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AUGUST 20, 2022

NATIONAL

CJI NV Ramana inaugurates new City Courts Complex in Vijayawada

Chief Justice of India NV Ramana inaugurated the new City Courts Complex in Andhra Pradesh's Vijayawada on Saturday. Built at a cost of ₹100 crore, the complex will house all courts under one roof. It's spread over an area of about 15,000 square metres and has 29 court halls with special chambers for sessions judges and magistrates, among other facilities.

Chandigarh airport to be named after Shaheed Bhagat Singh: Punjab CM

The state governments of Punjab and Haryana have agreed to rename Chandigarh International Airport after freedom fighter Shaheed Bhagat Singh, Punjab CM Bhagwant Mann said on Saturday. "Had a meeting with Haryana Deputy Chief Minister Dushyant Chautala on this issue today," Mann added.

 

INTERNATIONAL

UAE to change rules for entry permits and visas from September

 The rules for entry permits and visas will be changed in the UAE from September. The UAE government amended its visa rules for job exploration entry visas, visit visas, multi-entry tourist visas, as well as other visas recently.

The authorities in the country updated that the new entry permits and tourist visa changes will make it easier for expatriates to apply for various types of visas.

Apple supplier Foxconn has signed a $300 million memorandum of understanding with Vietnamese developer Kinh Bac City to expand its facility in the north of the country to diversify and boost production, reports said. The Taiwanese company's new factory, on a plot of 50.5 hectares in Bac Giang province, will generate 30,000 local jobs, reports added.

44,900 Russian soldiers killed, 1,907 tanks destroyed so far: Ukraine

Ukraine on Saturday claimed that it has killed around 44,900 Russian soldiers since Moscow's invasion began on February 24. Around 1,907 Russian tanks and more than 430 aircraft, including 197 helicopters, have also been destroyed, Ukraine's Foreign Ministry said. The ministry further estimated that its forces have destroyed 4,212 armoured personnel carriers and 266 multiple launch rocket systems.

US announces new $775 million weapons package for Ukraine

The US has announced a new $775 million weapons package for Ukraine. "President [Joe] Biden has been clear that we'll continue to support...people of Ukraine in defending their country from Russia's aggression for as long as it takes," US State Secretary Antony Blinken said, adding the new package brings the administration's total security assistance to Ukraine to approximately $10.6 billion.

 

BANKING, BUSINESS AND ECONOMY

IT firms’ salary costs growing faster than revenues

There has been a surge in hiring and revenue growth in IT services companies in recent years, but the industry’s earnings are not keeping pace with the rising employee costs. The result has been a steady decline in margins and subpar growth in profits. The analysis is based on the annual finances of the top six IT services companies: Tata Consultancy Services, Infosys, Wipro, HCL Technologies, Tech Mahindra, and Mindtree

Adani Power to acquire DB Power for Rs.7,017 crore

 Adani Power on Friday said it would acquire DB Power from the Dainik Bhaskar group for an enterprise value of Rs7,017 crore. DB Power owns and operates two 600 mega-watt (Mw) thermal power plants in Chhattisgarh. The initial term of the memorandum of understanding will be till October 31, 2022, but can be extended further on mutual agreement, Adani Power said.

 

FinMin expects rural demand to recover as inflation softens

Rural demand in India, which was buffeted by the Covid-19 pandemic and then by high global inflation, is set to recover as prices come down and the southwest monsoon proves supportive to the sowing season, the finance ministry said in its latest monthly economic report (MER). “Kharif sowing supported by the southwest monsoon, coupled with a higher minimum support price for kharif crops, is likely to enhance rural demand. Urban consumption is expected to benefit from the demand for contact-intensive services, improving performance of corporates, and growing optimism of consumers,” stated the MER for July. The report was drafted by the Economic Division

WHAT THE REPORT SAYS

 | Inflationary pressures easing as global prices come down

| Financial and corporate sectors have been resilient

 | Services sector has recovered and will drive growth

 | Geopolitical environment remains tense and fraught

 | Recessionary fears in advanced economies to remain

 

NUMBER OF COMPANIES LOOKING FOR FRESHERS TO TRIPLE IN H2CY22

 59 per cent of employers in India are keen to hire freshers in the second half of 2022 — over a threefold rise from 17 per cent in the same period of the corresponding fiscal, according to the Career Outlook Report by TeamLease EdTech. The study, which analyses freshers’ hiring sentiment, covers 865 companies across 18 industries and 14 locations.

Govt proposes anti-dumping duty on China antibiotic drug

The commerce ministry has recommended imposition of anti-dumping duty on Chinese ofloxacin — a medicine used to treat certain infections — for five years to guard domestic players from cheap imports from the neighbouring country.

 The move will not impact the end consumer as prices of essential medicines in India are fixed, said an industry source, who added that there will be no change in the medicine price.

“However, if the API is also brought under this anti-dumping, the government is trying to protect the local industry against cheaper imports,” the person said

Slowing economy affected profits, but investments upbeat in FY20

Investments by companies at factory level remained upbeat even as the economy was slowing down in a pre-Covid period of 2019-20, showed the latest annual survey of industries (ASI). The effect of the slowing economy was felt on wages to workers, profits of these companies, and their gross value addition that year.

 The gross fixed capital formation (GFCF) by these companies grew almost 21 per cent at Rs 4.16 trillion at current prices during rpt during 2019- 20, double the growth of 10 per cent in the previous year. The growth rate was a nine-year high as the previous peak was 21.21 per cent in 2011-12

Forex reserves decline to $570.74 billion

 India’s foreign exchange reserves fell $2.238 billion to $570.74 billion in the week ended August 12, according to the Reserve Bank of India (RBI) data. In the previous week ended August 5, the foreign exchange reserves declined $897 million to $572.978 billion. The fall in the reserves in the week ended August 12 was on account a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, according to the Weekly Statistical Supplement released by RBI on Friday. FCA declined $2.652 billion to $50

 

 

OBITUARY

Renowned Malayalam author Narayan passes away

 Popular Malayalam novelist and Kendra Sahitya Akademi awardee Narayan (82) Passed away in Ernakulam on Tuesday. He was under treatment after testing positive for COVID-19. Narayan, who was an employee in the postal department, breathed his last after experiencing breathing issues on Tuesday noon at his residence in Elamakkara.

‘Kocharethi’, ‘Ooralikudi’, ‘Vandanam’ , ‘Aaranu Tholkunnavar’, and ‘Ee Vazhiyil Aalere Illa’ are his popular novels. Narayan has also won Thoppil Ravi Foundation Award, Abu Dhabi Shakthi Award and Swami Ananda Theertha Award. He is survived by his wife Latha. His last rites will be performed at Nadukani after a public homage at his residence and educational institution in Nadukani.

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