1. BRICS bank to be operational by end of 2015:
South Africa
i. The emerging
market BRICS nations will have their own development bank by the end of the
year.
ii. "The New Development
Bank is expected to be operational by end of 2015," the South African
finance ministry said in a statement that announced the nomination of South
African banker Leslie Maasdorp as vice president of the bank and parliamentary
ratification of two treaties concerning the lender.
iii. The BRICS
nations - Brazil, Russia, India, China and South Africa - which represent 40
per cent of the world's population and a quarter of its economic output,
decided in 2013 to create their own development bank to step up lending for the
infrastructure projects needed to close the gap with the industrialised world.
The bank, which
will be headquartered in Shanghai, is expected to have up to $100 billion in
capital.
iv. The inaugural
meeting of the board of governors of the New Development Bank will be held in
the Russian city of Ufa on July 7 to confirm the appointment of the management
of the lender.
2. India ranked best for investment
i. A ranking of
destinations for attractiveness to foreign investors has placed India at the
top among 110 countries. China has secured the 65th position and the U.S. is at
the 50th. In the 2014 index, India was at the sixth position and Hong Kong was
number one.
ii. The ranking is
based on an index for baseline profitability that assumes that three factors
affect the ultimate success of a foreign investment: how much the value of an
asset grows; the preservation of that value while the asset is owned; and the
ease of repatriation of proceeds from selling the asset.
iv. The index
combines measures for each of these factors into a summary statistic that
conveys a country’s basic attractiveness for investment.
3. Govt to infuse additional Rs 11,500 cr in PSU
banks in FY16
i. Government is
likely to infuse additional USD 1.8 billion (about Rs 11,500 crore) in public
sector banks this fiscal over and above USD 1.2 billion earmarked in the
Budget, Finance Secretary Rajiv Mehrishi said on Friday.
ii. The government
has earmarked Rs 7,940 crore in the Budget for recapitalisation of PSU banks
for the current fiscal.
iii. The government
has already started assessment of capital requirement of public sector banks.
It has already received presentation of 14 public sector banks.
iv. According to an
estimate, public sector banks would need an additional capital of Rs 2.40 lakh
crore by 2018 to meet the Basel III capital adequacy norms.
4. Mboweni heads for Brics bank
i. Finance Minister
Nhlanhla Nene announced on Friday that former Reserve Bank governor Tito
Mboweni has been appointed as the non-executive director to the board the Brics
New Development Bank (NDB).
ii. He added that
Cabinet had endorsed the nomination of Leslie Maasdorp for vice-president of
the NDB. Maasdorp recently parted ways with AdvTech where he was chief
executive. He was previously the president of Merrill Lynch for southern
Africa.
iii. The management
of the NDBs will be appointed at the board of governors inaugural meeting on
July 7‚ Nene said. The NDB is expected to be up and running by the end of the
year.
5. Link Intime launches apps to give investors
real-time info
i. To give
real-time information, securities registry service provider Link Intime India
Pvt Ltd has launched two unique mobile applications, one for investors and the
other for client companies.
ii. The bLink app
provides the latest information across all client companies serviced by Link
Intime to investors. The app will provide information about IPO allotments,
details of shareholder meetings, dividends declared and book closure period,
undelivered articles, failure of credits of dividend/ interests, and failure of
credit of shares/ bonds into investors’ accounts, among others.
iii. An investor
can add up to 10 DP accounts under one login. The InSta Link app, for
authorised corporate clients of Link Intime, gives an overview of the latest
available holdings of shareholders of the company under various categories and
changes thereof in the immediate past seven days.
6. HDFC Securities mobile trading app available in
11 languages
i. HDFC Securities,
a subsidiary of HDFC BankBSE -0.23 % has launched its mobile trading app in 11
different regional languages.
ii. Language
arriers or lack of research and advice should not be reasons for not investing
in the future. Apart from English the app will be available in Hindi, Marathi,
Gujarati, Punjabi, Assamese, Bengali, Tamil, Telugu, Kannada, Malayalam and
Oriya.
iii. HDFC
Securities has had a call centre running which services customers in eight
different languages. The mobile apps in multiple languages along with call
centres will give lot of comfort to investors.
7. ICC amends rules in a bid to restore balance in
ODIs
i. In a bid to
restore the balance between bat and ball, the ICC today decided to scrap the
batting Powerplays and allow five fielders outside the 30-yard circle in the
last ten overs of an innings in one-dayers.
ii. The rule
changes will come into effect for series starting on or after July 5, the ICC
said in a media release issued today.
iii. The ICC Board
during its Annual Conference here adopted these recommendations which were made
by the ICC’s cricket committee headed by the former India captain Anil Kumble
in Mumbai this May.
iv. The ICC Board
also reviewed and adopted the Integrity Working Party’s recommendations to
allow a greater role for a central Anti-Corruption Unit and pave the way for
greater coordination of preventative and investigative activity around the
world with a unified vision to ‘keep cricket clean’.