DAILY G.A UPDATE : 21-01-2017
1. India's biggest ship INS Vikramaditya to get ATM
Indian Navy's biggest aircraft carrier, INS Vikramaditya will soon to have an ATM onboard. State Bank of India will launch the ATM facility onboard premier warship today in Karwar, Karnataka.
This was made possible after the Navy approached SBI, the country's largest bank. The cash dispensing machine will operate via a satellite communication link and facility would be inaugurated in Karwar.
INS Vikramaditya is based in Karwar and the jetty is located quite far away from the town. The topography of the area is such that travelling either from the jetty to the town or from the sailors' colony to the town can be arduous task.
The Russian-built INS Vikramaditya was commissioned in Indian Navy in November 2013. With over 1,600 personnel on board, Vikramaditya is literally a 'Floating City', as the Indian Navy terms it.
2. China acquires strategic 40 per cent stake in Pakistan stocks exchange
A consortium led by Chinese firms has signed a strategic agreement to acquire 40 per cent equity of Pakistan Stock Exchange for $85 million, in a move aimed at mobilising funds for the $46-billion CPEC project and facilitating China’s entry into the Pakistani capital market. The Sale and Purchase Agreement (SPA) was signed yesterday in the presence of Finance Minister Ishaq Dar in Karachi. The consortium comprises Chinese Financial Futures Exchange Company Ltd (lead bidders), Shanghai Stock Exchange, Shenzhen Stock Exchange, and two local partners Pak-China Investment Company and Habib Bank Ltd, Dawn reported.
It had won by placing the highest bid of 28 rupees a share for 320 million shares at a price consideration of Rs 8.96 billion (USD 85 mn) when the stake was put forth in December. The PSX also plans to launch infrastructure bonds which would be predominantly be used for the USD 46-billion China-Pakistan Economic Corridor project, that passes through the Pakistan-occupied
3. India concludes MoU on MSME Cooperation with Indian Ocean Rim Association (IORA) Member Countries
Ministry of MSME, Government of India finalised MoU on MSME Cooperation with Indian Ocean Rim Association (IORA) member countries. The MoU will take effect for each party upon signature by 5 countries. The MoU finalized would be signed soon at an appropriate forum.
The focus areas of the Memorandum of Understandings (MoUs) are:
1. To finalise linkages and alliances amongst MSMEs organizations, associations and various institutions engaged in MSME development in their countries.
2. Exchange best practices, policies and programs for MSME development
3. Exchange greater involvement of MSMEs in the global supply chain, increase their market access.
4. Promote youth and women’s economic empowerment.
5. Encourage synergies with the IORA forum.
IORA Secretariat at Mauritius will be the coordinating agency for the implementation of the MoU. IORA special fund created for the member countries to use it for to carrying out activities envisaged under this MoU.
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