Finance


1. Public Sector Banks employee went on strike over wage revision


  • Public Sector Banks Employee on 12 November 2014 went on a nationwide strike to press for wage revision. The strike affected banking services like cheque clearance and withdrawal from branches across India.
  • United Forum of Bank Unions (UFBU) called for national wide strike where All-India State Bank Officers’ Federation and All-India State Bank of India Staff Federation participated in the strike. UFBU is an umbrella organisation of nine bank employees and officer unions.
  • However, private sector banks like ICICI Bank and HDFC Bank remained open and most of the ATMs of all banks were functioned normally.
  • Earlier in February 2014 the staff of public sector banks had gone on a nationwide strike for two days regarding wage revision which is due since November 2012.


2. Alibaba made the record of earning 9.3 billion US dollars on a single day


  • China’s online retail giant, Alibaba on 11 November 2014 made the record of earning 9.3 billion US dollars in sales on a single day. Alibaba achieved the staggering figure on Singles Day shopping event which celebrates the bachelorhood of Young single Chinese.
  • On this day, Alibaba shipped 278 million orders out of which 43 percent were mobile devices.
  • In 2013, Alibaba had recorded sales of 5.75 billion US dollars and shipped 150 million orders on Singles' Day that is the world's biggest online retail sales day.
  • Singles' Day called anti-valentine’s Day emerged in China two decades ago as a time for bachelors and bachelorettes to celebrate the single life. 
  • Alibaba turned Singles’ Day into the biggest 24-hour cyber spending target in the world by offering deep discounts on everything from cars to clothes on that day.


3. IFC arm of World Bank issued 10 billion rupee Masala bond to fund infrastructure development


  • International Finance Corp (IFC) arm of World Bank on 11 November 2014 issued 10 billion rupee Masala bond to fund infrastructure development.
  • The so-called Masala bonds mark the first rupee bonds listed on the London Stock Exchange. The name masala bond is the Indian counterpart of the Dim Sum bond applied to Chinese offshore issues of IFC. Bonds issued inside India by IFC are known as Maharaja Bonds.
  • IFC will invest proceeds of rupee-denominated bonds into Axis Bank’s proposed infrastructure bonds.
  • The yield is 6.3 per cent and it is almost two percentage points lower than the rate at which the Government of India itself can raise money. The latest issue builds on earlier offshore rupee issues of shorter tenure.
  • The bonds were issued under IFC’s 2 billion US dollar offshore rupee programme. J.P. Morgan is the sole arranger for the issuance.
  • The bonds are the longest-dated bonds in the offshore rupee markets, building on earlier offshore rupee issuances by IFC at three-, five-and seven-year maturities.


4. Flipkart appointed Rishi Vasudev and P Balakrishnan as Vice President


  • The largest online retailer of India Flipkart on 12 November 2014 appointed two new members Rishi Vasudev and P Balakrishnan as Vice President.
  • Rishi Vasudev joined as the new Vice President Fashion (Retail), while Parameswaran Balakrishnan will head the organisation as Vice President HR for supply chain.
  • Rishi Vasudev  have more than 15 years of experience in the fashion and retail industry. Earlier he was working as the CEO of Calvin Klein India.
  • P. Balakrishnan will involve driving all business partnering, talent acquisition and functional L&D for supply chain at Flipkart.
  • Parameswaran has over two decades of experience working with organisations like Toyota and Tata Motors.


5. Kerala became first state with bank accounts for all families


  • Kerala became the first state in the country to have bank accounts for all families under Pradhan Mantri Jan Dhan Yojna (PMJDY). A formal declaration to this effect was made by Kerala Finance Minister KM Mani at the State-Level Bankers’ Committee (SLBC) meeting in Thiruvananthapuram on 11 November 2014.
  • Under the PMJDY, Kerala has opened about 13 lakh new accounts and has mobilised 326 crore rupees through intensive financial literacy campaigns launched under the aegis of the State Level Banker’s Committee (SLBC).
  • At present, Kerala have Financial Literacy Centres in all the 152 blocks of Kerala has helped it to achieve the target of PMJDY ahead of schedule. 5.25 lakh rupees debit cards have been issued by all banks.


6. Retail inflation drops to 5.5 per cent in Oct


  • Helped by softening prices of food items, the retail inflation declined to 5.52 per cent in October, the lowest since the new series of data was introduced in January 2012. This is the fourth consecutive month of decline in the Consumer Price Index based inflation or retail inflation, which had fallen to 6.46 per cent in the previous month.
  • The overall food inflation measured on CPI came down to 5.59 per cent in October against 7.67 per cent in the previous month.
  • Retail prices of vegetables declined by 1.45 per cent against a rise of 8.59 per cent in September, according the data released by the Ministry of Statistics and Programme Implementation.
  • Inflation in fruits slowed to 17.49 per cent from 22.4 per cent in September. Similarly the rate of price rise in protein rich items like eggs, fish and meat was at 6.34 per cent in October, slightly down from 6.35 per cent in the previous month.
  • The data on inflation based on Wholesale Price Index for October will be released on Friday. WPI inflation had dropped to a near five-year low in September to 2.38 per cent, helped by moderation in food and fuel prices.
  • RBI has started targeting retail inflation, while deciding on its bi-monthly monetary policy.

India


7. Union Government banned militant outfit KLO operating in WB, Assam


  • Union Government on 11 November 2014 banned militant outfit Kamatapur Liberation Organisation (KLO), which operates in West Bengal and Assam. The group is fighting for a sovereign state Kamatapur.
  • Union Home Ministry in a notification said that under the Unlawful Activities Prevention Act, 1967, it has proposed to add Kamatapur Liberation Organisation and all its formation and front organisations as a terrorist organisation. With this notification, KLO will be listed in the First Schedule and has joined the 37th militant organization.
  • Kamatapur Liberation Organisation (KLO) came into existence in 1993. KLO was formed to address problems of the Koch Rajbongshi community and perceived neglect of Kamtapuri language, identity and grievances of economic deprivation of the community. It has been consolidating its position in fourteen districts of Assam and six districts of West Bengal.





8. Public Service Broadcasting Day observed on 12 November


  • Public Service Broadcasting Day was observed across India on 12 November 2014. The day is observed in remembrance of the Father of the Nation Mahatma Gandhi’s visit to All India Radio studio in Delhi for the first and last time. 
  • Mahatma Gandhi on 12 November 1947 visited the studio of All India Radio to address those people (refugees from Pakistan) who were temporarily settled in Kurukshetra after partition.
  • All India Radio, New Delhi organised a function in its premise to mark the day. Apart from this, North Eastern Service of All India Radio, Shillong celebrated the day by organizing Choir Music Festival in Shillong. Choir parties from Agartala, Aizawl, Imphal, Kohima and Shillong also participated in the Festival.

9. Best App in Asia award to Hyderabad entrepreneur


  • The coffee farmers of Araku valley these days get instant returns for their produce. Gone are the days when they had to wait for nearly a month till the buyers completed the weighing process of the produce and release money through co-operative society. Thanks to a mobile application developed by Hyderabad-based entrepreneur, Raghu Kanchustambham, there is no waiting period.
  • The app dubbed as ‘Livelihood 360 (L360)’ was adjudged the Best App of Asia in the Telenor Digital Winners Conference, a global competition held in Oslo, Norway this month. The award came with a cash prize of Rs. 9,79,000, which will be utilised by the developer to further “scale up” the concept.
  • It all started when Mr. Raghu, who has a start-up ‘Concept Wave’, met the officials of Naandi Foundation, which was already working with the coffee farmers of Araku valley. “The basic premise was to utilise technology and reach to those people not having access to technology and internet. I visited Araku valley and spent time with them and learnt a lot about their lifestyle and livelihood,” he said.


10. ISRO releases picture of comet taken by Mars Orbiter


  • On a day when European Space Agency (ESA) is attempting to place a robot Philae on Comet 67P/Churyumov—Gerasimenko, ISRO today released images of Comet Siding Spring, taken by its Mars Orbiter last month.
  • ISRO’s Mars Orbiter had the opportunity to witness the Comet Siding Spring approach Mars on October 19, for which the spacecraft repositioned itself for its safety. After the comet passed by, @MarsOrbiter tweeted, “Phew! Experience of a lifetime. Watched the MarsComet SidingSpring whizzing past the planet. I’m in my orbit, safe and sound.”
  • The Mars Colour Camera on board ISRO’s Mars Orbiter has captured the Coma (top bright portion) of the comet partly, as it approached MOM during last 40 minutes of the imaging session before Mars—Comet close encounter, ISRO said in its social networking site along with the pictures.
  • “Sequence of MCC images show the Coma move closure to MOM from 1.8 lakh to 1.3 lakh km between 17.44 to 18.25 UT on October 19,” it said.
  • As on 3 PM IST, ESA’s Rosetta — and her companion spacecraft — Philae — have parted ways, ahead of a historic landing on the surface of Comet 67P/Churyumov—Gerasimenko on Wednesday, according to ESA.
  • Philae is heading for a landing site named Agilkia, it said.


11. Rajinikanth is Indian Film Personality of the Year



  • The Centre has named actor Rajinikanth as winner of the Centenary Award for Indian Film Personality of the Year. This was announced by Colonel Rajyavardhan Singh Rathore, Minister of State, Information and Broadcasting, on Tuesday.
  • The Chennai-based actor would be receiving the honour at the 45th International Film Festival of India to be held in Goa from November 20 to 30. Social media was agog with excitement as fans posted messages congratulating their ‘Superstar’, as he is fondly known.
  • The 63-year-old actor is a recipient of the Padma Bhushan, the third highest civilian honour which he got in 2000. He has also won a number of awards from the Tamil Nadu government.
  • Hailing from a modest background, the actor had a dream debut in K. Balachander’s Aboorva Ragangal in 1975 and fans are eagerly looking forward to his upcoming Lingaa.
  • “His contribution to cinema is immense and no amount of awards is enough. This award is a recognition for his pan-Indian popularity,” said Bobby Simha, actor and a fan of Rajinikanth.



International


12. UN Chief Ban Ki Moon constituted a Gaza war inquiry headed by Patrick Cammaert


  • United Nations Secretary General, Ban Ki Moon on 11 November 2014 appointed a five-member panel to investigate Israeli attacks on UN shelters during the Gaza war and the discovery of Hamas weapons at UN sites. During its investigation, the panel will focus on incidents from 8 July to 26 August 2014.
  • The inquiry will be led by retired Dutch general Patrick Cammaert. Other members of the panel include Maria Vicien-Milburn of Argentina, Lee O'Brien of America, Pierre Lemelin of Canada and K.C. Reddy of India.
  • Earlier in October 2014, Moon during his visit to the site of damaged UN shelters in Gaza described the three Israeli shelling of UN-run schools as a moral outrage. He announced plans to set up a probe during this visit.
  • However, Israel maintains that Palestinian Hamas fighters were using the schools to store weapons. It also denied that it had deliberately targeted the schools, which were being used as shelters by Palestinians during the 50-day Israeli offensive.


13. 21st APEC Summit Concluded with Chinese trade pact plan



  • The 21st Asia-Pacific Economic Co-operation (APEC) Summit was concluded on 11 November 2014. The summit was held at Yanqi Lake in Beijing, China.
  • The summit was concluded with issuing of the 22nd APEC Economic Leaders' Meeting Declaration - Beijing Agenda for an Integrated, Innovative and Interconnected Asia-Pacific.
  • The summit was held under the theme of Shaping the Future through Asia-Pacific Partnership.
  • The Declaration outlines new far-reaching measures for advancing regional economic integration, promoting innovative development, economic reform and growth, and strengthening comprehensive connectivity and infrastructure development, with a view to expanding and deepening regional economic cooperation, and attaining peace, stability, development and common prosperity of the Asia-Pacific.

Highlights of the Declaration

•        The declaration submitted that significant progress made toward achieving the Bogor Goals.
•        The declaration recognised that APEC has a critical role to play in shaping and nurturing regional economic integration.
•        APEC announced to make more important and meaningful contributions as an incubator to translate the Free Trade Area of the Asia-Pacific (FTAAP) from a vision to reality. FTAAP is a major instrument to strengthen APEC's regional economic integration agenda.
•        In this regard, the summit aimed to endorse the Beijing Roadmap for APEC’s Contribution to the Realization of the FTAAP.
•        The summit welcome the establishment of a Committee on Trade and Investment (CTI) Friends of the Chair Group on Strengthening Regional Economic Integration (REI) and Advancing FTAAP, and urge the Friends of the Chair Group to continue its work.
•        They agree to launch a collective strategic study on issues related to the realization of the FTAAP, and instruct officials to undertake the study, consult stakeholders and report the result by the end of 2016.
•        They endorse the establishment of an APEC Information Sharing Mechanism on RTAs/FTAs. They highly commend the work on the implementation of the Action Plan Framework on Capacity Building Needs Initiatives (CBNI), and endorse the Action Plan Framework of the 2nd CBNI.
•        They instruct officials to design targeted and tailor-made capacity building activities to narrow the gap of the capacities of APEC economies to facilitate the eventual realization of the FTAAP.
•        To Advance the Global Value Chain Development and Supply Chain Connectivity, they endorse the APEC Strategic Blueprint for Promoting Global Value Chain (GVC) Development and Cooperation.
•        Global Value Chains (GVCs) have become a dominant feature of the global economy and offer new prospects for growth, competitiveness and job creation for APEC economies at all levels of development.
•        To Strengthen Economic and Technical Cooperation, they endorse the APEC Strategic Plan on Capacity Building to Promote Trade and Investment Agenda which adopts a strategic, goal-oriented and multi-year approach.
•        They encourage economies, particularly developed economies, to provide more contributions to ECOTECH and capacity building, to achieve their goal of bridging development gaps, and help member economies to meet their APEC commitments and their economic growth objectives.
•        Also, they welcome the initiative to upgrade the Asia Pacific Finance and Development Center (AFDC) to the Asia Pacific Finance and Development Institute (AFDI).


14. Jesus was married, had kids, claims The Lost Gospel


  • “What the Vatican feared — and Dan Brown only suspected — has come true,” Simcha Jacobovici and Barrie A. Wilson, authors of The Lost Gospel write in their preface: “There is now written evidence that Jesus was married to Mary the Magdalene and that they had children together.”
  • At a press conference at the British Library, the authors — Mr. Jacobovici is a Canadian-Israeli film director, award-winning journalist, and writer; Professor Wilson teaches religious studies at York University, Toronto — presented the evidence, morsels of which had already been fed into the press over the last few days.
  • The authors claim that an ancient Syriac manuscript called Joseph and Aseneth, which found its way to the British Library on 11 November 1847 from a monastery in Egypt, is a lost gospel that fills in the gaps in the narrative about the life of Jesus, showing him as a human being who courted and then married his wife, had children, and even survived an attempt on his life.
  • The manuscript is already known to experts in the field of early Christianity, the authors claim, albeit only in the later Latin and Greek translations. They claim to be the first to work with a Syriac version, which they have translated and “decoded” to reach their conclusions.

Sports


15. BWF provisionally suspended Lee Chong Wei due to anti-doping regulation violation


  • Badminton World Federation (BWF) on 11 November 2014 provisionally suspended Malaysian badminton player and World No. 1 Lee Chong Wei due to an apparent anti-doping regulation violation.
  • The world-governing body has imposed this suspension due to an Adverse Analytical Finding of a sample taken at the BWF World Championships in August 2014.
  • The BWF has referred the matter to the BWF Doping Hearing Panel and, in due course, the Chair of the Panel will set the time, date and location of a hearing. The Panel will determine whether or not the athlete has committed an anti-doping regulation violation.
  • The Provisional Suspension means the athlete is barred temporarily from participation in any competition prior to the BWF Doping Hearing Panel’s decision. 
  • He won silver at 2008 Beijing and 2012 London Olympics.
  • He is a four time Commonwealth Games gold Medalist, Two each in singles and men’s team events.
  • He has won 55 career tittles and was named the BWF player of the year four times.