Quizopedia, The Quiz Club under the banner of SoMS, MAKAUT

   Introduction The Enron controversy included the Enron Corporation, an American energy firm with headquarters in Houston, Texas. Following the company's bankruptcy filing, which was made public in October 2001, Arthur Andersen, one of the five largest audit and accounting partnerships in the world at the time, virtually ceased to exist. Enron was noted as the biggest audit failure at the time in addition to being the biggest bankruptcy reorganization in U.S. history. Background After combining Houston Natural Gas and InterNorth, Kenneth Lay founded Enron in 1985. Lay created a team of executives that were able to conceal billions of dollars in debt from failed transactions and projects through accounting loopholes, special purpose corporations, and bad financial reporting for several years. The company's stock price, which peaked at US$90.75 per share in mid-2000, crashed to less than $1 by the end of November 2001, prompting shareholders to file a $40 billion lawsuit. As th...

  Petrodollar System Explained The global elimination of the gold standard led to the emergence of the petrodollar. Since it is denominated in US dollars, the rate of US inflation and, if necessary, the exchange rate on the global stock market will determine how much it is worth. Both the US dollar and the petrocurrency are equally influenced by financial and other factors, with corresponding legal and commercial repercussions. Other nations committed to tying their currencies to the US dollar by signing the Bretton Woods Convention in 1944. However, stagflation led US President Richard Nixon to remove the currency from the gold standard on August 15, 1971. The Organisation of the Petroleum Exporting Countries (OPEC) dramatically raised oil prices in 1973 within a short period of time. Petrodollar Agreement 1973 The collapse of the Soviet Union in 1991, which made the US the only superpower in the materialized unipolar world, is what gave rise to the history of the petrodollar. The...

  On July 1, 1944 delegates from 44 nations gathered on, at the remote Mount Washington Hotel in Bretton Woods, New Hampshire, to take part in what is now known as the Bretton Woods Conference, as fighting raged in Europe and the Pacific during the Second World War. They met with the intention of reaching a consensus on a system of international cooperation and economic regulation that would aid in the recovery of nations from the devastation caused by the war and promote long-term global growth. The International Bank for Reconstruction and Development's (IBRD) and the International Monetary Fund's (IMF) Articles of Agreement were produced by conference attendees at its conclusion. The Mount Washington Hotel in Bretton Woods, New Hampshire. The United Nations Monetary and Financial Conference, as it was officially titled, began on July 1, 1944, with 730 delegates in attendance. Henry Morgenthau Jr., secretary of the U.S. Treasury, presided over the gathering. Commission II, w...

  According to a directive seen by Reuters, the Union government nominated Swaminathan Janakiraman as the Reserve Bank of India's deputy governor on Tuesday. The appointment would be effective for three years from the day of appointment. Mahesh Kumar Jain's term as managing director of the State Bank of India expires on June 22. Janakiraman will take his place. Who is Mr. Swaminathan Janakiraman? He is a banker with expertise in retail and corporate banking, international banking, trade finance, correspondent banking and FI products, digital banking, and transaction banking products, according to Swaminathan Janakiraman's updated LinkedIn page. Currently, he is in charge of the Corporate Banking and Subsidiaries vertical at SBI. I was in charge of the Bank's Risk Management, Regulatory Compliance, and Stressed Assets verticals in my most recent job. Janakiraman oversaw budgeting and performance monitoring, capital planning, and investor relations for the SBI's finan...

  The largest airline in India, IndiGo, said on Monday that it had ordered 500 Airbus A320 Family aircraft, breaking the previous record of 470 aircraft established in March by Tata-owned Air India. This deal represents the largest single aircraft purchase by any airline with Airbus. The record transaction aims to further strengthen IndiGo's dominance in India, the third-largest aviation market, as well as fuel its development into new international markets. The board had already approved an order for 500 Airbus aircraft from InterGlobe Aviation, the parent firm of IndiGo, which is thought to be worth $50 billion at the most recent list prices for Airbus aircraft. Given the usual use of huge discounts to such large purchases, the order's actual cost is anticipated to be considerably lower. In addition to Guillaume Faury, CEO of Airbus, Christian Scherer, Chief Commercial Officer and Head of International for Airbus, and V. Sumantran, Chairman of the Board of IndiGo, the purchas...

  Adani Digital Labs, a wholly owned subsidiary of the Adani Group, said on Friday that it is acquiring 100% equity in Stark Enterprises, which operates the online train booking platform Trainman. “Adani Digital Labs Private Limited, a wholly owned subsidiary of the Company has signed a Share Purchase Agreement in relation to its proposed acquisition of 100% stake in Stark Enterprises Private Limited, also known as Trainman, an online train booking and information platform,” a stock exchange notification from the Adani Group read. However, the financial details of the transaction were not disclosed. The IRCTC-approved start-up for booking train tickets, SEPL, is situated in Gurugram and was founded by IIT-Roorkee grads Vineet Chirania and Karan Kumar. It is an all-inclusive portal that offers a one-stop shop for purchasing railway tickets online.

India won the Intercontinental Cup after defeating a young Lebanon team at the Kalinga Stadium with two goals in the second half. At the Kalinga Stadium in Bhubaneswar, India defeated Lebanon 2-0 to win the Intercontinental Cup. Lallianzuala Chhangte's goal made it 2-0 in the 66th minute as India defeated Lebanon for the first time since 1977. Sunil Chhetri's goal broke the scoreless tie in the 46th minute. With 57% of the first half's possession, India had a commanding lead in the game. The tie was finally broken in the opening seconds of the second half thanks to an assist from Lallianzuala Chhangte to Sunil Chhetri. In the 66th minute, India widened their advantage as Chhangte changed roles and scored.  This was also the Indian team’s sixth consecutive clean sheet, equalling a record dating back to 1952. This is India’s first win over Lebanon since 1977.