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News in Short

News in Short - 03-April-2021

Fire in Rohingya camp of Bangladesh

Date: 03 April 2021 Tags: Miscellaneous
  • A fire has destroyed more than 20 shops in a makeshift market near a Rohingya refugee camp in southern Bangladesh, leaving at least three people dead.
  • It came after another devastating fire last month in the camp left 15 people dead, 560 others injured and about 45,000 homeless.
  • The fire broke out when residents of the sprawling Kutupalong camp for Myanmar's Rohingya refugees were asleep.

GST collection achieves record numbers

Date: 03 April 2021 Tags: Miscellaneous
  • The GST collections for the month of March have topped ? 1.23 lakh crore,  setting a new record since the implementation of Goods and Services Tax in July 2017.
  • The numbers are in line with the recovery in the GST revenues over the past six months. The revenues for the month of March 2021 are 27% higher than the GST revenues in the same month last year.
  • Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue.

Wipro to acquire cybersecurity firm Ampion

Date: 03 April 2021 Tags: IT, Mobile & Computers
  • IT services’ major Wipro Ltd has signed an agreement to acquire Ampion, an Australia-based provider of cybersecurity, DevOps and quality engineering services, for$117 million.
  • Earlier in March, Wipro signed an agreement to acquire Capco, a global management and technology consultancy to the BFSI industry, for a cash consideration of $1.45 billion.
  • Ampion was formed through the merger of IT services providers ‘Revolution IT’ and ‘Shelde’. Revolution IT was an IT services company in Australia founded in 2004 and Shelde was a digital IT security company founded in 2010.

OPEC and allies decide to boost crude oil production

Date: 03 April 2021 Tags: Miscellaneous
  • The OPEC oil cartel and allied countries have decided to gradually add back some 2 million barrels per barrel per day of oil production from May to July.
  • The group is adding back production that was slashed last year to support prices as demand fell during the worst of the pandemic recession.
  • Meanwhile Saudi Arabia will restore an additional 1 million barrels per day that it made on its own.
  • Oil prices were trading higher despite the decision to increase production, suggesting markets see adequate demand for the added oil.

Pakistan reverses decision on importing from India

Date: 03 April 2021 Tags: India & World
  • Pakistan has reversed its decision to import sugar and cotton from India, a day after Pakistan’s Economic Coordination Council had said embargoes on Indian imports had been lifted.
  • The  U-turn came on the back of a political backlash. Pakistan finance minister had said that the government had decided to import sugar from India to rein in rampant inflation before Ramzan.
  • The import of half a million tonnes of sugar would likely have slashed prices by up to 20%. The economic committee had also paved the way for three million tonnes of wheat to be brought in.