Current Affairs – July 2015

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Facebook launches its compressed version ‘Lite’ in India

Facebook, the social networking leader has unveiled a new compressed version of its application called ‘Facebook Lite’ in India to reach out its users who have slow data connections.

The motive for launching this version in India is to expand the reach of Facebook to a much wider user who do not necessarily use high-end smart phones.

Further it will be roll out across Africa, Asia, Latin America and Europe; till date Facebook has 1.4 bn people on its network globally.

Application of Facebook Lite:

  • The application size of Facebook Lite is 430 KB as against the full version which is of 30 MB.
  • It performs faster even in 2G network and consumes less data.
  • Most of the core features are present in this app as of regular application such as News Feed, photos, notifications and status updates.

Note: There are over 1 billion 2G network user across the world, whereas India has 874 million 2G network users that account roughly 80 per cent of its overall subscribers.

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Titagarh Wagons buys Italy-based Firema Trasporti

The Kolkata-based private sector wagon manufacturer Titagarh Wagons Ltd (TWL) has acquired Italian coach manufacturing company Firema Trasporti for 25 million Euros. This purchase will help out TWL to venture into the metro coach and high-speed train manufacturing business.

Earlier in 2010, TWL had acquired France based Arbel Fauvet Rail now (Titagarh Wagons AFR) and now Firema Transporti’s take over will avail its state-of-the-art technology to venture out into global market in wagon manufacturing sector.

This acquisition will greatly complement Titagarh’s growth strategy and will add significant value to its conventional EMUs manufacturing business for the Indian Railways.

Availability of Firema state-of-the-art technology will now open the world market for the group.

Acquisition details:

  • TWL has acquired Firema Trasporti through a special purpose vehicle (SPV) with its Italian partner Adler Plastics.
  • In this deal TWL holds 90 percent stake and balance 10 percent by Adler Plastics SpA.
  • Its partner will provide modern interiors for the trains and will also help in providing necessary local support and coordinate relationship.

About Titagarh Wagons

Incorporated in 1997-98, Titagarh Wagons Limited is one of the leading private sector wagon manufacturers in India.

It provides Railway Wagons & EMUs (Coaches) to India Railways and is also in business of Heavy Earth Moving and Mining Equipment, Bailey Bridges, Steel and SG iron castings of moderate to complex configuration etc.

It also manufactures certain products for the Indian defence establishment and is registered with the Government of India, Ministry of Defence to manufacture Bailey bridges and other related accessories in India.

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World’s first diamond exchange at Singapore to go online from September

Singapore Diamond Investment Exchange’ (SDiX) the first ever diamond exchange is all set to function from September 2015.

Till now diamonds were traded on mutual basis where the retailers or jewellers used to buy diamonds from the polishers and consumers were supposed to buy it from the retailer.

Now under the SDiX customers can physically trade in diamond under one roof.

About Singapore Diamond Investment Exchange Pte Ltd (SDiX)

  • The concept of SDiX is brainchild of an entrepreneur and investor Alain Vandenborre.
  • This will be the first-of-its-kind business-to-consumer (B2C) platform for electronic diamond exchange where customers can also avail diamonds physically.
  • It has capacity to handle five lakh transactions per second.
  • It will facilitate customers to trade or invest in diamonds with transparent pricing at wholesale rate.
  • For payment settlement United Overseas Bank is selected.
  • India’s twenty five large diamond companies are its ‘pioneer members’.
  • SDiX is also planning to launch ‘forward trading’ and ‘futures trading’ in diamonds.

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