Current Affair 11th July
All members of Thai team rescued from flood cave Last four boys and football coach brought out safely
Rescuers freed the last four of 12 Thai boys and their football coach from deep inside a flooded cave on Tuesday, successfully ending an extraordinarily perilous mission that has gripped the world for more than two weeks.
The ‘Wild Boars’ soccer team, aged 11-16, and their 25-year-old coach were trapped on June 23 while exploring the cave complex in the northern province of Chiang Rai when rain flooded the tunnels. “We are not sure if this is a miracle, a science, or what. All the thirteen Wild Boars are now out of the cave with the help of Navy SEAL unit which led the rescue adding that all were safe. British divers found the 13, hungry and huddled in darkness on a muddy bank in a partly flooded chamber several kilometres in the Tham Luang cave complex, on Monday last week. After pondering for days over how to get them out, a rescue operation was launched on Sunday when four of the boys were brought out, tethered to rescue divers. Another four were rescued on Monday and the last four boys and the coach were brought out on Tuesday
Talent shortage at an all-time high, says study
Organisations across the globe are facing one of the worst talent shortages since 2006. According to a report by Manpower Group, with the average pegged at 45%, global talent shortage is at a 12-year high. Japan (89%), Romania (81%), Taiwan (78%), Hong Kong (76%), Indian (56%) and Singapore (56%) are among countries facing greatest difficulty in hiring required talent.
China (13%), Ireland (18%), UK (19%), Netherlands (24%), Spain (24%), Norway (25%), France (29%), South Africa (32%) and Switzerland (33%) are countries with the least difficulty in hiring talent.
India a stakeholder in Korean peace Modi praises Moon’s efforts; Delhi, Seoul sign agreements on trade, research and railway technology
The two leaders addressed a press after official talks on Tuesday during President Moon’s four-day state visit to India, where the two sides signed 11 MoUs and agreements between them. Chief on the bilateral agenda was improving business and investment ties, said officials, including taking bilateral trade, that slumped between 2014-2016 to more than double its current levels of $20 billion to $50 billion by 2030. India has been worried about its trade deficit with South Korea that stood at $12 billion last year, while Korean businessmen have complained about problems in the “ease of doing business”. In addition to the agreements on upgrading their economic partnership CEPA, trade remedies, railway safety research, cyber strategy, and cultural exchanges, India and South Korea signed a joint vision statement on strategic ties in the region.
“RoK and India will enhance military exchanges, training and experience sharing, and research and development including innovative technologies for mutual benefit. We also agreedto encourage our defence industries to intensify cooperation in this regard,” the vision statement read, in a reference to discussions on encouraging Korean defence manufacturers to “Make in India”, one of whom, Hanhwa Techwin, has partnered with Larsen and Toubro to produce K-9 Vajra artillery guns for the Indian Army at a factory near Pune. The bilateral vision document also committed to building a “peaceful, stable, secure, free, open, inclusive and rules-based region,”
Rajasthan signs MoU with Microsoft
Rajasthan has emerged as the fist State to sign a memorandum of understanding with Microsoft to provide digital training to 9,500 students of government colleges. It will also train 500 faculty members.
Sebi launches proceedings against ICICI Prudential MF, to probe officials
The country’s largest mutual fund (MF) house ICICI Prudential Asset Management Company (AMC) may not escape simply by compensating its investors in the ICICI Securities fiasco. Sources say market regulator Securities and Exchange Board of India (Sebi) has launched adjudication proceedings against the fund house to further probe misuse of investors’ money.
ICICI Prudential AMC had placed a bid of Rs 6.4 billion in the initial public offering (IPO) of group firm ICICI Securities, in which parent ICICI Bank was looking to divest around 24 per cent stake
Easiest to do business in AP, Telangana and Haryana; Delhi scored very low
Andhra Pradesh, closely followed by Telangana and Haryana, topped the State Business Reform Assessment, 2017, which indicates ease of doing business in the country.On the other hand, states such as Gujarat and Maharashtra slipped to fifth and 13th positions, respectively.In the third edition of the annual exercise, which indicates progress in digitisation, transparency and investor confidence in the country, Telangana came second. Along with Jharkhand, it was among the only two states which managed to implement a hundred percent of reforms.Maharashtra, the leading industrial state of the country, slipped from 10th position to the 13th. Another industrial state – Tamil Nadu – registered a distant 15th in the latest ranking, even as it was an improvement over the previous year by three notches.Last year, the Department of Industrial Policy & Promotion (DIPP) had finalised a total of 372 reforms in the regulatory processes, policies, practices or procedures. This is spread across 12 key reform areas.
With no relief from Sebi, LIC to make open offer to IDBI Bank shareholders
Insurance behemoth Life Insurance Corporation (LIC) of India will not be given any relaxation from the Securities and Exchange Board of India’s (Sebi’s) takeover code and will have to make an open offer to the stakeholders of state-owned IDBI Bank.
This will be in line with the norms set by Sebi, under which an acquisition of more than 25 per cent in a listed entity is termed as control and requires an open offer. IDBI Bank’s stocks went up 9.05 per cent to close on the BSE at Rs 53.20 on Tuesday.
“LIC will make an open offer that will be in the best interests of minority stakeholders that have over 8 per cent shares in the IDBI Bank. The government will not participate in the open offer,”
- Life Insurance Corporation (LIC) to make an open offer to IDBI Bank shareholders, according to Securities and Exchange Board of India norms
- Centre’s stake will be diluted after LIC secures 51% stake in a preferential share deal
- IDBI Bank will be a subsidiary of LIC, on the lines of LIC Housing Finance, LIC Mutual Fund, LIC Pension Fund
- LIC’s name will be tagged to the lender’s name
- Internationally, insurance firms have promoted banks or have created a financial conglomerate through a holding company or a common group firm
Axis Bank recommends three candidates to succeed CEO Shikha Sharma
Private sector lender Axis Bank recommended the names of three candidates to succeed Shikha Sharma, current managing director (MD) and chief executive (CEO), to the Reserve Bank of India (RBI). Sharma’s fourth term in the position expires on December 31, 2018.
“In terms of extant RBI norms and the Succession Planning Process of the Bank, the Board of Directors of the Bank at its meeting held on 9th July 2018, has recommended the names of three candidates, in order of preference, for the approval of the RBI , “said the bank in a filing to the exchanges on Tuesday.
The bank said that it would make required disclosures regarding the same on receipt of RBI approval.