6-10 May 2018 Current Affairs

Malaysia Elections | Mahathir Mohamad | Karl Marx | WalMart-Flipkart deal | BlackRock-DSP |

Posted on May 10, 2018 07:17 IST in Current Affairs.

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1) In which south eastern country the opposition alliance won a historic election on 10 May 2018 and thus ending the six-decade rule of the ruling coalition? – Malaysia

Explanation: Malaysia's opposition alliance headed by veteran ex-leader Mahathir Mohamad won a historic election according to official results that were released on 10 May 2018, and thus ending the six-decade rule of the Barisan Nasional (BN) coalition.

- The results from the Election Commission showed the opposition grouping, “Pakatan Harapan”, plus a party in the Borneo state of Sabah they are allied with, winning 115 seats, over the threshold of 112 seats needed in parliament to form a government.

- Mahathir, who is now poised to become the world's oldest elected prime minister, came out of retirement to take on Prime Minister Najib Razak, who has become embroiled in massive corruption scandal surrounding state fund 1MDB.

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2) Karl Marx’s which iconic anniversary was observed on 5 May 2018? – 200th

Explanation: Events took place across the world to mark the 200th anniversary of the birth of the philosopher and revolutionary socialist and Das Capital writer Karl Marx on 5 May 2018. Bicentenary events were officially launched at a ceremony in his birthplace, Trier, Germany.

- Despite what happened in the past hundred years in the communist countries, Marx is still believed to be an important thinker and a central figure of the modern canon around the world.

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3) Which entity bought 77% stake in home-grown e-commerce behemoth Flipkart for $16 billion, as was announced by the entity on 9 May 2018? – WalMart

Explanation: Walmart Inc. announced on 9 May 2018 it has signed definitive agreements to become the largest shareholder in Flipkart Group. Subject to regulatory approval in India, Walmart will pay about $16 billion for an initial stake of approximately 77% in Flipkart. The deal values Flipkart at around 20.8 billion dollars, up from its previous valuation of $12 billion.

- The remainder of the business will be held by some of Flipkart's existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp. On the other hand co-founder Sachin Bansal will make an exit by cashing in his 5.96% stake in the company which will amount to around $1.23 billion.

- While the immediate focus will be on serving customers and growing the business, Walmart will support Flipkart's ambition to transition into a publicly-listed, majority-owned subsidiary in the future. The deal will redraw the retail landscape in India as Walmart takes its domestic battle with arch-rival Amazon to the global stage.

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4) Which major foreign mutual fund made its exit from India as was announced on 7 May 2018? – BlackRock

Explanation: BlackRock Inc., which held 40% stake in DSP BlackRock Mutual Fund, announced its exit from India on 7 May 2018. The DSP Group, the partner in the mutual fund, has decided to buy out BlackRock’s stakes for an undisclosed amount.

- Post the deal, DSP BlackRock Mutual Fund will be renamed DSP Mutual Fund, while the holding company will be known as DSP Investment Managers. DSP BlackRock, which registered a growth of 32%, had assets-under-management (AUM) of â‚¹86,326 crore, accounting for 4% market share as of March 2018-end.

- The 150-year-old DSP Group had tied up with Merrill Lynch Investment Managers in 1996 to establish its retail asset management business in India as DSP Merrill Lynch Asset Management. However, BlackRock Investment Managers stepped in 2008 as a partner after BlackRock took over Merrill Lynch’s global asset management business in 2006.

- In the last few years, over a dozen foreign fund houses have moved out of India due to stagnant growth in their market share. Some of the top overseas players in this list include Daiwa, Deutsche, Morgan Stanley, ING, PineBridge, Nomura, Fidelity, AIG, Zurich, Morgan Stanley, JP Morgan, Goldman Sachs and KBC.

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