Current GK – August 2012 (Business and Economy)

Here are the latest updates for business and economy news for the month of August and September 2012. You should follow our Current GK section for more updates.

NSE becomes world’s top bourse in equity trading: The National Stock Exchange of India (NSE) has become the world’s largest bourse in terms of the number of trades in equity segment for the first six months of 2012. As per the latest global ranking compiled by the World Federation of Exchanges (WFE) in August 2012, a total of 7,35,474 trades took place in the equity segment of NSE during January-June 2012, making it the world’s largest exchange on this parameter. NSE was followed by NYSE Euronext and Nasdaq OMX at the second and the third positions. Another major Indian bourse, BSE Ltd, recorded a total of 1,87,824 trades during this period in its equity segment. While the total number of listed companies is much larger in case of the BSE, the exchange lags behind NSE significantly in terms of volume and value of trades.

 

Prashant Saran takes charge as Member, SEBI: Prashant Saran took charge as Whole Time Member, Securities and Exchange Board of India in Mumbai on August 9, 2012 for a tenure of five years or till attainment of 65 years of age whichever is earlier. Saran had earlier served as Whole Time Member, SEBI for a term of three years which ended on May 17, 2012

 

Samsonite buys luggage firm High Sierra: Lifestyle and luggage company Samsonite on August 6, 2012 announced its acquisition of US-based casual and adventure wear company High Sierra for $110 million. Through High Sierra, Samsonite plans to extend its product categories to T-shirts, flip-flops, backpacks, adventure luggage and sports bags that appeal to outdoor enthusiasts and young consumers.

 

Kareena to be brand ambassador for iBall’s Andi smartphone: iBall on August 6, 2012 said it has roped in Kareena Kapoor as brand ambassador for its smartphone called Andi. The company had earlier roped in Bollywood superstar Hrithik Roshan to endorse its iBall Slide range of tablet PCs.

 

Google to pay $22.5 m for violating privacy: Internet giant Google on August 10, 2012 agreed to pay $22.5 million as fine to settle charges that it violated the default privacy norms of the Apple’s web browser, Safari. The Federal Trade Commission (FTC) had charged that Google misrepresented to the users of Safari that it would not place tracking “cookies” or serve targeted ads to those users, violating an earlier privacy settlement between the company and the FTC.

 

Mahindra Holidays acquires ‘Royal Courts Jaisalmer’: Mahindra Holidays and Resorts India Ltd on August 10, 2012 said it had acquired ‘Royal Courts Jaisalmer’, a 74-room resort, by purchasing 100 per cent equity share capital of Divine Heritage Hotels.

 

Manchester Utd listed: Manchester United Plc, the English soccer club with a record 19 championships, raised $233.3 million in its US initial public offering on August 10, 2012. The Glazer family owned 134-year-old team is estimated to have an enterprise value of $2.9 billion, according to data compiled by Bloomberg and Forbes. The club is listed on the New York Stock Exchange under the symbol MANU. Nike pays around £25 million a season to United and its contract runs through 2015. In August 2012, United signed the biggest jersey agreement in soccer with General Motors Co’s Chevrolet brand. The agreement will generate $559 million through 2021.

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