Current Affairs Assam – June 2018
( Covers all important Assam Current Affairs & GK topics for the month of June 2018 )
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June 28
HDFC Mutual Fund gets SEBI nod for IPO
HDFC Asset Management Co. Ltd, the country’s largest mutual fund, on 28th June received Securities and Exchange Board of India’s (SEBI) approval to float an Initial Public Offer (IPO). HDFC Mutual Fund had filed draft papers with SEBIebi in March and received its “observations” on 22 June 2018. SEBI’s observations are necessary for any company to launch public issues like rights issue, initial public offer (IPO) and follow-on public offer (FPO).
HDFC Mutual Fund operates as a joint venture between Housing Development Finance Corp. Ltd (HDFC) and Standard Life Investments.
HDFC Mutual Fund, which has a total asset under management of more than ₹ 3 trillion at the end of March, may become the second asset management company to hit the markets after Reliance Nippon Life AMC.
FACTFILE – Initial public offering (IPO)
- IPO or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and retail investors
- An IPO is underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges.
- Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company.
- Initial public offerings can be used to raise new equity capital for the company concerned; to monetize the investments of private shareholders such as company founders or private equity investors; and to enable easy trading of existing holdings or future capital raising by becoming publicly traded enterprises.
India’s sovereign rating among least vulnerable: Moody’s
According to Moody’s, India is among the least vulnerable to tightening external financing conditions and turbulence in the currency markets, which has led to the rupee weakening to all-time lows, will have little impact on India’s sovereign ratings. This is because of limited foreign currency borrowings by the government of India.
Other than India, Brazil, China, Mexico and Russia are also considers as being relatively immune to currency pressures.
The current account deficit came under pressure due to surging crude oil, but remains modest relative to GDP and is expected to be around 2.5 percent of the GDP by March, 2019.
India’s significant buildup of foreign exchange reserves in the recent years to all-time highs provides a support buffer to help mitigate external vulnerability risk.
Argentina, Turkey and Sri Lanka are among the most exposed economies to dollar strengthening based on large current account deficits.
FACTFILE – Sovereign Credit Rating
- A sovereign credit rating is the credit rating of a sovereign entity, such as a national government.
- The sovereign credit rating indicates the risk level of the investing environment of a country and is used by investors when looking to invest in particular jurisdictions, and also takes into account political risk.
- Ratings are further broken down into components including political risk, economic risk.
- Euromoney’s bi-annual country risk index monitors the political and economic stability of 185 sovereign countries. Results focus foremost on economics, specifically sovereign default risk or payment default risk for exporters.
Pakistan on terrorism financing ‘Grey List’
Pakistan has officially been put on the ‘grey list’ of countries for financially aiding terrorism by global anti-terror financing watchdog Financial Action Task Force (FATF).
The decision was taken months ago but Pakistan was given respite till June to combat the issue of internal financing of terrorism. Pakistan was previously on the grey list from 2012 to 2015.
FACTFILE – Financial Action Task Force (on Money Laundering) (FATF)
- Financial Action Task Force also known by its French name, Grouped’ action financière (GAFI), is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.
- In 2001 its mandate expanded to include terrorism financing.
- It monitors progress in implementing the FATF Recommendations through “peer reviews” (“mutual evaluations”) of member countries.
- The FATF Secretariat is housed at the OECD headquarters in Paris.
India rejects anti-chemical weapons draft at OPCW
India voted against a draft decision on addressing the menace of chemical weapons use at a special conference of the Organisation for Prohibition of Chemical Weapons (OPCW) at the Hague, expressing that the consultations were “incomplete”.
In addition to India, countries like Russia, China and South Africa also voted against the decision backed by western countries like the UK and US to authorise the OPCW to identify the culprits of chemical weapons attack.
According to India, the West-backed decision flouted the Chemical Weapons Convention of 1997 and gives unchecked authority to the OPCW’s director general.
India reiterated it’s stand on the use of chemical weapons at the OPCW conference, saying it was against the use of the fatal agents in any situation and wanted those who used them to be held accountable.
FACTFILE – Organisation for the Prohibition of Chemical Weapons (OPCW)
- The Organisation for the Prohibition of Chemical Weapons (OPCW) is an intergovernmental organisation and the implementing body for the Chemical Weapons Convention, which entered into force on 29 April 1997.
- The OPCW, with its 193 member states, has its seat in The Hague, Netherlands, and oversees the global endeavour for the permanent and verifiable elimination of chemical weapons.
- The organisation promotes and verifies the adherence to the Chemical Weapons Convention, which prohibits the use of chemical weapons and requires their destruction. Verification consists both of evaluation of declarations by member states and onsite inspections.
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