Current Affairs Update – 11 Dec, 2014

• ·
  India’s economic growth is expected to improve to 6.3 per cent in 2016
  with the country leading economic recovery in South Asia, according to a United
  Nations report.
• ·
  The UN World Economic Situation and Prospects 2015 (WESP) report,
  launched on Wednesday, also said India is likely to make progress in
  implementing economic policy reforms and help provide support to business and
  consumer confidence.
• ·
  It said global economic growth is forecast to continue increasing over
  the next two years, despite legacies from the financial crisis continuing to
  weigh on growth, and the emergence of new challenges, including geopolitical
  conflicts such as in Ukraine, and the Ebola outbreak in West Africa.
• ·
  The global economy is expected to grow 3.1 per cent in 2015 and 3.3 per
  cent in 2016, compared with an estimated growth of 2.6 per cent for 2014, when
  the pace of expansion has been moderate and uneven.
• ·
  It said India, which is estimated to record a 5.4 per cent economic
  growth in 2014, will see GDP growth improving to 5.9 per cent next year and 6.3
  per cent in 2016.
• ·
  Economic growth in South Asia is also set to gradually pick up from an
  estimated 4.9 per cent in 2014 to 5.4 per cent in 2015 and 5.7 per cent in
  2016.

• ·
  Global demand for OPEC crude in 2015 will be less than expected and far
  below its current output, the group said on Wednesday, pointing to a hefty
  supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.
• ·
  In a monthly report, the Organization of the Petroleum Exporting
  Countries (OPEC) forecast demand for the group’s oil will drop to 28.92 million
  barrels per day (bpd) in 2015, down 280,000 bpd from its previous expectation
  and over one million bpd less than it is now producing.
• ·
  The report follows OPEC’s decision last month not to prop up prices by
  cutting output. Top exporter Saudi Arabia urged fellow members to combat the
  growth in U.S. shale, which needs relatively high prices to be economic and has
  been eroding OPEC’s market share.
• ·
  OPEC’s November 27 decision to retain its output target of 30 million
  bpd sent prices plunging. Brent crude on Wednesday was trading below $66 a
  barrel, close to a five-year low and down more than 40 per cent since June.
• ·
  Saudi Arabia told OPEC it trimmed production by 80,000 bpd — a reduction
  that industry sources said earlier this month probably reflects lower domestic
  demand in power plants rather than a cut in exports.
• ·
  OPEC expects non-OPEC supply to rise by 1.36 million bpd in 2015, led by
  the United States. The forecast was raised by 120,000 bpd from last month’s
  report.
• ·
  The producer group trimmed its forecast for global oil demand growth. It
  expects demand to rise by 1.12 million bpd next year, or 70,000 bpd less than
  previously thought.

• ·
  The report titled 2015 Outlook: Global Credit Conditions was released by
  the Moody on 10 December 2014. According to report, Economy of India is
  expected grow to 5 to 6 percent and pick up pace in 2015.
• ·
  As per Moody, economic growth in the current fiscal ending March 2015,
  would be between 5.4 and 5.9 percent. The growth had slumped to sub-5 percent
  in the earlier two consecutive fiscals.
• ·
  Highlights of the report
• ·
  Indian economy is expected to grow around 5 percent, the economy will
  have stronger GDP growth and it is expected 5 to 6 percent in 2015.
• ·
  India had benefited from a strong domestic demand base and diversified
  export markets that gave protection from the effects of a slowing Chinese
  economy and muted growth in the eurozone and Japan.
• ·
  Employment and consumption of India is likely expected to rise and the
  fall in global commodity prices will help to lower high inflation in India.
• ·
  Indian corporate would see improved cash flows on account of
  acceleration in manufacturing activity.
• ·
  Both wholesale and retail inflation have hit multi-year lows and
  softness in global crude prices has reduced subsidy pressure on government.

• ·
  Mukesh Ambani-led Reliance Industries (RIL) on 9 December 2014 announced
  to sell 49 percent stake in the textiles business to Chinese textile firm
  Shandong Ruyi Science and Technology Group for an undisclosed sum.
• ·
  RIL will hive off its textiles business into a new joint venture, in
  which it will have a 51 percent stake and the rest will be held by the Ruyi
  Group.
• ·
  RIL operates its existing textile business under the brand Vimal. The
  business was started by RIL founder Dhirubhai Ambani about five decades ago in
  1966 under the name of
• ·
  Reliance Textiles, the company which later became Reliance Industries
  Ltd (RIL) in 1985.
• ·
  The textile business is located at Naroda near Ahmedabad. But it now
  contributes 300-350 million US Dollar, or less than 1%, to the overall
  65-billion US dollar annual revenues of RIL.
• ·
  In 2012, RIL had appointed bankers to sell its textile business but the
  sale was called off due to a tepid market and lack of buyers.

• ·
  Union Cabinet on 10 December 2014 approved to set up of 500 crore rupees
  Credit Guarantee Fund for factoring of Micro, Small and Medium Enterprises
  (MSME) units with an aim to promote factoring without recourse.
• ·
  The factoring will provides liquidity to MSMEs and facilitates
  collection of receivables.
• ·
  Main feature of the proposed Credit Guarantee Fund
• ·
  Department of Financial Services (DoFS) will be the Settlor and shall
  establish a Fund for guaranteeing factored debts.
• ·
  The Fund shall be under National Credit Guarantee Trustee Company
  (NCGTC).
• ·
  The NCGTC will have a Management Committee consisting of Secretary, DoFS
  as the ex-officio Chairman.
• ·
  The convener of the Management Committee will be nominated by the
  Settlor. The Management Committee shall be responsible for all policy aspects
  of the Fund.
• ·
  The fund provides a credit guarantee cover for a maximum of 50 percent
  of factored debt. To start with, only transactions covered under the Factoring
  Regulation Act, 2011 will be included.
• ·
  The guarantee fee chargeable from the MLIs shall not exceed 0.75 percent
  per quarter of the guaranteed factored debts for the amount of guarantee cover.
• ·
  Claims shall be filed by MLIs with the proposed Fund, as per guidelines
  prescribed by the Management Committee.
• ·
  The actual interest rate to be charged from the MSMEs will be left to
  Factors.

• ·
  Samsung Electronics Ltd on 10 December 2014 announced the appointment of
  HyunChil Hong as President of Southwest Asia Headquarters.
• ·
  He will take the charge with immediate effect. He succeeded President B
  D Park. B D Park will now head Sales & Marketing for Digital Appliances
  Business at the headquarters in South Korea.
• ·
  Hong will lead all of Samsung Electronics’ business in South West Asia
  that includes India, Sri Lanka, Bangladesh and Nepal.
• ·
  Hong previously served as the President of Samsung Electronics Latin
  America, a sales subsidiary in Central America for three years. Prior to that,
  he successfully headed Samsung Electronics’ sales subsidiaries in Chile.
• ·
  Outgoing President BD Park has been serving in India since 2008. He was
  appointed as Head of the Mobile and IT Division of Samsung India Electronics
  Ltd (SIEL). In 2012, he was elevated to the position of President and CEO,
  Samsung Southwest Asia.

• ·
  Russia’s state-owned Rosatom said it would supply 12 nuclear energy
  reactors for India over 20 years, under an agreement aimed at boosting nuclear
  energy cooperation signed by the two countries during a summit in New Delhi on
  Thursday.
• ·
  A 1,000-megawatt reactor is operating at the Russian-built Kudankulam
  power station in India’s Tamil Nadu district, with a second due to come on
  stream in 2015.
• ·
  Russian President Vladimir Putin had been pushing for Rosatom to
  increase the number of reactors it could supply to as many as 25.
• ·
  Indian officials say that a total of six reactors will be built at
  Kudankulam, with a further six to follow at a site that has not yet been
  determined.

• ·
  Union Government and Apparel Training & Development Centre (ATDC) on
  9 December 2014 signed a Memorandum of Understanding (MoU) for employment
  oriented training to youths.
• ·
  The objective of the MoU is to provide a framework whereby ATDC can run
  employment oriented training to the youth at national level.

• ·
  ATDC to run customized courses in association with large apparel export
  houses and leading domestic manufacturers
• ·
  Courses run by ATDC will be approved by National Council of Vocational
  Training (NCVT) which will facilitate the candidates to get NCVT certificates.
• ·
  ATDC to have freedom in developing such vocational courses wherein
  theory portion of the courses can be taught in the training centre and
  practical in the industry
• ·
  ADTC to ensure 80 percent of the students in a batch gets employment.

• ·
  It will cut short many impediments in nationwide implementation of the
  skill based programs.
• ·
  It will focus on changing technology being incorporated in courses.
• ·
  It will focus more on longer duration program with support of DGE&T
  by tuning with industry inputs.
• Earlier
  similar MoU have been signed by the Director General, Directorate General of
  Employment & Training (DGET) with other industry establishments to
  implement the skill based programs with an objective to generate employment.
• These
  include Maruti Suzuki India Ltd and TATA Motors in Automobile Sector, Labournet
  in Construction sector, Raymond in Textile Sector, Cadila in Instrument
  Mechanic sector, Gujarat Industries Power Company Ltd in Power Sector.

• ·
  World Wide Fund for Nature – India (WWF-India) on 10 December 2014
  launched the project Mobile Apps for Climate Change: A Citizen Science
  Programme for Schools in Metros in Hyderabad. It launched the project in
  collaboration with the Hyderabad-based L V Prasad Eye Institute.
• ·
  The project was launched to make students aware about biodiversity and
  make them interested in environment.
• ·
  As part of the project, three mobile apps on urban birds, butterflies
  and trees were launched. These apps will go live from 12 December 2014.
• ·
  The apps were proposed and developed by V Shubhalaxmi-led Ladybird Environmental
  Consulting (LEC).
• ·
  These apps will bring urban biodiversity information on the fingertips
  of the users in four metros, namely Mumbai, New Delhi, Kolkata and Hyderabad.

• ·
  The Union Cabinet on 10 December 2014 gave its approval for creation of
  five posts of Additional Solicitors General (ASG), one each for the High Courts
  of Punjab & Haryana, Patna, Jharkhand, Karnataka and its Circuit Benches at
  Hubli-Dharwad & Gulbarga and Gujarat.
• ·
  The decision was made in a Cabinet meet chaired by Prime Minister
  Narendra Modi.
• ·
  The decision will help in strengthening the litigation machinery to
  represent the Union Government efficiently and effectively as a whole and specifically
  in these courts.
• ·
  These posts will facilitate transaction of business in accordance with
  procedures and thus enable assigning of functions to legally trained persons.
  This will result in greater accountability of Government Departments to curb
  frivolous litigation and lessen the burden of Government cases in these Courts.
• ·
  It will also boost the morale of Government Department in following the
  rule of law and defending government policies and preventing high revenue
  pilferages.

• ·
  The countless doctors, nurses and caregivers at the forefront of battling
  one of the worst ever outbreaks of the deadly Ebola virus, were on Wednesday
  collectively named as Time magazine’s 2014 ‘Person of the Year’.
• ·
  The ‘Ebola fighters’ have been awarded for their “tireless acts of
  courage and mercy” and for “risking, persisting, sacrificing and saving”.
• ·
  Time’s editors unveiled the winner of the annual honour selecting the
  Ebola fighters from an initial list of 50 world leaders, business heads and
  record-breaking artists that was narrowed down to a shortlist of eight this
  week.
• ·
  “Ebola is a war, and a warning. The global health system is nowhere
  close to strong enough to keep us safe from infectious disease, and ‘us’ means
  everyone, not just those in faraway places where this is one threat among many
  that claim lives every day.
• ·
  “The rest of the world can sleep at night because a group of men and
  women are willing to stand and fight. For tireless acts of courage and mercy,
  for buying the world time to boost its defences, for risking, for persisting,
  for sacrificing and saving, the Ebola fighters are Time’s 2014 Person of the
  Year,” Editor Nancy Gibbs said explaining the publication’s reasoning behind
  the choice.
• ·
  Time had conducted a separate online poll in which it gave a chance to
  its readers to select who they think should win the title of Person of the
  Year.
• ·
  The readers’ poll was won by Prime Minister Narendra Modi, who had
  secured more than 16 per cent of the almost five million votes cast.

• ·
  The pioneer of home video game console Ralph Henry Baer died on 6
  December 2014 in Manchester following a brief illness. He was 92.
• ·
  He was famously known as the Father of Video Games due to his contributions
  to video game industry.
• ·
  Born to a Jewish family in south-western Germany in 1922, Baer and his
  family fled the country in 1938 to escape the Holocaust.
• ·
  In the late 1960s, Baer developed a system known as the Brown Box while
  working for Sanders Associates, a New Hampshire-based defence contractor.
  Later, Brown Box was named as Magnavox Odyssey.
• ·
  A version of Baer’s Brown Box is now at the American History Museum at
  the Smithsonian in Washington D.C.
• ·
  In 1967, he designed the game Chase, the first game played in a
  television set.
• ·
  Baer is credited for creating the first light gun for video game
  console. He is the co-creator of the light-up memory games Simon and Super
  Simon.
• ·
  Baer received the National Medal of Technology from President George W
  Bush in 2006 and in 2008, he received the Game Developers Choice Pioneer Award.
• ·
  In 2010, Ralph Henry Baer was inducted into the United States National
  Inventors Hall of Fame.
• ·
  In 2005, he donated all original videogame units and documents to the
  Smithsonian Institution.

• ·
  The Web Index 2014 was released on 10 December 2014 was World Wide Web
  Foundation to measure the internet’s contribution to social, economic and
  political progress in the world.

• ·
  Web users are at increasing risk of indiscriminate government
  surveillance. Laws preventing mass surveillance are weak in over 84 percent of
  countries.
• ·
  Online censorship is increasing as moderate or extensive Web censorship
  is now seen in 38 percent of countries.
• ·
  Online organising leads to offline change as Web and social media are
  making a major contribution to sparking citizen action in three in five
  countries. Meanwhile, women in 60 percent of countries are using the Web to
  exercise their rights to a moderate or extensive degree.
• ·
  Internet use has increased from around 45 percent to 78 percent in
  high-income countries since 2005, in low-income countries it has remained below
  10 percent year after year.
• ·
  Online Gender Based Violence is not tackled effectively. In 74 percent
  of Web Index countries, law enforcement agencies and courts are failing to take
  appropriate actions.
• ·
  Almost 60 percent of the world‘s people are not online, while half of
  all Web users live in countries that severely restrict rights online.
• ·
  An estimated 4.4 billion people mostly poor, female, rural and living in
  developing countries have no access to the Internet at all.
• ·
  At least 1.8 billion face severe violations of their rights to privacy
  and freedom of expression when they go online.

1. 1-
   Denmark
2. 2-
   Finland
3. 3-
   Norway
4. 4-
   United Kingdom Of Great Britain And Northern Ireland
5. 5-
   Sweden

• ·
  India ranks at the 48th Rank with 44.6 score in the index. It ranks
  behind China and other BRICS (Brazil, Russia, India, China, and South Africa)
  nations.
• ·
  India’s Internet penetration rate is comparable to Nepal or Namibia.
  Despite promises of a digital revolution, the Web in India is still inaccessible
  to a large population.
• ·
  Affordability is India’s biggest concern as the cost of broadband access
  in the country is greater than in countries in the neighbourhood such as
  Bangladesh.

• ·
  Child rights campaigner of India Kailash Satyarthi and Education
  activist of Pakistan Malala Yousafzai received the Nobel Peace Prize for the
  year 2014. Both the recipients received medals and prize money 1.4 million US
  dollars from the Norwegian Nobel Committee at Oslo, Norway on 10 December 2014.
• ·
  Both Kailash Satyarthi and Malala Yousafzai were awarded for their
  struggle against the suppression of children and young people and for the right
  of all children to education.
• ·
  Both the co-winners of the Nobel Peace Prize have been described by the
  Norwegian Nobel Committee as Champions of Peace. Besides, US Senate also passed
  a resolution recognizing both the co-winners as a symbol of peace.
• ·
  Kailash Satyarthi is a children’s rights activist and has been active in
  the Indian movement against child labour since the 1990s.  He founded an organisation Bachpan Bachao
  Andolan has freed over 80000 children from various forms of servitude and
  helped in successful reintegration, rehabilitation and education of them.
• ·
  Child education activist of Pakistan Malala Yousafzai at the age of 17
  became the youngest ever recipient of the Nobel Prize and also the first person
  to win the Nobel Prize from Pakistan. She is known for her activism for right
  to education for women especially in the Swat Valley where the local Taliban
  had at times banned girls from attending school.

• ·
  Randhir Singh was appointed as an honorary member of the International
  Olympic Committee (IOC). He was appointed as the honorary member during the IOC
  session in Monaco held from 8 December 2014 to 9 December 2014.
• ·
  He was named for the honorary membership of the IOC after he served IOC
  as a full member from India from 2001 to 2014.
• ·
  Randhir Singh is the second Indian to become an honorary member of the
  IOC after Ashwini Kumar. Ashwini Kumar was also given the membership after
  serving as full IOC member from India.
• ·
  An honorary member of the IOC can attend its sessions without having the
  right to vote.
• ·
  Randhir Singh is a former Secretary General of Indian Olympic
  Association (IOA) who served the association from 1987 to 2012. He is also a
  former shooter who took part in five Olympics.