top of page

Important Current Affairs for CLAT-24th March 2023

Canara Bank sells stake in Russian joint venture to SBI for Rs 121 crore

Canara Bank has announced that it sold its stake in Commercial Indo Bank LLC (CIBL), a joint venture with State Bank of India (SBI), to SBI for approximately ₹121.29 crore.

Canara Bank has announced that it sold its stake in Commercial Indo Bank LLC (CIBL), a joint venture with State Bank of India (SBI), to SBI for approximately ₹121.29 crore. CIBL, which was established in 2003, operates in Russia and is owned 60% by SBI and 40% by Canara Bank. According to Canara Bank, the sale agreement was executed on November 11, 2022.

More About The Canara Bank and SBI Deal:

According to a regulatory filing, Canara Bank has confirmed that it has received the full consideration amount of ₹121.29 crore for the sale of its stake in Commercial Indo Bank LLC to SBI. The agreement for the sale of Canara Bank’s stake to SBI was announced in January of this year and the entire transfer of shares was completed on November 11, 2022, as per the agreement.

About the Canara bank:

Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York.

Google Doodle celebrates 77th birth anniversary of late Kitty O’Neil

Kitty O'Neil, a famous American stuntwoman and actress who was deaf from a young age, was commemorated by Google on her 77th birthday anniversary with a doodle featuring her in a yellow jumpsuit.

77th birth anniversary of late Kitty O’Neil

Google Doodle: Kitty O’Neil, a famous American stuntwoman and actress who was deaf from a young age, was commemorated by Google on her 77th birthday anniversary with a doodle featuring her in a yellow jumpsuit. She went on to become one of Hollywood’s most famous stunt drivers. Google celebrated Kitty O’Neil’s 77th birth anniversary with a doodle that depicted her in a yellow jumpsuit. Despite being deaf since childhood, she became a well-known stunt driver in Hollywood and held the women’s absolute land speed record until 2019.

About the Kitty O’Neil:

Kitty O’Neil was an American stuntwoman and actor who was born in Texas in 1946. She became deaf at a young age due to contracting multiple diseases. Despite this, she went on to become one of Hollywood’s most recognized stunt drivers and performers, appearing as a stunt double in several movies and shows.

In 1976, O’Neil set the women’s absolute land speed record driving a hydrogen peroxide-powered three-wheeled rocket car, reaching an average speed of 825.127 kmph, with a top speed of 999 kmph. This earned her the title of the “fastest woman in the world.” She also set a women’s high-fall record of 127 feet (39 m) while performing as a stunt double in the 1979 episode of the Wonder Woman TV series, which she would later break.

O’Neil died in 2018 at the age of 72 due to pneumonia. In 2019, she was honored with the Oscars in Memoriam award. A biopic about her life, called Silent Victory: The Kitty O’Neil Story, was released in 1979 and showcased her land speed record achievement.

A biopic named Silent Victory: The Kitty O’Neil Story, was released in 1979, and she received the Oscars in Memoriam award in 2019. She passed away in 2018 due to pneumonia at the age of 72.

Will SVB collapse impact the Indian talent market?

The recent collapse of Silicon Valley Bank (SVB) has led to uncertainty in the talent market for Indian startups, which had around $1 billion in deposits with the lender.

The recent collapse of Silicon Valley Bank (SVB) has led to uncertainty in the talent market for Indian startups, which had around $1 billion in deposits with the lender. SVB was shut down by regulators on March 10 due to a run on the bank, despite having $209 billion in assets at the end of 2022.

SVB collapse and Indian talent market:

However, HR and staffing firms are optimistic about the Indian economy and believe that the SVB crisis will not have a significant impact on the talent market.

While there may be some imbalance due to factors such as a slowdown, experts believe that the SVB collapse alone will not affect the talent market. Data from staffing company Xpheno shows that tech startup demand for talent dropped to one-third of its usual volume during the second half of 2022 and has remained below 20,000, leading to a slower pace of hiring.

Reduction in liquidity for Startups:

Startups that had built their reserves and deposits at SVB are likely to be affected by the bank’s collapse, and efforts are underway to secure and recover their reserves. For these startups, the main inconvenience will be a reduction in liquidity and delays in accessing funds.

However, they have a means of resolving the situation and are unlikely to resort to layoffs. They may need to exercise short-term austerity measures to navigate through this period.

A short-term disruption:

AR Ramesh, the director of managed services and professional staffing at Adecco India, stated that while the performance of specific banks and financial institutions may have some impact on the technology and startup sectors, it is unlikely to be the primary factor influencing the demand for talent.

According to him, this will be a temporary issue because Indian businesses, particularly startups, play a significant role in the global technology industry, and there is still a high demand for talent in these fields.

Jack Dorsey’s wealth tumbles $526 million after Hindenburg short

Hindenburg Research's recent report accusing Block Inc. of ignoring extensive fraud has had a significant impact on co-founder Jack Dorsey's net worth.

Hindenburg Research’s recent report accusing Block Inc. of ignoring extensive fraud has had a significant impact on co-founder Jack Dorsey’s net worth. His fortune experienced its most substantial single-day decline since May, with a drop of 11%, resulting in a decrease of $526 million. According to the Bloomberg Billionaires Index, Dorsey’s net worth now stands at $4.4 billion.

Hindenburg report and Jack Dorsey’s Wealth:

Hindenburg published a report accusing Block of inflating user metrics and predicting a downside of 65% to 75% for the stock based on fundamentals alone. Although Block denied the allegations and intends to pursue legal action against the short-seller, the company’s shares dropped by as much as 22% before ultimately closing down 15%

Jack Dorsey, who co-founded both Twitter and Block, has the majority of his personal wealth invested in the latter. According to the Bloomberg wealth index, his stake in Block is valued at $3 billion, while his position in Elon Musk’s social media firm is estimated at $388 million.

History of Hindenburg Reports:

Hindenburg Research, headed by Nathan Anderson, has previously targeted billionaires and caused their wealth to plummet

Earlier this year, the firm conducted an investigation into Indian businessman Gautam Adani and his companies, which resulted in their stocks plunging and causing Adani’s net worth to decrease by tens of billions of dollars. Adani, who was previously the world’s second-richest person, is now ranked 21st on Bloomberg’s wealth index with a fortune of $60.1 billion.

In September 2020, Hindenburg also focused on electric carmaker Nikola Corp. The company’s stock price dropped following the report, and an investigation ultimately resulted in the conviction of founder Trevor Milton for fraud in October of that year.

L&T signs agreement with France-based McPhy for electrolyzer manufacturing

Larsen & Toubro (L&T), an Indian multinational that specializes in EPC projects, hi-tech manufacturing, and services, has signed a binding agreement with McPhy Energy.

L&T signs agreement with France-based McPhy for electrolyzer manufacturing

Larsen & Toubro (L&T), an Indian multinational that specializes in EPC projects, hi-tech manufacturing, and services, has signed a binding agreement with McPhy Energy, a leading electrolyzer technology and manufacturing company based in France. The agreement establishes a long-term partnership between the two companies to explore opportunities in the emerging green hydrogen market. Specifically, L&T and McPhy Energy will collaborate on electrolyzer manufacturing, which is a key technology for the production of green hydrogen.

As part of the partnership, McPhy Energy has granted L&T an exclusive license to use its pressurized alkaline electrolyzer technology for manufacturing electrolyzers, including future upgrades. L&T plans to establish a large-scale manufacturing facility in India for electrolyzers based on McPhy’s technology. The facility will produce electrolyzers for both domestic and international markets. This partnership is in line with L&T’s strategy to expand its presence in the green energy value chain and supports McPhy’s goal of expanding beyond Europe. According to estimates, India’s green hydrogen production capacity is expected to increase to at least 5 MMTPA by 2030, which will require investments of more than $100 billion.

Jack Dorsey’s wealth tumbles $526 million after Hindenburg short

Hindenburg Research's recent report accusing Block Inc. of ignoring extensive fraud has had a significant impact on co-founder Jack Dorsey's net worth.

Hindenburg Research’s recent report accusing Block Inc. of ignoring extensive fraud has had a significant impact on co-founder Jack Dorsey’s net worth. His fortune experienced its most substantial single-day decline since May, with a drop of 11%, resulting in a decrease of $526 million. According to the Bloomberg Billionaires Index, Dorsey’s net worth now stands at $4.4 billion.

Hindenburg report and Jack Dorsey’s Wealth:

Hindenburg published a report accusing Block of inflating user metrics and predicting a downside of 65% to 75% for the stock based on fundamentals alone. Although Block denied the allegations and intends to pursue legal action against the short-seller, the company’s shares dropped by as much as 22% before ultimately closing down 15%.

Jack Dorsey, who co-founded both Twitter and Block, has the majority of his personal wealth invested in the latter. According to the Bloomberg wealth index, his stake in Block is valued at $3 billion, while his position in Elon Musk’s social media firm is estimated at $388 million.

History of Hindenburg Reports

Hindenburg Research, headed by Nathan Anderson, has previously targeted billionaires and caused their wealth to plummet.

Earlier this year, the firm conducted an investigation into Indian businessman Gautam Adani and his companies, which resulted in their stocks plunging and causing Adani’s net worth to decrease by tens of billions of dollars. Adani, who was previously the world’s second-richest person, is now ranked 21st on Bloomberg’s wealth index with a fortune of $60.1 billion.

In September 2020, Hindenburg also focused on electric carmaker Nikola Corp. The company’s stock price dropped following the report, and an investigation ultimately resulted in the conviction of founder Trevor Milton for fraud in October of that year.

Egypt joins BRICS bank as new member weeks after President Sisi’s India visit

After President Abdel-Fattah El-Sisi visited India, Egypt has become a member of the BRICS New Development Bank (NDB). 

After President Abdel-Fattah El-Sisi visited India as a chief guest for the Republic Day celebrations, Egypt has become a member of the BRICS New Development Bank (NDB)

Egypt and BRICS New Development Bank (NDB):

According to sources familiar with the matter, Egypt officially joined the NDB on February 20, with a formal notification issued on March 22.

The African-Arab nation intends to enhance its infrastructure, and NDB funding can make a significant contribution toward achieving this goal.

President El-Sisi’s visit to India and BRICS Bank:

Following President El-Sisi’s visit to India for the Republic Day celebrations, the Egyptian Parliament approved the agreement that permitted Egypt to join the NDB. The lawmakers welcomed the move, recognizing it as a means of reducing the need for US dollars.

The upcoming BRICS Summit, scheduled to be hosted by South Africa in August, is anticipated to promote intra-BRICS trade using national currencies, allowing member nations to safeguard their foreign exchange reserves.

About BRICS New Development Bank (NDB):

It is a multilateral development bank jointly founded by the BRICS countries(Brazil, Russia, India, China and South Africa) at the 6th BRICS Summit in Fortaleza, Brazil in 2014.

It was formed to support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology.

It is headquartered at Shanghai, China.

In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.

Bangladesh, the United Arab Emirates, and Uruguay joined the NDB in September 2021. Egypt was welcomed as a new member of the NDB in December 2021.

Comments


bottom of page