Finance / Business


1. Kotak Mahindra Bank to acquire ING Vysya Bank in an all stock deal


  • ·         Kotak Mahindra Bank today decided to acquire mid-sized lender ING Vysya Bank in an all-share transaction to strengthen its position ahead of entry of new players.
  • ·         The Uday Kotak run bank said the consolidation was founded on leveraging "significant complementaries that exist between the two banks."
  • ·         The merger would be done through a share swap in which 725 equity shares of Rs 5 each of Kotak Mahindra will be issued for every 1,000 shares of Rs 10 each held in ING Vysya Bank.
  • ·         Netherlands-based ING holds 42.73 per cent stake in ING Vysya Bank through two investment vehicles routed through Mauritius.
  • ·         ING Vysya Bank shares closed 7.15 per cent at Rs 814.20 per on the BSE ahead of the announcement which came after trading hours.



2. RBI allows FIIs to buy equity in Yes Bank


  • ·         The Reserve Bank today said FIIs can buy equity shares in private lender Yes Bank as shareholding by foreign investors has gone below the prescribed limit.
  • ·         The RBI has removed Yes Bank from its caution list of monitoring foreign investment following the dip in shareholding by foreign investors below the prescribed limit.
  • ·         As per the data available on the BSE, FIIs held 46.30 per cent in Yes Bank as of quarter ended September 2014.
  • ·         RBI monitors ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. The RBI has fixed cut-off points two percentage points lower than the actual ceiling.




3. India's online shopper base to touch 100 mn by 2016

  • ·         India will have nearly 100 million online shopper base by 2016 as consumer confidence to shop online continues to be on the rise. According to Google’s annual online shopping growth trends report, in collaboration with Forrester Consulting, India’s e-tailing market is at an inflection point and will see rapid growth to become a $15 billion market by 2016.
  • ·         The report said that the nearly 71 per cent of non-buyers from Tier 1 and Tier 2 cities said that they plan to shop online in next 12 months. Also women buyers in Teir 1 cities were found to be more engaged in online shopping and outspend men. Categories like apparels, beauty and skincare, home furnishing, baby products and jewellery, were driven by women buyers.
  • ·         About 6,859 respondents covering both online buyers and non-buyers were interviewed across 50 cities and towns for this research.



4. Zomato raised 60 million dollars of Fund from Info Edge, Vy Capital & Sequoia


  • ·         Online restaurant guide Zomato raised 60 million US dollars of fund from Info Edge, Vy Capital & Sequoia. The fund will be used to accelerate the company's global expansion and new product development.
  • ·         Zomato has raised a total of 113 million US dollars (about 700 crore rupees) till date.
  • ·         Zomato claimed to see over 30 million visits across its web and mobile platforms every month and planned to expand to 14 more countries across Europe, South-East Asia, Australia, and the America.
  • ·         The current valuation of Zomato is more than four times its 150-million US dollars valuation when it raised 37 million US dollars in November 2013 led by Sequoia Capital.



5. Tech Mahindra acquires US based LCC for $240 million


  • ·         Tech Mahindra Ltd., India’s fifth largest software services exporter, has announced that it has signed an agreement to acquire US-based Lightbridge Communications Corporation (LCC) for $240 million.
  • ·         LCC is a global network services leader. The transaction is expected to close by fourth quarter of Tech Mahindra’s fiscal year 2015.
  • ·         Headquartered in McLean, Virginia, LCC is one-of-the world’s largest independent global providers of network engineering services to the telecommunications industry, with more than 5,000 employees in over 50 countries, said a statement by Tech Mahindra in Hyderabad on Thursday.
  • ·         With annual revenues of more than $400 million, LCC has built 350 networks and designed more than 350,000 cell sites for over 400 customers worldwide. The acquisition positions Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering, as the pre-eminent partner for network services globally.
  • ·         With this acquisition, Tech Mahindra will also be addressing a rapidly growing market opportunity as telecommunications companies and enterprises accelerate the network upgrade cycle.



6. Govt to set up Rs 1,500-cr fund for shipbuilding

  • ·         Government is in "advanced stages" to have a dedicated fund for shipbuilding industry to be handled by Exim Bank which will help the ailing sector with at least Rs 15,000 crore of funds, a top official said.
  • ·         "We are planning to open a dedicated shipping fund within Exim Bank. It is a proposal at an advanced stage," Exim Bank chairman and managing director Yaduvendra Mathur told reporters.
  • ·         The fund will be for financing the construction, and refitting and repair of ships, Mathur said on the sidelines of the Asian Exim Banks Forum in Jodhpur.
  • ·         He said the government has decided to set aside Rs 1,500 crore for the purpose, which will serve as the equity and when combined with Exim Bank's capability to leverage ten times, can result in the availability of Rs 15,000 crore in fresh liquidity to the sector.
  • ·         Initially, there was talk of creating a corporation to handle this but given past experience of an unsatisfactory outcome after formation of such a body, the government may come to Exim Bank, Mathur said.



7. Yahoo to replace Google as default US Firefox search engine


  • ·         Yahoo will supplant Google's search engine on Firefox's Web browser in the US, signaling Yahoo's resolve to regain some of the ground that it has lost in the most lucrative part of the Internet's ad market.
  • ·         The five-year alliance announced Wednesday will end a decade-old partnership in the US between Google Inc. and the Mozilla Foundation, which oversees the Firefox browser. The tensions between Google and Mozilla had been rising since Google's introduction of the Chrome browser in 2008 began to undercut Firefox. Google's current contract with Mozilla expires at the end of this month, opening an opportunity for Yahoo to pounce.
  • ·         Even though Chrome is now more widely used, Firefox still has a loyal audience that makes more than 100 billion worldwide search requests annually.
  • ·         Yahoo is hoping to impress Firefox users as the Sunnyvale, California, company sets out to prove that it's still adept at Internet search after leaning on Microsoft's technology for most of the results on Yahoo's own website for the past four years.




8. Inform customers about fall in minimum balance: RBI to banks

  • ·         The Reserve Bank on Thursday asked banks to inform their customers about fall in minimum balance well in advance and said that penal charges should be levied only to the extent of shortfall in such balances.
  • ·         The guidelines with respect to levying of penal charges for non-maintenance of minimum balance will come into effect from April 1, 2015.
  • ·         “... it has been decided that while levying charges for non-maintenance of minimum balance in savings bank account, banks shall adhere to the additional guidelines,” RBI said in a notification addressed to banks.
  • ·         As per detailed guidelines, RBI said the penal charges should be directly proportionate to the extent of shortfall observed.
  • ·         “Charges should be a fixed percentage levied on the amount of difference between the actual balance maintained and the minimum balance as agreed upon at the time of opening of account. A suitable slab structure for recovery of charges may be finalised,” RBI said.
  • ·         Further, in the event of a default in maintenance of minimum balance, the bank should notify the customer clearly by SMS/email/letter, giving them time period of one month to restore the balance so as to avoid penal charges.
  • ·         RBI said banks should not take undue advantage of customer difficulty or inattention.
  • ·         Instead of levying penal charges for non-maintenance of minimum balance in ordinary savings bank accounts, banks should limit services available on such accounts to those available to basic savings bank deposit accounts and restore the services when the balances improve to the minimum required level.



India

9. Assam Zoo set to become the first zoo in world to have the critically endangered Pygmy Hog


  • ·         Assam State Zoo in Guwahati in the third week of November 2014 decided to have the critically endangered pig Pygmy Hog (Porcula salvania). Pygmy Hog is the rarest and smallest wild pig in the world.
  • ·         With this decision, Assam State Zoo is set to become the first and only zoo of the world to have this critically endangered species of pigs.
  • ·         The Zoo took the decision to have the Pigmy Hogs as they are on the brink of extinction, and they want to make the zoo a captive breeding centre for the critically endangered mammals.
  • ·         The Pygmy Hog Research and Breeding Centre at Basistha, Assam will provide the pigs to the Assam zoo.
  • ·         In order to conserve the Pygmy Hog, a simulated habitat has been created in an enclosure in the Zoo by growing Barenga grass. The grass was collected from Orang National Park.
  • ·         Assam Zoo, earlier, between 1970 and 1990 had some pigmy hogs for public viewing and have planned to have them again for public view after a gap of almost two decades
  • ·         Pygmy hog is the smallest and rarest of wild pigs available in Assam. At present number of this critically endangered mammal are around 200 only. The species measures about 65 cm in length and 25 cm in height. It weighs around 8 to 9 kilograms.
  • ·         The species is at the brink of extinction as it has been exterminated from most of its original range in India and Nepal. Earlier, the species were found in a narrow strip of tall and wet grassland plains in the area south of the Himalayan foothills from Uttar Pradesh to Assam, through Nepal terai and Bengal duars.
  • ·         At present, the species is restricted only in northwestern Assam in places like Manas Tiger Reserve, Sonai Rupai Wildlife Sanctuary and Orang National Park.



10. Neel Mukherjee, the author of Lives of Others, shortlisted for Costa Book Awards


  • ·         Neel Mukherjee was in news because his book Lives of Others was shortlisted for Costa Book Awards on 19 November 2014.
  • ·         His book was shortlisted under the Novel Award category. The award will be announced on 5 January 2015 while the overall Costa Book of the Year will be announced on 27 January 2015.
  • ·         The book is based upon the Naxalite movement of the 1960s and unfolds a family history.
  • ·         Earlier in 2014, the same novel was shortlisted for the Man Booker Prize but narrowly lost to Richard Flanagan's The Narrow Road to the Deep North.
  • ·         Along with, Neel Mukherjee, 10 male and 10 female authors are selected for this year award out of total 640 entries. This year the authority received the highest number of entries ever.
  • ·         Awards will be given five categories – first novel, novel, biography, poetry and children's book. Winners in the five categories will receive 5000 pounds each while the overall winner of the Costa Book of the Year 2014 will receive 30000 pounds.



11. Rampal Singh Jatin arrested by Haryana Police from his ashram in Hisar


  • ·         Rampal Singh Jatin was in news because he was arrested by Haryana Police on 19 November 2014 from his fortified Satlok Ashram in Hisar of Haryana. He is famous as Sant Rampal and is a self-styled Godman.
  • ·         He was arrested after two weeks of intense attempts by police to arrest him that involved rioting in which scores of persons were injured and around 5 persons were killed.
  • ·         He was arrested under fresh cases of sedition, criminal conspiracy and rioting. Rampal will be produced in the Haryana and Punjab High Court on 20 November 2014.
  • ·         He was booked after the Haryana and Punjab High Court directed the Haryana Government and Police to arrest Rampal without fail after he defied court orders thrice in contempt case citing bad health. His non-appearances forced the court to issue non-bailable warrants against him.


Problem that led to Court order and his arrest

·         Rampal in 2006 criticised Dayanand Saraswati, the founder of Arya Samaj his criticism led to violent clashes at Karontha ashram between the followers of two sects, in which an Arya Samaj follower was killed.
·         Following the death of the follower of Arya Samaj, Rampal was charged with murder, and was arrested but was released in 2008 after spending several months in jail.


12. PESB recommended Sutirtha Bhattacharya as CMD of Coal India Limited

  • ·         Sutirtha Bhattacharya will be the new Chairman and Managing Director (CMD) of Coal India Limited (CIL). His name was recommended by the Public Enterprises Services Board (PESB) on 19 November 2014.
  • ·         Bhattacharya is a 1985-batch IAS officer of Andhra Pradesh cadre. Currently, he is on superannuation and serving as the CMD of Singareni Collieries Company Ltd (SCCL), Hyderabad – the second largest coal mining company after CIL.
  • ·         Earlier he has served in urban development, power, agriculture and land revenue departments of the Andhra Pradesh government.
  • ·         Bhattacharya was selected from the list of 12 candidates who applied for the post the head of Coal India.
  • ·         CIL, the national miner and Maharatna of India, has been without a full-time CMD since May 2014. The last CMD S Narsing Rao resigned from the post in May 2014.



13. Union Civil Aviation Ministry approved the sale of Mahindra Gipps airplanes in India

  • ·         Union Ministry of Civil Aviation on 19 November 2014 approved the proposal of Indian conglomerate Mahindra Group’s proposal to sell its Australia-made airplanes named Mahindra Gipps in India.
  • ·         Mahindra Gipps airplanes are utility planes having seating capacities ranging from 5 to 10 seats. 
  • ·         The proposal of Mahindra Group was approved after Indian regulator Director General of Civil Aviation (DGCA) accepted the type certification issued by the US Federal Aviation Administration (FAA) for the single piston engine aircraft Mahindra Gipps.
  • ·         The approval for the airplane was stuck due to problems relating to certification for an aircraft to fly nine passengers excluding crew, instead of four according to regulations of India.
  • ·         Earlier in 2009, Mahindra group had announced to acquire 75.1 percent stake each in two Australian aerospace firms for 175 crore rupees as part of its plan to manufacture aircraft and allied components to service global market.
  • ·         Since then Mahindra group started selling its aircraft in California, the Middle-East and Australia but unable to do in India due to regulatory issues.





14. Union Ministry for Food Processing Industries reconstituted NFDPC

  • ·         Union Ministry for Food Processing Industries on 18 November 2014 reconstituted the National Food Processing Development Council (NFDPC).
  • ·         The Ministry appointed ITC Chairman Y Deveshwar and FieldFresh Foods Vice Chairman Rakesh Bharti Mittal as its members.
  • ·         For the first time, the committee has appointed individual business leaders as its members. Earlier, the industry was represented in this committee by the industry bodies.
  • ·         The committee comprised of 29 members. Food Processing Minister Harsimrat Kaur Badal is the Chairman of the council and Minister of State Sadhvi Niranjan Jyoti is its Vice Chairperson.
  • ·         The committee also comprises of Food Processing Minister from Andhra Pradesh, Gujarat, Madhya Pradesh, Meghalaya, Punjab and Tamil Nadu. Secretaries in the Food Processing Ministry, Agriculture Ministry, Department of Agricultural Research and Education and Ministry of Development of North Eastern Region are also its members.
  • ·         The NFDPC is the governing body for implementation of National Food Processing Mission (NFPM). The committee aims to promote facilities for post-harvest operations including setting up of food processing industries and augmenting farm gate infrastructure, supply chain logistics, storage and processing capacity.




15. SC directed CBI Director Ranjit Sinha to withdraw himself from 2G case

  • ·         Supreme Court on 20 November 2014 directed CBI Director Ranjit Sinha to withdraw himself from 2G case and asked CBI chief not to interfere in the ongoing 2G probe.
  • ·         It further ruled that three senior-most officers in the investigating team of the 2G scam will take over the role of CBI Director in the case.
  • ·         A bench headed by Chief Justice H L Dattu said that prima facie it appears that allegations levelled against Sinha were credible and acceptable.
  • ·         The Supreme Court directed him to do so in light of allegations made against him by the NGO Centre for Public Interest Litigation. The NGO had alleged that he might have tried to save accused in 2G spectrum scam.
  • ·         Ranjit Sinha was set to retire from office on 2 December 2014 but the court's directives are going to leave a scar on the CBI chief's credibility.





16. Modi among Time magazine’s ‘Person of the Year’ contenders


  • ·         Prime Minister Narendra Modi is among 50 global leaders, business chiefs and pop icons named as contenders by Time magazine for its annual ‘Person of the Year’ honour.
  • ·         The Time ‘Person of the Year 2014’ will be announced next month and the publication said the title will be “bestowed to those who have, for good or for ill, most influenced the news and our lives in the past year."
  • ·         Describing Modi as “once a controversial regional leader”, Time said he became India’s Prime Minister after leading his Bharatiya Janata Party (BJP) to a “landslide electoral victory on a platform of economic development.“
  • ·         Time has asked its readers to vote for the individual who they think should get the title of Person of the Year and the winner of the reader’s choice poll will be announced next month before Time’s editors choose the individual from the 50 candidates as the honouree.
  • ·         Modi has so far got 3.8 per cent of the votes, the fourth highest after Russian President Vladimir Putin, teenage Pakistani Nobel Peace Prize laureate Malala Yousafzai and Ebola doctors and nurses “who are risking their lives to treat and contain the outbreak in the hot zone."
  • ·         In a separate “Face-off” poll, Modi has been pitted against Indonesia’s new President Joko Widodo.
  • ·         The other candidates in the fray for the ‘Person of the Year’ title are US President Barack Obama, Iran’s Supreme Leader Ayatollah Khamenei, Israeli Prime Minister Benjamin Netanyahu, IS chief Abu Bakr al—Baghdadi, Chinese President Xi Jinping, US Secretary of State John Kerry and former US Secretary of State Hillary Clinton.




International

17. China and Australia signed a MoU on bilateral Antarctic cooperation

  • ·         China and Australia on 18 November 2014 signed a memorandum of understanding (MoU) on bilateral Antarctic cooperation. The MoU was signed in the presence of the President of China Xi Jinping and Prime Minister of Australia Tony Abbott in Hobart, Australia’s gateway to Antarctica.
  • ·         President of China Xi Jinping is on three nation tour to Australia, New Zealand and Fiji with Australia being the first leg of his visit.


Details of the MoU

  • ·         Both the countries will exchange data and personnel which will further enhance cooperation in scientific research activities.
  • ·         Both the countries will be supportive to each other in logistics and emergency and rescue. It also raises the hope on conservation and food security in Antarctica region.
  • ·         A platform for Antarctic official and academic exchanges will be established, under which Australia will be a gateway to Antarctica.
  • ·         A joint committee to be established by both the countries will meet every two years once and will oversee the cooperation and a mechanism for environmental, policy, scientific and operational collaboration in Antarctica.
  • China at present has four research stations in Antarctica region including the last research station Taishan that was opened in 2014. It is planning to open the fifth one also. On the other hand Australia has three research stations.
  • Approximately 30 nations operate permanent research stations in Antarctica, including the US, China, Russia, Australia, Britain, France and Argentina.




18. Foreign Policy Magazine released list of 100 Global Thinkers

  • ·         Foreign Policy Magazine of America on 17 November 2014 released a list of 100 Global Thinkers. The list includes top ten decision makers, agitators, naturals, heelers’ innovators and Moguls among others.
  • ·         Out of top ten decision makers, Prime Minister Narendra Modi has been ranked first followed by Angela Merkel of Germany and Amit Shah of India.
  • ·         The magazine has described 64-year-old Modi as charismatic and business-friendly leader. It has also referred to the US visa ban on Modi following 2002 Gujarat riots when he was the Chief Minister of the state.


Some Indian’s in the list include names of

  • ·         State Bank of India Chairperson Arundhati Bhattacharya named in the list Moguls for telling hard truths about India's debt
  • ·         CGNet Swara founder Shubhranshu Choudhary in the list of Chroniclers for giving rural Indians a megaphone
  • ·         News anchor Padmini Prakash named in the list of Chroniclers for bringing third gender to prime time
  • ·         India National PolioPlus Committee Chairman Deepak Kapur named in list of Healers for crushing fear to defeat polio in India
  • ·         Sangeeta Bhatia, an engineer and physician from Cambridge named in list of Healers for creating a kinder alternative to the colonoscopy
  • ·         Atmospheric scientist Veerabhadran Ramanathan and Economist Partha Dasgupta named in list of Naturals for keeping the faith in the fight in the flight against climate change



Sports



19. India continues to top ODI team rankings


  • ·         India retained the number one spot in the latest Reliance ODI team rankings while batsman Virat Kohli maintained his number two position in the batting rankings.
  • ·         Following the victory in third ODI against South Africa, Australia leapfrogged into second place on the Reliance ICC ODI Team Rankings and is just two points adrift of leader and 2011 World Cup champion India.
  • ·         Kohli is at second place in batting list with 862 points, behind South Africa’s A.B. de Villiers (888), and ahead of Hashim Amla (845), who is placed third. Dhoni remains at seventh with 738 points.
  • ·         Seamer Bhuvneshwar Kumar is the best-placed Indian at eighth with 641 points in the bowling chart. No Indian features among the top 3 all-rounders in world cricket at the moment.
  • ·         Meanwhile, in the team rankings, Bangladesh and Zimbabwe have the opportunity to gain vital rankings points as they go head to head in five ODIs starting Friday in Chittagong.
  • ·         Ninth-placed Bangladesh currently holds an 11-point lead over Elton Chigumbura’s charges, and can further increase their lead while also reducing the gap with New Zealand and West Indies.




20. Srikanth breaks into top 10 in badminton ranking


  • ·         Owing to his recent title victory at the China Open in Fuzhou, K. Srikanth climbed up six places to achieve a career-best 10th in the men’s singles category of the latest Badminton World Federation (BWF) rankings released on Thursday.
  • ·         Olympic medallist Saina Nehwal also jumped up a place to move up the ladder to number 4 in the women’s singles rankings, even as P.V. Sindhu managed to maintain her 10th position in the list.
  • ·         21-year-old Srikanth had defeated the two-time Olympic champion Lin Dan in the China Open final and that helped him to break into top-10 rankings for the first time in his career.
  • ·         Meanwhile, Commonwealth Games gold medallist P. Kashyap was the second best Indian male shuttler after he maintained his 17th spot in the rankings, while H.S. Prannoy’s consistent performances helped him moved up three places to be at No. 24.
  • ·         India’s most celebrated women’s doubles pair of Jwala Gutta and Ashwini Ponnappa also rose up a place to number 19.