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Five
global banks fined for breaking foreign exchange laws
Bank
Specific >
Fines > 12 Nov
British, American and Swiss
regulators on Wednesday slapped fines totalling $3.4 billion on five
banks after a global regulatory probe found them guilty of rigging
the foreign exchange market. The banks - HSBC, Citibank, JP Morgan
Chase, the Royal Bank of Scotland and UBS have been fined $1.7
billion by Britain’s market regulator, the Financial Conduct
Authority, for failings over foreign exchange operations. The US
Commodity Futures Trading Commission imposed fines totalling $1.4
billion on the same five banks while UBS faced an additional fine of
$138 million from the Swiss regulator, FINMA. The banks failed in
their responsibility to manage obvious risks that included conflicts
of interest and confidentiality. Ineffective controls at the banks
allowed traders to put the banks’ interests ahead of those of their
clients, other market participants and the wider UK financial system,
as a result, traders were able to behave unacceptably as they shared
confidential information, often colluding with other traders, and
attempted to manipulate currency rates. The decision over another
major bank, Barclays, is pending and a suitable fine will be levied
after an investigation is completed.
Rohit
Sharma scores 264, becomes first man to score 250 in ODI
Sports
> Cricket > 13 Nov
27 year old Indian batsman
Rohit Sharma became the first man to hit 250 in a one-day
international. Sharma scored 264 in the fourth ODI against Sri Lanka
to beat the previous record of 219 made by fellow Indian batsman
Virender Sehwag against West Indies in 2011. India scored 404 against
Sri Lanka and won the match. Before 2010, no batsman had passed 200.
Rohit's effort is the fourth double hundred. They have all have been
made by India batsmen in India. Sachin Tendulkar became the first man
to reach 200 against South Africa, with Sehwag beating that record a
year later. Rohit then made 209 against Australia at Bangalore in
November 2013.
India,
US resolve stand-off over food security, clears way for TFA
World
> Trade
Facilitation Agreement > 13 Nov
The United States of America
has agreed to support India’s proposal on public stockholding
related to food security, finally paving the way for signing of a
global trade agreement that has been stalled for months. India’s
proposal will now go for ratification to the World Trade Organization
(WTO) to facilitate signing of the Trade Facilitation Agreement
(TFA). India had made its stand clear that I won’t sign the TFA
until a permanent solution was found on the food subsidy issue. India
had asked WTO to amend the norms for calculating agri-subsidies so
that the country could continue to procure foodgrains from farmers at
minimum support price and sell them to poor at cheaper rates without
violating the WTO norms.
SBI
sanctions 1 billion-dollar loan to the Adani group
Corporate
> SBI > 17 Nov
In one of the largest credit
grant by an Indian bank for an overseas project, the SBI granted a
loan of $ 1 billion (over Rs. 6,000 crore) to Adani Mining, the
Australian subsidiary of Adani Enterprises, for its coal mine project
in Queensland. The Adani group already has borrowings close to Rs.
65,000 crore and the SBI’s loan offer comes at a time when banks
are reporting sluggish loan demand and a rise in bad loans. The Adani
group’s proposed plan to build a $ 7 billion coal mine was cleared
on Monday by Australia’s Queensland state, which also announced a
major investment in rail infrastructure to support the Indian
conglomerate’s mega project.
Female
bishops to be allowed by the Church of England
World
> England > 18 Nov
In a move that possibly
broke a centuries old tradition, women were allowed to become bishops
at the Church of England on Tuesday. The general meeting at
Westminster's Church House approved the legislation passed through UK
Parliament in October this year. Women priests were ordained in 1994
but to date they have not been able to take on the Church's most
senior roles, including bishop-ship. The decision has been welcomed
by long-term campaigners for change, who see it as step towards
widening female participation in the Church.
Others
Biggest
recall in UK medical history as 22,000 dental patients face tests for
blood-borne diseases
World
> UK > 12 Nov
Over 22, 000 people in the
UK have been asked to return to a clinic for tests, to see if they
have been infected with blood-borne viruses. This is the biggest
patient recall in the UK’s medical history. The recall was sparked
by concerns that acceptable infection control standards were not
followed by a doctor Mr. Desmond D’Mello, who was contracted to
provide dental service at a dental practice centre in
Nottinghamshire. This alleged drop in clinical standards might have
put patients at a low risk of blood-borne viruses like Hepatitis B, C
and HIV. 22, 000 patients have been recalled as this is the number of
patients that D’Mello has treated during his 32-year stint at the
dental practice.
Scientists
develop single dose nano-medicine for osteoporosis
Science
and Technology >
Osteoporosis > 13 Nov
A team of engineers and
pharmacologists from Indian Institute of Science, Bangalore and
Al—Ameen college of Pharmacy, Bangalore, has come up with the
modified Zoledronic acid (ZOL) drug, which has proved to be effective
in treatment of postmenopausal osteoporosis. This new mode of
treatment involving the modified ZOL drug is noteworthy because of
the use of nanoparticles, for drug delivery. About nine million bone
fractures occur each year due to osteoporosis, a progressive bone
disease in which bone loses both its mass and density, thereby
becoming weaker. ZOL is a commonly used drug, successfully reducing
risk of fracture in post-menopausal women. However, its prolonged use
can cause several adverse effects like unwanted bone changes. The
modified ZOL drug used in the study not only prevents further bone
loss but also stimulates bone growth. In the new formulation, ZOL is
first absorbed on nanoparticles of hydroxyapatite and carried to
osteoporotic bone by intravenous injection.
Pakistan
Militant group Jundullah claims ISIS visited them to help unite
Pakistan militant groups
World
> Pakistan > 13 Nov
A spokesman for a small
Pakistani militant group Jundullah has claimed that a delegation from
the Islamic State group has visited Jundallah's leaders in Pakistan's
southwestern Baluchistan province. He says the purpose of visit was
to see how ISIS could unite various Pakistani militant groups.
Jundullah is a branch of the Pakistani Taliban, or Tehrik-e-Taliban
Pakistan. The TTP this week sacked its spokesman for announcing
allegiance to the Islamic State of Iraq and Syria (ISIS). TTP
considers Mullah Mohammad Omar as the Muslims' leader. Meanwhile,
posters, stickers and wall-chalking supporting ISIS have appeared in
some places of Lahore. The Lahore police have launched a search
operation and taken some suspects into custody.
Indian
cooking oil imports hits record 11.62 million tonnes for fy 2013-14
Economy
> Cooking
Oil Imports > 13 Nov
Due to a surge in overseas
purchases of soy and sunflower oils, India's cooking oil imports have
reached a new high. The increased imports have been a direct result
of the drop in prices of soy and sunflower oils, which were bought at
the expense of palm oil. Soy oil imports rose 79 percent to around 2
million tonnes, while sunflower oil imports rose by more than 50
percent to 1.5 million tonnes. Imports of palm oil fell to 7.96
million tonnes, down 4 per cent from the previous year. The high
quantity of unsold stock in a few south-east Asian countries has led
to increased buying, which could alleviate the problem of low prices.
The rise is a significant one compared to last year's 10.38 million
tonnes, industry experts opine that this trend could continue for an
extended period of time. The surge in imports has caused worry
amongst local producers, who have demanded higher import taxes to
stem the tide. The government is considering raising import taxes in
order to help refiners and oilseed growers.
Increase
in under-cover operations by federal agencies
World
> USA > 15 Nov
Undercover operations have
been increased significantly by the US federal government, to map
suspicious operations more accurately. Agents pose as business
people, welfare recipients, political protesters and even doctors or
ministers to find out any mishaps or wrongdoings. Teams of undercover
officers dress as students at large demonstrations outside the
courthouse and join the protests to look for suspicious activity. At
the Internal Revenue Systems, undercover agents chase suspected tax
evaders worldwide, by posing as tax auditors, accountants, drug
dealers or yacht buyers and more. Undercover work, inherently
invasive and sometimes dangerous, was once largely the domain of the
Federal Bureau of Investigation (FBI) and a few other law enforcement
agencies, but, changes in policies and tactics over the last decade
have resulted in undercover teams run by agencies in virtually every
corner of the federal government. Some of the expanded undercover
operations have resulted from heightened concern about domestic
terrorism since the Sept. 11, 2001, attacks. Most undercover
investigations never become public, but when they do, they can prove
controversial.
K
Srikanth and Saina Nehwal clinch Singles title in China Open Super
Series
Sports
> Badminton > 16 Nov
Indian badminton players K
Srikanth and Saina Nehwal created history by winning the men’s and
women’s singles title of the $700,000 China Open Super Series
Premier. Srikanth achieved a stunning straight-game victory over
two-time Olympic champion and five-time world champion, Lin Dan of
China to register his maiden Super Series title. Saina Nehwal,
currently World no 5, also played brilliantly to defeat Akane
Yamaguchi of Japan.
Home
minister warns China against constructing any roads inside Indian
territory
India
> Indo-China > 17 Nov
Home minister Rajnath Singh
on Monday warned China against constructing roads in the Indian
territory while also stating that India wants to maintain cordial
ties with all its neighbours. He also stated that India will not be
left with any option other than destroying the roads, if China
continues to carry out construction of roads on the Indian side.
Continued incursions by the Chinese troops into Indian side have led
to high tension along the border, and the matter was discussed when
Chinese President Xi Jinping visited New Delhi recently.
Taiwan
keen on a foreign trade agreement with India
World
>
India-Taiwan > 17 Nov
Not being able to manage a
domestic consensus in its outreach to China for strengthening
economic ties on the outlines of a free trade agreement (FTA), Taiwan
is keen on fast-tracking such trade pacts with India and other
nations, particularly those in the Asia-Pacific region. A Taiwanese
team will soon visit India to explore market for auto-mobiles,
shipbuilding and textiles among other things, in the hope that the
new Indian government would extend a friendly hand. Currently, China
accounts for nearly 40 per cent of Taiwan's exports. In 2013,
bilateral trade between India and Taiwan stood at 6.17 billion
dollars with 70 Taiwanese companies having set shop or invested in
Indian businesses.
World
leaders call Russia a bully even as Putin hints at resolving Ukraine
crisis
World
> Russia > 17 Nov
Russian President Vladimir
Putin faced the ire of world leaders as they met at the G20 summit
held in Brisbane, Australia. An atmosphere of heightened tension
exists between Russia and Australia, which has sent three ships to
its northern coast after 4 heavily armed Russian navy vessels
appeared there this week. Prime Minister Tony Abbott said that the
four vessels were "part of a regrettable pattern" of
growing Russian military bullishness. Britain’s Prime Minister
David Cameron called Russia’s actions unacceptable and termed it a
bully. Cameron also said that Russia will face further sanctions if
it does not commit to resolving the conflict in Ukraine. Russia
dismissed the West’s claims that it has been sending fresh military
hardware into eastern Ukraine to break the cease-fire and fuel an
all-out conflict. Putin left the G20 summit a day early on Sunday
after assuring world leaders that there was a good chance of
resolving the conflict in Ukraine. Many felt that Putin’s departure
was because of a tense 50-minute meeting between Putin and Cameron
over the weekend and subsequent edgy meetings with other world
leaders. Putin, however, justified the early departure mentioning his
need for rest and the long hours the journey to Moscow would take.
Poll
ranks Russia bigger security risk to global markets over ISIS and
Ebola outbreak
World
> Russia > 18 Nov
According to a Bloomberg
Global Poll of 510 international investors, Russia’s ties to the
Ukraine separatist movement poses the biggest security risk to global
financial markets because of ongoing sanctions and falling oil prices
that threaten the Russian economy. Poll participants chose Russia as
the biggest risk over the militant group ISIS and the Ebola outbreak
in West Africa. Russian President Vladimir Putin said that falling
oil prices could be disastrous for Russia which is the world’s
largest energy exporter. Venezuela, Saudi Arabia and Iran would also
be hurt by a drop in crude prices. However, the United States, China,
Japan, Europe and India are poised to benefit most from cheaper oil.
Narendra
Modi visits Australia, becomes first Indian PM to address Australian
parliament
World>
Narendra Modi’s
Australia Visit > 18 Nov
Narendra Modi became the
first Indian Prime Minister to address the Australian parliament,
After holding bilateral talks with his Australian counterpart Mr.
Tony Abbott, Mr. Modi signed five pacts on social security, transfer
of sentenced prisoners, combating narcotics trade, tourism and arts
and culture. He also called for a closer relationship in matters of
economic partnership and the civil nuclear deal. Highlighting the
issue of terrorism and its widespread reach, Modi sought closer
security cooperation, a policy of no distinction between terrorist
groups or discrimination between nations. He also called for
collaboration in the field of maritime security. More importantly, he
said, both the countries can work together to deal with piracy and
range of other issues related to security. He also emphasised on the
two countries' strategically important locations and how critical
they are to the region and the world at large. The manufacturing
opportunities, which India provides due to its development,
demography and demand also found a mention in the PM's speech, where
he specially highlighted the fields of agriculture, food processing,
mining, infrastructure, finance, technology and energy, which can
quench Australia's quest for new economic opportunities. The upcoming
cricket world cup also found a mention, where the PM wished Australia
all the luck in hosting the event.
During his speech, Modi also
highlighted an important fact of Australian novelist and lawyer John
Lang, who helped India fight the legal battle for a brave Indian
freedom fighter, the Queen of Jhansi, Rani Laxmibai, against the
British East India Company, in India's first War of Independence, and
gifted the petition of Rani Laxmibai to the Australian premier.
Halliburton,
Baker Hughes Merge in $34.6 Billion Deal
Corporate
> Halliburton
– Baker Hughes > 18 Nov
Two U.S. oil-drilling giants
Halliburton and Baker Hughes have agreed to a $34.6 billion merger.
Halliburton will retain its name in the new combined entity. The
combination of the two companies’ resources, including operations
and research and development, will save over $2 billion in costs and
help them compete with industry leader Schlumberger.
Indian
tests positive for Ebola in New Delhi after being cured of the
disease in Liberia
India
> Ebola > 19 Nov
A 26-year-old Indian who was
treated and cured of Ebola virus disease in Liberia has been
quarantined at the Delhi airport's health facility after having
tested positive twice. Although his blood samples were repeatedly
found free of the disease, the deadly virus showed up in his semen.
India has so far been free of Ebola, a disease termed as the 'most
serious health crisis in modern times' by the World Health
Organisation, having claimed roughly 5,200 lives in west Africa and
two in the US. The suspect will be tested again, repeatedly, over the
next few days to rule out the presence of any virus before he is
allowed to leave the quarantine zone. The 26-year-old carried a
certificate of medical clearance from the ministry of health and
social welfare, government of Liberia.
Emergency
era law set to be removed after 37 years
India
> Disputed
Elections Act > 19 Nov
The
Disputed Elections Act of 1977 passed by the late prime minister,
Indira Gandhi during the emergency in 1977, which nullifies general
procedure followed for disputing elections of an elected
representative who becomes prime minister, is set to be removed after
the law commission has submitted its fourth report to the government
on Tuesday. This act provides that any other law will not apply where
the elected representative goes on to become the Prime Minister or
Speaker of the Lok Sabha.
Huge
financial return for Cystic Foundation likely to encourage more
venture philanthropy
World
> Venture
Philanthropy > 19 Nov
The Cystic Fibrosis
Foundation, a non-profit organization dedicated to help patients
fight the deadly lung disease, has received the largest financial
return ever achieved for a charitable organization pursuing
treatments for disease. The foundation had embarked on a risky
approach – often called venture philanthrophy, 15 years ago, by
funding a total of $150 million to a small biotechnology company,
Vertex Pharmaceuticals, to entice it to develop drugs for the
disease. It has now received $3.3 billion from selling the rights to
the royalties to those drugs. That is 20 times the foundation’s
budget last year. It will likely encourage a growing number of
patient advocacy groups to seek their own deals with pharmaceutical
companies. Proponents of this approach say it speeds drug development
while also providing potential monetary rewards that can pay for even
more research. However, critics have raised concerns that perhaps
because a higher price means higher royalty payments, the foundation
did not do enough to bring the cost down. The foundation however said
that it had expressed concern over the cost of the drug to Vertex,
but had no power to set the price. The foundation’s grants to
Vertex and a smaller company it acquired led to the development of
Kalydeco, which was approved in 2012. It is the first drug that
treats the underlying cause of cystic fibrosis rather than just the
symptoms, slowing the rate of decline in lung function. Vertex is
testing two other drugs that have also shown promise in clinical
trials. Rather than receiving royalties on sales of those drugs over
the next two decades, the foundation decided to cash in now so it
could have more money to put into research quickly. Vertex official
have also said that the program to develop drugs for Cystic Fibrosis
might have been dropped if the foundation had not been paying for it.
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