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Business & Trade Questions & Answers

Business & Trade Questions & Answers

BIMSTEC: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation

BIMSTEC

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven Member States lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. This sub-regional organization came into being on 6 June 1997 through the Bangkok Declaration. It constitutes seven Member States: five deriving from South …

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Why are taxis yellow in colour?

Taxi

In 1907, car salesman John Hertz looked at his surplus of traded-in cars and decided to start a taxi business. Since taxis needed to stand out, the colour yellow was chosen. That was the result of a survey by the University of Chicago which concluded yellow was the easiest colour to spot. Hertz’s Chicago Yellow Cab Company was the first …

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Financial Action Task Force: Define FATF?

Money Laundering: Financial Action Task Force

A major economic evil related to financial sector is the practice of money laundering. Money laundering involves keeping financial assets from illegal activity in a disguised manner. This money is kept without detection of the illegal activity for future use. Through money laundering, the launderer transforms the monetary proceeds derived from criminal activity into funds with an apparently legal source. …

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What’s Generalized System of Preferences: GSP

India USA Ties / Relationship

The US has withdrawn the Generalized System of Preferences (GSP) benefits provided to India and few other developing countries. GSP withdrawal will be enforced from 5th of June 2019. GSP is an arrangement that allows concessional or zero tariff imports from developing couturiers into the US. Withdrawal of the GSP benefit is expected to adversely affect exports from India. What …

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Who is Warren Buffett?

Warren Edward Buffett (born August 30, 1930) is an American investor, industrialist and philanthropist. He is widely regarded as one of the most successful investors in the world. Often called the “legendary investor, Warren Buffett”, he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is consistently ranked among the world’s wealthiest people. He was ranked as the …

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Who are BRICS?

The BRICS countries, five nations grouped together because of their burgeoning economies. Made up of Brazil, Russia, India, China and South Africa, the BRICS countries are grouped together because while they are not yet economic powerhouses, they have the potential to become the world’s most dominant economies in the next few decades. Although not as talked about as India and …

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