Current Affairs for MBA exams (06th October - 12th November, 2014)

Starred Articles

Russia, Iran sign nuclear construction deal for 8 units

World > Iran Nuclear Deal > 06 Nov

Russia is to build eight nuclear power units in Iran, as a new partnership agreement, guaranteed by the IAEA, was signed. According to the agreement, Russia is to construct eight units with pressurized water reactors “turn-key ready” in Iran. Four of them will be built at the Bushehr Nuclear Power Plant, also completed by Russia a year ago.

Besides, nuclear fuel for the future reactors will be provided by Russia during the whole life cycle of the new reactors. Spent fuel will be returned for processing and storage.

Iran and six powers - the United States, Russia, France, Germany, China and Britain - are in talks on curbing Iran’s atomic activity in exchange for a gradual lifting of sanctions. They face a self-imposed Nov. 24 deadline to conclude a comprehensive deal, after missing an original July target.

The United States and some of its allies suspect Iran is using its nuclear program as a cover to develop atomic bombs. Iran denies this, saying it is solely for civilian purposes.

Iran’s policy-making establishment, composed of hardline Islamists, pragmatists and reformers, agrees at least on one issue - that a comprehensive nuclear deal will help Iran to grow richer and politically stronger through the easing and eventual lifting of the sanctions.

Narendra Modi expands cabinet, inducts 21 new ministers

Politics and Government > Cabinet of Ministers > 09 Nov

In a major cabinet reshuffle, Prime Minister Narendra Modi appointed 21 ministers, including four cabinet ministers, three minister of state (independent charge) and 14 ministers of state. While former Goa chief minister Manohar Parrikar was made defence minister, Suresh Prabhu has been given the railway ministry, which is keenly watched by Modi because of his interest in building rail infrastructure in the country and also to promote his pet project of starting a bullet train in the country. Finance minister Arun Jaitley has been given the charge of information and broadcasting ministry, which was previously held by Prakash Javadekar. Former Karnataka chief minister D.V. Sadanand Gowda is the new law and justice minister. Gowda was earlier handling the railway ministry, and the law and justice ministry was with Ravi Shankar Prasad, who is now handling communications and information technology.

Portfolios	Ministers
Finance, Corporate Affairs, Information and Broadcasting	Arun Jaitley
Defence	Manohar Parrikar
Railways	Suresh Prabhu
Law and justice	D.V. Sadananda Gowda
Health and family welfare	Jagat Prakash Nadda
Rural Development, Panchayati Raj, Drinking water and sanitation	Chaudhary Birender Singh
Portfolios	Ministers
Science and Technology, Earth Sciences	Harsh Vardhan
Labour and employment (independent charge)	Bandaru Dattatreya
Skill Development and Entrepreneurship (independent charge), Parliamentary Affairs	Rajiv Pratap Rudy
Culture (independent charge), tourism (independent charge), civil aviation	Mahesh Sharma
Water resources, river development and Ganga rejuvenation	Sanwar Lal Jat
Agriculture	Mohanbhai Kalyanjibhai Kundariya
Micro, small and medium enterprises	Giriraj Singh
Chemicals and fertilizers	Hansraj Gangaram Ahir
Human resource development	Ram Shankar Katheria
Science and technology, Earth Sciences (minister of state)	Y.S. Chowdary
Finance	Jayant Sinha
Information and broadcasting	Rajyavardhan Singh Rathore
Urban development, Housing and Urban poverty alleviation	Babul Supriyo Baral
Food processing industries	Sadhvi Niranjan Jyoti
Social justice and empowerment	Vijay Sampla

U.S., China Reach new climate, military deals

World > US- China Climate Deal > 11 Nov

China and the U.S. struck new climate, military, trade and visa agreements as presidents Barack Obama and Xi Jinping made significant strides in improving an often-tense relationship. The two leaders unveiled substantial new commitments to curb greenhouse gas emissions, with China agreeing for the first time to stop increases in carbon dioxide emissions by around 2030 or earlier.

Messrs. Xi and Obama also reached two new agreements designed to avert military confrontations in Asia, one on notifying each other of major activities, such as military exercises, and the other on rules of behavior for encounters at sea and in the air.

The two sides completed deals to issue 10-year tourist and business visas and to drop tariffs on semiconductors and other information-technology products, which backers say could cover $1 trillion in trade.

Sri Lanka ready to release Indian fishermen on death row if India withdraws appeal

World > Sri Lanka - India > 12 Nov

The Sri Lankan government has conveyed to Indian authorities that Sri Lankan President Mahindra Rajapaksa would pardon the five Indian fisherman awarded death for alleged drug trafficking without any pre-conditions if India withdraws the appeal filed in the Supreme Court against the High Court verdict. A Sri Lankan minister said that Rajapaksa was pushing for the withdrawal of the Indian appeal as that would drag the case for up to six months, delaying presidential pardon.

Others

25^th anniversary of the fall of the berlin Wall celebrated

World > Berlin Wall > 09 Nov

The 25th anniversary of the fall of the Berlin Wall was celebrated with a 3-day event with much pomp and gaiety as people who had been present on that day in 1989 remembered the historic moment. There were fireworks and about 8,000 lighted white balloons, which included a note of remembrance and reflection on the time when Berlin was two cities were sent into the sky on 9th November. Thousands of people poured into the streets taking part in the joyous celebration as German chancellor Angela Merkel commemorated the occasion with words of hope. The fall of the Berlin Wall had marked the end of the Cold War.

Background:

The Berlin Wall was a barrier that existed from 1961 through 1989,constructed by the German Democratic Republic (GDR, East Germany) that completely cut off (by land) West Berlin from surrounding East Germany and from East Berlin. The Eastern Bloc claimed that the wall was erected to protect its population from fascist elements conspiring to prevent the "will of the people" in building a socialist state in East Germany. On 9th November 1989, owing to several weeks of civil unrest and the liberalization of the Eastern Bloc's authoritarian systems and the erosion of political power in the pro-Soviet governments in nearby Poland and Hungary, the East German government announced that all GDR citizens could visit West Germany and West Berlin.

US air strike on Islamic State: ISIS chief reportedly injured, key aide killed

World > Iraq - Syria > 09 Nov

A close aide of Abu Bakr al-Baghdadi was killed in a United States-led coalition air strike on a convoy of militants in Iraq, it can be revealed, amid mounting speculation that the leader of the Islamic State of Iraq and the Levant was himself killed or injured in the attack. Auf Abdulrahman Elefery, who went by the code name Abu Suja, died when planes struck a convoy of Isil vehicles close to the northern city of Mosul, killing him and several other members of the jihadist group.

There were contrasting reports about the fate of Baghdadi, with Isil members writing on Twitter that he was not in the convoy, and other sources claiming that he had been either killed or "critically injured".

Gujarat passes bill to make voting mandatory in local body elections, then refrains from making it a law

Politics and Government > Mandatory Voting > 10 Nov

Gujarat became the first state to pass the Gujarat Local Authorities Laws (Amendment) Bill-2009 which makes voting in local body elections compulsory. It empowers the state government to take punitive action against those who do not vote in local body elections. However, barely a week after passing the bill, anticipating opposition from parties, the Election Commission and constitutional experts, the government has decided not to make it a law lest there are legal implications. But the government has said that the second key provision of the bill which declares 50% reservation for women in local bodies will be made effective immediately.

India might sign trade facilitation agreement if WTO increases four-year peace clause

World > Trade Facilitation Agreement > 10 Nov

A global trade deal seems to be on the cards with the US, EU and India showing signs to accommodate each other’s demands. Talks on the Trade Facilitation Agreement (TFA) for easier customs rules had hit a roadblock since the past 3 months following India's demand for providing flexibility to developing countries in fixing minimum support price for farm products. Based on current rules, several developing countries are close to breaching the cap on 10% value of production and face the threat of punitive action at WTO. India has argued that the calculation is flawed as it is based on outdated prices and has demanded that the formula be reworked. At the Bali meeting in December last year, WTO members had agreed to address India’s concerns over a four –year period during which no disputes would be raised. India however had struck to its stand of not signing the treaty. In recent weeks, officials have indicated that India is willing to sign the agreement if the four-year peace clause is extended till the formula is reworked.

Jeevan Pramaan – Digital Life Certificate for pensioners launched

India > Digital Life Certificate > 10 Nov

Prime Minister Narendra Modi on Monday launched 'Jeevan Pramaan - Digital Life Certificate for Pensioners' with a view to reduce hardships of senior citizens. Jeevan Pramaan, which is an Aadhar-based Digital Life Certificate, will be a digital certification, which will do away with the requirement of a pensioner having to be physically present or submit a physical Life Certificate in November each year, in order to ensure continuity of pension being credited into his account. Department of Electronics and IT has developed a software application which will enable the recording of the pensioner's Aadhar number and biometric details from his mobile device or computer, which will be uploaded to a central database on real-time basis, ultimately enabling the Pension Disbursing Agency to access a Digital Life Certificate.

World no. 1 badminton player Lee Chong Wei provisionally suspended for doping violation

Sports > Badminton > 11  Nov

Malaysian badminton player, Lee Chong Wei, currently world number 1, has been suspended by the Badminton World Federation (BWF) for an “apparent” anti-doping regulation violation. Now the BWF’s Doping Hearing Panel will decide whether Lee has committed the violation. Lee had tested positive for a banned substance at the BWF World Championships held in Copenhagen in August. Lee however denied using drugs to gain an advantage. If the doping allegation is proved, Lee will face a 2-year ban and will be stripped of the silver medal he won at the world championships in Copenhagen and also the two bronze medals he won at the Asian games held in South Korea in September.

Arms makers developing weapons that rely on artificial intelligence to decide targets and kill

World > Autonomous Weapons > 11  Nov

Weapons are increasingly being guided by advanced software that requires minimum human intervention. Today armed drones can be operated by remote pilots thousands of miles from the battlefield. However, arms makers are crossing into more dangerous territory. They are developing and testing weapons that rely on artificial intelligence, not human instruction, to decide what to target and whom to kill. Critics fear that such advanced weapons without human guidance would become increasingly difficult for humans to control or defend against. Britain, Israel and Norway are already deploying missiles and drones that carry out attacks against enemy radar, tanks or ships without direct human control. Concerned by the prospect of a robotics arms race, representatives from dozens of nations will meet on Thursday in Geneva to consider whether development of these weapons should be restricted by the Convention on Certain Conventional Weapons. The Pentagon had issued a directive in 2012 distinguishing between semi-autonomous and autonomous weapons. In spite of serious implications, autonomous weapons continue to be developed by the advanced nations including the USA, often concealing their identity as semi-autonomous weapons.

Aadhaar to be made mandatory for issuance of passport, government might do away with prior police verification

India > Passport Issuance > 11  Nov

Prior police verification for issue of fresh passports may no longer be required with the Ministry of External Affairs (MEA) proposing to rely on Aadhaar card for identification of the applicant and on the National Crime Records Bureau's (NCRB) database for validation of his/her criminal antecedents. Based on an applicant’s self-declaration on aspects like citizenship, criminal antecedents, criminal proceedings, summons/warrants etc., the government may soon start issuing passports on a post-verification basis. The new and simpler system has been proposed to do away with issues related to police verification and consequent delay in issuance of passports. The government will thus make Aadhaar card a mandatory requirement for issue of passports.

Modi's 'Make in India' to depend on Chinese steel

India > Make in India >12 Nov

India's steel consumption is expected to grow at its fastest pace in five years next year on Prime Minister Narendra Modi's infrastructure push, but a scarcity of raw materials means it will be at the expense of another key goal - curbing imports. India's steel imports from China, the world's biggest producer of the alloy, doubled in April-September from a year ago though the country has enough capacity to meet its demand. While India's consumption is expected to rise, China will continue to see a downtrend, likely leading to a flood of cheap steel from China just as Modi pushes ahead with a signature 'Make in India' initiative to boost industry.

India, Asia's third-largest economy, has become a major importer of iron ore and coal despite having big reserves of both at home. Once a top exporter, India is now bringing in shiploads of iron ore due to court action against illegal mining that has stifled supply, while coal behemoth Coal India is struggling to boost production.

The shortages mean that India's steel industry is running at 80 percent of capacity. But the World Steel Association expects Modi's pro-business plans to spur steel demand that has been weak in recent years. World Steel expects India's demand to rise 3.4 percent to 76.2 million tonnes in 2014, after growth of 1.8 percent in 2013. Structural reforms and improving confidence will support a further 6 percent growth in 2015.

Indian steelmakers such as JSW, Tata Steel and Jindal Steel and Power Ltd, however, run the risk of being priced out by their Chinese competitors.