This year's World Day will focus on celebrating the 25th anniversary of the adoption of the Worst Forms of Child Labour Convention (1999, No. 182). This day is annually observed on June 12, this year the theme is, “Let’s Act on Our Commitments: End Child Labour,”.
It also presents an opportunity to remind all stakeholders to improve their implementation of the two fundamental Conventions on child labour - Convention No. 182 and Convention No. 138 concerning the Minimum Age for Admission to Employment or Work (1973).
The Competition Commission of India (CCI) has approved acquisition of Global Infrastructure Management, LLC by BlackRock Funding, Inc. The proposed combination relates to the acquisition of 100% of the limited liability company interests in Global Infrastructure Management, LLC (GIM) by BlackRock Funding, Inc (BFI).
BFI is a newly formed wholly owned subsidiary of BlackRock Inc.(BlackRock), with no independent activities.BlackRock is a U.S. publicly traded company active in the provision of global investment management, risk management and advisory services to institutional and retail clients around the world. BlackRock manages assets on behalf of institutional and individual investors
GIM is a global independent infrastructure fund manager, headquartered in New York City, United States. GIM and its affiliates manage certain investment funds operating under the trading name Global Infrastructure Partners (the "GIP Funds").
The CCI has approved the acquisition of certain equity stake of TVS Certified Private Limited and TVS Vehicle Mobility Solution Private Limited by Mitsubishi Corporation. The Proposed Combination relates to Mitsubishi Corporation (Acquirer) acquiring an equity stake in TVS Certified Private Limited (Target 1) and TVS Vehicle Mobility Solution Private Limited (Target 2).
The Acquirer is a global integrated business enterprise that develops and operates businesses with offices and subsidiaries in 90 countries and regions and around 1,700 group companies around the world and operate across industries including natural gas, industrial materials, petroleum & chemicals, mineral resources and industrial infrastructure.
Lieutenant General Upendra Dwivedi has been appointed as the next Chief of the Army Staff. He will take charge from 30th June. The present Chief of the Army Staff, General Manoj C Pande will demit office on 30th June. Born on 1st July 1964,Lieutenant General Upendra Dwivedi was commissioned into the Infantry (Jammu and Kashmir Rifles) of the Indian Army on 15th December1984
During his long and distinguished service spanning nearly 40 years, he has served in different capacities. In the rank of Lieutenant General, the officer has tenanted important appointments including Director General Infantry and General Officer Commanding in Chief (Headquarters Northern Command) from 2022 to 2024,before getting appointed as the Vice Chief of the Army Staff
HDFC Bank – the largest private sector lender – has hiked retail fixed deposit rates by upto 20 bps across various buckets with effect from June 10. The move comes even if the RBI decided to keep the policy repo rate unchanged in the June review of monetary policy. The regulator, however, asked banks to re-strategize in view of widening gap between credit and deposit growth
The highest interest rate offered by HDFC Bank is for the 18 months to less than 21 months category where the rate is 7.25 per cent. The bank offers 7.10 per cent for 15 to 18 months category. In the one year to 15 months bucket, HDFC Bank will offer 6.60 per cent. Senior citizens will get 50 bps more than the rate offered to others.
Wipro announced the launch of its Lab45 artificial intelligence (AI) platform, which leverages generative AI (GenAI), machine learning (ML), and deep learning technologies to help companies increase efficiencies, transform business functions, and enable industry-specific solutions. Lab45 is Wipro’s innovation lab, and the Lab45 AI platform is available to all Wipro clients.
With over 1,000 GenAI agents and more than 10 GenAI applications, the platform claims to offer no-code and low-code pre-built applications for HR, sales, marketing, and operations functions, while also allowing for the easy creation of industry-specific GenAI agents and applications.
Indian universities and higher education institutions will now be allowed to offer admissions twice a year on lines of foreign universities with the University Grants Commission (UGC) giving a go ahead to the plan, UGC chief Jagadesh Kumar said.
The two admission cycles will be July-August and January-February from the 2024-25 academic session.
The country’s largest lender, State Bank of India (SBI), has floated ‘SME Digital Business Loans’ with the aim of sanctioning loans in 45 minutes.
The proposition eliminates the need for traditional credit underwriting and lengthy appraisal processes, ushering in a new era of simplicity, speed, and accessibility in MSME lending.
SBI’s outstanding SME book has risen from Rs 2.67 trillion at the end of March 2020 to Rs 4.33 trillion at the end of March 2024. The asset quality of this book has also improved, with gross non-performing assets declining from 9.43 per cent in March 2020 to 3.75 per cent in March 2024.
The World Bank on 11th June retained its growth forecast for India at 6.6 per cent for FY25. For FY26 and FY27, the World Bank projected India’s economy to grow at 6.7 per cent and 6.8 per cent, respectively. In FY24, the National Statistical Office has estimated gross domestic product (GDP) to have grown at 8.2 per cent.
The Reserve Bank of India (RBI) in its latest monetary policy review last week raised its growth projection to 7.2 per cent for FY25 from 7 per cent estimated earlier. The World Bank said in India the fiscal deficit was projected to shrink relative to GDP partly because of increased revenues generated by the authorities’ efforts to broaden the tax base.
Shriram Life Insurance has declared a bonus of Rs 201 crore for the financial year ending March 31, 2024 following the robust growth in premium income. The bonus payout would benefit 3.86 lakh policy holders of Shriram Life Insurance. The company's Asset Under Management (AUM) stood at Rs 11,282 crore, up by 25 per cent from Rs 9,012 crore recorded last financial year.
The State Bank of India has acquired a 6.125 per cent share in the recently created CCIL IFSC, which is listed in the GIFT SEZ, demonstrating its commitment to the growth of the IFSC. CCIL IFSC, promoted by Clearing Corporation of India Limited (CCIL), is the proposed entity to create and run a real-time foreign currency settlement system at GIFT City.
Telugu Desam Party supremo Chandrababu Naidu has become the 24th Chief Minister of Andhra Pradesh. Naidu has set a record for becoming the Chief Minister of the state for the maximum number of times. The Jana Sena Party (JSP) Chief Pawan Kalyan, and 24 other MLAs from the TDP, Bharatiya Janata Party (BJP), and the JSP also took oath as Cabinet ministers of Andhra Pradesh.
World Athletics announced a five-year global broadcasting deal with Tata Communications, making the Indian telecom major a key partner for marquee events starting with the Tokyo World Championships. The agreement aims to enhance innovation and audience engagement.
Tata Communications will be the host broadcaster for World Athletics Series events, delivering immersive coverage and custom live content across continents. Strategic initiatives include expanding the sport's reach and supporting sustainability efforts.
The Financial Intelligence Unit has fined Axis Bank over Rs 1.66 crore for failure to detect and report suspicious transactions involving a fraudulent account created in the name of the NSG counter-terrorist force. The agency's order under the PMLA found Axis Bank employees complicit in a large-scale fraud.
The federal agency has issued an order on June 3 under Section 13 of the Prevention of Money Laundering Act (PMLA) that empowers its Director to impose a monetary penalty on a reporting entity (like Axis Bank) if the agency finds that its designated director on the board or any of its employees failed to comply with the obligations mandated under the said law.
