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

1 .

Who has signed a contract worth over $100 million with Honeywell for HTT-40 engine?

A)

ISRO

B)

DRDO

C)

National Aerospace Laboratories(NAL)

D)

Hindustan Aeronautics Limited(HAL)

Correct Answer : Hindustan Aeronautics Limited(HAL)

Hindustan Aeronautics Limited (HAL) on Wednesday(27th july 2022) signed a contract worth over USD 100 million with Honeywell for the supply and manufacture of 88 TPE331-12B engines/kits along with the maintenance and support services to power the Hindustan Trainer Aircraft (HTT-40).

The contract was exchanged by Senior Director of OE Sales (Honeywell Defense and Space), Eric Walters, and Executive Director (E & IMGT) B Krishna Kumar, here in the presence of Chairman and Managing Director (CMD) of HAL, R Madhavan.

“HAL has successfully developed Basic Trainer Aircraft (HTT-40) to address the basic training requirements of the Indian Air Force (IAF). There is a potential requirement of 70 aircraft. The contract for the same with IAF is under advanced stage of approval,” said CMD Madhavan..

Source : The Print

2 .

Which company signs MoU with "Aarav Unmanned Systems(AUS)" for drone solutions?

A)

Tata Steel

B)

JSW Steel

C)

IISCO Steel

D)

Jindal Steel and Power

Correct Answer : Tata Steel

Domestic giant "Tata Steel" on Wednesday(27th July 2022) said it has inked a pact with a Bengaluru-based startup for drone-based mining solutions for effective mine management.

The primary goal of this collaboration is to jointly develop and offer sustainable and end-to-end integrated solutions that will focus on efficiency, safety, and productivity of open cast mining operations.

"Tata Steel has signed a Memorandum of Understanding (MoU) with Aarav Unmanned Systems (AUS), a Bangaluru-based startup, providing end-to-end drone solutions... for effective mine management," the company said in a statement.

On the partnership, D B Sundara Ramam, vice president, Raw Materials, Tata Steel, said: Drone survey enabled digitalisation and other technology will assist in gathering impactful and actionable insights..

Source : Business Standard

3 .

Who has signed an MoU with renewable energy company" Greenko ZeroC" to make green hydrogen?

A)

Coal India

B)

Hindustan Petroleum(HP)

C)

Oil and Natural Gas Corporation (ONGC)

D)

Power Grid Corporation of India(PGCI)

Correct Answer : Oil and Natural Gas Corporation (ONGC)

Oil and Natural Gas Corporation (ONGC) has signed(27th July 2022) a Memorandum of Understanding (MoU) with renewable energy company "Greenko ZeroC" to make green hydrogen, and to jointly pursue opportunities in renewables, and other derivatives of green hydrogen.

This MoU is in line with the government’s National Hydrogen Mission that aims to transform the country into a global green hydrogen hub, the company said. India is targeting to produce 5 million tonnes of green hydrogen per annum by 2030.

The energy major said that this MoU will contribute towards the mission of making Indi a green hydrogen hub.

The MoU, valid for two years, was signed between ONGC Director Onshore Anirag Sharma and Greenko CEO and Managing Director Anil Kumar Chalamalasetty, in the presence of Union Minister of Petroleum and Natural Gas & Urban Affairs Hardeep Singh Puri.

ONGC is not the first government-backed entity to enter the green hydrogen sector. In April this year, state-backed oil manufacturing company Indian Oil Corporation (IOC), engineering and construction conglomerate L&T and renewable energy company ReNew announced the signing of a term sheet to form a joint venture company to develop green hydrogen business in India..

Source : Business Today

4 .

Who has joins hands with Equitas Small Finance Bank to offer demat, trading services on 25th July 2022?

A)

Kotak Securities

B)

HDFC Securities Ltd

C)

ICICI direct

D)

Motilal Oswal Financial Services

Correct Answer : HDFC Securities Ltd

HDFC Securities Ltd on Monday(25th July 2022) announced its partnership with Equitas Small Finance Bank to provide its clients with a demat account and its broking or investment services.

With this partnership, Equitas SFB will be able to offer its customers a 3-in-1 account that helps them access the services of HDFC Securities. The stock broking company will oversee the entire journey for Equitas’ customers, from account opening to regular share transactions.

All Equitas Small Finance customers would be able open their demat and trading account for buying & selling shares and trading in futures & options/ commodities and even currencies.

For the bank, this tie-up offers an opportunity to provide its customer with additional investment avenues..

Source : Mint

5 .

Which company has signed a strategic agreement with 'Aequs' for long-term cooperation and joint business development in the aerospace sector?

A)

Vedanta Limited

B)

Hindalco Industries

C)

Hindustan Zinc

D)

Steel Authority of India

Correct Answer : Hindalco Industries

Aditya Birla Group's metals flagship Hindalco Industries and Aequs have entered into a strategic pact for long-term collaboration and joint business development in the commercial aerospace sector.

The move will strengthen the commercial aerospace business of Aequs Pvt Ltd.

"Aequs has executed strategic partnership agreement for supply of raw materials including, billets and extrusions by Hindalco Industries Ltd (Hindalco) through its manufacturing units and/or its subsidiary, Hindalco Almex Aerospace Ltd (HAAL) to be ultimately consumed by commercial aerospace OEMs," Hindalco said in a filing to BSE.

OEMs refer to original equipment manufacturers.

Given the size of Hindalco, the quantity of raw materials to be supplied to Aequs under the pact is "miniscule", it said..

Source : Business Standard

6 .

Which country Forex reserves decreased to USD 572.7 billion from USD 7.5 billion?

A)

China

B)

Russia

C)

United States

D)

India

Correct Answer : India

India’s foreign exchange reserves dropped $7.5 billion to $572.7 billion during the week ended 15th July 2022, the latest data released by the Reserve Bank of India (RBI) showed. The reserves are now at 20-month low, lowest since November 6, 2020, when they were at $568 billion.

The decline in foreign exchange reserves during the week is mainly due to foreign currency assets that were down $6.5 billion, the data showed.

Reserves have fallen about $60 billion in 2022, which was mainly due to aggressive intervention by the central bank to curb the sharp volatility in the foreign exchange market. The rupee has come under pressure since the war broke out in Europe in late February. The Indian unit has depreciated around 7 per cent against the dollar in 2022..

Source : Business Standard

7 .

Which company on 18th July 2022 said it has partnered with US-based Boston Consulting Group (BCG) to meet its decarbonization goals?

A)

JSW Steel

B)

Tata Steel

C)

Essar Group

D)

Steel Authority of India

Correct Answer : JSW Steel

JSW Steel on Monday(18th July 2022) said it has partnered with US-based Boston Consulting Group (BCG) to meet its decarbonization goals.

JSW Steel has an ambitious target of reducing its carbon emission by 42 per cent by 2029-30 versus base year 2005.

According to a ministry document, the iron and steel industry globally accounts for around 8 per cent of total carbon dioxide (CO2) emissions on an annual basis, whereas in India, it contributes 12 per cent to the total CO2 emissions.

Thus, the Indian steel industry needs to reduce its emissions substantially in view of the commitments made at the COP26 climate change conference.

Seshagiri Rao, Joint Managing Director of JSW Steel and Group CFO said, JSW Steel is partnering with BCG to accelerate its journey towards meeting emission targets..

Source : Business Standard

8 .

Which company released first annual human rights report in 2020 and 2021?

A)

Apple

B)

Google

C)

Meta(Facebook)

D)

Microsoft

Correct Answer : Meta(Facebook)

Facebook owner Meta released its first annual human rights report on Thursday(14th July 2022), following years of accusations that it turned a blind eye to online abuses that fueled real-world violence in places like India and Myanmar.

The report, which covers due diligence performed in 2020 and 2021, includes a summary of a controversial human rights impact assessment of India that Meta commissioned law firm Foley Hoag to conduct.

Human rights groups including Amnesty International and Human Rights Watch have demanded the release of the India assessment in full, accusing Meta of stalling in a joint letter sent in January.

In its summary, Meta said the law firm had noted the potential for "salient human rights risks" involving Meta's platforms, including "advocacy of hatred that incites hostility, discrimination, or violence.".

Source : India Times

9 .

Who has reportedly decided to shut down the Blockchain and Crypto Assets Council (BACC)?

A)

Cellular Operators Association of India

B)

National Internet Exchange of India

C)

Internet and Mobile Association of India

D)

National Payments Corporation of India

Correct Answer : IAMAI

The Internet and Mobile Association of India (IAMAI) has decided to shut down the Blockchain and Crypto Assets Council (BACC). In a statement, IAMAI said it is dissolving the Blockchain and Crypto Assets Council (BACC), which the association created and nurtured for four years.

“The association was forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain, and that the association would like to utilise its limited resources for other emerging digital sectors, which make a more immediate and direct contribution to digital India, notably, deepening financial inclusion and promoting Central Bank issued Digital Currency [CBDC],” the statement said.

In a joint statement, Chair and Co-chair of the BACC, Ashish Singhal and Sumit Gupta said, “Our stated belief as industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations.

Crypto experts say the nascent industry will lose a prominent policy advocacy arm with the dismantling of BACC by IAMAI.

Source : Financial Express

10 .

Which company has acquired a Danish-based life science company for around 110 million Euros (Rs 875 crores)?

A)

Tata

B)

Infosys

C)

Wipro

D)

HCL

Correct Answer : Infosys

Infosys on Wednesday(13th July 2022) said it will acquire "Denmark-based BASE life science" for about 110 million euros (Rs 875 crore) in an all-cash deal. The acquisition will deepen Infosys' expertise in life sciences domain as well as strengthen its footprint across Europe.

"This acquisition augments Infosys' deep life sciences expertise, and expands our footprint further in the Nordics region and across Europe, and scales our digital transformation capabilities with cloud-based industry solutions.

"We are excited to welcome BASE life science and its leadership team into the Infosys family," Infosys president Ravi Kumar S said..

Source : Businesstoday