Stress relief for ICICI

676 million Swiss Francs

What is it? The money kept by Indians in Swiss banks in 2016, according to the Swiss National Bank (SNB), Switzerland’s central bank.

Why is it important? The amount, around Rs 4,600 crore, is at an all-time low. India and Switzerland, considered a tax haven, have signed an agreement to automatically share information when money is deposited in the latter’s banking system. Exchange of information will begin from next year.

Tell me more: The amount, however, does not reflect money kept by Indians through entities from other countries.

 

Rs 16,189 crore

What is it? The amount paid by UltraTech Cement to acquire Jaiprakash Associates and Jaypee Cement Corporation.

Why is it important? It marks the biggest sale of stressed assets by lenders, a consortium led by ICICI Bank in this case. Loans worth Rs 12,000 crore of Jaiprakash Associates will move to the books of the Aditya Birla Group-owned cement major. The debt will now be labelled as AAA status from a non-performing asset.

Tell me more: By December, 2016, Indian banks had stressed assets/bad loans worth Rs 9.64 lakh-crore, up from Rs 8 lakh-crore a year ago. The deal also marks the largest acquisition of cement assets in India.

 

7th

What is it? India’s rank among countries most affected by the recent ‘Petya’ ransomware.

Why is it important? India is the worst hit in the Asia Pacific region. Russia’s oil firm Rosneft, international advertising behemoth WPP and one of Jawaharlal Nehru Port Trust’s terminals were among the companies that got infected.

Tell me more: Ukraine, US and Russia were the worst hit globally, with France, UK, Germany, China and Japan also coming under attack. This is the second ransomware attack in less than two months, after ‘WannaCry’ wreaked havoc in over 100 countries in May.

 

1,600

What is it? The number of US local talent Indian software company, Wipro, has hired in the last six months.

Why is it important? Local staff now account for half of Wipro’s 14,000 employees in US. Other Indian outsourcing companies like Infosys have also started hiring local talent in US, the largest market for software exports from India. This comes at a time when the world’s largest economy is tightening norms for issuing H1-B visas – which allows temporary employment in US and was used extensively by Indian companies to service US clients.

Tell me more: Infosys plans to hire 10,000 Americans in the next two years, and TCS too plans to ramp up local appointments.

 

85%

What is it? The percentage of seats in 28 Delhi University colleges that Delhi government wants to reserve for local students.

Why is it important? Delhi government passed a resolution on Thursday, but it has to get the approval from the governor and Union education ministry. The Delhi government is demanding reservation in 28 out of 63 Delhi University colleges that it funds fully or partially.

Tell me more: The Delhi government says of the 250,000 students passing out from Delhi’s schools, only 28,000 are able to secure a college seat in Delhi due to intense competition.

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