Current Affairs : Business & Economy Updates

July 29, 2009: South Africa to speed up preferential trade agreement with India
July 29, 2009 : India, IATA sign pact on skill development
July 28, 2009: India’s per capita foodgrain supply dips
July 29, 2009: Microsoft, Yahoo sign 10 years search deal to fight google
August 3, 2009: Fall in Delhi Rental rates
August 3, 2009 : Companies Bill, 2008 reintroduced in Loksabha
August 5, 2009 Dettol is the Greenest Brand
August 3, 2009: Singapore is world’s most innovative nation

July 29, 2009: South Africa to speed up preferential trade agreement with India
The South African government is to press its regional partners in the Southern African Customs Union (SACU) to speed up the finalisation of the preferential trade agreement with India that could double the current $6-billion trade between the two countries. This was announced by South African Minister of Trade and Industry Rob Davies in the Doing Business With India coference at Johannesberg. This conference was organised by Indian Mission & CII.
What is SACU?
The Southern African Customs Union (SACU) is a customs union among five countries of Southern Africa. SACU consists of Botswana, Lesotho, Namibia, South Africa and Swaziland.

July 29, 2009 : India, IATA sign pact on skill development
Union Government has signed a pact with International Air Transport Association (IATA) on skill development in the aviation sector.This pact was signed in Geneva and it will help the Indian aviation industry personnel enhance skills to help them match global standards.

About IATA:
The International Air Transport Association (IATA) is an international industry trade group of airlines headquartered in Montreal, Quebec, Canada, where the International Civil Aviation Organization is also headquartered. IATA’s mission is to represent, lead and serve the airline industry. IATA represents some 230 airlines comprising 93% of scheduled international air traffic. The Director General and Chief Executive Officer is Giovanni Bisignani. Currently, IATA is present in over 150 countries covered through 101 offices around the globe.

IATA is successor to International Air Traffic Association.

July 28, 2009: India’s per capita foodgrain supply dips
The per capita supply of the foodgrain fell to 436 grams a day in 2008, compared with 442.8 grams in 2007 and 445.3 grams the year before, according to the data presented by the minister of state for agriculture, K V Thomas, in a written reply in the Lok Sabha. The per capita supply dipped even though the country’s foodgrain production touched an all-time-high of 230.78 million tonnes in 2007-08, followed by another year of bumper output at 233.88 MT.

July 29, 2009: Microsoft, Yahoo sign 10 years search deal to fight google
Microsoft and Internet major Yahoo! have recently signed a 10-year search deal that will see the two firms jointly challenging the dominance of Google in the search business.

What will be the new search scenario?
Microsoft will now power Yahoo! search while Yahoo! will become the exclusive worldwide relationship sales force for both companies’ premium search advertisers. This was announced in the joint statement. Yahoo! will use Microsoft’s Bing search-engine technology on its own sites under the pact.

August 3, 2009: Fall in Delhi Rental Rates
According a latest report “Global Retail Rents Market View Q1” by CB Richard Ellis a global real estate company NewYork is the city with the highest rentals in the world. New Delhi ranks 69 with falling 25 % rentals in first quarter 2009. Hongkong ranks No. 2 Globally while Tokyo ranks no. 5. Guangzhou (14), Singapore (18), Shanghai (29) and Beijing (35) are other Asian Cities.

August 3, 2009 : Companies Bill, 2008 reintroduced in Loksabha
Govt. has reintroduced the Companies Bill 2008 in the Lok Sabha.
What is Companies Bill 2008?
In simple words Companies Bill 2008, is a simplication of Companies Act 1956. This bill has to replace the Companies Act 1956 and deals with formation, mergers and acquisitions and winding up of companies. This Bill will be shorter and will try to harmonise the company law framework with sectoral regulations.

The Companies Bill, 2008, was introduced in Loksabha in 2008 however, with the dissolution of the 14th Lok Sabha it got lapsed and thus was reintroduced by the corporate affairs minister Salman Khurshid in the Lower House. (Lower House- Lok Sabha Upper House-Rajya Sabha)

August 3, 2009: Singapore is world’s most innovative nation
According to a report jointly compiled by The Boston Consulting Group, the Washington-based National Association of Manufacturers, and The Manufacturing Institute which is the NAM’s nonpartisan research affiliate, the US is no more the top destination for innovation despite its world-renowned universities and venture capital funds.
Singapore tops this list . India ranks 46 and China at rank 27.
The Top 10 Countries are as follows: Singapore, South Korea, Switzerland, Iceland, Ireland, HongKong, Finland, USA, Japan, Sweden

August 5, 2009 Dettol is the Greenest Brand:
Dettol has topped the list of Top 10 Green brands in India. This list was prepared by WPP agencies Cohn & Wolfe, Landor Associates and Penn, Schoen & Berland Associates, as well as the independent strategy consulting firm, Esty Environmental Partners, across seven countries – the US, UK, China, Brazil, India, Germany and France. The Title of the research is’The ImagePower Green Brands’. The top 10 brands are (source financial times)
Dettol , Tata Indicom , Infosys , Taj Hotels and Resorts, Wipro , Microsoft Reva, Maruti Colgate
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