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Corporate current affairs

Qualcomm received the Broadband Wireless Access Spectrum

Qualcomm, the US chipmaker, received the broadband wireless access (BWA) spectrum 8 May 2012 by the department of telecommunications (DoT). The DoT, however, reduced the companys period of licence use to 18.5 years from 20 years as mentioned in the licence agreement. The time period to meet the rollout obligations was also reduced from 5 to 3.5 years. The provisions to cut down the time line for the license came as the DoT felt that the delay has been caused by Qualcomm, which failed to confirm the licence agreement on time. Qualcomm in 2010, had won 20 Mhz spectrum in four circles including Delhi, Mumbai, Kerala and Haryana through an auction of 4912.54 crore rupees(about USD 1 billion). The spectrum was, however, delayed as the company found itself in a dispute with DoT following the departments rejection to its application for a Internet Service Provider (ISP) licence due to late submission.

UTI Mutual Fund's Chief Marketing Officer Jaideep Bhattacharya resigned

UTI Mutual Fund's Chief Marketing Officer Jaideep Bhattacharya stepped down from his post on 4 May 2012. Bhattacharya quit the position to explore other carrier opportunities. There have been reports of the board not being happy about the performance of the fund, which was once the country's largest fund house but has currently slipped to fifth position. Since U K Sinha left UTI to become Sebi Chairman in February 2011, there has been no full time chief of the country's oldest fund house.

UTI Mutual Fund is promoted by sponsors including State Bank of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation and T Rowe Price.

Electronic Equipments Giant Samsung unveiled New Smartphone Galaxy S III

Electronic equipments major Samsung Electronics launched the new smartphoneGALAXY S III in India on 5 May 2012. Powered by Android 4.0, Ice Cream Sandwich, the Samsung GALAXY S III has a 4.8 inch HD Super AMOLED display offering 16:9 wider viewing angles. The phone, available in two colors Pebble Blue and Marble White weighs 133 grams and is 8.6 mm thick. With an 8 MP camera and 1.9 MP front camera, it provides a variety of intelligent camera features and face recognition related options that ensure all moments are captured easily and instantly. The GALAXY S III, Samsung has maximized the consumer benefits by integrating superior hardware with enhanced smartphone usability. The phone has been created with our human needs and capabilities in mind. The phone is able to detect the face, voice and motions of the user. The GALAXY S III adapts to the individual user to provide a more convenient and natural experience. With the innovative Smart stay feature, the GALAXY S III recognizes how you are using your phone reading an e-book or browsing the web for instance by having the front camera to identify your eyes; the phone maintains a bright display for continued viewing pleasure. According to the company, the phone is inspired by nature and features 'S Voice', an advanced natural language user interface, which would listen and respond to the words of the user. In addition to allowing information search and basic device-user communication, S Voice presents powerful functions in regards to device control and commands. This includes asking the Galaxy S III to play your favorite songs, adjust the volume, send text messages and emails, organize schedules, or automatically launch the camera and capture a photo.

Audi launched New Version of Its Largest Selling sedan A4 in India

German luxury car maker Audi on 3 May 2012 launched a new version of its largest selling sedan A4 in Indian market. The luxury car launched in both the petrol and diesel variants has a starting price of 27.33 lakh. The company is aiming to sale a minimum of 2500 A4s in 2012, both the old and the new versions. India is the fastest growing market worldwide for the company and the A4 model currently accounts for 43% of its total sales. Audi India is an entirely controlled arm of German automobile manufacturer. Volvo, Jaguar, Mercedes Benz and BMW are companys primary competitors in Indian luxury car market. The popular Audi models include A4, A6, A7, Sportsback, A8L, Q5, Q7, RS5 Coupe, A-TT, the super sports car R8 and the R8 Spyder.

Nokia launched New Web Enabled Phone Asha 202 in India

Leading mobile manufacturer Nokia on 30 April 2012 launched its new webenabled mobile Asha 202 priced at 4149 rupees. The dual SIM enabled touch and type phone comes with a 2.4-inch touchscreen, 2 megapixel camera, music player, FM radio, Nokia Browser, and Bluetooth connectivity, and has an expandable memory of up to 32GB. Nokia has collaborated with five leading internet service providers that is Aircel, Airtel, Reliance, Tata Docomo and Vodafone across the country to offer 100 MB of data (each) per month for six months absolutely free in order to provide its users a faster Internet experience without having to worry about data charges.

Electronic Gadgets Giant Apple Officially launched New IPad in Indian Market

The electronic equipments major Apple on 27 April 2012 officially launched new iPad in Indian market with prices starting at 30500 rupees. The iPad Wi-Fi + 4G models, according to the prices announced by the company, will be available for 38900 rupees for the 16GB model, 44900 rupees for the 32GB model and 50900 rupees for the 64GB model. Customers can buy the new iPad Wi-Fi models in black or white for 30500 rupees for the 16GB model, 36500 rupees for the 32GB model and 42500 rupees for the 64GB model. The iPad Wi-Fi + 4G models will be available for 38900 rupees for the 16GB model, 44900 rupees for the 32GB model and 50900 rupees for the 64GB model. Apple has also cut down the prices of iPad 2, which will now be available at a price starting 24500 rupees for the 16 GB Wi-Fi model and 32900 rupees for the 16 GB Wi-Fi + 3G model. The new iPad has a new Retina display with 2048x1536 pixel resolution at 264 pixels per inch (ppi), Apple's new A5X chip with quad-core graphics and a 5 megapixel iSight camera with advanced optics for capturing photos and 1080p HD video. The new iPad is claimed to deliver the all day 10 hour battery life

S Narsing Rao took over as The Chairman of Coal India Limited S Narsing Rao took over as The Chairman of Coal India Limited
Current Affairs Category: Charge | Discharge, Hot Topics, 2012 Current Affairs, Corporate,April 2012 Current Affairs, Topics for Bank PO | Clerk Exam Current Affairs Week: 23 Apr 2012 To 29 Apr 2012

S Narsing Rao, former chairman of Singareni Collieries Company Limited (SCCL), assumed charge as the Chairman and Managing Director of Coal India Limited (CIL) on 24 April 2012. 53-year-old Rao is a 1986-batch Indian Administrative Service Officer. He is the first non-CIL nominee to assume the top post of the company since July 1983. Rao was slated to assume the top-notch position after the Union Cabinet had approved his appointment for a five-year term on 3 April 2012. The retirement of Partha S Bhattacharyya in February 2011 had left the CIL without any full time head for nearly 14 months. The period, however, saw NC Jha and Zohra Chatterjee taking over as the part-time CMD of the company.

Vodafone acquired Cable & Wireless Worldwide in a 1 Billion Pound Deal

Vodafone on 23 April 2012 acquired communication service provider Cable & Wireless Worldwide (CWW) in a deal just over 1billion pound. The deal is aimed at strengthening Vodafone's enterprise and international services, and will let the mobile operator offload increasing mobile traffic onto the Cable & Wireless Worldwide (CWW) fibre network in the UK. CWW, with its fibre network spread across 20500km in the UK, and 425000km long internationally, will help Vodafone to overcome its rivals O2 and Everything Everywhere to become the second-largest telco in the UK after BT . The company has 127 points of presence in 35 countries. It also owns a number of submarine cables around the world, along with many datacentres.

Punjab National Bank slashed Lending Rates by 25 Basis Points

Punjab National Bank (PNB) the second largest public sector bank on 19 April 2012 reduced lending rates by lowering their benchmark rates by 25 basis points.

The bank reduced its base rate and prime lending rate (PLR) by 25 bps from 10.75% to 10.50% in the case of base rate and from 14.25% to 14% in the case of PLR. In addition to the cut in the base rate, PNB also lowered interest rates on home and car loans. Home loans of up to 75 lakh rupees will carry interest of 10.75% and for loans above 75 lakh rupees the rate is pegged at 11%. Car loans will be priced at 12%. This reduction will apply to new and existing customers. The banks move came in the backdrop of the RBIs decision to cut down the key policy rates. The RBI on 17 April 2012 had slashed the repo rate and reverse repo rate by 50 basis points.

South Korean Lender Woori Bank opened its Maiden Indian Branch in Chennai
South Korean lender Woori Bank on 18 April 2012 opened its maiden Indian branch in Chennai. The Seoul based bank slated Chennai as the first city to launch their operation in India given the fact that the southern metro city is home to more than 170 Korean companies, including big names such as Hyundai Motors, Lotte and Samsung. The bank as per its strategy will first provide banking assistance to Korean companies located in Chennai and subsequently it will start focusing on local business, keeping in mind the needs of the India companies and customers. Woori Bank, the South African government owned bank with the opening of its first branch in India aims at tapping the growing economic opportunities in India.

Maruti Suzuki India unveiled Multi Purpose Vehicle Ertiga

Maruti Suzuki India, countrys largest car manufacturer on 12 April 2012 launched its compact multi purpose vehicle Ertiga at introductory price of up to 8.45 lakh rupees. The car launched in both petrol and diesel variants- is priced between 5.89 lakh and 8.45 lakh rupees. The petrol variant is priced between 5.89 lakh and

7.30 lakh rupees, while the diesel option will cost between 7.30 lakh and 8.45 lakh rupees. While the petrol variant comes with a 1.4 litre engine, the diesel one provides for a 1.3 litre powertrain. The petrol variant, as per the company's statement, delivers a fuel economy of 16.02 kmpl and the diesel one gives 20.77 kmpl. With the launch of Ertiga the company looks to tap the fast growing utility vehicles segment in the country.

ICICI Bank slashed Lending and Deposit Rates by 25 Basis Points

Largest private sector lender ICICI Bank on 19 April 2012 slashed its lending rates by 25 basis points. On 18 April 2012, the state owned IDBI bank had cut down its lending and deposit rates by 25 basis points. The banks move came in the backdrop of a 25-basis-point reduction in key policy rates by the Reserve Bank of India (RBI) on 17 April 2012. Now the ICICI Bank's base rate stands at 9.75% as against previous 10%. ICICI Bank reduced its benchmark prime lending rate by 0.25% and its 'Floating Reference Rate' for consumer loans (including home loans) with effect from April 23. These benchmark rates are used to determine interest rates on loans and advances sanctioned up to June 30, 2010. ICICI Bank also announced its interest rates for various tenors of retail fixed deposits by 0.25%. The reduced interest rates will take effect from 23 April 2012. The slashed lending rates are expected to ease the burden of banks huge number of borrowers. The hiked interest rates were digging deep into the pockets of borrowers as all the banks were forced to increase their lending rates following the tougher monetary stance opted by the RBI over the past several quarters

Trafigura picked up 24 Percent Equity in Nagarjuna Oil Corporation Ltd.

Trafigura Pvt. Ltd. picked up 24 percent equity in Nagarjuna Oil Corporation Ltd (NOCL) by investing around 650 crore rupees. Trafigura is a commodity trader in the global sphere. NOCL is carrying out six million tone oil refinery project at Cuddalore in Tamil Nadu. The total estimate of the project is 7610 crore rupees. Trafigura has also planned to invest 600 crore rupees into the construction of storage facilities. This will be done through another joint venture between Trafigura and NOCL called Portoil Ltd.

IDBI Bank slashed its Deposit and Lending Rates

IDBI Bank, the public sector lender, on 18 April 2012 cut its deposit rates by 10-50 basis points across various maturities. The bank also reduced lending rate benchmarks base rate and benchmark private lending rate by 25 basis points. IDBI is the first bank to cut rates following the 50 basis points cut in repo rate by the RBI. Following the rate cut, the new base rate is 10.5 per cent and the BPLR is 15 per cent. Several other banks including the State Bank of India is expected to follow the path of IDBI in the backdrop of curtailed repo and reverse repo rates. The RBI in its quarterly review of monetary policy on 17 April 2012 had cut down the Repo Rate and Reverse Repo Rate by 50 basis points each.

Audi signs up Indian Motorsport Driver Aditya Patel for Three Years

German luxury car manufacturer Audi on 13 April 2012 signed a 3 year contract with promising young motorsport driver Aditya Patel. Aditya was signed up by Audi for a team called Pro-Handicap e.V., in the challenging VLN endurance series in Germany. The series will provide Aditya with a much needed international exposure.

Aditya Patel began his motorsports career at 14 with the JK Tyre National Racing Championship in 2001. Consistent performance and dedicated support from long term sponsors like JK Tyre, MAS Holdings and Petra Energy saw him rise through the ranks and later into more advanced formats such as the VW Polo R Cup and the VW Scirocco R Cup in Germany, where he finished 5th overall, in 2011. The latest contract with Audi will provide Aditya access to various international racing platforms.

Serco launched its New Global Business Process Outsourcing Division

Serco, the international service company, on 12 April 2012, announced the launch of its new global business process outsourcing (BPO) division, Global Services. Serco had acquired Indian BPO company Intelenet Global Services for 385 million pounds (around 2770 crore rupees) in 2011. The new division is one of four business divisions within Serco and is an amalgamation of the companies that deliver business process services globally within Serco, including Intelenet Global Services in India, The Listening Company in the U.K. and Excelior in Australia. The Global Services division has a workforce of around 50,000 with over 150 clients across 10 countries. It will focus on five areas viz. banking, financial services and insurance (BFSI), travel, hospitality and transportation; healthcare, utility, retail and manufacturing; telecom, technology and online services; and media, education and government.

Zee TV became the First Indian Channel to get Landing Right in China

Zee TV on 27 March 2012 became the first Indian channel to get a landing right in China. Chinas State Administration for Radio, Film and Television

(SARFT) granted the landing rights to the Indian channel after a long six years of wait. Zee TV had already been selling to Chinese television channels its popular Mandarin-dubbed Indian programmes which had garnered a considerable viewership in the country. Zee TV Asia Pacific inked a landing agreement with the CTV-STVP, only Chinese agent allowed to distribute foreign channels.

Star Group ended its Joint Venture with Indian Television

Rupert Murdoch led Star Group on 16 april 2012 decided to put an end over its joint venture with its Indian television news channel partner. The company cited the split on regulatory headaches as the reason behind the decision. Star's logo will stop to be broadcast on the three news channels run under the joint venture within four months. The company held 26 percent stake in the joint venture with local partner the Ananda Bazaar Patrika Group. The JV came into being in 2003. In Media Content & Communications Services the maximum permissible level of investment under Indian regulations is 26 per cent.

TTK Prestige signed Pact with Vestergaard Frandsen of Switzerland

TTK Prestige signed a business collaboration arrangement with Vestergaard Frandsen of Switzerland on 10 April 2012. As per the agreement, household water purification devices in India will be introduced with support of Lifestraw technology. The technology will be provided by Vestergaard Frandsen. Lifestraw is a portable water filter. It provides up to 1000 litres of water and protects users against diseases like diarrhea. Vestergaard

Frandsen has a core business of creating life-saving products for the most vulnerable.