24 June 2016 – Daily Current Affairs

Anupam Pahuja appointed as PayPal India MD and Country Managera

On 22^nd June 2016, Anupam Pahuja was appointed as PayPal India MD (Managing Director) & Country Manager. Anupam will be looking after PayPal business across the Indian subcontinent. He also has been given the task of strengthening PayPal’s operations in India. Before joining PayPal, Anupam was India MD (Managing Director) for STS (Sum Total Systems). PayPal is an online payment program operating worldwide. Its headquarters is in California, US. PayPal is one of Globe’s biggest Internet Payment firms. PayPal was created in 1998. It works by performing payment process for auction sites, online vendors, commerce users etc. PayPal has operations in more than 180 nations.

Aveek Sarkar resigned as ABP Chief Editor

Aveek Sarkar, the Chief Editor of ABP (Ananda Bazaar Patrika) & The Telegraph, resigned. The event occurred on 22^nd June 2016. He will be continuing as the Group’s chairman. Arup Sarkar will be succeeding him. Also, Anirban Bhattacharya has been appointed as ABP’s editor. Similarly, R Rajagopalan has been appointed as The Telegraph’s Editor. Aveek Sarkar is known to be one of India’s most prominent names in Indian Publishing space. Famous Harold Evans was Aveek’s tutor. Aveek Sarkar took ABP’s Editor Post in 1983. He is known for ABP Group’s transformation into a known national publication. He is also responsible for the Group’s launch into television.

Mercer’s COLS- 2016 (Cost of Living Survey 2016) released; Mumbai India’s costliest city

On 22^nd June 2016, Mercer released COLS (Cost of Living Survey) for 2016. Asia dominated this year’s rankings with top 5 on the list. Hong Kong and Luanda came 1^st and 2^nd. The Mercer’s COL survey is carried out considering many factors. Some factors are cost inflation, currency fluctuations, unstable accommodation prices etc. The survey included more than 370 cities across the world. Out of them, 209 cities were ranked across 5 continents. New York is the base city for all cost comparisons as well as currency movements. The list included 5 Indian cities, Mumbai (62), New Delhi (130), Chennai (158), Kolkata (194), and Bangalore (180).

Tech Mahindra acquired UK-origin BIO Agency

On 22^nd Tech Mahindra acquired a UK based company BIO Agency. Tech Mahindra is a technology services firm and BIO Agency is a digital transformation company from UK. It will be an all-cash acquisition valued forty-five million pounds. Tech Mahindra will be paying twenty-two million pounds as well as surplus 5 million in cash, upfront. Rest amount will be paid in the form of deferred payments on the company performance. Tech Mahindra will get 100% shares of BIO Agency. BIO agency’s specialization includes digital transformation in sectors such as financial, retail and travel. This move will expand Tech Mahindra’s digital portfolio and ensure better services, digital strategy and experience for its customers. The transaction’s closing date is expected in July 2016 first week. This move will also help BIO Agency in making contacts with the enterprise and telecommunications clients of TechM.