What is it? Members of the 164-country-strong World Trade Organization’s (WTO) that agreed to permanently waive restrictions on poor countries accessing generic medicines.
Why is it important? It permanently removes hurdles (such as a mandate to primarily supply local markets) for poor WTO members who cannot afford to produce generic medicines. They can now import more affordable version of medicines for HIV/AIDS, tuberculosis and malaria. WTO’s Trade Related Aspects of Intellectual Property (TRIPS) agreement had to be amended for a permanent waiver. Despite their low cost, the demand volume for generics worldwide makes it worth 36% of the global pharma market.
Tell me more: The waiver was in place since 2003, but in a temporary mode, being renewed every two years. The permanent status agreement took 12 years in the making.
Rs 3,000 crore
What is it? The MoU investment amount signed by Vodafone with the West Bengal government for capacity increase and other business initiatives in the state for the next three years.
Why is it important? The amount constitutes 1.3% of the Rs 2.35 lakh-crore-investment proposals received by the Mamata Banerjee-led West Bengal government in its Bengal Global Business Summit over the weekend. With over 20 million subscribers in West Bengal and Kolkata, Vodafone would look to consolidate over 10% of its total customer base.
Tell me more: Vodafone has previously invested over Rs 8,400 crore in West Bengal to upgrade its network.
What is it? The rate of growth of gross premium income of private general (or non-life) insurers in December, 2016 over 2015.
Why is it important? Private general insurers grew faster than public general insurers, underwriting Rs 4,775.35 crore in gross premium income, compared with the latter’s Rs 3524.13 crore, that grew at 17%.
Tell me more: Private non-life insurers are growing faster on a smaller base as they command the smaller half or 42% of the market.
What is it? The number of people arrested in Kingfisher Airlines loan case on Monday. Those arrested included former managing director of IDBI Bank and former CFO of Kingfisher Airlines.
Why is it important? The loan default by Kingfisher promoter Vijay Mallya and his companies has turned political and Indian government is under increasing pressure to show that it’s making progress. The public pressure to show visible results has intensified since demonetisation, as the government was seen as being too soft on big businesses and too hard on the common man.
Tell me more: Former IDBI Bank Chairman Yogesh Agarwal, former Kingfisher Airlines CFO A. Raghunathan and seven of their colleagues were arrested by the Central Bureau of Investigation.
What is it? The day’s fall on Monday for two of Wall Street’s indices: S&P 500 and Nasdaq Composite.
Why is it important? The markets were reacting to President Trump’s protectionist trade moves and Qualcomm’s shares stricken by Apple’s lawsuit. Trump abandoned the 12-nation Trans-Pacific Partnership and is on the verge of renegotiating the North American Free Trade Agreement with Canada and Mexico. The anticipated protectionist measures combined with the embattled Qualcomm’s lawsuit from Apple to bring down indices.
Tell me more: The Dow Jones Industrial Average also inched down by 0.1% on Monday.