CURRENT AFFAIRS : 7th NOVEMBER 2013 1. S&P warns of downgrade post 2014 elections i. Global rating agency Standard & Poor’s has warned of lowering the country’s sovereign rating to ‘speculative’ grade post general elections next year if the new government fails to arrest the falling growth. ii. Currently, the rating is ‘BBB (-)’ which was affirmed on Thursday but with negative outlook. iii. This rating is the last investment grade and a notch below can hurt foreign investment flow, while Indian corporate will have to pay more for borrowing abroad. iv. “The negative outlook indicates that we may lower the rating to speculative grade next year if the government that takes office after the general elections does not appear capable of reversing Indias low economic growth,” the agency said in a statement. v. It also informed that it is expected to review the rating after the elections when the new government will announce its policy agenda. vi. However, it may review the rating before the elections if there is unexpected deterioration of the fiscal or external accounts before that. 2. RBI permitted foreign banks subsidiaries to acquire domestic private sector banks i. The Reserve Bank of India (RBI) on 6 November 2013 permitted the Wholly Owned Subsidiaries (WOS) of the foreign banks to acquire the domestic private sector banks. RBI also permitted the banks to set up branches anywhere in the country. ii. As per the permission given by RBI, the foreign banks will have to seek permission of RBI to open branches in certain sensitive locations. iii. The foreign bank subsidiaries have also been allowed to list on the local stock exchanges. Although, they will not be allowed to hold more than 74 percent in the private banks they may acquire. iv. The order of the RBI also stated that the foreign banks that commenced banking business in India before August 2010 will be given an opportunity to convert into a wholly owned subsidiary. v. Currently, foreign banks as a group are entitled to open 12 branches in India every year, according to WTO commitments. India has usually allowed a higher number. vi. The new dispensation will probably help foreign bank branches proliferate — provided, of course, their countries have reciprocal arrangements for Indian banks in their territories. vii. Old foreign banks that set up shop prior to August 2010 (such as Citibank, HSBC, Standard Chartered and DBS) will have the option to continue operating as a branch of their foreign parent, but they will be “incentivised” to convert into WoS. viii. The initial minimum capital for a WoS will be Rs 500 crore, which foreign banks would need to bring upfront; this applies to even existing foreign banks which wish to convert. ix. Further, the RBI said that the WoS will be required to meet Basel-III requirements (9 per cent Tier-I capital) right from Day One. x. For the first three years, the WoS will have to maintain Tier-I capital at 10 per cent. BRANCH OPERATIONS i. On opening of new branches, the RBI has sought to bring the WOSs on a par with domestic banks. ii. They will be allowed to open branches in Tier 1- centres without taking prior permission from the RBI provided at least 25 per cent of their branches are opened in un-banked rural centres (Tier 5 and Tier 6). BOARD OF DIRECTORS The RBI also mandated that at least a third of the directors should be independent of the management of the subsidiary in India, its parent or associates. It also wants at least a third of the directors to be Indian nationals resident in India. 3. Imomali Rakhmon Reelected as the President of Tajikistan i. Central Election Commission (CEC) of Tajikistan on 6 November 2013 declared that Imomali Rakhmon was re-elected as the President of Tajikistan. ii. Imomali Rakhmon belongs to Peoples Democratic Party of Tajikistan (PDPT). iii. The President of Tajikistan is elected by popular vote. The term of the office is 7 years. iv. The term of the President of Tajikistan is limited to not more than two terms. However, a constitutional amendment passed in 2003 allows President Imomali Rakhmon to run for a third term which, if he prevails, would keep him in office until 2020. 4. India home to 103 billionaires; 6th largest globally i. India has more number of billionaires than France, Saudi Arabia, Switzerland and Hong Kong and is home to the sixth largest group of super rich population in the world, says a report. ii. Moreover, the countrys financial capital Mumbai with 30 billionaire, is among the top 5 billionaire cities globally, which was topped by New York that is home to 96 billionaires. iii. This list was topped by United States with 515 ultra-rich people, three times more than in China, which ranks second with 157 billionaires. iv. Germany, United Kingdom and Russia make the top five countries with a billionaire population of 148, 135 and 108 respectively. v. Globally, there are 2,170 billionaires as of 2013, with a combined net worth of USD 6.5 trillion, more than the GDP of every country except the United States and China. vi. The report further noted that industrial conglomerates and pharmaceuticals are the first and second most significant industries for Indian billionaires. 5. India, US launch agri training programme with Africa i. The US and India have launched the third India-US-Africa triangular agricultural training programme at the National Institute of Agricultural Extension Management (MANAGE). ii. This partnership, supported by the US Government’s global hunger and food security initiative ‘Feed the Future’, aims to improve agricultural productivity and support market institutions in Kenya, Liberia, and Malawi. iii. A total of 180 African agricultural professionals will be trained over the next two years at MANAGE in Hyderabad and Chaudhury Charan Singh National Institute of Agricultural Marketing (NIAM) in Jaipur. 6. HUDCO Signed MoU with School of Planning and Architecture i. Housing and Urban Development Corporation Limited (HUDCO) on 29 October 2013 signed a Memorandum of Understanding (MoU) with School of Planning and Architecture (SPA), New Delhi. Objective of MoU i. The MoU helps to undertake joint research activities, training and capacity building programmes, consultancy assignments, access to documentation centre of each other, development of new academic and training programmes and enable students to have practical exposure through internship programmes etc. ii. The Human Settlement Management Institute (HSMI), the Research & Training Institute of HUDCO will be the Nodal Department to operationalize this MoU on behalf of HUDCO. iii. HSMI will closely work with School of Planning and Architecture (SPA), New Delhi to bring about coordination between various departments and Regional Offices of HUDCO as well as different departments and Centres at the School of Planning and Architecture, New Delhi. About HUDCO i. The Housing and Urban Development Corporation Limited (HUDCO) is a Public Sector Company, under the Union Ministry of Housing & Urban Poverty Alleviation (MoHUPA). ii. HUDCO is a key partner with the Government in building assets for the Nation. In its operations, HUDCO lays a considerable emphasis on the housing need of the deprived i.e Economically Weaker Sections (EWS) and Low-Income Groups (LIG). 7. Olympic torch blasts into space ahead of Games i. Russia launched the Olympic torch into space on Thursday, as part of the flame’s journey ahead of the Sochi Winter Olympics. ii. Live television pictures showed a Soyuz spacecraft taking off from the Baikonur Cosmodrome in Kazakhstan, carrying three astronauts who will deliver the torch to the International Space Station (ISS). iii. The flight to the ISS is expected to take about six hours. iv. On Saturday, two astronauts are due to take the torch on a space walk for the first time in Olympic history. v. The Sochi Winter Olympics are due to begin on February 7 next year. 8. Prem Narain appointed as Secretary of Ministry of Overseas Affairs i. The government today appointed Prem Narain as the Secretary of Overseas Indian Affairs Ministry in place of Rajiv Mehrishi, who is now new Fertilisers Secretary. ii. According to an official release, Mehrishi, a 1978 batch IAS officer, was shifted from the Overseas Indian Affairs Ministry to the Department of Fertilisers as Secretary in place of Sudhir Mital who retires this month end. iii. Narain, a 1978 batch IAS officer of Uttar Pradesh cadre, was on a compulsory wait in Women and Child Development ministry. iv. Snehlata Kumar, a 1979 batch IAS officer of Madhya Pradesh cadre, was appointed as Secretary (Border Management) in Union Home Ministry. 9. International film festival to be held in Goa this month i. Minister for Information and Broadcasting Manish Tewari has announced the launch of the 44th International Film Festival of India to he held in Goa later this month. ii. The film festival is set to take off on November 20 and will end on 30th of this month. iii. Alongside the festival, the NDFC Film Bazaar 2013 will also kick off in Goa on the same day. Further, the International Childrens Film Festival of India (ICFFI) will also take off on Childrens Day, November 14, in Hyderabad. iv. Around 200 films from 48 countries will be showcased at the children’s film festival, also known as The Golden Elephant. 10. Tarla Dalal, the Celebrity Cook of India, Passed Away at 77 i. Tarla Dalal, one of the first celebrity chefs of India as well as prolific cookbook writer died on 6 November 2013 due to heart attack in Mumbai. She was 77 years old and is survived by three children. ii. She authored more than 100 cookbooks which sold three million copies. Her website tarladalal is the largest food website of Asia. Life History of Tarla Dalal • Tarla Dalal was born in the year 1936 in Pune, India. • She was a renowned Indian chef, food writer, host of various cooking shows as well as best-selling cookbook author. • Her first cookbook was entitled The Pleasures of Vegetarian Cooking, which was published in the year 1974. 11. Gross Direct Tax Collections during April-October in 2013-14 up by 11.58 Percent i. The Gross Direct Tax of India during the April to October 2013-14 financial year in the same period in 2012-13 financial year the gross direct tax was 302844 crore rupees. ii. Whereas, the Gross Collection of Corporate taxes from April to October 2013-2014 financial year has increased by 8.23 percent and stood at 209622 crore rupees. iii. But the Gross Collection of Corporate taxes was 193679 crore rupees in the same period of financial year 2012-13. 12. Hawk 132 inducted into the Indian Navy i. Indian Navy on 6 November 2013 inducted the fourth generation advanced jet trainer aircraft Hawk 132 at a ceremony held at the Naval Air Station INS Dega at Visakhapatnam. ii. Hawk 132 is an aircraft operating with over 24 countries around the world. iii. The aircraft was built by the Hindustan Aeronautics Limited (HAL) with Transfer of Technology from M/s British Aerospace, UK. Hawk 132 is equipped with advanced and reliable navigation systems and it is able to deploy an impressive array of weaponry including air-to-air missiles, air-to-ground rockets, bombs and guns. 13. Yogesh Malik Resigned as CEO of Uninor i. Yogesh Malik resigned as the Chief Executive Officer of Uninor, Norwegian telecom giant Telenor’s India unit on 7 November 2013. ii. Sigve Brekke, Executive Vice President and Head of the Telenor Asia operations appointed as the acting CEO of Uninor. About Yogesh Malik • He has almost 20 years of extensive telecom experience. • He was previously held executive positions at Telenor Group headquarter in Norway, • He was served as Chief Technology Officer (CTO) of Telenor Group companies in Ukraine and Bangladesh. 14. Jayalalithaa to inaugurate FIDE World Chess Chships in Chennai today i. The 53rd World FIDE Chess Championship will be formally inaugurated by Tamil Nadu Chief Minister Jayalalithaa at the Jawaharlal Nehru Indoor Stadium in Chennai today. ii. The match between defending world champion Vishwanathan Anand and challenger Norwegian grand master Magnus Carlsen will take place on Saturday November 9th.. 15. Rohits debut century rescues India after top-order collapse i. Rohit Sharma stamped his class by hitting a sparkling century on debut as India recovered from a top-order collapse to take a firm grip of the first Test against the West Indies with a 120-run first-innings lead in Kolkata on Thursday. ii. Sharma stole the thunder with his unbeaten 127 as the hosts, who were precariously placed at 83 for five at one stage, reached a comfortable 354 for six at close on an eventful second day’s play. iii. Ravichandran Ashwin was the other batting hero of the day as he remained unbeaten on 92 as he combined with Sharma to pull India out of trouble. Sharma became the 14th Indian to score a century on debut. iv. Handed the Test cap by Tendulkar after his Man-of-the Series performance in the recently-concluded ODI series against Australia, Sharma struck 16 fours and one six while facing 228 balls. v. India’s backbone was broken after they lost three wickets -- Pujara, Tendulkar and Kohli as the hosts were tottering at 120/5 at lunch. Brief Score: West Indies 1st Innings: 234 all out India 1st Innings: 354 for 6 in 102 overs (Rohit Sharma 127 batting, R Ashwin 92 batting, Shane Shillingford 4/130).
Posted on: Thu, 07 Nov 2013 14:21:52 +0000
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