Day: March 3, 2018

Union Cabinet approves establishment of National Financial Reporting Authority

The Union Cabinet approved the establishment of National Financial Reporting Authority (NFRA) as an independent regulator for the auditing profession. It aims to tighten regulatory oversight over auditors and plug loopholes. It will be independent of those it regulates for enforcement of auditing standards and ensuring the quality of audits. NFRA will be 15 members body, consisting of Chairperson, three full-time Members and one...

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Armen Sarkisian elected as Next Armenian President

Armenian lawmakers elected Armen Sarkisian as the new president of Armenia. He will succeed Serzh Sarkisian. Armen Sarkisian was the ambassador to the United Kingdom. He will assume presidential duties after his predecessor steps down in April 2018. The political shift comes after President Sarkisian in 2015 initiated controversial constitutional amendments to turn the impoverished Moscow-allied country into a parliamentary republic with a powerful Prime...

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Navjot Kaur Wins Gold In Asian Wrestling Championship

Navjot Kaur clinched the 1st gold medal for India in the Asian Wrestling championship in Bishkek, Kyrgyzstan. She defeated Imai Miyu of Japan in the final of women’s 65 kg freestyle. With 1 gold, 2 silver, and 1 bronze medal, India was at the second spot in the medals tally. Vinesh Phogat and Pinki of Indian Railways claimed silver medals while Sakshi Malik won a bronze in the 62-kilogram category. China was leading the table with 4 gold and 1 bronze medal while Japan was at the third place with 1 gold, 1 silver, and 2 bronze...

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India, Bangladesh, Russia Sign Pact For Rooppur Atomic Plant

Indian companies can now participate in construction and installation works in the “non-critical” category for the Rooppur nuclear power plant in Bangladesh, according to the Russian atomic energy agency Rosatom. The Rooppur project is the first initiative under an Indo-Russian deal to undertake atomic energy projects in third countries. This will also be the first time Indian companies will be able to participate in a nuclear power project abroad. India, Bangladesh, and Russia signed an agreement in this regard in Moscow,...

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PNB And ICICI Bank Increases MCLR Rates

The Punjab National Bank (PNB) and ICICI Bank hiked the MCLR rates for loan borrowers. Taking a cue from SBI, country’s second-largest private sector lender ICICI Bank also raised the one-year MCLR from 8.2% to 8.3%. The PNB, which is at the center of Nirav Modi fraud also increased one-year MCLR to 8.3% from...

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