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UN to resume debate on Arms Trade Treaty, US Gun association opposes Posted: 28 Dec 2012 11:00 PM PST The U.N.

General Assembly voted in favor of resuming debate on a draft international Arms Trade treaty to regulate the $70 billion global trade in conventional arms. The US has voted in favor as it was under tremendous pressure after December 15 shooting massacre of 20 children and six educators at an elementary school in Newtown, Connecticut. The negotiations will start in March 2013. Why such a treaty is required? Why NRA is opposing the treaty? Who are the top six arm-exporting nations? Why such a treaty is required? The global trade in conventional weapons from warships and battle tanks to fighter jets and machine guns remains poorly regulated. No internationally binding standards exist to ensure that arms are transferred responsibly. Many Governments around the world are concerned about the absence of globally agreed rules to guide their decisions on arms transfers. In 2006, they have embarked on a preparatory process to negotiate a robust legally binding instrument to establish high common standards for international trade in conventional arms. This process paved the way for the United Nations Conference on an Arms Trade Treaty that was held in July 2012 at the United Nations in New York. The negotiations, despite all efforts, failed to reach a consensus. To reach an agreement, it was decided to resume the debate in March 2013. Why NRA is opposing the treaty? The move is being opposed by powerful U.S. National Rifle Association (NRA) which does not want any compromise in the constitutional right of American to own bear arms. The Second Amendment of the U.S. Constitution protects the right to bear arms. the pact could require the U.S. government to enact legislation to implement it, which the NRA fears could lead to tighter restrictions on gun ownership. Who are the top six arm-exporting nations?

These are Russia, Britain, France, Germany, China and the United States.

Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011:The Lok Sabha has passed the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 which seeks to change the system of Debt Recovery in India. Background: The banks and financial institutions (FIs) were facing numerous problems in recovery of defaulted loans on account of delays in disposal of recovery proceedings. The Government, therefore, enacted the Recovery of Debts (due to Banks and Financial Institutions) Act (RDBF Act) in 1993 and Securitization And Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (popularly called the SARFAESI Act) in 2002 for the purpose of expeditious recovery of non-performing assets (NPAs) of the banks and FIs. Although these two acts have helped in reducing the NPAs, banks have sent certain suggestions for further strengthening of the secured creditor rights.

It seeks to convert any part of the debt of a defaulting company into shares by the Asset Reconstruction Company (ARC) This legislation requires the mandatory registration of subsisting secured interests (equitable mortgages) which would promote innovation in credit information. The Bill proposes to enable banks and financial institutions to enter into settlement or compromise with the borrower. (thus preventing litigation and promoting alternative disputes resolution mechanisms)

Need of this Amendment:

Currently the NPA situation of the nationalized banks in India stand at Rs. 1.23 lakh crore - which is about 3.5% of their loans. It was imperative on the part of the government to ease the burden of NPAs on banks and Financial institutions (FIs)

Previous laws passed by the Parliament, namely -RDBF Act, 1993 and SARFAESI Act, 2002, were passed for expeditious recovery of NPAs. This new law seeks to add more teeth to these existing laws by amending them. The SARFAESI Act, 2002 does not allow securitisation or reconstruction companies to convert the debt of the borrower company into equity. The Bill proposes to provide for conversion of any part of debt into shares of a borrower company.

Effect of this Amendment:

1. 2. 3. 4.

It would strengthen the regulatory and Institutional framework related to the recovery of debts due to the banks and FIs. It would enhance the ability of banks to extend credit to both corporate and retail borrowers. Reduction of the cost of funds for banks and their customers which would lead to the deployment of more funds for credit disbursement to retail investors, home loan borrowers etc., without fearing for recovery thus bringing about equity. It will make the Banks' operational efficiency better. (PIB release, Oct 13, 2012)

Asset Recontruction Company:ARC or Asset Reconstruction companies are those companies that take non performing assets(NPA) from banks and try to get the maximum profit out of it. eg ARCIL (Indias first and largest asset reconstruction company). In order to buy NPA; ARC companies issue SR(Security Receipts) to banks. The FDI limit in case of ARCs has been increased from 49% to 74% Fiscal Cliff: CAN US AVOID THE FISCAL CLIFF? Obama feels the need for stimulus spending to revive economy, while Republicans argue that US can't go on spending borrowed funds. The US would need to increase the $16.4 trillion government borrowing limit if it is to avoid a default. Republicans are not ready to extend the limit unless there are spend cuts to address debt issues. WHAT WOULD HAPPEN IF THE US IS NOT ABLE TO AVOID FISCAL CLIFF? Congressional Budget Office, a nonpartisan body that provides independent analyses of budgetary and economic issues says the US GDP could drop 0.5% in 2013 if the worse of fiscal cliff plays out. It warns unemployment could rise to 9.1% by the fourth quarter of 2013. However, some experts have argued that if the US is not able to avoid the cliff then it would be a long term positive. Some important Indian Government schemes: Rashtriya Gram Swaraj Yojana (RGSY) The Rashtriya Gram Swaraj Yojana is a Centrally Sponsored Scheme being implemented by the Ministry of Panchayati Raj with the objective of assisting efforts of the State Governments for training and capacity building of elected representatives of Panchayati Raj Institutions. Funding of the scheme is applicable only for the non-BRGF districts. The scheme focuses primarily on providing financial assistance to the States/UTs for Training & Capacity Building of elected representatives (ERs) and functionaries of Panchayati Raj Institutions (PRIs). Assistance is provided for Distance Learning infrastructure for the ERs and Functionaries of the PRIs including Satellite based training infrastructure. In respect of Hill States and States in the North Eastern Region, assistance is also given for capital expenditure on establishment of Panchayat Resource Centres/ Panchayat Bhawans at Block/Gram Panchayat levels. The scheme has a small component of Infrastructure Development under which the construction and renovation of Panchayat Ghars in all the States is funded. The scheme is demand driven in nature and provides for funding on 75:25 sharing basis between the Central and State Governments concerned. Assistance under the Training component is also given to Non-Governmental Organizations (NGOs), where the central assistance may be 100% and such proposals are required to be forwarded with the recommendations of the State Government concerned. Rural Business Hub (RBH) Rural Business Hub is aimed to eradicate rural poverty and create employment opportunity in rural India. This initiative would give a fillip to village enterprises that add value to economic activities in rural areas.

There is a steady influx of rural people to urban areas in search of employment and economic opportunity. Also, there is a wide gap between rural and urban areas in terms of public services like health and education, in the quality of life and levels of income. This gap is perceived to be widening. The 73rd Constitutional Amendment, 1992, has mandated Panchayats as Institutions of Self Government, to plan and implement programmes of economic development and social justice. Government of India has recognized that Panchayati Raj is the medium to transform rural India 700 million opportunities. There is also a felt need to ensure that the benefits of rapid economic growth, unleashed through the reforms of the last two decades, need to flow to all sections of society, particularly to rural India. The Ministry of Panchayati Raj has adopted the goal of Haat to Hypermarket as the overarching objective of the Rural Business Hubs (RBH), initiative aimed at moving from more livelihood support to promoting rural prosperity, increasing rural non-farm incomes and augmenting rural employment. RBHs set up in association with Panchayati Raj Institutions (PRIs) could thus constitute the fulcrum of inclusive growth the theme of the 11th Plan. Panchayat Mahila Evam Yuva Shakti Abhiyan (PMEYSA) In order to address the empowerment of EWRs and EYRs in a systematic, programmatic manner, the Ministry of Panchayati Raj, Govt. of India, has launched a new scheme with the approval of the competent authority in the 11th Five Year Plan. The objective of PMEYSA is to knit the EWRs in a network and through group action, empower themselves, so that both their participation and representation on local governance issues, improves. PMEYSA aims at a sustained campaign to build the confidence and capacity of EWRs, so that they get over the institutional, societal and political constraints that prevent them from active participation in rural local self governments. It is a Central Sector Scheme. The entire amount is funded by the Ministry of Panchayati Raj for organizing the various activities under this scheme. Fund is released to the State Panchayati Raj Department in two equal installments in the ratio of 50:50. The balance amount (second installment of 50%) is released only on furnishing of (1) Utilization certificate in respect of funds released and (2) Audited Statement of account on the expenditure (item-wise) incurred by the State Government/SSC. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) It is a rural job guarantee scheme, enacted by legislation on August 25, 2005. The scheme provides a legal guarantee for one hundred days of employment in every financial year to adult members of any rural household willing to do public work-related unskilled manual work at the statutory minimum wage of 120 per day in 2009 prices. The original version of the Act was passed with Rs 155/ day as the minimum wage that needs to be paid under NREGA. However, a lot of states in India already have wage regulations with minimum wages set at more than 100 per day. NREGAs minimum wage has since been changed to 130 per day. The Central government outlay for scheme is 40,000 crore in FY 201011. This act was introduced with an aim of improving the purchasing power of the rural people, primarily semi or unskilled work to people living in rural India, whether or not they are below the poverty line. Around one-third of the stipulated work force is women. The law was initially called the National Rural Employment Guarantee Act (NREGA) but was renamed on 2 October 2009. Key provisions: Adult members of a rural household, willing to do unskilled manual work, are required to make registration in writing or orally to the local Gram Panchayat. The Gram Panchayat after due verification will issue a Job Card. The Job Card will bear the photograph of all adult members of the household willing to work under NREGA and is free of cost. The Job Card should be issued within 15 days of application. A Job Card holder may submit a written application for employment to the Gram Panchayat, stating the time and duration for which work is sought. The minimum days of employment have to be at least fourteen. The Gram Panchayat will issue a dated receipt of the written application for employment, against which the guarantee of providing employment within 15 days operates Employment will be given within 15 days of application for work, if it is not then daily unemployment allowance as per the Act, has to be paid liability of payment of unemployment allowance is of the States.

Work should ordinarily be provided within 5 km radius of the village. In case work is provided beyond 5 km, extra wages of 10% are payable to meet additional transportation and living expenses Wages are to be paid according to the Minimum Wages Act 1948 for agricultural labourers in the State, unless the Centre notices a wage rate which will not be less than 60 per day. Equal wages will be provided to both men and women. Annapurna Scheme This is a Centrally sponsored scheme being implemented by Department of Food, Civil Supplies, Consumer affairs. The Annapurna scheme aims at providing food security to meet the requirement of those Senior Citizens who though eligible have remained uncovered under the National Old Age Pension Scheme (NOAPS). Under the Annapurna Scheme, 10 Kg. of food grains per month are to be provided free of cost to the Beneficiary. The number of persons to be benefited from the Scheme will, in the first instance, be 20% of the persons eligible to receive pension under NOAPS in States/Union Territories. Eligibility Criteria Central assistance under Annapurna Scheme will be provided to the Beneficiaries fulfilling the following criteria: a) The age of the applicant (male or Female) should be 65 years or above. b) The applicant must be destitute in the sense of having little or no regular means of subsistence from his/her own source of income or through financial support from family members or other sources. In order to determine destitution, the criteria (if any) currently in force in the State/UTs could also be followed. c) The applicant should not be in receipt of pension under the NOAPS or State Pension Scheme. d) As mentioned above, the Beneficiary would be entitled for 10 Kgs of food grains (wheat or rice) per month free of cost. The scheme was launched in the year 2002 and is valid up to January 2012. Antodhaya Anna Yojana This is also a Centrally sponsored scheme being implemented by Department of Food, Civil Supplies, Consumer affairs. The scheme was launched in the year 2002 and is valid up to January 2012. Antyodaya Anna Yojana has been launched by the Honorable Prime Minister of India on the 25th December, 2000. This scheme reflects the commitment of the Government of India to ensure food security for all, create a hunger free India in the next five years and to reform and improve the Public Distribution System so as to serve the poorest of the poor in rural and urban areas. It is for the poorest of poor that the Antodaya Anna Yojana has been conserved. It is estimated that 5% of population are unable to get two square meals a day on a substained basis throughout the year. Their purchasing power is so low that they are not in a position to buy food grains round the year even at BPL rates. Eligibility 5% of population who are unable to get two square meals a day on a sub stained basis throughout the year. CERN- European organisation for nuclear research: 1.UNGA grants observer status to CERN[Great hope for science]

CERN is the first physical sciences research organisation to become an Observer Founded in 1954 under the auspices of Unesco prime objective is to facilitate international co-operation in the science and technology sphere Today it has become a role model for other large-scale science collaborative projects fundamental difference between CERN and other international projects is that CERNs activities go beyond the core area

For example it has designed digital library tools which have helped in empowering and changing the way people access information in africa It was at CERN that the World Wide Web was invented It has made pioneering effort to make the entire field of high-energy physics open access through the Sponsoring Consortium for Open Access Publishing in Particle Physics (SCOAP3) initiative 15th constitutional amendemnt in bangladesh: Care taker govt system It is a form of government system in which the country is ruled by a selected government for an interim period during transition from one government to another, after the completion of tenure of the former Members of the caretaker government do not belong to any political party; nor are they allowed to contest the elections

main objective of the caretaker government is to create an environment in which an election can be held in a free and fair manner

In 2011 Bangladesh Awami League (BAL) abolished Caretaker Government (CTG) unilaterally through 15th amendment of the constitution Opposition including BNP have been demonstrating against this amendment since then constituion 117th amendment bill:

The Constitution (One Hundred Seventeenth Amendment) Bill, 2012 was introduced in the Rajya Sabha on September 5, 2012 by Mr. V Narayansamy, Minister of State for Personnel, Public Grievances and Pensions. In 1992, the Supreme Court in the case of Indira Sawhney v Union of India had held reservations in promotions to be unconstitutional. Subsequently in 1995, the central government had amended the Constitution and inserted Article 16(4A). This provided for reservation in promotions for Scheduled Castes and Scheduled Tribes which in the opinion of the state are not adequately represented in the services. In 2006, the Supreme Court in the case of M. Nagraj v Union of India upheld the constitutional validity of the amendment. While upholding the validity of the amendment, the court held that before framing any law on this issue, the state will have to satisfy the test of; (a) backwardness of the particular SC and ST group; (b) inadequate representation of the said group; and (c) efficiency of administration. In April 2012, the Supreme Court struck down the UP Government Seniority Rules which provided for reservations in promotions. The court held that the state government had not undertaken any exercise to identify whether there was backwardness and inadequate representation of Scheduled Castes and Scheduled Tribes in the state government. In light of the recent judgment of the Supreme Court, the central government has introduced the present Bill amending the Constitution. The Bill seeks to substitute Article 16(4A) of the Constitution of India. The Bill provides that all the Scheduled Castes and Scheduled Tribes notified in the Constitutional shall be deemed to be backward. Article 335 of the Constitution states that the claims of the Scheduled Castes and Scheduled Tribes have to be balanced with maintaining efficiency in administration. The Bill states that provision of the amendment shall override the provision of Article 355.

Park Geun-hye:

Park Geun-hye has been elected as president of South Korea in recently concluded elections. Park Geun-hye of the Saenuri - or New Frontier Party - is to become the first female president of South Korea - a country that has the highest level of gender inequality in the developed world. IBM's Sequoia was the world's fastest supercomputer when it was unveiled( Fastest Supercomputer at present is TITAN (US)). It got that title by beating Japan's Fujitsu K Computer. The computer, Sequoia, is at the US Department of Energy's Lawrence Livermore National Laboratory. It boasts of 16.32 petaflops trillions of floating-point calculations per second using more than 1.5m processor cores. Sequoia is a National Nuclear Security Administration supercomputer,

Hambantota port not part of string of pearls: Sri Lanka Posted: 20 Dec 2012 03:30 AM PST Sri Lanka has clarified that the Hambantota port is not part of a Chinese string of pearls to surround India. Source: google maps What is the issue of Hambantota port? What is Sri Lankas perspective? What is String of Pearls? What is the issue of Hambantota port? The Hambantota port is a deep-water port in the southern tip of Sri Lanka which is developed by China. India is apprehensive that the port is part of Chinese string of pearls with an objective to surround India. What is Sri Lankas perspective? Sri Lanka says the port is purely for economic operations and is not part of Chinese string of pearls. It says that it had first

extended the offer for its development to India and only after getting no response from the country it was given to China. What is String of Pearls? The String of Pearls refers to the Chinese sea lines of communication which extend from the Chinese mainland to Port Sudan. The sea lines run through several major choke points such as the Strait of Mandeb, the Strait of Malacca, the Strait of Hormuz and the Lombok Strait, as well as other strategic maritime centers in Pakistan, Sri Lanka, Bangladesh, the Maldives and Somalia. As perceived by India, it is Chinese strategy to encircle India and gain advantage in the region. It will give China easier access to airfields and ports for military and economic operations. As per China, the objective is economic. It will provide facilitate China to access oil and gas resources in Central Asia and other parts of the region. China imports 15% of its oil from West Africa, is the largest consumer of Sudanese oil. New urea investment policy gets Cabinet Committees clearance Posted: 20 Dec 2012 01:30 AM PST The Cabinet Committee on Economic Affairs (CCEA) cleared new urea investment policy, which is likely to incentivize fertilizer companies to establish new plants and enhance existing capacity. Around 30% of Indias urea requirement if fulfilled through imports and the policy aims at curtailing that. But the existing prices are unlikely to be affected. As per the new urea policy:

It aims to entice fresh investment of about Rs.35,000 crore to boost domestic production by 8 million tonnes. 12-20 % post-tax return will be given by the government on fresh capital infused by the manufacturers for establishing new plants as well as for expansion and refurbishment of the existing ones. To ensure this return, the government would cover the entire cost of natural gas, which is the main feedstock of urea, and accounts for 80 % of the cost. Urea sector is controlled by the government and it has fixed the maximum retail price (MRP) at Rs.5,360 a tonne. The difference between the MRP and the cost of production is given as subsidy to manufacturers. The government has set a floor and ceiling price of urea, based on the price of natural gas plus 12-20 per cent equity returns in order to determine the cost of production of new plants to be established after the policy comes into effect.

India produces 22 million tonnes of urea, against the requirement of 32 million tonnes. Marks & Spencer incorporates anti-bribery clause in Indian contracts Posted: 20 Dec 2012 12:30 AM PST As British retail giant Marks & Spencer (M&S) is considering its expansion plans in India, it has added strict anti-bribery clauses in India contracts. The move comes at a time when the government has began investigation into bribery allegations against US retail giant Walmart, after it revealed a spending of $25 million in lobbying in US over the past 4 years, including issues related to "enhanced market access for investment in India." M&S is installing an in-house structure to protect against malpractices and this will be applicable across its activities in India. RBI proposes to tighten provisioning norms NBFCs just as with banks Posted: 19 Dec 2012 11:30 PM PST As per latest draft guidelines proposed by the RBI, Non-banking financial companies (NBFC) would need its approval before making changes in their ownership control. As per the proposed guidelines which are based on the Usha Thorat Committee report:

The draft guidelines seek to make it mandatory for all deposit-taking NBFCs to obtain credit rating.

Appointment of CEOs of NBFCs with asset size of Rs.1,000 crore and above would require the RBI approval. NBFCs, whether listed or not, will need to comply with Clause 49 of SEBIs listing agreement on corporate governance including induction of independent directors. Existing unrated NBFCs-D will be given one year to get rated. All registered NBFCs should get clearance from the RBI in case of change in control and increase of shareholding to the extent of 25% by individuals or groups, directly or indirectly. Regarding non-performing assets (NPAs), it has been proposed that asset classification and provisioning norms should be made similar to that of banks for all registered NBFCs irrespective of the size. Currently, the period for classifying loans into NPAs in case of NBFCs is higher at 180/360 days compared to 90 days for banks.

RBI disallows banks to issue offline debit cards, tighten norms Posted: 19 Dec 2012 10:30 PM PST The Reserve Bank of India (RBI) in its recent directives told the banks not to allow offline debit cards. As per the recent directives banks have been told to: Issue debit cards if demanded to customers having Savings Bank and Current Accounts but not to cash credit or loan account holders.

Issue only online debit cards, including co-branded debit cards where there is an immediate debit to the customers account, and where straight through processing is involved. Banks, henceforth, are not allowed to issue offline-debit cards. Discontinue such operations within a period of six months. Provide cardholders contractual terms and conditions in written form, regarding the issue and use of such cards. Specify that banks will be responsible for direct losses incurred by a cardholder due to a system malfunction directly within the banks control. Banks would not be responsible for any loss caused by a technical breakdown of the payment system if the breakdown of the system was recognizable for the cardholder by a message on the display of the device or otherwise known. The responsibility of the bank for the non-execution or defective execution of the transaction is limited to the principal sum and the loss of interest subject to the provisions of the law governing the terms. Curtail the misuse of lost/stolen cards by issuing issue cards with photographs of the cardholder or any other advanced methods that may evolve from time to time. Undertake review of their operations/issue of debit cards on half-yearly basis. Put in place an effective mechanism for redressal of customer complaints and must make available the name, designation, address and contact number of important executives as well as the grievance redressal officer of the bank on its the website. Create a system of acknowledging customers complaints for follow-up, such as complaint number / docket number.

North Korea rocket launch violation of Security Council resolution: Ban Ki Moon Posted: 19 Dec 2012 09:30 PM PST North Koreas move which successfully placed a satellite into orbit after launching a long-range rocket again incited regional tensions and was condemned by neighbors as a provocative missile-test. It is for the second time in 2012 when the country attempted this under the rule of Kim Jong-un, who came to power following the death of his father Kim Jong-il. The first attempt was a failure. The test has also been condemned by U.N. Secretary-General Ban Ki-moon who described it a clear violation of the 2009 resolution that banned the North from carrying out tests using ballistic missile technology. South Korea and Japan have become tensed as they say the test is a disguised missile test for a long range missile which trespasses Security Council resolutions. Government approves amendments to Judicial Standards and Accountability Bill Posted: 19 Dec 2012 08:30 PM PST

The Union government approved amendments to the Judicial Standards and Accountability Bill which had already been passed in the Lok Sabha and was pending in the Rajya Sabha. Some changes have been made to make the bill fit to Article 14 (which seeks equality before law). The amended clause debars judges from making unwarranted comments against conduct of any constitutional body and other persons. The clause is part of restatement of values for judges. The restatement of values for judges has been placed in a separate Schedule of the Bill-Schedule II. Web Ratna Award 2012- Golden Icon Award goes to DAVP Posted: 19 Dec 2012 07:30 PM PST Directorate of Advertising and Visual Publicity (DAVP) has been honored with the prestigious Web Ratna 2012, Golden Icon Award for Innovative use of Technology. Why was the award given to DAVP? Why Web Ratna Awards are given? Why was the award given to DAVP? The DAVP Website (http:/davp.nic.in/) has transformed the functioning of DAVP from manual mode to the online mode where the media plans are made and released for the end users. The website is the only advertising agency in the country which releases its designs, Release orders, payments online. The site has brought in transparency to the entire system in its billing as well as other procedures which have not only helped the organization but also its stakeholders. The entire chain has hugely added to the efficiency to the DAVPs operation and vastly improved the satisfaction levels of the client ministries as well as newspapers, channels and other agencies. Why Web Ratna Awards are given? The Web Ratna awards, constituted by the Ministry of Communication and Information Technology, recognize exemplary initiatives/practices in the sphere of e-governance. In order to encourage more innovative e-governance initiatives, the Web Ratna Awards have been instituted under the scope of the National Portal of India. Union Cabinet approves the Land Acquisition Bill Posted: 19 Dec 2012 06:30 PM PST Union Cabinet cleared the controversial Land Acquisition Bill which makes it mandatory to get the consent of 80% of people whose land is taken for private projects. In the case of Public-Private Partnership (PPP) projects, consent of 70 % of the people possessing the land will be required. The bill has a provision for return of the unutilized land. No such provision was there in Land Acquisition Act, 1894. Government will introduce the official amendments to the Land Acquisition and Rehabilitation and Resettlement Bill, 2011 in the Lok Sabha in the winter session. Naina Lal Kidwai becomes first woman president of FICCI Posted: 19 Dec 2012 02:30 PM PST Head of HSBC India, Naina Lal Kidawai took charge as the first woman President of Federation of Indian Chambers of Commerce and Industry (FICCI). Kidwai is also a recipient of the countrys prestigious civilian award Padma Shri for her contribution to trade and industry.

Boeing delivers first P-8I maritime surveillance aircraft to Indian Navy Posted: 21 Dec 2012 07:30 PM PST American plane maker Boeing delivered the first of the eight P-8I maritime surveillance aircraft to the Navy as part of deal worth

over $2.1 billion signed in 2009 for buying the long-range surveillance aircraft, which are equipped with anti-submarine weaponry. About P-8I

A derivative of Boeing 737-800 long-range maritime reconnaissance aircraft and anti-submarine warfare aircraft. It may take the place of the Navys Russian Tupolev Tu-142M maritime surveillance turboprop. It is Indian variant of the P-8A Poseidon that Boeing is developing for the U.S. Navy. It will cater to Indias need to patrol the vast expanse of the Indian Ocean.

Bhanu Athaiya returns Oscar trophy to Academy to preserve it Posted: 21 Dec 2012 04:30 PM PST Bhanu Athaiya, the costume designer who won the first Oscar for India at the 55th Annual Academy Awards in 1983 for her work in Lord Richard Attenboroughs Gandhi, has decided to return the statuette to the Academy Motion Pictures as she feels that it will be safe and preserved there. Shahrukh Khan receives Brand Laureate Legendary Award Posted: 21 Dec 2012 03:30 PM PST Malaysia-based Asia Pacific Brands Foundation honored Bollywood Actor Shah Rukh Khan with the BrandLaureate Legendary Award. Malaysia had conferred the actor with the prestigious title of Datuk in 2008. The title is equivalent to the British Knighthood, the highest honor given to an individual in the UK. Previous receivers of the BrandLaureate Legendary Award include personalities like Nelson Mandela, Nobel Laureate recipient Mohammad Yunus, Ratan Tata, Steve Jobs, Mark Zuckerburg, Michael Schumacher. Norman Woodland, co-inventor of bar code, passed away Posted: 21 Dec 2012 02:30 PM PST Norman Woodland (91), co-inventor of the bar code, passed way. What is Barcode? A barcode is an optical machine-readable representation of data relating to the object to which it is attached. Initially barcodes systematically represented data by varying the widths and spacings of parallel lines, and may be referred to as linear or onedimensional (1D). Later they evolved into rectangles, dots, hexagons and other geometric patterns in two dimensions (2D). Barcodes originally were scanned by special optical scanners called barcode readers; later, scanners and interpretive software became available on devices including desktop printers and smartphones. They are widely used in supermarket checkout system, consumer products, speeds passengers through airline gates, tracks mail, encodes medical patient information, and is in near universal use across transportation, industrial and shipping industries worldwide. The very first scanning of the now omnipresent Universal Product Code (UPC) barcode was carried out in 1974. India ranked 8th in the list of countries with highest black money outflows Posted: 21 Dec 2012 01:30 PM PST As per a report released by Global Financial Integrity (GFI), a Washington-based research and advocacy organization, India ranked 8thon the list of countries with high black money outflows. India suffered a black money outflow of $123 billion in 2001-2010. China heads the ranking with $US 2.74 trillion as illicit

financial flows. As per the report titled Illicit Financial Flows from Developing Countries: 2001-2010, Top 10 countries with the highest measured cumulative illicit financial outflows between 2001 and 2010 were: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. China: US$2.74 trillion Mexico: US$476 billion Malaysia: US$285 billon Saudi Arabia: US$210 billion Russia: US$152 billion Philippines: US$138 billion Nigeria: US$129 billion India: US$123 billion Indonesia: US$109 billion United Arab Emirates: US$107 billion

Asia accounted for 61.2% of outflows, and was still at the helm of such illegal parking of money among developing countries. Developing countries lost $858.8 billion in illicit outflows in 2010, an increase of 11% from 2009. SEBI increases BMC deposit for stock brokers Posted: 21 Dec 2012 12:30 PM PST Market regulator, the Securities and Exchange Board of India (SEBI), has increased the Basic Minimum Capital (BMC) deposit for stock broker and trading members to up to Rs.50 lakh from the earlier maximum of Rs.10 lakh. Various BMC fixed by SEBI:

Rs.10 lakh for only proprietary trading without algorithmic trading (Algo) Rs.15 lakh for trading only on behalf of client (without proprietary trading) and without Algo Rs.25 lakh for proprietary trading and trading on behalf of client without Algo Rs.50 lakh for all trading members and brokers with Algo.

All stock brokers and trading members of exchanges having nation-wide trading terminals will be liable to this rule. For those not having nation-wide trading terminals, it would be 40% of the prescribed BMC deposit requirements. Exchanges will not grant any exposure against the BMC deposit. Minimum 50% of the deposit shall be in the form of cash and cash equivalents. Lok Sabha approves Companies Bill, 2011 Posted: 21 Dec 2012 11:30 AM PST Lok Sabha cleared Companies Bill, 2011. As per the new legislation:

It will be compulsory for companies with Rs. 5 crore or more profits in last three years to spend 2% of their average net profit towards Corporate Social Responsibility. In case companies not comply with this, they would have to give explanation. If the companies are not able to do the same, they have to disclose reasons in their books. Otherwise, they would face action, including penalty. Special courts to be established for speedy trials regarding investments. Remuneration of a director of a company should not be more than 5 % of the net profit. The number of companies an auditor can serve would be limited to 20 Annual ratification of appointment of auditors for five years A new clause related to offence of falsely inducing banks for obtaining credit.

Companies which are winding up will have to make payment of two years salary to employees.

India clinches World Cup Kabaddi Tournament 2012 in both Mens and Womens category Posted: 21 Dec 2012 10:30 AM PST India clinched World Cup Kabaddi Tournament 2012 in both Mens and Womens category. It was a 3rd consecutive victory of the title in the Mens category and 2nd consecutive time in the Womens category. Indian men thwarted arch rival Pakistan, while Indian women defeated Malaysia. RIL plans to invest $10 billion on 4G network Posted: 21 Dec 2012 09:30 AM PST After winning the licence to offer 4G network in 2010, Reliance Industries Ltd. (RIL) is now planning to invest $10 billion to start its 4G network across the country. Reliance will soon launch LTE (Long Term Evolution) network which is the faster version of the mobile Internet to offer services similar to Skype video and voice calling services (VVoIP) to its subscribers. Infotel Broadband, has developed VoLTE (Voice-over-LTE) which will enable voice call services on its wireless broadband network. But currently the quantity of mobile devices models supporting VoLTE is extremely small. LTE phones and tablets mainly support only data transmission over an LTE modem, while voice and video are going via 2G/3G network. Coast Guard exhibits its potential at Clean Sea-IV Posted: 21 Dec 2012 08:30 AM PST The Coast Guard which is the central coordinating agency for oil spill response in India, demonstrated its preparedness and capability to tackle marine oil spills at the national-level pollution response exercise, Clean Sea-IV, held off the Kochi coast. The Coast Guard can contain spills of 10,000 tonnes, beyond which experts from outside [oil spill response organisations] are called in. The exercise also exhibited the use of a Sevac heliskimmer to churn oil slick before recovery. India formulates indigenous Japanese Encephalitis vaccine Posted: 21 Dec 2012 07:30 AM PST Indias Bharat Biotech has developed worlds first vaccine against Japanese Encephalitis (JE) using an Indian strain of the virus. It used JE virus collected from Kolar in Karnataka to develop the vaccine which will provide protection agains wider strains of the virus such as the Nakayama strain the original strain from Japan, and the Biken strain that circulates in other Asian countries. The vaccine has been found to have protection rate of over 90% and can be used on the 1-15 years age group. India has just submitted the results from the final human trials to the drug controller general of India (DCGI) for marketing clearance. Currently, India imports the vaccine (SA14) from Chinas National Biotech Group. Even though the Chinese vaccine SA 14 was developed in 1990, scientists are concerned about its safe use as they say that the live attenuated virus in the Chinese vaccine could multiply in vector and recombine with local viruses resulting in creation of recombinant viruses with unknown characteristics. To know more about Japanese Encephalitis status in India, follow the links below:

Japanese Encephalitis Comparison of Japanese Encephalitis and Virus Encephalitis

Jacob Zuma regains ANC leadership Posted: 22 Dec 2012 08:30 PM PST Jacob Gedleyihlekisa Zuma retained his position as he was re-elected for the presidency of Africas ruling African National Congress. He will remain at the position until 2017 if the ANC wins general elections in 2013. Jacob Zuma is currently the President of South Africa. Miss Universe 2012: Olivia Culpo of US Posted: 22 Dec 2012 08:30 PM PST Miss US, Olivia Culpo was announced winner of the Miss Universe 2012 contest held in Las Vegas.

US has won this title after a gap of more than a decade. Olivia replaced previous winner Leila Lopes of Angola. Miss Philippines Janine Tugonon and Miss Venezuela Irene Sofia Esser Quintero were declared second and third runner up respectively. To contest in the pageant, the participants should not be married or have children. They must be younger than 27 and older than 18 by February 1 of the competition year.

Minority Rights Day observed Posted: 22 Dec 2012 07:30 PM PST December 18 was celebrated as Minority Rights Day by the National Commission for Minorities which is headed by Justice Mohammed Shamim. On this day in 1992 that the United nations adopted the declaration on the Rights of Persons belonging to National or Ethnic National or and Linguistic Minorities declaring that: States shall protect the existence of the national or ethnic, cultural, religious and linguistic identity of minorities within their respective territories and encourage conditions for the promotions of that identity. Since then the day is celebrated every year as Minority Rights Day CDSCO passes WHO standards, expected to boost Indian vaccine exports Posted: 22 Dec 2012 06:30 PM PST WHO (World Health Organization) has approved that Indias national regulatory authority Central Drugs Standard Control Organisation (CDSCO) and its affiliated institutions meet the prescribed international benchmarks. What does this move mean? India, with 12 major manufacturing facilities, is a major vaccine producer and exporter of vaccine to nearly 150 countries. Two-thirds of the vaccines produced in India are exported. Every second child in the world is vaccinated for measles using a vaccine produced in India. WHO assessed Indias National Regulatory Authority (NRA) the CDSCO and its affiliated institutions against 7 important indicators and marketing authorization and licensing, post-marketing surveillance, including adverse events following immunization and so on.

Passing this teat means that 12 private vaccine manufacturing units from India are eligible and retain the pre-qualification status for supplying vaccines to international bodies like the WHO, UNICEF and the World Bank.

WHO pre-qualification is a guarantee that a specific vaccine meets international standards of quality, safety and efficacy. It is expected to boost investment in the pharmaceutical sector and increase exports, which touched $13 billion in 2011 and is expected to touch $26 billion in 2012.

Gas production from KG-D6 declines Posted: 22 Dec 2012 05:30 PM PST Gas output from Indias biggest gas producing fields in the Krishna Godavari basin (KG-D6) continued to decline and reched its lowest level since its inception. After touching peak production levels of 60 million of gas per day (mmscmd), the output was 22.77 mmscmd in the week ending December 9. What are the reasons for the fall in output?

High water and sand ingress into the fields were cited as the main reasons for shutting 7 out of the 18 producing wells in the KG-D6 block. The target output for this time of the year is 80 mmscmd.

About KG-D6 KG stands for Krishna-Godavari Basin which is a peri-cratonic passive margin basin spread across more than 50,000 square kilometers in the Krishna River and Godavari River basins in Andhra Pradesh. D-6 is the block where Reliance Industries discovered the biggest natural gas reserves in India in 2002. Project in KG-D6 is also known as KG-DWN-98/1. Stakes in the project are as follows:

RIL holds 60% BP of UK holds 30% Niko Resources of Canada holds 10%

More on KG-D6 Click here Tata Steel develops new anti-ballistic steel Super Bainite Posted: 22 Dec 2012 04:30 PM PST Tata Steels Port Talbot plant in the UK has developed a new kind of anti-ballistic steel named Super Bainite which could transform safety of soldiers and security forces fighting terrorists and extremists. Super Bainite is lightweight, super-strength anti-ballistic steel which can be used to armour-plate troop carriers and tanks. The new kind of steel id being produced by a multi-million pounds project by UKs Ministry of Defence and the Tatas. Banking bill approved in Lok Sabha Posted: 22 Dec 2012 03:30 PM PST Lok Sabha passed the Banking Laws (Amendment) Bill 2011, paving way for foreign investments in the sector and establishment of new private banks and also to achieve greater financial inclusion. The Bill does not contain controversial clauses of allowing banks to trade in futures and keeping the sector outside the purview of Competition Commission as it was earlier proposed. Highlights of the Bill:

Voting rights of investors in private sector banks raised to 26 %, from 10 % which will boost foreign investments.

RBI allowed to supersede boards of private sector banks. Cap on voting rights of private investors in PSBs raised to 10%, from 1%. CCI to regulate mergers and acquisitions and will also have power to investigate and clear mergers and acquisitions in banking industry

This Bill is expected to provide large number of new banking licences in near future. It will improve penetration of banking services in India. Queen Elizabeth-II creates history by attending cabinet meeting Posted: 22 Dec 2012 02:30 PM PST Queen Elizabeth-II became the first peacetime British ruler since 1781 to attend a cabinet meeting. This was the first time a monarch had attended a cabinet meeting since George III did so. George I abandoned chairing cabinet in 1717. Britain has a tradition of the monarch receiving a weekly private and confidential briefing by the Prime Minister. But in effect she mostly rubber stamps ministerial decisions, albeit sometimes in the presence of her privy council, of which an Indian origin Liberal Democrat Lord Navnit Dholakia and an Indian-born industrialist Lord Swraj Paul are members. Google makes available 5000 images of the Dead Sea Scrolls online Posted: 22 Dec 2012 12:30 PM PST Google collaborated with an Israel museum to put 5000 images of the Dead Sea Scrolls which contains ancient biblical artifacts on online library. The digital library contains the Book of Deuteronomy, which includes the second listing of the Ten Commandments, and a portion of the first chapter of the Book of Genesis, dated to the first century B.C. These manuscripts which were discovered six decades back were accessible to only 5 conservators worldwide. The scrolls are thought to have been written or collected by an ascetic Jewish sect that fled Jerusalem to the desert 2,000 years ago and settled at Qumran, near the shore of the Dead Sea. The hundreds of manuscripts found in caves near the site have shed light on the development of the Hebrew Bible and the origins of Christianity. Ireland to legalize abortion Posted: 22 Dec 2012 11:30 AM PST Following the pressure from the European court of human rights, which ruled that abortions should be allowed in the republic in cases where a womans life was at risk, the Irish government is to introduce legislation permitting abortions in limited circumstances. The reforms are expected to allow terminations where there is a medical risk to a womans life or when she is thought to be in danger of killing herself. It is not certain whether the law will allow for terminations in cases of rape or sexual abuse. The abortion ban came into international attention recently after an Indian woman, Savita Halappanavar, died of septicemia in Galway university hospital during a miscarriage after she was denied abortion on the grounds that it was a Catholic country. About Savita Halappanavar Click here Federer is Swiss Male Athlete of the Year 2012 Posted: 22 Dec 2012 10:24 AM PST Tennis star Roger Federer has been given the honor of Swiss Male Athlete of the Year. Currently he sits at World no. 2 spot and has won 17 Grand Slams. He also won this award in 2003, 2004, 2006 and 2007.

Switzerlands Olympic triathlon champion Nicola Spirig was named the female Athlete of the Year.

Sardar Singh bags best price at HIL auctions Posted: 23 Dec 2012 11:30 PM PST The captain of Indian Hockey team, Sardar Singh commanded the best price of $78,000 from the Delhi franchisee as the players were auctioned in the Hockey India League auction. About Hockey India League, Teams and its Marquee players:


Teams: 1. 2. 3. 4. 5.

About Hockey India League Organized by Hockey India. Number of teams is Five which are franchisee based Teams to have players from India and around the world. The event is sanctioned by International Hockey Federation (FIH)

Delhi Wave Riders Jaypee Punjab Warriors Mumbai Magicians Ranchi Rhinos Uttar Pradesh Wizards

Marquee Players: These are players whose crafts make them huge crowd pullers. There are 5 marquee players, three from India and rest from overseas. Each team gets equal opportunity to bid for marquee players. Teams will have to pay at least 15% moreto a marquee player than the best price commanded by a player in their respective teams. The marquee players are:

Sardar Singh (from India) chosen by Delhi Moritz Fuertse (from Germany) went to Ranchi Teun de Nooijer (from the Netherlands) selected by Uttar Pradesh Jamie Dwyer (from Australia) taken by Punjab Sandeep Singh (India) taken by Mumbai

Ratan Tata is chairman emeritus of Tata Sons Posted: 23 Dec 2012 10:30 PM PST Outgoing chairman of the $100 billion Tata group, Ratan Tata, has been conferred the honorary title of Chairman Emeritus of the group by Tata Sons. Cyrus Mistry will take the chairmanship. As chairman emeritus, Tata will not attend Tata Sons board meetings or have any day-to-day responsibility. Before Ratan Tata, JRD Tata had also been conferred this title by Tata Sons. While JRD had left the chairmans position at the Tata group trusts, Sir Dorabji Tata Trust and Sir Ratan Tata Trust, Ratan Tata would continue to remain the chairman of these trusts, which together have 66 per cent stake in Tata Sons. Praful Patel becomes AIFF president once again Posted: 23 Dec 2012 09:30 PM PST The All India Football Federation (AIFF), during its annual General meeting, re-elected Praful Patel as its president. Samsung displaces Nokia to become Worlds No.1 mobile brand

Posted: 23 Dec 2012 08:45 PM PST Samsung has left Nokia behind to gain the worlds leading top mobile brand for the year 2012. This is the first time in 14 years that Nokia is not on top of the global cellphone business on an annual basis. Samsung is expected to make around 29% of total worldwide cellphone shipments. It was 24% in 2011. Nokias share for 2012 will fall to 24% from the 30% market share in 2011. Apple stands at third position with expected 10% market share in 2012.

India test-fires Astra missile successfully Posted: 24 Dec 2012 02:30 PM PST India once again successfully test-fired indigenously developed Beyond Virtual Range (BVR) "Astra" missile. Test-fired from the Integrated Test Range at Chandipur, 15 km from Balasore in Odisha. Astra Missile:

Surface to Surface BVR Single stage solid fuelled Payload capacity of 15 kg conventional explosives Capable of engaging and destroying highly maneuverable supersonic aerial targets Can be integrated with Sukhoi-30 MKI, MiG-29, Mirage-2000, Jaguar and the Tejas Light Combat Aircraft

Legendary hockey player Leslie Claudius no more Posted: 24 Dec 2012 12:30 PM PST One of the legends of hockey who won India three Olympic gold medals, Leslie Claudius, passed away. Leslie Claudius: (March 25, 1927 to December 20, 2012)

Indian hockey player from Bilaspur. He was an Anglo-Indian. Member of Indias generation of hockey that won the Olympic gold in 1948, 1952 and 1956. First hockey player who played over one hundred games for India.

Awards and Honors:

Padma Shri in 1971. Entered Guinness Book of World Records along with Udham Singh for having won the most number of Olympic medals in field hockey. For the 2012 Olympics the Bushey tube station was renamed after Claudius in the special "Olympic Legends Map".

Nuclear capable Prithvi-II successfully flight-tested Posted: 24 Dec 2012 11:30 AM PST The Strategic Forces Command (SFC) successfully flight-tested nuclear weapons-capable Prithvi-II missile from Chandipur, off the Odisha coast. SFC handles nuclear-tipped missiles.

Prithvi- II

Nuclear weapons capable surface-to-surface strategic ballistic missile single-stage liquid propellant payload capacity of 500 kg

Results of Assembly Elections 2012: Congress wins HP Posted: 24 Dec 2012 10:30 AM PST In Himachal Pradesh, Congress has made a comeback after five years by defeating incumbent BJP led government by a handsome margin. Congress clinched 36 out of the total 68 seats, whereas, BJP managed to win only 26 seats. ASEAN-India Car Rally 2012 Posted: 24 Dec 2012 09:30 AM PST ASEAN-India car rally reached the Indian capital after travelling nearly 8,000 km through nine countries. It was flagged in by Prime Minister Manmohan Singh which also marked the occasion of ASEAN-India Commemorative Summit highlighting 20 years of their partnership. The rally was started from Indonesia and traversed through the ASEAN to enter India through Assam. Results of Assembly Elections 2012: BJP wins Gujarat Posted: 24 Dec 2012 08:30 AM PST Narendra Modi led BJP registered a resounding victory in Gujarat. BJP won 115 seats in the 182-seat assembly which marks the third victory under Modis leadership, but two short of the 2007 tally of 117. Congress won only 61 seats in the state. Freedom of the Press Foundation: WikiLeaks devises new way to raise funds Posted: 24 Dec 2012 07:30 AM PST Julian Assange led WikiLeaks has launched a new platform called the Freedom of the Press Foundation to overcome banking blockade against it, and to promote aggressive, public-interest journalism focused on exposing mismanagement, corruption and law-breaking in government. The Foundation was an initiative of the Electronic Frontier Foundation (EFF), a U.S.-based non-profit digital rights advocacy group. How this Foundation would help? Wikileaks, against which financial blockade was imposed, facing severe finance crunch. The newly launched Foundation will help in collecting funds from donors who support its cause. The Foundation will crowd-source funds for WikiLeaks, the National Security Archive, The UpTake and MuckRock News. Donors will be able to use a slider to set how much of their donation they wish each organization to receive and can donate to WikiLeaks using their credit cards. The Foundation holds 501(c) charitable status, so donations are tax-deductible in the U.S. and Europe. It will not be possible to see by banking records what portion of a donors contribution, if any, goes to WikiLeaks. $1.5 billion fine on UBS over Libor manipulation Posted: 24 Dec 2012 06:30 AM PST Swiss bank UBS has been fined $1.5 billion over the manipulation of Libor benchmark rate. It is the second biggest fine ever on a global bank after HSBC which was recently fined a record $1.92 billion after being accused by U.S. prosecutors of failing to enforce rules designed to prevent money laundering.

Lok Sabha approves Constitution (118th Amendment) Bill, 2012 Posted: 24 Dec 2012 05:30 AM PST Lok Sabha approved the Constitution (118th Amendment) Bill, 2012 which seeks to provide special status to six backward districts in the Hyderabad Karnataka region, with provision for reservation in education and jobs for local people. The Bill introduces a new Article 371-J to provide special recognition for the six backward districts in north Karnataka: Gulbarga, Yadgir, Raichur, Bidar, Koppal and Bellary. The Bill provides for creation of a separate development board and equitable allocation of funds for development of the region. In addition to this, it will provide quota in public employment through establishment of local cadres and reservation in education and vocational training institutions for those who belong to the region by birth or domicile. AIFF appoints investigation panel Posted: 24 Dec 2012 04:55 AM PST The All India Football Federation (AIFF) formed a one-man committee of retired Supreme Court judge and chairperson of the West Bengal Human Rights Commission, A.K Ganguly to probe and decide the fate of the abandoned 10th round I-League match between East Bengal and Mohun Bagan. Mohun Bagan decided not to play the second half after one of its players was hit by a missile from the stands in the first half, forcing the abandonment of the match played on December 9, 2012.

BlackBerry appoints Ranbir Kapoor as its brand ambassador Posted: 26 Dec 2012 03:30 AM PST Blackberry smartphone manufacturer Research-In-Motion (RIM) has appointed Ranbir Kapoor as its brand ambassador in India. Scientists discover new mosasaur species of aquatic lizard Posted: 26 Dec 2012 02:30 AM PST Scientists have discovered a new Mosasaur species of aquatic lizard which is 84 million-year old, 20 feet long. These were the biggest and most dangerous predators in European rivers. Supreme Court appoints three news judges Posted: 26 Dec 2012 01:30 AM PST The apex court elevated Chief Justices of three high courts as judges of the Supreme Court, enhancing the strength of the court to 28. The three new judges are:

Justice M Yusuf Eqbal Justice Venkategowda Justice Vikramjit Sen

Earlier, when the Supreme Court collegium had recommended the appointment of the three judges, the government had raised certain issues and had asked the court to reconsider the decision. But the collegium, headed by the CJI, had reiterated its recommendation. As per the present system, once the collegium reiterates its stand, government has to appoint the judges. China names Infosys among 100 key outsourcing companies Posted: 26 Dec 2012 12:30 AM PST

China has named Infosys in the list of 100 main liaison service outsourcing firms, making the IT giant the only Indian company to get this recognition. Infosys well- rounded portfolio of capabilities, exemplary performance and strong growth in China made its way into the list. Service outsourcing has been identified as a key industry to be developed in China. It is governed by the Ministry of Commerce. Madhya Pradesh sets up Senior Citizen Commission Posted: 25 Dec 2012 11:30 PM PST The Madhya Pradesh Government has set up a Senior Citizen Commission to look into the problems of the elderly in the State. The Commission would comprise one Chairman and four members to consider problems of the senior people of the state, produce an ideal pro-forma for old persons policy for the welfare and solution of their problems. SEBI gives final approval to MCX-SX Posted: 25 Dec 2012 10:30 PM PST SEBI gave its nod to MCX Stock Exchange (MCX-SX) for going live in new product segments such as equity, wholesale debt (bonds) and interest rate derivatives. For more on MCX-SX click here Sachin Tendulkar The God of Cricket retires from ODIs Posted: 25 Dec 2012 09:32 PM PST Sachin Tendulkar had announced his retirement from One-Day format of cricket. It brings an end to his 23-year career in ODIs. He had made his debut in this format against Pakistan in 1989. In 463 ODIs he played, he piled up a total of 18,426 runs at an average of 44.83. He keeps a record of hitting 49 hundreds in the format, including a double hundred the first in this form of the game. He will now remain active in only the Test arena. Tendulkar was part of the 2011 World Cup winning Indian team after five previous appearances. He smashed his last ODI hundred in the Asia Cup in Bangladesh which took his tally of international hundreds to unprecedented 100 international tons.

President Obama: TIMEs Person of the Year Posted: 26 Dec 2012 09:30 AM PST TIME magazine has named US President Barack Obama Person of the Year "For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union". This is the second time that Time has chosen Obama. Previously, the magazine chose him Person of the Year in 2008. India, ASEAN finalize FTA pact in services, investments Posted: 26 Dec 2012 08:30 AM PST India and the Association of Southeast Asian Nations (ASEAN) finalized the Free Trade Agreement (FTA) in services and investments. What does this mean? This pact is expected to enahance trade b/w India and ASEAN to $100 billion by 2015 which currently stands at $80 billion. India had been requesting ASEAN to open up its service sector further, including steps to cover independent professional services and contractual service suppliers at all levels. During negotiations, India agreed to drop its request for independent professional services and as a trade-off, ASEAN dropped its demand for prudential measures in financial services. The final legal pact on services and investment is likely to be given a further shape by February, 2013, and the signing could take place in August 2013. India

has already signed FTA in goods sector with the group. India is also negotiating similar market opening pacts with members of the ASEAN grouping. India has already enforced FTA with Singapore and Malaysia and is negotiating with Indonesia and Thailand in this regard. The FTA would also open the doors for discussions on a Regional Comprehensive Economic Partnership (RCEP) that ASEAN plans to sign with its 6 main trade allies, which include India. ASEAN and six partners Australia, China, India, Japan, South Korea and New Zealand will start discussions on the RCEP in 2013, which are likely to form the worlds economic bloc in 2015. U.S. House approves $633 billion Defense Authorization Bill Posted: 26 Dec 2012 07:30 AM PST U.S. House of Representatives approved the Defense Authorization Act of 2013, and it is now headed to the Senate for passing the $633 billion Pentagon budget. Highlights in the Bill:

It covers the cost of ships, aircraft, weapons and military personnel as well as the war effort in Afghanistan. It provides for $528 billion for the Defense Departments base budget, $17 billion for defense and nuclear programs in the Energy Department and %88 billion for the war in Afghanistan Tightens sanctions on Iran and enhances security for US diplomatic missions after the attack on US Consulate in Benghazi, Libya and requests the Pentagon to report to Congress regarding the conflict in Syria on possible military options. Controversial sections arms sales to Taiwan and the Diaoyu Islands, on which China lays claim.

IntercontinentalExchange (ICE) to acquire NYSE Posted: 26 Dec 2012 06:30 AM PST Atlanta based exchange, IntercontinentalExchange Inc., is buying, more than 200 years old, New York Stock Exchange (NYSE) for about $8 billion. The deal has been approved by the boards of both companies, but still needs the clearance by regulators and shareholders of both companies. It is likely to close in the second half of 2013. IntercontinentalExchange, Inc., known as ICE, is an American financial company that operates Internet-based marketplaces which trade futures and over-the-counter (OTC) energy and commodity contracts as well as derivative financial products. Jeet Thayil among 24 selected for Sahitya Akademi Awards 2012 Posted: 26 Dec 2012 05:30 AM PST Jeet Thayil, whose novel Narcopolis was nominated for the Booker, has been one among the 24 authors selected for Sahitya Akademi Awards 2012. He was selected for his poetry collection These Errors are Correct in English. About Sahitya Akademi Award The award was constituted in 1954 to honor outstanding works in the sphere of literature by Sahitya Akademi, the National Academy of Letters in India. The award is conferred for the works done in 24 major languages of India including English. 500-year-old gunpowder sacks discovered Posted: 26 Dec 2012 04:30 AM PST Around 500 year old Gunpowder bags, dated back to around 1550, were found near the Jain temple in the Sonar fort of Jaisalmer, made famous by Satyajit Rays film Sonar Kella. These explosives were used in cannons. What is Gunpowder?

Gunpowder which is also called black powder was the first chemical explosive and the only one known until the mid-

1800s. Chemical Composition:


Use:

Mixture of sulfur, charcoal, and potassium nitrate (saltpeter) Sulfur and Charcoal act as fuels, while the saltpeter works as an oxidizer.

Propellant in firearms and as a pyrotechnic composition in fireworks. Earlier, used as explosives in cannons

Keshavan bags gold in Asian Championship Posted: 27 Dec 2012 09:30 PM PST Shiva Keshavan of India has won gold medal in luge and has set a new Asian record of 49.590 seconds in the Asian Championship. What is Luge? It is a small one- or two-person sled on which one sleds supine (face up) and feet-first. Luge is one of the most dangerous sports in the Olympic games, and the athletes who race down an icy, high-banked track at up to 90 mph (140 km/h). Luge is also an Olympic sport. Team members: Teams of 1 or 2 Participants compete against a timer; the best timer wins the top position. Lugers compete against a timer and are timed to a thousandth of a second, making luge one of the most precisely timed sports in the world. India signs military deal with Russia Posted: 27 Dec 2012 08:30 PM PST

Vladimir Putin visits to India $2 billion investment fund Finalised 10 agreements Two military contracts, worth about Rs. 20,000 crore Some issues of disagreement also there To take the initial steps towards operating a ranging station that will help accurately fix the location of satellites. Equity participation through ONGC-OVL

On Russian president Vladimir Putins visit to India, both nations moved further to strengthen their economic relations by inking a pact on a Kremlin-backed $2 billion investment fund and consenting to open talks on a Comprehensive Economic Partnership Agreement (CEPA) that will also involve Belarus and Kazakhstan. At the 12th annual summit, the two countries finalised 10 agreements. Among them were two military contracts, worth about Rs. 20,000 crore. Issues of disagreement and more: However, little progress could be made on the issues of disagreement which include:

Delay in commissioning aircraft carrier Gorshkov Impasse over clinical trials in Russia Applicability of the Nuclear Limited Liability Act on six new reactors to be set up by Russia at Kudankulam Inability of Russian companies Sistema and Severstal to move ahead with their investment plans in India

Tax imposed on Imperial Energy, an Indian company operating in Russia.

Russian company Sistema who suffered a setback after the Supreme Court cancelled all 2G licences, indicated its faith in the India with Glonass, its sister company, signing two pacts in the satellite sector. India has already signed the military side of the deal with Glonass, a group of 34 satellites in 2011. Both countries also agreed to take the initial steps towards operating a ranging station that will help accurately fix the location of satellites. A military side pact on receiving precision signals from Glonass was inked in 2011. Both nations also decided to further their partnership in the energy sector, which has moved beyond investment (Sakhalin-I) to direct trade (Gazprom-Gail) and is now moving towards joint investment in downstream and upstream sectors. Indias interests with Russia in Energy sector:

Equity participation through ONGC-OVL in existing and new projects in Siberia, Russias Far East and the Arctic Shelf. Acquiring equity stake in discovered or producing assets and in proposed Liquefied Natural Gas (LNG) projects in Russia.

SBI, RDIF collaborate to form $2 billion consortium Posted: 27 Dec 2012 07:30 PM PST To encourage investments b/w the two nations, Indias State Bank of India (SBI) and Russian sovereign wealth fund Russian Direct Investment Fund (RDIF) came together to ink an MoU for setting up a $2 billion investment consortium. Both the groups would invest up to $1 billion each in the consortium. How this consortium would work? It will facilitate access to long-term capital in Russia and India and actively promote mutual investments. It will emphasize on projects accelerating towards higher purchasing power of the population, creation of value addition in the extraction and processing of natural resources as well as development of manufacturing businesses and service sector companies. As the consortium is supported by the government of the two nations, it will help in mitigating the risks that might arise from the global economic situation. With the partnership, the bank would have access to interesting and attractive projects from an investment point of view. The only Hindu temple in Russia on the verge of demolition Posted: 27 Dec 2012 06:30 PM PST The only Hindu temple in Russia- the Iskcon Krishna temple in Moscow is facing the threat of demolition by the Russian authorities. Why is it being demolished? As per Russian authorities, the temporary Iskcon temple violates the urban building code and has no legal grounds for existence. Indian embassy has sought an extension to the temple which is set to expire on December 31, 2012, until they complete the construction of a Vedic cultural centre. Background of the issue:

In 2004, Moscows Iskcon temple was demolished and the Iskcon group was offered another plot to build a temple. Reports said the offer was withdrawn after Russian orthodox church members protested against the temple building plans. It was in 2006, the plan of a building a permanent temple as a symbol of cultural cooperation was included in a joint declaration inked by Delhi chief minister Sheila Dikshit and previous Moscow mayor Yuri Luzhkov. In 2011, Russia had sought to ban Bhagavad Gita. The move caused furore in Lok Sabha and the Parliament had unanimously asked Russia to prevent the ban.

Park Geun-hye becomes first woman South Korean President Posted: 27 Dec 2012 05:30 PM PST

In recent Presidential elections in South Korea, Park Geun-hye gained the victory to become countrys first woman President, daughter of the former military ruler, Park Chung-Hee. Main challenges before Park:

Conflict with North Korea Sluggish economy Surging Welfare costs Rapidly ageing society

NASA denies asteroid impact with Earth in 2040 Posted: 27 Dec 2012 04:30 PM PST The asteroid, 2011 AG5, which was previously thought to collide with the Earth in 2040 and had a collision chance of 1 in 500, will pass by earth harmlessly. As per NASA, the asteroid shouldnt get any closer than 890,000 kilometers about twice the distance between Earth and the moon. The asteroid which was discovered in 2011 is 140 metres in diameter and if it were to collide with the earth it would have released about 100 megatonnes of energy, several thousand times more powerful than the atomic bombs. As per statistical estimates, a body of this size could impact the Earth on average every 10,000 years. FDI ceiling in ARCs increased to 74% Posted: 27 Dec 2012 03:30 PM PST With an aim to attract greater foreign expertise in the domain of asset reconstruction, the government has raised the foreign investment ceiling in Asset Reconstruction Companies (ARCs) to 74% from previous 49%. However, FDI in ARCs would need to abide by the Foreign Direct Investment (FDI) policy, including the one related with sectoral caps. Here, Foreign investment implies that the limit of 74% would be a combined limit of FDI and FII (foreign institutional investors). This move will remove the prohibition on investment by FII in ARCs. The shareholding of an FII shall not exceed 10% of the total paid-up capital.

What are ARCs? Asset Reconstruction Companies (ACRs) which is also known as Asset Management Companies in foreign countries are centralized agencies that deal with the problem of bad loans of banks. The word asset reconstruction was first used, in context of Indian economy, in Narsimham I which proposed to establish a central Asset Reconstruction Fund with money contributed by the Central Govt, which was to be used by banks to resurrect their balance sheets to clean up their Non-Performing loans. However, this idea was not responded to. So Narsimham II report, opined to set up ARCs the likes of which are successful in countries like Malaysia, Korea and several other countries in the world. The ARCs were supposed to not only concern with the realization of bad loans but to also do reconstruction i.e. to try to revive the bad loans into good ones. Tea Board annuls 156 licences Posted: 27 Dec 2012 02:30 PM PST The Tea Board of India cancelled the permanent licences of 156 tea exporters for non-performance. Many of the exporters were found to be bogus. Why licenses were cancelled? It was found that these exporters were neither performing nor submitting the returns as per a statutory need. The Export licences are given under the Tea Distribution and Export Control Order and anyone exporting teas has to hold a valid licence from the Tea Board. An export licence entitles a company to a host of benefits including income tax relief and duty draw reliefs.

No religion group is world third-largest, after Christians and Muslims Posted: 27 Dec 2012 02:30 PM PST As per a study entitled The Global Religious Landscape by the Pew Forum on Religion and Public Life, People with no religious affiliation make up the third-largest global group after Christians and Muslims and just before Hindus.

Islam and Hinduism mostly likely to expand in the future while Jews have the weakest growth prospects. Christianity is the most evenly spread religion, present in all regions of the world, while Hinduism is the least global with 94 % of its population in one country, India. 84% of the worlds inhabitants identify with a religion.

Who are the people in Unaffiliated category?

It covers all those who do not belong to any religion, from atheists and agnostics to people with spiritual beliefs but no link to any established faith.

How the expansion of a religion has been calculated?

The growth of a religion has been calculated on the basis of median age of its respective believers. The median age highlights the population bulge at the point where half the population is above and half below that number. Muslims had the lowest median age at 23 years, compared to 28 for believers all around the world. It shows that Muslims are going to grow. Judaism has the highest median age at 36, meaning its growth prospects are weakest. Among the 1.1 billion unaffiliated people around the world, 62 % live in China alone and they make up 52.2 % of the Chinese population. Japan is the only other country with an unaffiliated majority, at 57 % of the national population. Around 50% of the worlds Buddhists live in China, followed by Thailand at 13.2 % and Japan with 9.4 of Buddhist population. Other religions includes Bahai, Taoism, Jainism, Shintoism, Sikhism, Tenrikyo, Wicca and Zoroastrianism. Most were in the Asia-Pacific region.

Indian American lasik pioneer to be honored with Americas top inventor award Posted: 27 Dec 2012 01:30 PM PST Indian American Rangaswamy Srinivasan, has been nominated by President Barack Obama for the National Medal of Technology and Innovation. Why this award? Why this laser is unique? About National Medal of Technology and Innovation Why this award? Srinivasan, in 1981 made a significant discovery that an ultraviolet excimer laser could be used to etch a living tissue without causing any thermal damage to surrounding areas. He named the phenomenon Ablative Photodecomposition (APD). He collaborated with an ophthalmic surgeon to use a 193nm pulsed laser to reshape the cornea. These excimer lasers led to the development of now famous lasik lasers used in eye and dental surgery. Why this laser is unique? The laser produces clean, neat incisions without damaging or burning the untargeted tissues making it safe and efficient to use. About National Medal of Technology and Innovation The National Medal of Technology and Innovation was created in 1980 and is administered for the White House by the US Department of Commerces Patent and Trademark Office. The award recognizes people who have made lasting contributions to

Americas competitiveness and quality of life. Justice Swatanter Kumar is new NGT chief Posted: 27 Dec 2012 12:30 PM PST Justice Swatanter Kumar has become the first Supreme Court judge to be the chairperson of the National Green Tribunal (NGT) which was, till now, functioning without a full-time chairperson. He will decide on cases pertaining to environmental protection, and conservation of forests and natural resources. What is NGT? The National Green Tribunal was set up in 2010 in compliance with the National Green Tribunal Act 2010 to provide effective and speedy disposal of cases relating to environmental protection and conservation of forests and other natural resources including enforcement of any legal right relating to environment and giving relief and compensation for damages to persons and property and for matters connected therewith or incidental thereto. It is a specialized body equipped with the necessary expertise to handle environmental disputes involving multi-disciplinary issues. 5 Places where NGT is proposed to be set up for its sittings: 1. 2. 3. 4. 5. Principal Place: Delhi Bhopal Pune Kolkata Chennai

Aam Aadmi, Janashree Bima Yojana exempted from service tax Posted: 27 Dec 2012 11:30 AM PST Government has exempted services of life insurance business provided under Aam Aadmi Bima Yojana (AABY) and Janashree Bima Yojana (JBY)from service tax. Aam Aadmi Bima Yojana

Launched in 2007 Covers death and disability insurance for the benefit of rural landless households. Insurance to the head of the family or earning member of the family of rural landless households b/w the age of 18 and 59 years against natural death or accidental death and partial/permanent disability. Annual premium payable is Rs 200 50% of the premium shall be payable by the Union Government from a separate fund created by the govt and operated by LIC and the remaining 50% by the State Government. Also provides for educational aid to the beneficiaries children studying from 9th to 12th standard as an extended benefit. A separate fund has been set up for providing scholarship to the children of beneficiaries.

Janashree Bima Yojana (JBY)

Launched in August 2000 Life insurance protection to people who are BPL or marginally above poverty line. Persons aged b/w 18 years and 59 years and who are members of the identified 45 occupational groups are eligible for the scheme. Premium of Rs 200 per member 50% of premium comes from Social Security Fund maintained by LIC, rest 50% borne by the member and/or nodal agency.

Virbhadra Singh takes oath as Himachal CM for a record sixth time Posted: 27 Dec 2012 10:30 AM PST Congress leader Virbhadra Singh was sworn in as the Chief Minister of Himachal Pradesh for a record sixth time. Previously, he was Chief Minister 5 times b/w 1983 and 1985; 1985 and 1990; 1993 and 1998 and 2003 and 2007. After referendum Egypt approves new constitution Posted: 27 Dec 2012 09:30 AM PST Egypt voters approved a constitution drafted by President Mohamed Mursis Islamist allies. The new constitution was adopted with 63.8% of the vote which gave Islamists their third consecutive victory at the polls since Hosni Mubarak was ousted in a 2011 revolution. The constitution draft was widely opposed by Mursis Leftist, liberal, secularist and Christian opponents because of vague language and lack of clarity over what would be status of minorities. What next? With this approval, the road for another parliamentary election is clear which is expected in about 2 months. Egypt has also imposed currency limit of $10,000 in foreign currency, to halt capital flight. Travelers cant travel in or out of the country with more than this limit. Some Egyptians have begun withdrawing their savings from banks in fear of tougher restrictions.

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