The Hindu Review Daily Gk Update : 26th March 2019
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♦ Kishore Biyani reappointed as Future Retail MD for 3 years
- Future Retail said Monday it has reappointed Kishore Biyani as its managing director and Rakesh Biyani as its joint managing director for three years.
- The company’s board in a meeting on Monday “considered and approved the re-appointment” for three years effective May 2, Future Retail said in a BSE filing.
- However, this would be subject to the approval of the company’s shareholders at the ensuing general meeting, it added.
- Future Retail is part of Future Group founded by Kishore Biyani, who is also the Group’s chief executive officer.
♦ RBI’s Rs 3-trn bond buys this fiscal could distort market: Deutsche Bank
- The Indian central bank’s purchases of bonds to inject cash into the financial system may have an unintended effect of distorting bond prices, according to Deutsche Bank AG.
- The Reserve Bank of India should instead consider cutting the cash reserve ratio, a move it last resorted to six years ago, as various reserve requirements enforced by the authority so far are curbing deposit growth and transmission of rate cuts, said Srinivas Varadarajan, managing director for fixed income and currencies at the bank’s Indian unit.
- “Open-market operation interventions beyond a point do have an impact on the micro structure of the government bond market,” he said in an interview. “The RBI should look at CRR in addition to OMOs as active instruments to manage durable liquidity in the system.”
- The central bank has bought a record Rs 3 trillion ($43.5 billion) of government bonds so far this fiscal year to ease a cash crunch and is set to inject rupee liquidity via a dollar/rupee swap auction worth $5 billion on March 26.
♦ Lalit Kala Akademi announces 15 winners of the 60th National Academy Award
- The Lalit Kala Akademi (LKA) on Friday announced 15 winners of the 60th Annual Academy Awards here.
- All the awardees will be honoured with a plaque, a shawl and prize money of Rs 1 lakh at the 60th National Exhibition of Art, scheduled from March 25 to April 8 at the National Gallery of Modern Art (NGMA) and Sir JJ School of Art. The winners will also display their artworks at the exhibition.
- The awardees selected by the two-tier jury are Chandan Kumar Samal (Odisha), Gouri Vemula (Telangana), Hemant Rao (Madhya Pradesh), Hiren Kumar Chotu Bhai Patel (Gujarat), Jaya Jena (Odisha), Jayesh K.K (Kerala), Jitendra Suresh Sutar (Maharashtra), Douglas Maryan John (Maharashtra), Pratap Chandra Chakraborty (West Bengal), Rashmi Singh (Uttar Pradesh), Sachin Kashinath Chaudhari (Maharashtra), Sunil Kumar Viswakarma (Uttar Pradesh), Tabassum Khan (Bihar), Vasudeo Taranath Kamath (Maharashtra) and Veenita Sadguru Chendvankar (Goa).
♦ India ranks 76th on WEF’s global Energy Transition index; Sweden tops list
- India has moved up two places to rank 76th on a global energy transition index, which has ranked 115 economies on how well they are able to balance energy security and access with environmental sustainability and affordability.
- Sweden remains on the top on this annual list compiled by Geneva-based World Economic Forum (WEF) and is followed by Switzerland and Norway in the top three, as per its latest report released on Monday.
- The WEF said energy systems have globally become less affordable and less environmentally sustainable than they were five years ago, though access to energy has improved with less than 1 billion now living without access to electricity.
♦ China lends $2.2 bn to cash-strapped Pak to shore up its forex reserves
- China on Monday pumped-in $2.2 billion to cash-strapped Pakistan to shore up its close ally’s foreign currency reserves and help avert a possible default on external debt payments.
- With the generous Chinese assistance, Pakistan has so far received a total of $9.1 billion in financial assistance packages from friendly countries during the current fiscal year, The Express Tribune reported.
- While China has pumped-in $4.1 billion from China, Pakistan has got $3 billion from Saudi Arabia and $2 billion from United Arab Emirates (UAE), it said.
- “The State Bank of Pakistan has received RMB 15 billion value equivalent to $2.2 billion as proceeds of the loan obtained by the government of Pakistan from China,” the central bank tweeted.
♦ Govindaraj re-elected BFI president
- K. Govindaraj was unanimously re-elected as president of the Basketball Federation of India (BFI) at its annual general-body meeting here on Sunday.
- Chander Mukhi Sharma was re-elected secretary-general as the BFI promised a bunch of new ideas and tournaments.
- A new six-team women’s league would be held inside the next three months, declared Govindaraj. “We plan to hold it in six cities first. Depending on how it goes, we will take it to other centres,“ he said.
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