Finance


1. India set to become $2 trillion economy this year: IMF

  • ·         India is poised to become a USD two trillion economy this year, while its GDP size would cross another milestone of USD three trillion after five years in 2019, according to IMF’s latest world economic outlook.
  • ·         India’s ranking would also improve to seventh largest economy in the world, while measured on “current prices” basis in US dollar, in 2019 from its tenth position currently.
  • ·         Latest data from the International Monetary Fund (IMF) show that Indian economy is set to be worth USD 2.05 trillion this year, increasing its size from USD 1.88 trillion in 2013.
  • ·         Last year too, India was among the ten largest economies in the world.
  • ·         Going by the IMF, United States would remain the world’s largest economy with a size of USD 17.42 trillion, followed by China at USD 10.35 trillion.
  • ·         Meanwhile, India is all set to cross the USD 3 trillion milestone in 2019 with a size of USD 3.18 trillion, surpassing Russia, Brazil and Italy. This would also make India the world’s seventh largest economy.
  • ·         At that time, Brazilian economy is estimated to be worth USD 2.89 trillion while Russian and Italian economies would have a size of USD 2.59 trillion and USD 2.45 trillion, respectively.
  • ·         The United States would remain the world’s largest economy in 2019 with a size of USD 22.15 trillion, followed by China (USD 15.52 trillion) and Japan (USD 5.43 trillion).



2. Karur Vysya Bank gets IDRBT award

  • ·         Karur Vysya Bank has bagged the Best Bank Award for Business Intelligence Initiatives among small banks.
  • ·         The bank's Managing Director and Chief Executive, K Venkataraman, received the award from the Governor of Reserve Bank of India, Raghuram G Rajan.
  • ·         The IDRBT Banking Technology Excellence award is for 2013-14.
  • ·         IDRBT has recognised KVB for this award for the sixth year in a row.


India


3. Union Government constituted Vishwanathan committee to provide Bankruptcy code for SMEs

  • ·         Union Government on 20 October 2014 constituted Vishwanathan committee to provide Bankruptcy code for small and medium enterprises (SMEs).  The committee was formed under the Union Finance Ministry.
  • ·         The committee will be headed by former Lok Sabha secretary-general and former law secretary T K Vishwanathan. The committee will prepare a report on corporate bankruptcy framework for SMEs by February 2015.
  • ·         The formation of the committee is the first step to provide small and medium enterprises (SMEs) with an exit option in case of bankruptcy. The announcement is in tune with a budget promise made by Union finance minister Arun Jaitley to introduce an entrepreneur-friendly legal bankruptcy framework.


Terms of Refrence

  • ·         The Vishwanathan committee will go into a whole gamut of bankruptcy issues including early detection and resolution of financial distress and protection of stakeholders’ interest.
  • ·         It will also suggest liquidation procedure for smaller firms and necessary reforms required to the rescue mechanism.



4. Nepal, India sign historic Power Trade Agreement

  • ·         India and Nepal today inked a historic Power Trade Agreement (PTA), allowing exchange of electricity and opening up new vistas of cooperation in the hydropower sector.
  • ·         During the visit of Prime Minister Narendra Modi to Nepal in August, the two sides had agreed to sign the agreement that would allow exchange of electricity generated from hydel projects in Nepal. A draft agreement of the PTA was prepared by the two governments in first week of September.
  • ·         Nepalese Secretary in the Ministry of Energy Rrajendra Kishore Kshatra and Energy Secretary of India Pradeep Kumar Sinha inked the agreement at a function held at the Prime Minister's Office.



5. M.L. Khattar to be next Haryana CM

  • ·         Manohar Lal Khattar will be the next chief minister of Haryana, the BJP announced on Tuesday.
  • ·         The former Rashtriya Swayamsewak Sangh (RSS) ‘Pracharak’ was chosen by the newly-elected Bharatiya Janata Party legislators as their leader at a meeting here.
  • ·         Khattar, 60, will be the first BJP chief minister of the state, which was formed Nov 1, 1966.
  • ·         Despite being a first-time legislator with no administrative experience, the BJP chose Khattar, who belongs to the Punjabi community, in the Jat-dominated politics of Haryana.
  • ·         The swearing-in of the new Chief Minister and other ministers is likely to take place October 26. The ceremony could take place at a sports stadium in Panchkula town, 15 km from here, instead of the Haryana Raj Bhavan here.
  • ·         Union Minister Venkaiah Naidu and senior BJP leader Dinesh Sharma attended the meeting of the legislators as observers sent by the Bharatiya Janata Party’s (BJP) parliamentary board.



6. Union Home Ministry drafted a new counter-Naxal doctrine

  • ·         Union Home Ministry on 17 October 2014 drafted a new counter-Naxal doctrine. In the drafted law, the ministry clearly demarcated the role of the state police and central paramilitary forces (CPMFs) in anti-Maoist operations.
  • ·         The ministry proposed to put state police forces in the lead, while tasking CPMFs with using their pan-Indian mandate for seamless operations across state borders and holding the counter-insurgency grid together.
  • ·         The new policy will be circulated to all the states for their comments soon. It will seek to fight the Maoists through a four-pronged approach, comprising elements like security-related measures, development-based approach, rights and entitlement-based measures and public perception management.
  • ·         The approach of the new law will be to focus on security interventions in worst LWE-affected areas. In moderately-affected areas, it will witness security and development initiatives going hand in hand; while in less affected areas, development interventions will take precedence.


Highlights:

•    The policy proposed oversight committee at the national and state level. The national panel will comprise home minister, finance minister, tribal affairs minister, environment minister, rural development minister, panchayati raj minister and road & transport minister, besides chief ministers of all Naxal-hit states, and will meet bi-annually.
•    There will be an inter-ministerial group, a coordination committee to oversee operational strategies comprising Central and state level officers, as well as a state-level committee for coordinated response by various state agencies.
•    Also, the new law insisted on a periodic review of the counter-Naxal strategies.


7. Union Cabinet approved inter-governmental MoU to upgrade Chabahar port of Iran

  • ·         The Union Cabinet on 18 October 2014 approved an inter-governmental Memorandum of Understanding (MoU) with Iran to upgrade the Chabahar port Phase-I.
  • ·         Under the Chabahar port Phase-I project India will set up a Joint Venture (JV) Company with an investment of 85.21 million US dollar and operate the port for 10 years, through a leasing agreement.
  • ·         The Company will equip two fully-constructed berths in Chabahar port within 12 months, one as a container terminal and second as a multi-purpose cargo terminal.
  • ·         India will transfer ownership of the equipment to be provided through the investment to Chabahar port and maritime organisation without any payment at the end of the tenth year of operation and can also form a joint venture company that could include one or more Iranian companies


About Chabahar port
  • ·         Chabahar port is located in the Sistan-Baluchistan Province on south-eastern coast of Iran, which lies outside the Persian Gulf and it is easily accessed from western coast of India. India can access to Zaranj in Afghanistan which is at a distance of 883 km by using Chahbahar port.


International


8. India wins re-election to UN Human Rights Council

  • ·         In a significant victory, India was today re-elected to the UN's main human rights body for the period of 2015-17, receiving the highest number of votes in the Asia-Pacific group.
  • ·         India is currently a member of the 47-nation UN Human Rights Council (UNHRC) and its first term is due to end on December 31, 2014.
  • ·         After India's re-election, the country's Ambassador to the UN Asoke Mukerji emphasised that the country's focus will be to make the UN human rights system more effective and address issues through a constructive approach.
  • ·         India was seeking re-election to the UN body, the elections for which were held here today in the UN General Assembly.
  • ·         India was competing in the Asia-Pacific group in which four seats were up for election. The other countries competing in the group were Indonesia, Bangladesh, Qatar, Thailand, Kuwait, Cambodia, Philippines and Bahrain.
  • ·         Out of them, India, Bangladesh, Qatar and Indonesia made it to the UNHRC.
  • ·         India received 162 votes, the highest number in the Asia-Pacific group.



9. WHO declares Nigeria free of Ebola

  • ·         The World Health Organization declared on Monday that Nigeria is free of Ebola, a rare victory in the months-long battle against the fatal disease.
  • ·         Nigeria’s containment of the lethal disease is a “spectacular success story,” WHO Country Director Rui Gama Vaz told a news conference in Abuja, Nigeria’s capital. Nigeria reported 20 cases of Ebola, including eight deaths. One of those who died was an airline passenger who brought Ebola to Nigeria and died soon after.
  • ·         The WHO announcement came after 42 days passed twice the disease’s maximum incubation period since the last case in Nigeria tested negative.
  • ·         “The outbreak in Nigeria has been contained,” Mr. Vaz said. “But we must be clear that we only won a battle. The war will only end when West Africa is also declared free of Ebola.”
  • ·         For an outbreak to be declared officially over, WHO convenes a committee on surveillance, epidemiology and lab testing to determine that all conditions have been met.
  • ·         Mr. Vaz warned that Nigeria’s geographical position and extensive borders makes the country, Africa’s most populous, vulnerable to additional imported cases of Eebola.
  • ·         “Therefore there is need to continue to work together with states to ensure adequate preparedness to rapidly respond, in case of any potential re-importation,” he said.
  • ·         The disease continues to spread rapidly in Liberia, Sierra Leone and Guinea and has claimed more than 4,500 lives.



10. Joko Widodo sworn in as Indonesian President

  • ·         Joko Widodo was sworn in as Indonesia’s new President on Monday.
  • ·         Mr. Widodo, the first Indonesian President not to come from the ranks of the country’s established political, business and military elite, took the oath of office in a ceremony at Parliament in Jakarta, attended by regional leaders and U.S. Secretary of State John Kerry.
  • ·         “To the fishermen, the workers, the farmers, the merchants, the meatball soup sellers, the hawkers, the drivers, the academics, the labourers, the soldiers, the police, the entrepreneurs and the professionals, I say let us all work hard, together, shoulder to shoulder, because this is a historic moment,” said Mr. Widodo.
  • ·         A former furniture salesman, Mr. Widodo rose from humble beginnings to become Jakarta’s Governor before winning July’s presidential election with 53 per cent of the vote. Polls showed most of his support came from lower-income, non-urban Indonesians attracted by his simple demeanour and record of honest, hard work.



11. Malala Yousafzai conferred 2014 Liberty Medal

  • ·         Malala Yousafzai was conferred with the 2014 Liberty Medal on 21 October 2014 at the National Constitution Centre in Philadelphia. She was honoured with the award for her continued demonstration of courage and resilience in the face of adversity and for serving as a powerful voice for those who have been denied their basic human rights and liberties.
  • ·         The Pakistani teenager and Nobel Peace Prize winner is the youngest recipient of the American award, which was established in 1988 to commemorate the 200 years of the US Constitution.
  • ·         Malala has pledged to donate the award money of 100000 US Dollars towards education in Pakistan.


About Liberty Medal
  • ·         Liberty Medal is annually given to honour men and women of courage and conviction who strive to secure the blessings of liberty to people around the globe. It was established in 1988 to commemorate the bicentennial of the US Constitution. The medal was first administered by the National Constitution Center in 2006, when Presidents George H.W. Bush and Bill Clinton were honored for their bipartisan humanitarian efforts on behalf of the victims of the tsunami in Southeast Asia and the hurricanes on the Gulf Coast. Six recipients of the medal have subsequently won the Nobel Peace Prize.
  • ·         Previous recipients of this award include Hillary Rodham Clinton (2013), Muhammad Ali (2012), Robert Gates (2011), Tony Blair (2010), George H W Bush & Bill Clinton (2006), Kofi Annan (2001) and Hamid Karzai (2004). Lech Walesa was the first person to be honoured with the medal in 1989.



12. Switzerland top destination for expats

  • ·         Switzerland is the world’s favourite destination among expats, followed by Singapore and China, a poll on quality of life for HSBC found today.
  • ·         “Many Switzerland-based expats mentioned the better work-life balance, availability of outdoor activities and the family-centric culture as the reasons they enjoy the Swiss lifestyle,” the British bank said.
  • ·         The poll questioned 9,300 people working in various sectors and mostly aged between 35 and 54.
  • ·         They were asked about their financial situation, such as salary, savings and the local economy, as well as their quality of life and family issues such as education opportunities for children.
  • ·         Switzerland emerged the winner, with a trusted economy, good quality of life and comfortable salaries: a quarter of expats said they earned more than $200,000 (157,000 euros) a year.
  • ·         Asia was a strong region for salaries, with an average annual expat wage of $120,000, compared with a global average of $92,000.
  • ·         Singapore “performs solidly in all areas accounting for quality of life” while offering good economic opportunities, the survey said.
  • ·         Meanwhile, China was a top country for high-earners, with one in four of respondents there earning more than $300,000 a year, and having more disposable income to spend on their social lives.
  • ·         Other top-ranked countries were Germany, seen as stable and safe, followed by Bahrain, New Zealand, Thailand, Taiwan, India and Hong Kong.
  • ·         The lowest-ranked of the 34 countries was Egypt, followed by the UK and Brazil.




13. Indian-American student wins innovation award

  • ·         An Indian-American student has won ‘America’s Top Young Scientist’ award for his innovative design of an eco-friendly device that seeks to reduce carbon footprint, while offering power for household usage.
  • ·         Sahil Doshi, a ninth grader from Pittsburg, competed alongside nine other finalists to be declared winner of 2014 Discovery Education 3M Young Scientist Challenge.
  • ·         The award includes $25,000 and a student adventure trip to a destination such as Costa Rica.
  • ·         “His prototype — the PolluCell — converts carbon dioxide into electricity, ingeniously helping to reduce our carbon footprint, while offering power for household uses and developing nations,’’ Discovery Education and 3M said in a statement.
  • ·         Inspired by the 1.2 billion people worldwide who lack access to electricity and the rising levels of toxic air pollution, Doshi was determined to create an energy storage device that could help lower harmful greenhouse gases, while generating electricity for those in need, a statement said.
  • ·         “We are honoured to stand alongside 3M in congratulating Sahil and the rest of this year’s finalists for their dedication and innovative thinking. I am certain that they will make a meaningful impact on society in the years to come,” said Bill Goodwyn, President and CEO, Discovery Education.
  • ·         Among others, Jai Kumar from Virginia received the third place for his innovative, window-mounted air purification system that prevents harmful pollutants from entering the home.



14. UK announced first ever Dadabhai Naoroji Awards

  • ·         The UK government on 17 October 2014 announced the inaugural Dadabhai Naoroji Awards to honour individuals who have worked to strengthen the UK-India relationship over the years.
  • ·         The awards were announced by the deputy Prime Minister Nick Clegg.
  • ·         The three winners included UK India Business Council chair Patricia Hewitt in the commerce category, Dame Asha Khemka for services in the field of education and actor Madhav Sharma for culture.
  • ·         Over 80 nominations for the awards were received from members of the public.
  • ·         After a shortlisting process agreed by a UK ministerial panel comprising David Laws, Hugo Swire, Lord Livingston, Greg Clarke and Ed Vaizey, Clegg selected the winner for each category.
  • ·         The awards were judged by ministers following nominations from the public and were presented at a Foreign and Commonwealth Office reception at London.




15. 5-year-old Harshit Saumitra becomes youngest to trek up to Everest base camp

  • ·         The parents of five-year-old Harshit Saumitra, the youngest climber to reach the base camp of Mount Everest, are trying to register their son's name in the Guinness World Records and Limca Book of Records.
  • ·         Rajeev Saumitra claimed that his son, a Class 1 student of GD Goenka School in New Delhi, broke the previous record held by seven-year-old Aaryan Balaji, also an Indian, who reached the base camp in 2012.
  • ·         He said Harshit completed the trek to the base point at an altitude of 5,380 metres despite heavy snowfall in the wake of the cyclone 'Hudhud'.
  • ·         He also said Harshit climbed the nearby Kalapathar peak, which is at a height of 5,550 metres. The peak is higher than the highest peaks of three continents - Mount Blank (4,810 m) in Europe, Vison Massif (4,810 m) in Antarctica, and Punack Jaya (4,884 m) in Australia.
  • ·         Rajeev Saumitra said Harshit was felicitated with the Nepal Bharat Friendship Society on his feat.


Sports


 16. Boxer Laishram Sarita Devi, her coaches suspended by AIBA for refusing Asian Games medal

  • ·         The International Boxing Association or AIBA on Wednesday suspended pugilist Laishram Sarita Devi and two others for protesting against the controversial loss to a South Korean competitor at the Incheon Asian Games earlier this month.
  • ·         The AIBA Executive Committee Bureau in a statement said it has provisionally suspended Indian women pugilist Laishram Sarita Devi, her coaches Gurbakhsh Singh Sandhu, Blas Iglesias Fernandez and Sagar Mal Dhayal, as well as India's chef-de-mission to the Incheon Asian Games Adille J. Sumariwalla.
  • ·         In a statement on Tuesday, AIBA said: "This case has been sent for review by the AIBA Disciplinary Commission, and it means that Laisham Sarita Devi, the above mentioned coaches as well as Adille Sumariwalla will not be allowed to participate in the AIBA Women's World Boxing Championships, Jeju 2014."
  • ·         Refusing to wear the bronze medal around her neck, Sarita had tearfully accepted the medal in her hand and then gave it to silver medalist Ji Na Park of host South Korea, amid loud boos by the Indians present at the ceremony at Incheon.
  • ·         Sarita was declared the loser after her semifinal bout against Park despite dominating the bout. The Indian team had lodged a protest against the decision, which was rejected by the International Boxing Association.
  • ·         The controversy took place in the third round as the Indian battered Park with her punches but Judges B and C awarded the round 10-9 in favour of the host fighter while Judge A gave the round 10-9 to Sarita.
  • ·         The 32-year-old boxer, who won the silver at the Commonwealth Games earlier this year, later told reporters that she would continue to compete as she wants to set an example for future boxers.


17. BCCI suspends all bilateral tours to West Indies

  • ·         The BCCI working committee has decided to suspend all bilateral tours to West Indies, in response to the visitors pulling out of their India tour. India were expected to play five series against West Indies in the next eight years, including four visits to the Caribbean.
  • ·         While a BCCI release made no specific mention of any claim for damages, the Indian board will also initiate legal proceedings against the West Indies Cricket Board.
  • ·         The board statement also did not mention any action against West Indies players who participate in the IPL. The players were unlikely to be suspended from participation in the league, with franchises backing them.
  • ·         The working committee meeting in Hyderabad was convened to discuss the aftermath of West Indies' pullout. The members unanimously felt that strong action needed to be taken against WICB in order to prevent recurrence of such an event.
  • ·         A working committee member revealed that the BCCI's legal cell said that the bilateral agreement "has been breached" and the BCCI has "every right to claim damages". This, according to him, made the decision easy for the committee. Another member revealed that the claim amount and the jurisdiction will be decided by the legal cell.



18. Batra elected unopposed as president

  • ·         Narinder Batra was on Monday unopposed elected the president of Hockey India while Mushtaque Ahmad was elected secretary general as the national hockey federation elected its new office-bearers for a four-year term.
  • ·         Rajinder Singh from Hockey Jammu and Kashmir was unanimously elected treasurer and outgoing president Mariamma Koshy was declared senior vice-president in the fourth Congress which was conducted by Returning Officer Justice Aruna Suresh under the watchful eyes of Hira Ballabh, ED, Finance Sports Authority of India, and Indian Olympic Association Observer Kuldeep Vats.



19. India juniors retain Sultan of Johor Cup title

  • ·         Harmanpreet Singh converted two penalty corners to help India sucessfully defend its Sultan of Johor Cup (SOJC) U-21 hockey title, beating Great Britain 2-1 in a keenly-contested final on Sunday.
  • ·         Harmanpreet (45th and 90 minutes) slammed home two set pieces at the Taman Daya Hockey Stadium to take his goals tally to eight in the tournament. For Great Britain Samuel French (55th minute) was the lone goal scorer.
  • ·         Great Britain, unbeaten in the preliminary round, came into the final with a psychological advantage over India having beaten them 2-0 in their round-robin clash.
  • ·         But defending champions India had a record to play for as they wanted to be the first team to win the title twice since the inception of SOJC in 2011.
  • ·         Malaysia had won the inaugural title with Germany winning in 2012 and India last year. And the young Indians duely achieved their goal with a late winner from Harmanpreet.
  • ·         Harmanpreet scored his second and the all-important winner for India with just 45 seconds from time by converting his second penalty corner of the day.



20. ICC awarded global broadcast rights from 2015 to 2023 to Star India and Star Middle East

  • ·         The International Cricket Council (ICC) on 10 October 2014 awarded the global broadcast agreement rights for ICC Events from 2015 to 2023 to Star India and Star Middle East.
  • ·         The agreement is said to be the biggest ever global broadcast partnership of Cricket. The agreement included the eight-year period. During the period, 18 ICC tournaments, including two ICC Cricket World Cups (2019 and 2023), two ICC Champions Trophy tournaments (2017 and 2021) and two ICC World Twenty20 tournaments (2016 and 2020) will be held.
  • ·         The decision was made by the ICC Business Corporation (IBC) Board during a meeting at the ICC headquarters in Dubai. IBC is the commercial arm of ICC.
  • ·         The decision followed a robust tender, bidding and evaluation process which was started in July 2014.