS) saw lukewarm response from…

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RINL’s navratna status extended by one year

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The Union Government extended ‘navaratna’ status to Rashtriya Ispat Nigam Ltd (Visakhapatnam Steel Plant) till November 2013. The government took into account the company’s performance, investment of huge amounts in expansion and plant modernisation and completion of all formalities for an IPO.             Source:gktoday

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Pepsi replaces DLF by winning 5 years sponsorship of the IPL

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Pepsi won the five-year title sponsorship of the Indian Premier League (IPL). It replaced earlier sponsor DLF by paying Rs 396.8 crore ($71.93 million) which is almost double the amount DLF paid.             Source:gktoday

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TDSAT reserves order on Tata Teleservices-Vodafone dispute on SMS fee

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Tata Tele took Vodafone to Telecom Disputes Settlement and Appellate Tribunal (TDSAT) against Vodafone’s notice threatening to disconnect termination of SMSes on its network over a dispute on certain fees. A single-member Telecom Disputes Settlement and Appellate Tribunal (TDSAT) bench of P.K.Rastogi reserved its order on the interim plea of Tata Teleservices. TDSAT: Establishment: The…

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Airtel Completes Largest Network Transformation in African Telecoms History

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Bharti Airtel Ltd, India’s largest telecommunications operator has finished an end-to-end network transformation program across the 16 African countries in which it operates. This transformation programme by Airtel follows the 2011 declaration of an on-going 5 year multi-country managed services arrangement, in which Ericsson would manage and optimize Airtel’s mobile networks across Africa. The project…

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Infosys to shift its ADS from Nasdaq to NYSE Euronext

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Indian IT major Infosys will shift its American Depositary Shares (ADS) from the NASDAQ to NYSE Euronext. The step is being taken to provide European investors better access to its stock. What is ADS? It refers to US dollar denominated share of any foreign company trading on an American stock exchange. Why Infosys has chosen…

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RBI advises banks not to grant loans for purchase of gold in any form

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The RBI advised banks not to give loans for purchase of gold in any form, including primary gold, bullion and jewellery. Still, RBI held that banks can provide finance for genuine working capital needs of jewelers. Objective: To discourage people from indulging in speculative activity. Such advances by the banks are probable to be utilized for…

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