Daily News Digest:23 May 2019

CCI probe finds Monsanto abused dominant position: Report

A probe by the Competition Commission of India (CCI) has found that Monsanto abused its dominant position as a supplier of genetically modified (GM) cotton seeds in the country.

In 2016, India’s farm ministry and some local seed companies complained that Monsanto was charging unreasonably high royalty fees for its GM technology.

The CCI has powers to impose a penalty of up to 10% of the company’s relevant turnover in the past three financial years if it agrees with the report’s findings.

RBI to create a ‘Specialised Supervisory and Regulatory Cadre’

With a view to strengthen the supervision and regulation of commercial banks, urban cooperative banks and Non-Banking Financial Companies (NBFCs), the Board decided to create a specialised supervisory and regulatory cadre within the RBI.

The Reserve Bank of India’s (RBI’s) Central Board has decided to create a ‘Specialised Supervisory and Regulatory Cadre’ within the RBI.

‘Formula One’ Legend: Niki Lauda dies at 70

Formula One legend Niki Lauda, one of the greatest racing drivers in history, has died at age 70.

The racer had long struggled with health problems after a horrific crash during a race more than four decades ago that disfigured him for life.

In 1976, at the Germany Grand Prix in the Nurburgring track, Lauda lost control of his Ferrari car and crashed into a fence at a speed of 200km an hour.

‘Golden Card’ PR Scheme launched by UAE

The United Arab Emirates (UAE) launched ‘Golden Card’ Permanent Residency Scheme in an attempt to woo wealthy individuals and exceptional talents from all over the world.

Japan’s 2nd Highest National Award conferred to Shyam Saran

Former Indian Foreign Secretary Shyam Saran is selected for Japan’s Second Highest National Award called ‘The Order of the Rising Sun, Gold and Silver Star’.

Oman author Jokha Al Harthi wins Booker International Prize

Omani author Jokha Alharthi has become the first Arabic-language writer to win the prestigious Man Booker International Prize for Celestial Bodies, a novel that deals with family connections and history in the coming-of-age account of three sisters.

India projected to grow at 7.1% in FY20: UN report

India's economy is projected to grow at 7.1 per cent in fiscal year 2020 on the back of strong domestic consumption and investment but the GDP growth is a downward revision from the 7.4 per cent estimated in January this year, according to a report by the United Nations.

The World Economic Situation and Prospects (WESP) 2019 Mid-year Update said that the Indian economy, which generates two-thirds of the regional output in South Asia, expanded by 7.2 per cent in 2018.