Tuesday, September 30, 2014

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Mars Mission: India creates history as Mangalyaan successfully enters Mars orbit in first attempt 
India > Mars Mission >September 24
Creating history, ISRO's Mars Orbiter Mission (MOM) successfully entered the orbit of the red planet. India joins the United States, Russia and Europe in successfully sending probes to orbit or land on Mars. Apart from India, none managed to succeed on their first attempt.
The mission also makes India the first country in Asia to reach Mars, after an attempt by regional rival China failed to leave Earth's orbit in 2011. ISRO's MOM is also the cheapest such mission till now. The Mars Orbiter Mission was achieved on a budget of $74 million, nearly a tenth of the amount the U.S. space agency NASA spent on sending the Maven spacecraft to Mars.

SBI signs $500 million line of credit with Korea Eximbank
Corporate > SBI  >September 26
State Bank of India (SBI) has signed a line of credit (LoC) of $500 million with Export-Import Bank of Korea (Korea Eximbank). This line will be in addition to (LoC) of $200 million signed between the two institutions on January 16, 2014 to support Indian companies importing goods and services from Korea. The LoC can be utilised to finance SBI's clients in India and its neighbouring countries having business relationships either by way of equity participation or regular trade with Korean companies globally, as well as joint ventures or subsidiaries of Korean companies.

Google inks pact with Andhra Pradesh for state's IT vision
Corporate > Google >September 30
Google India has signed a Memorandum of Understanding with the Andhra Pradesh government to support AP Chief Minister N Chandrababu Naidu's vision of transforming the state of Andhra Pradesh to 'Digital AP'. Under the pact, Google India would work with the AP government to get women as well as small and medium business online and help them gain from the internet economy. The highlights of the MoU include helping AP government make their websites mobile-ready and accessible in the local language, promoting internet safety amongst children and government officials, improving and getting more local language content online and collaborating with the AP government to scale initiatives to promote digital literacy amongst women and helping small medium businesses in AP to gain from the Internet economy and going digital.
The MoU was signed by Google India Vice-President and Managing Director Rajan Anandan and AP secretary Sanjay Jaju in the presence of AP Chief Minister N Chandrababu Naidu.

Others

US jury finds Arab Bank liable for backing terrorism
World > US > September 24
A federal jury found Jordan-based Arab Bank liable for knowingly supporting terrorism efforts connected to two dozen attacks in the Middle East, the first time a bank has ever been held liable in a civil suit under a broad antiterrorism statute. Arab Bank, a major Middle Eastern bank with $46 billion in assets, was accused of knowingly supporting specific terrorist acts in and around Israel during the second Palestinian uprising of the early 2000s. The plaintiffs in this case, about 300 victims of 24 terrorist attacks, said the acts had been carried out by Hamas, and accused Arab Bank of supporting the organization by handling transfers and payments for Hamas members.
The case focused on transactions Arab Bank handled during the second Palestinian uprising. The plaintiffs accused Arab Bank of handling transactions for a number of well-known terrorists, and helping to route transactions for a charity called the Saudi Committee. That charity, the plaintiffs argued, sent payments to the families of Hamas suicide bombers, pointing to a Saudi Committee spreadsheet that included the names of relatives of some of those bombers.

India rolls Liar’s Dice for the Oscars
Awards > Oscars > September 24
Hindi road drama Liar’s Dice will be India’s nomination for the Best Foreign Film at the Academy Awards, better known as the Oscars, which will be given away in Los Angeles in 2015.
The movie, directed by Kerala State award-winner Geetu Mohandas, stars national award winners Geetanjali Thapa and Nawazuddin Siddiqui. Set along the Himachal-Tibet border, the movie deals with distress migration.

Microsoft to train 1 million women under tech initiative
Corporate > Microsoft > September 24
Microsoft, under its initiative to bring more women into the Indian IT industry, along with partners will train and mentor 1 million women in the next 12 months. Microsoft’s 'Women in Tech' initiative aims to double the number of women IT professionals in India from the present one million in the next few years. The initiative will include girl school students, young women students in STEM (Science, Technology, Engineering and Maths) colleges, women IT professionals and entrepreneurs.
‘Women in Tech’ is designed to help aspiring IT professionals, by associating with them from the time they are in high school till they take up a IT job or start their own IT venture. Under the initiative, Microsoft will engage with 750,000 women in STEM courses in the next 12 months and will also train 250,000 women IT professionals.
Besides, the programme will look towards building local communities for girls and women to meet, network and learn from each other by sharing ideas and learnings across the board.

Amul becomes fastest growing dairy organisation in world
Corporate > Amul > September 25
The Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets the popular Amul brand of milk and dairy products, is the fastest growing dairy organisation in the world and has risen to the 15th rank among top global dairy companies in 2014.
As per a statement released by the GCMMF, Amul has been ranked 15th among the top dairy organisations of the world by International Farm Comparison Network (IFCN), a global dairy knowledge organisation.
Amul was on the 20th spot on the IFCN list in 2012.
Amul (GCMMF) has been ranked the 15th largest dairy organisation in the world, both in terms of total milk procurement and in terms of turnover per litre of milk procurement.
Tata Steel wins Asian CSR leadership award
Corporate > Tata Steel > September 26
Sukinda Chromite Mine of Tata Steel in Odisha has bagged the Asian Corporate Social Responsibility Leadership Award for Community Development. The award was presented by World CSR Congress at Dubai. Voluntarily, several officers of Sukinda Chromite Mine have been sponsoring orphan tribal girls of nearby schools of Sukinda.
Due to ‘Improvement Activities’ done by employees in the work place, they receive prize money. Even that they donate to the needy school kids for buying books and school uniform.

O Panneerselvam sworn in as Chief Minister of Tamil Nadu
India > Tamil Nadu > September 29
Tamil Nadu Finance Minister O Panneerselvam was sworn in as the new chief minister of the state. Panneerselvam, 63, the elected leader of the AIADMK legislature party, succeeds J Jayalalithaa, who was sentenced to four years in prison for indulging in corruption.
Several AIADMK legislators were also sworn in as ministers. He became the chief minister of Tamil Nadu in 2001 in similar circumstances. He was also leader of the opposition when the AIADMK was voted out in 2006.

Syed Muazzem Ali is new Bangladesh envoy
India > Bangladesh Envoy > September 29
Retired diplomat and former Foreign Secretary, Syed Muazzem Ali, has been appointed the new Bangladesh High Commissioner to India.
Mr. Ali will replace Tariq A. Karim, who has been in office for the past five years. He played a major role in setting up the embassy of independent Bangladesh in the U.S. Mr. Ali served as the Bangladesh Ambassador to Bhutan, Iran and France, and also worked at Bangladesh missions in Washington, Warsaw, New Delhi and Jeddah in different capacities. He had retired as the Foreign Secretary in 2001.

Wednesday, September 24, 2014

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India, China sign 16 MoUs during Xi Jinping's visit
World > India - China > September 18
India and China have signed 16 Memorandums of Understanding (MoUs), including one on enhancing cooperation in railways and customs.
The MoUs were signed after delegation-level talks between Chinese President Xi Jinping and Prime Minister Narendra Modi.
The first MoU was signed between External Affairs Minister Sushma Swaraj and her Chinese counterpart Wang Yi on opening a new route for Indian Pilgrimage (Kailash Mansarovar Yatra) to the Tibet Autonomous Region of the People's Republic of China.
Three MoUs were signed for strength cooperation in railways.
The fourth MoU was signed between Minister of State for Commerce and Industry Nirmala Sitharaman and China's Commerce Minister Gao Hucheng over the five year Trade and Economic Development Plan.
The fifth MoU called the agreed Minutes of the Tenth Session of India-China Joint Economic Group was also signed between Nirmala Sitharaman and Gao Hucheng.

Scottish referendum: Scotland votes 'No' to independence
World > Scotland > September 19
Scotland has voted to stay in the United Kingdom after voters decisively rejected independence. With the results in from all 32 council areas, the "No" side won with 2,001,926 votes over 1,617,989 for "Yes".
Scotland's First Minister Alex Salmond called for unity and urged the unionist parties to deliver on more powers.
David Cameron said the three main unionist parties at Westminster would now follow through with their pledge of more powers for the Scottish Parliament. He also announced that Lord Smith of Kelvin, who led Glasgow's staging of the Commonwealth Games, would oversee the process to take forward the commitments, with new powers over tax, spending and welfare to be agreed by November, and draft legislation published by January.
Background:
The Scottish independence referendum, 2014 was a referendum on Scottish independence that took place in Scotland. The independence referendum question, which voters answered with "Yes" or "No", was "Should Scotland be an independent country?" The "No" side won, with 55.3% voting against independence. The turnout of 84.6% was unusually high for a ballot in the United Kingdom.
The Scottish Independence Referendum Bill, setting out the arrangements for this referendum, was passed by the Scottish Parliament in November 2013, following an agreement between the Scottish and the United Kingdom governments, and was enacted as the Scottish Independence Referendum Act 2013. To pass, the independence proposal required a simple majority. With some exceptions, all European Union (EU) or Commonwealth citizens resident in Scotland aged 16 or over could vote, a total of almost 4.3 million people.

Country running out of anti-HIV drug stock, NHRC sends notice to health ministry
Science and Technology > Anti - HIV drugs > > September 22
Members of HIV-positive people’s networks in the country have warned of an impending shortage of the anti-retroviral drugs that keep the virus in check. Any break in consumption of the drugs could lead to the virus gaining higher resistance to them and, thereby, to a resurgence of the AIDS epidemic in the country.
The National Human Rights Commission (NHRC) has issued a notice to the health ministry following a report that HIV patients were suffering due to shortage of medicines at government centres. The commission has also asked the ministry secretary to submit a separate report on the measures proposed for preventing such shortages in the future. According to the commission, treatment and control of HIV, including dispensing drugs and testing, is handled by the government-run public health programme through its centres.

Mars Mission: India creates history as Mangalyaan successfully enters Mars orbit in first attempt 
India > Mars Mission > > September 24
Creating history, ISRO's Mars Orbiter Mission (MOM) on Wednesday successfully entered the orbit of the red planet. India joins the United States, Russia and Europe in successfully sending probes to orbit or land on Mars. Apart from India, none managed to succeed on their first attempt.
The mission also makes India the first country in Asia to reach Mars, after an attempt by regional rival China failed to leave Earth's orbit in 2011. ISRO's MOM is also the cheapest such mission till now. The Mars Orbiter Mission was achieved on a budget of $74 million, nearly a tenth of the amount the U.S. space agency NASA spent on sending the Maven spacecraft to Mars.
Others

Barack Obama nominates Indian-American Richard Rahul Verma to be US envoy to India
World >USA > September 19
President Obama has nominated Indian-American Richard Rahul Verma as the new ambassador to India. Verma, a former assistant secretary of state, is currently a senior counselor at the Steptoe & Johnson law firm and the Albright Stonebridge Group, a business advisory company led by former secretary of state Madeleine Albright.
The post has been vacant since the departure of the previous ambassador Nancy Powell, after a disastrous stint during which India and US hit a new low following a bitter spat over diplomatic privileges and protocol.

Ukraine, Poland, Lithuania sign agreement to form joint peacekeeping brigadeWorld > Ukraine, Poland, Lithuania  > September 20
Ukraine, Poland, and Lithuania have agreed to launch a joint military force which is expected to hold its first drill next year. The defense ministers of the three states signed the agreement in Warsaw in the presence of Polish President Bronislaw Komorowski.
Polish defense officials told Reuters that LITPOLUKRBRIG (Lithuanian–Polish–Ukrainian Brigade) could take part in peacekeeping operations or, if necessary, form the basis of a NATO battle group in the region.
Lithuania and Poland are NATO members, while Ukraine’s recent appeal for a special status outside the bloc was turned down by US president Barack Obama.

Tesco starts accounting probe of inflated profit forecast
Corporate >Tesco  > September 22
Tesco, the world's second-largest supermarket chain after Walmart, has suspended four executives and launched an accounting investigation after admitting that its half-year profit was overstated by 250 million pounds ($407 million). The profit overstatement was brought to the CEO’s attention by the company’s general counsel after a tipoff from a member of Tesco’s finance department. The investigation is the latest challenge for new Chief Executive Officer Dave Lewis, who was brought in this month after the ousting of his predecessor Phil Clarke. It’s the third time the company has lowered its profit outlook in two months as Tesco has lost customers, particularly to discounters Aldi and Lidl, loosening its grip on the U.K. grocery market.

US jury finds Arab Bank liable for backing terrorism
World > US c > September 22
A federal jury found Jordan-based Arab Bank liable for knowingly supporting terrorism efforts connected to two dozen attacks in the Middle East, the first time a bank has ever been held liable in a civil suit under a broad antiterrorism statute. Arab Bank, a major Middle Eastern bank with $46 billion in assets, was accused of knowingly supporting specific terrorist acts in and around Israel during the second Palestinian uprising of the early 2000s. The plaintiffs in this case, about 300 victims of 24 terrorist attacks, said the acts had been carried out by Hamas, and accused Arab Bank of supporting the organization by handling transfers and payments for Hamas members.
The case focused on transactions Arab Bank handled during the second Palestinian uprising. The plaintiffs accused Arab Bank of handling transactions for a number of well-known terrorists, and helping to route transactions for a charity called the Saudi Committee. That charity, the plaintiffs argued, sent payments to the families of Hamas suicide bombers, pointing to a Saudi Committee spreadsheet that included the names of relatives of some of those bombers.

World running out of carbon allowance: Report
World > Environment  > September 23
According to a report by the Global Carbon Project, an international consortium of scientists who track the total accumulation of carbon annually, human activities have added 1,430 gigatons of carbon to the atmosphere from 1870 to 2013. That's 45 percent of the total carbon budget the world has to maintain a rise in global temperatures below 2 degrees Celsius. The strong rise in annual carbon dioxide emissions - of 2.5% for 2013, taking the total emitted in the year to 40 billion tonnes - means the global carbon budget, calculated as the total we can afford to emit without pushing temperatures above the critical 2 degree Celsius level, is likely to be used up within just one generation, or in thirty years from now.
The biggest carbon dioxide offenders are China, India, the United States and the European Union. Data shows China's per capita emissions now outstrip Europe's for the first time. However, the United States still has the highest per capita consumption. Each person in the United States has a carbon footprint of 18 tons (16.4 metric tons) per year, more than twice that of a person in China and eight times that of someone in India.

Euro-area surveys show slowdown putting pressure on ECB
World > Euro Crisis  > September 23
Euro-area manufacturing and services growth unexpectedly slowed to the weakest pace this year, increasing pressure on the European Central Bank to add stimulus to the economy. According to London-based Markit Economics, Purchasing Managers Indexes for both industries fell and a composite gauge dropped to 52.3 in September from 52.5 in August.
The central bank has cut interest rates to record lows and said it will buy asset-backed securities and covered bonds.

Ebola virus cases may hit 1.4 million by January, U.S. warns
World >Ebola  > September 23
Two leading public-health agencies issued dire warnings about the Ebola epidemic in West Africa, estimating that the number of cases could grow exponentially unless measures to tame the outbreak are implemented on a large scale soon.
The U.S. Centers for Disease Control and Prevention said that from 550,000 people to as many as 1.4 million people when underreporting of cases is taken into account could be infected by mid-January in Liberia and Sierra Leone, in a worst-case scenario generated by a computer modeling tool the agency constructed. Around 21,000 cases would occur by Sept. 30. Experts from the World Health Organization and Imperial College, London, also predicted that the number of cases in West Africa would climb exponentially, saying more than 20,000 people would have been infected by early November.
The differing numbers illustrate the range of scenarios that could occur—and the difficulty of predicting what might happen over the next several weeks and months.
Officially, 5,864 cases, including 2,811 deaths, have been reported in five West African countries, according to the WHO. But the United Nations agency says that toll is vastly underestimated.

U.S., allies destroy ISIS targets, kill al-Nusra Front leader in 'powerful message to the world'
World > ISIS Attacks  > September 23
The U.S. and a group of five Arab nations began airstrikes against Islamic extremist targets in Syria, following through on President Barack Obama’s promise to expand the war against the Islamic State group while also targeting a separate insurgent network there believed to be a direct threat to the U.S. homeland. A mix of American fighters, bombers and drones, along with ships operating in the Red Sea and the Persian Gulf bearing Tomahawk cruise missiles, began targeting key Islamic State group strongholds in Syria, including Raqqa, Dayr az Zawr, al Hasakah and Abu Kamal late Monday. In all, 14 strikes were conducted by aircraft from the Air Force, Navy and Marine Corps. The USS Arleigh Burke and USS Philippine Sea launched 47 Tomahawks.
Also participating in the strikes were the militaries of Bahrain, Jordan, Qatar, Saudi Arabia, and the United Arab Emirates. Arab participation was a key component in the plan Obama first outlined earlier in September to fight the Islamic State group, which he said would only be successful if other predominantly Muslim countries denounced the group’s hard line brand of Islam and shared the burdens of war with the U.S.

Amnesty: Chinese trade in torture tools fuels human rights abuses
World > China  > September 24
According to Amnesty International, UK-based rights campaign group, More than 130 Chinese firms now produce electric shock stun batons, spiked batons, weighted leg cuffs and other “potentially dangerous law enforcement equipment”, up from 28 in 2003.
The report says that trade in what it calls tools of torture is flourishing, with 130 Chinese companies engaged in the production and trade of potentially dangerous law enforcement equipment, compared with 28 companies a decade ago.
Most of the companies highlighted in the report are state owned and openly promote their products at international trade shows and online.

Chinese officials have questioned the report's credibility.

Tuesday, September 23, 2014

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Government approves National Ayush Mission
Politics and Government > National Ayush Mission > September 16
To address gaps in health services in vulnerable and far-flung areas of the country, the government has approved the National Ayush Mission.  Through the Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (Ayush) mission, the Centre seeks to address gaps in health services by supporting the efforts of state governments for providing Ayush health services and education in the country.
The mission will also help provide sustained availability of quality raw material for Ayush systems of medicine and improve availability of quality drugs through increase in number of pharmacies and drug laboratories.

 
Leonardo DiCaprio appointed as UN Messenger of Peace
World > Leonardo DiCaprio > September 17
With a special focus on climate change, Academy Award-nominated actor and environmental activist Leonardo DiCaprio has been designated the United Nations Messenger of Peace by UN chief Ban Ki-moon. His new role as Messenger of Peace will be to address the opening of the Climate Change Summit on September 23 in New York that has been convened by the Secretary General. The day-long Summit will see participation from about 120 heads of state and governments as well as leaders from government, business, finance and civil society to promote climate action for a healthy planet, sustainable economic growth and better standards of living for all.
In 1998, DiCaprio established the ‘Leonardo DiCaprio Foundation’ with the mission of protecting the Earth’s last wild places and implementing solutions to build a more harmonious relationship between humanity and the natural world. DiCaprio will join 11 other United Nations Messengers of Peace and one Goodwill Ambassador who advocate on behalf of the United Nations on a variety of priority issues for the Organisation.
Messengers of Peace are individuals who possess widely recognised talents in the fields of art, film, literature, music and sports, helping to raise worldwide awareness of the Organisation’s ideals and activities. 

India, China sign 16 MoUs during Xi Jinping's visit
World > India - China > September 18
India and China have signed 16 Memorandums of Understanding (MoUs), including one on enhancing cooperation in railways and customs.
The MoUs were signed after delegation-level talks between Chinese President Xi Jinping and Prime Minister Narendra Modi.
The first MoU was signed between External Affairs Minister Sushma Swaraj and her Chinese counterpart Wang Yi on opening a new route for Indian Pilgrimage (Kailash Mansarovar Yatra) to the Tibet Autonomous Region of the People's Republic of China.
Three MoUs were signed for strength cooperation in railways.
The fourth MoU was signed between Minister of State for Commerce and Industry Nirmala Sitharaman and China's Commerce Minister Gao Hucheng over the five year Trade and Economic Development Plan.
The fifth MoU called the agreed Minutes of the Tenth Session of India-China Joint Economic Group was also signed between Nirmala Sitharaman and Gao Hucheng.
India and China also entered into an agreement on Audio-Visual Co-production. The agreement would enable the producers from both countries to get an opportunity to pool their creative, artistic, technical, financial and marketing resources to co-produce films. It would hold Indian audio-visual products to gain greater market access.
The other MoUs included the Sister City Pact between Ahmedabad and Guangzhou and Mumbai and Shanghai, industrial parks in Maharashtra, drug administration and cooperation etc. 

TCS becomes top women employer in India
Corporate > TCS > September 21
The number of female employees at Tata Consultancy Services (TCS) has crossed the one-lakh mark, making it the country's biggest employer of women in the private sector. Women now comprise one-third of its 3.06 lakh workforce. This makes TCS, also the most valued company in India, one of the top employers of women in the technology sector globally. The top slot is held by IBM, which has an estimated 1.3 lakh women out of a workforce of 4.31 lakh.

Others

Krishan Kant Paul takes charge as Mizoram Governor
Politics and Government > Mizoram > September 16
Meghalaya Governor Krishan Kant Paul, who was appointed to take additional gubernatorial charge of Mizoram and Manipur was sworn-in as the Governor of Mizoram on September 16. The swearing-in ceremony was attended by Chief Minister Lal Thanhawla, his cabinet colleagues, legislators and top officials. 

Le Yucheng is China's new ambassador to India
Politics and Government > China > September 17
China has appointed Le Yucheng as its ambassador to India, in a move coming a day ahead of President Xi Jinping's maiden visit to the country. Le was earlier China's assistant minister of Foreign Affairs. Prior to his arrival in New Delhi, he served as the China's ambassador to Kazakhstan.
The President appointed Le as the country's envoy, replacing Wei Wei. 

Union I&B Ministry launched News SMS Service in 5 Indian languages
Politics and Government > Union Information and Broadcasting Ministry >  September 19
Union Information and Broadcasting (I&B) Ministry has launched free news SMS service of All India Radio (AIR) in five Indian languages. The five languages are Hindi, Marathi, Sanskrit, Dogri and Nepali.
The SMS service is aimed at providing important news to the subscribers in their preferred language on their mobile phones.

 
RBI cancels licence of Ajmer Urban Cooperative Bank
Corporate > Ajmer Urban Cooperative Bank >  September 20
Following financial irregularities and heavy debts, The Reserve Bank has cancelled the licence of Ajmer Urban Cooperative Bank. There are over 20,000 accounts with around Rs 85 crore in savings from the customers. It has the arrangement of Rs 65 crore and is falling short of more than Rs 20 crore to pay to the account holders.

The RBI had restricted transition by the bank in 2011 after several financial irregularities came to light and gave it time for recovery of loans.

Afghanistan's Election Body Names Ghani New President-Elect
World > Afghanistan >  September 21
Ending months of vote-related tension, Afghanistan's election commission has named a new president after the leading candidates signed a power-sharing deal that names one of them as the country's new chief executive.
The commission named Ashraf Ghani Ahmadzai as the winner and next president and noted that his one-time rival, Abdullah Abdullah, will fill the newly created position of chief executive, a post akin to prime minister. But it pointedly did not release final vote totals amid concerns that doing so could inflame tensions.

Voreqe Bainimarama sworn in as Fiji's Prime Minister
World > Fiji >  September 22
Coup leader Voreqe Bainimarama has been sworn in as Fiji's new prime minister, five days after the South Pacific nation held its first general election since 2006. With official results confirming Bainimarama had swept the election with almost 60 percent of the vote, he was sworn in by President Epeli Nailatikau at a brief ceremony in Suva's Government House.
The election extended full voting rights for the first time to ethnic Indians, who make up about 40 percent of the 900,000 population and enthusiastically backed Bainimarama's move to put them on an equal footing with indigenous Fijians.
Tensions between the two races have been the underlying cause of four coups in the island nation since 1987.

 
Yahoo buys Bangalore based tech startup Bookpad
Corporate > Yahoo >  September 22
Bangalore-based Bookpad has become the first Indian tech startup to be bought by Yahoo, going from creation to acquisition in just one year. The deal comes some eight months after Facebook snapped up Bangalore's Little Eye Labs. Yahoo, which is in line to reap about $9.5 billion (Rs 57,000 crore) from Alibaba's initial public offering, has bought the firm in a deal worth around Rs 50 crore ($ 8.3 million).

In January, Bangalore-based Little Eye Labs became the first Indian firm to be bought by Facebook.

Thursday, September 18, 2014

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Ferrari head Montezemolo pushed out after 23 years
Corporate > Ferrari > September 10
Ferrari chairman Luca Cordero di Montezemolo is quitting the Italian sports car maker to be replaced by the boss of parent group Fiat, Sergio Marchionne, after the two auto industry heavyweights clashed over strategy and the Formula One team’s poor results.
Long-serving Montezemolo will formally step down on October 13, the day that Marchionne plans to list the newly merged Fiat Chrysler Automobiles (FCA) in New York.
Under Montezemolo’s tenure, Ferrari raced to the front of the Formula One grid, increased revenues tenfold and tripled sales volumes, helping the Italian family business become one of the world’s most powerful brands. Ferrari, which sells about 7,000 cars a year, made a record 2.34 billion euros in revenue last year with an operating profit margin of 15.6 per cent.

Disinvestment in Coal India, ONGC, NHPC to fetch record Rs 45,000 cr
Economy > Disinvestment Program > September 11
The government has kicked off the most ambitious disinvestment programme, targeting to mop up a record Rs 45,000 crore by selling shares in blue chips public sector companies - Coal India, ONGC and National Hydroelectric Power Corporation (NHPC).
While the exact dates are yet to be finalized, SAIL's disinvestment, which was cleared earlier, is likely later this month, with a 10% stake sale in Coal India expected around Diwali. This will help the government raise around Rs 23,600 crore based on its current share price. If prices hold, this sale alone is going to match the best ever disinvestment receipts of Rs 23,957 crore in 2012-13, when the government had sold shares of NTPC and NMDC, among others. ONGC, where the government can garner close to Rs 19,000 crore via a 5% sale, is expected later in the year as the government is awaiting clarity on gas prices before the issue.

Iconic Indian watch brand HMT Watches to be shut down
India > HMT Watches > September 11
The government has decided to shut down the iconic Indian watch brands HMT watches and HMT Chinar Watches Ltd., a wholly owned subsidiary of state-owned HMT Ltd. HMT Watches was set up in 1961, in collaboration with Japan’s Citizen Watch. The company’s net loss rose to Rs 242.47 crore in 2012-13 from Rs 224.04 crore in 2011-12. At the end of March 2012, it also had government loan, including budgetary support for salary and statutory dues, amounting to Rs 694.52 crore. As on March 31, 2013, the company had 1,105 employees. In 2000 although the company was restructured, it started making losses soon after, following which a revival plan was envisaged and approved. But the Finance Ministry and Planning Commission did not support the proposal. After that two consultants were appointed who came out with a revised proposal following which another plan was mooted envisaging cash infusion of Rs 252.70 crore and non-cash assistance of Rs 1,247 crore. However, the revival plan was not followed as the company performed poorly in 2012-13 due to factors like paucity of working capital, erosion of trade channel and high cost of borrowings. HMT Chinar watches also could not perform due to working capital constraints and the situation prevailing in Jammu and Kashmir.

India inks seven agreements with Vietnam, including one in oil cooperation
World > India - Vietnam > September 15
India and Vietnam inked seven pacts, including one to enhance cooperation in the strategic oil sector, as they called for freedom of navigation in the South China Sea, a remark which could irk China which has been claiming territorial sovereignty over the high seas.
Oil and Gas
A Letter of Intent (LoI) was signed between ONGC Videsh Limited, India and Vietnam Oil and Gas Group, in which PetroVietnam offered new blocks to OVL for oil and gas exploration and production. OVL is keen to expand its presence in Vietnam and is evaluating the blocks on offer.
Defence Equipment
India and Vietnam also signed an MoU on extension of USD 100 million Line of Credit to Hanoi for defence procurement, which provides concessional line of credit for procurement of defence equipment from India.
Custom Matters
Both the countries also signed an agreement on cooperation and mutual assistance in customs matters. The agreement aims to strengthen, promote and develop cooperation and mutual assistance on matters pertaining to customs between India and Vietnam.
Agriculture
An MoU was also signed between the Ministry of Agriculture of India and the Ministry of Agriculture and Rural Development of Vietnam in the field of animal health, which establishes cooperation between India and Vietnam in the field of animal health, including protecting territory of each other from introduction of animal diseases and infection caused by the trade of animals, products of animal origin and materials of animal reproduction.
Fisheries
The fifth MoU was signed between National Fisheries Development Board, Hyderabad, Department of Animal Husbandry, Dairying and Fisheries, Ministry of Agriculture of India and the Directorate of Fisheries, Ministry of Agriculture and Rural Development of Vietnam on cooperation in the field of setting up of pangasius breeding and farming in India.
Youth Affairs
India and Vietnam also signed an MoU between the Ministry of Skill Development, Entrepreneurship, Youth Affairs and Sports of India and the Central Committee of the Ho Chi Minh Communist Youth Union of Vietnam on cooperation in youth affairs.
Airlines
An MoU between Jet Airways (India) and Vietnam Airlines Company Limited has also been signed, which will enhance their presence in each other's markets. The scope of the MoU involves code sharing on services of each other.

US identifies India among 22 major illicit drug-producing or drug-transit countries
World > Narcotics production > September 16
US President Barack Obama has identified India among 22 major illicit drug-producing or drug-transit countries that "significantly affect the United States". Besides India, other countries on the list were: Afghanistan, the Bahamas, Belize, Bolivia, Burma, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Laos, Mexico, Nicaragua, Pakistan, Panama, Peru, and Venezuela. The US has however clarified that a country’s presence on the list does not necessarily reflect its counter-narcotics efforts or its level of cooperation with the US on illegal drug control. The designation can reflect a combination of geographic, commercial, and economic factors that allow drugs to be produced and/or trafficked through a country. The President also noted the ill-effects of the opium poppy trade in Afghanistan and said that Afghanistan’s immediate neighbours such as Iran, Pakistan, Russia and others such as India and China should support Afghanistan in its counter-narcotics efforts.

Others

UNCTAD predicts 5.6 percent growth for India in 2014
Economy > India > September 11
A report by the United Nations Conference on Trade and Development (UNCTAD) has said that the Indian economy will grow at a rate of 5.6 percent in 2014, while developing economies as a whole will see between 4.5 and 5 percent rise in economic expansion. China Economy is poised to grow by 7.5 percent in 2014. India’s improved performance in the mining, manufacturing and services sector pushed India’s economic growth rate to two-and-a-half- year high of 5.7 per cent in the April-June quarter.

Philippine President submits draft law to create autonomous region for Muslims
World > Philippines > September 11
Philippine President Benigno S. Aquino III has submitted a draft law to the Philippine Congress that would create a self-governed, predominantly Muslim autonomous region in the country’s south, The region would be called the Bangsamoro region, based on the traditional name of Filipino Muslims. This is a major step to end more than four decades of fighting with Muslim rebels that has killed thousands of people and displaced more than three million. It has also left Mindanao, the largest island in the southern Philippines, embroiled in poverty and lawlessness despite being rich in resources that include natural gas, gold and other valuable minerals. The draft law is the outcome of an October 2012 peace agreement with the Moro Islamic Liberation Front, the largest of the Muslim rebel groups and the government. About four million people would live in the Bangsamoro region. The region would have local self-government, including locally recruited law enforcement officials — a critical demand by the rebels who allege human rights abuses in the region by the Philippine police and military, many of whom are Christians from the north. The region would also retain most of the tax revenue generated from its natural resources.

Number of billionaires in China reaches 300
World > China > September 11
A new annual ranking of China’s wealthiest individuals by the Hurun Report of the “China Rich List," said that the personal fortunes of 300 Chinese had topped 10 billion yuan (USD 1.6 billion) in 2013. The Hurun Report, a monthly magazine best known for its annual rich list, attributed the increase to the country's overall GDP growth and appreciation in the value of real estate.

New EU Commission gives key economic posts to France, Britain
World > European Commission > September 11
France and Britain have won powerful positions in the new European Commission led by Jean-Claude Juncker, who has vowed to revive a stagnant economy, rebuild trust in Brussels and deal with threats on the EU's borders. Britain, whose place in the EU is under threat from a surge in euroscepticism at home, surprisingly won the financial services post it wanted for its nominee Jonathan Hill, the former head of Britain's House of Lords. But gains for older European powers were balanced by posts for eastern member states in a new squad of so-called super commissioners who will oversee huge policy areas. Juncker said a key task for his new team was winning back disillusioned voters who swung towards eurosceptic parties in European Parliament elections in May.

Foreign brokerages expect upgrade in India's credit outlook
India > Credit Rating > September 11
Global brokerage Bank of America Merrill Lynch today said "worst is over" for India and rating agencies are likely to upgrade their outlook for the country sooner rather than later. British brokerage Barclays said that it expects India's foreign currency ratings to move to the 'BBB' level from the current 'BBB-' by 2017. "Such a move is likely to occur against a backdrop of sustained higher growth, relatively stable inflation and continued fiscal consolidation," it said in a note.
BBB - is the lowest investment grade and a downgrade would mean pushing the country's sovereign rating to junk status, making overseas borrowings by corporates costlier. The report noted that there are three "compelling" reasons for an upgrade in outlook - growth is bottoming; inflationary pressures are softening and risks from twin deficits have proven to be overdone.
In addition, it said, RBI Governor Raghuram Rajan is recouping forex reserves to stabilize rupee in Rs 58-62/USD.

Manmohan Singh knew about 2G scam, alleges ex-CAG Vinod Rai
Politics and Government > 2G Scam > September 12
Taking a scathing attack on the UPA government and former Prime Minister Manmohan Singh, former CAG Vinod Rai said that even after being informed about unfolding the 2G scam, the PM chose to look the other way. Rai also alleged that Singh was not fully aware of the econometric machinations that caused colossal loss to the public exchequer.
He further claimed that Congress leaders had sought to apply pressure on him to keen the PM’s name out of audit reports naming Sandeep Dixit, Ashwini Kumar and Sanjay Nirupam as the three.
Mr. Rai, whose loss estimates in 2G spectrum and coal block allocations pushed the then UPA government into a corner, was also critical of the coalition politics under Dr. Singh and alleged suggested that he was more interested in remaining in power.

US FDA reveals Indian arm of Apotex sells defective drugs in Canada
World > Generic drugs > September 12
Drugs manufactured at the Indian plant of Canadian generics giant Apotex came under severe criticism from regulatory experts after it was revealed that the company sold prescription drugs that it knew were defective. Records published by the U.S. Food and Drug Administration regulator show that numerous cases happened where Apotex employees retested drug products when the first test yielded “unknown impurities” and didn’t report the undesirable results. However, Health Canada gave a “thumbs-up” to Apotex’s three factories in Bangalore when FDA inspections at the same sites, before and after the Canadian visits, uncovered “blatant and repeat problems at the plant.” There were also instances of violations of Good Manufacturing Practices. The FDA has imposed multiple import bans against Indian generics firms, the most notable case among which was that of Ranbaxy which had to pay a $500 million fine for manufacturing fraud. Other Indian generics manufacturers such as Wockhardt and Sun Pharmaceutical Industries Ltd. have since been in the radar of regulators in the U.S. and India.


Law panel recommends repeal of 72 archaic laws
Politics and government > Outdated laws > September 12
The Law Commission has recommended revoking 72 obsolete statutes reiterating an urgent need to ensure that legal structures are responsive to the changing legal scenario. Laws recommended for revoking belong to period dating from 1838 to 1898. One of the laws the Bengal District Act — recommended for repeal dates back to 1836. The Commission has further said that it will study 261 more statutes to recommend repeal of those laws which are obsolete and inconsistent with modern times. The government has already said that it is preparing to bring a fresh bill into parliament to repeal archaic laws. One such Bill seeking to repeal 32 Acts is already pending in parliament.

SC clears 3% reservation for disabled in jobs, promotions
Politics and Government > Reservations in Govt Jobs > September 12
The Supreme Court has ruled in favour of three per cent reservation for differently-abled candidates in civil services, not only at the stage of their appointments but also for departmental promotions. Giving a level-playing field to more than four crore people with disabilities in India, the apex court held that the Centre, states and Union Territories were obligated to implement the rules of reservation for this class in the matters of appointment, selection, direct recruitment, deputation and also for promotions. It asked the Centre to show a big heart and give the differently-abled people their due in all central and state government jobs.
A bench led by Chief Justice of India R M Lodha reiterated its earlier verdict that the principle of not exceeding 50 per cent reservation would not be applicable while granting quota for differently-abled people.

42% of Indian girls are sexually abused before 19: UNICEF
India > Sexual Abuse > September 12
One in every 50 girls in India is forced to have her first intercourse or other forced sexual acts when she is less than 10 years old, says Hidden in Plain Sight, a Unicef report on violence on children and adolescents across the world.
The report is an outcome of a study of demographic and health surveys conducted between 2005 and 2013. According to the study, about 10% of Indian girls would have faced sexual violence when they are aged 10-14, and 30% in the 15-19 age group. In all, about 42% of Indian girls face sexual violence before they cross their teens.
Indian girls, though, are in a better condition than their counterparts in Africa, Middle East, Eastern Europe, Pakistan and Nepal.

Discussion on mandatory pre-marital potency test sparks heated debate
India > Pre-marital potency test > September 14
A special sitting of the Madurai High Court on whether pre-marital potency test for the bride and the groom should be made mandatory has incited a heated debate. Some people have termed the move outrageous and medical professionals have said that there is no test to prove potency. But some women, who have filed for divorce on the grounds of potency, voiced their opinion in favour of such a test. The key argument against the move is that a semen analysis and Doppler study will be done but they cannot determine potency. Also, there is no test available to test female sexual arousal disorder. Doctors argue that a majority of such issues are psychiatric in nature and a perfectly potent person could have issues due to anxiety or other reasons. Also, technological progress has made proper intervention possible in most sexual problems and hence doctors suggest that instead of potency tests, proper sexual education should be made a part of premarital counselling.
Government to modify IT act to simplify e-transactions and boost e-commerce
Economy > E-commerce > September 14
In order to further boost the ever-expanding over USD 2 billion online shopping market in the country, the government plans to modify the IT Act 2000 under the proposed Communications Convergence Bill to provide legal recognition for transactions carried out using electronic data interchange and other means of electronic communication. Besides, the government also aims to draft a set of globally acceptable guidelines to increase the legal predictability for electronic commerce (e-commerce) and adopt the United Nations General Assembly's (UNGA) recommended Model Law on Electronic Commerce (MLFC).

TCS opens Saudi Arabia's first all-woman BPO centre
Corporate > TCS > September 14
India's largest software exporter TCS has opened Saudi Arabia's first all-female business process centre, which will provide employment to up to 3,000 women in three years.
TCS, in a statement, said that Saudi Aramco and GE are the centre's first customers. The all-female employee business process service centre, that was announced in September of 2013, will offer customers specialised Finance & Accounting, HR, Materials Supply and Office services to improve their operational efficiency.

J & K floods were predicted in 2010, still no action was taken; IPCC predicts more floods and droughts in India
India > Floods > September 14
In 2010, The Flood Control Department of Jammu and Kashmir had formulated an accurate warning that Srinagar was likely to be flooded by an intense spell of rain in the next five years and that there was nothing in place to save lives and property. The department formulated a Rs 2,200-crore plan, seeking about a fourth of that immediately to put basic infrastructure in place. Then Prime Minister, Manmohan Singh, had backed the suggested plan, promising priority release of a first installment of money. However it is seen clearly that no notable steps had been taken to avert the calamity.
The Intergovernmental Panel on Climate Change (IPCC) has said that floods and droughts are likely to increase in India, with more rainfall in lesser days. The Centre for Science and Environment (CSE) has called the government for commissioning of a detailed study into the connection between extreme weather events and said that it is imperative that the government must act fast.
The United Nation’s meteorological agency has issued a video in which it warns of floods in Florida, a mega-drought in Arizona and high temperatures in Chicago that could possibly happen just 36 years from now. The scenarios are based on “the most up-to-date climate science” and present a picture of weather forecasts if the world fails to take action against climate change.

Female jihadists joining ISIS, countries pass new rules
World >ISIS > September 14
British female jihadists are running brothels for Islamic State militants in the Raqqa province of Syria and forcing kidnapped Yazidi women into sex slavery. As many as 3,000 women and girls have been taken captive from the Yazidi tribe in Iraq as Islamic State militants continue their reign of terror across the region. ISIS chiefs have reportedly given British women such prominent roles in the ultra-religious all female militia because they see them as the most committed of the foreign female fighters.
The rapid surge of Islamic State in Iraq & Syria and its ability to draw fighters from across the globe have set off alarm bells worldwide. Countries are now trying to blunt its recruitment drive, passing new rules that they hope will stop their citizens from joining extremist groups abroad. Recruits from 74 countries are among the estimated 12,000 foreign militants in Syria and Iraq, many of them fighting with ISIS. The largest blocs of these fighters come from nearby Muslim countries, like Tunisia and Saudi Arabia, but smaller contingents come from countries as far away and disparate as Belgium, China, Russia and the United States.

Cognizant to buy TriZetto for $2.7 billion to boost healthcare business
Corporate > Cognizant > September 16
Cognizant Technology Solutions Corp acquired healthcare IT services provider TriZetto Corp for $2.7 billion, its biggest deal till date, to invigorate its slowing healthcare business. Cognizant's healthcare business, which accounted for about 26 percent of total revenue in 2013, has declined in the last three quarters. Cognizant provides services such as claims processing, billing and call center operations to insurers, hospitals and some state-run healthcare exchanges in the US. TriZetto, on the other hand, provides information technology services, including care management and the administration of benefits. The company said it reaches 245,000 healthcare providers, representing more than half of the insured population in the United States.

Single permit for vehicles across SAARC
World > SAARC > September 16
In a bid to facilitate easy movement of both passenger and goods vehicles across the SAARC countries with a single permit, member countries are likely to finalise the draft terms and conditions.
As per the draft proposal, permits would be issued after verification of all the required documents and these would be issued by the competent authority of the respective national government. Permits for regular passenger and cargo transportation shall be for multiple entries and would be valid for one year. These permits would be renewed every year "subject to a maximum of five years".

The proposal says that any vehicle entering and plying in other country must pass only through immigration checkpoints/ custom stations and must ply on the routes authorised by the member nation concerned by mutual agreement. Any deviation would be treated as violation.