Institution

Govt sets up committee to strengthen NCC, NSS

The govt has decided to form a committee under former education secretary Anil Swarup, seeking suggestions to strengthen National Cadet Corp & National Service Scheme. The Committee will deal with issues like expansion, strengthening training infrastructure & reducing manpower deficiency. The Committee will also submit recommendations for building “synergy” between these 2 institutions.

India’s 1st skill training centre in Odisha

Union Minister Dharmendra Pradhan laid the foundation stone of India’s first National Skill Training Institute in Bhubaneshwar, Odisha. The proposed institute will impart training to trainers and create a skill-based ecosystem to meet the industry demands. The Institute costing ` 160 crore will come up over five acres of land and have state-of-the-art facilities.

“World’s first” remote LEAP microscope

IIT Madras has launched “world’s first” remotely operatable microscope that would enable a precise atom-by-atom view of a material. The Local Electrode Atom Probe (LEAP) was developed in a collaborative exercise involving eight top research institutions headed by IIT Madras. It was developed at a cost of Rs 40 crore.

Maldives signed power deal with Pakistan

The Maldives has signed a capacity-building agreement in the power sector with Pakistan, thus posing fresh security challenges for India. Officials of the Maldives state electricity company, Stelco signed a MoU for cooperation in institution building activities when they visited Pakistan last week. The Maldives has stopped issuing work permits to Indians.

KVIC launches e-marketing system

The Khadi and Village Industries Commission (KVIC) launched its e-marketing system named Khadi Institution Management and Information System (KIMIS) in New Delhi. This software will give real-time data of sales and will also give the updated status of stocks of khadi bhawans and godowns. KVIC IT team has developed this foolproof software.

National Awards on Best Performing SHGs

Shri Narendra Singh conferred the National Awards on Best Performing Self Help Groups under Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAY-NRLM). It will provide public recognition to the outstanding performance of the community institutions. As part of the Award, each SHG received a cash award of ` 1,00,000 along with a commemoration and a certificate of appreciation.

India-Denmark MoU on sustainable development

The Union Cabinet apprised the MoU signed between India and Denmark. The objective of this MoU is to promote bilateral cooperation in the field of sustainable and smart urban development on the basis of reciprocity and mutual benefit through an exchange of knowledge, institutional cooperation, research. Under this MoU, a Joint Working Group (JWG) will be set up to strategise.

NBFC for food processing sector

Food Processing Ministry will soon create its new financial institution which will exclusively fund food processing projects and create capacity building in the field of risk assessment and lending to food processing sector. The Agro-Processing Financial Institution will be a non-banking financial institution. The government is likely to hold a minority stake in this NBFC.

Government introduces new scheme SevaBhojYojna

The Ministry of Culture, Government of India has introduced a new scheme called ‘SevaBhojYojna’. The scheme envisages to reimburse the CGST and IGST on purchase of raw items which go into preparation of food offered free of cost by religious institutions. The objective of the scheme is to lessen the financial burden of such Charitable Religious Institutions who provide Food free of cost.

WEP signs SoI with various organisations

NITI Aayog’s Women Entrepreneurs Platform (WEP) signed 5 Statement of Intent (SoIs) with financial institutions. These are Shri Mahila Sewa Sahakari Bank Limited, Indiabulls Housing Finance Limited, SREI Infrastructure Finance Limited, Sreemanta Sankar Mission and the SEWA. The WEP was established on International Women’s Day in March 2018 to increase the number of women entrepreneurs.

India signed MRA in nursing with Singapore

India has signed the Mutual Recognition Agreement (MRA) in Nursing with Singapore. Under the agreement, Singapore has agreed to expand coverage of Indian nursing institutions by recognising 7 nursing institutions in the MRA. This has paved way for our healthcare service providers to institutionally access markets abroad.

Yes Bank inks MoU with SIDBI

Yes Bank has entered into an agreement with SIDBI under which it will act as a preferred financial institution for giving loans to the small and medium enterprising customers. This will facilitate smooth flow of credit in a hassle-free manner to MSME customers availing term loan facility from SIDBI. Small enterprises will also be entitled to use Yes Bank’s varied banking solutions.

‘Nidaan’ software for disease monitoring

A new software, ‘Nidaan’, has been launched in Rajasthan for presumptive diagnosis and monitoring of seasonal and non-communicable diseases. “Nidaan” will facilitate online entries of as many as 46 diseases and healthcare services available for their treatment in different institutions. It is expected to help in formulation of specific action plans for control of diseases.

Bank credit grows 12.64%, deposits at 7.61%

According to an RBI data, Banks’ credit grew by 12.64% year-on-year to ?85,51,099 crore in the fortnight ended May 11, 2018. Banks’ deposits grew by 7.61% to ?1,13,92,165 crore in the fortnight ended May 11, 2018, compared with ?1,05,86,083 crore in the fortnight ended May 12, 2017. Bank credit is the aggregate amount of credit available to a person or business from a banking institution.

Niti Aayog and ABB India join hands

ABB India & Niti Aayog have inked a pact to help India reap benefits of new technologies including robotics & artificial intelligence. The two institutions signed a Statement of Intent to work together in preparing key sectors of the economy for digitalisation, artificial intelligence, robotics & industrial automation. The initiative also covers the fast-growing segment of electric mobility.

Chatra Parivahan Suraksha Yojana

Haryana government is going to launch Chatra Parivahan Suraksha Yojana for the safety of girls. Under this scheme, all the girl students will get free travel facility from their home to their educational institutions. The primary objective of this scheme is to ensure that the girls feel secure at public places, workplaces and while traveling.

HRD Ministry launches Unnat Bharat Abhiyan-2

Human Resource Development Ministry launched the Unnat Bharat Abhiyan-2 in New Delhi.Under Unnat Bharat Abhiyan, students from 750 higher educational institutions from across the country will adopt villages and visit them. Under the scheme, the institutions have been selected on a Challenge Mode and has been extended to 750 reputed Higher Educational Institutes.

2% quota for Sports persons in govt jobs

Telangana Chief Minister K Chandrasekhar Rao has announced 2% reservation in state government jobs for sportspersons.Rao extended this sporting gesture while felicitating a group of 18 members, who participated in the recently concluded Commonwealth Games at Gold Coast. Currently 2% seats in educational institutions were reserved for sportspersons.

Cabinet approved Human Rights Bill, 2018

The Union Cabinet approved the Protection of Human Rights (Amendments) Bill, 2018 for better protection and promotion of human rights in the country.The Amendment will strengthen the Human Rights Institutions of India for the effective discharge of their mandates, roles and responsibilities. It proposes to add a woman member in the composition of the human rights commission.

SEBI eases trade rules in commodity exchanges

To relax algorithm trading norms at commodity derivatives exchanges, SEBI raised the limit to process up to 100 orders per second by a user for such trade from the existing limit of 20 orders per second.Algorithmic trading or ‘algo’ in market parlance refers to orders generated at a super-fast speed by use of advanced mathematical models. ‘Algo’ is used by large institutional investors.

Kerala won Santosh trophy

Kerala won its sixth Santosh Trophy title in Kolkata on 1st April.Kerala had beaten Bengal in the tie-breaker to claim its sixth Santosh Trophy title. The Santosh Trophy is an association football knock-out competition contested by the regional state associations and government institutions under the All India Football Federation.

Rivigo ties up with IDFC & YES Bank

Rivigo is tying up with YES Bank, IDFC and 10 other financial institutions to make cheaper funds available to truck owners and operators on its platform. The funds will be available at an interest rate of 1-2% per month, lower than the usual industry standard of 2-3%. Rivigo is a homegrown logistics start-up that owns as well as acts as an aggregator of trucks.

Nepal banks can borrow from foreign banks

Nepal‘s Central Bank has allowed other commercial bank in the country to borrow money from foreign banks and financial institutions to finance sectors such as agriculture and infrastructure projects. Nepal‘s commercial banks could borrow loans up to 25% of their core capital. The banks can borrow loans for the period from one year to five years.

India and ADB signed Loan Agreement

28 : The Asian Development Bank (ADB) and India signed $80 million loan to help modernize technical and vocational education and training institutions ecosystem in Himachal Pradesh. The Project will establish a polytechnic for women, 6 city Livelihood Centers, and 7 Rural Livelihood Centers. The project will support the skill initiatives of Government of Himachal Pradesh.

SACF receives Frederick Pincott Award

South Asian Cinema Foundation (SACF), has received the Frederick Pincott Award for 2017 from the Indian High Commissioner for promoting Hindi cinema in Britain. The institution has been active in boosting original research and books on Indian films. SACF‘s have made documentaries like ‘Beyond Partition’, ‘Niranjan Pal’ and ‘Indo-British Cinematic Encounters’.

UGC grants autonomy to JNU, BHU, AMU

The University Grants Commission has approved autonomy for 60 higher educational institutions. They include Jawaharlal Nehru University, Banaras Hindu University & Aligarh Muslim University, which have maintained high academic standards. The selected institutes will remain under the ambit of UGC but will have the freedom to start new courses, off-campus centres & other new academic programs.

Bank of India postpones QIP plan

BOI has postponed its plan to raise ?3000 crores through qualified institutional placement.Decision has been taken after govt’s approval to infuse ?2257 crores in the bank as part of the major liquidation of the banks. Infusion by govt will address the immediate need of funds & bank will be able to address the immediate issues. Bank is expecting more money to flow in form of recap bonds.

Institutional births doubled in 10 years

The percentage of institutional births in India has doubled from 38.7% to 78.9% in the decade, according to the National Family Health Survey (NFHS-4).As many as 40% women who did not deliver in a health facility in the age group of 15-49 years did not consider it “necessary”. 16.8% urban women and 18.2% rural women were not allowed to give birth in a health facility.

Govt to divest 1.5% in NMDC

The government will begin the sale of 1.5% stake in NMDC at a floor price of Rs153.50 apiece.The two-day offer for sale (OFS) will open for institutional investors on and for retail investors on Wednesday. Sale of 1.5% would fetch Rs. 750 crore to the exchequer, a person familiar with the matter said. The NMDC Limited is a state-controlled mineral producer of the Government of India.

UBI gets approval for equity via QIP

United Bank of India has received SEBI’s approval for issue of equity shares worth Rs 1000 cr by way of institutional placement. Union Bank of India in January 2017, said it planned to raise up to Rs 1,500 cr through Qualified Institutional Placement (QIP). Union Bank of India is headquartered in Mumbai.

India INX applauded

India International Exchange has been awarded for being the fastest emerging bourse and recognised for opening up the Indian market to global traders. The award was given by Futures and Options World of the London-based Euromoney Institutional Investor. India INX aspires to achieve over USD 100 million volume threshold in the current fiscal year ending March 2018.

‘Lab on boat’ for analysing Brahmaputra

A new project of Department of Biotechnology aims at starting a ‘lab on boat’ on Bramhaputra river for biological analysis of the river system. Project also proposes to have multiple mobile laboratories on the river & its tributaries along with providing access to local research institutions. Anchored by IIT-Guwahati, project is supported by Ministry of Development of North Eastern Region.

Bandhan Bank appoints managers for IPO

Bandhan Bank has appointed Goldman Sachs Group, JPMorgan Chase & Co, Axis Bank, JM Financial & Kotak Mahindra Bank as lead managers to manage its proposed IPO. Kotak Mahindra Bank will act as the left lead in the issue. The final decision on the proposed IPO will be subject to all regulatory approvals. Bandhan is the first microfinance institution to receive universal banking licence in 2015

Scheduled bank status from RBI

Ujjivan Small Finance Bank, a subsidiary of Ujjivan Financial Services has been given scheduled bank status by RBI. It opens the door for issuing Certificate of Deposits, which will be an important source of funding. This status will enhance market acceptability of the bank in its effort to garner institutional deposits at a competitive price & participate more actively in inter-bank market.

Government extends OBC creamy layer

Union Cabinet has decided to extend the concept of creamy layer in OBC reservations to PSU & financial institutions. It will ensure children of those serving in lower categories in PSUs & other institutions to get the benefit of OBC reservation at par with children of people serving in lower categories in govt. Candidates whose parents hold constitutional posts or group A & B posts are excluded.

Lok Sabha passes IIIT (Amendment) Bill

Lok Sabha has passed Indian Institutes of Information Technology (Amendment) Bill, 2017. It amends Indian Institutes of Information Technology Act, 2014. It seeks to declare Indian Institute of Technology, Design & Manufacturing at Kurnool as an institution of national importance. It also permits Board of Governor of Institutes to appoint Assistant Professors & all posts above that level.

RIWATCH Museum in Arunachal Pradesh

Union Minister of State for Home Kiren Rijiju inaugurated the Research Institution of World Ancient, Traditional, Culture & Heritage Museum at Roing in Arunachal Pradesh. It will serve as a place of exchange of cultural values of various tribes of the state and the North East. Rijiju also pressed for documentation and research to preserve age-old culture and traditions of the state.

Non-FATCA accounts to be blocked

All non-FATCA compliant accounts may be frozen on May 1, 2017. The FATCA of USA makes it mandatory for overseas financial institutions to give information about non-resident US account holders or face withholding tax. Mutual fund investors, bank account holders and insurance investors, cannot operate if they are not compliant with FATCA.

RBI proposes long-term finance banks

RBI has proposed to float wholesale and long-term finance (WLTF) banks that would fund long-term high-value projects. The minimum capital required for the bank would be ` 1,000 crore. These banks will focus primarily on lending to infrastructure and small, medium & corporate businesses. They will also mobilise liquidity for banks and financial institutions.

IISc ranked best educational institution

The IISc, Bengaluru was adjudged as the best Indian university in the 2017 National Institutional Ranking Framework released by Union HRD Ministry. This year it is 2nd edition NIRF survey and was released as part of the India Rankings 2017 for the Educational Institutions. Seven IITs have also made it to the list of the top10 educational institutions, the other two being BHU and JNU.

Ambuja Cement, ICICI enter into pact

Ambuja Cement has tied up with ICICI Bank to drive cashless transactions among its business partners — retailers, contractors and masons. It will help them open current accounts for regular business transactions. Post-demonetisation, construction activity, especially in rural and semi-urban areas, has been facing several challenges as it mostly deals in cash.

SP Vaid is new J&K police chief

SP Vaid has been appointed as the new director general of J&K police in place of K Rajendra Kumar, whose extended tenure comes to an end on December 31. Vaid, 57, is currently the special director general (Law and Order), will be in office till October 2019. He played a major role in controlling the unrest in the Kashmir Valley following the killing of militant commander Burhan Wani.

Apple plans to make iPhones in Bengaluru

Apple plans to make iPhones for the Indian market in Bengaluru. Wistron, a Taiwanese OEM maker for Apple, is setting up a facility in Peenya, the city’s industrial hub, to manufacture the iPhones. The facility will start production from next April, according to industry sources.

First Case Under the Bankruptcy Code

ICICI Bank Ltd has filed an application in the National Company Law Tribunal (NCLT) against Innoventive Industries Ltd to initiate a corporate insolvency process under the new bankruptcy law. This is the first case in India filed under the Insolvency and Bankruptcy Code, 2016. The Pune-based steel products maker had debt of Rs955 crore at the end of September.

BMW to Recall 1.93 lakh Cars in China

German automaker BMW will recall 1,93,611 cars in China over a defect in their airbags. About 1,68,861 imported cars manufactured between December 9, 2005 and December 23, 2011 as well as 2,4,750 sedans will be recalled from August 1, 2017. When the driver and front passenger airbags of the affected vehicles inflate, the gas generators inside may become damaged and cause flying debris.

Tata Motors Signs up Akshay Kumar

Tata Motors roped in Bollywood star Akshay Kumar as brand ambassador for its commercial vehicle (CV) business unit. Besides products and solutions, he will be actively involved in a host of innovative marketing and customer experience initiatives. Akshay’s popularity will further help complement & articulate the future direction of the Tata Motors commercial vehicles brand.

Odisha Launch Malaria Control Programme

The Odisha govt has decided to launch a new malaria control programme, Durgama Anchalare Malaria Nirakaran (DAMAN). It aims to control malaria in inaccessible areas. The programme will be implemented in 8000 villages of all 79 blocks of eight high malaria endemic districts. These districts contributed around 60% cases and 56% death to the state malaria burden in 2015 – 16.

India May Clock GVA Growth of 6.6%

India’s gross value added growth is likely to be at 6.6 per cent in 2016-17. According to ICRA economic activity will take more time to normalise following the government’s move to demonetise high-value notes. The report said that the currency liquidity is likely to improve significantly by the end of Jan 2017. The loss of income in some sectors is likely to weigh on capacity utilisation

Snapdeal Launches ‘Cash@Home’ Service

Snapdeal announced the launch of a ‘Cash@Home’ service, which allows users to order Rs 2,000 cash and get it delivered at their doorstep. The launch of the cash on demand service is intended to further help our consumers tide over any cash crunch. Snapdeal will be using the cash that it receives through Cash on Delivery. Snapdeal will charge a nominal amount of Rupee 1 as convenience fee

Govt to develop ferry services

The Centre will ink a deal with Infrastructure Architecture Lab of Massachusetts Institute of Technology for developing ferry services at 18 locations across six cities. All the cities, Allahabad, Varanasi, Patna, Munghyr, Kolkata and Haldia – are located on National Waterways-1. The 1620 km long waterway runs from Haldia in Sagar to Allahabad across three rivers Ganga, Bhagirathi & Hooghly

Allahabad Bank Merges AllBank Finance

Allahabad Bank said it has merged its wholly-owned subsidiary AllBank Finance with itself. The merger was okayed at the Board of Directors meeting of the bank. All Bank Finance is the merchant banking arm of Allahabad Bank & also holds licence for debenture trusteeship. BFL offers various merchant banking services such as IPO management, debt/loan syndication, investment advisory.

Japan Launches Solid Fuel Rocket

Japan’s space agency has successfully launched a solid fuel rocket named Epsilon-2. The 26-meter-long rocket was launched from the Uchinoura Space Centre in southern Japan. It released a satellite for studying radiation belts around the earth. The Epsilon-2 three-stage rocket is part of a new generation of solid propellant rockets. It makes it possible for launch costs to be reduced.

Nusli Wadia Voted Out of Tata Motors

Shareholders of Tata Motors have voted to remove independent director Nusli Wadia from the board of directors. He was removed at an extraordinary general meeting. During which 71.20% of the shareholders voted in favour of a resolution moved by Tata Sons to remove Mr Wadia as independent director of Tata Motors. Earlier Wadia was removed as independent director from the board of Tata Steel.

Hrithik Roshan Pays Highest Advance Tax

Actor Hrithik Roshan has become the leading actor to pay the highest advance tax till mid-December. Hrithik has seen a 1500% jump in his gross earning as compared to last year in the same quarter. He paid an advance tax of Rs 80 crore this time (till December 15, 2016). After Hrithik, it is Mr. Perfectionist Aamir Khan, who has paid Rs. 74 crore to Income Tax Department.

Cisco Inks MoU with MeitY

Cisco has signed a MoU with Ministry of Electronics & IT (MeitY) for cyber security cooperation. Under the MoU, Cisco and Indian Computer Emergency Response Team (CERT-In) will establish a threat intelligence sharing program. The Security and Trust Office (STO) in Gurgaon will help the govt shape the national cyber security strategy. This is the third STO for Cisco, after France & Germany.

Naidu Launches Google Map Toilet Locator

Information and Broadcasting Minister Venkaiah Naidu launched google map toilet locator It will help people find access to clean public restrooms. The feature, designed by Google, will make information available about thousands of public toilets throughout two locations now — Delhi NCR & Madhya Pradesh. It is an attempt at providing access to a toilet facility every 500 meters in cities.

Japan,UK Sign MoU on Nuclear Cooperation

The MoU on cooperation in the nuclear sphere was signed by Japanese Minister Hiroshige Seko & UK Business Secretary Greg Clark. They agreed that their governments will seek to conduct technological research on scrapping the damaged Fukushima Daiichi nuclear plant and decontamination near the facility. They also agreed to discuss planned construction of a nuclear power station in the UK.

RBI Imposes Penalty on 5 Foreign Banks

RBI imposed monetry penalty on five authorised dealer banks for violation of norms. A penalty of Rs 10,000 each has been imposed on Bank of America, Bank of Tokyo Mitsubishi, The Royal Bank of Scotland, Standard Chartered Bank. While the Deutsche Bank hass been fined Rs 20,000. Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.

Dubai Opens Multi-Theme Based Parks

Motiongate, the largest multi-themed leisure and entertainment destination has been opened in Dubai, UAE. The theme park unites three Hollywood movie studios namely Columbia Pictures, DreamWork Animation and Lionsgate. Motiongate, Dubai is spread across five zones. The destination is spread across 30.6 million square feet, with over 100 rides, 50 themed retail, dining.

Sao Tome cuts ties with Taiwan

The government of Sao Tome and Principe has cut diplomatic ties with Taiwan according to the officials. China welcomed the decision by the African island nation saying it was “back onto the correct path of the One China principle”. Sao Tome suspended ties with China in 1997, after choosing to officially recognise Taiwan.

Govt to let companies pay e-salary

The Centre has decided to bring in an ordinance to amend the Payment of Wages Act. New act will allow business and industrial establishments to pay salaries through cheques or electronically. Employers will also have the option to pay wages in cash, the source added. The Bill was introduced by Labour Minister Bandaru Dattatreya amid din over the demonetisation issue.

Major overhaul continues in Twitter

Twitter’s Chief Technology Officer (CTO) Adam Messinger and its Vice President for products Josh McFarland have quit. Twitter’s Chief Operating Officer (COO) Adam Bain who was in charge of the micro-blogging website’s revenue business also decided to leave the company. As of the third quarter of 2016, the microblogging service averaged at 317 million monthly active users.

No VoA in Hong Kong for Indians

Two of the hottest international destinations for Indians, Thailand and Hong Kong have taken diametrically opposite views on visitors from the country. Thailand has either waived or halved visitor visa fees for Indians for three months. Hong Kong now wants them to take pre-authorisation and has withdrawn the visa-on-arrival facility for Indians.

Volkswagen to pay another $1 Billion

Volkswagen has agreed to buy back or fix the remaining diesel cars caught up in its emissions cheating scandal, at an expected cost of about $1 billion. The settlement involves Volkswagen and the federal government, and covers about 80,000 Volkswagen, Audi and Porsche cars. The agreement addresses vehicles that were not included in Volkswagen’s agreement in June to pay nearly $15 billion.

Note Ban Could Bring Banks Windfall

The note ban has the potential to drive big treasury gains for Indian banks, says a report from rating agency India Ratings. Banks are likely to see register Rs. 38,200 crore of potential treasury gains for the current financial year (2016-17) which will be their highest ever. Banks are currently facing significant challenges, from bad assets to weak credit growth to capital requirement.

Govt Revises NEIIP, 2007

The govt has revised the North East Industrial and Investment Promotion Policy. All payments will me made through Direct Benefit Transfer The subsidy for the new industrial units going for substantial expansion will be limited to Rs 5cr per industrial unit operating in manufacturing sector & Rs 3cr per industrial unit operating in services sector

Amazon India Introduces Online Wallet

Amazon India has launched its online wallet Amazon Pay Balance, in a bid to increase cashless transactions. It will helps customers store balances for essential items and solves the pain point of tendering exact amount of cash at the time of delivery. It can be credited with money using internet banking and credit or debit card. The balance amount will be refunds to the user’s bank account.

MetLife Launch VR-based Customer Service

PNB MetLife has announced the launch of a virtual reality-based customer service platform converse. This is the first time virtual reality is being used in the insurance industry. Customers need to visit select PNB MetLife branches and wear the VR headset to get their service requirements addressed. It will make customers take informed decisions and experience enhanced service quality.

IMF Chief Convicted Over Payout

A special French court convicted the IMF Christine Lagarde of negligence for her role in a controversial 2008 arbitration award to a businessman. Lagarde approved an award of €404m to businessman Bernard Tapie for the disputed sale of a firm. She was France’s finance minister at the time, was spared punishment. She began her second five-year term at the IMF last February,.

Economist Saumitra Chaudhuri Passes Away

Eminent economist and a former member of the erstwhile Planning Commission, Saumitra Chaudhuri, passed away. He had been a member of the erstwhile Planning Commission of India from 2009. He had also been a member of the then Prime Minister’s Economic Advisory Council from 2005 onwards. He had also been in the race for the RBI governor’s post, but Raghuram Rajan was eventually chosen.

19 Insurers Remained Profitable in FY16

Of the 24 life insurance companies operating in India, only 19 insurers remained profitable in 2015-16. This was according to the annual report by Insurance Regulatory & Development Authority of India. During 2015-16, the life insurance industry reported profit after tax at 7,415 crore rupees. The life inflation adjusted insurance premium in India increased by 7.8 percent.

Goat with Superfine Wool Cloned in China

The world’s first cloned goat bearing superfine cashmere wool was born in North China’s Inner Mongolia autonomous region. The goat will be raised in a base for animal husbandry research conducted by experts. The cashmere fiber from the goat is less than 13.8 micrometers thick. It is much finer than the average of 15.8 micrometers grown by the famous Erlang Mountain goats in Inner Mongolia.

Scientists Build Smallest Radio Receiver

Scientists from the Harvard John A Paulson School of Engineering and Applied Sciences have created the world’s smallest radio receiver using imperfect pink diamonds. The research team has made NV centers in diamonds by replacing a carbon atom with a nitrogen atom. To change radio stations, an electromagnet is used. The electromagnetic field created by it is used to change stations

World’s Largest Ice Rink Inaugurated

A 2,700-square-meter skating space has recently opened at the Grand Palais in Paris, France. It is the world’s largest non-permanent indoor ice rink. The rink was inaugurated at the third edition of the ‘Grand Palais des Glaces’ festival featuring skating stunts and acrobatics. Over 100 workers constructed the ice rink, which will remain open until January 2, 2017.

BEML Conferred CEPM Fellowship Award

BEML Ltd, a defence public sector undertaking, has been conferred with CEPM Fellowship Award-2016. The company bagged the award for its recognition and commitment in transforming and driving organisational capabilities through human centric approach. The award was given at the 24th global symposium. Deepak Kumar Hota, CMD, BEML received the award from Amitabh Kant, CEO, NITI Aayog.

Venezuela Delays Banknote Withdrawal

Venezuela’s President Nicolas Maduro has delayed the withdrawal of the 100-bolivar banknote until 2 January. The sudden change of policy comes after days of economic chaos. He claimed his country had been the victim of international sabotage, which had prevented new 500-bolivar notes arriving in time. Many Venezuelans have spent several days in long queues trying to swap the old notes.

Rahil Appointed as Audi India Head

Audi, the German luxury car manufacturer, has appointed Rahil Ansari as the Head of Audi India, effective February 1, 2017. He replaces Joe King, whose tenure ended. He has previously served as Director of Network Development for Audi India. He has a broad range of experience in finance, sales, network development, retail operations and after sales business.

Rajiv Jain Named Next Director of IB

The Appointments Committee of the Cabinet has approved the appointment of Rajiv Jain as the Director of Intelligence Bureau. Mr. Jain, an IPS officer of 1980 batch of Jharkhand cadre, is currently working as Special Director in the Intelligence Bureau. He takes over from IB chief Dineshwar Sharma. He is an expert on J&K & Islamic extremism & has supervised many operations in the recent past.

Beijing to implement ‘odd-even’ scheme

Beijing city will implement the road rationing scheme “odd-even” from tonight and suspend schools bracing for heavy smog after the Chinese capital issued its first red alert for air pollution this year. The red alert is being activated from 8 PM (local time) and is expected to be lifted on December 21. Public transportation will be arranged with more buses running for longer.

SC orders panel on NE people’s safety

The Supreme Court has passed a slew of directions, including setting up of a three-member panel headed by a Joint Secretary-level officer to end violence against people from NE India. The court also directed the government that the effective monitoring mechanism suggested by the M P Bezbaruah Committee in its report should be implemented. The Bench was headed by TS Thakur

Efforts to make Hindi official language

Efforts are on to make Hindi one of the official languages of the United Nations and popularise the language the world over. The government continues its efforts in popularising Hindi worldwide and for the acceptance of Hindi as one of the UN official languages. In this regard, one significant achievement has been the UN broadcasting its programmes on the UN Radio website in Hindi language.

NITI Aayog Announces Launch of Schemes

NITI Aayog has the launch of two schemes,Lucky Grahak Yojna & Digi Dhan Vyapar Yojna. Lucky Grahak Yojana: This scheme is for the consumers who will conduct daily transaction using electronic medium. Digi-Dhan Vyapar Yojana:This scheme is applicable for those merchants who make digital transaction at merchant establishments. These schemes aim to promote digital payments post demonetization.

Karnataka Bank Raises ?659 cr Capital

The bank had come out with a rights issue in the ratio of one share for every two shares held on the record date at ?70 per share. The rights issue had opened for subscription on Nov 7 & closed on Nov 28. A rights issue is an issue of rights to a company’s existing shareholders that entitles them to buy additional shares directly from the company in proportion to their existing holdings.

Amina is UN Deputy Secretary-General

New UN Secretary-General António Guterres announced Nigeria’s Environment minister, Amina Mohammed as his Deputy Secretary-General. Mohammed served as UN under-secretary-general & special adviser on post-2015 development planning to Ban Ki-moon. She was instrumental in bringing about the 2030 Agenda for Sustainable Development, including the sustainable development goals.

Chinese Earth observation satellites launched into lower-than-planned orbit

Two commercial Earth-imaging satellites launched by a Chinese Long March 2D booster on Dec. 28 are flying in lower-than-planned orbits after an apparent rocket mishap, according to tracking data published by the U.S. military.
The two SuperView 1, or Gaojing 1, satellites are flying in egg-shaped orbits ranging from 133 miles (214 kilometers) to 325 miles (524 kilometers) in altitude at an inclination of 97.6 degrees.
The satellites would likely re-enter Earth’s atmosphere within months in such a low orbit, and it was unclear late Wednesday whether the craft had enough propellant to raise their altitudes.
The high-resolution Earth-observing platforms were supposed to go into a near-circular orbit around 300 miles (500 kilometers) above the planet to begin their eight-year missions collecting imagery for Siwei Star Co. Ltd., a subsidiary of China Aerospace Science and Technology Corp., a government-owned entity.
The 1,234-pound (560-kilogram) satellites lifted off at 0323 GMT Dec. 28 from the Taiyuan space center in northern China’s Shanxi province on top of a 13-story Long March 2D rocket, according to China’s state-run Xinhua news agency.
The launch occurred at 11:23 a.m. Beijing time, marking China’s 22nd attempted space launch of the year, and the 21st rocket mission to reach orbit.
But the two-stage launcher did not put the SuperView 1 satellites into the expected orbit, raising concerns among outside observers that the Long March 2D ran into problems.
The mission also carried a small amateur radio satellites made by Beijing high school students.
The SuperView 1 satellites are designed to collect optical black-and-white imagery with a resolution of less than 20 inches (about 50 centimeters), making them the highest-resolution civilian Earth-observing satellites launched by China.
The satellites can capture imagery in nearly 7.5-mile-wide (12-kilometer) swaths, turning to observe multiple locations on a single pass, or record images of the same point from multiple angles, allowing processors on the ground to generate stereo three-dimensional images.

OPPO plans $216m industrial park in India

Chinese smartphone maker OPPO is planning to invest 1.5 billion yuan ($216 million) to build an industrial park in India, with a goal of producing 100 million units per year, Sina Tech reported Dec. 28. The park, spread over 1,000 acres in northern city Greater Noida, will include a manufacturing factory, OPPO Vice-President and OPPO India President Sky Li said, adding the project will be built in separate stages, and is expected to be finished in two to three years. “The initial target is 50 million units, and the ultimate goal is 100 million units,” Li said. OPPO already has a factory in Greater Noida. Li, who is confident about the future of OPPO smartphone in the Indian market, said OPPO will offer excellent customer experience to gain market share.
“Unlike other smartphone makers, we don’t pursue high volume of shipments, or expanding company scale. On the contrary, we focus on providing high quality products,” Li said.

VG Kannan Appointed CEO of IBA

V G Kannan took charge as Chief Executive of the Indian Banks’ Association (IBA). He succeeds M V Tanksale who demitted office as Chief Executive after being at the helm for three years. He had retired as Managing Director & Group Executive (Associates & Subsidiaries) of State Bank of India. IBA is a self-regulatory organisation of banks. The 70-year old body has 237 members.

Govt Appoints V K Sharma as LIC chief

Government has appointed V K Sharma as the Chairman of state-owned behemoth Life Insurance Corporation (LIC) for five years. He was already acting as chairman since September 16 when the then chairman S K Roy was relieved of his duties. He has been serving as LIC’s MD since November 2013. Roy had resigned in June, nearly two years ahead of his retirement.

Nooyi on Trump’s Advisory Council

Indra Nooyi, the India-born CEO of PepsiCo & Travis Kalanick, co-founder of taxi-hailing service Uber, have joined the President-elect’s Trump business advisory council. Trump’s business council is headed by Stephen Schwarzman, co-founder of global investment firm Blackstone. Trump’s business council is packed with top honchos of America’s biggest private companies.

Canara Bank Raises ` 1,000 cr

Canara Bank has raised ` 1,000 crore by issuing Basel-III complaint tier-I bonds. In October, the board of Canara Bank had permitted it to raise additional tier-I capital funds for an amount not exceeding ` 2,500 crore. The capital is being raised to maintain healthy CRAR during the current financial year. Indian banks are expected to fully comply with Basel-III standards by March 2019.

Cabinet Approves Port Authorities Bill

The govt has passed approved the Major Port Authorities Bill, 2016 replacing the Major Port Trusts Act, 1963. One of the salient features of the bill is the number of sections has been reduced to 65 from 134 by eliminating overlapping and obsolete ones. The bill is implemented to promote trade & commerce& decentralise decision making.

Gujarat tops in LED bulb distribution

Gujarat tops the list followed by Maharashtra in LED bulb distribution. Gujarat has distributed 2.70 crore LED bulbs till December 12 this year from the date of its launch, earlier this year. On the other hand, Maharashtra came second with distribution of 2,00,99,730 LED bulbs so far.

Demands for anti dumping duty on steel

Director General Anti Dumping has recommended anti dumping duty in the form of a reference price on import of colour coated steel exported from China and EU region into India. The reference price is at $849/tonne which translates to a landed price of about ` 58000/- tonne at the port. The recommendation has been forwarded to ministry of finance for issuing corresponding custom notification.

Satyam Bansal exits Flipkart

Satyam Bansal, Chief of Staff for Executive Chairman & co-founder of Flipkart exits Flipkart after a 3 year stint to join Hotstar. His exit comes in the wake of strong speculation that Flipkart’s investors are actively looking to bring in professional management to run India’s largest e-commerce firm. Satyam joined Flipkart as Associate Director of strategic product partnerships in 2013.

MSME Hub for SC/ST

The ministry of Micro, Small & Medium Enterprises has launched the National Scheduled Caste and Scheduled Tribe Hub. The SC/ST Hub would provide professional support to SC/ST entrepreneurs to fulfill the obligations under the Public Procurement Policy for MSME. The functions of the Hub include collection, collation and dissemination of information regarding SC/ST enterprises & entrepreneurs.

EU, Mali Sign Deal to Return Migrants

The European Union signed an agreement with the Malian Govt with an objective of enabling the return of migrants who have reached Europe’s shores. And whose asylum requests have been refused. The agreement seeks to address the root causes of illegal migration &to enable the return from Europe of Malian migrants. The agreement came after a summit in the Maltese capital Valletta in Nov 2015.

Samsung to Disable Note 7 in the U.S.

Samsung Electronics said that a software update for Galaxy Note 7 will be released mid-December in the US preventing them from charging and functioning. More than 93% of all recalled Galaxy Note 7 devices had been returned as a part of its exchange program in the United States. The U.S. Transportation Dept & other agencies in October ordered Galaxy Note 7 owners from carrying the devices.

3 Indian origin Bag $1 L US Scholarship

Three Indian-origin teenagers in the US have bagged a scholarship for their innovative research in the 17th annual Siemens Math,Science & Technology Competition. Shriya & Adhya won the competition for their project on Novel Approach to Schizophrenia Diagnosis. Vineet Edupuganti won for developing an ingestible battery. It could transform the way doctors diagnose health problems in the body.

India, US Strike 1st Bilateral APA

India & the US have reached a deal for the first bilateral advance pricing agreement (APA). It will enable American firms to ascertain tax liabilities beforehand. The bilateral APA to be entered into involves a multinational company of the US and its Indian subsidiary. Bilateral APAs are expected to reduce the transfer pricing disputes that arise in respect of international transactions.

Twenty-First Century Fox to Buy Sky

Rupert Murdoch’s Twenty-First Century Fox Inc has proposed buying the 61% of British pay-TV firm Sky Plc it does not already own for around $14 billion. The plan would strengthen the position of James Murdoch – who is both chief executive of Fox & chairman of Sky. Owning Sky would give Fox control of a pay-TV network spanning 22 million households in Britain, Ireland, Austria, Germany & Italy.