PSBs to purchase NBFC Bonds/CPs
As of 10 July 2020, under the extended Partial Credit Guarantee Scheme, PCGS, Public Sector Banks have approved the purchase Bonds or Commercial Papers issued by 67 NBFCs amounting to 14,667 crore rupees. Of these, 6,845 crore rupees is for Bonds or Commercial Papers rated below AA, providing liquidity support to NBFCs with lower-rated bonds or commercial papers.
Indian Railways created a record
The Indian Railways recently created a record for operating a 2.8 Km long freight train. SheshNaag is a train “amalgamating 4 empty BOXN rakes, powered by 4 sets of electric locomotives. It is also the “longest train ever to run on Indian Railways.” The train operated between Nagpur and Korba.
1st launch of Kuaizhou-11 carrier rocket fails
China’s Kuaizhou-11 carrier rocket suffered a failure during its maiden flight. The rocket was launched from the Jiuquan Satellite Launch Center in northwest China, but a malfunction occurred during the flight. Kuaizhou, a fast ship in Chinese, is a low-cost solid-fueled carrier rocket. The rocket was designed to launch low-Earth and Sun-synchronous orbit satellites.
PM Modi to virtually address ECOSOC
PM Narendra Modi will virtually address the valedictory of high-level segment of United Nations Economic and Social Council (ECOSOC) on 17 July 2020. This will be Prime Minister Modi’s first speech at the United Nations after India reinstated its place as a non-permanent member in the Security Council. This year marks the 75th anniversary of the Council since it’s formation in 1975.
The UK bans companies from sourcing equipment from Chinese company Huawei
The UK has banned its companies from sourcing 5G equipment from Chinese telecom company Huawei. The move comes despite Beijing’s threat to retaliate to any such action by Britain. The new guidelines require the British telecom operators to remove all 5G-related equipment, supplied by the Chinese company, from their infrastructure by 2027.