Economic, Banking and Financial Awareness - 12 November 2019
2019-11-12 | Team PendulumEdu
1. LIC invites bids from merchant bankers for disinvestment of its stake in shares of an unlisted company
- Life Insurance Corporation of India (LIC) has invited bids to disinvest its stake in shares of an unlisted company.
- The move is in the wake of the SEBI’s cross-holding limits in mutual funds that were introduced in 2018 and applies to LIC also.
- Cross holding limits in mutual funds means that if a shareholder has more than 10% interest in a mutual fund, then it cannot hold the same stake in another fund house, and also it has to give up its board positions.
- LIC is a government-owned insurance and investment corporation that was founded in 1956 and was set up under the Life Insurance of India Act.
- Its headquarters is located in Mumbai.
- Chairman of LIC- Shri. M R Kumar
- Managing Directors- T C Suseel Kumar and Vipin Anand
2. Business Confidence Index (BCI)
Business Confidence Index (BCI) has declined to 103.1 in the second quarter of 2019-20, which is 15.3% lower than that in July 2019.
- Indian Businesses are facing slowdown and liquidity crunch resulting in a low economic growth rate of 5%.
- National Council of Applied Economic Research (NCAER) is a non-profit economic policy research institute that was established in 1956.
- BCI, released by NCAER, is an indicator of business sentiments across the industry in India.
3. Moody’s downgraded global sovereign outlook for 2020
- After downgrading the sovereign outlook for Britain, South Africa, Hong Kong and India, Moody’s has now revised the global sovereign outlook for 2020 to ‘negative’ from ‘stable.’
- Moody’s cited unpredictable world politics and trade wars as the reason for its decision as in such an environment, there is a risk of economic or financial shocks.
4. Lupin to sell its full stake in Kyowa to Unison Capital Partners
- Lupin, a leading drug manufacturing company based in Mumbai, is all set to sell its entire stake in Kyowa Pharmaceutical Industry (Japanese subsidiary) to Unison Capital Partners for over Rs. 3,700 crores.
- Lupin had acquired Kyowa in 2007.
- Founder of Lupin: Desh Bandhu Gupta
5. Google and Ascension signs health care data and cloud computing deal
- Google has signed health care data and cloud computing deal with Ascension (a health care service provider), which aims to use Artificial Intelligence to ensure patient safety and improve clinical effectiveness.
- Ascension will transfer some data and analytics tools to Google’s services that will include lab results, doctor diagnoses, hospitalization records, patient names, and dates of birth.
- The partnership is in compliance with the Health Insurance Portability and Accountability Act (HIPPA), as claimed by Ascension.