Business & Economy Current Affairs 2017

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Tea Board annuls 156 licences

The Tea Board of India cancelled the permanent licences of 156 tea exporters for non-performance. Many of the exporters were found to be bogus.

Why licenses were cancelled?

It was found that these exporters were neither performing nor submitting the returns as per a statutory need. The Export licences are given under the Tea Distribution and Export Control Order and anyone exporting teas has to hold a valid licence from the Tea Board.

An export licence entitles a company to a host of benefits including income tax relief and duty draw reliefs.

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IntercontinentalExchange (ICE) to acquire NYSE

imageAtlanta based exchange, IntercontinentalExchange Inc., is buying,  more than 200 years old, New York Stock Exchange (NYSE) for about $8 billion.  The deal has been approved by the boards of both companies, but still needs the clearance by regulators and shareholders of both companies. It is likely to close in the second half of 2013.

IntercontinentalExchange, Inc., known as ICE, is an American financial company that operates Internet-based marketplaces which trade futures and over-the-counter (OTC) energy and commodity contracts as well as derivative financial products.

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China names Infosys among 100 key outsourcing companies

imageChina has named Infosys in the list of 100 main liaison service   outsourcing firms, making the IT giant the only Indian company to get this recognition.

Infosys well- rounded portfolio of capabilities, exemplary performance and strong growth in China made its way into the list.

Service outsourcing has been identified as a key industry to be developed in China. It is governed by the Ministry of Commerce.

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