Latest Business and Economics General Knowledge(GK) Questions and answers

1 .

Which company to acquire German retailer Metro AGâ€™s Cash & Carry business in India in a deal estimated at around â‚¬500?

A)

DMart

B)

Reliance Retail

C)

Future Retail

D)

Aditya Birla Fashion and Retail

Correct Answer : Reliance Retail

German retailer "Metro AG's" decision to sell its India wholesale business to Reliance Retail Ventures was based on RIL’s ability to get quick regulatory approvals and to safeguard the interests of employees.

On Monday(7th Nov 2022), reported that RIL is set to acquire Metro AG’s cash and carry business for an estimated €‎500 million ( â‚¹4,060 crore), citing sources. The deal includes 31 wholesale distribution centres, land and other assets owned by Metro.

“The deal is on and it will be officially inked hopefully by the month end," a person, seeking anonymity said. “Based on the discussions with Reliance, we believe they’re keen on the current management to stay, and a key attraction—apart from the robust business model—was the quality of people at Metro in India," he added. The cash and carry business has nearly 5,000 employees on its rolls.

A Metro India spokesperson refused to divulge the size and other terms of the proposed deal, but said:. “Metro AG is examining strategic options for Metro India, and is engaged in advanced talks in this process. No further comments."..

Source : Mint

2 .

Which company has acquired Twitter-Backed AI Avatar Startup Alter for $100 mn?

A)

Meta

B)

Google

C)

Apple

D)

Microsoft

Correct Answer : Google

Tech giant Google has acquired Alter, an artificial intelligence (AI) avatar startup that was working on using AI to generate avatars for social media users and brands to express their virtual identity.

According to TechCrunch, Google buys the startup for about $100 million in an effort to improve its content game and compete with TikTok.

The acquisition was completed about two months ago, but neither company made a public announcement.

Some of the top executives of Alter have updated their LinkedIn profiles to reveal that they have joined Google without acknowledging the acquisition, according to the report.

A Google spokesperson confirmed that the company had acquired Alter but declined to comment on the financial terms of the transaction, it added.

Alter started as Facemoji, a platform that offered plug-and-play technology for helping game and App developers add avatar systems to their Apps.

Among its investors are Play Ventures, Roosh Ventures and Twitter, which invested $3 million in the startup. Later Facemoji rebranded as Alter..

Source : Business Standard

3 .

Which company to acquire 51% stake in Badshah Masala in a Rs 587.52-crore deal?

A)

Dabur India

B)

Patanjali Ayurved

C)

Nestle India

D)

Britannia Industries

Correct Answer : Dabur India

FMCG major Dabur is set to acquire 51 per cent stake in Badshah Masala Pvt Ltd for a cash consideration of â‚¹587.52 crore. Dabur announced this acquisition while posting its September quarter results.

"Dabur has entered into a share purchase agreement("SPA") and shareholders agreement ("SHA") on 26 October, 2022 with the existing promoters and shareholders of the Badshah Masala Pvt Ltd (Target Company) for the acquisition of 51% equity shareholding of the Target Company from its various shareholders (balance 49% to be acquired after a period of 5 years).

Upon acquisition, the Company will add ground spices, blended spices, and seasonings in its portfolio. The acquisition is in line with the Company's strategic intent of entering into new adjacent categories in the food space," the company said in its filing.

“Cost of acquisition of 51 percent equity shareholding has been agreed at â‚¹587.52 crore less proportionate debt as on the closing date (100 percent enterprise valuation being â‚¹1,152 crore which translates to revenue multiple of around 4.5x and EBIDTA multiple of around 19.6x of FY2022-23 estimated financials)," Dabur added in its filing..

Source : Mint

4 .

Elon Musk bought Twitter Inc. for how many billions after a six-month public and legal battle to buy it?

A)

$63 billion

B)

$55 billion

C)

$49 billion

D)

$44 billion

Correct Answer : $44 billion

Elon Musk completed his $44 billion acquisition of Twitter Inc., according to people familiar with the matter, putting the world’s richest man in charge of the struggling social network after six months of public and legal wrangling over the deal.

Shareholders will be paid $54.20 per share, and Twitter will now operate as a private company. The completion caps a convoluted saga that began in January with the billionaire’s quiet accumulation of a major stake in the company, his growing exasperation with how it’s run and an eventual merger accord that he later spent months trying to unravel.

On Oct. 4, 2022, Musk agreed to proceed on his originally proposed terms, and a Delaware Chancery Court judge gave the two sides until 28 Oct 2022 to wrap up the deal.

That deadline was met, and now Musk, who is chief executive officer of both Tesla Inc. and SpaceX, also controls Twitter, a service he uses often but criticizes openly, and that he has promised to change dramatically. The company’s shares are no longer expected to trade on the New York Stock Exchange..

Source : Economic Times

5 .

The nation's competition watchdog has fined Google, a subsidiary of Alphabet Inc., Rs_______crore for engaging in anti-competitive behaviour.

A)

Rs. 1,796 crore

B)

Rs. 1,531 crore

C)

Rs. 1,452 crore

D)

Rs. 1,337 crore

Correct Answer : Rs. 1,337 crore

The country's competition regulator has fined Alphabet Inc's Google â‚¹ 1,337 crore for anti-competitive practices related to Android mobile devices.

The Competition Commission of India, or CCI, tweeted it fined Google for "abusing dominant position in multiple markets in the Android mobile device ecosystem."

Google on Friday(21st Oct 2022) said the Indian antitrust watchdog's decision to fine the company for alleged anti-competitive practices was "a major setback for Indian consumers and businesses", and that it would review the decision to evaluate next steps.

"Android has created more choice for everyone and supports thousands of successful businesses in India and around the world. The CCI's decision is a major setback for Indian consumers and businesses, opening serious security risks for Indians who trust Android's security features, and raising the cost of mobile devices for Indians. We will review the decision to evaluate the next steps," a Google spokesperson said on Friday(21st Oct 2022).

Google operates and manages the Android OS (operating system) and licences its other proprietary applications. The OEMs (original equipment manufacturers) use this OS and Google's apps in their mobile devices.

Accordingly, they enter into multiple agreements to govern their rights and obligations, such as Mobile Application Distribution Agreement (MADA)..

Source : NDTV

6 .

Which companies have joined hands to bring holographic technology to boost virtual tourism on 1st Oct 2022?

A)

Jio and Nokia

B)

Airtel and Samsung

C)

Airtel and Nokia

D)

Jio and iPhone

Correct Answer : Airtel and Nokia

Airtel and Nokia partnered to bring India’s first 5G enabled immersive experience to visitors at the Indian Mobile Congress (IMC) 2022.

Airtel and Nokia will bring to life the cultural splendour of Kashi Vishwanath temple and the Statue of Unity through holographic images demonstrating the benefits of ultra- fast and low latency 5G network, the companies said in a statement Saturday(1st Oct 2022).

The almost life like holograms, will bring to life the architecture and design of these iconic monuments and temples, replicating the physical experience.

"With the advent of 5G, immersive virtual tourism is expected to help reinvent the travel and tourism industry where the masses would be able to see remote places and monuments from the comfort of their homes," the companies said.

In 2019 India recorded 2321 million domestic tourists traveling across the country. This number fell to almost 620 million during COVID when travel for leisure practically stopped.

In 2020, the travel and tourism industry's contribution to GDP was $121.9 billion; the figure is expected to reach $512 billion by 2028..

Source : Mint

7 .

Which company has tie-up with 'Amp Energy' to establish its first solar project in Rajasthan, India?

A)

Walmart

B)

Amazon

C)

Google

D)

Adani Group

Correct Answer : Amazon

Amazon on Wednesday(21st Sep 2022) announced the setting up of its first solar farm in India. The e-commerce major will be setting up three solar power projects with a capacity of 420 megawatt (MW) in Rajasthan.

“In the Asia-Pacific region, Amazon is announcing the company’s first three large-scale projects in India. All three are solar projects in Rajasthan, representing 420 MW of clean energy capacity. Amazon is scaling fast in India, and these first investments play a critical role in reducing our carbon emissions in the country,” Amazon said in a statement.

Tie-up with Amp Energy : As part of Amazon’s India plans, Amp Energy India, renewable energy (RE) producer, has signed a power purchase agreement (PPA) to sell RE to Amazon from a 100 MW solar power plant in Rajasthan.

Located in Bhadia, Rajasthan, the plant will be fully operational by the end of 2023. Amp is also developing a 1 gigawatt (GW) of utility scale projects. This solar plant will help mitigate 1,13,645 tonnes of harmful CO2 emissions.

Besides Amp Energy, Amazon has also signed a pact with ReNew Power for a 210 MW project, and another with Brookfield Renewable for a 110 MW project.

Combined, these solar farms have the capacity to generate 1,076,000 megawatt hours (MWh) of RE per year, enough to power over 360,000 average-sized households in New Delhi annually, the US-headquartered company said.

Additionally, Amazon has announced 23 new solar rooftop projects on its fulfillment centres across 14 cities in India, which have the capacity to generate an additional 4.09 MW of renewable energy. This brings the total number of solar rooftop projects in India to 41 with 19.7 MW of renewable energy capacity..

Source : The Hindu Businessline

8 .

Adobe bought the Figma design platform for how many billion?

A)

$20 billion

B)

$30 billion

C)

$40 billion

D)

$40 billion

Correct Answer : $20 billion

Adobe announced Thursday(15th Sep 2022) that it will acquire design software firm Figma in a deal worth about $20 billion in cash and stock. Shares of Adobe sank 17%, their biggest plunge since 2010.

Figma, founded in 2012, creates cloud-based design software that allows teams to collaborate in real time. It competes head-to-head with Adobe’s XD program.

The company was valued at $10 billion in its last funding round in 2021.

Figma, whose backers include the likes of Index Ventures, Greylock Partners and Kleiner Perkins, is expected to generate more than $400 million in annual recurring revenue this year, sources familiar with the company’s financials previously told CNBC. Adobe confirmed Figma’s ARR will surpass $400 million exiting 2022.

That means Adobe is paying in the neighborhood of 50 times revenue at a time when sales multiples for cloud software are contracting dramatically from their record highs reached last year. For the top cloud companies in the BVP Nasdaq Emerging Cloud Index, forward multiples have fallen to just over 9 times revenue from about 25 in February 2021..

Source : CNBC

9 .

Which company acquire cyber-security company 'Mandiant' for $5.4 billion?

A)

Apple

B)

Google

C)

Amazon

D)

Microsoft

Correct Answer : Google

Google has completed the $5.4 billion acquisition of cyber-security firm Mandiant, Google Cloud CEO Thomas Kurian announced.

Mandiant will join Google Cloud to help organisations improve their threat, incident and exposure management.

"We will retain the Mandiant brand and continue Mandiant's mission to make every organisation secure from cyber threats and confident in their readiness," Kurian said in a statement.

Mandiant is known for unearthing the SolarWinds hack that shook the world.

Several big companies, including tech giants like Intel, Cisco, VMware and Nvidia, suffered part of the SolarWinds hack allegedly orchestrated by Russia-backed cybercriminals..

Source : Business Standard

10 .

Anil Aggarwal-led Vedanta Limited and Foxconn Group will invest over how many lakhs of crores to set up a semiconductor ecosystem in Gujarat?

A)

Rs. 1.10 lakh crore

B)

Rs. 1.23 lakh crore

C)

Rs. 1.37 lakh crore

D)

Rs. 1.54 lakh crore

Correct Answer : Rs. 1.54 lakh crore

The Anil Agarwal-led-Vedanta Limited and Foxconn Group will invest more than Rs 1.54 lakh crore to set up an semiconductor ecosystem in Gujarat.

The oil-to-metals conglomerate said Vedanta Displays Limited will set up a Display Fab Unit with an investment of Rs 94500 crore and Vedanta Semiconductors Limited will set up an integrated Semiconductor Fab Unit and OSAT (Outsourced Semiconductor Assembly and Test) facility with investment of Rs 60000 crore.

"Thus two MoUs, together, will bring in an investment of more than Rs 1.54 lakh crore and generate around 1 lakh new employment opportunities in the state," said the company in a statement.

Vedanta and Foxconn Group entered into two Memorandums of Understanding [MoUs] with the Government of Gujarat on September 13, 2022.

The company said Vedanta and Taiwan-based Foxconn Group will work closely with the state government to establish high-tech clusters with requisite infrastructure, including land, semiconductor grade water, high quality power, logistics, and a skill ecosystem.

"It is a step in the right direction for Gujarat helping towards building a one trillion-dollar digital national economy," said Electronics and Information Technology minister Ashwini Vaishnaw..

Source : New Indian Express