1) Connaught Place is ninth most expensive office market in world, Mumbai lags
•Connaught Place in the national capital is the most expensive prime office market in India and the ninth most expensive office market in the world, with an occupancy cost of $153.89 per square feet, according to the bi-annual Global Prime Office Occupancy Costs survey of US-based CBRE.
•Acc. to the survey, Mumbai’s Bandra Kurla Complex (BKC) moved one place up from nineteen to 20 while the CBD of Nariman Point ranked thirty-third on the list of the top 50 most expensive office markets around the world.
•Hong Kong (Central) became the world’s highest-priced office market with an occupancy cost of $302.51 per sq ft per annum. Asia continues to dominate the list of the world’s most expensive office locations, accounting for seven of the top ten markets, according to the survey.
2) World’s second biggest celebrations of International Yoga Day to be held in China after India
•In China, ahead of the third UN International Day of Yoga, thousands of Chinese would participate in scores of events organized across the country. As per the official report, it will the second biggest yoga day celebration in the world after India. The Indian Embassy in Beijing besides Indian Consulates in Shanghai and Guangzhou are also organizing dozens of events commemorating the events featuring Chinese officials.
•However, yoga has become immensely popular over the years in China vying with ancient indigenous physical fitness martial art form Tai Chi. China also backed India’s move in the UN to make June 21 as International Yoga Day, giving a fillip to hundreds of yoga clubs and organizations.
3) AIIB approves membership of Argentina, Madagascar, Tonga
•The China-led Asian Infrastructure Investment Bank (AIIB) has approved the membership of Argentina, Madagascar, and Tonga at its second annual meeting of Governors. The AIIB’s Board of Governors adopted resolutions approving the three applicants to join the bank at the second annual meeting, which kicked off earlier in the day in South Korea’s southern resort island of Jeju.
•The first meeting was held in Beijing in 2016. The approved applicants included one regional prospective member of Tonga and two non-regional members of Argentina and Madagascar. The three prospective members will officially join the AIIB once they complete the required domestic processes and deposit the first installment of capital with the bank.
4) RBI initiates Prompt Corrective Action against Bank of Maharashtra as NPA mounts
•The Reserve Bank of India has initiated prompt corrective action (PCA) on Bank of Maharashtra placing a restriction on the banking activities. This RBI has said that the action is taken on the bank in view of the high level of bad loans.
•This is the sixth bank to be placed under PCA by the RBI and of this five banks were placed under PCA in the last three months. RBI has initiated PCA on Central Bank of India, IDBI Bank, UCO Bank, Dena Bank and Indian Overseas Bank. The move will restrict the bank from announcing the dividend, opening branches, hiring and giving loans to companies rated below investment grade.
5) Government sets up GST facilitation cell in DIPP
•The government has set up a GST facilitation cell in Department of Industrial Policy and Promotion (DIPP) to facilitate the rollout of Goods and Services Tax. The cell is headed by Economic Advisor Sudhansu Sekhar Das.
•The cell will remain in constant touch with major industry and business associations relating to the Department. It will be the first point of contact for addressing any issue being faced by any sector related to the Department.
6) Kidambi Srikanth lifts Indonesia Open
•India’s Kidambi Srikanth has lifted the Indonesia Open Super Series badminton title by defeating Japanese qualifier Kazumasa Sakai in straight games 21-11, 21-19 in the Men’s Singles final at Jakarta, Indonesia.
•For World No.22 Srikanth, it is his third Super Series title. He had earlier won the 2014 China Open and 2015 India Open.
