Current Affairs for MBA exams (25th December - 31st December, 2014)

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AirAsia flight travelling from Indonesia to Singapore missing

World > Aviation > 28 Dec

An AirAsia plane QZ8501 has been missing with 162 people on board since Saturday, 28th of December. The airliner, an Airbus A320-200 travelling from Indonesia to Singapore lost contact with the air traffic control at 06:24 local time, the flight left Indonesia at 05:35 local time and was scheduled to arrive at Changi airport, Singapore at 08:30 local time. Bad weather was earlier reported in the area and the flight had requested a deviation citing thick storm clouds. The Indonesian navy has so far retrieved 40 bodies in rescue operations carried around the area in Java sea, along with the debris and wreckage of the plane.

2014 has been a difficult year for the aviation industry, in March a Malaysian Airlines' carrier MH370 went missing with 239 passengers on board, which has still not been found. Another Malaysian Airlines flight, MH17 was shot down over Ukraine in July, killing all 298 people on board.

IIT Delhi director's resignation causes a row

India > Education > 30 Dec

The resignation of IIT Delhi director Professor Raghunath Shevgaonkar has triggered a controversy. The professor has had a difference of opinion with the union ministry of Human Resources and Development regarding two different issues. The first being the reimbursement of wages with interest to former faculty member and current BJP leader Subramanian Swamy, and the other reason is the construction of a cricket academy on the campus. In the light of these events there have been rumours that the director had been forced by the union government for a resignation. All the parties involved have denied the allegations.

Greek PM's presidential nominee loses prompting snap elections, Eurozone apprehensive

Politics > World > 30 Dec

The Greek parliament rejected the presidential candidate nominated by Prime Minister Antonis Samaras leading to snap elections. Only 168 out of 300 MPs voted for Stavrov Dimas, the government's candidate.

As the radical left Syriza party is leading in the opinion polls, its leader, Alexis Tsipras said "austerity will be history" if Syriza wins on 25 January.

The government's defeat is considered as as a major setback for eurozone countries that helped Greece emerge from recession. The Syriza leader also regarded the parliament votes as "end of the regime that sank the country into poverty, unemployment, grief and desperation." Warning Greece about the contractual agreements, German Finance Minister Wolfgang Schaeuble said things could become difficult if Greece took a "different path". The European Central Bank also asked Greece to continue reforming its finances rather than ending austerity measures.

UN security council rejects Palestinian draft resolution

United Nations > World > 30 Dec

Palestinian resolution demanding withdrawal of Israel from Palestinian territories by late 2017 and a peace deal within 12 months was rejected by the UN Security Council. U.S. Ambassador to the United Nations, Samantha Power who voted against the resolution ,said it contains elements that are not conducive to negotiations between the parties, including unconstructive deadlines and was put to a vote without a discussion or due consideration among council members. Not seeing any progress in peace talks, the Palestinians are attempting to internationalize the issue by seeking U.N. Membership and recognition of statehood via membership in international organizations

Others

FDI cap in insurance sector to rise to 49%

Economy > India > 28 Dec

The FDI cap in the insurance sector will increase, following the government’s approval of an Ordinance to hike Foreign Direct Investment (FDI) cap in the insurance sector to 49 percent from 26 percent .This hike is believed to attract up to USD 7 8 billion (about Rs 50,000 crore) from overseas investors, giving a major boost to the segment. The Insurance Bill was awaiting the approval since 2008 in the Rajya Sabha.

Ration Card set to become obsolete to get free education and medical treatment for the poor

India > Food Security > 28 Dec

A year after the food security bill was passed, the food supplies and consumer affairs department has notified the government that ration cards and BPL (below poverty line) cards will not be valid for people under the economically weaker section (EWS) to avail food and health benefits. EWS beneficiaries are entitled to free education, health care and food supplies at certain government and private organisations. However, some of the people who have exchanged their BPL cards in return for food security cards are still not able to avail the facilities.

Several reforms to be unveiled, including modified Land Acquisition Law

Economy > India > 28 Dec

The Narendra Modi government is set to make some big-ticket announcements in the coming weeks, including changes in the land acquisition law through an ordinance.

The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013 was enacted by the previous UPA government, following protests over land being seized from farmers for various projects. The land acquisition rule was enforced from January 1 and clamoured for changes in the rule as it had led to a complete halt in development. The present government had expressed its unhappiness with harsh provisions of the law. The government favours expansion of the list of exempted sectors under the land law to include defence, education and healthcare and infrastructure while leaving compensation unchanged.

The government will also launch the direct benefit transfer scheme on 1st January on a nationwide basis with a view to ensure that the beneficiaries receive their subsidies directly in their bank accounts.

Mumbai attack mastermind held in another case

Terrorism > World > 28 Dec

Zakiur Rehman Lakhvi, the mastermind behind 26/11 terror attacks in Mumbai, was arrested for the third time just before his release from Adaila Jail in Rawalpindi . The jail superintendent received an order from the government regarding his arrest in another case. Lakhvi was to be released after he submitted a 1 million surety bond. Lakhvi had been detained for a second time after he was released for lack of evidence by a Pakistani court which had evoked a strong reaction from India.

Kashmiri Pandits to be provided Rs 40 Lakh flat in Srinagar

Jammu & Kashmir > India > 30 Dec

The government of India is going to provide 1000 apartments to encourage the Kashmiri Pandits to return to J&K. The 'good quality' apartments are built at a cost of Rs 40 Lakh. The government had received criticism from the Kashmiri Pandits, as they were provided with shabby two-room transit accommodation.

The 5764 families who migrated from West Pakistan to Jammu Division are still struggling to get their voting rights along with the Permanent Resident Right in J&K. This year's budget had set Rs 500 crore for rehabilitation of Kashmiri Pandits out of which a bulk of it will be spent on building the new 1000 flats near Srinagar.

Dense fog halts flights and trains in Delhi, UP shivers from intense cold

India > Others  > 30 Dec

Heavy fog enveloped Delhi propelling visibility to drop below 50 metres. As a result, 19 flights were cancelled at the Indira Gandhi international airport, 30 trains were also rescheduled for the same reason. Sunday's temperature dropped as low as 2.5 degree Celsius. The situation is even worse in the state of Uttar Pradesh, where dense fog coupled with icy cold winds have disrupted normal life. A total of 16 deaths were reported in the state on Monday alone.

Power shift in the Taliban over reclusive leader

World > Terrorism  > 30 Dec

This year has seen jihad rise to a new level with the influence of the Islamic State in Syria and Iran, which has reduced the role of the Taliban to a second fiddle in the world of Islamic militancy. In the face of such events, the Taliban leader Mullah Mohammed Omar remains reclusive and maintains a low profile. This invisibility of the Taliban leader has caused disarray among the ranks of the Taliban and has led to internal tensions, which has given an opportunity to local as well as western organisations to dismantle it. There have also been speculations that the Taliban leader might be dead already, but various sources have denied it and have attributed his low profile as his attempt to hide from security forces.

Mahendra Singh Dhoni retires from Test Cricket

Sports > Cricket  > 30 Dec

Indian cricket captain, Mahendra Singh Dhoni, has retired from Test Cricket with immediate effect. The decision comes after India drew the third test against Australia today in Melbourne. Out of the 90 Tests he played, Dhoni led India in 60 matches. Dhoni finished with most Test wins as India captain (27), beating the previous best of 21 wins held by Sourav Ganguly. The BCCI thanked Dhoni for his enormous contribution to Indian cricket and said that Dhoni was retiring in order to relieve himself from the pressure of playing all formats of the game and in order to concentrate more on ODIs and T20s.

Microsoft's once popular browser IE to be discontinued

Technology > World  > 30 Dec

Microsoft is set to replace its once popular web browser Internet Explorer with a new web browser in a clear attempt to follow the footsteps of Chrome and Firefox. This new browser codenamed 'Spartan' will be revealed on January 21; on the same day Microsoft's new Windows 10 OS will be demonstrated. The new browser will still use many of the same technologies as Explorer, but will have a simpler look and feel, and will support extensions. This initiative is expected to shed users' bad memories of old versions of IE.

Putin opponent's conviction sets off one of the biggest anti-government protests in Russia

World > Russia  > 30 Dec

Russian president Vladimir Putin's chief political opponent Alexei Navalny was on Tuesday convicted along with his brother, for fraud charges. This move has sparked off an anti-government protest, mainly because of the public opinion, which views the conviction as a result of the political rivalry between Putin and Navalny. The protest was one of Russia's boldest anti-government demonstrations in years. The duo was charged for defrauding a French cosmetics company Yves Rocher. The police allowed the protest to occur at the Red Square for about two hours, after which they started to disperse the gathering.

Defence Minister advises troops to retaliate with double force in case of a ceasefire violation

India > Border Disputes  > 31 Dec

The defence minister of India, Mr. Manohar Parrikar, has advised security forces to not hesitate while attacking in future cases of ceasefire violations by Pakistan. The bold statement comes in the light of cross border firings carried out by Pakistani troops in Jammu district, which injured an Indian soldier. The incident was the fifth such instance in the past week alone.

There have been quite a few instances where the Pakistani troops have violated the ceasefire agreement in the past. Tensions arose when a Border Security Force (BSF) personnel was beheaded by Pakistani nationals earlier this year.  

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Current Affairs For Banking Exams (24th December - 30th December)

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FDI cap in insurance sector to rise to 49%

Economy > India > Dec 24

The FDI cap in the insurance sector will increase, following the government’s approval of an Ordinance to hike Foreign Direct Investment (FDI) cap in the insurance sector to 49 percent from 26 percent .This hike is believed to attract up to USD 7 8 billion (about Rs 50,000 crore) from overseas investors, giving a major boost to the segment. The Insurance Bill was awaiting the approval since 2008 in the Rajya Sabha.

Ration Card set to become obsolete to get free education and medical treatment for the poor

India > Food Security > Dec 28

A year after the food security bill was passed, the food supplies and consumer affairs department has notified the government that ration cards and BPL (below poverty line) cards will not be valid for people under the economically weaker section (EWS) to avail food and health benefits. EWS beneficiaries are entitled to free education, health care and food supplies at certain government and private organisations. However, some of the people who have exchanged their BPL cards in return for food security cards are still not able to avail the facilities.

Raghubar Das sworn-in as Jharkhand's first non-tribal CM

Politics & Government > Raghubar Das > Dec 28

BJP-leader Raghubar Das became the first non-tribal CM of Jharkhand at the head of a five-member BJP-AJSU coalition government after the swearing-in ceremony. Governor Syed Ahmed administered the oath of office and secrecy to 59-year-old Das at the Birsa Munda Football Stadium in Ranchi.

Cabinet ministers who were also sworn in, include Nilkanth Singh Munda, Chandreswar Prasad Singh, Louis Marandi (all BJP) and Chandraprakash Choudhary (AJSU party).

An absolute majority in the 81-member state Assembly was gained by BJP along with its pre-poll ally AJSU for the first time.

Others

Gujarat to host the 13th Pravasi Bhartiya Divas in January

India > Others > Dec 24

The Ministry of External Affairs (MEA) has announced that Gujarat will host the 13th edition of the Pravasi Bhartiya Divas (PBD) from 7th to 9th January, 2015. The event will mark the 100th year of Mahatma Gandhi's return to India from South Africa. It is celebrated every year to honour the achievements of Indians living abroad. The president of Guyana Mr. Donald Ramotar will be present as the chief guest for the event.

India wins gold at the World Youth under 16 Chess Olympiad

World > Sports > Dec 24

India beat Turkey 3.0 – 1.0 to win the World Youth Under-16 Chess Olympiad title at Gyor in Hungary. India were initially 0-1 down after International Master Diptayan Ghosh lost to Vahap Sanal, but came back strongly with the other three contestants IM Murali Karthikeyan, IM Aravindh Chithambaram and IM Kumaran Balaji winning their respective matches. A total of 54 countries participated in the event.

Pre-2005 notes exchange deadline extended till June 30

Economy > India > Dec 24

The Reserve Bank of India has announced the new deadline, for exchanging pre-2005 currency of various denominations, including Rs.500 and Rs.1, 000. The deadline has been extended from January 1 2015 to June 30 2015. The central bank clarified that all such notes will continue to remain a legal tender. It also said that these notes can be exchanged for their full value. Post-2005 notes have security features to avoid fake currency threats.

December 25th observed as good governance day by the union government

India > Important Days > Dec 25

25th December was observed as 'good governance day' by the central government in order to commemorate former PM Atal Bihari Vajpayee's 90th birth anniversary. An exhibition was organised by the information and broadcasting ministry at the IGNCA complex, where three films were screened on the life of the former PM to highlight his achievements.

SMS-based cyclone warning system launched

Science & Technology > India > Dec 25

An SMS-based alert system was launched by the Indian Meteorological Department (IMD) on the birthday of former Prime Minister Atal Behari Vajpayee. Individuals can register themselves at the weather forecaster's official website – www.imd.gov.in. After registration, they will receive an SMS from the IMD working under round-the-clock web-based operational system. The purpose behind launching the system is to communicate weather and disaster-related alerts or warnings to disaster managers, fishermen and farmers in the affected areas.

AirAsia flight QZ8501 travelling from Indonesia to Singapore missing

World > Aviation > Dec 28

An AirAsia plane has been missing with 162 people on board since Saturday, 28 December. The airliner, an Airbus A320 200 travelling from Indonesia to Singapore lost contact with the air traffic control at 06:24 local time, the flight left Indonesia at 05:35 local time and was scheduled to arrive at Changi airport, Singapore at 08.30 local time. Bad weather was earlier reported in the area and the flight had requested a deviation citing thick storm clouds. In a recent development, dead bodies of the passengers and debris of the plane have been found near the area of the Java sea, where the plane was last seen. 2014 has been a difficult year for the aviation industry, in March a Malaysian Airlines' carrier MH370 went missing with 239 passengers on board, which has still not been found. Another Malaysian Airlines flight, MH17 was shot down over Ukraine in July, killing all 298 people on board.

ISRO chairman features in Nature journal's top ten scientists of the world

India > ISRO > Dec 29

The chairman of ISRO (Indian Space Research Organisation) Dr. K Radhakrishnan has been included in the list of top ten scientists of 2014, by the prestigious journal 'Nature'. It is the first time that an Indian working in India has been bestowed with the honour. The move comes on the back of ISRO's launch of 'Mangalyaan' into the Mars orbit, where Dr. Radhakrishnan played a key role. ISRO's other achievements in the current year include ingeniously developing a cryogenic engine and launching the GSLV Mark III.

India successfully launched the orbiter 'Mangalyaan' into the Mars orbit on 24th September, 2014 becoming the first Asian country to do so, and the first country in the world to achieve it in the first attempt.

Sebi approves RNIL's proposed IPO

Corporate > India > Dec 29

Market regulator Sebi approved the proposal of state-run Rashtriya Ispat Nigam Ltd (RINL) to raise funds through an initial public offer (IPO).

RNIL had filed its draft papers for the proposal with Sebi in September. Sebi issued its final 'observations' on the draft red-herring prospectus (DRHP) documents on December 22, indicating a clearance to the issuer to go ahead with the share issues through routes like IPOs, FPOs and rights issue.

Mahendra Singh Dhoni retires from Test Cricket

Sports > Cricket > Dec 30

Indian cricket captain, Mahendra Singh Dhoni, has retired from Test Cricket with immediate effect. The decision comes after India drew the third test against Australia today in Melbourne. Out of the 90 Tests he played, Dhoni led India in 60 matches. Dhoni finished with most Test wins as India captain (27), beating the previous best of 21 wins held by Sourav Ganguly. The BCCI thanked Dhoni for his enormous contribution to Indian cricket and said that Dhoni was retiring in order to relieve himself from the pressure of playing all formats of the game and in order to concentrate more on ODIs and T20s.

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Current Affairs for MBA exams (18th December - 24th December, 2014)

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Russian ruble declines 80 percent to US dollar, brings back fear of 1998 crisis; authorities blame it on western sanctions

World > Ruble Decline > Dec 18

A major decline in the value of the Russian ruble has sparked off an economic crisis in Russia and affected markets world over. The ruble went past 80 to the dollar, the first time since 1998, bringing back fears of the 1998 Russian financial crisis. A decline in confidence over the Russian economy caused investors to sell off their Russian assets, further causing the ruble to drop in value. Russian authorities attributed the fall of the ruble to two sources - Crude oil, a major export of Russia, declined in price by nearly 50% between June 2014 and 16 December 2014. The drop in oil prices was caused by a drop in demand across the world as well as increased production in the United States. This fall in oil prices hit Russia hard as roughly half of the Russian government’s revenue comes from the sale of oil and gas. Secondly, a host of economic sanctions imposed on Russia following Russia’s annexation of Crimea and its alleged military intervention in Ukraine. Russian companies have been prevented from rolling over debt, forcing companies to exchange their rubles for U.S. dollars or other foreign currencies on the open market to meet their interest payment obligations on their existing debt.

Steps taken:

The Central Bank of Russia increased its interest rate from 10.5% to a whopping 17% and pumped $ 2 billion to strengthen the declining ruble. The government also instructed five of the country's biggest state-controlled exporters to reduce their foreign currency assets to October levels and to not raise them again until March. The central bank lent $530 million to bail out mid-sized Trust Bank, which became the first bank to accept a government bailout during the crisis. Russian President Vladimir Putin and Prime Minister Dmitry Medvedev blamed the western nations of engineering the crisis. News of the ruble collapse affected Indian Pharmaceutical companies and caused a sharp plunge in the Sensex. Stock markets in the US and China plummeted 2-3% due to the Russian crisis. The devaluation of the ruble affected the currencies of many post-Soviet states as trade with Russia represents over 5% of their GDP.

Cabinet approves GST Constitutional Amendment Bill

Politics and Government > Goods & Services Tax (GST) > Dec 18

The Union Cabinet on Wednesday approved the Constitutional Amendment Bill on Goods & Services Tax (GST), taking a step forward towards an indirect tax reform expected to raise revenues and boost growth. The government aims to implement GST by April 1, 2016. GST is one of the primary objectives of the Narendra Modi government's economic agenda. The Bill had missed several rollout dates due to lack of consensus among the states and the Centre. The breakthrough came after finance minister Arun Jaitley assured the states of a fair deal. Initially, petroleum will be kept out of GST but will be included in the new tax set up once states come on board. Alcohol too will be kept out of GST. Additionally, the Centre has devised a levy of 1% above the GST rate on select items and is assuring the states full compensation for revenue loss for three years, followed by 75% in fourth year and 50% in the fifth. However, the Centre hopes that there will be less need to pay compensations due to fewer exemptions and a gain from service tax.

Indian men’s and women’s teams win Kabaddi World Cup

Sports > Kabaddi > Dec 20

The Indian men’s team continued their winning streak by clinching the fifth Kabaddi World Cup title defeating Pakistan 45-42 for the fourth time. The Indian women’s team also won their fourth consecutive title beating New Zealand 36-27 for the second time in a row. Both teams in the men and women sections had clashed during the finals of Fourth Kabaddi World Cup at Ludhiana last year and in both the matches, India had emerged victorious.

Bharat Ratna to be conferred on Atal Bihari Vajpayee and Madan Mohan Malaviya

Awards > Bharat Ratna > Dec 24

On the eve of Bharatiya Janata Party (BJP) stalwart Mr. Atal Bihari Vajpayee’s birthday on December 25, the centre announced the decision to honour the former Prime Minister and freedom fighter-educationist Madan Mohan Malaviya with the prestigious Bharat Ratna, India’s highest civilian award.

Reportedly, the decision was taken at a meeting held by PM Modi and attended by top BJP leaders. The BJP has been demanding the award for Vajpayee since five years. The award comprises a certificate signed by the President and a peepal-leaf shaped medallion. Bharat Ratna has been conferred on 43 individuals from the day it was instituted.

Others

Chaos in Rajya Sabha on the conversions' issue, opposition asks for PM’s statement

Politics & Government > India > Dec 18

Rajya Sabha witnessed a chaos over the conversions issue demanding a statement from Prime Minister Narendra Modi. The house was adjourned immediately by the Chairman of the house. Although the government said that it was ready for a discussion on the issue, the opposition wanted a statement from the Prime Minister himself.

The protests from the opposition started after the mass conversions of nearly 60 Muslim families took place in Agra in Uttar Pradesh last week.

Rajinder Khanna and Prakash Mishra appointed as RAW and CRPF chiefs respectively

India > RAW & CRPF > Dec 20

The NDA government on Tuesday appointed Rajinder Khanna as the new chief of India's secret agency, Research & Analysis Wing (RAW) and Prakash Mishra as the Director General of the Central Reserve Police Force (CRPF). The appointments were made by a cabinet committee headed by PM Narendra Modi. The appointments committee cleared Khanna, a 1978 batch RAS cadre, for the post of RAW chief for a period of two years from 31 December and Mishra, a 1977-batch IPS officer from Odisha cadre, was made chief of CRPF.

Atletico de Kolkata wins first edition of Indian Super League

Sports > Football > Dec 20

Atletico de Kolkata beat Kerala Blasters 1-0 to win the inaugural edition of the Indian Super League (ISL) football tournament. Although Kerala had more chances on goal than Kolkata, both teams remained goalless for more than 90 minutes. A header by Kolkata’s Mohammad Rafique in the 94rd minute helped Kolkata lift the cup.

Ukraine parliament votes to pursue closer ties with NATO drawing criticism from Russia

World > Ukraine > Dec 23

A pro-western Ukraine parliament voted overwhelmingly, 303 to 8, in favour of revoking a policy of “nonalignment” and to instead pursue closer military and strategic ties with the West. “Nonalignment” has been defined as “nonparticipation of Ukraine in the military-political alliances” and was widely pushed by former president Viktor F. Yanukovych, who was toppled in February and fled to Russia after months of protests in Kiev. The revised law, widely pushed by current President Petro O. Poroshenko, requires Ukraine to deepen cooperation with NATO in order to achieve the criteria required to be a member of the NATO. However, owing to Russia’s strong opposition, it is unlikely that Ukraine will join NATO soon. In November, Russia had asked for a 100 percent guarantee on Ukraine not joining NATO. Russia has criticized the vote and said that such laws will not help in settling the domestic crisis and instead aggravate the confrontation.

Kendriya Vidyalayas to remain closed on Christmas, online essay competition voluntary: CBSE

Politics and Government > Good Governance Day Controversy > Dec 23

The CBSE has clarified that it has not issued any directive for schools to remain open on December 25th Christmas Day. A circular issued by the CBSE further stated that all Kendriya Vidyalayas will adhere to the holiday schedule and students can participate in the online essay competition only if they desire. They can do so from the comfort of their homes or any other place of their choice. The clarification by the CBSE came in wake of the controversy over media reports that the government had issued instructions asking schools to remain open on December 25, Christmas Day, to observe 'Good Governance Day' to mark former prime minister Atal Bihari Vajpayee's birthday.

Bodo militants kill 53 tribals in Assam

India > Assam Attacks > Dec 24

65 tribals were killed by Bodo militants in Assam's Kokrajhar and Sonitpur districts on Tuesday. The areas in the jurisdiction of Dhekiajuli, Thelamara, Rangapara and Biswanath Chariali police stations have been clamped with curfew. The tribals retaliated with violent protests.In Dhekajuli town, the protestors, armed with bows and arrows, tried to storm the police station. Police resorted to lathi-charge and opened fire when the situation worsened. Three persons were killed and several others injured in police action. Angry protestors also set ablaze twenty houses allegedly belonging to the people of the Bodo community in Sonitpur district.

The Prime Minister condemned the militant attack and called it an act of cowardice. A relief of Rs 200, 000 has been given to the family of the deceased and Rs 50,000 to the injured. The death toll is likely to go up as the bodies are being recovered. The officials suspect the involvement of the militant group National Democratic Front of Bodoland (Songbijit).

Shinzo Abe confirmed for second term as Japan’s prime minister

World > Japan > Dec 24

Japan's parliament has confirmed Shinzo Abe for another term as prime minister after his election victory. The lower house voted overwhelmingly for Abe with 328 votes against 73 for acting opposition leader Katsuya Okada. That was followed by an upper house poll which officially confirmed Abe as premier. His new cabinet remained largely unchanged except for General Nakatani who replaced Akinori Eto as defence minister after Eto declined reappointment in the midst of a political funding scandal. China’s official news agency warned that Abe and his defence minister need to tread carefully as the two of them advocate a stronger role for Japan’s self-defence forces and the international community should keep an eye on them. Relations between Japan and China have been cold with China blaming Abe's provocative nationalism, including a visit to a controversial war shrine, and trying to conceal the truth on Japan's wartime record of enslaving women for sex.

Cabinet approves 100% FDI for medical devices sector

Politics and Government > FDI in Medical Devices Sector > Dec 24

The Union Cabinet has approved the liberalisation of the medical devices sector with 100 percent FDI for medical devices business. FDI will be permitted through automatic route in the case of greenfield investment or new venture and the Foreign Investment Promotion Board (FIPB) approval is required in the case of brownfield investment or in existing companies. As per estimates, India imports about 70 percent of its requirement of medical devices. The industry size in the country is about USD 7 billion.

Medical devices include wide range of products such as sutures, implants and surgical instruments.

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Current Affairs For Banking Exams (17th December - 23rd December)

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Atletico de Kolkata wins first edition of Indian Super League

Sports > Football >20th Dec

Atletico de Kolkata beat Kerala Blasters 1-0 to win the inaugural edition of the Indian Super League (ISL) football tournament. Although Kerala had more chances on goal than Kolkata, both teams remained goalless for more than 90 minutes. A header by Kolkata’s Mohammad Rafique in the 94^rd minute helped Kolkata lift the cup.

Indian men’s and women’s hockey teams win Kabaddi World Cup

Sports > Kabaddi > 20th Dec

The Indian men’s hockey team continued their winning streak by clinching the fifth Kabaddi World Cup title defeating Pakistan 45-42 for the fourth time. The Indian women’s hockey team also won their fourth consecutive title beating New Zealand 36-27 for the second time in a row. Both teams in the men and women sections had clashed during the finals of Fourth Kabaddi World Cup at Ludhiana last year and in both the matches, India had emerged victorious.

PDP emerges largest party in J&K polls, BJP follows close; in Jharkhand BJP wins majority

Politics and Government > J&K and Jharkhand assembly polls > 23rd Dec

The regional People's Democratic Party (PDP) emerged as the largest party in Jammu & Kashmir winning 28 seats in the 87-member assembly. The Bharatiya Janata Party (BJP) once again underlined its popularity among the electorate with strong performances in the Jammu & Kashmir and Jharkhand assembly elections. The BJP won 25 of 87 seats in Kashmir, its best performance ever in the Muslim-majority state, but fell short of a simple majority to form the government. Outgoing Prime Minister Omar Abdullah’s National Conference party won 15 seats.

In Jharkhand, the BJP is all set to form a majority government as it has won 43 seats, more than the 41 needed to form a majority government in the 81-member Jharkhand assembly. The ruling Jharkhand Mukti Morcha (JMM) has improved its performance winning 20 seats. The Congress has only managed to win 6 seats.

Others

Jagran Prakashan buys FM channel Radio City’s parent company from India Value Fund Advisors for Rs. 350-400 crore

Corporate > FM Channel Radio City – Jagran Prakashan >20th Dec

India Value Fund Advisors, India's biggest homegrown private equity fund, has sold its entire stake in Music Broadcast Pvt. Ltd., the company that owns FM radio channel Radio City to the Jagran Prakashan Group for Rs 350-400 crore. India Value had brought Music Broadcast Pvt. Ltd. from the Star Group in 2007 for Rs. 75-80 crore and has made at least four times returns on investments by selling it. Radio City, one of the leading FM players in India, operates in 20 cities including major metros such as Mumbai, Bengaluru, Chennai and Delhi. Jagran Prakashan, publisher of Hindi daily Dainik Jagran, is one of the largest regional media houses in India.

RBI imposes fines on ICICI Bank and Bank of Baroda for violating KYC norms

Bank specific > Penalties on banks >20th Dec

The Reserve Bank of India has imposed penalties on ICICI Bank and Bank of Baroda for violating 'Know Your Customer' (KYC) as well as anti-money-laundering norms (ALM). ICICI Bank was fined Rs 50 lakh and BoB Rs 25 lakh. RBI also cautioned State Bank of India, Axis Bank and State Bank of Patiala that they should review and comply with KYC norms.

Minorities Rights Day observed throughout the world on 18th December

World > Others >20th Dec

18^th December was observed as the World Minorities Day throughout the world in order to create awareness about the rights of minorities. On this day, various NGOs and organisations keep a tab on the recent developments and events pertaining to minority rights in India and the world over. The National Commission of Minorities is the body which observes the day in India.

On the aforementioned date in 1992, the United Nations promulgated the Declaration on the Rights of Persons belonging to National or Ethnic, Religious and Linguistic Minorities, to strengthen the cause of the minorities.

ISRO successfully launches its heaviest rocket – GSLV Mark III

India > ISRO >21th Dec

The Indian Space Research Organisation (ISRO) exhibited its growing expertise yet again when it launched the Geostationary Launch Vehicle (GSLV) Mark III at the Satish Dhawan Space Centre in Tamil Nadu on Thursday, 18^th December, 2014. ISRO aims to put 4 tonne class satellites into the geostationary orbit through the vehicle. The vehicle has been under development from the past ten years, and its path through the atmosphere was a critical aspect during the launch. The GSLV can help the government in saving a lot of foreign reserve as heavy communication satellites are launched with the help of foreign space agencies, the government can also earn foreign exchange by helping other countries launch their satellites.

Rajinder Khanna and Prakash Mishra appointed as RAW and CRPF chiefs respectively

India > Others >21th Dec

The NDA government on Tuesday appointed Rajinder Khanna as the new chief of India's secret agency, Research & Analysis Wing (RAW) and Prakash Mishra as the Director General of the Central Reserve Police Force (CRPF). The appointments were made by a cabinet committee headed by PM Narendra Modi. The appointments committee cleared Khanna, a 1978 batch RAS cadre, for the post of RAW chief for a period of two years from 31 December and Mishra, a 1977-batch IPS officer from Odisha cadre, was made chief of CRPF.

SpiceJet resumes operations

India > Aviation >23rd Dec

Budget carrier SpiceJet, the operations of which were hit due to non-payment of dues to oil companies and regulatory issues regained normalcy in operations on Sunday, 21^st of December. The airline had already operated 124 flights by Sunday afternoon and was due to operate its full quota of 230 flights by the end of the day.

In the second week of December the debt ridden airline was struggling to deal with a sudden cut in jet fuel supply by oil companies. Many of its flights were cancelled or delayed, which resulted in an 8% drop in the company shares.

India's Shiva Kesavan wins silver medal at the Asian Luge Championship

India > Sports >23rd Dec

Indian luge player Shiva Kesavan bagged a silver medal at the Asian Luge Championship in Nagano, Japan. He clocked 49.934 seconds to cover the 1326 metre long ice track in the men's luge competition at the Spiral Olympic Sliding Centre. The gold was won by Japan's Hidenari Kanayama who won 49.791. The 33 year old Indian athlete failed to capitalise on his fabulous start of 3.191 seconds, which also happens to be an Asian start record.

Government introduces code to stop medical companies from gifting freebies to doctors

India > Unethical marketing of medicines >23rd Dec

Concerned with the rising unethical marketing practices and prescription drug promotions by medical companies, the government has introduced a uniform code of conduct for the pharmaceutical industry. The code bans gifts, freebies, hospitality, medical samples and grants from pharmaceutical firms or their agents to doctors. The code will be voluntary to start with and will be effective from 1^st January. It will be reviewed after six months and if the government finds that the code has not been implemented "effectively", the government will "consider"' making it mandatory. There already exists a self-regulatory code in the industry which bans unethical sales promotion and marketing expenses. However, industry experts say that such a code exists only on paper as industry experts try to influence prescriptions through several ways.

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Current Affairs for MBA exams (11th December - 17th December, 2014)

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Ebola Fighters named Time Magazine's 'Person of the year'
World > Media >11 Dec

The Ebola fighters have been named as TIME magazine's Person of the Year 2014. The announcement was made by the magazine on Wednesday, 10th of December, 2014. Dr Kent Brantly, the U.S. doctor who contracted Ebola while treating patients in Liberia,  featured on the cover page of the magazine. The cover also features Foday Gallah, an ambulance driver who survived the infection, Médecins Sans Frontières nurse Salome Karwah and Dr Jerry Brown, a Liberian surgeon who turned his hospital's chapel into the country's first Ebola treatment centre.
Each year, the magazine names the 'person' who most influenced the news, for better or worse, throughout the year.

Bengaluru youth operates one of ISIS’ most famous twitter handle
India > ISIS Twitter handle > 12 Dec

Mehdi Masroor Biswas, the operator of one of one of the most successful pro-ISIS Twitter accounts - @ShamiWitness, has been tracked down to Bengaluru by central intelligence agencies. The 24-year old youth, who hails from Gopalpur in West Bengal, had been working with an MNC in the city since 2012 and lived with his family. Cops were alerted to his presence following his interview on Channel 4, a British public-service television broadcaster. This particular twitter handle went online last year and since has been posting photos and videos of ISIS aggression. The account, which had nearly 18,000 followers, has shut down following reports. The account was followed by jihadi fighters and middle-east analysts. He had been encouraging ISIS fighters through his tweets, and had several times posted the video of US aid worker Peter Kassig's beheading. Channel 4 reported that his Facebook account was markedly different and had routine updates about dinners and work parties. He had also written two blog posts on inter-jihadi disputes and the start of the ISIS offensive in Iraq. He was in touch with English-speaking jihadis and new recruits who followed his account. Hundreds of supporters of Mehdi have vented their anger on social media with threat tweets wanting his release. Within hours of his arrest, a new Twitter handle named @ShamiWitness2 has surfaced. The police are trying to track down such accounts and tweets but say that it’s difficult. Radicalization of the youth and the spread of pro-ISIS agenda in the country is one of the primary concerns of Indian intelligence agencies.

Complaint filed against Google by Survey of India
India > Others > 16 Dec

A police complaint has been filed against technology giant Google by the Survey of India in Dehradun for wrongly depicting India's map. Google maps show an incorrect depiction of the international boundaries of India, which is not in accord with the one the Government of India has authenticated. The complaint has been registered with the cyber cell of the Dehradun police station and further action would be taken after the cyber cell's detailed report.

Pakistan Taliban attack school in Peshawar, kill 132 children
World > Peshawar attack >17Dec

In the deadliest attack in Pakistan’s history, the Pakistan Taliban attacked an army school in Peshawar and killed 145 people, 132 of them uniformed children. During the ordeal that lasted for eight hours at the Army Public School and Degree College, nine Taliban gunmen fired at random and threw grenades as they stormed through the corridors and assembly hall. Some of the 1,100 students at the school were lined up and shot with bullets to the head. Others were gunned down as they cowered under their desks, or forced to watch as their teachers were riddled with bullets. Eyewitnesses said that the gunmen singled out the survivors and fired at them till they died. A Taliban spokesman said that the attack had been in retaliation against the Pakistan’s military’s offensive against the Taliban in the North Waziristan tribal region of the country that has killed scores of Taliban militants. The Pakistan army said in a statement that all the militants have been killed and 960 students and school staff were rescued safely. Mass funerals were held in and around Peshawar and hospitals remained crowded with students injured in the attack and their relatives. Support poured in from all quarters of the world and people expressed shock and grief at the murder of innocent children. The United States and various other countries expressed full support to Pakistan in the fight against terrorism. Indian PM Narendra Modi called Pakistan PM Nawaz Sharif and expressed full solidarity and support.

Others

Xiaomi banned from selling and importing phones in India
India > Business > 11 Dec

The Delhi high court has banned Chinese mobile phone manufacturer Xiaomi from selling and importing its products in India. The move comes as a direct result of a case filed by Swedish company Ericsson pertaining to a SEP (Standard Essential Patents) and IPR (Intellectual Property Rights) issue. The Swedish equipment maker's patents on technologies are essential to manufacture the products that Xiaomi offers.
Ericsson had also filed similar cases against Micromax, Gionee and Intex earlier this year, in fact, Delhi high court had ordered Micromax to offer Ericsson royalty up to 1%  of the selling price of its devices to Ericsson as the former was using its technology.

Detroit comes out of bankruptcy
World > Others > 11 Dec

The city of Detroit, which had filed for bankruptcy under chapter 9 is all set to come out of bankruptcy by slashing its debt by $7 billion and reinvest another $1.4 billion over the next ten years to improve city services. Detroit bankruptcy mediators, led by U.S. District Chief Judge Gerald Rosen, raised the required funds in 20-year pledges from a group of national and local foundations to help fund the bailout. Kevin Orr who took over as the emergency manager of Detroit when it filed for bankruptcy in March, 2013 will resign from the post and given back the city's control to the mayor Mike Duggan and governor Rick Snyder as the end of bankruptcy will also end his tenure.
The city of Detroit, Michigan filed for Chapter 9 bankruptcy, available exclusively for municipalities on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion.

Telcos fined Rs 2,179.41 crore for violation of customer verification guidelines
Corporate > Telecom operators > 11 Dec

The government has imposed a total penalty of Rs 2,179.41 crore was imposed on telecom operators till September 30, 2014, for violation of customer verification guidelines. A penalty of Rs 172.80 crore was imposed on Tata Teleservices, Rs 52.31 crore on Sistema Shyam Teleservices, Rs 11.65 crore on Uninor, Rs 11.17 crore on MTNL and Rs 10.92 crore on STel. The verification of identity of mobile phone users is mandatory and the DoT has been issuing instructions from time to time for the same. However 4% of the customer application forms were non-compliant to the guidelines and hence the fines were imposed.


The cabinet has approved an additional compensation of Rs. 5 lakh to 1984 anti-sikh riot victims
India > Others > 11 Dec

The union cabinet has decided to approve the additional compensation of Rs. 5 lakh for the relatives of the 1984 anti-sikh riots, which the home ministry had earlier proposed. The total number of victims is 3325 of which 2733 were killed in Delhi alone and the rest were from the states of Haryana, Uttar Pradesh, Madhya Pradesh and Maharashtra. The move from the centre has raised speculation of the government engaging in vote-bank politics as the assembly polls are expected to be announced next month in Delhi, the  main affected area of the riots.  
The riots occurred in the aftermath of the assassination of the then India prime minister Indira Gandhi on 31st of October, 1984.

Global markets fear another economic crisis as Greek prime minister calls early elections
World > Greece > 15 Dec

The ongoing political crisis in Greece re-ignited strong fears of a global economic slowdown even as Greece prepares to exit its economic rescue programme.  The Athens stock exchange plunged nearly 13%, its biggest drop since the 1980s and gave a major jolt to world markets, following Greek Prime Minister Antonis Samaras’ sudden decision to call early presidential election. If Antonis fails to win sufficient support for his candidate, early general elections could take place which might bring the radical left Syriza party into power. The anti-austerity Syriza party wants to negotiate a debt write-off that is the biggest in Europe and hike public spending, which will put Greece in a dispute with its creditors and might even prompt a Eurozone exit. Economists fear that early general elections will re-instate the economic crisis that Greece has still now not fully got over with.

Government planning to set up institutes of Indology on the lines of IITs, IIMs
Politics and government > IITs ,IIMs > 16 Dec

In its bid to promote research on ancient Indian knowledge and practices and their relation with the contemporary world, the government is planning to establish the country’s first centrally-funded institutes of Indology, on the lines of the Indian Institutes of Technology and Management (IITs and IIMs). Indology is understood as the study of classical Indian languages, literature and philosophical systems. The institutes will offer PG courses such as diplomas, Masters and PhD programmes in ancient literary texts and languages, classical system of economy  and business, governance and administration, archaeology, history and philosophy of science and technology, traditional organic agriculture, water management and construction practices, among others.  The institutes are expected to follow the structure of the IITs, where the governing council is the highest decision-making body. Students will be selected through a rigorous process which will involve a written entrance test and an interview, similar to the IITs and IIMs.

Germany wins Hockey Champions Trophy beating Pakistan
Sports > Champions Trophy > 15 Dec

Germany won the Hockey Champions Trophy beating Pakistan 2-0 in the final held in the Kalinga stadium in Bhubaneswar, Odisha on Sunday. Germany scored in the 18th And 56th minute to win the trophy for the tenth time. Germany had last won the title in 2007. Pakistan entered the finals after beating India in the semi-final.

Muslim cleric holds people hostage in Sydney cafe, demands flag of Islamic state
World > Sydney siege > 15 Dec

A self-described Muslim cleric by the name of Man Haron Monis, held more than a dozen staff and customers hostage in Sydney’s popular Lindt cafe. The 16-hour siege ended after commandos stormed the cafe and killed the gunman. Lindt cafe manager Tori Johnson, 34 and lawyer Katrina Dawson, 38 were killed and 4 people including a policeman were injured in the gun-battle. Monis forced some of the hostages to hold a black Islamic banner at the window of the cafe. Central Sydney was put in lockdown as the events unfolded. Monis, an Iranian refugee, received political asylum in Australia in 1996. He was on bail facing a number of charges, including the murder of his ex-wife and more than 40 sexual and indecent assault charges. He had also been convicted of sending offensive letters to the families of deceased Australian soldiers. Monis, who described himself on a website as a Shia Muslim, had converted to Sunni Islam and was said by his former lawyer to have been an isolated figure. One of the gunman's demands was to have a flag of Islamic State, the Sunni militant group, delivered to the cafe. Prime Minister Abbott said the gunman had an "infatuation with extremism" and had been mentally unstable. The Sydney police knew about him but he was on the terror watch list. Iran’s police chief has claimed that they had requested the extradition of Monis, who was convicted of various crimes in Iran, in 2000 but the Australian authorities didn’t hand him over.

YouTube allows offline access to content in India
Corporate > YouTube > 15 Dec

You Tube has announced that from now onwards people in India will be able to view much of India’s popular YouTube content offline. YouTube has launched an offline feature in their mobile app which will allow users to take video offline using either their data plan or Wi Fi. After going offline, the videos can be viewed without an Internet connection for up to 48 hours after which the user will be required to connect to the Internet to sync the usage data and analytics with YouTube. You Tube has said that in developing countries like India a large chunk of internet users connect to the internet with a mobile phone. With this feature, YouTube hopes users will be able to enjoy smooth and buffer-free online content irrespective of the challenges of data connection, speed and cost.

Bharti Airtel to sell 1100 towers in Zambia and Rwanda
India > Business > 15 Dec

Indian Telecom giant Bharti Airtel has signed a deal with IHS Holding, Africa's leading mobile infrastructure company to provide 1100 towers in Zambia and Rwanda. The deal which will allow Airtel to lease towers to IHS for a period of ten years, was signed through Airtel's international arm Bharti Airtel International BV based in Netherlands. The Rs. 2000 crore deal is Airtel's attempt to lower its debt and decrease loss bearing operations in the continent.
This development was preceded by Airtel's sale of 4800 towers in Nigeria to American Tower Corporation in November, 3500 towers in six African countries to Eaton Towers in September and 3100 towers to Helios Tower Company in July. Bharti Airtel has not managed to make profit in Africa even four years after it entered the continent.

CBI ordered to record statement of ex-PM Manmohan Singh in Coalgate
India > Scams > 16 Dec

The Central Bureau of Investigation (CBI) was directed by a trial court to record the statement of former PM Manmohan Singh with respect to the Talabira II coal block allocation to Hindalco, when he also handled the coal ministry portfolio. The court order comes after CBI had closed the report on the Talabira coal block in Orissa, citing that no criminal offence had been committed by any of the persons involved in the allocation of the coal block.
Coal allocation scam is a major political scandal concerning the Indian government's allocation of the nation's coal deposits to public sector entities and private companies.

Chaos in parliament over forced conversion, VHP decides to put the campaign on hold
India > Politics > 16 Dec

The Lok Sabha witnessed much discord over the forceful conversion of muslims on the second day in a row. The opposition has put the Narendra Modi government under much pressure over the issue and created chaos by shouting slogans against the government. Parliamentary affairs minister Venkaiah Naidu has said that there would be a discussion over the issue.  BJP MPs however refused to acknowledge the protests and said that the conversions occurred in the state of Uttar Pradesh and the matter should be handled by the state government.
The conversions are carried out to mark the golden jubilee of the Vishwa Hindu Parishad (VHP) and it is being termed as 'ghar waapasi' or home coming. However, the saffron brigade has hinted that the conversions will be delayed due to the saga it has led to in the parliament. According to a government official, the VHP has given it in writing that the 'ghar waapasi' programme is not their initiative, but said that the authorities should also keep an eye on the non-Hindu missionaries, which would travel throughout the country during 25th - 31st of December for large scale conversions.

Dresden, Germany the site of anti-Islam protest march
World > Others > 17 Dec

Dresden, the birthplace of a massive movement called “Patriotic Europeans Against the Islamisation of the West” (Pegida), witnessed a 15,000 people strong march wherein protesters chanted “We are the People”. Although the march was ostensibly against the Islamisation of Germany, it was clear that most there were protesting against high levels of immigration and asylum seekers. Many in Germany are ashamed and horrified at this protest- in fact, a 5000 people strong counter-demonstration was also held. Immigration is currently a hot topic in Germany, with a rapid increase in the number of asylum seekers this year, due to the wars in Syria and Iraq.

SpiceJet struggles to take off due to fuel cuts
India > Aviation > 17 Dec

SpiceJet, which already has a debt of over Rs. 2000 crore to oil companies, banks and its own employees, is struggling to deal with a sudden cut in jet fuel supply by oil companies. Many flights were cancelled or delayed, leading to chaos at airports as well as an 8% drop in company shares in morning trade. SpiceJet's crisis is reminiscent of Kingfisher Airlines' downfall. It is estimated that banks may be asked to lend upto Rs. 600 crore based on the personal guarantee of SpiceJet's billionaire chairman, the media tycoon Kalanithi Maran.

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Current Affairs For Banking Exams (10th December - 16th December)

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Germany wins Hockey Champions Trophy beating Pakistan

Sports > Champions Trophy > Dec 14

Germany won the Hockey Champions Trophy beating Pakistan 2-0 in the final held in the Kalinga stadium in Bhubaneswar, Odisha on Sunday. Germany scored in the 18th And 56th minute to win the trophy for the tenth time. Germany had last won the title in 2007. Pakistan entered the finals after beating India in the semi-final.

Reliance ADAG sells Big Cinemas to Carnival group

Corporate > Media > Dec 15

The Anil Ambani owned Reliance Group sold its multiplex venture – 'Big Cinemas' to Carnival Group, a south India based company. The deal is set to make Carnival Group the third largest multiplex operator in the country and reduce Reliance Capital's debt by 700 crores. The deal is a part of the Reliance Group's strategy to exit minority investments. Big Cinemas was one of the largest cinema chains with more than 250 screens across India.

Miss South Africa Rolene Strauss crowned Miss World

World > Miss World > Dec 15

South African beauty queen, Rolene Strauss, was crowned as Miss World at the annual event held in London this year. The 22 year old medical student beat contestants from 121 countries to win the coveted title. The runner-up and the second runner-up awards were bagged by Hungary's Edina Kulcsar and the United States' Elizabeth Safrit respectively. Miss India, Koyal Rana, finished in the top ten, and managed to win the sub-title of 'Best Designer of the world' and shared the 'Beauty with a Purpose' title with Kenya, Guyana, Brazil and Indonesia.

Others

Bhutan becomes 181st member of MIGA, agency of World Bank

World > Bhutan > Dec 10

Bhutan on 8 December 2014 became the 181st member of Multilateral Investment Guarantee Agency (MIGA). MIGA is the political risk insurance and credit enhancement arm of the World Bank Group. It aims to promote foreign direct investment (FDI) into developing countries to help support economic growth, reduce poverty, and improve people's lives. MIGA consists of total of 177 member Governments, out of which 152 are developing and 25 are industrialised countries. Being a member of MIGA can help investors obtain access to external commercial borrowing (ECB) with improved financial terms and conditions. A member can also apply to MIGA for issuance of guarantee to attract Foreign Direct Investment (FDI).

New UN head for Ebola mission appointed

World > Ebola > Dec 12

United Nations Secretary-General Ban Ki-moon appointed Ismail Ould Cheikh Ahmed of Mauritania as the new head for United Nations Mission for Ebola Emergency Response (UNMEER). The Ghana based Ebola mission will have a second chief after the departure of its former chief Anthony Banbury. The mission was established in September this year to combat Ebola virus, which has been termed as the deadliest virus and has already killed 6,533 and infected 18,118 people mainly in three West African countries - Sierra Leone, Liberia and Guinea.

15th Indo-Russian bilateral summit held at New Delhi

India > Indo-Russian Summit > Dec 12

Russian president Vladimir Putin visited New Delhi to attend the 15th Indo-Russian bilateral summit in response to an invitation by Indian Prime Minister Narendra Modi. Both the countries signed 20 different agreements in the fields of nuclear energy, oil and gas, health, investment, mining, media and wind power. The two countries also agreed to boost bilateral economies by boosting investments in trade and energy cooperation. India assured that Russia would be its primary defence partner, although no formal agreement could be reached. Russia too expressed its interest in the Delhi-Mumbai industrial corridor, and offered to set up investment negotiations between India and the Eurasian Union.

National Energy Conservation Day observed on the 14th of December

India > Energy Conservation > Dec 14

National Energy Conservation day was observed throughout the country on the 14th of December. The day is celebrated every year on the 14th of December by the Bureau of Energy Efficiency (BEE). BEE had also introduced an act in the year 2001 called as the Energy Conservation Act, which serves to fulfil the purpose of minimum usage of resources with maximum utilisation while avoiding wastage. The Ministry of Power, Government of India, gave awards to various companies from different sectors of the industry for creating benchmarks in energy conservation.

IOC tops Fortune 500 list of Indian companies for 2014 with highest revenue

Corporate > Fortune 500 list of Indian Companies > Dec 15

The Fortune 500 list of Indian companies for 2014 has ranked state-run Indian Oil Corporation (IOC) as the country’s largest company in terms of revenue. Indian Oil Corp (IOC) had an annual revenue of Rs 5, 00,973 crore. Mukesh Ambani-led Reliance Industries Ltd's (RIL) has been placed second with a full-year revenue of Rs 4,44,021 crore. Bharat Petroleum, Hindustan Petroleum and Tata Motors have been ranked third, fourth and fifth respectively. Others in the top 10 list include State Bank of India, ONGC , Tata Steel , Essar Oil) and Hindalco Industries which figure in the list in that order. The government companies have posted a 6.6 percent growth while private companies have grown by 10.2 percent. Foreign-owned companies have posted a 25.5 per cent revenue growth.

Anerood Jugnauth becomes new Mauritius PM

World > Mauritius > Dec 15

84 year-old Mauritius politician Sir Anerood Jugnauth won a landslide 47 out of 62 seats in the Mauritian parliamentary elections to become the prime minister of the country. The veteran politician has earlier held the posts of prime minister from 1982-1995 and 2000-2003 and that of the president from 2003-2012. Due to Mr. Jugnauth's stellar performance in the polls, his centre right alliance Lepep has come into power, while the coalition of the ruling party and the former opposition, Mauritian Militant Movement (MMM) managed only 13 seats. The parliamentary polls were crucial in the wake of a row over the debate of constitutional reforms, mainly the proposal to strengthen presidential powers.

Viswanathan Anand wins London Chess Classic title

Sports > Chess > Dec 15

Five-time chess world champion, Viswanathan Anand, won his maiden London Chess Classic title defeating British Grandmaster Michael Adams in the fifth and final round on Monday.

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