Current Affairs Update – 7-8 Dec, 2014

Finance /
Business / Economy

1. Samsung Electronics appointed Pranav
Mistry as Global Vice President
  • ·
    Samsung on 7 December 2014 appointed Pranav Mistry as Global
    Vice-President. He is currently working as the Vice-President of Samsung’s U.S.
    research unit in the Silicon Valley and heads the Think Tank team of Samsung.
  • ·
    Mistry, aged 33, hailing from Gujarat, India, is the youngest person to
    be elevated to head the Samsung Electronics in a recent management reshuffle
    involving about 350 people.
  • ·
    Mistry played a big role in launching Samsung’s Galaxy Gear in September
    2013, its line of wearable technology products, and invented SixthSense, a
    technology that enables users to use their hands to interact with digital
    information about the physical world around them.
  • ·
    Pranav Mistry joined Samsung as the Director of Research in 2012.
    Earlier, Pranav worked as a UX Researcher with Microsoft.
  • ·
    The appointment of Mistry who hails from Gujarat in India comes at a
    time when Samsung is seeing a decline in profits and is looking to turn around
    its smartphone business.

2. Kotak Mahindra Bank launches savings bank
account for customers of 55 years and above

  • ·
    Kotak Mahindra Bank on December 8 announced the launch of Grand, a
    savings bank account tailored exclusively for customers of 55 years and above.
  • ·
    According to a press release issued by the bank, Grand has been designed
    keeping in mind their need for hassle-free banking, financial independence and
    personal attention.
  • ·
    Grand offers priority service and first aid card which provides
    essential customer information and emergency contacts details. It also offers
    queue privileges at the branch. Further, customers will get a health card from
    Indian Health Organisation (IHO), offering up to 50 per cent discount on
    treatments, consultation and procedures. Customers also can avail special
    lifestyle offers from brands, including Lenskart, Zicom, Makemytrip and eBay.
  • ·
    Grand customers can opt for customised cash delivery at the time of
    account opening and choose a preferred date to have cash delivered at their
    home. This customised cash delivery feature does away with any effort on the
    part of the customer to reach out to the bank every now and then. Instead, the
    customer contact centre gets in touch with the customer on the pre-selected
    date to confirm and execute cash delivery. Further, customers can place a
    request for a call back by simply sending a SMS, which will be responded to
    within 30 minutes.
  • ·
    According to the release, customers will earn 6 per cent pa on savings
    balance of over Rs 1 lakh and 5 per cent on balances up to Rs 1 lakh. To earn
    higher return on their balances, they can sign up for the Kotak ActivMoney
    facility, which converts savings account balance above a certain amount into
    term deposits.

3. ICICI Bank to hike ATM charges from Jan 1

  • ·
    Country’s largest private sector lender ICICI Bank has announced a hike in
    its ATM charges for saving account holders from January 1 next year.
  • ·
    Under the new method, the number of free transactions in a month is
    fixed at five using own ATMs, while it has been capped at three for other
    banks’ machines.
  • ·
    Customers can enjoy only five free transactions, including financial and
    non-financial, at the bank’s own automated teller machines (ATM), it said in a
    post on its website.
  • ·
    After exceeding the free transaction limits, customers will have to pay
    Rs 20 per financial transaction excluding service tax and Rs 8.50 for every
    non-financial transaction, it said.
  • ·
    For transactions at non-ICICI Bank ATMs, the number of free financial
    and non-financial transactions have been reduced to three per month at six
    metros of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad, after
    which the customer will have to pay Rs 20 for a financial transaction and Rs
    8.50 per non-financial transaction.
  • ·
    In case of usage in non-metro areas, a customer can enjoy five free transactions
    per month at non-ICICI Bank ATMs, after which the same charges apply, it said.
  • ·
    The issue of ATM usage has been a very contentious one due to the
    inter-connect charges a bank has to pay to the other. Additionally, the
    operating costs have also gone up, following a spate of incidents at the ATMs
    like the robbery at Bengaluru last year, which started the debate on transaction
    charges.
  • ·
    After consultations, the RBI last month started a system under which it
    allowed banks to charge from the fourth transaction onwards at other banks’
    ATMs in metros, and also gave the liberty to banks to charge customers for the
    sixth transaction onwards at own machines.

4. From April 1, Central PSUs to make 20% of
purchases from small units
  • ·
    The government will make it mandatory for all Central public sector
    undertakings (PSUs) to make 20 per cent of their purchases from medium, small
    and micro enterprises (MSMEs) from April 1, 2015. “A penalty provision is also
    being considered,” said Kalraj Mishra, MSME Minister, in the Lok Sabha on
    Monday.
  • ·
    The Centre had, in an order in 2012, issued directions to all Central
    PSUs to procure a minimum 20 per cent of products and services from MSMEs, 4
    per cent of which had to be from enterprises owned by the Scheduled Castes and
    Scheduled Tribes (SCs/STs). However, not all PSUs have complied with this
    order, Mishra said during Question Hour, adding that “it will not be an
    exaggeration to say that the Railways” has not been following the 20 per cent
    procurement norm.
  • ·
    When former MSME Minister KH Muniyappa asked how many purchases had been
    made from SC/ST-owned enterprises, Mishra said such enterprises had not been
    identified as yet which was creating hurdles. He said the government was making
    efforts to meet the 4 per cent procurement target from SC/ST-owned enterprise
    through various initiatives, such as vendor awareness programmes, stakeholder
    workshops among others. In a written reply, the Minister said “Communications
    are being issued from Ministry of MSME to all Central Ministries, departments,
    CPSUs to comply with all the provision of the Public Procurement Policy for
    MSE, Order 2012.”

5. Warren buffet became second richest person
of World

  • ·
    According to the Bloomberg Billionaires Index, Warren buffet became
    second richest person in the World. He replaced Carlos Slim, business magnate
    of Mexico. Bill Gates is the world richest person.
  • ·
    Buffet chairman of Berkshire Hathaway Inc. has a net worth of 73.7
    billion US dollars and his annual business profits recorded 19.5 billion US
    dollars which is up 13 percent. Berkshire reached 52 week high in intraday
    trading which is closed at 185750 US dollars.
  • ·
    Slim has net worth of 62.9 billion US dollars. Slim profit has fallen
    10.9 billion US dollars since the start of 2014 and his business profits
    dropped by 14 percent.

India
6. Uber taxis banned in Delhi, company
blacklisted

  • ·
    International taxi-booking service Uber was banned in the capital today
    and the government is considering similar action across the country as outrage
    grew over the alleged rape of a 27-year-old woman executive by its driver who
    is stated to be a repeat offender and was jailed before.
  • ·
    The case had also a new twist over a ‘character certificate’ issued in
    the name of an Additional DCP of the Delhi Police to the accused driver Shiv
    Kumar Yadav in August this year with Delhi Police Commissioner B S Bassi
    calling it fake and ordering a probe into this and registration of an FIR. This
    certificate was provided to Uber, police said.
  • ·
    Investigators probing the rape case have found “criminal negligence” and
    “abetment” of crime by the US-based cab company whose General Manager
    (Marketing) Gagan Bhatia was grilled today. Bhatia claims to be the in-charge
    of the company’s India operations, police said.
  • ·
    A day after Yadav, 32, was arrested in Mathura, the Delhi government
    also blacklisted Uber from providing any transport service in the capital even
    as it emerged that Yadav had spent seven months in jail in a rape case in 2011.
    Yadav was acquitted in that case.
  • ·
    Official sources said the Union Home Ministry is planning to ask all
    state governments and administration of nine union territories, where Uber runs
    its cab services, to put a ban on it.
  • ·
    Uber cab services are available in Bangalore, Mumbai, Hyderabad,
    Chennai, Jaipur, Ahmedabad, Chandigarh, Kolkata and Pune.


7. Armed Forces Flag Day observed across the
nation

  • ·
    Armed Forces Flag Day was observed across the nation on 7 December 2014.
    The Day is named as Armed Forces Flag Day because on this day a fund is
    collected by issue of special flags.
  • ·
    On this day, Prime Minister Narendra Modi praised the Indian Armed
    Forces and appealed to the citizens for generous donations for the welfare of
    the Armed forces.

About Armed Forces Flag Day
  • ·
    The committee of Defence Minister in 1949 decided that Flag Day will be
    observed on 7th December each year.
  • ·
    On this day, donations are collected by distributing token and car flags
    in return of donation for the welfare and rehabilitation of ex-Servicemen, war
    widows or disabled and their dependents.
  • ·
    Token flags and car flags in red, deep blue and light blue colours
    representing the three Services are distributed to the public through Rajya and
    Zila Sainik Boards throughout the country by the Kendriya Sainik Board in
    return for donations.

8. Carnatic vocalist Nedanuri Krishnamurthy
Passed Away
  • ·
    Veteran Carnatic vocalist Nedanuri Krishnamurthy died on 8 December 2014
    in Visakhapatnam. He was 87. He was undergoing treatment for lung cancer.
  • ·
    He was born on 10 October 1927 in Kothapalli in the erstwhile Hyderabad
    State of British India
  • ·
    He underwent training in Carnatic music (vocal and violin) with Dwaram
    Narasinga Rao Naidu in Maharaja’s Music College at Vizianagaram in early 1940s
  • ·
    Later he developed his style of music under guidance of Carnatic vocalist,
    Sripada Pinakapani
  • ·
    He was Principal of the Government Music & Dance Colleges in
    Vijayawada, Secunderabad and Visakhapatnam
  • ·
    His style was the epitome of elegance with an emphasis on aesthetics and
    subtle embellishments
  • ·
    Some of his notable contributions to music include the setting to tune
    of 108 compositions of the 15th century saint-composer Annamacharya from Andhra
    Pradesh

He was conferred with several prestigious
awards, some of them were
  • ·
    Sri Tyagaraja Seva Ratnam in 2011
  • ·
    Sangeetha Kalasikhamani in 2011
  • ·
    Asthana Vidwan in 2010
  • ·
    Pratibha Rajiv Puraskar in 2006
  • ·
    National Eminence Award in 2006
  • ·
    National Artiste Award in 2004
  • ·
    Raja Lakshmi Award in 2002
  • ·
    Teulgu Talli Award in 2000
  • ·
    Sangeetha Ratnamara, 2000
  • ·
    Gana Kala Bharathi in 1993
  • ·
    Sangita Kalanidhi in 1991
  • ·
    Swar Vilas in 1981
  • ·
    Sangeetha Choodamani in 1976

9. Indian Communication Satellite GSAT-16
launched successfully
  • ·
    Indian Communication Satellite GSAT-16 was on 7 December 2014 launched
    successfully from the Kourou space port in French Guiana. It was launched by
    the European Ariane-5 launch vehicle VA221 of Arianespace.
  • ·
    Ariane-5 accurately placed the GSAT-16 into the projected Geosynchronous
    Transfer Orbit (GTO) after a flight of 32 minutes and 20.4 Seconds duration.
  • ·
    ISRO’s Master Control Facility (MCF) at Hassan in Karnataka acquired the
    signal from the satellite and the commanding of the satellite was initiated.
  • ·
    The satellite will be placed in the Geostationary Orbit by 12 December
    2014 and subsequently the satellite’s communication transponders will be switched
    on for in-orbit testing.
  • ·
    The satellite launch was originally scheduled for 5 December 2014 but
    was postponed due to bad weather.

About GSAT-16
  • ·
    The GSAT-16  satellite was built
    by Indian Space Research Organisation (ISRO) in Bengaluru. It is the 18th
    satellite launched by Arianespace for ISRO.
  • ·
    GSAT-16 is an advanced communication satellite weighing 3181.6 kg at
    lift-off and is inducted into the INSAT/GSAT system.
  • ·
    GSAT-16 carries a total of 48 communication transponders, the largest by
    a communication satellite developed by the ISRO so far.

10. Ritu Mallya appointed as Director of MCF
board
  • ·
    Ritu Mallya on 4 December 2014 was appointed as Director of Mangalore
    Chemicals and Fertilisers (MCF) board. She succeeded Vijay Mallya.
  • ·
    Vijay Mallya had to quit the board of MCF after State Bank of India
    advised the company that it will be difficult for them to lend money to MCF
    with a willful defaulter Mallya on the board.
  • ·
    She will continue to be director until the next annual general meeting
    of the company, where the shareholders’ approval will be sought.
  • ·
    Ritu Mallya is a Bengaluru-based lawyer and was married to late Vittal
    Mallya, founder of the UB group who died in 1983. Ritu Mallya’s old name was
    Kailash Advani and ran a garments business at the time of her marriage to
    Vittal Mallya.

About Mangalore Chemicals and Fertilizers
Limited
  • ·
    Mangalore Chemicals and Fertilizers Limited (MCFL) started in 1966 with
    Dugal Enterprises Private Limited, New Delhi as its first promoters. The name
    of the company was changed to its present name in August 1971.
  • ·
    MCFL is the only manufacturer of chemical fertilizers in the state of
    Karnataka, India.

11. Old laptop batteries could power slums in
developing countries: IBM India Study
  • ·
    A new IBM India study showed that old laptop batteries could power slums
    in developing countries like India. The concept was tested in the Indian city
    Bangalore in 2014.
  • ·
    The findings were published in a paper titled UrJar: A Lighting Solution
    using Discarded Laptop Batteries in the first week of December 2014.
  • ·
    Using discarded batteries is cheaper than existing power options. It
    helps deal with the mounting electronic-waste (e-waste) problem.
  • ·
    By carrying put the proper research, the team of researchers proposed a
    low-cost solution called UrJar to solve the problem of unavailable electrical
    power in developing regions of the world.

Methodology
  • ·
    The IBM group, working with a hardware Research and Development firm
    RadioStudio, opened the discarded laptop battery packaging and extracted
    individual storage units called cells.
  • ·
    They tested 35 cells individually to pick out the good ones and
    recombined them to form refurbished battery packs.
  • ·
    After adding charging dongles as well as circuitry to prevent overheating,
    they gave them to five users in Bangalore who lived in slums or operated
    sidewalk carts.
  • ·
    After sometime, the users said the battery packs had worked well.

12. India set Guinness Record for largest
human formation of a national flag in world

  • ·
    India on 7 December 2014 set the Guinness Record for largest human
    formation of a national flag in the world. To set the record around 50000
    volunteers from Chennai gathered at YMCA Grounds to form the human Tricolour
    with Chakra, the National Flag of India.
  • ·
    The previous world record was in the name of Sports Club of Lahore,
    Pakistan wherein 28957 people were involved in forming the national flag of
    Pakistan.
  • ·
    Guinness official Syeda Subasi-Gemici, adjudicator of Guinness World
    Records Ltd., presented the certificate validating the attempt.
  • ·
    The event of forming the human Tricolour was organised by Governor of
    Rotary 3230 as part of the My Flag My India campaign. The campaign was
    organised with an aim to infuse patriotism and nationalism in the present
    generation and next-generation youth.

13. Narendra Modi, Mukesh Ambani most
searched personalities in 2014: Yahoo

  • ·
    Prime Minister Narendra Modi and industrialist Mukesh Ambani feature
    amongst the most searched personalities online this year, according to search
    engine Yahoo.
  • ·
    According to the seventh edition of Yahoo India’s ‘Year in Review’,
    Prime Minister Narendra Modi led the list of ‘High and Mighty? the Political
    Top 10’ in 2014, followed by his aides Arun Jaitley (Finance and I&B
    Minister) and BJP President Amit Shah.
  • ·
    Home Minister Rajnath Singh, Congress President Sonia Gandhi, Railways
    Minister Suresh Prabhu and BJP General Secretary Ram Madhav have also been
    named in the list.
  • ·
    The review is based on users’ daily search habits and an editorial
    selection of what they read, recommended and shared most on Yahoo in India.

14. Lok Sabha passed the School of Planning
and Architecture Bill 2014
  • ·
    The Lok Sabha on 3 December 2014 passed the School of Planning and
    Architecture Bill, 2014. The Bill was passed by a voice vote.
  • ·
    The Bill intends to declare three existing Schools of Planning and
    Architecture (SPA) as institutions of national importance to promote education
    and research in architectural studies. These institutes are located in New
    Delhi, Bhopal and Vijayawada.
  • ·
    The new status will empower the institutes to award degrees as in order
    to confer degrees, an institute has to be made a deemed university by an act of
    Parliament.

International
15. Boeing 787 aircraft completed the world’s
first flight using Aviation Biofuel
  • ·
    A Boeing 787 aircraft on 3 December 2014 completed the world’s first
    flight using green diesel as Aviation Biofuel. Green Diesel is a sustainable
    biofuel made from vegetable oils, waste cooking oil and animal fats. The
    airplane performed in the same manner as it does with conventional jet fuel.
  • ·
    The company powered its ecoDemonstrator 787 flight test airplane on 2
    December 2014 with a blend of 15 percent green diesel and 85 percent petroleum
    jet fuel in the left engine.
  • ·
    The flight test was coordinated with the US Federal Aviation
    Administration, Rolls-Royce and Pratt & Whitney.
  • ·
    The company will provide data from several ecoDemonstrator flights to
    support efforts to approve this fuel for commercial aviation and help meet the
    industry’s environmental goals.

16. CMEC launched mega water supply project
in Sri Lanka
  • ·
    The Beijing-based China Machinery Engineering Corporation (CMEC) on 6
    December 2014 launched the mega water supply project in Sri Lanka to construct
    a water supply system in Gampaha district.
  • ·
    The project was launched with the foundational laying of pipe by Sri
    Lankan Economic Development Minister Basil Rajapaksa in the town of Mahara.
    This 230 million US dollars water supply project is the largest ever project
    undertaken by the Sri Lankan government.
  • ·
    Once completed, the project will provide clean drinking water to about
    600000 people in 42 villages scattered around the region.

17. China launched Nuclear Power Expansion
Scheme to expand large network of nuclear plants
  • ·
    China on 5 December 2014 launched a Nuclear Power Expansion Scheme to
    expand its large network of nuclear plants. The decision was announced by
    National Development and Reform Commission (NDRC) of China.
  • ·
    The NDRC also announced plans to develop offshore nuclear power
    projects. It assured that all projects will comply with the highest
    international security standards to overcome the problems which are under
    construction of third generation reactors in China.
  • ·
    Actually, third generation rectors of China which are under construction
    have problems with pumps and valves as well as with its inflexibility of
    design.  China is on to resolve those
    problems.
  • ·
    At present, there are 27 nuclear power plants under construction in
    China along with new 1000 –MW reactors in association with US based
    Westinghouse. China is about to build 200 nuclear plants.
  • ·
    However, nuclear energy contributes less than 2 percent of the power
    supply of China which is far below the world average of 15 percent. The
    initiative is expected to give the nuclear power sector a boost, driving
    high-end equipment production and optimizing power generation in china.
  • ·
    In 2011, China ceased issuing approvals for nuclear power projects
    following the Fukushima nuclear meltdown.
    China signed a MoU with South Africa in the establishment of partnership
    in nuclear fuel recycling.

Sports
18. India defeated Pakistan to win Blind
Cricket World Cup for the year 2014

  • ·
    Indian Blind Cricket team on 7 December 2014 won the fourth edition of
    the Blind Cricket World Cup (BCWC) 2014 by defeating defending champions
    Pakistan. The captain of the Indian team was Shekar Naik.
  • ·
    In the final held at Wally Wilson Cricket Ground in Cape Town, South
    Africa, Pakistan batting first scored 389 runs for the loss of 7 wickets in 40
    over. Chasing a tough target, India managed to reach the target in 39.4 over, losing
    5 wickets in the process
  • ·
    In the semi-finals, Pakistan had defeated England, while India had
    ousted Sri Lanka.
  • ·
    The inaugural edition of the Blind Cricket World Cup played in 1998 was
    won by South Africa.
  • ·
    Pakistan won the title in 2002 before successfully defending it in 2006.
  • ·
    The participating countries in the fourth edition of Blind Cricket World
    Cup were Sri Lanka, Australia, Bangladesh, England and hosts South Africa.

19. ICC suspended Pakistani off-spinner
Mohammad Hafeez for illegal bowling action

  • ·
    The International Cricket Council (ICC) on 7 December 2014 suspended
    Mohammad Hafeez from bowling in international cricket with immediate effect for
    illegal bowling action. Hafeez is the Pakistani cricket all-rounder who bowls
    off-spin.
  • ·
    ICC suspended Hafeez after he failed to pass the bio-mechanic test
    conducted for his bowling action. The test revealed that all deliveries of
    Hafeez exceeded permitted 15 degrees level of tolerance (by which the arm is
    allowed to bend).
  • ·
    The test was done by the Human Movement Specialists team of ICC on 24
    November 2014 at the National Cricket Performance Centre in Loughborough.
  • ·
    The test was done after his bowling action was reported for an illegal
    action during the first Test between Pakistan and New Zealand in Abu Dhabi.
  • ·
    However, Hafeez can apply for re-assessment after he modifies his
    bowling action in accordance with clause 2.4 of the Regulations for the Review
    of Bowlers Reported with Suspected Illegal Bowling Actions.
  • ·
    Earlier on 9 September 2014, ICC also had suspended other off-spinner of
    Pakistan Saeed Ajmal for a similar reason.

20. Jacques Kallis appointed mentor and
batting consultant for IPL team Kolkata Knight Rider
  • ·
    The South African cricketer Jacques Kallis on 5 December 2014 was
    appointed as the mentor and batting consultant for Indian Premier League (IPL)
    team Kolkata Knight Rider (KKR).
  • ·
    He renewed his association with KKR for mentoring the team from the 2015
    season of IPL.
  • ·
    He will become part of the KKR support staff which already has Vijay
    Dahiya, Wasim Akram and Trevor Bayliss.
  • ·
    Earlier, Kallis spent the last four seasons with Kolkata Knight Riders
    as a player. During which the franchise won two IPL titles (2012 & 2014)
    and finished runners-up in the Champions League T20 in 2014.
  • ·
    During his IPL stint, he amassed 424, 409 and 311 runs in the first
    three seasons with KKR before bringing an end to his international career in
    August 2014.
  • ·
    Kallis began his IPL career with Royal Challengers Bangalore (RCB) in
    the inaugural edition in 2008. He moved to Kolkata in 2011.
  • ·
    He is the only cricketer in the history of the game to score more than
    11000 runs and take 250 wickets in both one-day and Test match cricket.

21. Kumar Sangakkara became fourth batsman to
complete 13000 ODI runs

  • ·
    Sri Lanka batsman Kumar Sangakkara on 3 December 2014 became the fourth
    batsman to complete 13000 One-Day Internationals (ODI) runs.
  • ·
    Sangakkara achieved the feat of crossing 13000 run during the third
    match of ODI series with England.  He
    took 386 matches to complete these many runs.
  • ·
    The all-time list of most-run getters in ODI is led by Sachin Tendulkar
    of India with 18426 runs from 463 ODIs. He is followed by Ricky Ponting of
    Australia with 13704 runs from 375 ODIs and Sanath Jayasuriya of Sri Lanka with
    13430 runs from 445 matches.
  • ·
    As of August 2014, Kumar Sangakkara is placed at number 1 in ICC Test
    rankings.

22. Mumbai boy Dev Shah wins world schools
chess title

  • ·
    The youngest Indian to become a rated chess player, seven-year-old Dev
    Shah, has become the world champion in the Under-7 category in the World
    Schools Chess Championships that concluded at Juiz de Fora in Brazil on
    December 4.
  • ·
    Dev, a trainee of South Mumbai Chess Academy and student of Dhrubhai Ambani
    School, was among three boys who scored the highest score — 7.5 points out of
    9 — to tie with Ochirbat Lkhahvajamts of Mongolia and Sindarov Islombek of
    Uzbekistan.
  • ·
    The Mumbai boy was ruled the winner on account of a better aggregate
    score, said a media release today.
  • ·
    With this championship win, he also qualified to hold the title of
    Candidate Master awarded by world chess body FIDE, with a current international
    rating of 1448, the release added.



This post was last modified on November 27, 2017 9:03 am