Business & Economy Current Affairs 2018
Latest Business & Indian Economy Current Affairs 2017 for UPSC Exams, Bank Exams, Civil Services, SSC and other Competitive Exams. Latest developments in Business and Finance Industry of India and world 2017 all important national updates in Banks and events for the year 2017.
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According to research firm Canalys, India has overtaken US to become second largest smartphone market in the July-September 2018 quarter. India saw shipment of 40.4 million units during third quarter and was second to China where 100.6 million smartphones were shipped. Smartphone shipment in US was at 40 million units.
Worldwide smartphone shipments fell by 7.2% year-on-year to 348.9 million units during July-September 2018, a fourth consecutive quarter of decline. This was also worst third quarter performance since 2015. Seven of the top ten markets recorded year-on-year (y-o-y) declines, mainly caused by lengthening smartphone replacement cycles, worsening international trading conditions and competition from major Chinese vendors.
The three markets (among top 10) that registered growth were Indonesia (13.2% increase y-o-y to 8.9 million units), Russia (11.5% jump y-o-y to 8.8 million units) and Germany (2.4% rise y-o-y to 5.5 million units). China’s smartphone shipment declined 15.2% y-o-y, India by 1.1% and US by 0.4% in September 2018 quarter.
Samsung led vendor tally with 20.4% share in said quarter, followed by Huawei (14.9%), Apple (13.4%), Xiaomi (9.6%), and Oppo (8.9%). The worldwide smartphone market faces unprecedented challenge, while its dynamics are changing rapidly at both vendor and country level. This is providing growth opportunities for aggressive vendors with speed to respond quickly to market changes.
Reserve Bank of India (RBI) has liberalised norms governing external commercial borrowings (ECBs) for infrastructure creation. The provisions have been reviewed and decision has been taken in consultation with Central Government.
RBI has reduced minimum average maturity required for the ECBs in the infrastructure space raised by eligible borrowers to three years from earlier five years. Additionally, it also has reduced average maturity requirement for mandatory hedging to five years from earlier ten years.
The move comes amid concerns surrounding availability of funds following liquidity squeeze and the difficulties being faced by non-bank lenders, especially those facing asset liability issues due to heavy reliance on short-term funding for long-term assets. This, along with defaults by infra lender IL&FS, has hurt credit markets especially infrastructure financing sector. Central Government has been unequivocal in suggesting remedial measures which will address needs of the economy. It had suggested to include special window for NBFCs, but RBI is not undertaking measures. However, relaxations in ECB norms follow other moves by RBI, including earlier it permission to banks to use credit enhancement to help NBFCs raise medium to long-term funds.