Current Affairs - Business

The Suez Canal Authority announced a 15% discount on transit fees for large cargo vessels starting May 15, 2025, to revive maritime traffic affected by the Red Sea security crisis. This move follows a tentative ceasefire between the US and Iran-backed Houthi rebels, who had disrupted shipping by targeting commercial vessels. The Suez Canal is a vital global trade artery, and the discount aims to encourage shipping lines, especially container ships, to return after many rerouted via the Cape of Good Hope. The canal’s revenue dropped significantly from $10.3 billion in 2023 to $4 billion in 2024, making this incentive critical for economic recovery.

Bill Gates has committed to donating 99% of his wealth by 2045, marking one of the most ambitious philanthropic pledges in history. With a net worth of approximately $108 billion, Gates plans to accelerate his giving through the Bill & Melinda Gates Foundation. Over the next two decades, he intends to contribute an additional $200 billion toward initiatives focused on global health, poverty reduction, and the eradication of infectious diseases like malaria and measles. His commitment reflects a strong belief in using personal wealth for societal good and is inspired by Andrew Carnegie’s philosophy that great wealth should be used to improve humanity.

Ant Group, through its affiliate Antfin (Netherlands) Holding BV, is selling a 4% stake in Paytm’s parent company, One97 Communications Ltd, via a bulk deal on Indian stock exchanges. The deal is valued at approximately ₹2,066 crore and is being executed at a floor price of ₹809.75 per share, reflecting a 6.5% discount to Paytm's last traded price on the NSE. This transaction marks a strategic portfolio shift by Ant Group and is among the notable secondary market deals in recent times. The sale also signals the gradual retreat of foreign investors from major Indian fintech companies like Paytm.

SBI sold 13.19% of its equity in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for ₹8,888.97 crore at a share price of ₹21.50. This transaction was approved by SBI’s Executive Committee and is expected to be completed within 12 months. As a result of this divestment, SBI’s holding in Yes Bank declined from 23.97% to around 10.78%. The deal also significantly increased the return on SBI’s investment in Yes Bank, highlighting a strategic and financially beneficial move for the bank.

Hafele India has entered into a strategic partnership with the Department for Promotion of Industry and Internal Trade (DPIIT) to support India’s manufacturing and innovation efforts. As part of this collaboration, Hafele India has committed over USD 2.5 million to assist Indian startups and MSMEs, providing crucial support in terms of infrastructure and access to markets. DPIIT, in turn, will help facilitate connections between Hafele India and promising startups through the Startup India initiative. This partnership aims to create a thriving ecosystem for innovation and local manufacturing, ultimately contributing to the country’s economic growth.