Daily The Hindu Review |24 October 2018

♠ Raikkonen wins thriller; Hamilton made to wait for title

  • Lewis Hamilton was made to wait another week for his fifth Formula One world title after the Mercedes driver finished third on Sunday in a U.S. Grand Prix won by Ferrari veteran Kimi Raikkonen.
  •  Red Bull’s Dutch youngster Max Verstappen finished a surprise second after starting 18th in a thrilling finale with the top three cars running nose­to­tail and separated ultimately by just 2.1 seconds at the chequered flag.
  • Ferrari’s Sebastian Vettel, Hamilton’s only title rival, spun down to 15th on the opening lap but fought back to finish fourth — a result that means the championship remains open going into Mexico next weekend. Hamilton, on 346 points, now has a lead of 70 over his four­time champion rival with a total of 75 remaining to be won from the last three races. 

L&FS appoints three advisors for debt resolution plan

On October 22 2018 IL&FS(Infrastructure Leasing & Financial Services) board of directors has appointed Arpwood Capital Pvt Ltd and JM Financial Consultants Pvt Ltd as financial and transaction advisors(FTAs) for the company.
 1 Alvarez & Marsal has been appointed for the group with the mandate to maintain strict controls and manage day-to-day liquidity, evolve a resolution plan, and manage stakeholders with regards to the implementation of the resolution plan.
2 IL&FS and its subsidiaries have defaulted on several debt repayments recently due to liquidity crisis.
Infrastructure builder and financier IL&FS has accumulated debts of Rs 90,000 crore and recently defaulted on a host of short-term borrowings.
The central government stepped in to replace the board of directors with a new board led by banker Uday Kotak.
About IL&FS(Infrastructure Leasing & Financial Services)
♦ CEO  –   Arun K. Saha
♦ Headquarters –  Mumbai
♦ Founded  –  1987

Green Climate Fund approves $1 billion to assist poor countries to tackle climate change

  • Green Climate Fund (GCF) has approved more than $1 billion new investments for 19 new projects to help developing countries tackle climate change.
  • The decision was taken during four-day meeting of GCF in Manama, Bahrain. The funding was approved for projects linked to geothermal energy in Indonesia greener cities in Europe and Middle East and protection for coastal communities in India.

Andhra Pradesh plans ‘Gaming Garage’ to provide jobs, encourage developers

  • The Andhra Pradesh government has set its sights on the gaming industry to generate employment and encourage entrepreneurs and game developers in view of its growing importance. It has chalked out plans to launch the ‘Gaming Garage’ in Vijayawada very soon.
  • The ‘Model Guest House’ located near the foothill of the Indrakeeladri is being spruced up for the Garage. Companies such as the Unity Technologies, Denmark/ San Francisco would provide the software.
  • The gaming became an industry with crores of rupees turnover with the rapid development of computers and smartphone technologies. The Cabinet in April gave its nod to animations and visual effects, gaming and comics policy to attract the best from the sector and an investment of about ₹6,400 crore by 2020

IL&FS appoints advisers to help board 

  • Infrastructure Leasing & Financial Services (IL&FS), which is in the midst of evaluating options to minimise further debt defaults, has appointed advisers to assist the recently­appointed board in monetising assets and preparing a resolution plan.
  • The board of directors has appointed Arpwood Capital and JM Financial Consultants as financial and transaction advisers to the group while Alvarez & Marsal has been appointed restructuring advisers.
  • “At a meeting of the board of directors of Infrastructure Leasing & Financial Services Ltd. held last week, the board has considered it important to harmonise all asset­monetisation activities, including ongoing initiatives, and to undertake the same in a transparent and speedy manner aligned with the broader objective of optimising the interests of different stakeholders,” IL&FS said in a statement.

Infosys, Finnish firm in AI alliance

  • Finnish firm Pöyry and Infosys on Monday announced the release of a new data­driven framework for Artificial Intelligence that overcomes complex and expensive life cycle management challenges faced by industry, utilities and infrastructure organisations across operational technology systems.
  • Krti 4.0 Artificial Intelligence Framework for Operation Excellence applies AI, cognitive/machine learning and machine ­to machine capabilities in an industrial environment, Poyry said. 
  • Krti 4.0’s open and intuitive machine ­to machine interface provides for seamlessly connecting with different operational technology systems for collecting data.

Vikas Sehgal is Cyient director

  • IT   firm Cyient has appointed Vikas Sehgal, executive vice­ chairman of Rothschild Global Advisory for South and South East Asian region and global head of the automotive sector, as an independent director.
  • The firm also announced the appointment of Peter F. Longo, who recently retired from United Technologies Corporation (UTC), to the board of Cyient Inc. with effect from October 1. Mr. Longo has been appointed as the chairman of Cyient Inc. 

Panel for adopting UN model on cross-border insolvency

  • The Insolvency Law Committee (ILC), tasked with suggesting amendments to the Insolvency and Bankruptcy Code of India, has recommended that India adopt the United Nations’ model to handle cross ­border insolvency cases.
  • “The ILC has recommended the adoption of the United Nations Commission on International Trade Law (UNCITRAL) Model Law of Cross Border Insolvency, 1997.
  • The UNCITRAL Model Law has been adopted in 44 countries and, therefore, forms part of international best practices in dealing with cross border insolvency issues.

PNB Metlife unveils AI­powered app 

  • Life insurer PNB Metlife has unveiled an Artificial Intelligence (AI)­powered customer service app ‘Khushi’. 
  • The app is designed to be a one­stop shop providing insurance­related information, anytime, anywhere, such as policy features, premium due details besides providing fund value and portfolio details.
  • It has the ability to understand customer intent and provide tailored responses.

Constellations named after Godzilla, Hulk 

  • WASHINGTON NASA scientists have devised a new set of 21 modern gamma­ray constellations and named them after fictional characters such as the Hulk and Godzilla. 
  • The constellations, constructed through its gamma­ray telescope, were devised to celebrate the completion of 10 years of operations of the Fermi Gamma­ray Space Telescope

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