1. Cyril Ramaphosa Re-Elected South African President
Tags: International News
Cyril Ramaphosa has been re-elected as the President of South Africa.
An Overview of the News
This follows a landmark coalition deal between his African National Congress (ANC) and opposition parties.
The new government combines Ramaphosa’s ANC, the centre-right Democratic Alliance, and other smaller parties.
Parliament Vote
Ramaphosa won convincingly in a Parliament vote.
He received 283 votes against Julius Malema’s 44 in the 400-member house.
Malema is the leader of the far-left Economic Freedom Fighters.
Crucial Agreement
Ramaphosa secured his second term after an agreement with the Democratic Alliance.
This agreement was struck just hours before the presidential vote.
The ANC lost its 30-year majority in Africa’s national assembly.
Election Results
In the recent elections, the ANC’s vote share dropped to 40%.
The Democratic Alliance emerged as the second-largest party with 22% of the votes.
Co-Governance
The parties will now co-govern South Africa.
This marks the first national coalition where no party has a majority.
About South Africa
It is located at the southernmost tip of the African continent and is known for its diverse ecosystems.
Capital:- Pretoria (executive), Cape Town (legislative) and Bloemfontein (judicial)
Largest city:- Johannesbur
2. Appointment of Sandeep Batra as Chairman of ICICI Prudential Life
Tags: Economy/Finance Person in news
Sandeep Batra's appointment as Chairman of the Board of Directors of ICICI Prudential Life Insurance Company Limited has been approved by the Insurance Regulatory and Development Authority of India (IRDAI).
An Overview of the News
Batra will assume the role following the retirement of M S Ramachandran, who has reached the maximum age limit of 75 years. Batra's appointment will take effect from 30 June 2024.
About Sandeep Batra:
Long-Term Association: Batra has been associated with ICICI Group since 2000.
Executive Director at ICICI Bank: He has served as an Executive Director on the Board of ICICI Bank since 2018.
Board Memberships: Batra serves on the boards of ICICI Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential Asset Management, and ICICI Ventures.
Founding Member: He was one of the founding members of ICICI Prudential Life, holding the position of Chief Financial Officer (CFO) from September 2000 to 2006.
Previous Roles: Batra has held various positions including Executive Director and Board member from January 2014 to July 2018, and also served as a Group Compliance Officer at ICICI Bank.
About M. S. Ramachandran:
Non-Executive Independent Director: Ramachandran is the current Non-executive Independent Director and Chairman of the ICICI Prudential Board.
Corporate Leadership Experience: He has previously served as the Chairman of Indian Oil Corporation Limited, Chennai Petroleum Corporation Limited, among others.
Involvement in Governance: Ramachandran has been a Member of the Governing Council of India Habitat Centre.
Directorship at ICICI Bank: Additionally, he has served as a Director on the Board of ICICI Bank Limited.
About ICICI Prudential Life
It was established on July 20, 2000, as a public limited company according to the Companies Act of 1956.
Operations began in 2001 following its incorporation.
The company is jointly promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Mr. Anup Bagchi serves as the Managing Director and CEO.
The headquarters of ICICI Prudential Life is located in Mumbai, Maharashtra.
3. Appointment of Pradeep Kumar Sinha as Non-Executive Part-time Chairman of ICICI Bank Limited
Tags: Economy/Finance Person in news
Pradeep Kumar Sinha appointed to succeed Girish Chandra Chaturvedi as the Non-Executive Part-time Chairman of ICICI Bank Limited upon Chaturvedi's retirement on June 30, 2024.
An Overview of the News
Sinha to assume the position from July 1, 2024, following Reserve Bank of India (RBI) approval, for a term of three years.
Sinha approved as an Additional Independent Director by ICICI Bank's Board of Directors for a five-year term (2024 to 2029) during the meeting held from February 15-17, 2024.
Background of Pradeep Kumar Sinha
Sinha, a 1977 batch Indian Administrative Service (IAS) officer from Uttar Pradesh (UP) Cadre, brings extensive administrative experience to the role.
Held Government Nominee Director positions in major public Sector Undertakings (PSUs) including ONGC, IOCL, HPCL, BPCL, and GAIL.
Served as India's Cabinet Secretary from 2015 to 2019, demonstrating leadership at the highest levels of government.
From 2019 to 2021, Sinha served as a Principal Advisor to Prime Minister Narendra Modi, contributing to strategic decision-making.
Additionally, Sinha served as an Additional Independent Director in Bharti Airtel Limited from 2022 to May 14, 2024, bringing corporate governance insights to his roles.
About ICICI Bank Limited
Established:- 1994
MD & CEO:- Sandeep Bakhshi
Headquarters:- Mumbai, Maharashtra
Tagline:- Hum Hai Na, Khayal Apka
4. Delhi High Court appoints Justice Najmi Waziri as Chairperson of Ad-hoc Administrative Committee (AAC)
Tags: Person in news
The Delhi High Court (HC) has appointed Justice Najmi Waziri, retired judge of Delhi HC, as the Chairperson of the Ad-Hoc Administrative Committee (AAC) to oversee the Equestrian Federation of India (EFI).
An Overview of the News
The committee includes Dr. S.Y. Quraishi, former Chief Election Commissioner (CEC) of India, as the Observer, and Advocate Rohini Musa as a Member of the AAC.
Key responsibilities of the committee:
Manage the daily administration and operations of the EFI.
Issue necessary orders for EFI's day-to-day functioning, authorized by the Chairperson's signature.
Establish appropriate governance arrangements for the EFI until new elections are held.
About Justice Najmi Waziri
Elevated as an Additional Judge of the Delhi High Court on April 17, 2013, and retired on April 14, 2023.
Famously known as the 'Green Judge' of Delhi for advocating the planting of 3.7 lakh trees to enhance the greenery of New Delhi.
Appointed as the Chairman of the Internal Departmental Committee in April 2024, tasked with protecting and managing deemed forests in New Delhi, Delhi.
Honored with the SKOCH India Law Award in 2023 for exemplary services to justice.
5. John Slaven Appointed Vice-Chairman of International Aluminium Institute
Tags: Person in news
Vedanta Aluminium has announced the appointment of its CEO, John Slaven, as Vice-Chairman of the International Aluminium Institute (IAI).
An Overview of the News
Leadership Role: In his new role, Slaven will lead global initiatives to promote sustainable transformation within the aluminium industry.
John Slaven's Role and Vision:
Sustainability Focus: Emphasizes aluminium’s crucial role in advancing the energy transition towards a Zero Carbon future.
Industry Advocacy: Aims to increase awareness of aluminium’s vast potential and promote its use in creating a greener planet.
John Slaven's Background:
Experience: Over 30 years in the metals, mining, and modern manufacturing industries.
Leadership: Held diverse positions in top companies, contributing to transformative advancements.
Current Role: As CEO of Vedanta Aluminium, he oversees the company's growth strategy, prioritising environmental, social, and governance (ESG) efforts.
Recognition: Under his leadership, Vedanta Aluminium has been recognised as the most sustainable aluminium company in the world.
International Aluminium Institute (IAI):
Establishment: Founded in 1972, it is the sole organisation representing the global primary aluminium industry.
Mission: Focuses on raising awareness about the industry’s operations, advocating for responsible production, and highlighting aluminium's environmental benefits.
Membership and Data: Includes the world’s leading bauxite, alumina, and aluminium companies, maintaining over 40 years of extensive global data on production, consumption, energy use, and environmental impact.
6. ITC's Sanjeev Puri takes over as CII chairman for 2024-25
Tags: Person in news
ITC Ltd Chairman and Managing Director Sanjeev Puri has assumed the post of CII Chairman for 2024-25, succeeding R Dinesh, Chairman, TVS Supply Chain Solutions.
An Overview of the News
The Confederation of Indian Industry (CII) held a meeting on May 19, 2024, to elect new office bearers for the year 2024-25.
About Sanjeev Puri:
Sanjeev Puri holds several key positions within ITC Limited, including Chairman of ITC Infotech India Limited and its subsidiaries in the UK and USA, as well as Surya Nepal Pvt. Ltd.
Under his leadership, ITC has launched the 'ITC Next' vision, which aims to transform the group into a future-tech, climate-positive, innovative and inclusive enterprise.
Sanjeev Puri has been honored with several awards, including the 'Best CEO Award' by Business Today in 2024 and the 'Transformational Leader Award 2022-23' by the Asian Center for Corporate Governance and Sustainability.
Rajeev Memani appointed as Chairman Designate of CII
He serves as Chairman of the India Region of Ernst & Young (EY) and is a member of EY's global management body, leading the Global Emerging Markets Committee.
Rajeev Memani is recognized as a trusted advisor to large Indian companies, private equity funds and multinational organizations, providing guidance on various aspects such as trust building, mergers and acquisitions, technology and smart capital allocation strategies.
R Mukundan appointed as CII Vice Chairman
He is the Managing Director and CEO of Tata Chemicals Limited and holds the status of a distinguished alumnus from IIT Roorkee and Harvard Business School.
With 33 years of experience within the Tata Group, R Mukundan has held various leadership positions in the chemicals, automotive and hospitality sectors, and has made significant contributions to the industry. He actively participates in industry forums and impact organizations.
About CII
The Confederation of Indian Industry (CII) is a prominent business lobby group in India, established in 1895 as the Engineering and Iron Trades Association in Bengal.
It was known as the Confederation of Engineering Industry (CEI) until 1992 when it adopted its current name.
CII is headquartered in New Delhi and advocates for business-friendly policies by engaging with the government.
Other key business lobby groups in India include ASSOCHAM, FICCI, and NASSCOM.
ASSOCHAM's President is Sanjay Nayar, FICCI's President for 2023-2024 is Dr. Anish Shah, and NASSCOM's President since 2018 is Debjani Gosh.
7. Keki Mistry Approved as Chairman of HDFC Life by IRDAI
Tags: Person in news
The Insurance Regulatory and Development Authority (IRDAI) has approved Keki Mistry's appointment as chairman of HDFC Life on May 7, 2024.
An Overview of the News
Mistry succeeds Deepak S. Parekh, who stepped down from the chairman and non-executive director roles.
HDFC Life's board unanimously endorsed Mistry's appointment on April 18, awaiting IRDAI's approval.
Formerly vice chairman and CEO of HDFC Limited, Mistry now serves as a non-executive director on HDFC Bank Limited's board post-merger.
About Keki Mistry
With directorships in multiple companies, Mistry is a chartered accountant and fellow member of the Institute of Chartered Accountants of India.
He contributes as a member of the Primary Market Advisory committee (PMAC) and has previous experience on SEBI's Corporate Governance Committee.
Mistry chaired the CII Corporate Governance Committee for two consecutive terms (2016-17 and 2017-18).
Currently, he leads Working Group 1 within an SEBI expert committee dedicated to enhancing business practices and aligning regulations.
HDFC Life Insurance Company Limited:
It is a provider of long-term life insurance services.
The company provides both individual and group insurance services.
Establishment - 14 August 2000.
Headquarters - Mumbai
8. Ashish Chauhan and Sridhar Vembu Appointed to UGC by Ministry of Education
Tags: Person in news
Ashish Kumar Chauhan, MD and CEO of the National Stock Exchange (NSE), and Sridhar Vembu, CEO of Zoho Corporation, have been appointed as members of the University Grants Commission (UGC).
An Overview of the News
Their tenure spans three years, as per the notification from the Department of Higher Education, Ministry of Education.
Other Appointments
Retired Professor Sachidananda Mohanty, former Vice Chancellor of Central University of Odisha, has been appointed to the UGC. Professor Mohanty brings his extensive experience in academia to the commission.
Professor Shashikala Gulabrao Wanjari, Vice Chancellor of the National Institute of Educational Planning and Administration (NIEPA) in New Delhi, Delhi, has been appointed as a member of the UGC. Her tenure, like others', is set for three years or until further orders.
About UGC
The UGC was proposed by the Sargent Report of 1944 to establish a national system of education in India.
Established by an Act of Parliament in 1956, the UGC plays a pivotal role in higher education governance.
The current Chairman of UGC is Mamidala Jagadesh Kumar, and its headquarters are located in New Delhi, Delhi.
With these appointments, the total number of members in the UGC has increased from 4 to 8, enriching its expertise and diversity.
9. Adani begins Operation of the Copper Unit at Mundra
Tags: Science and Technology
The first phase of the world's largest copper manufacturing plant in Mundra, Gujarat was launched by the Adani-led group. The company plans to invest $1.2 billion in this phase.
An Overview of the News
Kutch Copper Operations:
Kutch Copper, a subsidiary of Adani Enterprises Limited, commenced operations of its greenfield copper refinery, marking the shipment of the inaugural batch of cathode.
Production Capacity and Expansion Plans:
The plant is estimated to produce 0.5 million tonnes of refined copper annually in its initial phase, with plans to expand to a capacity of 1 million tonnes by March 2029.
Upon completion of its second phase, Kutch Copper aims to become the world's largest single-location custom smelter with an annual production target of 1 million tonnes.
ESG Commitment:
The company pledges to maintain high ESG (Environmental, Social and Governance) performance standards by leveraging advanced technology and digitalization.
Role in India's clean energy transition:
Increased copper production supports India's transition to clean energy, facilitating the development of technologies for electric vehicles, solar power, wind power and batteries.
Job Creation and Domestic Demand:
The expansion of copper production is expected to create 2,000 direct and 5,000 indirect employment opportunities and meet India's target of doubling copper demand by 2030.
Diversification and Industry Demand:
Catering to the growing demand for copper in various industries, Kutch Copper has expanded its offering to include copper tubes for air conditioning and refrigeration.
Reduction in Import Dependence:
Domestic copper production aims to reduce India's dependence on imported copper, which has increased steadily in recent years.
Stability Practice:
Kutch Copper prioritizes sustainability by using technology with minimal carbon footprint, allocating green space within the plant area and implementing eco-friendly water management practices.
Industry Scenario:
Vedanta Ltd is looking to reopen a plant in Tuticorin, Tamil Nadu, while Hindalco Industries Ltd currently operates the largest copper smelter in India with a capacity of 0.5 million tonnes.
Global Production Dynamics:
Globally, copper production is concentrated, with Chile and Peru being the top producers, collectively accounting for 38% of global production.
10. MV Rao takes over as chairman of the Indian Banks Association
Tags: Person in news
Central Bank of India MD and CEO MV Rao was elected as the new chairman of the Indian Banks Association (IBA) during the managing committee meeting held on 21 March.
An Overview of the News
Vice President Selection:
The committee also appointed three vice presidents:
Dinesh Kumar Khara, Chairman of State Bank of India (SBI)
S L Jain, MD and CEO of Indian Bank
N Kamakody, MD and CEO of City Union Bank
Appointment of Honorary Secretary:
Madhav Nair, Country Head and CEO of the Bank of Bahrain and Kuwait was appointed as Honorary Secretary of the IBA.
Contribution of Madhav Nair:
Serving as the first Vice President, Madhav Nair has been actively involved in policy advocacy related to areas such as technology, risk management, and environmental, social, and governance (ESG) factors since 2016.
Indian Banks Association (IBA)
IBA represents a diverse range of Indian banks including public sector, private sector, foreign, co-operative and regional rural banks.
Role and Functions: It plays an important role in shaping banking policies and promoting the adoption of best practices within the Indian banking industry.
Expectations of new leadership: The election of a new leadership team is expected to infuse new energy and focus IBA's efforts to address the various challenges and leverage opportunities in the Indian banking sector.
