Current affairs of 13th November
Neelakshi Das, Published On:13-Nov-2018
1. Retail inflation cools to 3.31% in October.
- Consumer inflation, as measured by the Consumer Price Index, eased in October to 3.31%, from 3.77% the previous month, owing to slowing price growth in the food, housing, and footwear segments.
- Inflation in the food and beverages segment contracted 0.14% in October, compared with a growth of 1.01% in September
- Growth in industrial activity, as measured by the Index of Industrial Production, slowed marginally in September to 4.5%, from 4.67% in August, owing to slowing growth in the manufacturing and capital goods sectors
- IIP growth slowed from 4.67% in August.
- Growth in manufacturing eased to 4.62% in September from 5.08% in August.
2. Ambassadors/High Commissioners of Vietnam, Latvia, Jordan and Sri Lanka presented their credentials to the President of India, Shri Ram Nath Kovind, at a ceremony held at Rashtrapati Bhavan today (November 13, 2018).
- Vietnam Capital: Hanoi ; Currencies: Vietnamese dong
- Latvia Capital: Riga ; Currencies: Euro
- Jordan Capital: Amaan ; Currencies: Jordanian dinar
- Sri Lanka Capita : Sri Jayawardenepura Kotte ; Currencies: Sri Lankan rupee
3. Our Lady of The Holy Rosary Cathedral in Mangaluru will celebrate 450 years of its completion from November 15 to 18.
- Karnataka Chief Minister H.D. Kumaraswamy will attend the concluding day of the celebrations.
4. The Tamil Nadu Generation and Distribution Corporation (Tangedco) has decided to import 3.5 million more tonnes of coal to meet the demand for the fossil fuel.
- It is getting imported coal of 1.75 million tonnes through suppliers, who source it mostly from Indonesia.
5. RBI unlikely to open window for NBFCs
- Amid growing demand for liquidity support for non-banking finance companies, the Reserve Bank of India (RBI) is unlikely to provide any special support to the sector, though it will continue to provide funds to the banking system as liquidity deficit in the system is a concern
- RBI cancels registration of 31 NBFCs
- A majority 27 of the 31 companies which lost their licences are from Bengal.
- It also cancelled the certificate of registrations of 17 NBFCs following a request by them for the same. The action comes amid difficulties faced by the NBFCs sector.
6. IL&FS places two subsidiaries on the block
- Troubled financial conglomerate Infrastructure Leasing and Financial Services (IL&FS) has kickstarted the asset monetisation exercise as it has decided to sell its stake in two of its subsidiaries — IL&FS Securities Services and ISSL Settlement and Transactions Services Ltd., — both engaged in the securities services business.
- The asset sale is a part of the broader plan for the resolution of the company.
- IL&FS Securities Services is a professional clearing member in equity and other derivatives
- ISSL is engaged in providing clearing services in the commodities derivative segment
7. NCLT delays cost banks ₹4,000 cr
- Delays in resolution process of the 12 stressed assets that were referred to the National Company Law Tribunal (NCLT) beyond the 270 day period have cost the banks an additional ₹4,000 crore.
8. Balkrishna Industries Limited (BKT), one of the leading off-highway tire manufacturers, is planning to invest $100 million to set up a new production site in the U.S., making its first manufacturing site outside of India.
9. South Korean automotive manufacturer Hyundai to invest ₹7,000 cr. in Sriperumbudur unit
- A Memorandum of Understanding (MoU) towards the investment would be signed during the Global Investors Meet scheduled in January next year.
10. State-run lender Bank of India has reported a ₹1,156 crore net loss for the quarter ended October 31 due to increase in provision for bad loans as well as mark-to-market loss on its bond portfolio.
11.State-owned UCO Bank reported widening of net loss to ₹1,136.44 crore for the second quarter of 2018-19, on rising bad loans.
- The bank had posted a net loss of ₹622.56 crore in the September quarter of 2017-18. In the June quarter, net loss stood at ₹633.88 crore.
12. Avenue to pick up 27% stake in Arcil
- U.S.based distressed asset fund, Avenue Capital, is planning to pick up 27% stake in Asset Reconstruction Company (India) Limited or Arcil — one of the oldest in the business of asset reconstruction in India — in a secondary deal by buying out stake.
13. Abu Dhabi firm inks deal to store crude in India
- Abu Dhabi National Oil Company (ADNOC) has signed a Memorandum of Understanding (MoU) with the Indian Strategic Petroleum Reserves Ltd. (ISPRL) to explore the possibility of storing ADNOC crude oil at ISPRL’s underground oil storage facility at Padur in Karnataka, which has a 2.5 milliontonne (~17 million barrels) capacity
Appointments and Resignation
14. Former Law Minister and senior politician Nilambar Acharya selected as Nepal’s envoy to India.
15. World champion Lewis Hamilton steered his Mercedes to a nail-biting victory in Sunday’s Brazilian Grand Prix
16. Union Minister for Parliamentary Affairs, and Chemicals and Fertilizers Ananth Kumar passed away on Monday. He was 59.
Source: The Hindu, The Economic Times, The Indian Express, Press Information bureau website