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News in Short

News in Short - 12-March-2019

SEBI lifts cap on corporate bonds for FPIs

Date: 12 March 2019 Tags: Financial Markets, Financial Institutions
  • Markets regulator Securities Exchange Board of India has withdrawn 20% limit on investments by Foreign Portfolio Investors (FPIs) in corporate bonds of entity.
  • This restriction was withdrawn in accordance with circular issued by the Reserve Bank of India (RBI).
  • Earlier in June 2018, SEBI had mandated that no FPI shall have exposure of more than 20% of its corporate bond portfolio to a single corporate.
  • However, RBI in February 2019 had lifted restriction in view of market feedback.

Facebook unveils hubs to aid start-ups

Date: 12 March 2019 Tags: IT, Mobile & Computers
  • Social networking giant Facebook has launched ‘Facebook Hubs’ at 20 locations in India to support start-up ecosystem in the country.
  • For this initiative, Facebook has partnered with co-working company 91springboard.
  • These hubs will be part of global network for training and mentoring facilities for start-ups, among others.
  • They will help foster innovation and support for community by hosting mentor hours and trainings, workshops, roundtable discussions, across.

Government launches India Urban Observatory and Video Wall

Date: 12 March 2019 Tags: miscellaneous
  • Union Ministry of Housing and Urban Affairs has launched state-of-the-art India Urban Observatory and Video Wall at New Delhi.
  • India Urban Observatory: It seeks to plug myriad sources of data from cities, both from real-time and archival sources.
  • It will help to provide and collect updated information on meaningful set of indicators of cities across the country over various domains such as transport, health, environment, water, finance and so on.
  • It will assist in developing best practices, future strategies and policy interventions as and when required.
  • Video Wall: It will showcase the insights gained from the Observatory and various Missions/offices.
  • It main aims is to proactively engage with citizens/visitors in spreading awareness about the various initiatives of the Ministry.

Mohammad Shtayyeh appointed as PM of Palestinian

Date: 12 March 2019 Tags: Appointments & Resignations
  • Palestinian President Mahmoud Abbas has appointed Mohammad Shtayyeh (61) as new Prime Minister of the country.
  • He will succeed Rami al-Hamdallah who resigned from office.  He is member of central committee of President’s Fatah party.
  • Earlier he had served as minister, holding various portfolio and had participated in Palestine numerous negotiating teams of during US-brokered talks with Israel.

Marshal Islands: World’s first country use cryptocurrency as legal tender

Date: 12 March 2019 Tags: World Economy
  • Marshall Islands will soon launch its digital currency dubbed as Sovereign (SOV) this year. In this regard, it has passed law backing it.
  • It will make Marshall Island first country in world ever to accept cryptocurrency as national legal tender.
  • Sovereign (SOV) digital currency could be used in Marshall Islands on equal footing with US dollar.
  • Israel-based company Neema has partnered with Marshall Islands government to develop this digital currency.
  • International Monetary Fund (IMF) has criticized this move and raised various concerns including risk of money laundering.