Current Affairs Update – 31 Dec, 2014

DAILY CURRENT AFFAIRS UPDATE – 31st December, 2014
Finance/Business/Economy News
1. Department of
Financial Services appointed MD and CEO of four Nationalised Banks
  • The Department of Financial Services (DFS) under the
    Union Ministry of Finance on 31 December 2014 appointed the Managing Directors
    (MD) and Chief Executive Officers (CEO) of four Nationalised Banks.
  • The chiefs were appointed on the recommendations of Appointments
    Board chaired by the Reserve Bank of India (RBI) Governor Raghuram Rajan.


Appointments
  1. Bank of India Executive Director R Koteeswaran was
    appointed as MD and CEO of Indian Overseas Bank (IOB).
  2. Bank of India Executive Director Animesh Chauhan was
    appointed as MD and CEO of Oriental Bank of Commerce (OBC).
  3. Punjab & Sind Bank Executive Director Kishore Kumar
    Sansi was appointed as MD and CEO of Vijaya Bank.
  4. Bank of Baroda Executive Director P. Srinivas was
    appointed as the MD and CEO of United Bank of India.

  • They are appointed for a period of three years or till
    the date of superannuation, whichever is earlier. The appointment in Syndicate
    bank is still under consideration of Government.
  • For the first time, PSU banks will have a non-Executive
    Chairman, giving operational responsibility to Managing Director and Chief
    Executive Officers.
  • In PSBs, so far the top executive was designated as CMD,
    with the exception of the largest lender State Bank of India. However, the
    posts of Chairman and MD in the private sector banks was separated in 2007 as
    per the recommendations of AS Ganguly committee constituted by RBI.
  • The bifurcation of the CMD’s post was also suggested by
    Reserve Bank to the Union Finance Ministry for PSBs. However, the
    recommendation had been pending with the government for years.

2. IRDA renamed to
Insurance Regulatory and Development Authority of India

  • Insurance Regulatory and Development Authority (IRDA) was
    renamed as Insurance Regulatory and Development Authority of India on 30
    December 2014.
  • The change in name came in to effect after the
    promulgation of Insurance Laws (Amendment) Ordinance, 2014, by the President of
    India on 26 December 2014.
  • The amendment was done to the Insurance Regulation and
    Development Act, 1999 by inserting the words India after Development Authority
    in Section 105 of the Ordinance amends section 2 (1)(b) of the IRDA Act.
  • Insurance Regulatory and Development Authority (IRDA) is
    an autonomous apex statutory body. It regulates and develops the insurance
    industry in India.
  • It was constituted by Parliament of India vide Insurance
    Regulatory and Development Authority Act, 1999.

3. Union Government
signed 60 million dollar loan deal with ADB for J&K

  • Union Government on 30 December 2014 signed a loan
    agreement with Asian Development Bank (ADB) for a 60 million dollar Jammu and
    Kashmir (J&K) Urban Sector Development Investment Program (JKURSDIP).
  • This loan from the ADB has a 25 year term including a
    grace period of five years.
  • The funds will be used to improve urban services in two
    key cities of Jammu and Kashmir, namely Jammu and Srinagar. The funds will be
    used to improve urban services, like
  • Water supply
  • Urban transport infrastructure
  • The urban infrastructure up-gradation program initiated
    under the projects will benefit about half-a-million people in Srinagar and
    Jammu. It will support the state in ensuing increase average water supply, from
    90 liter/day/capita to 135 liter/day/capita through rehabilitation and
    improvement of infrastructure. This would also help in substantial reduction of
    water logging in project areas.

4. Union Government
signed 75 million dollar loan deal with ADB for KIUWMIP
  • Union Government on 30 December 2014 signed a loan
    agreement with the Asian Development Bank (ADB) for 75 million dollar and 1.8
    million dollar grant for Karnataka Integrated Urban Water Management Investment
    Program (KIUWMIP).
  • This loan from the ADB has a 25 year term including a
    grace period of five years.
  • The funds will be used to improve water resource
    management in three towns of Karnataka, namely Byadagi, Davanagere and Harihar
    in the Upper Tungabhadra sub-basin. The funds will be used to upgrade and
    expand
  • Urban water supply and sanitation infrastructure
  • Improve water resource planning
  • Monitoring and service delivery
  • Strengthen operational and administrative capacity
  • This project will help increase water treatment capacity
    by 15000 cubic meters per day. The fund will also help to expand and upgrade
    more than 1000 kilometers of water pipelines and increase sewage treatment
    capacity by 48000 cubic meters per day, thereby promoting water efficiency and
    environmental protection.

5. Technology giant
Microsoft sued Indian company C-Cubed Solutions for fraud
  • Technology giant Microsoft sued an Indian company C-Cubed
    Solution on 30 December 2014 along with several other entities for fraud.
  • The other entities include Omnitech Support based in
    California and Florida-based Anytime Techies along with two other individuals
    were also sued.
  • Microsoft alleged that they have misused its name and
    registered trademarks while providing fraudulent technical support services to
    unsuspecting consumers.
  • Microsoft’s Digital Crimes Unit filed a civil lawsuit in
    federal court in the Central District of California for unfair and deceptive
    business practices and trademark infringement against C-Cubed Solutions.
  • According to the lawsuit, C-Cubed is a private company
    associated under the laws of India. Its directors include Marc Haberman, Rachel
    Eilat Haberman and Jay Wurzberger.
  • It further alleged that the defendants used the Microsoft
    trademarks to enhance their credentials and confuse customers about their
    affiliation with Microsoft.
  • C-Cubed is a subsidiary of California-based Customer
    Focus Services (CFS) and operates the mail server by which CFS’ fraudulent
    technical support businesses communicate with customers.

News Related to India and Indian Polity
6. President Pranab
Mukherjee appointed Governors of Mizoram, Uttarakhand and Meghalaya
  • The President of India Pranab Mukherjee on 30 December
    2014 appointed the Governors of Mizoram, Uttarakhand and Meghalaya.


Appointments
  1. Governor of Uttarakhand Aziz Qureshi was transferred and
    appointed as Governor of Mizoram for the remainder of his term.
  2. Meghalaya Governor Dr Krishan Kant Paul was transferred
    and appointed as Governor of Uttarakhand for the remainder of his term. Krishan
    Kant Paul will continue to hold the additional charge of the office of the
    Governor of Manipur, till further orders.
  3. Keshari Nath Tripathi, Governor of West Bengal, will take
    additional charge as the Governor of Meghalaya in addition to his own duties,
    till further orders.

  • The Article 153 of Indian Constitution states that there
    shall be a Governor for each state provided that nothing shall prevent the
    appointment of the same person as Governor for two or more states.

7. 8th India-Republic
of Korea Joint Commission meeting held in South Korea

  • The 8th India-Republic of Korea Joint Commission Meeting
    was held in Seoul on 29 December 2014. The meeting was co-chaired was by Union
    External Minister of India  Sushma Swaraj
    and  Minister of Foreign Affairs of  South Korea Yun Byung-se.
  • During the meeting, both the ministers held consultations
    on all aspects of bilateral ties to chart out a road map for further
    strengthening and deepening of strategic partnership of the both countries.


Highlights of the
Meeting

  • Both the countries comprehensively reviewed the
    development of bilateral relations and expressed their satisfaction at the
    steady expansion of bilateral ties.
  • They highlighted the importance of high-level exchanges
    in imparting necessary momentum to the bilateral relationship.
  • They agreed to consider the potentials for further
    expanding bilateral economic and investment cooperation.
  • The two sides also discussed possibilities of addressing
    the trade deficit which is in favour of South Korea.
  • Both countries also discussed the possibility of
    co-production of LNG (liquefied natural gas) tankers of South Korea with
    shipyards of India among the specific issues.
  • India raised the need for a level playing field for
    Indian pharmaceuticals and software exports.
  • Both the countries also agreed to step-up exchanges
    between officials and academics of the two sides.
  • India invited South Korea to become an important partner
    of India in the Make in India initiative and Finance Minister of South Korea
    Yun agreed to encourage the South Korea’s industry to engage with India more
    closely.
  • India invited F M Yun to visit India in 2015 for the 9th
    India-ROK Joint Commission Meeting
  • President of South Korea Park Geun-hye reiterated the
    cordial invitation to Prime Minister Narendra Modi to visit South Korea which
    was welcomed by India.

8. Noted journalist
Boobli George Verghese died

  • Eminent journalist Boobli George Verghese died on 30
    December 2014 following a brief illness. He was 87.
  • He was an information adviser to Prime Minister Indira
    Gandhi from 1966 to 1969.
  • In 1975, Verghese was given the Ramon Magsaysay award for
    his contribution to journalism.
  • Verghese was a member of the Kargil Review Committee and
    co-author of the Kargil Review Committee Report.
  • He was part of the Editors Guild of India Fact Finding
    Mission after the Gujarat riots in 2002.
  • Verghese authored several books including Design For
    Tomorrow, Waters of Hope, Harnessing the Eastern Himalayan Rivers, Winning the
    Future, India’s Northeast Resurgent and Reorienting India.
  • In October 2010, he published his autobiography First
    Draft: Witness to Making of Modern India.
  • His last work was Post Haste: Quintessential India, a
    book that was released in May 2014.

9. Union Government
constituted a Committee to look into NATGRID

  • Union Government on 30 December 2014 constituted a
    high-level committee to allay apprehension of data sharing by various
    government agencies over National Intelligence Grid (NATGRID).
  • NATGRID is a
    real time intelligence sharing set up.
  • The committee will be headed by the Union Home Secretary.
    Other members of the committee will include the chiefs of all intelligence agencies
    and investigating units.
  • The committee will discuss the steps with 22 agencies
    like Intelligence Bureau (IB), Research and Analysis Wing (R&AW), Central
    Bureau of Investigation (CBI), Financial intelligence Unit (FIU), Directorate
    of Revenue Intelligence (DRI), Central Board of Direct Taxes (CBDT), and
    others.
  • It will also discuss the issues with the state government
    and chalk out strategy on how to bring synergy in data sharing, coordination
    and dissemination of information.
  • NATGRID was proposed by former Union Home Minister P
    Chidambaram after the Mumbai 26/11 attack in 2008 and was approved by the
    Cabinet committee on Security during UPA regime.

International News
10. AirAsia plane
QZ8501 debris, bodies found floating in Java Sea

  • Java Sea was in news on 30 December 2014 after Indonesian
    officials claimed that they have located wreckage of AirAsia Flight QZ8501 at
    the bottom of the Java Sea.
  • Indonesian searchers who discovered the wreckage of plane
    by using Sonar equipment also spotted some bodies floating with the debris in
    the Java Sea off the Indonesian part of Borneo.
  • The objects have been found 160 km south-west of
    Pangkalan Bun.
  • Search operation head Bambang Soelistyo said he is 95
    percent certain the objects spotted are from the AirAsia Flight QZ8501.

Background

  • AirAsia’s Airbus A320-200, carrying 162 people on board
    from Surabaya in Indonesia to Singapore lost contact with air traffic control
    and disappeared on 28 December 2014. The plane that disappeared had 137 adult
    passengers, 17 children and one infant, along with two pilots and five crew
    members.

11. UNSC rejected
resolution demanding end to Israeli occupation of Palestinian territories by
2017
  • The United Nations Security Council (UNSC) on 30 December
    2014 rejected a resolution demanding an end to the Israeli occupation of the
    Palestinian territories within three years, i.e. 2017.
  • For being adopted the resolution needed support of at
    least nine members of the 15-member UNSC. But the resolution succeeded in
    winning only eight votes.
  • Russia, China, Chad, Chile, France, Argentina, Jordan and
    Luxembourg voted in favour of the resolution. While, the US and Australia voted
    against it. On the other hand, UK, Lithuania, Nigeria, the Republic of Korea and
    Rwanda abstained from voting.
  • The motion on the resolution was submitted in UN by
    Jordan after it was agreed and supported by 22 Arab states and the Palestinian
    Authority.

Features of the
Resolution

  • The resolution sought Israel’s withdrawal from
    Palestinian territory occupied since 1967 and, within one year, for a
    negotiated solution to the conflict.
  • It outlined a solution and vision of two independent,
    democratic and prosperous States — Israel and a sovereign, contiguous and
    viable State of Palestine.
  • It also envisaged a just solution to the status of
    Jerusalem as the capital of the two States
  • It also demanded resolution to the question of
    Palestinian refugees as well as to all other outstanding issues, including
    control of water resources and the fate of prisoners in Israeli jails
  • It asked for that third-party presence in the security
    arrangements for the transition process

12. CBRE Group
released the Global Prime Office Occupancy Costs survey 2014
  • Commercial property and real estate services consulting
    firm CBRE Group on 17 December 2014 released the semi-annual Global Prime
    Office Occupancy Costs survey 2014.
  • The study revealed the top 50 most expensive office
    markets in US dollars per square feet per annum. The research shows that
    London’s West End remained the world’s highest-priced office market with a rate
    of  273.63 US dollars per square feet per
    year.
  • In the Global Prime Office Occupancy Costs survey, CBRE
    tracks the occupancy costs for prime office space in 126 markets around the
    globe.
  • In India, Central Business District (CBD) of Connaught
    Place, Delhi ranked at the sixth position in the Top 10 most expensive prime office
    markets in the world with occupancy cost of around 160 US dollars per square
    feet.
  • Mumbai’s alternative business district of Bandra–Kurla
    Complex (BKC) remained at the sixteenth position. CBD of Nariman Point stood at
    the thirty-second position on the Top 50 rankings for global prime office
    properties.

13. Drug Firm Lupin
received USFDA approval to market HIV drug Prezista tablets
  • Drug firm Lupin on 30 December 2014 received the approval
    from the United States Food and Drugs Administration (USFDA) to market its
    generic drug Prezista tablets in the US. The tablets with chemical name
    Darunavir Ethanolate will be used to treat HIV-1 infection.
  • Earlier, the company had also received USFDA approval to
    market a generic version of ViiV Healthcare’s Epivir Tablets, used in treating
    HIV infection, in the American market.
  • About Lupin
  • The company is headquartered in Mumbai, India. Lupin
    Limited is an innovation led transnational pharmaceutical company producing a
    wide range of quality, affordable generic and branded formulations for the
    developed and developing markets of the world.


Sports News
14. Djokovic and
Williams take ITF annual honours
  • Novak Djokovic and Serena Williams have been named 2014
    World Champions by the International Tennis Federation (ITF).
  • The annual award takes in performances on the regular
    Tour and Grand Slams.
  • Wimbledon champion Djokovic takes the men’s prize for the
    fourth time having won seven titles this season and the year-end top ranking
    for the third time in four years.
  • Williams wins the award for the fifth time in a career
    which has brought her 18 grand slam singles titles — the most recent at this
    year’s U.S. Open.
  • Americans Bob and Mike Bryan were named ITF men’s doubles
    champions while Sara Errani and Roberta Vinci of Italy won the women’s honour.

This post was last modified on July 20, 2019 12:11 pm