Wednesday, October 29, 2014

Starred Articles

India and Nepal sign Power Trade Agreement (PTA)
India > Indo-Nepal > Oct 22
India and Nepal have signed a historic Power Trade Agreement (PTA) which will allow exchange of electricity and pave the way for cooperation in the hydropower sector. The two countries had agreed on the deal when Prime Minister Narendra Modi had visited Nepal in August. There is a provision of establishing a joint working group in the PTA to be headed by joint secretaries of the two countries. The joint group will sit every six months and take up issues not only pertaining to the existing cooperation in power sector between the two countries but will also explore and identify new areas of cooperation.

India ranks poorly, 114 out of 142 nations in 2014 gender gap index
World > Gender gap index > Oct 28
India has failed to remove gender-based inequalities, ranking 114 out of 142 countries, in World Economic Forum's 2014 gender gap index, scoring below average on parameters like economic participation, educational attainment and health and survival. India slipped 13 spots from its last year's ranking of 101. India is part of the 20 worst-performing countries on the labour force participation, estimated earned income, literacy rate and sex ratio at birth indicators. However, India is among the top 20 best-performing countries on the political empowerment subindex. It is the highest-ranked country on the years with female head of state (over the past 50 years) indicator. Europe holds 12 of the 20 top positions in the rankings. As in 2012 and 2013, the top four countries remained unchanged, with Iceland first, Finland second, Norway third and Sweden fourth. The UK has slipped from 18th to 26th in the rankings of its Global Gender Gap Report, while the U.S. is now at 20th place, up three spots from the previous report.

Government hands over 627 names of black money holders abroad after court gives deadline
Politics and government > Black Money > Oct 28
The government on Monday, 27th Oct, disclosed in the Supreme Court eight names against whom it has initiated prosecution under the Income Tax Act for allegedly storing black money in foreign banks. Those who have been named are: Dabur India promoter Pradip Burman, bullion trader Pankaj Chamanlal Lodhiya, Goa mining company Timblo Private Ltd and five of its directors. Although the Supreme Court in 2011 had directed complete disclosure of information on people who had black money abroad, the government said that it can reveal information only in those cases where evasion of tax has been established after thorough investigation. Rejecting the Centre's stand, the Supreme Court on Tuesday ordered the Centre to disclose all the names of black money holders abroad and reveal all information to it by today and the court would direct investigation to be done by SIT or any other agencies including CBI. The court also chastised the government for going soft on the issue. Accordingly, the Centre handed over the list with 627 names in a sealed cover to the court today. The apex court declared that only the SIT chairman and vice-chairman can open the envelopes and the team must submit a status report by November-end.

Others

India re-elected to UNHRC with highest votes
World > UNHRC > Oct 22
India has been re-elected to the United Nations Human Rights Council (UNHRC) for the period of 2015 to 2017 in the recently held UN General Assembly elections in New York after receiving the highest number of votes, 162 votes. India was competing in the Asia-Pacific group in which four seats were up for election. The other countries competing in the group were Indonesia, Bangladesh, Qatar, Thailand, Kuwait, Cambodia, Philippines and Bahrain, out of which India, Bangladesh, Qatar and Indonesia made it to the UNHRC. India's first term as the member of the 47-nation UNHRC is due to end on December 31st, this year.

BJP’s Manohar Lal Khattar sworn in as 10th Chief Minister of Haryana
Politics and Government > Haryana Chief Minister > Oct 26
Manohar Lal Khattar, from the Bharatiya Janata Party (BJP), was sworn in as the 10th Chief Minister of Harayana at a high-profile event attended by PM Narendra Modi and several senior BJP leaders. It is after 18 years that a non-Jat was sworn in as the Haryana chief minister. Before Khattar, the last non-Jat CM was Bhajan Lal. He had been in power from 1991 to 1996.

Sania mirza and Zimbabwe’s Cara Black win WTA doubles title
Sports > Tennis > Oct 26
Indian tennis star Sania Mirza and Zimbabwe's Cara Black teamed up to win the doubles title at the WTA Finals in Bangalore beating Taiwan's Hsieh Su-wei and Peng Shuai of China. Sania became the first Indian in almost four decades to win the season finale. The first and only previous Indian to win the title was Vijay Amritraj in 1977, when he won the men's event alongside American Dick Stockton.

Dilma Rousseff narrowly wins second term as President in Brazil
World > Brazil > Oct 26
Brazil's leftist President Dilma Rousseff narrowly won re-election on Sunday after convincing voters that her party's strong record of reducing poverty over the last 12 years was more important than a recent economic slump. Rousseff won 51.6 percent of votes in a runoff against centrist opposition leader Aecio Neves, who won 48.4 percent with more than 99 percent of the votes tallied. The result means another four years in power for the Rousseff’s Workers' Party, which since 2003 has virtually transformed Brazil - lifting 40 million from poverty, reducing unemployment to record lows and making big inroads against hunger in what remains one of the world's most unequal countries.

India's GDP likely to grow by 5.6% in FY15
Economy > GDP > Oct 27
A World Bank report titled 'India Development Update' has said that India's Gross Domestic Product (GDP) is likely to expand by 5.6 percent this fiscal as reforms gain momentum and the growth is expected to accelerate as proposed measures such as GST will give a boost to manufacturing sector. GDP growth is likely to rise further to 6.4 per cent and 7 per cent in FY16 and FY17 respectively. A strong industrial recovery has helped growth and capital flows are back, showing renewed investor confidence, exchange rate has stabilised and financial sector stress has flattened out.

BJP’s Devendra Fadnavis to be chief minister of Maharashtra
Politics and Government > Maharashtra > Oct 28
Bharatiya Janata Party’s Devendra Fadnavis will be the new chief minister of Maharashtra after he was elected the leader of the BJP’s legislature party on Tuesday. Meanwhile the BJP continued talks with its former ally the Shiv Sena on whether to form a government together. Fadnavis is the first BJP chief minister of the state and will head a minority government if the party fails to strike a deal with the Sena. He will be sworn in along with seven ministers on Friday at Wankhede Stadium. Fadnavis, who has his roots in the RSS, is known to be a meticulous politician with a clean image. He has an LLB from Nagpur University and a Post-Graduation in Business Management. He also holds a diploma in methods and techniques of project management from DSE, Berlin.

Survey shows one in six female undergraduates at MIT has been sexually assaulted
World > Sexual assault on campus > Oct 28
A survey conducted at the Massachusetts Institute of Technology (MIT) showed that one in six female undergraduates, who responded to the survey, has been sexually assaulted, but fewer than 5 per cent reported a sex crime. Five per cent of female undergraduates said they had been raped and one in five knew a perpetrator of unwanted sexual behaviour. MIT, which urged all its students to take the survey on attitudes towards sexual assault, is one of the first U.S. schools to release wide-ranging data on sex crimes on campus. MIT Chancellor Cynthia Barnhart said that the survey was released to learn more about sexual assault on campus, raise awareness so that more such incidents are reported and derive ways to curb such incidents. MIT began taking steps after an alumna wrote anonymously in the student newspaper, saying she had been raped on campus.

Supreme Court pulls up Centre for delaying government formation in Delhi
Politics and Government > Delhi > Oct 28
The Supreme Court on Tuesday pulled up the centre regarding government formation in Delhi saying that it had given enough time and there was no progress on the government’s part. Earlier in the morning, Delhi's Lieutenant Governor Najeeb Jung was given the go-ahead by President Pranab Mukherjee to invite the single largest party in Delhi, which is the BJP, to form government in the state. The apex court said that in a democracy, President’s’ rule cannot go on forever. The LG should have taken a decision on government formation at the earliest and not taken 5 months time. The SC bench further questioned whether "the ruling party (BJP) has the numbers to form government." The AAP and the Congress also questioned how the BJP would govern given they didn't have the required numbers. The Supreme Court will now pronounce its order on whether a government should be formed in the state or whether Governor Jung should dissolve the Assembly and call for fresh polls.

Japanese telecom company Softbank to invest about Rs. 3762 crore in Snapdeal
Corporate > Snapdeal > Oct 28
Japanese telecom giant Softbank will invest USD 627 million (about Rs 3,762 crore) in Snapdeal.com, one of India’s largest e-retailers, becoming the largest shareholder in the company. This is the largest investment made by a single investor in an e-commerce company in India. Other existing investors have also participated in this round of investment. Snapdeal will use the investments in expanding its chain of fulfillment centres and make acquisitions in the coming few months specifically in the area of mobile technology. SoftBank has pledged an investment of USD 10 billion (over Rs 60,000 crore) in India's IT and communications space, one of the biggest investment commitments from a Japanese firm after Prime Minister Narendra Modi's visit to that country.


Tuesday, October 28, 2014

Starred Articles

India and Nepal sign Power Trade Agreement (PTA)
India > Indo-Nepal > October 22
India and Nepal have signed a historic Power Trade Agreement (PTA) which will allow exchange of electricity and pave the way for cooperation in the hydropower sector. The two countries had agreed on the deal when Prime Minister Narendra Modi had visited Nepal in August. There is a provision of establishing a joint working group in the PTA to be headed by joint secretaries of the two countries. The joint group will sit every six months and take up issues not only pertaining to the existing cooperation in power sector between the two countries but will also explore and identify new areas of cooperation.

RBI asks banks to partially freeze KYC non-compliant accounts
Bank Specific > KYC > October 22
The RBI has said that banks may partially freeze (allow all credits and disallow all debits) KYC non-compliant accounts after giving due notice of three months initially to the customers and followed by a reminder for further period of three months. If the accounts are still KYC non-compliant after six months of imposing initial partial freezing, banks may disallow all debits/credits from/to such accounts and make them inoperative. The bank may also close such accounts at will. The RBI notification also said banks need not seek fresh proofs of identity and address at the time of periodic updation, from those customers who are categorised as 'low risk', in case of no change in status with respect to their identities and addresses.

India re-elected to UNHRC with highest votes
World > UNHRC > October 22
India has been re-elected to the United Nations Human Rights Council (UNHRC) for the period of 2015 to 2017 in the recently held UN General Assembly elections in New York after receiving the highest number of votes, 162 votes. India was competing in the Asia-Pacific group in which four seats were up for election. The other countries competing in the group were Indonesia, Bangladesh, Qatar, Thailand, Kuwait, Cambodia, Philippines and Bahrain, out of which India, Bangladesh, Qatar and Indonesia made it to the UNHRC. India's first term as the member of the 47-nation UNHRC is due to end on December 31st, this year.

Sania mirza and Zimbabwe’s Cara Black win WTA doubles title
Sports > Tennis > October 26
Indian tennis star Sania Mirza and Zimbabwe's Cara Black teamed up to win the doubles title at the WTA Finals in Bangalore beating Taiwan's Hsieh Su-wei and Peng Shuai of China. Sania became the first Indian in almost four decades to win the season finale. The first and only previous Indian to win the title was Vijay Amritraj in 1977, when he won the men's event alongside American Dick Stockton.


Others

Malala Yousafzai receives US Liberty Medal
Awards > Liberty Medal > October 22
The youngest ever Noble Peace Prize winner, Pakistani teenager, Malala Yousafzai, has been conferred with the Liberty Medal. Malala has pledged to donate the $100,000 award money towards education in Pakistan and said that this will encourage her to continue her campaign for child rights.

Denis Mukwege, doctor from DR Congo, wins 2014 Sakharov prize
Awards >Sakharov Prize 2014 > October 22
Denis Mukwege, a doctor from the Democratic Republic of Congo has won the Sakharov prize, Europe's top human rights prize, for helping thousands of gang rape victims in the country. He set up the Panzi hospital in eastern DR Congo in 1999 to treat women subjected to horrific sexual violence. Dr Mukwege will collect the 50,000 euros prize next month.

SBI launches mPassBook facility on its mobile application
Bank Specific > mPassBook > October 22
State Bank of India (SBI) has launched a facility called 'mPassBook' today on its 'State Bank Anywhere' mobile application, for its retail banking users. 'mPassBook' is an electronic application of a physical passbook for savings bank and current accounts. The facility is currently available on Android phones but would soon be available on iOS and Blackberry phones too.

Pankaj Advani wins World Billiards Championship Final
Sports > Billiards > October 24
Indian Billiards star Pankaj Advani clinched his eleventh world title by defeating former champion Peter Gilchrist in the 150 up points format World Billiards Championship final in Leeds, England. Advani now is the holder of three different world titles in 2014 - the IBSF World 6-Red Snooker title, the World Team Billiards title and now the World Billiards Championship (point format), a record untouched so far.

India-born Sundar Pichai to head Google’s products business
Corporate > Google > October 26
Sundar Pichai, the India-born chief of Google’s Android unit, has been selected to lead Google’s products business as part of management reorganization. Google CEO Larry Page is transferring leadership of core Google products such as search, maps, Google+, commerce, advertising and infrastructure. Also, six executives who previously reported to Page, including heads of research, social media and search, will now report to Pichai. Google has however left out YouTube out of the restructuring exercise. Pichai joined Google in 2004 and is currently senior vice-president of Android, Chrome and Apps.

Serena Williams beats Simona Halep to win her 5th title at the WTA Finals
Sports > Tennis > October 26
US tennis player Serena Williams beat Romanian Simona Halep to win her third-successive title at the WTA Finals - and her fifth overall. Williams won 11 of the last 12 games in the match to join Martina Navratilova and Steffi Graf as the only players to have won five titles in the season-ending championships.

BJP’s Manohar Lal Khattar sworn in as 10th Chief Minister of Haryana
Politics and Government > Haryana Chief Minister > October 26
Manohar Lal Khattar, from the Bharatiya Janata Party (BJP), was sworn in as the 10th Chief Minister of Harayana at a high-profile event attended by PM Narendra Modi and several senior BJP leaders. It is after 18 years that a non-Jat was sworn in as the Haryana chief minister. Before Khattar, the last non-Jat CM was
Bhajan Lal. He had been in power from 1991 to 1996.

Anirban Lahiri wins Venetian Macau Open
Sports > Golf > October 26
Indian golfer Anirban Lahiri lifted his second title of the year by winning the Venetian Macau Open. This waS Lahiri’s fifth career win on the Asian tour.

Infantry Day observed across India on 27th October
India > Infantry Day > October 27
The 68th Infantry Day was observed across India on October 27th to pay homage to war heroes. Indian Army’s first Infantry contingent on 27 October 1947 landed at Srinagar Airfield and fought a courageous battle to liberate the princely State of Jammu and Kashmir which was under attack by tribal raiders supported by the troops of the newly formed Pakistani Army. To commemorate this gallant action by the Infantry, every year 27th October is observed as Infantry Day.

Government cancels appointment of 8 state-run bank CMDs, 14 EDs
Bank Specific > Public Sector Banks > October 27
The government has cancelled the appointment of eight chairmen-cum-managing directors and 14 executive directors of state-run banks appointed by the previous UPA government. The government took the decision following a report by a committee set up to examine the selection process to the posts of CMDs/EDs of Public Sector Banks (PSBs) for 2014-15. Bank appointments came under the scanner after Syndicate Bank chairman and managing director (CMD) SK Jain was arrested by the CBI for allegedly accepting bribes of Rs 50 lakh to enhance the credit limit of some companies.

Wednesday, October 22, 2014

Starred Articles

PM Narendra Modi launches Pandit Deendayal Upadhyay Shramev Jayate Scheme
Politics and Government > Pandit Deendayal Upadhyay Shramev Jayate Scheme > Oct 15
Prime Minister Narendra Modi on Thursday launched the Pandit Deendayal Upadhyay Shramev Jayate Scheme under which he launched a Shram Suvidha portal, Labour Inspection scheme and Portability through Universal Account Number (UAN) for Employees Provident Fund (EPF). Modi said that the scheme is part of the government’s efforts to encourage industrial development, ensure transparency in the labour sector, give adequate importance to manual labour, instill confidence among youngsters, develop skilled labour and achieve ease of business.

Government to set up PM-led Nuclear Safety Regulatory Authority (NSRA)
Politics and Government > Nuclear Power  > Oct 18
The Union Cabinet is expected to approve a pending legislation to set up a Nuclear Safety Regulatory Authority (NSRA) to be headed by the Prime Minister in the coming winter session of parliament. The NSRA will be in charge of policies regarding nuclear safety and radiation. The present Atomic Energy Regulatory Board (AERB) responsible for nuclear regulations will be dissolved. However, the NSRA will not have the powers to inspect and regulate the strategic sector including facilities involved in India's nuclear weapons programme.

Jayalalithaa granted bail by Supreme Court in disproportionate assets case
India > Jayalalithaa  > Oct 18
Former Tamil Nadu chief minister J Jayalalithaa, who was sentenced to 4 years in jail by a special court in an 18-year-old Rs 66.65 crore disproportionate assets case, secured a bail from the Supreme Court (SC) on Friday. She was released from the Central Prison in Bangalore on Saturday and arrived in Chennai in the evening to a grand welcome from thousands of her supporters. The apex court passed its order after Jayalalithaa's counsel assured that her client won't take any adjournment in the Karnataka High Court and will file paperbook of her appeal within two months. Also, bond for Rs 2 crore was furnished and surety of assets offered. Jayalalithaa's close aide Sasikala and her relatives Sudhakaran and Elavarasi were also granted bail by the SC.

Government orders merger of NSEL with parent company FTIL
Corporate > National Spot Exchange Limited  > Oct 21
The government has issued a draft order to merge National Spot Exchange Limited (NSEL), which is embroiled in settlement crises of over Rs. 5600 crore, with its parent company Financial Technologies India Ltd (FTIL). The NSEL Investors Forum representing nearly 13,000 investors of NSEL welcomed the decision. However, shares of Financial Technologies sank 20 per cent, wiping out nearly Rs 200 crore from its market valuation. The Centre said that it had considered the proposal of the Forward Markets Commission (FMC) and department of economic affairs to merge the two entities for better administration of the company and settlement of rights and liabilities of stakeholders and creditors of the company. The order further said that NSEL cannot take refuge behind the corporate so as to unjustifiably isolate itself from the fraudulent actions that took place at NSEL. NSEL was set up as an electronic exchange for spot trading in agriculture and food commodities by Jignesh Shah-led FT Group, which had also set up commodity bourse MCX and stock exchange MCX-SX.

Others

Rajiv Mehrishi replaces Arvind Mayaram as Finance Secretary
Politics and Government > Finance Secretary > Oct 16
Rajiv Mehrishi, the chief secretary of Rajasthan, has been appointed as the Finance Secretary, the top civil servant at the Finance Ministry, replacing Arvind Mayaram. As chief secretary, Mr Mehrishi has worked closely with Rajasthan Chief Minister Vasundhara Raje in introducing some of India's most radical free market and labour reforms.Mr Mayaram, who had twin roles as both finance and economic affairs secretary, has been shifted to the Tourism Ministry.In all 20 top and mid-level bureaucrats were moved since Prime Minister Modi took office in May this year.

Nigeria claims of a ceasefire with Boko Haram, but doubts abound on the credibility of the deal
World > Nigeria > Oct 17
Nigeria claimed to have reached a deal with the Boko Haram group on a ceasefire and the release of 219 school-girls abducted from a school in Chibok back in April. But no details regarding the terms and conditions for the ceasefire was given and there has been no word from the group’s leader Abubakar Shekau. Many observers expressed doubts about the identity of the group's supposed envoy. Nigeria’s security agency has been inundated with fraudsters claiming to represent the Boko Haram leader. Nigerian elders have also raised doubts about the credibility of the ceasefire. According to them, Boko Haram has broken into multiple factions and only one faction of Boko Haram is involved in the deal. Also, renewed hostilities on the weekend suggested the ceasefire is not holding. The Nigerian government's own security spokesman, Mike Omeri, also said that no deal had yet been reached on releasing the girls and senior military and intelligence officers in the violence-hit regions also denied any information on a ceasefire.

India's cruise missile Nirbhay successfully test-fired
India > Cruise Missile > Oct 17
India's indigenously developed nuclear capable sub-sonic cruise missile 'Nirbhay', which can strike targets more than 700 kms away, was on Friday test-fired from a test range at Chandipur. Nirbhay has good loitering capability, good control and guidance, high degree of accuracy in terms of impact and very good stealth features.

Obama names US Ebola ‘czar’ as death toll in West Africa rises
World > Ebola > Oct 17
US President Barack Obama appointed Ron Klain, a lawyer who previously served as chief of staff to Vice Presidents Joe Biden and Al Gore, as US Ebola ‘czar’ on Friday to oversee the US response to the virus. The worst-hit countries have been Guinea, Liberia and Sierra Leone, where Ebola has killed 4,546 since the outbreak of the hemorrhagic fever began there in March, according to a report from the World Health Organisation. Klain replaces U.S. Centers for Disease Control and Prevention director Thomas Frieden as the new public face of the government's response to Ebola. Frieden had been strongly criticized for his handling of the situation in Dallas, where the two nurses contracted the disease from Thomas Eric Duncan, the first Ebola patient identified in the US. However, Republicans were quick to criticise Klain, who is seen as a political operative with no medical background.

Government tells SC it cannot disclose names of persons having accounts in foreign banks
Politics and Government > Black Money > Oct 17
The Narendra Modi government has informed the Supreme Court that it cannot disclose such details given by countries with which India has Double Taxation Avoidance Agreement (DTAA). The centre informed the apex court that countries with which India has DTAA, have objected to making them public. In the run-up to the Lok Sabha polls, the NDA had promised to bring black all the black money stashed by Indians in foreign banks and had criticized the previous UPA government for not taking adequate action in this regard. Senior advocate Ram Jethmalani, on whose plea the apex court had constituted Special Investigating Team (SIT) on black money, strongly objected to Centre’s stand and said that the government was trying to protect the culprits. The SC had previously rejected a similar stand taken by the UPA government observing that such DTAA doesn’t prevent the government from disclosing names of persons having bank accounts in foreign banks. The apex court has now posted the hearing for October 28. The Congress said that the NDA government has no intention to get to the bottom of the black money case.

Bangalore, 11 other cities to get new names
India > Karnataka > Oct 18
The centre has approved renaming 12 cities in Karnataka including Bangalore and Belgaum. Bangalore's new name will be Bengaluru. Mangalore will be renamed Mangaluru, and Mysore will become Mysuru. Bellary will be called Ballari in official records, while Belgaum will be renamed Belagavi. Hubli will become Hubballi. The new names of other cities are Tumakuru (Tumkur), Vijapura (Bijapur), Chikkamagaluru (Chikmagalur), Kalaburagi (Gulbarga), Hosapete (Hospet) and Shivamogga (Shimoga).


Tuesday, October 21, 2014

Starred Articles

PM Narendra Modi launches Pandit Deendayal Upadhyay Shramev Jayate Scheme
Politics and government > Pandit Deendayal Upadhyay Shramev Jayate Scheme > 15 Oct
Prime Minister Narendra Modi on Thursday launched the Pandit Deendayal Upadhyay Shramev Jayate Scheme under which he launched a Shram Suvidha portal, Labour Inspection scheme and Portability through Universal Account Number (UAN) for Employees Provident Fund (EPF). Modi said that the scheme is part of the government’s efforts to encourage industrial development, ensure transparency in the labour sector, give adequate importance to manual labour, instill confidence among youngsters, develop skilled labour and achieve ease of business.

Australian writer Richard Flanagan wins the 2014 Man Booker Prize
Awards > Man Booker Prize 2014 > 15 Oct
The Man Booker Prize for Fiction 2014 was won by Australian writer Richard Flanagan for his novel ‘The Narrow Road to the Deep North’. The novel tells the acutely distressing stories of prisoners of war forced to work on what has become known as the Death Railway between Thailand and Burma. Flanagan became the third Australian to win the prize after Thomas Keneally and Peter Carey.
About the prize: The Man Booker Prize for Fiction (formerly known as the Booker-McConnell Prize and commonly known simply as the Booker Prize) is a literary prize awarded each year for the best original novel, written in the English language, and published in the UK.

World Food Day observed on October 16th
World > World Food Day > 16 Oct
World Food Day was observed across the world on 16 October 2014 with the theme Family Farming: Feeding the world, caring for the earth. This day is celebrated every year on 16 October across the world in honor of the date of the founding of the Food and Agriculture Organization (FAO) of the United Nations in 1945. First held in 1981, it is being observed every year in more than 150 countries, raising awareness of the issues behind poverty and hunger. As of 2012-14, India has around 190.7 million undernourished people, out of a total population of 1,252 million — a 15% prevalence rate, higher than the world average of 11.3%.

Others

RBI Governor Raghuram Rajan awarded Best Central Bank Governor
Awards > Euromoney Best Central bank Governor > 15 Oct
Reserve Bank governor Raghuram Rajan has been conferred with the Best Central Bank Governor award for 2014 by Euromoney magazine. Euromoney said Raghuram Rajan's tough monetary measures have helped combat a major economic crisis and helped recover ailing bond and currency markets.

India-born scientist Sanjaya Rajaram awarded World Food Prize
Awards > World Food Prize 2014 > 16 Oct
India-born Mexican scientist Sanjaya Rajaram has been presented with the prestigious World Food Prize 2014 for his agricultural research that led to a remarkable increase in world wheat production building on the successes of the Green Revolution. By crossing winter and spring wheat varieties, he created wheat varieties that are disease- and stress-resistant and adaptable to diverse geographical regions and climates. In 2007, Norman Borlaug, known as the father of the Green Revolution, called Rajaram "the greatest present-day wheat scientist in the world". Rajaram worked side by side with Borlaug at International Maize and Wheat Improvement Centre (CIMMYT) before succeeding him as head of the wheat breeding programme in 1972. Under Rajaram's leadership, the centre developed 480 wheat varieties released in 51 countries and widely adopted by small- and large-scale farmers alike.

ISRO launches third navigation satellite IRNSS 1C to develop own GPS
India > Indian Regional Navigation Satellite System > 16 Oct
The Indian Space Research Organization (ISRO) reached another milestone after it successfully launched its third navigation satellite IRNSS 1C on board its PSLV rocket from Sriharikota in the wee hours, moving closer to setting up India’s own navigation system on par with the GPS of the US. IRNSS 1C is part of the series of seven satellites ISRO is planning to launch to put in place what is called the Indian Regional Navigation Satellite System. Being developed by India, IRNSS is designed to provide accurate position information service to users in the country as well as the region extending up to 1,500 km from its boundary, which is its primary service area.

International Day for the Eradication of Poverty observed on October 17th
World > International Day for the Eradication of Poverty > 17 Oct
International Day for the Eradication of Poverty was observed across the world on 17 October 2014. The theme for this year is - Leave no one behind: think, decide and act together against extreme poverty. The 2014 theme recognises and underscores the demanding challenge of identifying and securing the participation of those experiencing extreme poverty and social exclusion in the “Post-2015 Development Agenda”. The International Day for the Eradication of Poverty has been observed every year since 1993, when the United Nations General Assembly, by resolution, designated this day to promote awareness of the need to eradicate poverty and destitution in all countries.

India set to become $2.05 trillion economy this year
India > Economy >19 Oct
According to IMF’s latest world economic outlook, Indian economy is poised to become a $2.05 trillion economy this year, increasing its size from $1.88 trillion in 2013. Meanwhile, India’s GDP will grow to $3.18 trillion by 2019, surpassing Russia, Brazil and Italy. This will make India the seventh largest economy in the world, while measured on "current prices" basis in US dollar, in 2019 from its tenth position currently. The United States would remain the world's largest economy in 2019 with a size of $22.15 trillion, followed by China ($15.52 trillion) and Japan ($5.43 trillion). India’s growth, which was below 5% in the past two financial years, is also expected to exceed 5%.

India U-21 wins Sultan of Johor Cup Hockey title for second consecutive time
Sports > Hockey >19 Oct
India successfully defended its Sultan of Johor Cup (SOJC) U-21 hockey title, beating Great Britain 2-1 in a keenly-contested final on Sunday at the Taman Daya Hockey Stadium in Johor Bahru, Malaysia. Harmanpeet Singh scored two goals from penalty corners in the 45th and 90 minutes to secure a win. Samuel French scored the only goal for Great Britain. India has become the first team to win the title twice since the inception of SOJC in 2011. India had won the title last year also.

BJP wins clear majority in Haryana defeating the Congress, becomes single largest party in Maharashtra with 122 seats
Politics and Government > Maharashtra Haryana Assembly elections >19 Oct
The BJP’s victory in the recently concluded Assembly elections in Maharashtra and Haryana proved the BJP’s continued dominance after its spectacular performance in the Parliamentary elections. In Haryana, BJP got a majority on its own for the first time winning 47 of the 90 seats, up from a meagre 4 in the last elections. Congress, which was in power in Haryana for ten years, was reduced to 15 from 40 seats. Indian National Lok Dal came second with 19 seats. BJP won 122 seats in Maharashtra, three more seats than what its former ally, Shiv Sena, was offering it for contest when talks broke down on seat-sharing differences. The Shiv Sena, finished second with 63 seats. Congress ended third with 42, just one ahead of its former partner NCP, which surprisingly offered unconditional outside support to BJP to form the government. The MNS, headed by Raj Thackeray, was routed getting only one seat against 13 it had. The Hyderabad-based Majlis-e-Ittihadul Muslimeen (MIM) opened its account with two seats. The BJP has still not made it clear whether it will accept support of the NCP, whom Modi had called corrupt in his pre-election speeches, or it will once again form an alliance with its oldest ally in the state, the Shiv Sena.

South African Tourism launches ‘Gandhi-inspired Tourist Attraction’ project
World > South Africa >19 Oct
South African Tourism has launched a new “Gandhi-Inspired Tourist Attraction” project that identifies 13 places that strongly influenced Mohandas Karamchand Gandhi’s tenure in the country. Gandhi’s 21 years in South Africa saw him develop his Satyagraha principles and lead locals to oppose racial discrimination in the country before he returned to India to lead the freedom struggle against the British. South African Tourism’s Gandhi webpage was also launched at the event. The website gives comprehensive details of 13 Gandhi–related sites across South Africa.

Joko Widodo sworn in as seventh President of Indonesia
World > Indonesia >20 Oct
Joko Widodo, the 53-year old former Jakarta governor has been sworn-in as the seventh president of Indonesia at a ceremony held at parliament in Jakarta. He is the first president not to have come from the military or political elite. Elected in July, the former furniture exporter and son of a carpenter, now leads the world's third-largest democracy, with a population of about 250 million people. Jakowi, as he is popularly known, made a call for national reconciliation and unity, as he was sworn in.

All India Institute of Ayurveda to admit its first batch of students during academic year 2015-16
India > All India Institute of Ayurveda(AIIA) >20 Oct
Union Health and Family Welfare Minister Harsh Vardhan has said that an All India Institute of Ayurveda (AIIA), on the lines of the premier AIIMS, is coming up at Jasola in Delhi. It will admit the first batch of post-graduate students during the academic year 2015-16. A 200-bed hospital will also become functional in about six months. To popularize the age-old Indian system of medicines, the Centre will host a four-day World Ayurveda Congress in New Delhi from November 6 to 9 which will be inaugurated by the Prime Minister. The conference will be attended by delegates and Health Ministers from 24 countries. The Centre will also support institutions to carry out research, create a database and offer treatment based on established practices in Ayurveda, Homeopathy, Siddha and Unanni systems.

Thursday, October 16, 2014

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China becomes world's largest economy - putting USA in second place for the first time in 142 years
World > World’s Largest Economy > Oct 9
According to figures from the International Monetary Fund, China has toppled America to become the biggest economy in the world. The US has been the global leader since it overtook Britain in 1872, but has now lost its status as top dog.
The latest IMF figures show the Chinese economy is worth $17.61 trillion compared with $17.4 trillion for the U.S.
China - whose wealth has accelerated in recent decades amid rapid industrialization – is expected to extend its lead, with the IMF estimating its economy will be worth just under $26.98 trillion in 2019. That would be 20 per cent bigger than the U.S. economy, which is forecast to be worth $22.3 trillion by then.
The new IMF analysis is based on a statistic called 'purchasing power parity' (PPP), which makes adjustments for the fact that goods are cheaper in China and other countries relative to the US. Without these cost adjustments factored in, the Chinese economy is still smaller than that of the U.S., at $10.3 trillion.

PM launches blueprint for Saansad Adarsh Gram Yojana (SAGY)
Politics and government > Saansad Adarsh Gram Yojana > Oct 11
In keeping with his announcement on August 15th, Prime Minister Narendra Modi on Saturday unveiled a blueprint for the Saansad Adarsh Gram Yojana (SAGY) on Janata Party founder Jayaprakash Narayan’s birth anniversary. The scheme encourages Members of Parliament from both Houses to identify one village from their constituency within a month and develop it as a model village by 2016, and two more by 2019, covering over 2,500 villages of the 6 lakh villages country-wide. MPs can choose any village except their own or their spouse’s. MPs are expected to facilitate a village development plan, motivate villagers to take up activities and use the Rs.5-crore MPLAD fund to fill gaps for funds besides mobilising additional resources especially from CSR in sewage and water supply schemes. A number of measures are outlined for better implementation of existing and new schemes such as RTI Act, National Food Security Act, National Rural Livelihood Mission, Pradhan Mantri Jan Dhan Yojana, while at the same time undertaking activities to ensure improvement of hygienic behaviour in villages and ensuring overall social development in villages.

SEBI bars DLF, its six senior officials from market for three years
Corporate > DLF > Oct 14
The Securities and Exchange Board of India (SEBI) has barred the country’s leading real estate developer DLF Ltd and its six top officials, including chairman K P Singh, his son and vice chairman Rajiv Singh and daughter Pia Singh, who is a whole-time director, from accessing the capital market for three years for non-disclosure of legal cases during the company’s initial public offering (IPO) in 2007.
As per SEBI’s rules, it is mandatory for companies to disclose all legal cases in the IPO prospectus. However, DLF, which raised Rs 9,187 crore in 2007, failed to disclose a case involving three of its alleged subsidiaries. SEBI investigated the case relating to DLF’s dealings with some of its allegedly related entities following an order from the Delhi High Court in 2010.
Background:
According to SEBI, a complaint was filed by a person in 2007 stating that Sudipti Estates Private Ltd and certain other persons had duped him of Rs 34 crore in a transaction related to purchase of land. The complainant, identified as Kimsuk Krishna Sinha, said he had registered an FIR at the Connaught Place police station in New Delhi against Sudipti and others. He said Sudipti had only two shareholders - DLF Home Developers Ltd and DLF Estate Developers Ltd - both companies being wholly-owned subsidiaries of DLF, holding 5000 equity shares each.
Even after the sale of entire shareholding in Sudipti, Shalika and Felicite by the wholly-owned subsidiaries of DLF, there was no change in the composition of the board of directors of these three companies. The directors in Sudipti, Shalika and Felicite, who were employees of DLF, continued to retain their positions even after the sale of shareholding. These directors were subject to the control of DLF due to their “employee and employer relationship”.
Due to this arrangement, DLF was in a position to control the boards of these three companies. Therefore, it has been alleged that in terms of SAST regulations, these three companies were under the control of DLF even after November 29-30, 2006 i.e. after the date of claimed dissociation. Therefore, Sudipti, Shalika and Felicite were related parties of DLF in terms of AS-18. It has been alleged that DLF has failed to disclose its related party transactions.

Others

Eric Betzig, Stefan Hell, William Moerner win Nobel Prize in Chemistry
Awards > Noble Prize - Chemistry > Oct 9
Eric Betzig, Stefan W. Hell and William E. Moerner shared the 2014 chemistry Nobel for the development of super-resolved fluorescence microscopy, which has enabled the study of single molecules in ongoing chemical reactions in living cells. Their work has enabled modern chemists to study molecules and other substances at the nano-scale. Researchers can now, for example, see how molecules create junctions between nerve cells in the brain; track proteins involved in Parkinson's, Alzheimer's and Huntington's diseases; and can follow individual proteins in fertilized eggs as they divide into embryos.
Professor Betzig is Group Leader at Janelia Farm Research Campus, Howard Hughes Medical Institute, in Virginia.
Professor Moerner is based at Stanford University.
Professor Hell is Director at the Max Planck Institute for Biophysical Chemistry in Göttingen and Division head at the German Cancer Research Center, Heidelberg.

Patrick Modiano wins Nobel Prize in Literature
Awards > Noble Prize - Literature > Oct 9
French author Patrick Modiano, who has examined memory, identity and loss in the post-war era with elegant and spare prose, has won the 2014 Nobel Prize in Literature.
Modiano was born in July 1945 in a Paris suburb during the immediate aftermath of World War II. He studied at Lycee Henri-IV in Paris where his geometry teacher was Raymond Queneau, a writer.He has published some 30 books mainly novels and his storylines usually centre on young men cast adrift among high-living crooks in 1960s Paris.

Malala and Kailash Satyarthi win Nobel Peace Prize
Awards > Noble Prize - Peace > Oct 9
Pakistani child education activist Malala Yousafzai and Kailash Satyarthi, an Indian child rights campaigner, have jointly won the Nobel Peace Prize. Malala is the youngest ever recipient of the prize.
Malala Yousafzai
Yousafzai came to global attention after she was shot in the head by the Taliban -- two years ago Thursday -- for her efforts to promote education for girls in Pakistan. Since then, after recovering from surgery, she has taken her campaign to the world stage. She is known mainly for human rights advocacy for education and for women in her native Swat Valley in the Khyber Pakhtunkhwa of northwest Pakistan, where the local Taliban had at times banned girls from attending school. Yousafzai's advocacy has since grown into an international movement. She is also the recipient of the Sakharov Prize for 2013.
Kailash Satyarthi
Kailash Satyarthi is an Indian children's rights activist. He founded the Bachpan Bachao Andolan (Save the Childhood Movement) in 1980 and has acted to protect the rights of more than 83,000 children from 144 countries.

Germany honours 1989 protesters
World > Germany > Oct 9
Germany’s President, Joachim Gauck, on Thursday, at an event, honoured the bravery of peaceful protesters who stood up to the communist dictatorship in East Germany 25 years ago, drawing parallels to the student protests in Hong Kong today. The event was held to commemorate one of the biggest demonstrations in the city of Leipzig on October 9, 1989, which called for freedom and democracy. He said that those taking part in the protests were brave to maintain their stand though none of them were sure whether the authorities would opt for a “Chinese solution” and violently crackdown on the protestors as happened on Beijing’s Tiananmen Square months earlier.

US approves two technology transfer licenses to India
World > USA > Oct 10
The US Department of Defence, Pentagon has approved two previously-stalled technology transfer licenses to India and in an unprecedented move has set aside $20 million for strategic cooperative science and technology projects with India. Frank Kendall, Pentagon's point person for the India-US Defence Trade and Technology Initiative (DTTI), however, did not give details about the two licenses approved by the US. He said he and his Indian counterpart Mohan Kumar have agreed to establish a written framework for DTTI and to meet in person every six months. The two have also agreed to continue efforts to identify specific co-development and co-production opportunities and that Acting Assistant Secretary for Research and Engineering Al Shaffer would continue to work with Scientific Adviser to the Minister of Defence to develop specific Science and Technology Projects.
Kendall refuted the notion that DTTI is an attempt to sell defence products to India, saying it is "just one facet of an initiative to build a deeper, closer, and broader relationship with one of the most important countries on earth.”

Antarctica’s ice loss caused a dip in Earth’s gravity field
Science and Technology > Gravity > Oct 12
The loss of ice from West Antarctica between 2009 and 2012 has caused a dip in the gravity field over earth as shown by the European Space Agency (ESA)’s GOCE satellite. GOCE has spent four years measuring Earth’s gravity in unprecedented detail and scientists now have access to the most accurate gravity model ever produced. This is leading to a much better understanding of many facets of our planet. The planet’s rotation, positions of mountains and ocean trenches can subtly affect the strength of gravity at Earth’s surface from place to place. Changes in the mass of large ice sheets can also cause small local variations in gravity.

Swiss drug major Novartis show-caused and fined Rs. 300 crore
Corporate > Novartis > Oct 13
Swiss pharmaceutical major Novartis has been show-caused and reportedly fined Rs. 300 crore by the National Pharmaceutical Pricing Authority (NPPA) for over pricing its painkilling medicine Voveran. Voveran, incidentally, is one of Novartis' best selling drugs in the country. The NPPA had put diclofenac, a key ingredient of Voveran, under direct price control in May 2013 along with 384 other medicines. Under the Drug Price Control Order (DPCO) 2013, the Government already controls the prices of 348 drugs listed in the National List of Essential Medicines (NLEM). Pharmaceutical companies have challenged the NPPA's authority to fix the prices of drugs outside the list of NLEM. The Department of Pharmaceuticals has withdrawn the guidelines issued on 29 May that gave the NPPA the powers to fix the prices of drugs that are not on the essential medicines list. However, medicines like Voveran have not been affected by the government's order since it does not affect past orders by the NPPA.

Pakistan’s efforts to seek UN intervention on Kashmir issue fails to draw new response from UN
World > Indo-Pak > Oct 14
Pakistan’s latest efforts to draw international attention on the Kashmir issue have not garnered any new response from the United Nations (UN). Sartaj Aziz, adviser to Pakistan Prime Minister Nawaz Sharif on national security and foreign affairs, had written to U.N. Secretary General Ban Ki-moon on the recent border tension with India and sought the U.N.’s intervention. Mr. Ban’s deputy spokesperson Farhan Haq told reporters that the UN chief would like to reiterate that India and Pakistan should resolve all differences through dialogue and engage constructively to find a long-term solution for peace and stability in Kashmir. A heated argument took place in the UN General Assembly between India and Pakistan over the situation at the LOC where India said that Pakistan had violated the cease-fire in which 8 people were killed and several others injured. India made it clear that its armed forces are “fully ready” to respond to “provocation”.

Powerful cyclone Hudhud devastates Andhra Pradesh, Odisha; 24 dead
India > Hudhud > Oct 14
The death toll in the powerful cyclone Hudhud reached 24 as Andhra Pradesh and Odisha launched massive rescue efforts to restore communication and power links and clear roads. Andhra Pradesh was the worst hit with 15 deaths reported from Visakhapatnam district, five in Vizianagaram and one in Srikakulam. Three deaths were reported from Odisha. Torrential rains and gale force winds packing a speed of nearly 200 kmph pounded Visakhapatnam, Vizianagaram and Srikakulam districts. Close to 7000 houses were destroyed and thousands of acres of crops were destroyed. The power sector suffered a loss of around Rs. 1000 crore. The cyclone moved from coastal AP to Odisha, where it damaged about 50,000 thatched houses, crops, power network and roads, before heading to Chhattisgarh and weakening into a “deep depression”. Thousands of people were rendered homeless and more than 7 lakh people including 5 lakh people in Andhra Pradesh have been evacuated and put up in relief camps. The AP government has announced 5 lakh ex gratia to families of the dead and food supplies for the poor. AP Chief Minister N. Chandrababu Naidu had asked for the cyclone to be declared a national calamity and sought ad hoc relief of Rs 2,000 crore from the central government. Prime Minister Narendra Modi will visit Visakhapatnam on Tuesday and undertake an aerial survey.


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Aamir Khan appointed UNICEF Goodwill Ambassador
World > UNICEF Goodwill Ambassador > Oct 10
Bollywood actor Aamir Khan has been appointed as UNICEF’s Goodwill Ambassador for South Asian region. Aamir was present in Nepal to attend UNICEF’s nutrition programme and promote child nutrition.

Union Bank launches telephone bill payment service for MTNL subscribers
Corporate > Union Bank – MTNL > Oct 13
Union Bank of India has launched a telephone bill payment service through mobile banking for MTNL subscribers. The service is now restricted to MTNL’s 16 lakh landline subscribers in Mumbai and will soon be extended to MTNL landline subscribers in Delhi and mobile subscribers as well. Union Bank plans to offer this facility to other service providers as well in the near future. Under the arrangement MTNL will pay Union Bank a fee of Rs 2.5 per transaction, creating an opportunity for the bank to earn a fee-based income.

Kotak Mahindra Bank launches Facebook-based funds transfer platform KayPay
Corporate > Kotak Mahindra > Oct 13
Mumbai headquartered Kotak Mahindra Bank has launched KayPay, a bank agnostic payment product for Facebook users to send money to each other. Users won't have to depend on net banking or have to know the details of the payee, the company said. According to the bank, users can transfer funds by choosing recipients from their Facebook friends list.
KayPay is built on top of the mobile based Immediate Payment System launched by the National Payment Corporation of India. Users have to register their bank accounts once to start using the service. KayPay uses Facebook user id & password and a One Time Password (OTP) to authenticate a transaction. Both sender and the receiver receive notification on SMS and Facebook.
In March, the bank had launched JiFi, a Twitter based product that lets users receive banking updates and rewards using the social network.

Binatone acquires Gecko-maker Connovate for an undisclosed amount
Corporate > Binatone > Oct 13
Connovate Technologies, the maker of multifunctional piece Gecko, has been acquired by Hong Kong-based consumer electronics company Binatone for an undisclosed amount, heralding a breakthrough for Indian startups in the internet-of-things (IoT) space. Connovate becomes the first Indian startup to have an exit in the internet of things domain, a technology that represents a truly connected world where all devices talk to one another.
The deal will give Connovate access to Binatone's shelves in 1,500 stores in the US and 1,000 in Europe and boost sales by at least 10 times. Gecko, its coin-sized electronic device, will be bundled with home, pet and baby monitoring solutions of Binatone, which are sold under Motorola's brand.

Others

82nd Air Force Day celebrated on 8th October
India > Air Force Day > Oct 8
The 82nd Air Force Day was celebrated by the Indian Air Force on October 8th. On this day in 1932, the Indian Air Force was officially established. The day was observed with a grand parade and a spectacular air-show by a fleet of different fighter aircrafts of the Indian Air Force. Navy Chief Admiral RK Dhowan, Army chief Gen Dalbir Singh Suhag and former cricketer Sachin Tendulkar attended the parade.

Eric Betzig, Stefan Hell, William Moerner win Nobel Prize in Chemistry
Awards > Noble Prize - Chemistry > Oct 8
Eric Betzig, Stefan W. Hell and William E. Moerner shared the 2014 chemistry Nobel for the development of super-resolved fluorescence microscopy, which has enabled the study of single molecules in ongoing chemical reactions in living cells. Their work has enabled modern chemists to study molecules and other substances at the nano-scale. Researchers can now, for example, see how molecules create junctions between nerve cells in the brain; track proteins involved in Parkinson's, Alzheimer's and Huntington's diseases; and can follow individual proteins in fertilized eggs as they divide into embryos.
Professor Betzig is Group Leader at Janelia Farm Research Campus, Howard Hughes Medical Institute, in Virginia.
Professor Moerner is based at Stanford University.
Professor Hell is Director at the Max Planck Institute for Biophysical Chemistry in Göttingen and Division head at the German Cancer Research Center, Heidelberg.

Patrick Modiano wins Nobel Prize in Literature
Awards > Noble Prize - Literature > Oct 8
French author Patrick Modiano, who has examined memory, identity and loss in the post-war era with elegant and spare prose, has won the 2014 Nobel Prize in Literature.
Modiano was born in July 1945 in a Paris suburb during the immediate aftermath of World War II. He studied at Lycee Henri-IV in Paris where his geometry teacher was Raymond Queneau, a writer. He has published some 30 books mainly novels and his storylines usually centre on young men cast adrift among high-living crooks in 1960s Paris.

Malala and Kailash Satyarthi win Nobel Peace Prize
Awards > Noble Prize - Peace > Oct 8
Pakistani child education activist Malala Yousafzai and Kailash Satyarthi, an Indian child rights campaigner, have jointly won the Nobel Peace Prize. Malala is the youngest ever recipient of the prize.
Malala Yousafzai
Yousafzai came to global attention after she was shot in the head by the Taliban -- two years ago Thursday -- for her efforts to promote education for girls in Pakistan. Since then, after recovering from surgery, she has taken her campaign to the world stage. She is known mainly for human rights advocacy for education and for women in her native Swat Valley in the Khyber Pakhtunkhwa of northwest Pakistan, where the local Taliban had at times banned girls from attending school. Yousafzai's advocacy has since grown into an international movement. She is also the recipient of the Sakharov Prize for 2013.
Kailash Satyarthi
Kailash Satyarthi is an Indian children's rights activist. He founded the Bachpan Bachao Andolan (Save the Childhood Movement) in 1980 and has acted to protect the rights of more than 83,000 children from 144 countries.

World Post Day observed on 9th October
World > World Post Day > Oct 9
World Post Day was observed across the world on 9th October, 2014. This day is celebrated to create awareness about the role of the postal sector in businesses and people’s lives as well as its contribution to the social and economic development of countries.

US approves two technology transfer licenses to India
World > USA > Oct 10
The US Department of Defence, Pentagon has approved two previously-stalled technology transfer licenses to India and in an unprecedented move has set aside $20 million for strategic cooperative science and technology projects with India. Frank Kendall, Pentagon's point person for the India-US Defence Trade and Technology Initiative (DTTI), however, did not give details about the two licenses approved by the US. He said he and his Indian counterpart Mohan Kumar have agreed to establish a written framework for DTTI and to meet in person every six months. The two have also agreed to continue efforts to identify specific co-development and co-production opportunities and that Acting Assistant Secretary for Research and Engineering Al Shaffer would continue to work with Scientific Adviser to the Minister of Defence to develop specific Science and Technology Projects.
Kendall refuted the notion that DTTI is an attempt to sell defence products to India, saying it is "just one facet of an initiative to build a deeper, closer, and broader relationship with one of the most important countries on earth.”

UK and India launch new financial partnership for deepening financial cooperation
India > UK India Financial Cooperation > Oct 10
The United Kingdom and India on Friday launched a new financial partnership which would establish closer ties and deepen financial cooperation between London and Mumbai, two important financial hubs. The financial partnership would be led by Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank from India and Gerry Grimstone, chairman of Standard Life, from the UK. The partnership would initially focus on five themes including collaboration to develop the corporate bond market, mutual sharing of expertise on banking regulation and capitalization, enhancing financial training and qualification, financial inclusion and developing programmes to improve cross-border provision of financial and insurance services.

Future Group and Amazon sign deal to jointly sell goods over the internet
Corporate > Future Group – Amazon > Oct 13
India’s largest listed retailer Future group and the world’s largest online retailer Amazon have entered into a deal to jointly sell goods over the internet. Future Group will sell more than 45 own labels of apparel initially, followed by in-house brands in the home, electronics and food categories, while Amazon will handle order fulfilment and customer service for the merchandise on its portal. Both firms will also develop a new line of products across categories to be exclusively sold at Amazon and Future Group's retail stores.