Banking & Finance, Business, Awards & Recognitions, December 8th, 2017, Current Affairs PDF Download

BANKING & FINANCE

India’s GDP growth to rise to 7.5 pc in 2018: Morgan Stanley

According to global financial services major, Morgan Stanley, India’s Gross Domestic Product (GDP) growth is likely to grow from 6.4 per cent in 2017 to 7.5 per cent in 2018 and further to 7.7 per cent in 2019.

India’s GDP Growth Forecast: Morgan Stanley:

i. Morgan Stanley has outlined several factors that would accelerate India’s GDP growth in coming years. These include improvement in corporate return expectations and balance sheet fundamentals.

ii. As per the report, demand conditions have improved post demonetisation and Goods and Services Tax (GST) implementation, which has brightened the prospects for a recovery in private capital spending.

iii. Corporate revenues are expected to improve as consumption cycle has been restored and exports are also picking up.

iv. The report has highlighted that plan to recapitalise the public sector banks would remove the potential risk of crisis in banking system. This would further open up the headroom for growth, and will boost investors’ sentiment.

Quick Facts about Morgan Stanley:

♦ Founded in – 1935
♦ Headquarters – New York, United States

IMF approves $44.5 million credit for Madagascar

International Monetary Fund (IMF) has announced that it has approved $44.5 million credit to support Madagascar’s economic recovery.

i. This credit facility extended to Madagascar by IMF is in addition to $86 million credit that was approved in June 2017.

ii. It is to be noted that IMF and other international financial organisations had stopped giving support to Madagascar after a coup in 2009. However, after a peaceful presidential vote in late 2013, IMF resumed its support.

iii. In early 2017, Madagascar was affected by a drought and cyclone. Despite of these adversities, Madagascar’s economy recovered gradually and is managing to exhibit signs of solid growth.

iv. Madagascar’s finance ministry has projected that country’s economy will grow by 5.1 percent in 2018.

v. Madagascar, an island nation off the southeast coast of Africa, is one of the world’s poorest countries, despite of having rich reserves of nickel, gold, cobalt, uranium and other minerals.

Quick Facts about Madagascar:

♦ Capital – Antananarivo
♦ Currency – Malagasy ariary
♦ Current President – Hery Rajaonarimampianina
♦ Important Rivers – Mangoky, Betsiboka

BUSINESS

Wassenaar Arrangement admits India as its 42nd Member

On December 7, 2017, Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies admitted India as its 42nd member.

i. India has been admitted to WA, despite of not being a signatory to NPT. However, in the beginning of 2017, India had updated its export control lists to align it with international standards.

ii. Besides, Russia played an important role in facilitating India’s entry in the WA………………………

AWARDS & RECOGNITIONS

Cristiano Ronaldo wins fifth Ballon d’Or Award

Portugal’s Cristiano Ronaldo has been awarded the Ballon d’Or for world player of the yearfor the fifth time to equal Lionel Messi’s achievement.

Cristiano Ronaldo wins Ballon d’Or Award:

i. The award was handed out by magazine France Football, for the second consecutive year. Ronaldo collected the trophy in a ceremony at the Eiffel Tower in Paris, presented by former France player David Ginola on 7^th December 2017.

ii. Lionel Messi came second while Paris’ Neymar Jr, came third, Italian goalkeeper Gianluigi Buffon finished fourth and Luka Modric came fifth.

iii. Chelsea and France midfielder N’Golo Kante was the highest ranked Premier League player, coming eighth. Harry Kane, ranked 10th, was the only English player to make it into the top 10.

About Ballon d’Or (Golden Ball) award:

♦ Annual football award
♦ Awarded since – 1956
♦ Presented by – France Football