Indian IAS Academy (iiA): (10.09.2014) Dear UPSC aspirants Todays Current Titbits: National News India signs FTA in services, investment with ASEAN- Government has formally signed free trade agreement,FTA in services and investment with the ten members of Association of Southeast Asian Nations, ASEAN in New Delhi. The agreement is aimed at allowing free movement of both manpower and investments from either side between India and ASEAN. Except Philippines, nine ASEAN countries have signed the agreement. A press release issued by the ministry of commerce and industry stated that the signing of an agreement is reflective of India’s deep commitment to have a strong institutional architecture for economic ties with ASEAN. The Agreement on Services and Investment was scheduled during the India-ASEAN Economic Ministers meeting in Myanmar last month. But the meeting was postponed as Commerce and Industry Minister Nirmala Sitharaman was not able to attend the meet due to domestic compulsions. International News 1) Massive explosion rocks chemical plant in Germany- A massive explosion has rocked a chemical plant near Bremen, in northern Germany. The explosion struck in the city of Ritterhude with 15,000 inhabitants.A fire services spokesperson said that there are no details yet on casualties. Although initial reports suggest that an employee of the factory has been reported missing while one person has been injured. Evacuation process is underway. Nearby houses are said to have been seriously damaged. Inhabitants in the immediate surrounding have been told to close their doors and windows, as witnesses reported thick fumes billowing at the site.The chemicals factory produces industrial paint. 2) Ukraine crisis: Russia ready to help finding peaceful resolution to the crisis- Russian President Vladimir Putin yesterday told his Ukrainian counterpart Petro Poroshenko that Moscow remains committed to helping find a peaceful resolution to the fighting in Ukraine. In a phone conversation between the two leaders, Putin confirmed Russias readiness to continue to contribute to a peaceful settlement of the crisis, the Kremlin press office said. The talk, the latest in a flurry of telephone diplomacy between the two heads of state, comes as a shaky truce between government forces and pro-Moscow rebels continues to hold despite sporadic fighting. European Union nations will hold fresh talks today about when to implement fresh sanctions against Russia as the 28 member states finally agreed on a new sanctions package against Moscow on Monday, but said they would wait for a few days to implement them depending on the situation on the ground. Business News FMC not to approve new contracts for trading on MCX- Forward Markets Commission has said that it will not approve new contracts for trading on Multi-Commodity Exchange - MCX. In a circular issued to MCX, the regulator has said, new contracts will not be approved till it meets certain conditions and its contract launch calendar for 2015 will also be kept in abeyance. FMC has also sought more clarity from MCX on the stake sale deal between its promoter Financial Technologies and Kotak Bank. The regulator has asked MCX to clarify as to exactly by what date the divestment shall be completed. The watchdog had previously also directed the bourse to implement the findings of a report by professional services firm PwC and the closure report of Oversight Committee in a time-bound manner.Meanwhile, MCX has clarified that it is hopeful of receiving approval for launch of calendar contracts shortly by addressing the issues raised by FMC by 30th September. Commenting on PwC report, MCX said most of its observations have already been addressed and informed to FMC from time to time.The commodity futures trading on MCX has been hit severely due to the Rs 5,600 payment crisis in the Group firm National Spot Exchange Limited - NSEL last year. Sports News India clears 679-member squad for Asian Games- Ending days of suspense, the government has cleared a 679-member squad for the Incheon Asiad. The mega sport event will be held from 19th September to 4th October. Sports Minister Sarbananda Sonowal took the decision in consultation with Prime Minister Narendra Modi. There will be a total of 516 athletes and sportsmen and 163 coaches and supporting staff as against the original list of 942 participants including 662 athletes and 280 officials sent by the Indian Olympic Association. India will take part in 28 disciplines as compared to the 35 in the last edition of the Games. India had sent a contingent of 609 athletes plus 324 officials in the 2010 Asiad in Guangzhou, China.
Posted on: Wed, 10 Sep 2014 05:55:20 +0000
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